华泰联合证券有限责任公司 关于陕西北元化工集团股份有限公司 2025 年度现场检查报告 陕西北元化工集团股份有限公司（以下简称"北元集团"、"上市公司"或 "公司"）于 2020 年 10 月 20 日在上海证券交易所上市。根据中国证监会《证 券发行上市保荐业务管理办法》（以下简称《保荐办法》）和《上海证券交易所 上市公司自律监管指引第 11 号——持续督导》等有关法律法规的要求，华泰联 合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"）作为北元集 团首次公开发行股票的保荐机构，对北元集团进行持续督导，持续督导期为上市 公司股票上市当年剩余时间及其后 2 个完整会计年度，至 2022 年 12 月 31 日止。 截至 2022 年 12 月 31 日，北元集团募集资金尚未使用完毕，保荐机构持续对公 司的募集资金管理和使用履行持续督导职责，直至募集资金使用完毕。 根据有关法律法规的要求，华泰联合证券于 2026 年 3 月 19 日对上市公司 2025 年度募集资金管理和使用情况进行了持续督导工作现场检查，截至本报告 出具日，情况报告如下： 一、本次现场检查的基本情况 华泰联合证券针对北元集团实际情况 ...

Investment Rating - The investment rating for the chemical industry is "Positive" (maintained) [1] Core Views - The chlor-alkali industry is gradually reaching a bottom in its economic cycle, with the dual carbon policy and the mercury-free PVC initiative expected to accelerate the upward trend from this bottom [4][30] - The PVC market is anticipated to improve due to stable domestic demand, no new production capacity, and the cancellation of export tax rebates, which will expedite the exit of outdated production capacity [5][36] - The caustic soda market is expected to see increased demand while supply growth slows, leading to a potential recovery in the supply-demand balance [6] Summary by Sections Chlor-Alkali Industry - The chlor-alkali industry is characterized by high energy consumption, and the dual carbon policy will likely lead to the gradual exit of outdated production facilities [16][23] - As of Q4 2025, the profitability of the chlor-alkali industry has further declined, with significant losses expected to continue into 2026, prompting the elimination of inefficient production capacity [25][30] PVC Market - Domestic demand for PVC is relatively stable, with a significant portion used in the real estate sector, particularly in construction and renovation [36][37] - The PVC industry is not expected to see new production capacity, and the cancellation of export tax rebates will increase costs for outdated production facilities, accelerating their exit from the market [5][36] Caustic Soda Market - Demand for caustic soda is projected to increase due to rising needs in aluminum production and other sectors, while supply growth is expected to slow down, leading to a potential recovery in the market [6][36] - The supply-demand balance for caustic soda is anticipated to improve as new production capacity is limited and demand continues to rise [6]

Investment Rating - Investment rating: Positive (maintained) [1] Core Viewpoints - The chlor-alkali industry is gradually reaching the bottom of its economic cycle, with the dual carbon policy and the mercury-free PVC initiative expected to accelerate the upward trend from this bottom [4][30] - The PVC market is anticipated to improve due to stable domestic demand, no new production capacity, and the cancellation of export tax rebates, which will expedite the exit of outdated production capacity [5][36] - The demand for caustic soda is expected to increase while the supply growth rate slows down, leading to a potential recovery in the supply-demand balance [6] Summary by Sections Chlor-Alkali Industry - The chlor-alkali industry primarily produces caustic soda and PVC, which are essential for various sectors including infrastructure and real estate [14] - The industry is characterized as high energy-consuming, with policies expected to phase out outdated production facilities during the 14th Five-Year Plan [16][23] - The profitability of the chlor-alkali industry has been declining, with significant losses reported in Q4 2025, leading to a phase-out of inefficient production capacity [25][30] PVC Market - PVC demand is relatively stable, primarily driven by the real estate sector, with a notable decline in apparent consumption in 2025 [36][37] - The supply side is constrained by the lack of new production capacity and the mercury-free initiative, which is expected to alleviate supply pressure [5][36] - The long-term supply-demand dynamics for PVC are projected to improve, with price elasticity for future increases [5] Caustic Soda - Demand for caustic soda is expected to rise due to increased domestic and international aluminum oxide demand, while supply growth is anticipated to slow down [6] - The supply-demand balance for caustic soda is expected to recover as new production capacity is limited [6]

证券代码：601568 证券简称：北元集团 公告编号：2026-006 陕西北元化工集团股份有限公司 持股 5%以上股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 一、减持主体的基本情况 | 股东名称 | 陕西恒源投资集团有限公司 | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 直接持股 5%以上股东 | □是 √是 | √否 □否 | | | 董事、监事和高级管理人员 | □是 | √否 | | | 其他：无 | | | | 持股数量 | 979,303,034股 | | | | 持股比例 | 24.65% | | | | 当前持股股份来源 | IPO 前取得：876,403,034股 | | | | | 其他方式取得：102,900,000股 | | | 注：其他方式取得为公司资本公积转增股本实施完成后取得的股份。 1 上述减持主体存在一致行动人： 股东名称 持股数量（股） 持股比例 一致行动关系形成原因 第一组 ...

Investment Rating - The report assigns an "Accumulate" rating for the PVC industry [1] Core Insights - The PVC industry's long-term outlook is positive, driven by national "dual carbon" policies and the accelerated transition to mercury-free production [2] - The PVC market is expected to continue its downward trend in 2025, with the chlor-alkali industry benefiting from cost advantages among leading companies [3] - Key companies recommended for investment include Zhongtai Chemical, Xinjiang Tianye, Junzheng Group, Beiyuan Group, Huashu Co., Tianyuan Co., and Jiahua Energy, with a focus on mercury-free catalyst research and development [3] - The concentration of the PVC industry is on the rise, with the annual capacity concentration (CR10) projected to increase from 35.59% in 2021 to 40.17% in 2025 [3] - The domestic PVC market has been sluggish since the second half of 2022, with increasing losses among production companies in 2024 [3] Summary by Sections Industry Overview - The PVC industry is undergoing a significant transformation towards mercury-free production, with the government emphasizing green transition and energy security [3] - The dominant production method in the PVC industry is currently the calcium carbide method, which is expected to transition to mercury-free processes [3] Key Companies and Valuation - Key company valuations indicate that Kaili New Materials is rated "Accumulate" with an expected EPS of 0.71 yuan for 2024, increasing to 1.82 yuan by 2026 [4] - Other companies listed include Zhongtai Chemical, Xinjiang Tianye, and Junzheng Group, with varying EPS forecasts and PE ratios [4]

Core Viewpoint - The company expects a net profit attributable to shareholders of approximately 103 million to 117 million yuan by 2025, maintaining profitability despite industry pressures in the caustic soda market [1] Group 1: Financial Outlook - The company anticipates a net profit of about 1.03 billion to 1.17 billion yuan for 2025, indicating resilience in a challenging industry environment [1] Group 2: Strategic Initiatives - The company is implementing measures to cope with industry cycles, including cost reduction and efficiency enhancement through strategic procurement and supply chain collaboration [1] - The company has developed 45 types of PVC and completed a 100,000-ton mercury-free transformation project, showcasing its commitment to technological innovation [1] - The company is focusing on green and low-carbon transformation, aligning with carbon neutrality goals, and has established a 300MW photovoltaic project while expanding into new energy and materials [1]

Core Viewpoint - The company is adjusting its related party transactions and advancing green technology research and carbon neutrality transformation. Group 1: Related Party Transactions - The company’s board approved an adjustment to the expected daily related party transactions for 2026, totaling 15.307 billion yuan, with the proposal submitted for shareholder review on February 11, 2026 [2]. Group 2: Project Advancement - The board has approved plans for technological upgrades, equipment renewal, technological innovation, and information technology projects aimed at enhancing production efficiency and facilitating low-carbon transformation, which may impact the company's medium to long-term competitiveness [3]. Group 3: Product Development Progress - The company is promoting the large-scale application of mercury-free PVC catalytic technology and is collaborating with research institutions to prepare for pilot testing of carbon dioxide hydrogenation to aviation kerosene technology, which could become a future business highlight [4]. Group 4: Industry Policy and Environment - The cancellation of the PVC export tax rebate policy in April 2026 is noted, with the company stating that its PVC export proportion is limited, and the overall impact is manageable, though industry supply and demand changes should be monitored [5]. Group 5: Future Development - The company is continuously exploring hydrogen coupling and green electricity substitution paths, with a 300MW photovoltaic project already in operation and ongoing research into energy storage technology to build an integrated "source-grid-load-storage" system [6].

Meeting Details - The shareholders' meeting was held on February 11, 2026, at the office building of Shaanxi Beiyuan Chemical Group Co., Ltd. [1] - The meeting was convened by the board of directors and chaired by Mr. Shi Yanyong, complying with the Company Law and the company's articles of association [1]. Attendance - Out of 11 current directors, 8 attended the meeting, while directors Sun Junliang and Wang Shengyong, along with independent director Sheng Xiuling, were absent due to work commitments [2]. - The company secretary, Ms. Liu Na, and other senior management personnel were present at the meeting [2]. Proposal Review - The proposal regarding the expected daily related party transactions for the year 2026 was approved [3]. - Related shareholders, Shaanxi Coal and Chemical Industry Group Co., Ltd. and Shaanxi Hengyuan Investment Group Co., Ltd., abstained from voting on the proposal, with their shares totaling 2,381,986,368 not counted in the effective voting rights [3]. Legal Witness - The meeting was witnessed by Beijing Jiayuan Law Firm, represented by lawyers Zhou Shuyao and Han Jinxie [4]. - The legal opinion confirmed that the meeting's convening, procedures, qualifications of attendees, and voting processes complied with the Company Law and relevant regulations, rendering the voting results valid [5].

北京市嘉源律师事务所 关于陕西北元化工集团股份有限公司 2026 年第一次临时股东会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN · 武汉 WUHAN · 长沙 CHANGSH 致:陕西北元化工集团股份有限公司 UM = 北京市嘉源律师事务所 关于陕西北元化工集团股份有限公司 2026 年第一次临时股东会的 法律意见书 嘉源(2026)-04-078 北京市嘉源律师事务所(以下简称"本所")接受陕西北元化工集团股份有 限公司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以下简 称"《公司法》")《上市公司股东会规则》(以下简称"《股东会规则》")等现行 有效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规")以及 《陕西北元化工集团股份有限公司章程》(以下简称"《公司章程》")的有关规 定,指派本所律师对公司 2026 年第一次临时股东会(以下简称"本次股东会") 进行见证,并依法出具本法律意见书。 ...

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 | 1.出席会议的股东和代理人人数 | 657 | | --- | --- | | 2.出席会议的股东所持有表决权的股份总数（股） | 428,816,325 | | 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 | 26.9655 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次股东会由本公司董事会召集，董事长史彦勇先生主持，本次股东会的召 集、召开和表决方式符合《公司法》和《陕西北元化工集团股份有限公司章程》 (一) 股东会召开的时间：2026 年 2 月 11 日 (二) 股东会召开的地点：陕西北元化工集团股份有限公司办公楼二楼 209 会 议室 (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： 证券代码：601568 证券简称：北元集团 公告编号：2026-005 陕西北元化工集团股份有限公司 2026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 ...