| 证券代码：603067 | 证券简称：振华股份 | | --- | --- | | 债券代码：113687 | 债券简称：振华转债 | | | 公告编号：2025-024 | 破产重整投资人公开招募并启动尽职调查 湖北振华化学股份有限公司 关于参与新疆沈宏集团股份有限公司等七家公司 的提示性公告 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。 重要提示： 1、湖北振华化学股份有限公司（以下简称"公司"、"本公司"）已报名 参与新疆沈宏集团股份有限公司、吐鲁番中宏贸易有限公司、吐鲁番瑞德化轻有 限公司、吐鲁番沈宏金属工业有限责任公司、吐鲁番沈宏热电有限责任公司、吐 鲁番沈宏煤业有限责任公司及吐鲁番沈宏建筑安装有限公司（合称"7 家公司" 或者"标的公司"）破产重整投资人的招募，公司已启动尽职调查，后续将依据 尽职调查情况确定是否制定破产重整投资方案，破产重整投资方案需提交本公司 有权机构审议。尽职调查、本公司审议的结论尚具有不确定性。 2、本次标的公司破产重整投资人采取公开招募方式选取，若存在其他投资 人参与，公司能否 ...

北京大成(武汉)律师事务所 关于湖北振华化学股份有限公司 2024 年年度股东会的 法 律 意 见 书 北京 1 事务 所 武汉市江岸区建设大道 718 号浙商大厦 10、11 楼（430015) 10/11F,Zheshang Tower No.718,Jianshe Avenue Jiang'an District 430015, Wuhan, China * 60 is Dontons' Preferred Law Firm in China 北京大成(武汉)律师事务所 关于湖北振华化学股份有限公司 2024 年年度股东会的法律意见书 致:湖北振华化学股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共和国公司 法》（以下简称"《公司法》"）和《上市公司股东会规则》（以下简称"《股东会规则》"） 等法律、法规和其他有关规范性文件的要求,北京大成(武汉)律师事务所(以下简称"本 所")接受湖北振华化学股份有限公司(以下简称"公司")的委托,指派律师参加公司 2024 年年度股东会(以下简称"本次股东会"）。 为出具本法律意见书,本所指派律师现场见证了本次股东会,查阅了公司提供 ...

| 证券代码：603067 | 证券简称：振华股份 | 公告编号：2025-023 | | --- | --- | --- | | 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 2024年年度股东会决议公告 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：2025 年 5 月 19 日 (二)股东会召开的地点：湖北省黄石市西塞山区黄石大道 668 号公司新办公楼五 楼会议室 (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： | 1、出席会议的股东和代理人人数 | 220 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 231,675,000 | | 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（%） | 45.9369 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董 ...

振华股份（603067）公告，公司已报名参与新疆沈宏集团等七家公司的破产重整投资人公开招募，并已 启动尽职调查。后续将根据调查情况确定是否制定破产重整投资方案，该方案需提交公司有权机构审 议。重整投资人采取公开招募方式选取，公司能否被确定为最终重整投资人存在不确定性。若被确定为 重整投资人，重整投资方案能否得到债权人会议审议通过并经法院裁定批准也具有较大不确定性。 ...

Group 1 - The titanium dioxide concept sector rose by 2.29%, ranking 10th among concept sectors, with 12 stocks increasing in value, including Anada which hit the daily limit, and Guocheng Mining, Zhenhua Co., and Huiyun Titanium Industry showing gains of 6.19%, 3.46%, and 3.41% respectively [1] - The main capital inflow into the titanium dioxide concept sector was 106 million yuan, with Anada receiving the highest net inflow of 55.23 million yuan, followed by Zhenhua Co., Guocheng Mining, and Jinpu Titanium Industry with net inflows of 36.96 million yuan, 14.95 million yuan, and 8.70 million yuan respectively [2][3] Group 2 - The leading stocks in terms of net capital inflow ratio were Anada, Guocheng Mining, and Zhenhua Co., with net inflow ratios of 11.18%, 8.37%, and 8.13% respectively [3] - The trading performance of key stocks in the titanium dioxide sector included Anada with a daily increase of 10.04% and a turnover rate of 19.49%, while Zhenhua Co. and Guocheng Mining had increases of 3.46% and 6.19% respectively [3][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The demand for commercial jet engine materials is experiencing significant growth, leading to a revaluation of the chromium salt industry chain [3] - ATI's aerospace business is showing strong growth, driven by the demand for aircraft engines, which is expected to boost performance [4][5] - The MRO (Maintenance, Repair, and Overhaul) market for aircraft engines is becoming a new growth point for the industry, with strong demand anticipated [6] Financial Performance - As of May 16, 2025, the current stock price is 21.41 yuan, with a market capitalization of 10,898.20 million yuan [3] - In Q1 2025, ATI's revenue from the commercial jet engine sector grew by 33.8% year-on-year, with the HPMC department's revenue in the U.S. increasing by 31.45% [5][15] - The company expects to achieve revenues of 49.85 billion yuan, 59.54 billion yuan, and 66.63 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 7.11 billion yuan, 9.28 billion yuan, and 11.80 billion yuan [10][11] Market Trends - The MRO market is projected to grow at a rate of 40%-50%, with significant contributions from partnerships with major companies like Pratt & Whitney [6] - The global aerospace engine market is dominated by major players, with GE Aerospace and CFM International holding a combined market share of 69% [6] Production Capacity - The company anticipates an increase in chromium salt production capacity from approximately 260,000 tons to over 350,000 tons following the completion of its Chongqing base relocation and technological upgrades [11][20]

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, China National Petroleum, and China National Offshore Oil Corporation [10]. Core Viewpoints - The report highlights significant price increases in natural gas (6.81%) and paraxylene (5.30%), while synthetic ammonia and coal tar experienced notable declines [4][20]. - It suggests focusing on investment opportunities in import substitution, domestic demand, and high-dividend assets due to the current market dynamics and geopolitical uncertainties [6][22]. Summary by Sections Price Movements - Major price increases this week include natural gas (6.81%), paraxylene (5.30%), and urea (4.86%), while significant declines were seen in synthetic ammonia (-4.35%) and hydrochloric acid (-4.76%) [4][20][22]. Market Analysis - The report discusses the impact of OPEC's recent production cuts on international oil prices, which have stabilized around $61.02 per barrel for WTI and $63.91 for Brent, with expectations of a central price around $70 in 2025 [6][20]. - It emphasizes the importance of domestic chemical products that can replace imports due to tariff impacts, particularly in lubricants and specialty coatings [8][22]. Company Recommendations - Specific companies recommended for investment include Sinopec, China National Petroleum, and China National Offshore Oil Corporation, which are expected to benefit from high dividend yields [6][22]. - The report also highlights opportunities in the tire industry, suggesting companies like Senqcia and Sailun Tire as potential investments following recent price corrections [8][22]. Sector Performance - The overall performance of the chemical industry remains weak, with mixed results across sub-sectors due to past capacity expansions and weak demand [22]. - However, certain sectors like tires, lubricants, and coatings are showing better-than-expected performance, warranting continued attention [22].

湖北振华化学股份有限公司 2024 年年度股东会会议资料 振华股份 2025 年 5 月 19 日 湖北振华化学股份有限公司 2024 年年度股东会会议须知 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《上市公司股东大会规则》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》《上市公司股东大会规则》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，务必 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。 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。 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 ...

Investment Rating - The report indicates a positive outlook for the chemical industry, suggesting a new cycle may begin due to improved domestic supply and demand, increased global market share, and declining crude oil prices [3][4]. Core Viewpoints - The chemical industry is expected to enter a new cycle driven by domestic supply-demand improvements and global market share growth, despite potential short-term impacts from overseas demand [3][5]. - The report highlights that the supply side is gradually improving due to reduced fixed asset investment growth and government policies aimed at curbing excessive competition [5][10]. - On the demand side, domestic consumption is anticipated to recover steadily, supported by government initiatives to boost consumption and stabilize the economy [26][33]. - Cost factors are favorable, with significant declines in international crude oil and domestic coal prices, which will support the profitability of chemical products [42][49]. - The report recommends specific companies within various segments of the chemical industry, including refrigerants, amino acids, military and new materials, and fertilizers, indicating potential investment opportunities [5][57]. Summary by Sections Supply Side - The report notes that the chemical industry has faced profitability pressures since 2022, but the current production cycle is nearing its end, which may lead to gradual improvement in profitability as capacity is digested [11][12]. - China's global market share in chemical products has been steadily increasing, with 2023 figures showing a 43.1% share of global sales [25][20]. Demand Side - The report emphasizes that domestic demand is expected to recover, aided by government policies aimed at stimulating consumption and investment [26][33]. - The real estate sector shows signs of stabilization, which could further support demand for chemical products [33]. Cost Side - The report highlights a significant decline in crude oil prices, with Brent crude falling by 14.71% since the beginning of 2025, which is expected to positively impact the cost structure of the chemical industry [42][38]. - Domestic coal and natural gas prices have also shown a downward trend, enhancing the cost competitiveness of chemical products [49][47]. Valuation - The report indicates that the valuation of the basic chemical and petrochemical sectors is at historical lows, suggesting substantial room for recovery as market conditions improve [54][50].

Core Viewpoint - The company is expected to achieve record high production and sales of chromium salt products in 2024, with a positive outlook for 2025 regarding both volume and price increases in metallic chromium products, as well as further market share growth in the chromium salt sector [1]. Financial Performance - In 2024, the company is projected to achieve revenue of 4.067 billion yuan, a year-on-year increase of 9.95%, and a net profit attributable to shareholders of 473 million yuan, up 27.53% year-on-year [2]. - The company’s earnings per share (EPS) estimates for 2025 and 2026 have been raised to 1.4 yuan and 1.59 yuan respectively, with a new estimate for 2027 at 1.77 yuan [2]. - In Q1 2025, the company reported revenue of 1.02 billion yuan, a year-on-year increase of 7.59%, and a net profit of 117 million yuan, up 37.27% year-on-year [3]. Production and Market Position - The company is expected to produce approximately 260,000 tons of chromium salt products in 2024, with significant year-on-year growth in the sales of heavy chromium salts and chromium oxides [2]. - By the end of 2024, the company has become one of the top five global producers of metallic chromium, with a production capacity of around 7,650 tons [3]. - The company is focusing on high-purity metallic chromium and high-end chromium oxide products, while also expanding into new fields such as animal nutrition and advanced flame retardant materials [3]. Strategic Initiatives - The company is implementing an integrated business strategy across the entire chromium chemical industry chain, emphasizing domestic research and development of high-purity products [3]. - The first phase of the company's iron-chromium flow battery energy storage project has achieved stable operation, indicating a commitment to innovation in the energy sector [3].