Group 1 - The core point of the article is that China Chemical announced its annual equity distribution plan for 2024, which includes a cash dividend of 0.186 yuan per share (tax included) for A-shares [1] - The record date for the dividend is set for August 21, 2025, while the ex-dividend date and the date of cash dividend distribution are both scheduled for August 22, 2025 [1]

重要内容提示： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/8/21 | － | 2025/8/22 | 2025/8/22 | 差异化分红送转： 否 一、通过分配方案的股东会届次和日期 证券代码：601117 证券简称：中国化学 公告编号：2025-041 中国化学工程股份有限公司 2024年年度权益分派实施公告 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。 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记 结算有限责任公司上海分公司（以下简称"中国结算上海分公司"） 登记在册的本公司全体股东。 1 每股分配比例: A 股每股现金红利0.186元 相关日期 3. 分配方案： 本次利润分配以实施回购注销 2022 年限制性股票激励计划部 分限制性股票后的公司总股本6,106,877,362股为基数，每股派发现 金红利0.186元（含税）， ...

Core Viewpoint - The Guangxi Hongkun crude benzene hydrogenation project, constructed by China Chemical Fourth Construction Company, has officially been handed over, marking the largest single-unit crude benzene refining facility in China and the only one in South China, which will fill a regional industrial chain gap and drive the development of related industries [1][3]. Group 1 - The crude benzene hydrogenation unit is the first core facility of Hongkun Group, which started construction in July 2023, and has been executed with meticulous planning and management to ensure timely completion [3]. - The project team implemented a "Party Building + Engineering" integration mechanism, establishing responsibility zones and teams to tackle technical challenges, achieving significant milestones in a concentrated effort over 80 days [3][5]. - A comprehensive safety management system was developed, ensuring 100% coverage of personnel, equipment, and processes, with a total of 320 safety hazards rectified, achieving a 100% rectification rate [3]. Group 2 - The project faced climatic challenges such as long rainy seasons and typhoons, yet the team demonstrated resilience, completing the installation of three large equipment units within 144 hours and achieving a welding pass rate of 98.05% for 176,000 inches of piping [5]. - The successful handover of the project is seen as a significant victory for the largest crude benzene hydrogenation unit in the country and a new starting point for ensuring the safety of the high-end new materials industry chain in South China [5]. - The company is committed to ensuring the safe, stable, and efficient operation of the facility in the next phase of production [5].

天眼查商业履历信息显示，中国化学工程股份有限公司，成立于2008年，位于北京市，是一家以从事研 究和试验发展为主的企业。企业注册资本493300万人民币，实缴资本493300万人民币。公司法定代表人 为莫鼎革。 通过天眼查大数据分析，中国化学工程股份有限公司共对外投资了31家企业，参与招投标项目300次， 知识产权方面有商标信息4条，专利信息85条，此外企业还拥有行政许可24个。 来源：金融界 金融界消息 截至2025年8月14日收盘，中国化学（601117）报收于8.13元，下跌1.33%，换手率0.79%， 成交量47.81万手，成交金额3.91亿元。 资金流向方面，今日主力资金净流出4084.72万元，占比成交额10.43%。其中，超大单净流出3593.42万 元、占成交额9.18%，大单净流出491.29万元、占成交额1.26%，中单净流出流入3367.02万元、占成交 额8.6%，小单净流入717.70万元、占成交额1.83%。 中国化学最新一期业绩显示，截至2025一季报，公司营业总收入446.53亿元、同比减少1.15%，归属净 利润14.45亿元，同比增长18.77%，扣非净利润14.12亿元 ...

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [12] Core Insights - Xinjiang has significant development potential despite its poor infrastructure, with ongoing investments in major infrastructure projects such as transportation, water conservancy, and energy [2][5] - The region's GDP is projected to grow by 6.1% in 2024, with fixed asset investment expected to increase by around 10% by 2025 [5][27] - Major projects in Xinjiang, including coal chemical projects and significant transportation infrastructure, are expected to drive economic growth and create investment opportunities [7][10] Summary by Sections Economic Overview - Xinjiang's GDP for 2024 is estimated at 20,534.08 billion yuan, with a per capita GDP of 78,660 yuan, reflecting a growth of 6.1% and 5.4% respectively [5][21] - The region's infrastructure is lagging, with road and rail density significantly below national averages, which constrains economic development [24][26] Infrastructure Investment - The Xinjiang government plans to utilize various funding sources, including central budget investments and local government bonds, to support infrastructure development [27] - By 2025, Xinjiang aims for a GDP growth of around 6% and a fixed asset investment increase of approximately 10% [27] Major Projects - Significant projects include the Xinjiang coal chemical industry, with investments expected to accelerate, and major transportation projects like the China-Kyrgyzstan-Uzbekistan railway and the New Tibet Railway [7][10] - The total investment for the China-Kyrgyzstan-Uzbekistan railway is estimated at 8 billion USD, with construction expected to start by the end of 2024 [7] Strategic Positioning - Xinjiang is positioned as a key hub in the Belt and Road Initiative, with its foreign trade growth rate leading the nation [9] - The region's strategic location and resource advantages are expected to enhance its role in national economic development [44][45] Investment Recommendations - Companies such as China Chemical and China Railway Construction are highlighted as potential beneficiaries of the increasing infrastructure investments in Xinjiang [10] - The report suggests monitoring local engineering firms for order releases as infrastructure projects ramp up [10]

Summary of China Chemical's Conference Call Company Overview - **Company**: China Chemical - **Industry**: Coal Chemical Engineering Key Points and Arguments 1. **Industry Position**: China Chemical is the absolute leader in coal chemical engineering, benefiting from the advancement of coal chemical projects in Xinjiang and the upcoming 2025 Central Xinjiang Work Conference, which is expected to accelerate related infrastructure and coal chemical projects, leading to significant new orders for the company [2][4][6]. 2. **Leadership and Strategy**: The new leadership team has extensive practical experience and emphasizes profit assessment. They aim to recreate a high-quality China Chemical within five years by selecting high-margin projects and increasing overseas orders to enhance profitability. The net profit for Q1 2025 has already increased by 18.77% [2][14]. 3. **Financial Health**: The company maintains a robust financial position with a declining interest-bearing debt ratio and cash assets significantly exceeding interest-bearing liabilities, making it the only one among the eight major construction central enterprises with such a position. Positive operating cash flow allows for potential increases in dividend payouts [2][13][23]. 4. **Overseas Business Growth**: China Chemical's overseas business is rapidly expanding, with the highest proportion of new contracts and revenue among the eight major construction central enterprises. The overseas gross margin is higher than domestic, becoming a key driver of the company's performance [2][19]. 5. **R&D Investment**: Continuous increases in R&D investment have led to significant progress in areas such as hexanediamine and green caprolactam, providing technological support for the company's long-term development [2][21]. 6. **Valuation and Market Position**: Currently, China Chemical's P/E and P/B ratios are at relatively low levels compared to the past five years. Given the catalysts from Xinjiang and improvements in the company's fundamentals, there is substantial room for valuation enhancement, indicating strong investment value [3][24]. 7. **Hexanediamine Project**: The hexanediamine project is progressing well, with high load levels, but production has not yet reached full capacity due to product price impacts. It is expected that with price recovery in 2025, this business will reduce losses and increase the revenue share from new materials and industrial sectors [2][17][18]. 8. **Future Performance Expectations**: The company anticipates a compound annual growth rate of double digits over the next five years, with a target for net profit growth of no less than 10% in 2025, coinciding with the final year of stock incentives [4][15]. Additional Important Insights 1. **Market Dynamics**: The Xinjiang coal chemical projects have a total disclosed amount exceeding 900 billion yuan, with 300 billion yuan already approved. If these projects proceed smoothly, they could generate approximately 1,440 billion yuan in orders annually for China Chemical, representing 39% of the total new orders in 2024 [16]. 2. **Business Structure**: Currently, 82.1% of revenue comes from traditional core businesses related to infrastructure and petroleum/coal, while 4.7% comes from new materials and industrial sectors. The company aims to increase the share of high-end products like hexanediamine [12]. 3. **Shareholder Confidence**: The controlling shareholder has consistently increased their stake in the company, reflecting confidence in its future development and serving as part of market value management [11]. This summary encapsulates the essential insights from the conference call, highlighting the company's strategic direction, financial health, and market opportunities.

Core Viewpoint - China Chemical's Tianchen Company has successfully registered its "Petrochemical Engineering Pipeline Component Coding Rule Management Data" for data intellectual property rights, marking its first achievement in this field [1] Group 1: Data Intellectual Property - Data intellectual property refers to exclusive rights over innovative and valuable data results generated, collected, stored, processed, used, and disseminated [1] - Tianchen Company has accumulated a significant amount of data resources over its 70 years of development as an international engineering company [1] Group 2: Digitalization and Standardization - The successful registration of data intellectual property is a crucial step for Tianchen Company towards digitalization and standardization [1] - The company plans to leverage this achievement to systematically organize and activate its data resources [1] Group 3: Strategic Development - Tianchen Company aims to enhance the value of its intellectual property and convert it into assets, thereby injecting strong momentum into its high-quality development [1] - The company will continue to promote data intellectual property registration as part of its "one core, multiple diversification" development strategy [1]

Group 1 - China Chemical's Donghua Company has signed an EPCM contract for a high-end resin project in Shandong, which will become the largest single production capacity base for high-end resins in China [1] - The project will alleviate China's reliance on imports of high-end resin materials, with a construction scale of 700,000 tons of high-end phenolic/benzoimidazole resin and 200,000 tons of specialty epoxy resin annually [1] - The project is located in the Qilu Chemical Industrial Park in Zibo, Shandong, covering an area of 280 acres and will also include a supporting 270,000-ton formaldehyde facility [1] Group 2 - The products from this project will have applications in high-end fields such as aerospace, 5G communication, and high-speed rail [1] - Donghua Company will be responsible for the engineering design and overall management of the project, implementing cost, schedule, quality, and safety controls [1] - The company aims to leverage its strengths to ensure the project is completed on time, with quality and quantity guaranteed [1]

Group 1: Macro Overview - The article discusses the importance of market trends and historical analysis in identifying investment opportunities, emphasizing the role of leading companies in shaping market dynamics [4]. - It highlights a comprehensive review of historical market cycles, providing insights into potential upward trends and key stock selections [4]. - The analysis includes a focus on fiscal policies and their impact on infrastructure trends and profit patterns in the stock market [4]. Group 2: Industry Insights - The article provides an in-depth analysis of major infrastructure projects in Central and Western China, including regions like Xinjiang, Tibet, and Sichuan, indicating significant investment opportunities [4]. - It discusses the reevaluation of mineral resources such as copper, cobalt, nickel, gold, and coal, suggesting a potential shift in market valuations for these commodities [4]. - The article also covers the performance and valuation trends of leading companies in the decoration and landscaping sectors, offering insights into optimal buying and selling points [4]. Group 3: Company Analysis - The article features a detailed examination of China Huadian Corporation, highlighting its leadership in the marine economy and hydrogen energy business [4]. - It analyzes China State Construction Engineering Corporation, noting its undervaluation and high dividend yield in the context of the real estate market's seasonal trends [4]. - The report discusses China National Chemical Corporation's ongoing breakthroughs and global expansion strategies, indicating growth potential in its business operations [4]. Group 4: Technological Transformation - The article outlines the advancements in sectors such as renewable energy storage, controlled nuclear fusion, and deep-sea industries, emphasizing the transformative impact on related companies [4]. - It summarizes the progress in data center operations, robotics, and quantum technologies, indicating significant developments in these high-tech industries [4]. - The analysis includes a review of the low-altitude economy, AI applications, and smart transportation systems, highlighting their performance and business implications [4].

Core Viewpoint - China Chemical Engineering Fourth Construction Co., Ltd. (referred to as "Sihua Construction") has received a letter of appreciation from Anhui Linhuan Coking Co., Ltd. for its efforts in the construction of a 30,000 tons/year carbonate project, highlighting the company's commitment to high-quality project delivery and professional service [1] Group 1 - Sihua Construction has successfully completed several new energy and new material projects since June, including the ultra-pure high molecular weight polyethylene project and the lithium battery new material project, showcasing its strong performance [1][2] - The ultra-pure high molecular weight polyethylene project (140,000 tons/year) utilizes self-developed ultra-pure slurry technology and incorporates BIM technology for digital pre-assembly of pipelines and steel structures [1] - The lithium battery new material project (10,000 tons) will provide key raw material support for the lithium battery sector, with Sihua Construction overcoming technical challenges and ensuring safety during construction [2] Group 2 - The 30,000 tons/year carbonate project uses dimethyl carbonate (DMC) and ethanol as raw materials, employing advanced ester exchange technology to produce electronic-grade ethyl methyl carbonate (EMC) and diethyl carbonate (DEC) [2] - The project achieved a successful trial run with the first batch of electronic-grade EMC reaching a purity of 99.99%, demonstrating Sihua Construction's capability in handling large equipment installation challenges [2] - The 200,000 tons/year caustic soda relocation and energy-saving renovation project by Hubei Yihua is a key initiative responding to national environmental policies, completing the entire process in just 13 hours, setting a record in China's chlor-alkali industry [2]