一、可转债发行上市概况 经中国证券监督管理委员会《关于核准浙江新化化工股份有限公司公开发行可转 换公司债券的批复》（证监许可[2022]2163号）核准，公司于2022年11月28日公开 发行了650.00万张可转换公司债券，每张面值100元，发行总额65,000万元，发行期 限6年。票面利率为第一年0.3%、第二年0.5%、第三年1.0%、第四年1.5%、第五年 2.0%、第六年3.0%，到期赎回价为115元（含最后一期利息）。 东方证券股份有限公司 关于浙江新化化工股份有限公司 不提前赎回"新化转债"的核查意见 东方证券股份有限公司（以下简称"保荐机构"）作为浙江新化化工股份有限公 司（以下简称"新化股份"或"公司"）2022年公开发行可转换公司债券的保荐机构。根 据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》《可转换公 司债券管理办法》和《上海证券交易所上市公司自律监管指引第12号——可转换公司 债券》等有关规定，对公司不提前赎回"新化转债"事项进行了审慎核查，发表如下 核查意见： 经上交所自律监管决定书〔2022〕343号文同意，公司65,000.00万元可转换公 司债券于2022年 ...

Group 1 - The company Zhejiang Xinhua Chemical Co., Ltd. issued 6.5 million convertible bonds with a total amount of 650 million yuan, which were listed on December 16, 2022 [2] - The bonds have a maturity period of 6 years with a coupon rate that increases from 0.3% in the first year to 3.0% in the sixth year, and a redemption price of 115 yuan [2] - The initial conversion price was set at 32.41 yuan per share, which has been adjusted multiple times due to corporate actions [3][4] Group 2 - The company has established conditional redemption terms for the convertible bonds, which can be triggered if the stock price meets certain criteria [5] - Specifically, if the stock price remains above 130% of the conversion price for at least 15 out of 30 trading days, or if the remaining unconverted bonds are less than 30 million yuan, the company can redeem the bonds [6] - As of July 15, 2025, the stock price has met the criteria for triggering the redemption clause, with a requirement for the stock price to be at least 25.753 yuan per share in the following trading days [6]

证券代码：603867 证券简称：新化股份 公告编号：2025-036 转债代码：113663 转债简称：新化转债 浙江新化化工股份有限公司 关于"新化转债"预计满足赎回条件的提示性公告 《 新 化 股 份 关 于 调 整 " 新 化 转 债 " 转 股 价 格 的 公 告 》 （ 公 告 编 号 ： 2024- 因公司股价满足募集说明书中规定的转股价格向下修正的条件，公司将 "新化转债"转股价格自2024年9月20日起由31.42元/股调整为20.25 元/股， 具体内容详见公司在上海证券交易所网站（www.sse.com.cn）披露的《新化股 份关于向下修正"新化转债"转股价格暨转股停复牌的公告》（公告编号： 因公司2024年度实施权益分派，转股价格自2025年6月18日由20.25元/股调 整为19.81元/股，详见公司在上海证券交易所网站（www.sse.com.cn）披露的 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、可转债发行上市概况 经中国证券监督管理委员会《关于核准浙江新化化工股份有限公司公开发 行可转 ...

| 证券代码：603867 | 证券简称：新化股份 | 公告编号：2025-036 | | --- | --- | --- | | 转债代码：113663 | 转债简称：新化转债 | | 浙江新化化工股份有限公司 因公司2023年度实施权益分派，转股价格自2024年6月18日由31.86元/股调 整为31.42元/股，详见公司在上海证券交易所网站（www.sse.com.cn）披露的 《新化股份关于调整"新化转债"转股价格的公告》（公告编号：2024- 039）。 关于"新化转债"预计满足赎回条件的提示性公告 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法律责任。 一、可转债发行上市概况 经中国证券监督管理委员会《关于核准浙江新化化工股份有限公司公开发 行可转换公司债券的批复》（证监许可[2022]2163号）核准，公司于2022年11 月28日公开发行了650.00万张可转换公司债券，每张面值100元，发行总额 65,000万元，发行期限6年。票面利率为第一年 0.3%、第二年 0.5%、第三年 1.0%、第四年 1.5%、第五年 ...

数据来源：天眼查APP 证券之星消息，根据天眼查APP数据整理，近日，芯存微(上海)半导体有限公司成立，法定代表人为张 新利，注册资本1000万元，经营范围包含：一般项目：半导体器件专用设备销售；电子专用材料研发； 电子专用材料销售；前沿新材料销售；新材料技术研发；气体、液体分离及纯净设备销售；技术服务、 技术开发、技术咨询、技术交流、技术转让、技术推广。(除依法须经批准的项目外，凭营业执照依法 自主开展经营活动)。天眼查APP股权穿透显示，该公司由新化股份、上海飞哥云信息技术有限公司、 建德市伽玛科技创业发展合伙企业(有限合伙)共同持股。 ...

Investment Rating - The report maintains a positive outlook on the pesticide industry, suggesting a "Buy" rating for key companies such as Yangnong Chemical, Lier Chemical, and Runfeng Shares [3][20]. Core Insights - The pesticide industry is experiencing a recovery due to the "Zhengfeng Zhijuan" initiative aimed at regulating the market, which has led to price increases for key products like fluorocarbon herbicides [3][4]. - The report highlights the impact of maintenance shutdowns at major production facilities, such as Wanhua's Hungarian plant, which may lead to supply shortages and price increases in the TDI market [3][4]. - The report emphasizes the potential for improved industry dynamics through the elimination of outdated production capacity, as indicated by government initiatives targeting key sectors [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a stable global GDP growth of 2.8%, with oil demand expected to rise despite some slowdown due to tariffs [4]. - The report notes that coal prices are expected to decline in the medium to long term, alleviating pressure on downstream industries [4]. Chemical Prices - Recent price movements include a 15% increase in the price of Lier Chemical's fluorocarbon herbicide and a similar rise for Zhongqi Shares [3][11]. - The report mentions that the price of TDI is expected to rise due to low global inventory levels and potential supply disruptions from maintenance activities [3][4]. Investment Recommendations - The report suggests focusing on traditional cyclical stocks and specific sectors such as coal chemical, real estate chain, and agricultural chemicals, highlighting companies like Wanhua Chemical and Hualu Hengsheng [3][20]. - Growth stocks with recovery potential are identified, including semiconductor materials and OLED panel materials, with specific companies recommended for investment [3][20].

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 - Zhejiang Xinhua Chemical Co., Ltd. has reported the conversion results of its convertible bonds, indicating a low conversion rate and a significant amount of unconverted bonds remaining. Group 1: Convertible Bond Conversion Status - As of June 30, 2025, a total of RMB 145,566,000 worth of "Xinhua Convertible Bonds" has been converted into 7,185,989 shares, representing 3.87% of the total shares outstanding before conversion [1][3][4] - The amount of unconverted "Xinhua Convertible Bonds" as of June 30, 2025, is RMB 504,434,000, which accounts for 77.6052% of the total issuance [1][2] Group 2: Convertible Bond Issuance Overview - The company issued 6.5 million convertible bonds on November 28, 2022, with a total value of RMB 65 million and a maturity of 6 years [2] - The initial conversion price was set at RMB 32.41 per share, which has been adjusted to RMB 20.25 per share as of September 20, 2024, due to conditions met for downward price adjustment [2][3] Group 3: Share Capital Changes - The total share capital remains at 192,773,989 shares, with no changes due to the conversion of convertible bonds [4]

Core Viewpoint - The company Zhejiang Xinhua Chemical Co., Ltd. plans to transfer 24.5% of its subsidiary's shares in JianDe Gamma Management Consulting Partnership to other partners, with 17% going to the chairman, Mr. Ying Sibin, for a total price of approximately 2.25 million yuan, constituting a related party transaction [1][2][3] Summary by Sections Related Party Transaction Overview - The board approved the transfer of 24.5% of shares in JianDe Gamma Management Consulting Partnership, with 17% going to Mr. Ying Sibin for a total price of 2,249,429.88 yuan [1][2] - The transaction does not constitute a major asset restructuring [1] - The transfer price is based on the net asset value assessed by Kun Yuan Asset Appraisal Co., Ltd. as of May 31, 2025 [1][2] Purpose and Reason for the Transaction - The transaction aims to establish a long-term incentive mechanism to align the interests of the core team with the company's long-term development, particularly in the lithium extraction market [2] Related Party Information - Mr. Ying Sibin, the chairman of the company, is the related party involved in this transaction [3] Transaction Target Information - The target of the transaction is JianDe Gamma Management Consulting Partnership, a limited partnership with a registered capital of 3 million yuan, primarily engaged in management consulting services [4] Financial Information of the Transaction Target - As of December 31, 2024, the total assets of the target company are projected to be 1,323.19 million yuan, with total liabilities of 0, resulting in net assets of 1,323.19 million yuan [4] Valuation and Pricing - The assessed net asset value of JianDe Gamma Management Consulting Partnership is 11,517,727.91 yuan, with a total equity valuation of 12,366,540.29 yuan, reflecting an increase of 848,812.38 yuan, or a 7.37% increase [5][8] Contractual Details - The agreement specifies that the seller is Zhejiang Xinjia Chemical Co., Ltd. and the buyer is Mr. Ying Sibin, with the transaction price set at 2,249,429.88 yuan [8] Impact on the Company - The transaction amount is minor compared to the company's audited net assets, indicating minimal impact on the company's financial status and operational results [8]

| 证券简称：新化股份 | 证券代码：603867 | 公告编号：2025-034 | | --- | --- | --- | | 转债简称：新化转债 | 转债代码：113663 | | 浙江新化化工股份有限公司 关于子公司关联交易的补充公告 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： 一、关联交易概述 2025年5月20日，新化股份召开第六届董事会独立董事专门会议2025年第二 次会议、第六届董事会第十七次会议，会议审议通过《关于子公司关联交易的议 案》，同意公司通过协议转让方式将全资子公司浙江新伽玛化学有限公司所持有 的预留的建德市伽玛管理咨询合伙企业（有限合伙）中的24.5%股份按 2024 年 末净资产份额转让给其他及新增合伙人，其中 17% 的股份份额转让给应思斌先 生，拟转让价格合计为 2,249,429.88 元。 因建德市伽玛管理咨询合伙企业（有限合伙）份额拟变更，公司拟将全资子公 司浙江新伽玛化学有限公司所持有的预留的建德市伽玛管理咨询合伙企业（有 限合伙）（以下简称伽玛咨询公司）中的24 ...