Group 1 - The company, Zhenhai Co., reported that as of February 13, 2026, the total number of shareholders is 11,174 [2]

Group 1 - The company has approved the establishment of a subsidiary in Guangdong Province, specifically in Maoming City, during the board meeting held on January 9, 2026 [1] - The subsidiary has completed its business registration and obtained a business license from the Maoming Market Supervision Administration [2] - The subsidiary is named "Zhenhai Petrochemical Engineering Co., Ltd. Guangdong Branch" and was officially established on February 12, 2026 [2] Group 2 - The subsidiary's business scope includes industrial engineering design services, engineering management services, technology consulting, and various sales activities related to machinery and chemical products [2] - The subsidiary is classified as a joint-stock company branch and is involved in both general and licensed business activities [2] - The responsible person for the subsidiary is Dong Haofeng [2]

证券代码：603637 证券简称：镇海股份 公告编号：2026-002 镇海石化工程股份有限公司 关于设立广东分公司的进展公告 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。 一、拟设立分公司的基本情况 镇海石化工程股份有限公司(以下简称"本公司")于 2026 年 1 月 9 日召开 第六届董事会第四次会议，审议通过了《关于设立镇海石化工程股份有限公司广 东分公司的议案》，同意公司在广东省茂名市设立分公司，具体详见公司于 2026 年 1 月 10 日披露于上海证券交易所网站（www.sse.com.cn）的《关于公司设立 广东分公司的公告》（公告编号：2026-001）。 二、设立分公司进展情况 一般经营项目：工业工程设计服务；工程和技术研究和试验发展；技术服务、 技术开发、技术咨询、技术交流、技术转让、技术推广；工程管理服务；工程造 价咨询业务；招标代理；对外承包工程；软件开发；工程技术服务（规划管理、 勘察、设计、监理除外）；新材料技术研发，新材料技术推广服务；信息技术咨 询服务; 节能管理服务；货物进出口；技术进出口 ...

Core Viewpoint - The company holds a cautiously optimistic outlook for its development in 2026, focusing on consolidating its main business, expanding into new energy materials, and optimizing operations [1] Business Performance - For the period of January to September 2025, the company's operating revenue was 295 million, a decrease of 9.96% year-on-year [2] - The net profit attributable to the parent company was approximately 51.69 million, reflecting a year-on-year decrease of 8.00% [2] - Future performance may be influenced by the execution of orders and the progress of market expansion [2] Strategic Initiatives - As of June 2025, the company has signed unfulfilled orders amounting to approximately 420 million [1] - The company is actively expanding into the coal chemical project market in regions such as Xinjiang and Inner Mongolia and has won relevant framework agreements [1] - The company plans to appropriately formulate an equity incentive plan [1]

Group 1 - The company, Zhenhai Co., stated that as of January 30, 2026, the total number of shareholders is 11,685 [2]

Group 1 - The professional engineering sector increased by 0.51% on January 26, with Tongguan Mining Construction leading the gains [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] - Key stocks in the professional engineering sector showed significant price movements, with Tongguan Mining Construction rising by 15.71% to a closing price of 24.82 [1] Group 2 - The professional engineering sector experienced a net outflow of 468 million yuan from institutional investors, while retail investors saw a net inflow of 254 million yuan [2] - Major stocks like Huadian Technology and Tongguan Mining Construction had varying net inflows and outflows from different investor types, indicating mixed investor sentiment [3] - The data shows that retail investors contributed positively to the net inflow, contrasting with the outflows from institutional and speculative investors [2][3]

Group 1 - The core viewpoint of the news is that Zhenhai Co., Ltd. has seen a significant increase in its stock price, rising 6% on January 26, with a total market value of 3.16 billion yuan and a cumulative increase of 11.82% over six consecutive days [1] - Zhenhai Co., Ltd. is based in Ningbo, Zhejiang Province, and was established on June 30, 1994. It went public on February 8, 2017. The company provides a one-stop solution for clients, covering planning consultation, design, procurement, construction management, commissioning, settlement review, and operational services [1] - The main business revenue composition of Zhenhai Co., Ltd. includes 72.77% from general contracting, 18.48% from engineering design, 8.39% from other businesses, and 0.36% from supplementary services [1] Group 2 - From the perspective of fund holdings, Dongcai Fund has one fund heavily invested in Zhenhai Co., Ltd. The Dongcai Quantitative Selected Mixed A Fund (009840) held 42,800 shares in the fourth quarter, accounting for 0.41% of the fund's net value, ranking as the sixth largest holding [2] - The Dongcai Quantitative Selected Mixed A Fund (009840) was established on July 29, 2020, with a latest scale of 77.6499 million yuan. It has achieved a return of 10.84% this year, ranking 1812 out of 9003 in its category, and a return of 24.57% over the past year, ranking 5083 out of 8185 [2] - The fund manager of Dongcai Quantitative Selected Mixed A Fund is Yang Luwei, who has been in the position for 4 years and 318 days. The total asset scale of the fund is 2.01 billion yuan, with the best return during his tenure being 157.19% and the worst being -41.49% [3]

Core Viewpoint - The company, Zhenhai Co., is focusing on the petrochemical engineering sector, leveraging its expertise in refining and chemical engineering to meet diverse client needs and market stages, with a stable revenue model and growth potential in new materials and fine chemicals [1][2][3]. Company Overview - Zhenhai Co. reported a stock price increase of 10.04% to 12.49 CNY as of January 23, 2026, with a total market capitalization of 2.981 billion CNY, ranking 36th in the professional engineering sector [1]. - The company maintains an annual revenue of approximately 500 million CNY, reflecting a stable state aligned with market demand and a team of around 400 employees [2][5]. Market Strategy - The company emphasizes the potential of the coal chemical market in regions like Xinjiang and Inner Mongolia, adopting a strategy of "active tracking, selective participation, localized service, and steady advancement" [2][5]. - A new branch in Guangdong has been established to enhance local service capabilities and respond to market opportunities in the South China petrochemical sector [4][5]. Competitive Landscape - The industry is characterized by a clear tiered competition structure, with major state-owned enterprises in the first tier, Zhenhai Co. in the second tier, and smaller design institutes in the third tier [3]. - The company aims for differentiated competition by leveraging its technical expertise and project experience to enhance comprehensive solution capabilities [3]. Future Growth Directions - Future growth will focus on consolidating the existing business base, cultivating new growth drivers, and optimizing operational efficiency, particularly in sulfur recovery, hydrogenation technology, and new chemical materials [3][4]. - The company is also investing in digital design platforms to improve execution efficiency and monitor costs dynamically in response to raw material price fluctuations [3][4][6]. Research and Development - Zhenhai Co. is committed to a transformation towards "specialization, high-end, intelligence, and low carbon," with successful innovations in various chemical processes and ongoing development of digital platforms [4][6]. - The company collaborates with research institutions to create a full-chain innovation system, focusing on optimizing refining processes and developing high-end new materials [6]. Talent Management - The company prioritizes talent retention and is exploring stock incentive plans to motivate core teams and retain key personnel, aiming to enhance cohesion and attract local talent [5][6].

Core Viewpoint - The company emphasizes the importance of talent as its most valuable asset and aims to establish a scientific, fair, and sustainable incentive mechanism to enhance team cohesion and retain key personnel [2] Talent Incentive Mechanism - The company acknowledges the need for improvement in matching the "more work, more pay; capable individuals earn more" compensation philosophy [2] - Equity incentives are identified as a crucial direction for enhancing the incentive mechanism, allowing core technical staff and management to share in the company's growth [2] Implementation Plans - The company plans to explore and develop an equity incentive scheme, considering market conditions, operational development plans, and regulatory requirements before launching a specific plan [2] - The company commits to fulfilling information disclosure obligations regarding the equity incentive plan [2] Additional Incentive Policies - The company employs various multidimensional incentive policies to maintain team vitality, including a performance-linked compensation system, comprehensive performance evaluation and promotion pathways, and a mentorship program for talent development [2] - The introduction of equity incentives is seen as a significant component of the overall talent incentive system, aimed at motivating a younger management team and core employees [2]

Core Viewpoint - The company, as a technology and service provider in the petrochemical engineering sector, focuses on refining and chemical engineering, catering to diverse customer needs and market stages, which forms the overall business layout of the company [2] Group 1: Business Model and Profitability - The refining engineering business is a long-term advantage for the company, characterized by rich project execution experience and stable partnerships with major domestic refining enterprises, providing a continuous and reliable income source [2] - The chemical engineering business, particularly in new materials and fine chemicals, has been expanding rapidly, with high technical integration and added value, serving as an important area for cultivating new business growth and promoting service upgrades [2] Group 2: Customer Structure - The customer base for the refining engineering business primarily consists of large state-owned refining enterprises, leading to concentrated and long-term cooperative relationships [2] - The chemical engineering business has a more diverse customer distribution, including state-owned enterprises and high-quality private enterprises, which benefits the company in expanding market resources and project opportunities [2] Group 3: Strategic Development - The company is committed to the collaborative development of integrated refining engineering technology, consolidating its traditional refining market while actively seizing market opportunities brought by the high-end and fine chemical sectors [2] - Continuous enhancement of comprehensive technical service capabilities is aimed at supporting the company's long-term stable development [2]