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]

陕西北元化工集团股份有限公司 第三届董事会独立董事专门会议 2026 年第一次会议审核意见 根据《上市公司独立董事管理办法》《上海证券交易所股票 上市规则》《上海证券交易所上市公司自律监管指引第1号 -- 规范运作》以及《陕西北元化工集团股份有限公司章程》等有关 规定,我们作为陕西北元化工集团股份有限公司(以下简称"公 司"）的独立董事,于2026年1月23日召开了第三届董事会独 立董事专门会议 2026年第一次会议,针对公司第三届董事会第 十六次会议拟审议的《关于调整公司 2026年度部分日常关联交 易预计的议案》进行了审核。经审核,全体独立董事一致同意该 议案,并发表审核意见如下: 1. 公司董事会《关于调整公司 2026年度部分日常关联交易 预计的议案》的审议、表决程序符合相关法律法规及《公司章程》 的规定。 2. 上述关联交易是公司正常业务经营所需,遵循了公平交易 的市场原则,不存在损害中小投资者利益的情形。 3. 独立董事一致同意《关于调整公司 2026年度部分日常关 联交易预计的议案》,并同意将本议案提交公司第三届董事会第 十六次会议审议。 (本页以下无正文) - 1 - (本页无正文,为《陕西北 ...

证券代码：601568 证券简称：北元集团 公告编号：2026-003 陕西北元化工集团股份有限公司 关于调整 2026 年度部分日常关联交易预计的公告 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： 需要提请投资者注意的其他事项：无。 一、 日常关联交易基本情况 （一）日常关联交易履行的审议程序 2025 年 10 月 27 日，公司召开第三届董事会第十五次会议，审议通过了《关于公 司 2026 年度日常关联交易情况预计的议案》，关联董事孙俊良、薛海龙、王胜勇回避 表决，表决情况：8 票同意，0 票反对，0 票弃权，赞成票占董事会有效表决权的 100%。 上述议案尚需提交公司股东会审议批准，关联股东陕西煤业化工集团有限责任公司（以 下简称"陕煤集团"）、陕西恒源投资集团有限公司（以下简称"恒源投资"）、孙 俊良均将对该议案回避表决。 前述关于关联交易的预计经公司董事会审议通过后，根据公司 2026 年度业务开展 的实际情况与公司生产经营的实际需要，在前述 2026 年度日常关联交易预计的基础上， 1 本次日常 ...

陕西北元化工集团股份有限公司 关于召开2026年第一次临时股东会的通知 证券代码：601568 证券简称：北元集团 公告编号：2026-004 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： 一、 召开会议的基本情况 (一) 股东会类型和届次 2026年第一次临时股东会（本次股东会） 召开的日期时间：2026 年 2 月 11 日 14 点 30 分 召开地点：陕西北元化工集团股份有限公司办公楼二楼 209 会议室 (五) 网络投票的系统、起止日期和投票时间。 1 股东会召开日期：2026年2月11日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (二) 股东会召集人：陕西北元化工集团股份有限公司董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东会网络投票系统 (七) 涉及公开征集股东投票权 本次股东会不涉及公开征集股东投票权。 二、 会议审议事项 本次股东会审议议案及投票股东类型 | ...

证券代码：601568 证券简称：北元集团 公告编号：2026-002 陕西北元化工集团股份有限公司 第三届董事会第十六次会议决议公告 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。 一、 董事会会议召开情况 陕西北元化工集团股份有限公司（以下简称"公司"）第三届董事会第十六次会议 于 2026 年 1 月 23 日以通讯表决方式召开。会议通知以文件送达、邮件等方式于 2026 年 1 月 10 日发送至全体董事。会议应参与表决董事 11 名，实际参与表决董事 11 名。 本次会议的召开程序及参与表决的董事人数符合《中华人民共和国公司法》等法律、 法规和《陕西北元化工集团股份有限公司章程》的规定。 二、 董事会会议审议情况 经与会董事一致同意，会议形成决议如下： 1. 审议通过了《关于公司 2026 年技术改造项目计划的议案》 赞成票：11 票，反对票：0 票，弃权票：0 票。 同意公司 2026 年新立项技术改造项目 25 项，估算总投资 21,161 万元（含零星技 改项目预留资金 2,000 万元）；2026 年实施技术 ...

Core Viewpoint - The company anticipates a significant decline in net profit for the fiscal year 2025, projecting a decrease of 49.34% to 55.44% compared to the previous year, primarily due to adverse industry conditions affecting sales prices and operational challenges [2][3][4]. Financial Performance Summary - The estimated net profit attributable to the parent company for 2025 is projected to be between 102.89 million yuan and 116.97 million yuan, a decrease of 113.91 million yuan to 127.99 million yuan from the previous year [2][3]. - The estimated net profit, excluding non-recurring gains and losses, is expected to be between 111.11 million yuan and 126.31 million yuan, reflecting a reduction of 59.48 million yuan to 74.68 million yuan year-on-year [2][3]. Reasons for Performance Decline - The decline in net profit is attributed to a decrease in sales prices of the company's core product, polyvinyl chloride, leading to lower revenue and gross margin [4]. - The company's subsidiary, Jinyuan, faced challenges due to a prolonged downturn in the calcium carbide market and adjustments in regional electricity pricing, resulting in a temporary production halt and asset impairment provisions [4].