Core Viewpoint - Jiangsu Sop (600746) is actively engaging in industry research and development, focusing on cost reduction and environmental sustainability in its acetic acid and derivative products, while also expanding its production capacity through strategic projects like the acetic acid vinyl project. Group 1: Company Operations - The company has an annual methanol production capacity of 690,000 tons, primarily for internal use as acetic acid raw material, with no current hedging activities in place [2] - The acetic acid vinyl project is a significant extension of the company's acetic acid industry chain, with an expected annual consumption of approximately 238,000 tons of acetic acid upon reaching full production [3] Group 2: Cost Reduction and Technological Innovation - The company is implementing continuous technological upgrades to enhance equipment and process efficiency, with a focus on energy-saving and emission-reduction technologies [3] - The company collaborates with universities for research and development, leveraging external expertise for significant technological improvements [4] Group 3: Environmental Commitment - Jiangsu Sop has been recognized as a national "Green Factory" and a provincial "Intelligent Manufacturing Demonstration Workshop," reflecting its commitment to environmental standards and sustainable practices [5] - The company invested approximately 84.21 million yuan in environmental enhancement projects for 2024, significantly reducing emissions below government-approved levels [5] Group 4: Financial Performance - In Q1 2025, the company reported a main revenue of 1.615 billion yuan, a year-on-year increase of 7.45%, and a net profit attributable to shareholders of 57.08 million yuan, up 121.16% year-on-year [6] - The company's net profit excluding non-recurring items reached 57.02 million yuan, reflecting a 142.25% increase compared to the previous year [6]

Core Viewpoint - The company, Jiangsu Sop Chemical Co., Ltd., has provided a guarantee of RMB 2.2 billion for its wholly-owned subsidiary, Jiangsu Sop New Materials Technology Co., Ltd., to support financing for a project construction [1][2][7]. Summary by Sections Guarantee Overview - The company has approved a total credit limit of up to RMB 5 billion for itself and its subsidiaries, with a maximum guarantee of RMB 3 billion for its wholly-owned subsidiaries [1][3]. Basic Information on the Guarantee - The guarantee amount is RMB 2.2 billion, with the funds allocated for the construction of the "Vinyl Acetate and EVA Integration Project (Phase I)" [2][3]. - The company has provided no prior guarantees for the subsidiary, and the current guarantee does not involve any counter-guarantee [1][3]. Subsidiary Information - Jiangsu Sop New Materials Technology Co., Ltd. was established on December 4, 2015, with a registered capital of RMB 150 million, focusing on the production and sales of various chemical products [4]. Guarantee Agreement Details - The guarantee is a joint liability guarantee, effective for three years from the date of the guarantee contract [5][6]. - The guarantee covers the principal amount of RMB 2.2 billion, including interest and other related costs [6]. Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary to meet the financing needs of the subsidiary's project, aligning with the company's long-term development strategy [7][8]. - The company maintains control over the subsidiary's operations and management, ensuring that the guarantee risk is manageable [8]. Total External Guarantee Situation - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to RMB 3 billion, which is 55.70% of the company's latest audited net assets [8].

证券代码：600746 证券简称：江苏索普 公告编号：临 2025-021 江苏索普化工股份有限公司 关于为全资子公司融资提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 被担保人名称：江苏索普化工股份有限公司（以下简称"公司"或"江 苏索普"）全资子公司江苏索普新材料科技有限公司（以下简称"索普新材料"）。 本次担保金额及已实际为其提供的担保余额：本次公司为索普新材料项 目建设融资提供连带责任保证，担保金额为人民币 22 亿元。截止目前，公司已 实际为索普新材料提供担保余额为 0 元（不含本次担保）。 一、公司担保情况概述 公司 2025 年 4 月 15 日召开第十届董事会第十次会议、第十届监事会第七次 会议，2025 年 5 月 23 日召开 2024 年年度股东大会审议通过了《关于 2025 年度 公司及全资子公司向金融机构申请综合授信额度及为综合授信额度内融资提供 担保的议案》，同意公司及全资子公司向银行等金融机构申请总额不超过 50 亿 元的综合授信额度，并同意在上述综合授信额度 ...

Core Viewpoint - The acetic acid ethyl ester (EA) industry in China is experiencing a significant recovery in production capacity and output in 2024, driven by new installations and increasing export demand, despite previous challenges related to overcapacity and environmental regulations [1][4][10]. Industry Overview - Acetic acid ethyl ester is a widely used fine chemical product and an important organic solvent, primarily consumed in the coatings, pharmaceuticals, and adhesives sectors, which together account for over 80% of its downstream consumption [2][4]. - The industry has seen a production capacity increase to 4.3 million tons in 2024, representing a year-on-year growth of 21.1% [4][20]. Production Side - The production of acetic acid ethyl ester in China began in the 1970s, with significant growth in capacity observed in the 21st century, reaching 3.53 million tons by 2013 [4]. - In 2024, the total production volume is expected to reach 2.4 million tons, marking a 16.05% increase from the previous year, with the industry capacity utilization rate remaining above 50% for three consecutive years [4][10]. Import and Export - China has achieved self-sufficiency in acetic acid ethyl ester, with imports remaining below 0.15 million tons. However, exports are on the rise, projected to exceed 500,000 tons in 2024, reflecting a 19.3% increase [8][21]. - The average export price has been declining, with a 10.03% drop expected in 2024, indicating intensified competition in international markets [8][12]. Consumption Side - The demand for acetic acid ethyl ester has been weak in traditional sectors like coatings and adhesives due to adjustments in the real estate market, leading to a supply-demand imbalance [10][12]. - The apparent consumption volume is projected to reach 188,450 tons in 2024, showing a year-on-year growth of 15.19% as exports expand [10][12]. Competitive Landscape - The acetic acid ethyl ester market in China is characterized by intense competition among both international chemical giants and domestic companies such as Hualu Hengsheng, Jiangsu Sopo, and others [14][16]. - The market concentration is decreasing, with the CR3 dropping from 43.7% in 2023 to 38.4% in 2024, indicating a more fragmented competitive environment [20]. Development Trends 1. **Capacity Expansion and Increased Competition**: The industry is set to add 480,000 tons of new capacity in 2025, intensifying market competition and pressuring smaller firms [20]. 2. **Export Market as Growth Engine**: The export volume is expected to continue rising, particularly in Southeast Asia, driven by domestic capacity release and cost advantages [21]. 3. **Optimizing Downstream Demand Structure**: The demand for acetic acid ethyl ester is shifting towards high-end applications in coatings and pharmaceuticals, while traditional sectors face slower growth [22]. 4. **Accelerated Green and Smart Transformation**: The industry is moving towards greener and smarter production methods, including the use of new catalysts and biotechnological processes [23].

Core Viewpoint - The company, Jiangsu Sop Chemical Co., Ltd., emphasizes the importance of ecological priority and green development, aligning its operations with national strategies and aiming to become a leading responsible green chemical enterprise [1] Group 1: Company Overview - Jiangsu Sop Chemical Co., Ltd. is a subsidiary of Jiangsu Sop Group Co., Ltd., primarily engaged in the manufacturing and sales of chemical raw materials and products [1] - The company has a complete industrial chain in coal chemical, fine chemical, and basic chemical sectors, with an annual acetic acid production capacity accounting for approximately 11% of the national total and 7% of the global total [1] Group 2: Environmental Initiatives - The company has invested 880 million yuan in a three-year action plan focused on essential safety and ecological environment enhancement, targeting air pollution control, energy conservation, and resource utilization [4] - Sop has implemented significant upgrades to its boiler systems, achieving a 70% reduction in NOx emissions and a 50% decrease in ammonia usage, with emissions consistently below national standards [4] - The company is working towards becoming a "no odor enterprise," investing approximately 6 million yuan in environmental technology upgrades [5] Group 3: Resource Utilization - Sop has invested 24 million yuan in a rainwater recovery project, significantly reducing industrial water consumption and costs [5] - An additional investment of 35 million yuan is directed towards a project to improve the quality of recycled water, which is expected to recover 3,000 tons of water daily and reduce wastewater discharge by approximately 1.1 million tons annually [5] Group 4: Emergency Response and Safety - The company has established a three-tier emergency response system with an investment of 21 million yuan, enhancing its capacity to manage environmental risks effectively [6] Group 5: Digital Transformation - Sop has invested over 40 million yuan in a safety production information management platform, integrating data from various systems to enhance safety and environmental monitoring [10] - The company completed a smart control room project with an investment of 17.8 million yuan, improving operational efficiency and safety management through advanced technologies [11] Group 6: Technological Innovation - Sop is advancing its acetic acid production process through a 1.27 billion yuan investment in energy-saving and emission-reduction technology, expected to reduce CO2 emissions by 200,000 tons annually [14] - The company plans to invest approximately 176 million yuan in upgrading its acetic acid production facilities to enhance product competitiveness and reduce environmental impact [15]

Meeting Overview - The annual general meeting of Jiangsu Sop Chemical Co., Ltd. was held on May 23, 2025, with a total attendance of 79.3665% of the voting shares [1][2] - The meeting was chaired by the vice chairman, as the chairman was unable to attend due to other commitments [2] Voting Results - All proposed resolutions were passed with significant majority votes, with A-share holders showing overwhelming support, such as 99.7896% in favor of the first resolution [2][3] - The voting method combined both on-site and online participation, ensuring compliance with legal and regulatory requirements [2][4] Legal Compliance - The meeting and its resolutions were confirmed to be in accordance with the Company Law, Securities Law, and the company's articles of association, as verified by the attending lawyers [4]

Core Viewpoint - The legal opinion confirms that Jiangsu Sop Chemical Co., Ltd.'s 2024 annual general meeting was convened and conducted in compliance with relevant laws, regulations, and the company's articles of association [1][10]. Group 1: Meeting Procedures - The company decided to hold the annual general meeting on May 23, 2025, following a board meeting on April 15, 2025, and notified shareholders through the Shanghai Stock Exchange and Shanghai Securities Journal on April 16, 2025 [2]. - The meeting notification included details such as the time, location, equity registration date, convenor, agenda items, and procedures for network voting [2][3]. - The meeting was held at the designated location, and the procedures for convening and conducting the meeting were found to be in accordance with legal requirements [3][10]. Group 2: Attendance and Qualification - A total of 401 shareholders participated in the meeting, holding 914,021,261 voting shares, which accounted for 79.3665% of the total voting shares [3][4]. - Among the attendees, 3 shareholders were present at the meeting venue, holding 876,653,701 shares, representing 76.1218% of the total voting shares [4]. - The convenor of the meeting met the qualifications as stipulated in the company's articles of association [4][10]. Group 3: Voting Procedures and Results - The voting was conducted through a named voting method, and the results showed that 912,098,626 shares (99.7896%) were in favor of the proposals, while 1,861,235 shares (0.2036%) were against, and 61,400 shares (0.0068%) were abstained [5][6]. - The voting results for small investors indicated that 35,130,825 shares (94.0124%) were in favor, with 2,184,535 shares (5.8459%) against, and 52,900 shares (0.1417%) abstained [6][9]. - The voting process and results were verified to be in compliance with legal and regulatory requirements, confirming the legitimacy of the resolutions passed during the meeting [10].

证券代码：600746 证券简称：江苏索普 公告编号：临 2025-020 江苏索普化工股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 23 日 (二)股东大会召开的地点：江苏省镇江市京口区求索路 101 号二楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 401 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 914,021,261 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 79.3665% | 注：公司总股本 1,167,842,884 股，江苏索普化工股份有限公司回购专用证券账户持有公司 股份 16,196,626 股，不享有表决权。公司有表决权股份总数为 1,151,646,258 股。 (四 ...

江苏江成律师事务所 关于江苏索普化工股份有限公司 2024 年 年度股东大会的法律意见书 致：江苏索普化工股份有限公司 根据《中华人民共和国公司法（2023 年修正）》《中华人民共和国证券法 （2019 年修订）》《上市公司股东大会规则（2022 年修订）》（证监会公告[2022]13 号）和《上海证券交易所上市公司自律监管指引第 1 号-规范运作》等法律、法 规和规范性文件以及《江苏索普化工股份有限公司章程》（以下简称"《公司章 程》"）的规定，本所受江苏索普化工股份有限公司（以下简称"公司"）董事 会的委托，指派本所律师出席公司 2024 年年度股东大会，并就本次年度股东大 会的召集、召开程序、出席会议人员资格、召集人资格、表决程序以及表决结果 的合法有效性等事项出具法律意见。 为出具本法律意见书，本所律师对本次年度股东大会所涉及的有关事项进行 了审查，查阅了相关会议文件，并对有关问题进行了必要的核查和验证。 本所律师同意将本法律意见书随公司本次年度股东大会决议一并公告，并依 法对本法律意见书承担相应的责任。 本所律师根据相关法律、法规和规范性文件的要求，按照律师行业公认的业 务标准、道德规范和勤勉尽责精 ...

Core Viewpoint - Jiangsu Sop's 2024 Annual Shareholders' Meeting materials outline key proposals, including financial performance, profit distribution, and future financing plans, indicating a focus on growth and operational efficiency. Financial Performance - The company reported a revenue of 6.40 billion RMB in 2024, representing an 18.43% increase year-on-year. The net profit attributable to shareholders was 212.74 million RMB, a significant increase from the previous year's 18.83 million RMB [5][12]. - The adjusted net profit was reported at 212.74 million RMB, compared to 17.91 million RMB in the previous year [5]. Profit Distribution - The proposed profit distribution plan suggests a cash dividend of 0.5 RMB per 10 shares (including tax), with no stock dividends or capital reserve transfers [5][12]. Financing Plans - The company plans to apply for a comprehensive credit limit of up to 5 billion RMB from financial institutions for 2025, with an additional guarantee of up to 3 billion RMB for its wholly-owned subsidiaries [6][12]. Related Transactions - The report details the execution of related transactions in 2024, with significant amounts transacted between subsidiaries, indicating ongoing operational interdependencies [26][27]. Governance and Compliance - The board of directors and supervisory board have adhered to legal and regulatory requirements, ensuring proper governance and compliance throughout the year [19][21]. - The company has implemented a robust internal control system, which has been evaluated as effective [24][21]. Strategic Development - The company aims to optimize its industrial layout and expand into new material industries, focusing on enhancing product diversity and mitigating market volatility risks [18][17]. - Ongoing projects include technological upgrades and environmental initiatives aimed at reducing carbon emissions and improving operational efficiency [12][15].