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， ...

Core Viewpoint - The Yanzhou Coal Mining Company's Lunan Chemical 60,000 tons/year polyformaldehyde project, contracted by China Chemical Tianchen Company, has successfully completed a major milestone with the topping out of the main substation, marking significant progress in the project [1] Group 1: Project Overview - The project is a key implementation project in Shandong Province for 2025, aiming to meet "international first-class" product standards [1] - Advanced production processes are being adopted to improve quality and reduce consumption, facilitating the industry's transition to high-end fine chemicals and new materials [1] - Upon completion, Lunan Chemical's total polyformaldehyde production capacity will rank first in the country, positioning it as a leading enterprise in the polyformaldehyde industry [1] Group 2: Project Management and Progress - Since the project's commencement, the Tianchen Company has formed a professional design team to scientifically coordinate construction deployment [1] - The project team adheres to the philosophy of "delivering value, building the future," integrating party building with production to ensure strict control over engineering quality and progress [1] - The project has now fully entered the equipment installation phase, with subsequent debugging and other work planned to ensure steady progress towards production [1]

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。 ...

Core Insights - The project for the construction and implementation of a digital delivery platform for Fujian Haichen Chemical Co., Ltd. has officially commenced, with a focus on producing 400,000 tons of adiponitrile annually [1][2] - The project aims to integrate engineering digital delivery and intelligent factory operations, laying a solid foundation for Haichen Chemical's digital transformation and "smart upgrade and digital transformation" goals [2] Group 1 - The meeting reached a consensus on the project's overall objectives, implementation scope, key milestones, responsibilities, and management requirements [1] - The Tianchen Company's digital center team will leverage its expertise in engineering digitalization to ensure high-quality project delivery and establish a data foundation for a smart factory [1] - The project marks the official implementation phase, highlighting Tianchen Company's enhanced "T+EPC" full-chain service capabilities in the petrochemical industry's digital delivery management [1] Group 2 - The Haichen Chemical project is a key construction project in Fujian Province, with the digital delivery platform being a crucial component of its digital construction [2] - Tianchen Company aims to closely collaborate with Haichen Chemical and other participating units to fully utilize its engineering experience, digital technology, management systems, and talent advantages [1] - The company is committed to enhancing the brand influence of China Chemical in the field of engineering digitalization [1]

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].