Core Viewpoint - Global chemical giants such as BASF, Dow, and Huntsman are simultaneously raising prices across multiple regions including Europe, Asia, and the Middle East [4][6]. Group 1: Price Increases - Major chemical companies are implementing price hikes in response to market conditions [4][6]. - The price increases are observed in various regions, indicating a coordinated strategy among these global players [4][6]. Group 2: Policy Changes - The Ministry of Finance and the State Taxation Administration announced that starting from April 1, 2026, the export tax rebate for certain products, including PVC and its variants, will be canceled [4][6]. - The affected products include primary forms of pure PVC powder, unplasticized PVC, and plasticized PVC [4][6]. Group 3: Market Performance - The chemical sector has seen a continuous rise, with several stocks hitting the daily limit up, including Meibang Technology, Xinxiang Chemical Fiber, and Jiangtian Chemical [6]. - Other companies such as Yida Co., and Deer Chemical have experienced gains exceeding 10% [6].

证券代码：603026 证券简称：石大胜华 公告编号：2026-005 石大胜华新材料集团股份有限公司 2026年第二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1月19日 (二)股东会召开的地点：山东省东营市垦利区同兴路198号石大胜华办公楼A402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。 (五)公司董事和董事会秘书的列席情况 1、公司在任董事9人，列席9人； 2、董事会秘书列席会议；其他高管列席会议。 二、议案审议情况 (一)非累积投票议案 1、议案名称：关于确认公司2025年度与关联方之间关联交易及2026年度日常关联交易预计情况的议案 审议结果：通过 表决情况： ■ (二)涉及重大事项，5%以下股东的表决情况 ■ 本次股东会由公司董事会召集，由董事长郭天明先生主持，大会采取现场投票与 ...

北京市中伦律师事务所 关于石大胜华新材料集团股份有限公司 2. 公司刊登在上海证券交易所（http://www.sse.com.cn/）的公司董事会关于 召开本次股东会的通知； 3. 公司本次股东会股权登记日的股东名册等资料； 4. 公司本次股东会的相关会议文件。 - 1 - 2026 年第二次临时股东会的 法律意见书 致：石大胜华新材料集团股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》等相关法律、法 规和规范性文件及《石大胜华新材料集团股份有限公司章程》（以下简称"公司 章程"）的规定，北京市中伦律师事务所（以下简称"本所"）接受石大胜华新 材料集团股份有限公司（以下简称"公司"）委托，对公司 2026 年第二次临时 股东会（以下简称"本次股东会"）的相关事项进行见证并出具法律意见。 为出具本法律意见书，本所律师审查了公司提供的相关文件，该等文件包括 但不限于： 法律意见书 1. 现行有效的公司章程； 二、出席本次股东会人员的资格 （一）本次股东会以现场会议与网络投票相结合的方式召开。出席现场会议 及参加网络投票的股东情况如下： 1. 通过出席本次股东会现场会议方式参加本次股东会投票的股 ...

证券代码：603026 证券简称：石大胜华 公告编号：2026-005 石大胜华新材料集团股份有限公司 2026年第二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、准确性和完整性承担法律责任。 重要内容提示： | 1、出席会议的股东和代理人人数 | 496 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 31,273,790 | | 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 | | | 份总数的比例（%） | 13.4394 | (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。 本次股东会由公司董事会召集，由董事长郭天明先生主持，大会采取现场投票与 网络投票相结合的方式进行表决。本次会议的召集、召开和表决符合《公司法》 (一) 股东会召开的时间：2026 年 1 月 19 日 (二) 股东会召开的地点：山东省东营市垦利区同兴路 198 号石大胜华办公楼 A402 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： 及《公司章程》等有关 ...

Group 1 - The core viewpoint of the article is that the lithium battery electrolyte market in China is expected to see significant growth, with a projected shipment of 211 tons in 2025, representing a year-on-year increase of 45.3% [2] - The market concentration is increasing, with the CR10 reaching 89.7%, indicating that the leading companies are solidifying their positions in the industry [2] - The growth in shipments is primarily driven by the demand for power batteries and energy storage batteries [2] Group 2 - The top 10 companies in the lithium battery electrolyte shipment for 2025 are: Tianqi Materials, Xinzhou Bang, Kunlun New Materials, Shida Shenghua, Zhuhai Saiwei, Sinochem Blue Sky, Ruitai New Materials, Fainlight, Yongtai Technology, and New Asia Shanshan [3] - Tianqi Materials is identified as the industry leader in this segment [3] - The report is published by Qidian Research Institute SPIR, which specializes in the new energy and new materials industry chain [4]

Group 1 - The core viewpoint of the news is that Shida Shenghua has shown significant trading activity, with a notable increase in financing and margin trading, indicating a high level of investor interest [1][2]. - On January 15, Shida Shenghua's stock price increased by 1.70%, with a trading volume of 663 million yuan. The financing buy-in amount was 44.45 million yuan, while the financing repayment was 51.84 million yuan, resulting in a net financing buy of -7.40 million yuan [1]. - As of January 15, the total margin trading balance for Shida Shenghua was 609 million yuan, with the financing balance accounting for 4.17% of the circulating market value, which is above the 80th percentile of the past year [1]. Group 2 - As of September 30, the number of shareholders for Shida Shenghua increased to 42,000, a rise of 12.68%, while the average circulating shares per person decreased by 11.25% to 4,825 shares [2]. - For the period from January to September 2025, Shida Shenghua reported a revenue of 4.635 billion yuan, reflecting a year-on-year growth of 11.41%. However, the net profit attributable to the parent company was -62.02 million yuan, a decrease of 652.16% compared to the previous year [2]. - Since its A-share listing, Shida Shenghua has distributed a total of 636 million yuan in dividends, with 68.91 million yuan distributed over the past three years [3].

Group 1 - The core viewpoint of the news is that Shenwan Hongyuan Securities conducted a thorough on-site inspection of Shida Shenghua New Materials Group Co., Ltd. to ensure compliance with regulations and assess the company's governance and operational status [1][10] Group 2 - The company has established a complete and compliant governance structure, with effective execution of internal control systems and proper functioning of the board and shareholder meetings [2] - Information disclosure practices are in line with regulations, with all disclosed announcements being accurate and complete, and no undisclosed significant matters identified [3] - The company has implemented measures to prevent the controlling shareholder and related parties from misappropriating company funds, ensuring asset independence and integrity [4] Group 3 - The company has established a dedicated account for raised funds, adhering to strict management protocols, with no unauthorized changes in the use of funds reported [5] - There are no violations regarding related party transactions, external guarantees, or significant investments, with decision-making processes properly regulated [6] Group 4 - The company reported a net profit attributable to shareholders of -66.03 million yuan for the first three quarters of 2025, a significant decline of 2,687.63% year-on-year, primarily due to intense market competition and price drops in key products [7][8] - Despite the downturn, the company anticipates improved performance in the fourth quarter due to a recovery in market prices for certain products linked to the energy storage sector [8] Group 5 - The company has shown no significant adverse changes in its main business or operational model, maintaining independence in its operations and financials [8] - The inspection concluded that the company has not violated any relevant laws or regulations, and its governance structure continues to improve [13]

申万宏源证券承销保荐有限责任公司 关于石大胜华新材料集团股份有限公司 2025 年度持续督导工作现场检查报告 根据中国证监会《证券发行上市保荐业务管理办法》《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，申万宏源证 券承销保荐有限责任公司（以下简称"申万宏源承销保荐"）作为石大胜华新材 料集团股份有限公司（以下简称"石大胜华"或"公司"）2022 年度向特定对象发 行 A 股股票（以下简称"本次发行"）的保荐机构，于 2025 年 12 月 17 日至 2026 年 1 月 7 日期间开展石大胜华 2025 年度持续督导现场检查工作，现将情况 汇报如下： 一、本次现场检查的基本情况 申万宏源承销保荐针对石大胜华实际情况制订了 2025 年度现场检查工作计 划。为顺利实施本次现场工作，提高现场工作效率，切实履行持续督导工作， 事先将现场检查事宜通知石大胜华，并要求公司提前准备现场检查工作所需的 相关文件和资料。申万宏源承销保荐保荐代表人根据事先制订的现场检查工作 计划，2025 年 12 月 29 日至 2025 年 12 月 30 日，采取现场查看公司生产经营场 所、与公 ...

Group 1 - The core viewpoint of the report is that global lithium battery demand is expected to grow at a rate of 26% year-on-year by 2026, driven by both power storage and electric vehicle sectors [1][4] - In the electric vehicle sector, the registration of global electric vehicles reached 17.1 million units from January to October 2025, representing a year-on-year increase of 25.5%, primarily due to the resumption of subsidies in Europe and vehicle replacement policies in China [1][4] - The global energy storage battery shipments reached 428 GWh from January to September 2025, showing a significant year-on-year increase of 90.7%, supported by the scaling of independent storage projects in China and market demand in the U.S. [1][4] Group 2 - The lithium battery materials supply side is undergoing optimization due to previous overcapacity leading to low-price competition, resulting in many companies facing continuous losses and high debt levels [2][3] - Companies are focusing on improving existing production efficiency and cost optimization rather than blind expansion, leading to a significant weakening of expansion capabilities and intentions among lithium battery material companies [2][3] - The tightening of environmental policies and energy consumption controls is raising industry entry barriers, causing smaller companies to exit the market, thus enhancing the rigidity of supply constraints [2][3] Group 3 - Technological upgrades are driving supply-side optimization, with advancements in high-pressure lithium iron phosphate and high-strength separators, which require higher production precision and R&D investment [3][4] - Leading companies are leveraging continuous R&D investment to scale up high-end product capacity, while smaller firms struggle to upgrade their products and processes, leading to market elimination [3][4] - The supply structure is evolving towards a "few but excellent" model, with resources concentrating on leading enterprises, which is expected to restore market share and profitability for these companies [3][4] Group 4 - The report indicates a strong certainty of profit recovery in lithium battery materials, driven by supply-side constraints, high demand growth, and industry restructuring [4] - The consensus among companies to scientifically release capacity has led to a continued limitation of supply over the next 1-2 years, while demand is experiencing rapid growth from both power storage and electric vehicle sectors [4] - Core material prices, such as lithium hexafluorophosphate, have started to rebound, and the overall capacity utilization rate in the industry is expected to continue its upward trend in 2026 [4] Group 5 - Investment recommendations suggest prioritizing attention on lithium hexafluorophosphate and lithium iron phosphate sectors, with specific companies like Tianqi Materials and Hunan Youneng being highlighted [5] - Other companies to watch include Duofu Technology, Fulian Precision, Longpan Technology, Defang Nano, Tianji Co., Shida Shenghua, and Wanrun New Energy, particularly in the context of price recovery [5] - For long-cycle, heavy-asset sectors like copper foil and separators, companies such as Enjie, Xingyuan Materials, Fusheng Technology, Defu Technology, Jiayuan Technology, and Nord are recommended for attention [5]

Core Viewpoint - The surge of electrolyte companies going public in Hong Kong is driven by industry dynamics and capital opportunities, reshaping the competitive landscape of lithium battery exports [1] Group 1: IPO Trends and Market Dynamics - Leading electrolyte additive company Huasheng Lithium announced plans for an H-share issuance and listing on the Hong Kong Stock Exchange, marking a significant event in the industry [2] - Since the second half of 2025, major players like Tianci Materials, Xinzhou Bang, and Shida Shenghua have also disclosed plans for IPOs in Hong Kong, indicating a collective push [2] - The easing of IPO regulations and the need for financing in the context of industry transformation have created a favorable environment for these listings [3] Group 2: Industry Growth and Financial Performance - The global electrolyte market is expected to experience explosive growth in 2025, with shipments projected to exceed 2.3 million tons, and Chinese companies holding over 90% market share [3] - Tianci Materials forecasts a net profit of 1.1 to 1.6 billion yuan for 2025, representing a year-on-year increase of 127.31% to 230.63% [3] - The average price of lithium iron phosphate electrolytes surged from 19,000 yuan per ton at the beginning of the year to 35,000 yuan per ton, indicating a structural reversal in the industry [3] Group 3: Global Expansion and Financing Needs - Major battery companies like CATL and Guoxuan High-Tech are accelerating overseas expansion, creating a pressing need for financing among electrolyte material companies [4] - The construction of overseas bases in countries like Hungary and Morocco requires substantial long-term funding, making IPOs in Hong Kong a necessary option [4] Group 4: Differentiated Strategies Among Companies - Tianci Materials aims to use 80% of its IPO proceeds to support global business development, particularly in establishing a lithium-ion battery material integration base in Morocco [7] - Shida Shenghua plans to focus on collaborative projects across the entire supply chain, while Xinzhou Bang seeks to enhance its international brand influence through the IPO [7] - Huasheng Lithium's IPO strategy is centered on niche market breakthroughs, with funds directed towards expanding production capacity and R&D for additive materials [7] Group 5: Impact on Competitive Landscape - The IPO wave is expected to significantly impact the lithium battery supply chain, driving demand for upstream materials and enhancing the global competitiveness of Chinese electrolyte companies [8] - The financing from IPOs will likely widen the gap between leading companies and smaller firms, as top players accelerate technological development and capacity expansion [8] - This trend marks a shift from "product export" to "capacity and technology export," fostering global collaboration within the lithium battery industry [8] Group 6: Future Outlook - The electrolyte industry is poised for high-quality development, supported by ongoing investments in technology and the establishment of overseas production capacities [9] - The Hong Kong capital market will provide continuous funding support, enhancing corporate governance and international operational capabilities [9]