Group 1 - The core viewpoint of the article highlights a meeting between China Chemical's Vice Chairman and General Manager, Deng Zhaojing, and Wang Peng, the Vice President of the National Development Bank, focusing on deepening strategic cooperation and promoting the implementation of key projects [1] Group 2 - The meeting took place at the headquarters of China Chemical on August 21 [1] - The discussion emphasized the importance of collaboration between the two entities to facilitate project execution [1]

证券代码：601117 证券简称：中国化学 公告编号：2025-043 中国化学工程股份有限公司 关于召开2025年半年度业绩说明会的公告 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 担法律责任。 重要内容提示： 会议问题征集：投资者可于 2025 年 8 月 26 日前访问网址 https://eseb.cn/1qG7vy5rZ6w 或使用微信扫描下方小程序码进行 会前提问，公司将通过本次业绩说明会，在信息披露允许范围内 就投资者普遍关注的问题进行回答。 一、说明会类型 中国化学工程股份有限公司（以下简称"公司"）将于 2025 1 会议召开时间：2025 年 8 月 26 日（星期二）14:30-15:30 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 三、参加人员 公司总会计师、董事会秘书及相关业务部门负责人（如遇特 殊情况，参会人员可能进行调整）。 四、投资者参加方式 投资者可于 2025 年 8 月 26 日（星期二）14:30-15:30 通过网 址 https://eseb.cn ...

Core Viewpoint - The robust development of the polyester industry chain relies on the support of futures tools, which have played a significant role in stabilizing operations and managing price volatility risks since the introduction of polyester futures options [1][2]. Group 1: Industry Overview - The chemical fiber industry is a core support for the stable development and continuous innovation of the textile industry chain, possessing international competitive advantages and being an important part of the new materials industry [1]. - China's chemical fiber industry demonstrates strong international competitiveness in market share, production cost control, and product quality management [1]. Group 2: Market Dynamics - The polyester industry is currently undergoing a critical transformation towards high-end, intelligent, and green development, facing increasing domestic competition and complex international conditions [1]. - The demand for risk management among industry chain enterprises is rising due to frequent price fluctuations [1]. Group 3: Futures Market Development - The first chemical futures, PTA futures, were launched in 2006, providing price discovery and risk management tools for polyester industry chain enterprises [2]. - The Zhengzhou Commodity Exchange has since introduced various futures and options products, achieving comprehensive coverage of major polyester industry chain varieties and significantly enhancing service capabilities [2]. - A considerable proportion of industry chain enterprises have established systematic futures research and application systems, aiming to strengthen risk control measures [2].

Group 1 - The core viewpoint of the article highlights the growth potential of China's chemical fiber industry, with a projected production increase of 4.7% year-on-year by June 2025, reaching 7.36 million tons [1] - In the first half of 2025, China's cumulative chemical fiber production is expected to be 42.36 million tons, reflecting a cumulative growth of 4.9% [1] - The article references a report by Zhiyan Consulting that analyzes the market operation status and investment prospects of the chemical fiber industry from 2025 to 2031 [1] Group 2 - Listed companies in the chemical fiber sector include Xinxiang Chemical Fiber, Hengli Petrochemical, Huafeng Superfiber, Rongsheng Petrochemical, Jilin Chemical Fiber, Tongkun Co., Zhongtai Chemical, Nanjing Chemical Fiber, Taihe New Materials, and Aoyang Health [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [2]

Core Viewpoint - The completion of the hydrogenation project for crude benzene in Guangxi Free Trade Zone marks a significant milestone as the largest single-unit crude benzene hydrogenation facility in China, filling a gap in the regional industrial chain and providing essential products for the local petrochemical park [1][2] Project Overview - The project covers an area of 82,100 square meters and includes a 200,000 tons/year crude benzene hydrogenation unit and an 180,000 tons/year aromatics extraction unit [1] - The facility will utilize by-products from nearby coking enterprises and hydrogen resources from large petrochemical companies in the park to produce pure benzene, toluene, and heavy aromatics [1] Safety and Management - A "full-time penetration safety grid management system" was established, dividing the project into five safety responsibility zones to ensure comprehensive coverage of personnel, equipment, and processes [1] - The project team identified and rectified 320 safety hazards, achieving a 100% rectification rate [1] Innovation and Challenges - The project team implemented an innovative "Party Building + Engineering" integration mechanism, establishing four Party responsibility zones and three Party pioneer posts to tackle technical challenges [2] - Despite adverse weather conditions, the team completed the installation of three large equipment units within 144 hours and achieved a welding pass rate of 98.05% for 176,000 inches of piping [2] Industry Impact - The project is expected to enhance the safety and sustainability of the high-end new materials industry chain in South China, providing a new starting point for the region's crude benzene refining industry [2]

Group 1 - The establishment of Hangyang Global (Ningbo) Intelligent Heavy Industry Co., Ltd. has been reported, with a registered capital of 170 million yuan [1] - The company's business scope includes the manufacturing of gas and liquid separation and purification equipment, as well as the processing of mechanical parts and components [1] - The company is jointly held by Hangyang Co., Ltd. and China Chemical Engineering Sixth Construction Co., Ltd., a wholly-owned subsidiary of China Chemical [1]

Core Viewpoint - The initiative aims to promote a fair, standardized, healthy, and sustainable development environment for the lithium-ion battery and energy storage industry, encouraging collaboration across the industry chain [1][2]. Group 1: Cost and Pricing Behavior - The initiative encourages market competition based on technology, service, reputation, and performance capability, advising companies to quote prices according to their operational status, cost assessments, and project risks to avoid irrational low-price behaviors [1][2]. - It emphasizes integrity, transparency, professionalism, and prudence in bidding activities, advocating for competition based on technical solutions, service capabilities, and lifecycle value [1]. Group 2: Product and Service Compliance - The initiative calls for enhanced safety technology management in critical areas such as thermal runaway, electrical faults, and fire protection for energy storage systems and battery products, ensuring compliance with national and industry standards [2]. - Companies are encouraged to establish robust quality management and traceability systems, ensuring that bid quotes align with performance capabilities and that contracts are strictly executed post-award [1]. Group 3: Technological Innovation and Green Development - The initiative promotes increased R&D investment focusing on core materials, system integration, and intelligent control, aiming for independent and large-scale application of advanced technologies [2]. - It encourages participation in the formulation of international, national, and industry standards to foster quality improvement and fair competition, while also addressing environmental requirements such as battery recycling and pollution control [2]. Group 4: Industry Collaboration - The initiative stresses the importance of strengthening collaboration among member units to maintain a stable operation of the industry chain, establishing a mechanism for information sharing, risk-sharing, and mutual benefits [2]. - Industry experts indicate that the initiative supports reasonable pricing and fair competition, which may lead to accelerated market clearing and technological iteration, potentially increasing market concentration and profitability for leading companies with cost and technological advantages [2].

Core Insights - China National Chemical Corporation's subsidiary, China Tianchen Engineering Corporation, has completed the mechanical construction of the Saudi Sabic PKN MTBE project four days ahead of schedule, marking it as the largest single-unit MTBE plant globally [1] Group 1: Project Overview - The project was officially signed in November 2022 and commenced in December 2022, focusing on upgrading an existing 700,000 tons/year MTBE facility to a capacity of 1,000,000 tons/year [1] - The upgraded facility will significantly enhance economic benefits, environmental performance, and operational reliability, including the ability to generate 10 megawatts of electricity from low-pressure steam byproducts and reducing catalyst consumption by approximately 6,300 tons annually [1] - The operational downtime for the MTBE synthesis unit has been extended from 8 months to 2 years, improving overall efficiency [1] Group 2: Implementation Challenges - The project team faced multiple challenges in design, supply, construction, quality, and safety management, necessitating close collaboration with owners, suppliers, and subcontractors [1] - Real-time monitoring of design, procurement, and construction progress was implemented, along with strict control over on-site safety and execution quality [1] - Various measures were adopted, including optimizing international transportation routes, enhancing the prefabrication ratio of pipelines and steel structures, and implementing a "long-package" system for core procurement equipment, leading to the early completion of the project [1] Group 3: MTBE Characteristics - MTBE is known for its good miscibility with gasoline, low water absorption, and minimal environmental pollution, making it an effective gasoline additive with excellent anti-knock properties [2] - It improves gasoline cold-start characteristics and acceleration performance, with tests showing that gasoline containing 10% MTBE can reduce fuel consumption by 7% and significantly lower emissions of lead, carbon monoxide, and carcinogenic polycyclic aromatic hydrocarbons [2]

Core Insights - The Uzbekistan Tashkent 20 MW green hydrogen project, designed by China Chemical's Donghua Engineering Technology Co., has successfully produced hydrogen with a purity of 99.99%, marking it as the first green hydrogen project in Central Asia to enter the implementation phase [1][2] - The project is a key component of Uzbekistan's government "green energy strategy" and is the first green hydrogen project independently developed by international energy giant ACWA Power [1] Group 1 - The project is located within the MAXAM chemical plant in Tashkent, Uzbekistan, and utilizes alkaline water electrolysis technology [1] - It is equipped with four alkaline electrolyzers with a capacity of 1000 standard cubic meters per hour each, along with a rectifier, control system, gas-liquid separation, and purification systems, designed for a maximum production capacity of 4000 standard cubic meters per hour of high-purity hydrogen [1] - Upon completion, the project is expected to produce over 3000 tons of green hydrogen annually, reducing approximately 30,000 tons of CO2 emissions per year compared to the previous gray hydrogen production model [1] Group 2 - Since the project's launch in October 2023, the project team has overcome multiple challenges, including complex design standards and a variety of deliverables, successfully completing detailed engineering design work by December 2024 [2] - The company places a high emphasis on the development of the green hydrogen industry, having undertaken over 50 projects related to green hydrogen, green ammonia, green methanol, and SAF, accumulating rich engineering practice experience [2]

Core Insights - The central government has clarified its stance on addressing "involution" competition, transitioning from policy formulation to implementation since the second half of 2024 [1][2] - In July 2025, 33 construction-related central enterprises, state-owned enterprises, and private enterprises issued a "Proposal" advocating for the "Four No's" principle: no scale assembly, no blind expansion, no excessive debt, and no shell structures, aiming to resist "involution" competition and shift focus from price competition to value competition [1][2] Construction Industry Analysis - The report emphasizes the shift from price competition to value competition in the construction industry, driven by the "anti-involution" policy [2] - The analysis categorizes the construction industry into three major segments: central state-owned enterprise blue chips, international engineering, and steel structure [2] Central State-Owned Enterprises - For traditional undervalued central state-owned enterprise blue chips, the focus should be on three dimensions: dividend capability, price elasticity, and technological transformation [3] - In Q1 2025, the market share of nine major construction central enterprises increased to 59.89%, indicating strong order acquisition capabilities [3] - Companies with strong dividend capabilities, such as China State Construction and Sichuan Road and Bridge, are recommended [3] International Engineering Sector - The international engineering sector benefits from price elasticity, particularly with rising expectations for resource prices [4] - North China International, which has a significant coal sales volume, is highlighted for its potential profit contributions from coal business in 2026 [4] Steel and Cement Industries - The steel and cement industries are expected to improve profitability through the exit of outdated capacities and product structure upgrades [5] - Companies like China National Materials and China Steel International are recommended, with China Aluminum International suggested for attention [5] Steel Structure Sector - The steel structure sector is divided into manufacturing and installation segments, with rising steel prices benefiting manufacturing companies like Honglu Steel Structure [6] - The transition towards intelligent construction and green building is expected to enhance the competitive advantages of leading companies in the installation segment, such as Jinggong Steel Structure and Jianghe Group [6]