Group 1 - The core point of the article highlights the financial performance and stock activity of China Chemical Engineering Co., Ltd. as of August 1, 2025, with a closing price of 8.01 yuan, a slight increase of 0.25% [1] - The company reported total operating revenue of 44.653 billion yuan for Q1 2025, a year-on-year decrease of 1.15%, while net profit attributable to shareholders was 1.445 billion yuan, reflecting an 18.77% increase year-on-year [1] - The company has a current ratio of 1.152, a quick ratio of 1.104, and a debt-to-asset ratio of 69.43% [1] Group 2 - China Chemical Engineering Co., Ltd. has made investments in 31 enterprises and participated in 298 bidding projects [2] - The company holds 4 trademark registrations and 85 patents, along with 24 administrative licenses [2]

Core Viewpoint - China Chemical Tianchen Company has been recognized as a "benchmark" in the 2024 evaluation of the State-owned Assets Supervision and Administration Commission's "Science and Technology Reform Action," marking its fifth consecutive highest rating since its initial selection in 2020, establishing itself as a model enterprise in the national chemical sector [1] Group 1 - The company has actively integrated into the global technological competition landscape, adhering to national strategic deployments as its fundamental guideline [1] - It has successfully overcome key technologies such as adiponitrile, forming a diversified development pattern characterized by "technology leadership, engineering support, and industrial implementation" [1] - The company's efforts provide solid support for ensuring the safety and stability of China's chemical industry supply chain [1]

（文章来源：证券日报） 证券日报网讯 8月1日晚间，中国化学发布公告称，公司2025年第一次临时股东会审议通过了《关于补 选邓兆敬先生为公司董事的议案》。 ...

Core Insights - The construction industry is expected to outperform the market in the second half of 2025, driven by improvements in asset quality and a potential recovery in demand [1][4] - Downstream demand remains weak, leading to accelerated balance sheet contraction among construction companies [1][4] - Infrastructure investment is anticipated to become a key driver for expanding domestic demand and stabilizing growth [3][4] Summary by Sections Industry Performance - In the first half of 2025, the total contract amount for new projects in the construction industry reached 25 trillion yuan, a year-on-year increase of 22.5%, although still significantly lower than levels in 2022-2023 [1][30] - The industry is experiencing a decline in new orders and revenue, but signs of a profitability turning point are emerging as some local construction companies accelerate the collection of receivables and repay existing debts [1][4] Inventory Cycle Perspective - The construction industry is nearing the end of a "passive inventory replenishment" phase, characterized by a lagged response of inventory fluctuations to changes in downstream demand [2][77] - Since 2021, the industry has entered a phase of passive inventory accumulation due to prolonged project repayment cycles and a concentration of PPP projects transitioning to operational phases [2][82] Infrastructure Investment - Infrastructure investment is seen as a critical measure to expand domestic demand and stabilize economic growth, especially in light of pressures on price indicators and the need for effective investment [3][4] - The government is expected to increase fiscal support for infrastructure projects, particularly in areas related to public welfare and energy security [3][4] Investment Recommendations - The report maintains a positive outlook for the construction sector in the second half of 2025, suggesting that asset quality improvements will align with demand recovery [4] - Recommended stocks include Yaxiang Integration, Zhongyan Dadi, China Railway Construction, and others, which are expected to benefit from the anticipated recovery in infrastructure investment [4][8]

北京海润天睿律师事务所 关于中国化学工程股份有限公司 2025 年第一次临时股东会的法律意见书 中国·北京 北京市朝阳区建外大街甲 14 号广播大厦 5 层&9 层&10 层&13 层&17 层 电话（Tel）：86-10-65219696 传真（Fax）：86-10-88381869 第 1 页 共 6 页 北京海润天睿律师事务所 关于中国化学工程股份有限公司 2025 年第一次临时股东会的 法律意见书 致：中国化学工程股份有限公司 北京海润天睿律师事务所（以下简称"本所"）接受中国化学工程股份有限 公司（以下简称"公司"）的委托，指派王彩虹律师、杨苡铭律师出席公司 2025 年第一次临时股东会，并依据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规 则》（以下简称"《股东会规则》"）等相关法律、法规、规范性文件及《中国 化学工程股份有限公司章程》（以下简称"《公司章程》"）的规定，就公司本 次股东大会的召集、召开程序、出席会议人员的资格、召集人资格、表决程序、 表决结果等有关事宜出具本法律意见书。 对本法律意见书的出具，本所律师特 ...

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]