格隆汇2月25日丨北元集团(601568.SH)在投资者互动平台表示，近期烧碱市场供需错配、价格承压，公 司2025年预计归母净利润约1.03亿元-1.17亿元，在行业整体承压的背景下保持盈利。应对行业周期，公 司系统部署相关举措：一是深挖降本增效，发挥区位优势，加强战略采购、深化上下游协同共享，拓展 供应商寻源渠道、实施分级分类管理，推进国产化替代，盘活库存物资，持续降低采购成本，同时严控 非生产性支出；二是以技术创新破解同质化困局，PVC牌号已达45种，10万吨无汞化改造已落地，"二 氧化碳加氢制航空煤油"项目完成小试；三是绿色低碳转型，围绕"双碳"目标，深耕现有产业，充分发 挥资源、规模、区位、循环产业链、体制"五大优势"，已建成300MW光伏项目，并持续延伸新能源、 新材料产业，推动能源结构转型，加快新型储能技术研究攻关，构建"源网荷储"一体化格局。 ...

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].

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：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： ■ (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》的规定。 (五) 公司董事和董事会秘书的列席情况 1. 公司在任董事11人，列席8人，董事孙俊良先生、王胜勇先生，独立董事盛秀玲女士因工作原因未能 列席； 2. 公司董事会秘书刘娜女士列席了本次会议；其他高级管理人员列席了本次会议。 二、 议案审议情况 (一) 非累积投票议案 (二) 涉及重大事项，5%以下股东的表决情况 ■ (三) 关于议案表决的有关情况说明 议案1《关于公司2026年度日常关联交易情况 ...

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 ...

陕西北元化工集团股份有限公司 2026 年第一次临时股东会会议资料 陕西北元化工集团股份有限公司 2026 年第一次临时股东会会议资料 二〇二六年二月 陕西北元化工集团股份有限公司 2026 年第一次临时股东会会议资料 目 录 | 陕西北元化工集团股份有限公司 | 2026 年第一次临时股东会会议须知 | 2 | | --- | --- | --- | | 陕西北元化工集团股份有限公司 | 2026 年第一次临时股东会会议议程 | 4 | | 议案一：关于公司 2026 | 年度日常关联交易情况预计的议案 | 6 | 1 陕西北元化工集团股份有限公司 2026 年第一次临时股东会会议资料 陕西北元化工集团股份有限公司 2026 年第一次临时股东会会议须知 为了维护全体股东的合法权益，确保陕西北元化工集团股份有限公司 2026 年第 一次临时股东会公开、公正、合法有效，保证会议顺利进行，根据《公司法》《陕西 北元化工集团股份有限公司章程》及《陕西北元化工集团股份有限公司股东会议事规 则》等相关法律法规和规定，特制定本会议须知，请出席股东会的全体人员遵照执行。 1、本次股东会由董事会秘书负责会议的组织工作和处理相 ...

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [2] Core Insights - The dye industry is expected to experience an upward trend that may exceed market expectations, with price increases for various types of dyes ranging from 1,000 to 3,000 RMB. Key companies to watch include Zhejiang Longsheng, Runtu Co., Jinchicken Co., and Jihua Group [2] - The PVC industry is accelerating its transition to mercury-free production, leading to the exit of small and medium-sized capacities. The price of PVC is anticipated to have upward recovery potential due to supply contraction and stable demand expectations. Companies to focus on include Xinjiang Tianye, Junzheng Group, Ordos, and Beiyuan Group [2] - The commercial aerospace sector is witnessing significant catalysts, with SpaceX planning to deploy up to 1 million satellites for large-scale AI inference and data centers, indicating a competitive acceleration in global space resources [2] Industry Dynamics - Current macroeconomic judgment indicates that oil prices are expected to remain in a relatively loose range, with Brent crude projected between 55-70 USD per barrel. Coal prices are stabilizing, and natural gas costs are expected to decline as the U.S. accelerates its export facility construction [3][5] - The chemical sector is experiencing a recovery in PPI, with a year-on-year decrease of -1.9% and a month-on-month increase of +0.2%. The manufacturing PMI for January recorded 49.3%, indicating some volatility in manufacturing operations [5] Investment Analysis - The report suggests a diversified investment strategy across four main areas: 1. Textile and apparel chain, with a focus on companies like Luxi Chemical and Tongkun Co. 2. Agricultural chemicals, with companies such as Hailir and Yunnan Yuntianhua highlighted. 3. Export-related chemical products, particularly in fluorine chemicals and MDI, with companies like Juhua and Wanhua Chemical recommended. 4. Companies benefiting from "anti-involution" policies, such as Biyuan Chemical and Xuefeng Technology [2] - Key materials for growth include semiconductor materials, panel materials, and lithium battery materials, with companies like Yake Technology and Xinhuan Technology noted for their potential [2] Company Valuation - Selected companies in the agricultural chemicals sector include: - Hailir: "Increase" rating, market cap of 49.96 billion RMB, projected net profit of 4.45 billion RMB for 2026 [18] - Yangnong Chemical: "Buy" rating, market cap of 325.88 billion RMB, projected net profit of 19.26 billion RMB for 2027 [18] - In the fertilizer and chlor-alkali sector, companies like Yuntianhua and Xingfa Group are also rated "Increase" with significant market caps and projected profits [18]

Summary of Chlor-Alkali Industry Conference Call Industry Overview - The conference call focuses on the chlor-alkali industry, particularly the impact of the Minamata Convention on mercury and the transition towards mercury-free production methods in the polyvinyl chloride (PVC) sector [1][2]. Key Points 1. **Minamata Convention on Mercury**: The convention aims to protect human health and the environment from the adverse effects of mercury emissions and releases. It has become a focal point in recent negotiations regarding the chlor-alkali industry [1][2]. 2. **Transition to Mercury-Free PVC Production**: The Ministry of Ecology and Environment emphasizes accelerating the transition to mercury-free PVC production. This includes the development of mercury-free catalysts and the phasing out of outdated production capacities [1]. 3. **Impact on PVC Production**: The use of mercuric chloride as a catalyst in the acetylene method for PVC production poses environmental and health risks. The convention will prohibit the mining of primary mercury by 2032, making it impossible to use mercuric chloride in PVC production [2]. 4. **Methods for Achieving Mercury-Free PVC**: - **Gold-Based Catalysts**: This method requires significant production line modifications and incurs higher costs, estimated to increase the cost of PVC production by approximately 100 CNY per ton. Smaller PVC producers may struggle to afford these changes [2]. - **Ethylene Method**: The investment cost for ethylene-based PVC production is higher, averaging 5,973 CNY per ton compared to 3,328 CNY per ton for the acetylene method. Both methods will increase costs for acetylene-based PVC producers, with the gold-based catalyst route being the more favorable option [3]. 5. **Market Implications**: The transition to mercury-free production is expected to lead to the exit of smaller, less profitable PVC companies from the market, as they may not be able to bear the increased costs associated with the new production methods [3]. Beneficiary Companies - **Xinjiang Tianye**: A leading player benefiting from the transition - **Zhongtai Chemical**: Another key beneficiary - **Chlor-Alkali Chemical**: Engaged in ethylene-based PVC production - **Jiahua Energy**: Also involved in ethylene-based PVC - **Junzheng Group**: Positioned on the cost-effective side of acetylene-based PVC - **Beiyuan Group**: Lower-cost acetylene-based PVC producer - **Kaili New Materials**: Focused on gold-based catalysts [3].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights that leading companies are expected to benefit significantly from the trend of carbon reduction, with a stable yet slightly strong market structure for potassium chloride [3] - The PVC industry is undergoing a transformation towards mercury-free production, driven by regulatory pressures and environmental concerns, which will increase production costs for traditional methods [5][6] - The report notes that the chlor-alkali industry is experiencing significant losses, with net profits dropping from 182 RMB/ton in Q3 2025 to -49 RMB/ton in Q4 2025, indicating a critical need for capacity exit [7] Summary by Sections Industry Overview - The PVC industry is facing a transition to mercury-free production methods, which will require significant investment and may lead to the exit of smaller, less profitable companies [6][7] - The Water Mercury Convention aims to phase out mercury use in PVC production by 2032, impacting production costs and methods [6] Market Dynamics - The chlor-alkali sector is currently in a state of widespread loss, with the profitability of caustic soda declining, making it difficult to maintain the current production balance [7] - The cancellation of export tax rebates for PVC and anticipated restrictions on high-energy-consuming industries are expected to accelerate the exit of outdated production capacity [7] Beneficiary Companies - Potential beneficiaries from these industry changes include Xinjiang Tianye, Zhongtai Chemical, Chlor-alkali Chemical, Jiahua Energy, Junzheng Group, Beiyuan Group, and Kaili New Materials [8]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights that leading companies are expected to benefit significantly from the trend of carbon reduction, with a stable yet slightly strong market structure for potassium chloride [3] - The PVC industry is undergoing a transformation towards mercury-free production, driven by regulatory pressures and environmental concerns, which will increase production costs for traditional methods [5][6] - The report notes that the chlor-alkali industry is experiencing significant losses, with a net profit of -49 RMB/ton in Q4 2025, indicating a challenging market environment [7] Summary by Sections Industry Overview - The chlor-alkali industry is facing a historical shift due to multiple factors, including the Minamata Convention, which aims to phase out mercury use in PVC production by 2032 [6] - The transition to mercury-free catalysts will likely increase production costs by approximately 100 RMB per ton for PVC manufacturers [6] Market Dynamics - The report indicates that the chlor-alkali industry is currently in a state of widespread losses, with Q4 2025 showing a significant decline in profitability compared to Q3 2025 [7] - The cancellation of export tax rebates for PVC and anticipated restrictions on high-energy-consuming industries are expected to accelerate the exit of outdated production capacities [7] Beneficiary Companies - Potential beneficiaries identified include Xinjiang Tianye, Zhongtai Chemical, Chlor-alkali Chemical, Jiahua Energy, Junzheng Group, Beiyuan Group, and Kaili New Materials [8]