Group 1 - The core viewpoint of the articles highlights that CuHua Co., Ltd. (醋化股份) is expected to turn a profit in the first half of 2025, with a projected net profit attributable to shareholders ranging from 0 to 5 million yuan, compared to a loss in the same period last year [1] - The company has actively responded to market changes by enhancing marketing efforts, adjusting product and customer structures, and optimizing production processes to improve profitability and alleviate competitive pressure [1] - The reduction in asset impairment losses and share-based payment expenses compared to the previous year has contributed to the company's improved financial outlook [1] Group 2 - The fine chemical industry is currently facing multiple challenges, including a slowdown in global economic growth and a complex international trade environment, which negatively impacts chemical product exports [2] - Domestic environmental policies are tightening, leading to restrictions on high-pollution and high-energy-consuming traditional production processes, prompting companies to accelerate their transformation towards greener and more efficient production methods [2] - CuHua Co., Ltd. has a diverse product structure covering over 40 products across various sectors, including food, feed additives, pharmaceuticals, and dyes, providing a competitive advantage over typical fine chemical companies [2]

[Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company anticipates a return to profitability in H1 2025, with net profit attributable to shareholders projected between 0 and 5 million yuan - The company expects to achieve a turnaround to profitability in the first half of 2025[4](index=4&type=chunk) 2025 Semi-Annual Performance Forecast | Indicator | 2025 Semi-Annual Forecast | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 0.00 million yuan to 5.00 million yuan | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Items) | -8.00 million yuan to 0.00 million yuan | - This performance forecast has not been audited by a certified public accountant[4](index=4&type=chunk) [Prior Period Operating Performance and Financial Status](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) In the prior period (H1 2024), the company incurred losses, with net profit attributable to shareholders at -44.22 million yuan and diluted EPS at -0.2116 yuan 2024 Semi-Annual (Prior Period) Financial Performance | Indicator | 2024 Semi-Annual (Prior Period) | | :--- | :--- | | Total Profit | -47.02 million yuan | | Net Profit Attributable to Parent Company Shareholders | -44.22 million yuan | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Items) | -50.86 million yuan | | Earnings Per Share | -0.2116 yuan | [Primary Reasons for Current Period Profit Forecast](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E7%9B%88%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The anticipated profitability is primarily due to improved product profitability from marketing and cost control, reduced asset impairment losses, and lower share-based payment expenses - Key drivers for performance improvement include **enhanced product profitability** through marketing adjustments and cost reduction, **reduced asset impairment losses** due to improved product cost conditions, and a **decrease in share-based payment expenses** compared to the prior period[8](index=8&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company states no significant uncertainties affecting the forecast's accuracy were found at period-end, but emphasizes the unaudited nature of the data - The company has not identified any significant uncertainties that could affect the accuracy of this performance forecast[9](index=9&type=chunk) - The data in this performance forecast has not been audited by a certified public accountant[9](index=9&type=chunk) [Other Explanatory Matters](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) Investors are advised that this forecast is preliminary, with final accurate financial data to be based on the official 2025 semi-annual report - The forecast data provided is preliminary, and the final accurate financial figures will be based on the company's officially disclosed 2025 semi-annual report[10](index=10&type=chunk) - Investors are kindly reminded to be aware of investment risks[10](index=10&type=chunk)

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of between 0 million to 5 million yuan for the first half of 2025, indicating a turnaround from losses in the previous year [1] Financial Performance - The anticipated net profit after deducting non-recurring gains and losses is projected to be between -8 million to 0 million yuan for the same period [1] Strategic Initiatives - The company is actively responding to market changes by increasing marketing efforts, optimizing production organization, improving equipment processes, and promoting cost reduction and efficiency enhancement measures [1] - These initiatives aim to enhance product profitability and alleviate competitive pressure in the market [1]

南通醋酸化工股份有限公司 Nantong Acetic Acid Chemical Co.,Ltd. 会议资料 南通醋酸化工股份有限公司 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，根据 《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券 法》（以下简称"《证券法》"） 、《上海证券交易所股票上市规则》、《上市公司 治理准则》、《南通醋酸化工股份有限公司章程》（以下简称"《公司章程》"） 和《南通醋酸化工股份有限公司股东大会议事规则》等相关法律、法规、规范性 文件和公司内部规章制度，特制定本须知，请出席股东大会的全体人员自觉遵守。 会务接待工作，希望拟参加本次股东大会现场会议的各位股东配合公司做好登记 工作，并请登记出席股东大会的各位股东准时出席会议。 会议的股东（或股东授权代表）、公司董事、监事、高级管理人员、公司聘请律 师及董事会邀请的人员和相关工作人员外，公司有权依法拒绝其他人员进入本次 股东大会会场。 并履行法定义务和遵守有关规则。股东要求在本次股东大会上发言的，应当在办 理会议登记手续时提出。股东临时要求发言的，应先举手示意，经大会主持人许 可后，方可发言或提 ...

南通醋酸化工股份有限公司 Nantong Acetic Acid Chemical Co.,Ltd. 2025 年 7 月 目录 | 2025 | 年第一次临时股东大会会议须知 | 1 | | --- | --- | --- | | 2025 | 年第一次临时股东大会会议议程 | 3 | | 议案 | 1：《关于改选独立董事的议案》 | 4 | 南通醋酸化工股份有限公司 2025 年第一次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，根据 《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券 法》（以下简称"《证券法》"）、《上海证券交易所股票上市规则》、《上市公司 治理准则》、《南通醋酸化工股份有限公司章程》（以下简称"《公司章程》"） 和《南通醋酸化工股份有限公司股东大会议事规则》等相关法律、法规、规范性 文件和公司内部规章制度，特制定本须知，请出席股东大会的全体人员自觉遵守。 1、为能及时统计出席会议的股东（股东代理人）所代表的持股总数，做好 会务接待工作，希望拟参加本次股东大会现场会议的各位股东配合公司做好登记 工作，并请登记出席股东大会的各位 ...

Investment Rating - The report suggests a "Standard Allocation" for the basic chemical sector, indicating a high potential for structural opportunities despite a lower probability of success [4]. Core Insights - The basic chemical sector currently has a high valuation safety margin, with the PB historical percentile dropping below 9% since 2010. When the PB percentile is below 10%, the sector's cost-effectiveness for allocation becomes apparent [4]. - Supply, cost, and demand sides continue to face disturbances, impacting the overall success rate of investments in this sector [4]. Summary by Sections Investment Strategy - Focus on sub-industries with marginal changes, such as pesticides, glyphosate, and sweeteners [4]. - Pay attention to the export chain, particularly lubricating oil additives, tires, and potassium fertilizers [4]. - Look for performance certainty in sectors like refrigerants and civil explosives [4]. Market Dynamics - The chemical industry is experiencing significant internal competition, with "change" being a focal point for attention [6]. - The industry is under pressure from substantial investments, with a compounded growth rate of 14.1% for raw materials and products over the past four years [17]. - The current investment cycle is nearing its end, with potential delays in capacity realization expected over the next 1-2 years [17]. Supply and Demand Trends - The chemical sector's inventory has not shown significant cyclical changes, remaining in a low-level oscillation state [20]. - Despite a slight recovery in chemical consumption due to government stimulus, the real estate sector continues to struggle, impacting overall demand [22][23]. Price Trends - The report highlights various price movements in the chemical sector, with glyphosate prices showing a year-on-year decrease of 10.26% as of May 2025 [36]. - The report also notes the price fluctuations of several chemicals, indicating a complex pricing environment influenced by supply chain disruptions and production capacity [34][35].

Core Viewpoint - The individual, Zhao Weijian, has been nominated as an independent director candidate for Nantong Acetic Acid Chemical Co., Ltd. and has confirmed his qualifications and independence for the role [1][4]. Summary by Sections Qualifications and Experience - The individual possesses basic knowledge of listed company operations and has over 5 years of relevant work experience in law, economics, accounting, finance, or management [1]. - He has completed training and obtained certification recognized by the stock exchange [1]. Compliance with Regulations - The individual's qualifications meet the requirements set forth by various laws and regulations, including the Company Law of the People's Republic of China and the Management Measures for Independent Directors of Listed Companies [1]. - He has undergone a qualification review by the nomination committee of Nantong Acetic Acid Chemical Co., Ltd. and has no conflicting interests with the nominator [3][4]. Independence Assurance - The individual confirms his independence, stating he does not fall under any disqualifying conditions, such as holding significant shares in the company or being related to major shareholders [1][2]. - He has no adverse records, including administrative or criminal penalties from the China Securities Regulatory Commission in the last 36 months [2][3]. Commitment to Responsibilities - The individual commits to adhering to laws, regulations, and the rules of the Shanghai Stock Exchange while ensuring sufficient time and energy to fulfill his duties [4]. - He acknowledges the consequences of making false statements regarding his qualifications and independence [3][4].

独立董事候选人声明与承诺 本人赵伟建，已充分了解并同意由提名人南通醋酸化工股份有限公司董事会 提名为南通醋酸化工股份有限公司第八届董事会独立董事候选人。本人公开声 明，本人具备独立董事任职资格，保证不存在任何影响本人担任南通醋酸化工股 份有限公司独立董事独立性的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行政法规、部门规 章及其他规范性文件，具有 5 年以上法律、经济、会计、财务、管理或者其他履 行独立董事职责所必需的工作经验。 本人已经参加培训并取得证券交易所认可的相关培训证明材料。 二、本人任职资格符合下列法律、行政法规和部门规章以及公司规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定； （三）中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部辞去公职或者退 （离）休后担任上市公司、基金管理公司独立董事、独立监事的通知》的规定； （五）中共中央组织部《关于进一步规范党政领导干 ...

召开的日期时间：2025 年 7 月 14 日 14 点 30 分 召开地点：南通中心诺富特酒店（工农路 208 号） 股东大会召开日期：2025年7月14日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 证券代码：603968 证券简称：醋化股份 公告编号：临 2025-024 南通醋酸化工股份有限公司 关于召开2025年第一次临时股东大会的通知 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、 召开会议的基本情况 (四)现场会议召开的日期、时间和地点 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运 作》等有关规定执行。 (一)股东大会类型和届次 2025年第一次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间 ...

证券代码：603968 证券简称：醋化股份 公告编号：临2025-023 南通醋酸化工股份有限公司 第八届董事会第二十次会议决议的公告 （二）审议并通过《关于提请召开公司2025年第一次临时股东大会的议案》 董事会决定于2025年7月14日以现场结合网络的方式召开2025年第一次临时股 东大会，详细内容见上海证券交易所网站（www.sse.com.cn）《南通醋酸化工股份 有限公司关于召开公司2025年第一次临时股东大会的通知》（公告临2025-024）。 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、董事会会议召开情况 南通醋酸化工股份有限公司（以下简称"公司"）第八届董事会第二十次会议 于2025年6月27日在公司会议室以通讯表决的方式召开。本次会议通知于2025年6月 24日以电子邮件方式发出，应参与表决董事9人，实际参与表决董事9人。会议的召 集和召开程序符合《公司法》等相关法律法规及《公司章程》的有关规定，会议决 议合法、有效。会议由董事长庆九先生主持，公司监事、高级管理人员列席了本次 会议。 二、董事会会议审 ...