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]

Core Viewpoint - The liquid caustic soda (liquid alkali) industry in China is experiencing stable growth driven by government support, technological innovation, and changes in competition and environmental policies, with a projected production increase in the coming years [1][6][20]. Industry Definition and Classification - Liquid caustic soda, chemically known as sodium hydroxide solution (NaOH), is a colorless and transparent liquid produced by dissolving solid caustic soda in water. It can be categorized into different concentrations, primarily 32% and 50% [2][3]. Current Industry Status - The liquid caustic soda industry is a significant high-energy-consuming sector. Post-COVID-19, global demand for liquid caustic soda is increasing, with a projected global production of 7,662.6 million tons in 2024, up by 236.8 million tons from 2023 [6][8]. Production and Demand Forecast - In China, the liquid caustic soda production is expected to reach 3,415.85 million tons in 2024, an increase of 68.94 million tons from 2023, with demand projected at 3,348.85 million tons [8][10]. Market Size and Pricing - The market size for liquid caustic soda in China is estimated at 75.329 billion yuan in 2024, a decrease of 13.181 billion yuan from 2023, with an average price of 2,249.4 yuan per ton [10][20]. Industry Chain - The liquid caustic soda industry chain includes upstream raw materials such as salt (NaCl) and limestone, midstream production primarily through electrolysis, and downstream applications across various sectors including chemical, textile, and food industries [12]. Competitive Landscape - The liquid caustic soda industry is capital-intensive, with major players including Tangshan Sanyou Chemical, Binhai Chemical Group, Zhejiang Juhua, and Jiangsu Meilan Chemical. The industry is seeing increased concentration due to government reforms and environmental policies [14][16]. Key Enterprises - Major companies in the liquid caustic soda sector include: - Binhai Chemical Group, with a production capacity of 610,000 tons and a revenue of 2 billion yuan in 2024 [16]. - Ningxia Yinglite Chemical, producing 211,000 tons of caustic soda in 2024, with a revenue of 394 million yuan [18]. Development Trends - The liquid caustic soda industry is expected to maintain stable growth, influenced by chlorine-alkali balance, renewable energy demand, and environmental policies, indicating a promising future [20].

证券代码：601678 证券简称：滨化股份 公告编号：2025-048 滨化集团股份有限公司 关于为子公司提供担保的公告 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： 担保对象及基本情况 | 被担保人名称 | | 山东滨化东瑞化工有限责任公司 | | | --- | --- | --- | --- | | 本次担保金额 | 5,000.00 | 万元 | | | 担保对象 实际为其提供的担保余额 | 54,900.00 | 万元 | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0.00 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 403,383.22 | | 对外担保总额占上市公司最近一 | | | 期经审计净资产的比例（%） | 35.44 | | 产 | □对外担保总额超过 ...

证券代码：601678 证券简称：滨化股份 公告编号：2025-047 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： | 回购方案首次披露日 | 2024/9/21 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 9 月 9 | 20 | 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 | | | | | | | | 累计已回购股数 | □为维护公司价值及股东权益 20,592,200股 | | | | | | | | 累计已回购股数占总股本比例 | 1.001% | | | | | | | | 累计已回购金额 | 80,457,115.00元 | | | | | | | ...

Group 1 - The conference titled "Stable Enterprises and Safe Agriculture: Empowering the Chlor-Alkali Industry through Green Sustainable Development" was successfully held, gathering over 80 experts and representatives from the chlor-alkali industry to discuss new trends, opportunities, and challenges in the sector [1][2] - The importance of the chlor-alkali industry as a crucial part of the basic chemical sector was emphasized, highlighting its stability as vital for the real economy [1][2] - The use of futures as a risk management tool was discussed, with a focus on how it can help companies effectively respond to market price fluctuations and enhance operational stability [1][2] Group 2 - The Secretary-General of the Futures Association highlighted the irreplaceable role of the futures market in serving the real economy and promoting industrial upgrades, noting the significant achievements of chlor-alkali companies in Shandong Province through practical experience in the futures market [2] - The Executive Vice President of the Chlor-Alkali Industry Association provided an analysis of the current operational status of the chlor-alkali industry’s upstream and downstream product chains, emphasizing the importance of futures tools for future development [2] - A detailed presentation on how futures tools can empower caustic soda companies for innovation and breakthroughs was given, showcasing new development ideas for companies in a complex market environment [2] Group 3 - A roundtable forum was held, featuring discussions among industry leaders on current market conditions, issues and experiences in the practice of futures and spot combination, and future development trends in the chlor-alkali industry [3] - The successful hosting of the conference provided a valuable platform for communication and cooperation within the chlor-alkali industry, promoting the in-depth application of the futures-spot combination concept [3] - Future collaboration among various stakeholders was emphasized to contribute to the prosperous development of the chlor-alkali industry [3]

Group 1 - The company announced a share repurchase plan with a total expected amount between 75 million and 150 million RMB, with a repurchase period from September 20, 2024, to September 19, 2025 [1] - The repurchase is intended for employee stock ownership plans or equity incentives, with a maximum repurchase price set at 5.00 RMB per share [1] - As of June 20, 2025, the company has repurchased a total of 20,592,200 shares, accounting for 1.001% of the total share capital, with a total expenditure of 80,457,115.00 RMB [3] Group 2 - The company held a board meeting on October 18, 2024, to change the purpose of the repurchased shares from solely for employee stock ownership plans to include equity incentives [2] - Following the distribution of cash dividends, the maximum repurchase price was adjusted from 5.00 RMB to 4.99 RMB per share on January 24, 2025, and further adjusted to 4.96 RMB on June 17, 2025 [2][3] - The company will continue to make repurchase decisions based on market conditions and will fulfill its information disclosure obligations regarding the progress of the share repurchase [4]

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： | 回购方案首次披露日 | 2024/9/21 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 2024 20 | 9 | 月 | 日~2025 | 年 | 9 | 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 | 20,592,200股 | | | | | | | | | 累计已回购股数占总股本比例 | 1.001% | | | | | | | | | 累计已回购金额 | 80,457,115.00元 | | | | | | | | ...

证券代码：601678 股票简称：滨化股份 公告编号：2025-045 滨化集团股份有限公司 关于为子公司提供担保的公告 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。 被担保人名称及是否为上市公司关联人：滨化海跃（青岛）贸易有限公司， 为上市公司全资子公司。 本次担保金额及已实际为其提供的担保余额：本次担保金额合计为 1,000 万元；截至本公告披露日，已实际为其提供的担保余额为 1,000 万元。 公司2024年年度股东会审议通过了《关于2025年度预计担保事项的议案》， 本次担保金额在年度预计担保额度之内。 一、担保情况概述 滨化集团股份有限公司（以下简称"公司"）于 2025 年 5 月 26 日召开的 2024 年年度股东会审议通过了《关于 2025 年度预计担保事项的议案》，同意公司及子 公司为相关子公司及参股公司提供担保，担保总额度为 386,000 万元。上述担保 包括长、短期贷款、票据、信用证、融资租赁、保理等融资业务所对应的担保。 担保额度的有效期为 2024 年年度股东会审议通过之日起至 2025 年年度 ...

证券代码：601678 股票简称：滨化股份 公告编号：2025-044 滨化集团股份有限公司 关于权益分派实施公告及调整回购股份价格上限公告 的更正公告 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： 更正前：公司回购股份余额为 42,470,626 股，实际参与分配的股份为 2,014,365,650 股，共计派发现金红利 60,430,969.50 元。 更正后：公司回购股份余额为 43,470,626 股，实际参与分配的股份为 2,013,365,650 股，共计派发现金红利 60,400,969.50 元。 一、关于 2024 年年度权益分派实施公告的更正 滨化集团股份有限公司（以下简称"公司"）于 2025 年 6 月 11 日披露了《滨 化集团股份有限公司 2024 年年度权益分派实施公告》，由于公司于 2025 年 6 月 12 日回购公司股份 1,000,000 股，致使不参与本次利润分配的回购股份、实际参与 分配的股份及派发现金红利总额等数据发生变化。现就该公告中的相关内容进行 更正如下： 更 ...