Core Viewpoint - China Chemical Engineering Co., Ltd. announced a cash dividend distribution of 0.1 yuan per share (including tax) for the first half of 2025, totaling approximately 610.67 million yuan [2][4]. Dividend Distribution Details - The cash dividend distribution is based on a total share capital of 6,106,666,162 shares, resulting in a total cash dividend of 610,666,616.20 yuan (including tax) [4]. - The distribution plan was approved at the company's second extraordinary general meeting on December 24, 2025 [3]. Relevant Dates - The key dates for the dividend distribution are as follows: - Share registration date: January 29, 2026 - Ex-dividend date: January 30, 2026 - Cash dividend payment date: January 30, 2026 [5]. Taxation Information - For individual shareholders holding A-shares, the tax treatment varies based on the holding period: - Holding period within 1 month: 20% tax on dividends - Holding period between 1 month and 1 year: 10% tax on dividends - Holding period over 1 year: No tax on dividends - The actual cash dividend received by individual shareholders will be 0.10 yuan per share (including tax) [7]. - For Qualified Foreign Institutional Investors (QFII), a 10% withholding tax applies, resulting in a net dividend of 0.09 yuan per share [8]. Business Performance Overview - For the year 2025, the company reported a total contract amount of 403.66 billion yuan, with significant contributions from various business segments: - Construction engineering contracting: 388.99 billion yuan - Chemical engineering: 329.07 billion yuan - Infrastructure: 52.21 billion yuan - Environmental governance: 7.71 billion yuan [10]. - The company secured major contracts exceeding 5 billion yuan, including projects in Angola and Iraq, contributing to its overall performance [10][11].

（编辑 丛可心） 证券日报网讯 1月25日，中国化学发布公告称，中国化学2025年半年度利润分配方案：A股每股派发现 金红利0.1元（含税），股权登记日2026年1月29日，除权除息日及红利发放日均为2026年1月30日，总 计派发约6.11亿元。 ...

Investment Rating - The report maintains a "Buy" rating for the companies mentioned, indicating a positive outlook for their stock performance in relation to the market index [4]. Core Insights - The chemical industry is expected to experience price increases due to improved supply-demand dynamics and a "de-involution" policy that encourages companies to avoid price wars and focus on profitability [10][22]. - The manufacturing sector shows signs of recovery, with the PMI reaching 50.1% in December 2025, indicating a return to expansion [16][22]. - The inventory cycle is shifting from active destocking to passive destocking, which may lead to rapid inventory depletion in the chemical sector once demand improves [22]. Summary by Sections Supply and Demand Dynamics - The investment growth rate in the chemical raw materials and products manufacturing industry has been declining since 2022, with a projected drop to negative growth by June 2025 [15]. - The supply side is improving due to reduced new capacity and the shutdown of older facilities in Europe and Japan, particularly affecting basic chemicals like ethylene and propylene [15][22]. Policy Impact - The "de-involution" policy initiated by the central government aims to prevent vicious competition, leading to a consensus among leading companies to maintain prices by reducing production rates [22][10]. Company-Specific Insights - **China Chemical**: The company has a production capacity of 200,000 tons for both adiponitrile and caprolactam. Price rebounds in these products are expected to significantly enhance its earnings [23]. - **Sanhua Chemical**: The company is positioned to benefit from price recovery in its core products, with a strong focus on expanding its high-end cellulose product lines [30]. - **Donghua Technology**: The company has multiple high-end chemical projects that are expected to improve profitability as supply constraints stabilize prices [37]. - **Southeast Network Frame**: The company produces 500,000 tons of polyester filament, with potential for revenue growth as raw material prices recover [41]. Investment Recommendations - The report highlights key companies to watch, including China Chemical, Sanhua Chemical, Donghua Technology, and Southeast Network Frame, all of which are expected to benefit from the anticipated price increases in chemical products [10][45].

Group 1 - The report highlights a significant increase in the State Grid's capital expenditure during the "14th Five-Year Plan" period, with a projected investment of approximately 4 trillion yuan during the "15th Five-Year Plan," representing a 40% increase compared to the previous plan [15][18][21] - The report recommends focusing on power engineering companies, specifically China Electric Power Construction, China Huadian Engineering, and China Energy Engineering, which are well-positioned to benefit from the increased capital expenditure [21][22] - The report emphasizes the importance of selecting companies with strong fundamentals and low valuations based on ROE and valuation percentiles, recommending firms such as China Chemical, China National Materials, and Donghua Technology [23][24] Group 2 - Weekly tracking indicates steady progress in coal chemical projects, with significant contract awards for the coal-to-natural gas project in Xinjiang, totaling over 15 billion yuan [28][29] - The hydrogen energy sector is gaining momentum, with government initiatives promoting zero-carbon factory construction and the launch of major projects like the Baowu Green Hydrogen Industrial Park, which has a total investment of 110.9 billion yuan [31][32] - The report notes a slight decline in steel prices, with average prices for medium-thick plates and rebar decreasing by 0.5% and 0.8% respectively, indicating a stable but low price environment [31]

Investment Rating - The report maintains a "Buy" rating for the companies mentioned, indicating a positive outlook for their stock performance in relation to the industry benchmark [4]. Core Insights - The chemical industry is expected to experience price increases due to improved supply-demand dynamics and a "de-involution" policy that encourages companies to avoid price wars and focus on profitability [10][22]. - The manufacturing sector shows signs of recovery, with the manufacturing PMI reaching 50.1% in December 2025, indicating a return to expansion [16][22]. - The inventory cycle in the chemical industry is transitioning from active destocking to passive destocking, which could lead to price support if demand improves [22]. Summary by Sections Supply Side Analysis - Investment growth in the chemical raw materials and products manufacturing sector has been declining since 2022, with a projected drop in investment growth turning negative by June 2025 [15]. - The construction of new capacity in the chemical industry has significantly decreased, influenced by energy consumption controls and environmental policies [15][22]. Demand Side Analysis - Although traditional demand remains weak, there is strong support for certain chemical products due to manufacturing restocking, pre-holiday inventory buildup, and increased exports [15][22]. - The manufacturing PMI data indicates a marginal improvement in demand, with production and new orders both showing positive trends [16]. Policy Impact - The "de-involution" policy initiated by the central government aims to prevent vicious competition, leading to a consensus among leading companies to stabilize prices by reducing production rates [22]. Company-Specific Insights - **China Chemical**: The company has a production capacity of 200,000 tons for both adiponitrile and caprolactam. Price rebounds in these products could significantly enhance its earnings [23]. - **Sandi Chemical**: The company is expected to benefit from price recovery in its core products, with a projected revenue of 730 million yuan in H1 2025 [30]. - **Donghua Technology**: The company has multiple high-end chemical projects that are expected to improve profitability and support stock valuation [37]. - **Southeast Net Rack**: The company produces 500,000 tons of polyester filament, with potential for revenue growth as prices stabilize [41]. Investment Recommendations - The report highlights key companies to watch, including China Chemical, Sandi Chemical, Donghua Technology, and Southeast Net Rack, all of which are positioned to benefit from the anticipated price increases in chemical products [10][45].

南财智讯1月25日电，中国化学发布2025年半年度权益分派实施公告，每股派发现金红利0.1元（含 税），股权登记日为1月29日。 ...

中国化学工程股份有限公司 2025年半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。 重要内容提示： 每股分配比例 A 股每股现金红利0.1元（含税） 相关日期 | 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 | 2026/1/29 | － | 2026/1/30 | 2026/1/30 | 差异化分红送转： 否 证券代码：601117 证券简称：中国化学 公告编号：2026-005 一、通过分配方案的股东会届次和日期 本次利润分配方案经中国化学工程股份有限公司2025 年 12 月 24 日的2025年第二次临时股东会审议通过。 二、分配方案 1.发放年度：2025年半年度 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 1 司"）登记在册的本公司全体股东。 3.分配方案： 除自行发放对象所持股份红利由公司直接 ...

Core Viewpoint - The chemical industry is expected to experience price increases due to improved supply-demand dynamics and a shift towards "anti-involution" practices, benefiting certain construction companies that have extended their operations into the chemical sector [1][21]. Supply Side Summary - Investment growth in the chemical raw materials and products manufacturing sector has been declining since 2022, with a significant drop in investment growth turning negative by June 2025. The construction of new capacity in the chemical industry has notably decreased, with the share of ongoing projects in the basic chemical sector falling from 33.8% in 2022 to 24.4% in Q1-Q3 2025 [1]. - The reduction in new capacity is compounded by energy consumption controls and enhanced environmental policies set for 2025, alongside significant shutdowns of chemical facilities in Europe and Japan due to cost disadvantages, leading to an overall improvement in the global supply landscape [1]. Demand Side Summary - Despite weak traditional demand, certain factors such as manufacturing inventory replenishment, pre-Spring Festival stocking, increased exports, and growth in new manufacturing demands are providing strong support for some chemical products. The manufacturing PMI reached 50.1% in December 2025, indicating a return to expansion for the first time since April 2025 [3]. Inventory Cycle Summary - The chemical industry is transitioning from active destocking to passive destocking. Although there was a slight increase in inventory levels in the chemical raw materials and products sector in H2 2025, the inventory growth of finished products in downstream sectors has been declining since March 2025, indicating a significant inventory disparity within the supply chain [5]. - The current inventory structure shows moderate inventory levels upstream and low inventory levels downstream, suggesting that any improvement in demand could trigger rapid destocking of upstream chemical products, providing strong support for price elasticity [5]. Policy Environment Summary - The "anti-involution" policy introduced in July 2024 has shifted from a slogan to actionable industry measures, encouraging leading companies to avoid price wars and instead focus on maintaining price levels through reduced production rates [5]. Company-Specific Insights - **China Chemical (601117.SH)**: Positioned as a quality undervalued stock with strong cash flow, benefiting from the anti-involution trend. The company has a production capacity of 200,000 tons for both adiponitrile and caprolactam, with potential profit increases from price rebounds in these products [6]. - **Sandi Chemical (002469.SZ)**: Expected to see continued price improvements for existing chemical products under the anti-involution backdrop. The company has significant production capacities and is advancing new product lines that are anticipated to enhance profitability [11]. - **Donghua Technology (002140.SZ)**: The company is experiencing improved profitability in its industrial segment due to supply reductions stabilizing ethylene glycol prices. It has several high-end chemical projects in operation, contributing to revenue growth [15]. - **Southeast Net Framework (002135.SZ)**: The company produces polyester filament with a capacity of 500,000 tons. Price recovery in this segment is expected to contribute positively to performance [18]. Investment Recommendations - The chemical product price increase is supported by declining capital expenditures, environmental restrictions, and a shift in competitive dynamics. Companies such as China Chemical, Sandi Chemical, Donghua Technology, and Southeast Net Framework are highlighted as key beneficiaries of this trend [21].

证券代码：601117 股票简称：中国化学 公告编号：临 2026-005 中国化学工程股份有限公司 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 担个别及连带责任。 现将公司 2025 年 1—12 月主要经营情况公布如下，供各位 投资者参阅。 一、 按业务类型统计 1 业务类型 数量 合同金额 建筑工程承包 2912 3889.85 其 中 化学工程 2481 3290.66 基础设施 389 522.06 环境治理 42 77.13 勘察设计监理咨询 1848 32.59 实业及新材料销售 105.78 现代服务业 7.74 其他 0.66 合计 4760 4036.62 单位：亿元 币种：人民币 二、 按地区分布统计 单位：亿元 币种：人民币 | 地区 | 合同金额 | | --- | --- | | 境内 | 2791.45 | | 境外 | 1245.17 | | 合计 | 4036.62 | 三、 重大合同列示 12 月，公司单笔合同额在人民币 5 亿元以上的重大合同主 要如下： 关于经营情况简报的公告 | 序号 | 单位 ...

中国化学公告称，公布2025年1-12月经营情况，按业务类型统计，合同金额合计4036.62亿元；按地区 分布统计，境内合同金额2791.45亿元，境外1245.17亿元。其中，建筑工程承包合同金额3889.85亿元。 12月，公司单笔合同额5亿元以上重大合同共17项，包括中国五环工程安哥拉索约化肥总承包项目（一 期），合同额约59.12亿元。以上数据为初步统计，与定期报告可能有差异。 ...