股东名称 张忠正 股东身份 控股股东、实控人及一致行动人 □是 √否 直接持股 5%以上股东 √是 □否 董事、监事和高级管理人员 □是 √否 其他：无 持股数量 119,729,600股 持股比例 5.82% 当前持股股份来源 IPO 前取得：119,729,600股 一、减持主体的基本情况 上述减持主体无一致行动人。 1 证券代码：601678 证券简称：滨化股份 公告编号：2025-051 滨化集团股份有限公司 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： 大股东持股的基本情况：截至本公告披露日，股东张忠正持有滨化集团股份 有限公司（以下简称"公司"）股票 119,729,600 股，占公司总股本的 5.82%。 减持计划的主要内容：因自身资金需求，张忠正计划自本公告披露之日起 15 个交易日后的 3 个月内（2025 年 8 月 29 日至 2025 年 11 月 28 日），通过集 中竞价方式减持公司股份不超过 16,887,800 股，占公司总股本的 0.8211% ...

Core Viewpoint - Shandong chemical leader Binhua Co., Ltd. plans to issue H-shares and list on the Hong Kong Stock Exchange, marking a strategic move to establish an "A+H" dual capital platform and enhance its global presence and competitiveness [1][5]. Industry Transformation - The global chemical industry is undergoing significant changes, with supply-demand mismatches, trade tensions, and geopolitical risks putting pressure on profits. However, long-term trends such as "green transformation," "domestic substitution," and "high-end industrialization" are creating strategic opportunities for structural shifts [1]. - The expansion of the new energy industry chain under the "dual carbon" strategy is generating new market opportunities within the chemical sector, making Binhua's timing for the Hong Kong listing particularly strategic [1]. Growth Drivers - Binhua Co., Ltd. reported strong growth in its Q1 2025 financial results, achieving revenue of 3.782 billion yuan, a significant year-on-year increase of 94.14%, primarily due to the production ramp-up of its carbon three and four projects. The net profit attributable to shareholders reached 95.9991 million yuan, reflecting a year-on-year growth of 225.75% [1]. - The company's net cash flow from operating activities surged by 8924.95% to 984 million yuan, indicating a marked improvement in cash flow management [1]. Technological Advancements - Continuous technological breakthroughs are laying the foundation for sustainable development. Binhua's newly developed processes for producing epoxy chloropropane and innovations in water resource utilization and energy-saving technologies have been recognized by industry associations [2]. - The successful production of qualified 6N-grade electronic-grade chlorine and the performance testing of a new alkaline water electrolysis hydrogen production system highlight the company's commitment to advancing in high-tech sectors [2]. Capital Strategy - The upcoming Hong Kong listing is expected to leverage international capital to accelerate Binhua's high-end and green industry layout, particularly in high-end chemical new materials and electronic chemicals [3]. Strategic Planning - Binhua has proposed the "Beikun Plan," which aims to establish a new green energy center in the northern coastal region of Binzhou, integrating renewable energy projects with biomass technology [4]. - The plan includes the development of six core industrial clusters, focusing on high-end new materials, deep processing of light hydrocarbons, electronic chemicals, and more, to promote cluster development in the Binzhou chemical industry [4]. - A strategic technology innovation system will guide industrial development, incorporating various initiatives to foster high-tech projects and support the creation of a zero-carbon industrial park [4].

重要内容提示： | 回购方案首次披露日 | 2024/9/21 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 9 月 20 9 | 日~2025 | 年 | 月 | 19 | 日 | | 预计回购金额 | 7,500万元~15,000万元 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 22,492,200股 | | | | | | | 累计已回购股数占总股本比例 | 1.094% | | | | | | | 累计已回购金额 | 88,731,557.00元 | | | | | | | 实际回购价格区间 | 3.19元/股~4.43元/股 | | | | | | 证券代码：601678 证券简称：滨化股份 公告编号：2025-050 滨化集团股份有限公司 关于回购公司股份的进展公告 本公司董事会及全体董事保 ...

Group 1 - The Federal Reserve maintained interest rates, with Powell downplaying the likelihood of a rate cut in September, indicating that current rates can address ongoing uncertainties related to tariffs and inflation [8][12][11] - The U.S. and South Korea reached a trade agreement, with the U.S. imposing a 15% tariff on South Korean imports, while South Korea commits to investing $350 billion in the U.S. [8][12][11] - China's top leadership has prioritized "anti-involution" measures, committing to address overcapacity and disorderly competition, and to regulate local investment attraction behaviors [12][11] Group 2 - Zhonghui Biotechnology plans to raise funds through an IPO, with a focus on developing core products and conducting clinical trials for vaccines, having reported a significant increase in revenue [10][12] - Binhua Co., a leading chemical enterprise in China, is planning to issue H-shares for listing in Hong Kong, with a notable increase in revenue driven by production ramp-up [10][12] - The pharmaceutical company Stone Pharmaceutical has entered into an exclusive licensing agreement for a drug, with potential milestone payments totaling up to $2.075 billion [14]

Core Viewpoint - Binhua Co., Ltd. is planning to issue H-shares and list on the Hong Kong Stock Exchange, marking a significant step in its global strategy [1][4]. Company Overview - Binhua Co., Ltd. has over 50 years of experience in the chlor-alkali chemical industry, focusing on the production, processing, and sales of organic and inorganic chemical products [3]. - The company is a leading producer of caustic soda in Shandong Province, with an annual production capacity of 610,000 tons, and is the largest producer of food-grade caustic soda in China [3]. - In the field of propylene oxide, Binhua Co., Ltd. has an annual production capacity of 510,000 tons, accounting for 6.25% of the national total, and has recently achieved a significant technological breakthrough in its production process [3]. Financial Performance - In 2024, Binhua Co., Ltd. reported operating revenue of 10.228 billion yuan, a year-on-year increase of 40%, primarily driven by increased propylene sales from its subsidiary [4]. - However, the company's net profit attributable to shareholders decreased by 42.77% to 219 million yuan due to falling product prices and limited reductions in raw material costs [4]. - For Q1 2025, the company achieved total operating revenue of 3.782 billion yuan, a year-on-year increase of 94.14%, with net profit attributable to shareholders rising by 225.75% to approximately 96 million yuan [6]. H-Share Listing Process - The specific details of the H-share listing, including issuance scale and pricing range, are still under discussion with intermediaries [6]. - The listing process will require approval from the company's board and shareholders, as well as regulatory review by the China Securities Regulatory Commission and the Hong Kong Stock Exchange [6].

Key Points - The article discusses the recent developments in China-US trade talks, highlighting the agreement to extend the suspension of certain tariffs for 90 days [6] - The International Monetary Fund (IMF) has significantly raised its economic growth forecast for China, citing stronger-than-expected economic activity in the first half of the year [10] - The Hong Kong Monetary Authority has released documents regarding the regulatory framework for stablecoin issuers, set to be implemented on August 1, 2025 [4][7] - The Chinese government has announced a new childcare subsidy program, which is expected to have an annual scale of around 100 billion yuan [14] - The performance of state-owned enterprises in China showed a slight decline in revenue and profit for the first half of the year, with total revenue at 40,749.59 billion yuan, down 0.2% year-on-year [8] Group 1: China-US Trade Talks - The China-US trade talks held in Stockholm involved discussions on macroeconomic policies and trade relations, with both sides agreeing to extend the suspension of certain tariffs for 90 days [6] Group 2: Economic Forecasts - The IMF has raised its growth forecast for China by 0.8 percentage points for this year, attributing the adjustment to stronger economic activity and reduced tariffs [10] Group 3: Regulatory Developments - The Hong Kong Monetary Authority has published guidelines for stablecoin issuers, which include anti-money laundering measures and licensing procedures [4][7] Group 4: Childcare Subsidy Program - The newly announced childcare subsidy program is projected to reach an annual distribution of approximately 100 billion yuan, potentially boosting demand in related sectors [14] Group 5: State-Owned Enterprises Performance - In the first half of the year, state-owned enterprises reported total revenue of 40,749.59 billion yuan, a decrease of 0.2% year-on-year, with profits also declining by 3.1% [8]

Group 1 - The stock price of Binhua Co., Ltd. (601678) closed at 4.48 yuan on July 29, 2025, down 0.88% with a turnover rate of 2.08% and a trading volume of 422,200 hands, amounting to 188 million yuan [1] - The latest financial report for Binhua Co. shows total operating revenue of 3.782 billion yuan, a year-on-year increase of 94.14%, and a net profit attributable to shareholders of 95.9991 million yuan, up 225.75% year-on-year [1] - The company has a current ratio of 0.740, a quick ratio of 0.596, and a debt-to-asset ratio of 52.35% [1] Group 2 - Binhua Group Co., Ltd. has made investments in 40 enterprises and participated in 297 bidding projects [2] - The company holds 22 trademark registrations and 117 patents, along with 290 administrative licenses [2]

证券代码：601678 股票简称：滨化股份 公告编号：2025-049 特此公告。 滨化集团股份有限公司董事会 2025 年 7 月 30 日 1 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。 为深入推进滨化集团股份有限公司（以下简称"公司"）的全球化战略布局， 加快海外业务发展，提升公司的国际品牌形象及综合竞争实力，公司目前正在筹 划境外发行股份（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"） 上市事项（以下简称"本次 H 股上市"）。公司正在与相关中介机构就本次 H 股上 市的具体推进工作进行商讨，相关细节尚未确定。本次 H 股上市不会导致公司无 控股股东和实际控制人的情况发生变化。 根据《上海证券交易所股票上市规则》《境内企业境外发行证券和上市管理 试行办法》等法律法规的要求，待具体方案确定后，本次 H 股上市工作尚需提交 公司董事会和股东会审议，并经中国证券监督管理委员会备案和香港联交所等监 管机构审核。本次 H 股上市能否通过审议、备案和审核程序并最终实施具有较大 不确定性。公司将依据相关法律法规的规 ...

Core Viewpoint - The company, Binhua Co., Ltd. (601678), is planning to issue H-shares and list on the Hong Kong Stock Exchange, which will not change the current controlling shareholder or actual controller situation [1] Group 1 - The H-share listing is subject to approval from the company's board and shareholders, as well as regulatory review by the China Securities Regulatory Commission and the Hong Kong Stock Exchange [1] - The company will fulfill its information disclosure obligations based on the progress of the H-share listing [1]

Industry Overview - The trichloroethylene (TCE) industry in China has formed a complete industrial chain system, with a production of 103,800 tons from January to May 2025, a year-on-year decrease of 2.52%, and a consumption of 87,900 tons, down 8.92% year-on-year [1][6] - As of the end of May 2025, the inventory of TCE in China was 1,200 tons, an increase of 14.29% year-on-year, indicating a proactive contraction in supply under the "production based on sales" approach [1][6] - The decline in demand is attributed to the downturn in the domestic manufacturing sector, which has reduced cleaning needs in the metal processing industry, and stricter environmental policies in the pesticide sector, leading to a gradual decrease in reliance on TCE [1][6] Industry Chain - The upstream of the TCE industry includes raw materials such as acetylene, chlorine, and catalysts, as well as production equipment like drying equipment, chlorination towers, and distillation towers [4] - The midstream involves the production and manufacturing of TCE, while the downstream applications include metal degreasing/cleaning, pharmaceutical intermediates, pesticide/dye solvents, and coatings [4] Key Enterprises - The industry is characterized by a competitive landscape dominated by leading companies, with a high market concentration and increasing technical barriers. Jilin Chemical and Hangjin Technology are the two major players, with Jilin Chemical's production capacity expected to reach 150,000 tons/year by 2025 [12][13] - Hangjin Technology focuses on the high-end market, with the proportion of electronic-grade products expected to increase to 18% by 2025, benefiting from a higher profit margin compared to industrial-grade products [12][13] - Binhua Group, another key player, has a production capacity of 80,000 tons/year and has achieved a 100% quality compliance rate for its TCE products [16] Industry Trends - Market demand remains stable, particularly in the metal processing and electronic cleaning sectors, driven by the upgrading and precision development of manufacturing [18] - Environmental regulations are pushing for the development of safer and more eco-friendly alternatives to TCE, such as hydrofluoroethers (HFEs) and d-limonene [19][20] - The industry is expected to see increased concentration, with larger companies leveraging their technological, financial, and brand advantages to capture a larger market share [21]