Company Overview - Hubei Zhenhua Chemical Co., Ltd. (stock code SH.603067) is currently the largest listed chromium salt company globally and ranks among the top producers of Vitamin K3 [2] - The company is recognized as a high-tech enterprise with production bases in Huangshi, Hubei, and Tongnan, Chongqing, and owns two well-known brands, "Minzhong" and "Chugao" [2] - Major products include sodium dichromate, potassium dichromate, chromium trioxide, chromium oxide green, basic chromium sulfate, refined sodium dichromate, chrome yellow, metallic chromium, ultra-fine aluminum hydroxide, and Vitamin K3 [2] Financial Performance - For the period from January to March 2025, the company achieved an operating income of 1.0198 billion yuan, representing a year-on-year increase of 7.59% [2] - The net profit attributable to shareholders was 117.4 million yuan, reflecting a year-on-year increase of 37.27% [2] - The net profit after deducting non-recurring gains and losses was 114.9 million yuan, which is a year-on-year increase of 29.93% [2] Shareholder Structure - As of March 2025, the concentration of shares is relatively high, with the top ten shareholders holding a combined 47.57% of the shares [2] - The total number of shareholders is approximately 18,590, with an average of 27,390 circulating shares per shareholder and an average holding amount of 340,700 yuan [2] Market Activity - On July 14, XD Zhenhua's convertible bonds rose by 2.0% to 201.008 yuan per share, with a trading volume of 95.5918 million yuan and a conversion premium rate of 11.75% [1] - The convertible bonds have a credit rating of "AA" and a term of 6 years, with a coupon rate that increases over the years, starting from 0.20% in the first year to 2.00% in the sixth year [1] - The conversion price for the bonds is set at 8.2 yuan, with the conversion period starting on January 20, 2025 [1]

Investment Rating - The report maintains a positive outlook on the chemical industry, with specific buy and hold recommendations for various companies [2][20]. Core Insights - The report highlights the closure of Dow's organic silicon production capacity in Barry, UK, which is expected to increase domestic export demand and support the upstream industrial silicon costs, indicating a potential reversal in the organic silicon industry [4][5]. - The demand for high-end AI PCBs is projected to surge due to the continuous growth in computing power requirements, driven by GPU, ASIC, and 800G switch technologies [4]. - The report notes that the recent tariff announcements from the US on imports from Southeast Asia are lower than expected, stabilizing pessimistic market sentiments [4]. Industry Dynamics - The macroeconomic outlook for the chemical industry indicates a significant increase in oil supply led by non-OPEC countries, with a stable global GDP growth rate of 2.8% [5]. - The report mentions that coal prices are expected to decline in the medium to long term, alleviating pressure on downstream sectors [5]. - Natural gas exports from the US are anticipated to accelerate, potentially lowering import costs [5]. Company Recommendations - Companies to watch in the organic silicon sector include Dongyue Silicon Materials, Xin'an Chemical, and Xingfa Group [4]. - In the PCB sector, recommended companies include Shengquan Group, Dongcai Technology, Lianrui New Materials, Yake Technology, Tiancheng Technology, and Jiuri New Materials [4]. - For traditional cyclical stocks, the report suggests focusing on leading companies in various segments such as Wanhu Chemical, Hualu Hengsheng, and Baofeng Energy [4]. Price Trends - The report provides specific price movements for various chemical products, such as PTA prices decreasing by 2.8% to 4715 RMB/ton, while MEG prices increased by 0.7% to 4409 RMB/ton [11]. - Urea prices rose by 2.9% to 1800 RMB/ton, while phosphate prices remained stable [12]. - The report notes that the price of DMC increased by 1.9% to 11000 RMB/ton, indicating a recovery in the organic silicon market [15].

Summary of Key Points Core Viewpoint - The stock of Zhenhua Co., Ltd. has experienced a decline of 6.96% this week, closing at 14.44 yuan as of July 11, 2025, with significant events including an upcoming shareholder meeting and regulatory scrutiny on the general manager for short-term trading violations [1][3]. Company Announcements - Zhenhua Co., Ltd. will hold its first extraordinary general meeting on July 15, 2025, to discuss amendments to the company’s articles of association, including an increase in total share capital to 710,760,277 shares and a change in registered capital to 710,760,277 yuan [1][3]. - The general manager, Ke Yusheng, is under investigation by the Hubei Regulatory Bureau of the China Securities Regulatory Commission for suspected short-term trading of the company's stock, with his son involved in frequent trading activities amounting to 529,000 shares and a transaction value of 5,291,021.99 yuan [1]. - The Hubei Regulatory Bureau plans to issue a warning to Ke Yusheng and impose a fine of 100,000 yuan [1]. Financial Information - Zhenhua Co., Ltd.'s convertible bonds will pay the first-year interest on July 14, 2025, with a coupon amount of 0.20 yuan per bond with a face value of 100 yuan [2][3].

Core Points - The company announced the interest payment details for its convertible bonds, which will occur on July 14, 2025 [1][3][5] Group 1: Bond Issuance Details - The convertible bonds, named "Zhenhua Convertible Bonds," have a total issuance size of RMB 406.21 million [2] - The bonds have a maturity period of 6 years, from July 12, 2024, to July 11, 2030 [2] - The coupon rates for the bonds are structured to increase over the years, starting at 0.20% in the first year and reaching 2.00% in the sixth year [2][4] Group 2: Interest Payment Information - The interest payment record date is set for July 11, 2025, with the interest payment date on July 14, 2025 [3][4] - The interest amount for each bond with a face value of RMB 100 will be RMB 0.20 before tax, resulting in a net payment of RMB 0.16 after tax for individual investors [6] - The company has appointed China Securities Depository and Clearing Corporation Limited Shanghai Branch to handle the interest payment process [5][7] Group 3: Taxation and Compliance - Individual investors are subject to a 20% tax on the interest income, while qualified foreign institutional investors are exempt from corporate income tax on the interest earned [6][7] - The company is responsible for ensuring timely payment of interest to the designated clearing institution [5]

| | | 债券代码：113687 债券简称：振华转债 湖北振华化学股份有限公司 关于公司总经理收到行政处罚事先告知书的公告 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。 湖北振华化学股份有限公司（以下简称"公司"）于 2025 年 1 月 13 日披露 了《振华股份关于公司总经理收到立案告知书的公告》（公告编号：2025-002）。 近日，公司获知公司总经理收到中国证券监督管理委员会湖北监管局出具的 《行政处罚事先告知书》（鄂处罚字【2025】6 号），具体内容公告如下： 一、《行政处罚事先告知书》的具体内容 "柯愈胜涉嫌短线交易湖北振华化学股份有限公司(以下简称振华股份)股 票一案，已由我局调查完毕，我局依法拟对你作出行政处罚。现将我局拟对你作 出行政处罚所根据的违法事实、理由、依据及你享有的相关权利予以告知。 柯愈胜自振华股份 2016 年 9 月上市至今担任公司董事、总经理职务。2023 年 8 月 21 日至 2024 年 3 月 19 日期间，柯愈胜之子柯彦廷开通程序化交易策略， 频 繁 买 卖 " 振 华 ...

| 证券代码：603067 | 证券简称：振华股份 | 公告编号：2025-035 | | --- | --- | --- | | 债券代码：113687 | 债券简称：振华转债 | | 湖北振华化学股份有限公司 关于可转换公司债券 2025 年付息的公告 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： 湖北振华化学股份有限公司（以下简称"公司"）于 2024 年 7 月 12 日公开 发行的可转换公司债券（以下简称"振华转债"、"本期转债"）将于 2025 年 7 月 14 日支付自 2024 年 7 月 12 日至 2025 年 7 月 11 日期间的利息。根据《湖 北振华化学股份有限公司公开发行可转换公司债券募集说明书》（以下简称"《募 集说明书》"）相关条款的规定，现将相关事项公告如下： 一、振华转债的基本情况 （七）票面金额和发行价格：每张面值人民币 100 元，按面值发行。 （八）债券期限：本次发行的可转债期限为自发行之日起 6 年，即自 2024 年 7 月 12 日至 2030 年 7 月 ...

| 证券代码：603067 | 证券简称：振华股份 | 公告编号：2025-036 | | --- | --- | --- | | 债券代码：113687 | 债券简称：振华转债 | | 湖北振华化学股份有限公司 关于公司总经理收到行政处罚事先告知书的公告 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。 湖北振华化学股份有限公司（以下简称"公司"）于 2025 年 1 月 13 日披露 了《振华股份关于公司总经理收到立案告知书的公告》（公告编号：2025-002）。 近日，公司获知公司总经理收到中国证券监督管理委员会湖北监管局出具的 《行政处罚事先告知书》（鄂处罚字【2025】6 号），具体内容公告如下： 一、《行政处罚事先告知书》的具体内容 "柯愈胜涉嫌短线交易湖北振华化学股份有限公司(以下简称振华股份)股 票一案，已由我局调查完毕，我局依法拟对你作出行政处罚。现将我局拟对你作 出行政处罚所根据的违法事实、理由、依据及你享有的相关权利予以告知。 上述违法事实，有上市公司公告及说明、相关人员询问笔录及情况说明、相 关证券 ...

湖北振华化学股份有限公司 为维护全体股东的合法权益，确保公司股东会顺利召开，根据中国证券监督 管理委员会《上市公司股东会规则》及《公司章程》等有关规定，特制定股东会 须知，望出席股东会的全体人员遵守执行。 一、本公司根据《公司法》《证券法》《上市公司股东会规则》及《公司章 程》等有关规定，认真做好召开股东会的各项工作。 二、本公司证券部，具体负责大会有关程序方面的事宜。 三、为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，务请 出席大会的股东或股东代理人（以下统称"股东"）及相关人员准时到达会场签 到确认参会资格。不在签到薄上登记签到，或会议正式开始后没有统计在会议公 布股权数之内的股东，可以参加会议，但不参加表决、质询和发言。 振华股份 四、股东参加股东会，依法享有发言权、质询权、表决权等各项权利，并认 真履行其法定义务，不得侵犯其他股东的合法权益，不得扰乱大会的正常秩序。 湖北振华化学股份有限公司 五、股东有权就大会议案提出问题，主持人视会议具体情况安排股东发言。 股东发言应围绕本次大会所审议的议案，简明扼要，每位股东发言的时间一般不 超过三分钟，发言时应先报告所持股份数额和姓名。主持人可安排公 ...

湖北振华化学股份有限公司 2025 年第一次临时股东会会议资料 振华股份 2025 年 7 月 15 日 湖北振华化学股份有限公司 2025 年第一次临时股东会会议须知 七、股东会期间，全体出席人员应当认真履行法定职责；任何人不得扰乱大 会的正常秩序和会议程序；会议期间请关闭手机或将其调至振动状态。 八、公司聘请律师事务所出席见证本次股东会，并出具法律意见。 湖北振华化学股份有限公司 2025 年第一次临时股东会议程安排 为维护全体股东的合法权益，确保公司股东会顺利召开，根据中国证券监督 管理委员会《上市公司股东会规则》及《公司章程》等有关规定，特制定股东会 须知，望出席股东会的全体人员遵守执行。 一、本公司根据《公司法》《证券法》《上市公司股东会规则》及《公司章 程》等有关规定，认真做好召开股东会的各项工作。 二、本公司证券部，具体负责大会有关程序方面的事宜。 三、为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，务请 出席大会的股东或股东代理人（以下统称"股东"）及相关人员准时到达会场签 到确认参会资格。不在签到薄上登记签到，或会议正式开始后没有统计在会议公 布股权数之内的股东，可以参加会议，但不 ...

Company Overview - Hubei Zhenhua Chemical Co., Ltd. is currently the largest listed chromium salt company globally, with significant production capacity for Vitamin K3 [2] - The company operates high-tech enterprises with production bases in Huangshi, Hubei, and Tongnan, Chongqing, and owns well-known brands "Minzhong" and "Chugao" [2] - Zhenhua's main products include sodium dichromate, potassium dichromate, chromium trioxide, chromium oxide green, basic chromium sulfate, refined yellow powder, chromium yellow, metallic chromium, ultra-fine aluminum hydroxide, and Vitamin K3 [2] Financial Performance - For the period of January to March 2025, Zhenhua achieved a revenue of 1.0198 billion yuan, representing a year-on-year increase of 7.59% [2] - The net profit attributable to shareholders was 117.4 million yuan, reflecting a year-on-year increase of 37.27% [2] - The net profit after deducting non-recurring items was 114.9 million yuan, showing a year-on-year increase of 29.93% [2] Shareholder Structure - As of March 2025, the concentration of shares is relatively high, with the top ten shareholders holding a combined 47.57% of the shares [2] - The total number of shareholders is 18,590, with an average of 27,390 circulating shares per person and an average holding amount of 340,700 yuan [2] Convertible Bond Information - Zhenhua's convertible bond experienced a decline of 3.55%, trading at 198.886 yuan per bond, with a transaction volume of 104 million yuan and a conversion premium rate of 8.95% [1] - The convertible bond has a credit rating of "AA" and a maturity of 6 years, with a coupon rate that increases over the years, starting from 0.20% in the first year to 2.00% in the sixth year [1] - The conversion price for the bond is set at 8.2 yuan, with the conversion period starting on January 20, 2025 [1]