证券代码：601117 证券简称：中国化学 公告编号：2025-038 中国化学工程股份有限公司 2025年第一次临时股东会决议公告 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) 股东会召开的时间：2025 年 8 月 1 日 (二) 股东会召开的地点：中国化学大厦 (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 | 746 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,812,307,840 | | 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（%） | 46.0375 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，股 东会主持情况等。 本次会议由公司董事会召集，由公司董事长莫鼎革先生主持。会 议的召集、召开及表决方式符合《公司法》等法律法规及《公司章程》 的规定。 1 1、公司在任董事6人， ...

中化新网讯 近日，由中国化学（601117）天辰公司总承包的兖矿鲁南化工6万吨/年聚甲醛项目完成重大 里程碑节点——主变电所顺利封顶。至此，全场包含机柜间、巡检房、风机厂房、公用工程站及循环水 加药间等建筑物全部顺利完成封顶。 目前，项目已全面步入设备安装阶段，后续还将开展调试等工作，确保项目按既定计划稳步推进，力争 早日实现项目投产。 作为2025年山东省重大实施类项目，该项目对标"国际一流"产品标准，采用先进生产工艺提质降耗，推 动产业链向高端精细化工、新材料领域转型升级。项目建成后，鲁南化工聚甲醛总产能将跃居全国首 位，成为聚甲醛行业领军企业。 自项目开工以来，天辰公司组建专业设计团队，科学统筹施工部署。面对诸多技术难题和施工挑战，项 目团队秉持"交付价值、建设未来"的理念，以"党建与生产融合"为抓手，严格把控工程质量与进度，确 保项目安全优质快速推进。 ...

Summary of Key Takeaways from the Chemicals Sector Conference Call Industry Overview - **Industry**: China Chemicals Sector - **Key Chemicals Discussed**: MDI (Methylene Diphenyl Diisocyanate), Refrigerants, Electrolytes, Urea MDI (Methylene Diphenyl Diisocyanate) - **Earnings Improvement**: MDI earnings improved in H125 due to voluntary production cuts by producers to protect pricing, despite weaker domestic demand and export challenges from tariffs and anti-dumping measures [2][10] - **Pricing Outlook**: MDI prices are expected to trend up slowly in Q325, with potential strain in Q425 due to new capacity launches and contract price bidding. The average selling price (ASP) is projected to be Rmb15,800/t in H225, down 4.8% from H125 [12] - **Capacity Developments**: Major capacity additions include Wanhua's Fujian Phase II (800ktpa) and other expansions from BASF and Covestro. Hualu-Hengsheng is also progressing on its TDI project [11][9] - **Export Challenges**: Tariff and anti-dumping impacts are expected to persist, but Wanhua is positioned to mitigate some effects by exporting from European facilities [13] Refrigerants - **Price Increases**: Major refrigerants saw price increases in H125, with R32 and R134a rising significantly due to strong demand from household and automotive sectors. R32 prices are expected to reach Rmb51,000/Rmb65,000/t in 2025/2026 [15][16] - **Weakness in R22/R125**: R22 and R125 prices are under pressure due to weak demand and high inventory levels, with cautious outlooks for H225 [15][16] Electrolytes - **Cautious Price Outlook**: The electrolyte expert projects prices to fluctuate between Rmb15,000-20,000/t in H225, primarily due to oversupply and strong bargaining power of downstream companies [4][17] - **Capacity Growth**: LiPF6 capacity is expected to increase by 8% to 424ktpa in 2025, with current utilization rates remaining low [18] - **Capacity Exits**: It may take 2-3 years for smaller capacity exits to occur, as marginal firms continue to operate despite losses [19] Urea - **Export Dynamics**: Urea exports are crucial for balancing domestic supply-demand. A quota of 3.5mt has been granted for July-October, with potential for additional quotas [5][23] - **Pricing Trends**: Urea ASP is expected to rise to Rmb1,800-1,880/t in July-August due to export and agricultural demand, but may drop to Rmb1,680-1,780/t later in the year due to increased supply [25] - **Capacity Expansion**: Domestic urea capacity is projected to grow, with total capacity expected to reach 79.11mtpa by end-2025 [21] Additional Insights - **Market Risks**: The chemicals sector faces risks from price fluctuations due to international oil prices, macroeconomic uncertainties, and rapid capacity additions that could weaken fundamentals [26] - **Regulatory Environment**: The Chinese government is promoting anti-involution policies, which may impact the operational landscape for chemical firms [24] This summary encapsulates the key points discussed during the conference call, providing insights into the current state and future outlook of the chemicals sector in China.

Core Viewpoint - China Chemical's Chairman Mo Dingge met with Marco Raffinett, CEO of Namibia's Haifen Hydrogen Energy Company, to discuss deepening cooperation in green energy projects in Namibia. Following the meeting, a contract was signed for the FEED+EPC project of a green ammonia facility with an annual production capacity of 2.4 million tons [1]. Group 1 - The meeting focused on enhancing collaboration in green energy between China Chemical and Haifen Hydrogen Energy [1]. - A contract was signed for a project that involves the construction of a green ammonia facility in Namibia [1]. - The facility is expected to have an annual production capacity of 2.4 million tons [1].

Core Viewpoint - China Chemical's chairman Mo Dingge met with the CEO of Namibia's Hyphen Hydrogen Company, Marco Raffinetti, to discuss deepening cooperation in green energy projects in Namibia [1] Group 1: Project Details - China Chemical's subsidiary, Seven Chemical Construction, signed a contract for the FEED+EPC project of a green ammonia facility with an annual production capacity of 2.4 million tons in Namibia [1]

人民财讯7月29日电，7月29日，中国化学（601117）董事长莫鼎革在集团公司总部会见纳米比亚海芬氢 能公司首席执行官马尔科拉菲内蒂，双方就深化在纳米比亚绿色能源合作进行深入交流。会后，中国化 学所属七化建与海芬氢能公司签署了纳米比亚海芬氢能项目年产240万吨绿氨装置FEED+EPC项目合 同。 ...

此次会议标志项目正式进入实施阶段，彰显天辰公司"T+EPC"全链条服务能力深化，凸显其在石化行业 工程数字化交付管理与实施领域的卓越实力和领先水平。下一步，天辰公司将严格落实集团公 司"135"发展战略和"123456"工作思路，与海辰化学及各参建单位紧密配合，充分发挥工程经验、数字 化技术、管理体系及人才队伍优势，全力推进海辰化学数字化项目圆满落地，在工程数智化领域持续提 升中国化学品牌影响力。 据悉，海辰化学项目是福建省重点建设项目，其中，数字化交付平台建设与实施项目是该项目数字化建 设的重要组成部分，天辰公司将通过工程数字化交付及工厂智能化运营一体化建设，为海辰化学数字化 转型应用及"智改数转"目标打下坚实基础。（中国化工报曲照贵 通讯员刘华怡） 7月26日，从中国化学（601117）天辰公司获悉，近日，由中国化学天辰公司总承包的福建海辰化学有 限公司年产40 万吨己二腈及原料配套项目数字化交付平台建设与实施项目启动暨工作部署会成功召 开。 会上，与会各方就项目总体目标、实施范围、关键节点计划、职责分工及管理要求等内容达成高度共 识。天辰公司数智中心团队表示，将充分发挥工程数字化领域的专业优势，与各方紧 ...

Investment Rating - The report maintains a "Buy" rating for the construction and decoration industry, indicating a positive outlook for major projects and regional development strategies [4][10]. Core Insights - The initiation of the Yaxia Hydropower Station signals a clear trend of central government leveraging, with expectations for further major projects and regional development strategies to stabilize overall infrastructure investment and total demand [1][9]. - The report highlights that infrastructure and manufacturing investments are experiencing a high-level continuous decline, with real estate investment, sales, and funding showing significant drops, indicating a core issue of insufficient demand [1][14]. - It is anticipated that fiscal policies will continue to strengthen in the second half of the year, improving the funding situation for infrastructure and accelerating the implementation of physical workloads [1][14]. Summary by Sections Major Projects and Regional Development Strategies - Significant transportation projects are expected, including the China-Kyrgyzstan-Uzbekistan Railway and the New Tibet Railway, with total investments of approximately $8 billion and 960 billion yuan respectively [2][21]. - The report outlines several large canal projects, such as the Pinglu Canal, with a total investment of about 72 billion yuan, which is expected to enhance logistics efficiency and stimulate economic growth [3][26]. - The Xinjiang regional strategy is highlighted, with over 800 billion yuan in coal chemical projects planned, driven by the region's abundant coal resources [7][10]. Key Recommendations - The report recommends major construction enterprises that will benefit from large-scale transportation and water conservancy projects, including China Energy Engineering, China State Construction, and China Railway Construction [10][11]. - It also emphasizes companies involved in coal chemical development in Xinjiang, such as China Chemical Engineering and Donghua Technology, as key beneficiaries of the regional strategy [10][11]. - Companies like Sichuan Road and Bridge are recommended due to their involvement in the construction of the national strategic hinterland [10][11].

Investment Rating - The industry rating is maintained as "Outperform" [5] Core Viewpoints - The construction sector has seen a significant increase of 7.1% this week, outperforming the Shanghai and Shenzhen 300 index by 5.9 percentage points, driven by infrastructure projects and the rise in specialized engineering and civil explosives sectors [1][29] - The report emphasizes the ongoing trend of "anti-involution" in the industry, suggesting investment opportunities in construction blue chips and steel structure sectors, particularly in the central and western regions of China [1][2][36] Summary by Sections Investment Logic - Four angles to capture investment opportunities in the construction sector: 1. **Price Elasticity**: Companies involved in resource development or trade, such as Northern International and China Railway, are recommended due to expected price increases in resources [2][15] 2. **Supply-Demand Optimization**: Focus on construction blue chips as the anti-involution movement may alleviate price pressures in the industry, with recommendations for quality local state-owned enterprises like Sichuan Road and Bridge [2][17] 3. **Transformation and Upgrading**: Companies with stronger technological attributes are expected to benefit from structural high prosperity in technology-driven infrastructure demands, with recommendations for Tunnel Corporation and China State Construction International [2][21] 4. **Downstream Profit Improvement**: If anti-involution policies improve profitability in steel and cement industries, there will be a rebound in capital expenditure needs, recommending companies like China National Materials and China Steel International [2][23] Market Performance - The report notes a slight decline in the operating rates of petroleum asphalt and cement shipment rates, with the cement shipment rate at 43.07%, down by 2.8 percentage points [3][26] - Central state-owned enterprises showed a positive trend in order data for Q2, with notable growth in orders for companies like China Railway and China Nuclear Engineering [3][26] Key Recommendations - The report suggests focusing on high-growth local state-owned enterprises in regions with strong infrastructure investment, such as Sichuan, Zhejiang, and Anhui, as well as major central state-owned enterprises like China Communications Construction and China Railway [36][37] - Emphasis is placed on the potential of nuclear power and emerging business directions within the construction sector, highlighting the high prosperity of nuclear power investments [38]

Core Viewpoint - The company is proposing the re-election of Mr. Deng Zhaojing as a non-independent director of the board during the upcoming shareholders' meeting scheduled for August 1, 2025 [2][3]. Group 1: Meeting Details - The shareholders' meeting will take place on August 1, 2025, at 14:30 in the China Chemical Building, located at 2 Dongzhimen Inner Street, Dongcheng District, Beijing [3]. - The agenda includes announcing the meeting's commencement, reporting and reviewing proposals, electing scrutineers, voting, counting votes, announcing results, legal opinions from lawyers, and signing meeting documents [3]. Group 2: Proposal for Director Election - The board of directors has approved the proposal to re-elect Mr. Deng Zhaojing as a non-independent director, and this proposal is now submitted for shareholder approval [2]. - Mr. Deng Zhaojing, born in September 1970, is a senior engineer and has held various significant positions within the company, including the current roles of Deputy Secretary of the Party Committee and General Manager of China Chemical Engineering Group Co., Ltd. [2].