碳酸酯多基地协同生产，24 年公司各溶剂装置保持高负荷开工率。公司是国内目前生产基地最多的碳 酸酯生产供应商（东营、济宁、泉州、武汉），同时拥有日本、韩国、捷克等多家海外分支机构，多基 地协同生产，公司的稳定供应优势十分突出，有利于巩固DMC 以及整个碳酸酯溶剂的行业领先地位。 2024 年碳酸酯行业产能仍保持高速扩张的趋势，近翻倍式增长，电解液溶剂市场供需矛盾未有缓解趋 势，行业整体开工率仅2-3 成左右。24 年公司溶剂在满足电解液自用的情况下，仍以积极销售为主，在 溶剂行业竞争十分激烈的情况下，各溶剂装置仍保持着高负荷开工率。 电解液产能建设及新增产能放量稳步推进，产业链一体化优势显著。公司现已实现从上游环氧丙烷到中 游电解液所需的碳酸酯溶剂、锂盐及添加剂的全产业链布局，为目前电解液行业唯一将上游延伸至环氧 丙烷的公司。公司可实现95%以上基础原材料自供，具有极高的产业链配套优势。电解液产能建设方 面，24 年公司东营基地30 万吨电解液产能稳步提升，全年实现出货量6 万多吨，同比增幅高达3 倍以 上。2024 年6 月份公司武汉基地20 万吨电解液项目投产，并成功交付第一批产品，已实现客户快速导 入。 ...

2025 年 4 月 17 日 公司研究 行业景气低迷，24 年公司盈利下滑 ——石大胜华（603026.SH）2024 年年报点评 买入（维持） 要点 事件：公司发布 2024 年年度报告，24 年公司实现营业收入 55.47 亿元，同比 -1.56%，实现归母净利润 0.16 亿元，同比-12.32%。其中，24Q4 实现营业收入 13.86 亿元，同比+12.19%，环比-9.98%；实现归母净利润 0.05 亿元，同比增 加 0.57 亿元，环比增加 0.32 亿元。 24 年公司收入、盈利同比均下滑，产品销量稳步提升。24 年公司业绩有所下滑， 主要系锂电行业景气度下降，碳酸酯系列产品价格下跌所致。但是，24 年公司 产品销量稳步提升，碳酸二甲酯系列、甲基叔丁基醚系列、气体系列分别实现销 量 77.39、20.98、1.45 万吨，同比分别增加 14.49%、9.97%、0.85%。产能建 设方面，截至 24 年底，公司现有碳酸二甲酯 10 万吨/年、碳酸甲乙酯 9 万吨/ 年、碳酸乙烯酯 5 万吨/年、六氟磷酸锂 2000 吨/年、添加剂 6330 吨/年产能， 此外，另有 MTBE 产能 20 ...

Investment Rating - The report suggests a focus on sectors benefiting from import substitution, such as lubricant additives and nucleating agents, while also monitoring oil price stabilization for potential investment opportunities in oil-related assets [1][2][3]. Core Insights - The chemical market is experiencing pressure from trade conflicts, but the current market is more mature compared to 2018, with swift actions from the Chinese version of the stabilizing fund helping to restore market confidence [1][2]. - The report highlights significant downward pressure on industries with high exposure to the US market, particularly in consumer electronics and textiles, while sectors like lubricant additives and aramid fibers show strong performance due to import substitution [1][2]. - Key events include a notable drop in oil prices, with Brent crude falling below $60 per barrel, and the announcement of an expansion project by Wanhua Chemical [1][3]. Summary by Sections Market Overview - Brent crude futures averaged $64.12 per barrel this week, down 10.92% from the previous week, while WTI futures averaged $60.84 per barrel, down 11.4% [10]. - The basic chemical sector underperformed the index, with a decline of 5.14% [10]. Key Events - The establishment of a Chinese version of the stabilizing fund aims to bolster market confidence amid escalating trade tensions [2]. - The report notes a significant drop in oil prices due to trade war impacts and OPEC+ production increases, with Brent crude falling below $60 [2]. Industry Specific Insights - The tire industry is experiencing a slight decline in operating rates, with full steel tire operating rates at 66.2% and semi-steel tire rates at 78.5% [25]. - The sweetener market, particularly for sucralose, is expected to see price improvements due to reduced low-priced inventory and upcoming production cuts [26][27]. - The dye market remains stable, with disperse dyes maintaining prices around 16.5 yuan/kg, while demand from downstream textile markets is weak [28]. Price Trends - The report indicates that the average price for titanium dioxide is stable, with a market average of 15,109 yuan/ton, while the industry is observing a slight decline in operating rates [29]. - The pure MDI market is experiencing a downward trend, with prices averaging 17,350 yuan/ton, reflecting weak demand and ongoing trade tensions [32].

（四）本次监事会应出席的监事 3 人，实际参与表决的监事 3 人。 （五）本次监事会会议由监事会主席高建宏先生主持。 证券代码：603026 证券简称：石大胜华 公告编号：临 2025-008 石大胜华新材料集团股份有限公司 第八届监事会第七次会议决议公告 本公司监事会及全体监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个别及连带责任。 一、监事会会议召开情况 （一）本次监事会会议的召开符合有关法律、行政法规、部门规章、规范性 文件和公司章程的规定。 （二）本次监事会会议于 2025 年 3 月 31 日以邮件、电话方式向公司监事会 全体监事发出第八届监事会第七次会议通知和材料。 （三）本次监事会会议于 2025 年 4 月 10 日以通讯表决方式在山东省东营市 垦利区同兴路 198 号石大胜华办公楼 A326 室召开。 （二）通过《关于公司 2024 年度监事会工作报告的议案》，该议案需提交公 司股东大会审议 二、监事会会议审议情况 （一）通过《关于公司 2024 年度利润分配方案的议案》，该议案需提交公司 股东大会审议 监事会认为：公司 2024 年 ...

证券代码：603026 证券简称：石大胜华 公告编号：临 2025-007 石大胜华新材料集团股份有限公司 第八届董事会第十四次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 （一）本次董事会会议的召开符合有关法律、行政法规、部门规章、规范性 文件和公司章程的规定。 （二）本次董事会会议于 2025 年 3 月 31 日以邮件、电话方式向公司董事会 全体董事发出第八届董事会第十四次会议通知和材料。 （三）本次董事会会议于 2025 年 4 月 10 日以现场加通讯表决方式在山东省 东营市垦利区同兴路 198 号石大胜华办公楼 A325 室召开。 （四）本次董事会应出席的董事 9 人，实际参与表决的董事 9 人。 （五）本次董事会会议由董事长郭天明先生主持。 二、董事会会议审议情况 （一）通过《关于公司 2024 年度利润分配方案的议案》，该议案需提交公 司股东大会审议。 2024 年度利润分配预案为：不派发现金红利，不进行资本公积金转增股本。 表决情况： 9 票赞成， 0 票弃权， ...

证券代码：603026 证券简称：石大胜华 公告编号：临 2025-009 石大胜华新材料集团股份有限公司 关于 2024 年年度利润分配方案的公告 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个别及连带责任。 重要内容提示： 一、利润分配方案内容 （一）利润分配方案的具体内容 经立信会计师事务所(特殊普通合伙)审计，公司 2024 年度集团公司实现归母 净利润 16,419,555.47 元，当年集团公司可供股东分配利润 16,419,555.47 元，加 上期 初集 团公司 未分 配利润 3,091,054,540.94 元， 扣除 2023 年利 润分 配 8,107,200.00 元 ， 本 年 累 计 可 供 归 属 于 上 市 公 司 股 东 分 配 的 利 润 为 3,099,366,896.41 元。 公司 2024 年度母公司实现净利润 5,555,832.32 元，当年母公司可供股东分 配利润 5,555,832.32 元，加上期初母公司未分配利润 2,629,318,269.21 元，扣除 2023 年 利 润 ...

Financial Performance - The company's operating revenue for 2024 was approximately ¥5.55 billion, a decrease of 1.56% compared to ¥5.63 billion in 2023[24]. - Net profit attributable to shareholders was ¥16.42 million, down 12.32% from ¥18.73 million in the previous year[24]. - The basic earnings per share decreased to ¥0.08, reflecting an 11.11% decline from ¥0.09 in 2023[25]. - The cash flow from operating activities showed a negative net amount of approximately ¥447.61 million, worsening by 3.51% compared to ¥432.45 million in 2023[24]. - Total assets increased significantly by 32.61% to approximately ¥9.65 billion from ¥7.28 billion in 2023[24]. - The weighted average return on equity decreased to 0.42%, down 0.06 percentage points from 0.48% in 2023[25]. - The company reported a significant drop in net profit after deducting non-recurring gains, which fell by 59.29% to ¥5.39 million from ¥13.23 million in 2023[24]. - The company experienced a quarterly revenue of ¥1.54 billion in Q3 2024, with a notable decline in net profit to -¥26.79 million[27]. - Non-recurring gains for 2024 totaled approximately ¥11.03 million, compared to ¥5.49 million in 2023[29]. - The company's net assets attributable to shareholders slightly increased by 0.14% to approximately ¥3.90 billion from ¥3.89 billion in 2023[24]. Audit and Compliance - The company has received a standard unqualified audit report from Lixin Certified Public Accountants[5]. - The company’s financial report is guaranteed to be true, accurate, and complete by its management team[5]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[8]. - The company has not faced any violations in decision-making procedures regarding external guarantees[8]. - The company has confirmed that all board members attended the board meeting[4]. - The company has not faced any delisting risk or related warnings during the reporting period[187]. - The company has not encountered any violations or penalties involving its directors, supervisors, senior management, or controlling shareholders during the reporting period[188]. - The company has confirmed that it does not have any major related party transactions that have not been disclosed in temporary announcements[189]. Strategic Developments - The company successfully launched a 200,000 tons/year electrolyte project in Wuhan, with the first batch of products delivered in June 2024[33]. - The new 10,000 tons/year dimethyl sulfoxide project in Jining has received construction approval and is progressing smoothly[34]. - The company's strategic partnerships with CATL and BYD have strengthened, leading to a significant increase in market share in the electrolyte business[33]. - The company is focusing on technological innovation in the new energy materials sector, achieving significant breakthroughs in R&D[33]. - The company plans to launch a 100,000-ton liquid lithium salt project at the Dongying base in 2024, further reducing costs[50]. - The company is actively pursuing market expansion strategies, including potential mergers and acquisitions to strengthen its portfolio[109]. Market and Industry Trends - The global lithium-ion battery electrolyte shipment reached 1.662 million tons, a year-on-year increase of 26.7%, with China's shipment at 152.7 thousand tons, growing by 34.2%[44]. - The global lithium-ion battery output reached 1,545.1 GWh in 2024, a year-on-year increase of 28.5%[40]. - In 2024, the production and sales of new energy vehicles in China reached 12.888 million and 12.866 million units, respectively, with a year-on-year growth of 34.4% and 35.5%[39]. - The company aims to enhance its market position in the electrolyte and solvent sectors, focusing on new lithium battery materials such as silicon-based anodes and conductive agents[117]. Research and Development - The company’s R&D expenses rose by 24.07% to CNY 238.28 million, reflecting a commitment to enhancing product competitiveness[55]. - The total R&D expenditure amounted to ¥238,282,014.77, representing 4.30% of total revenue, with no capitalized R&D costs[68]. - The company holds 460 valid patents, including 43 invention patents, and has applied for 135 new patents during the reporting period[89]. - The company is focusing on the development of lithium-ion battery raw materials and related chemical products[112]. Environmental and Social Responsibility - The company invested 62.76 million yuan in environmental protection during the reporting period[163]. - The company discharged 5,350,406 tons of wastewater, with chemical oxygen demand and ammonia nitrogen average concentrations of 16.7 mg/L and 0.383 mg/L, respectively, meeting the required standards[164]. - The company has established a comprehensive environmental, social, and governance (ESG) report for 2024, highlighting its commitment to sustainability[176]. - The company has implemented carbon reduction measures, successfully reducing carbon dioxide equivalent emissions by 1,799 tons[175]. Governance and Management - The company has a total of 804,542 shares held by the chairman, with no change during the reporting period[126]. - The company has independent directors, with one director having 12 shares held, unchanged during the reporting period[126]. - The company has a diverse board with members holding varying amounts of shares, indicating stability in ownership[126]. - The company plans to continue its governance practices and maintain transparency in shareholder meetings and resolutions[123]. - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to 8.627 million yuan[134]. Employee and Labor Relations - The company has a total of 2,138 employees, with 1,320 in production, 108 in sales, 487 in technology, 51 in finance, and 172 in administration[145]. - The company has established a training program aimed at improving employee skills and enhancing organizational capabilities to support strategic objectives[147]. - The company has implemented a salary management system that emphasizes external competitiveness and internal fairness, with adjustments based on annual performance evaluations[146]. Financial Position and Investments - The company has confirmed that there are no major non-operating fund occupations by controlling shareholders or related parties during the reporting period[184]. - The company has not engaged in any cash asset management or entrusted financial management activities[197]. - The total guarantee amount, including guarantees to subsidiaries, is 861,212,007.20 RMB, which accounts for 19.92% of the company's net assets[196].

石大胜华新材料集团股份有限公司 审计报告及财务报表 二○二四年度 信会师报字[2025]第 ZG11111 号 石大胜华新材料集团股份有限公司 审计报告及财务报表 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-5 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-120 | 审计报告 信会师报字[2025]第 ZG11111 号 石大胜华新材料集团股份有限公司全体股东： 一、 审计意见 我们审计了石大胜华新材料集团股份有限公司（以下简称石大胜 华）财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表， 2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并 及母公司所有者权益变动表以及相关财务报表附注。 ...

石大胜华新材料集团股份有限公司 营业收入扣除情况表的鉴证报告 二〇二四年度 信会师报字[2025]第 ZG11113 号 关于石大胜华新材料集团股份有限公司2024年度 营业收入扣除情况表的鉴证报告 信会师报字[2025]第ZG11113号 石大胜华新材料集团股份有限公司全体股东： 我们审计了石大胜华新材料集团股份有限公司(以下简称"石大 胜华")2024 年度的财务报表，包括 2024 年 12 月 31 日的合并及母公 司资产负债表、2024 年度合并及母公司利润表、合并及母公司现金 流量表、合并及母公司所有者权益变动表和相关财务报表附注，并于 2025 年 4 月 10 日出具了报告号为信会师报字[2025]第 ZG11111 号的 无保留意见审计报告。 在对上述财务报表执行审计的基础上，我们接受委托，对后附的 石大胜华2024年度营业收入扣除情况表（以下简称"营业收入扣除情 况表"）执行了合理保证的鉴证业务。 一、管理层的责任 石大胜华公司管理层的责任是按照《上海证券交易所股票上市规 则》和《上海证券交易所上市公司自律监管指南第2号——业务办理》 的相关规定编制营业收入扣除情况表，确保营业收入扣除情况 ...