Group 1 - The core issue is that 聚合顺新材料股份有限公司 was fined 5,000 RMB for failing to maintain fire safety equipment and signage, which was identified during an inspection on June 6, 2025 [1][2] - The company was found to have committed a minor violation under the Fire Protection Law of the People's Republic of China, specifically Article 60, Paragraph 1, Item 1 [1][2] - The company was established on November 1, 2013, in Hangzhou, Zhejiang Province, with a registered capital of 315.547 million RMB, and specializes in the research, production, and sales of nylon 6 chips [2] Group 2 - On September 20 and September 26, 2024, the company used 90 million RMB of idle raised funds for cash management without timely disclosure, violating regulatory requirements [4] - The company’s chairman, general manager, and former secretary failed to ensure compliance with fundraising and disclosure obligations, leading to a warning letter issued by the regulatory authority [4]

Market Overview - On August 20, the chemical fiber sector rose by 2.77% compared to the previous trading day, with Jilin Carbon Valley leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] Stock Performance - Jilin Carbon Valley (836077) closed at 16.23, up 11.16% with a trading volume of 281,100 shares and a transaction value of 444 million yuan [1] - Suzhou Longjie (603332) closed at 15.83, up 10.01% with a trading volume of 337,700 shares and a transaction value of 515 million yuan [1] - Jilin Chemical Fiber (000420) closed at 4.64, up 9.95% with a trading volume of 1,309,800 shares and a transaction value of 602 million yuan [1] - Other notable stocks include 聚合顺 (605166) at 13.00, up 7.17%, and 南京化纤 (600889) at 16.77, up 6.68% [1] Capital Flow - The chemical fiber sector saw a net inflow of 453 million yuan from main funds, while retail funds experienced a net outflow of 316 million yuan [2] - The main funds' net inflow for Jilin Chemical Fiber (000420) was 200 million yuan, accounting for 33.27% of its total [3] - Suzhou Longjie (603332) had a main fund net inflow of 119 million yuan, representing 23.14% of its total [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The chlor-alkali industry is experiencing a recovery in profitability, driven by a tightening supply of glyphosate and glufosinate, leading to price increases [4][20] - The "anti-involution" policy is expected to be a key focus in 2025 and beyond, aiming to optimize the competitive landscape in the chemical industry [26] Summary by Sections Industry Trends - The chemical industry index outperformed the CSI 300 index by 1.1% this week, with 76.7% of the 545 tracked stocks showing weekly gains [17] - The average price of glyphosate increased to 26,399 CNY/ton, a rise of 0.37% from the previous week, while glufosinate also saw a price increase [21][22] Key Products Tracking - Urea and potassium chloride prices have risen, while phosphorite and phosphates remain stable [52] - The average price of urea reached 1,780 CNY/ton, up 0.62% from the previous week, driven by improved market sentiment [52][54] Recommended and Beneficiary Stocks - Recommended stocks include leading chemical companies such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical [6][26] - Beneficiary stocks include companies like Jiangshan Co., Ltd. and Hebei New Chemical Materials [24][27]

Core Insights - The total salary of CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - The chemical fiber industry saw a total CFO salary of 12.80 million yuan, with an average salary of 640,000 yuan, reflecting a year-on-year increase of 4.38% [2] Salary Analysis - The highest-paid CFO in the chemical fiber industry is Sun Jie from Huafeng Chemical, earning 1.75 million yuan, which is 2.7 times the industry average [3] - The lowest-paid CFO is Qu Dajun from Jilin Chemical Fiber, with an annual salary of 160,000 yuan, only a quarter of the industry average [3] - Xu Ping from Youcai Resources experienced the highest salary increase, with a 93% rise to 572,600 yuan, despite the company's revenue declining by 3.7% [4] Educational and Age Demographics - In the chemical fiber industry, 70% of CFOs hold a bachelor's degree, while 15% have an associate degree and 15% have a master's degree [3] - Most CFOs are over 40 years old, with the youngest being 35 years old [3] Performance Metrics - Huafeng Chemical reported a revenue of 26.93 billion yuan in 2024, a 2.4% increase, but its net profit decreased by 10.4% to 2.22 billion yuan [3] - Jiejian Equipment achieved a revenue of 3.883 billion yuan, a 3.9% increase, but its net profit fell by 13.9% [3] Regulatory Actions - Two CFOs in the chemical fiber industry faced administrative penalties in 2024, with one receiving a warning from the Henan Securities Regulatory Bureau [5][6]

Core Viewpoint - The announcement details the results of the "He Shun Convertible Bond" repurchase, including the repurchase period, effective declaration quantity, and the impact on the company's financials [1][2]. Group 1: Repurchase Details - The repurchase period for the "He Shun Convertible Bond" is from July 22, 2025, to July 28, 2025 [1]. - The effective declaration quantity for the repurchase is 10 bonds [1]. - The total repurchase amount is 1,000.00 yuan, which includes interest [1]. - The funds for the repurchase will be disbursed on July 31, 2025 [1]. Group 2: Company Meetings and Approvals - The company held its third temporary shareholders' meeting and the first bondholders' meeting on July 14, 2025, where it approved adjustments to certain fundraising project contents and construction progress [1]. - The repurchase clause for the convertible bonds became effective as per the company's previously disclosed fundraising prospectus [1][2]. Group 3: Repurchase Results and Impact - The repurchase price for the "He Shun Convertible Bond" is set at 100.00 yuan per bond, including the current interest [2]. - The repurchase will not affect the company's cash flow, asset status, or share capital situation [2]. - Unrepurchased "He Shun Convertible Bonds" will continue to be traded on the Shanghai Stock Exchange [2].

一、本次可转债回售的公告情况 2025 年 7 月 15 日，公司于上海证券交易所网站（www.sse.com.cn）披露了 《聚合顺新材料股份有限公司关于"合顺转债"可选择回售的公告》（公告编号： 2025-069），并分别于 2025 年 7 月 18 日、2025 年 7 月 22 日、2025 年 7 月 28 日披露了《聚合顺新材料股份有限公司关于"合顺转债"可选择回售的第一次提 示性公告》（公告编号：2025-073）、《聚合顺新材料股份有限公司关于"合顺 关于"合顺转债"回售结果的公告 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法律责任。 重要内容提示： 聚合顺新材料股份有限公司（以下简称"公司"）于 2025 年 7 月 14 日召开 公司 2025 年第三次临时股东大会及"合顺转债"2025 年第一次债券持有人会议， 均审议通过《关于调整及优化部分募投项目内容及建设进度的议案》，同意调整 变更"合顺转债"部分募投项目。根据公司 2024 年 7 月 18 日披露于上海证券交 易所网站（www.sse.com.cn） ...

Core Points - The company announced the third reminder for the optional redemption of the "He Shun Convertible Bonds" [1] - The redemption price is set at 100.00 RMB per bond, including accrued interest [1][3] - The redemption period is from July 22, 2025, to July 28, 2025, with funds to be disbursed on July 31, 2025 [1][4] - During the redemption period, the "He Shun Convertible Bonds" will stop converting into shares [1][4] - Bondholders have the right to choose whether to redeem part or all of their unconverted bonds, and the redemption is not mandatory [1][2] Redemption Terms - The additional redemption clause is activated if there are significant changes in the use of funds compared to the commitments in the prospectus [2] - The calculation for accrued interest is based on the formula: IA = B × i × t / 365, where B is the total face value of the bonds held, i is the annual coupon rate, and t is the number of days [3] - For the second year of the "He Shun Convertible Bonds," the coupon rate is 0.40%, resulting in no accrued interest for the redemption price [3] Redemption Process - Bondholders must submit their redemption requests through the Shanghai Stock Exchange trading system during the specified period [4] - The redemption period is from July 22, 2025, to July 28, 2025, with the price set at 100.00 RMB per bond [4] - The bonds will continue to trade during the redemption period but will not be convertible into shares [4]

| 证券代码：605166 | 证券简称：聚合顺 | 公告编号：2025-075 | | --- | --- | --- | | 转债代码：111003 | 转债简称：聚合转债 | | | 转债代码：111020 | 转债简称：合顺转债 | | 聚合顺新材料股份有限公司 关于"合顺转债"可选择回售的第三次提示性公告 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。 重要内容提示： "合顺转债"持有人可回售部分或全部未转股的可转换公司债券。"合 顺转债"持有人有权选择是否进行回售，本次回售不具有强制性。 风险提示：如可转债持有人选择回售，则等同于以 100.00 元人民币/张 （含当期利息）卖出持有的"合顺转债"。截至本公告发出前的最后一个交易日， "合顺转债"的收盘价格高于本次回售价格，可转债持有人选择回售可能会带来 损失，敬请关注选择回售的投资风险。 聚合顺新材料股份有限公司（以下简称"公司"）于 2025 年 7 月 14 日召开 公司 2025 年第三次临时股东大会及"合顺转债"2025 年第一次债券持有人会议， 均审议通 ...

| 证券代码：605166 | 证券简称：聚合顺 | 公告编号：2025-074 | | --- | --- | --- | | 转债代码：111003 | 转债简称：聚合转债 | | | 转债代码：111020 | 转债简称：合顺转债 | | 现依据《上市公司证券发行管理办法》《可转换公司债券管理办法》《上海 证券交易所股票上市规则》和公司《募集说明书》，就回售有关事项向全体"合 回售价格：100.00 元/张（含当期应计利息） 回售期：2025 年 7 月 22 日至 2025 年 7 月 28 日 回售资金发放日：2025 年 7 月 31 日 回售期内"合顺转债"停止转股 顺转债"持有人公告如下： 聚合顺新材料股份有限公司 关于"合顺转债"可选择回售的第二次提示性公告 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。 重要内容提示： "合顺转债"持有人可回售部分或全部未转股的可转换公司债券。"合 顺转债"持有人有权选择是否进行回售，本次回售不具有强制性。 风险提示：如可转债持有人选择回售，则等同于以 100.00 元人民 ...

Group 1 - The rapid rise of emerging industries such as new energy vehicles, smart electronics, robotics, and low-altitude economy has led to an explosive growth in demand for upstream nylon new materials [1] - 聚合顺新材料股份有限公司 is investing 2.7 billion yuan in a new project in Shandong Zibo to address the high costs and long delivery times associated with importing hexamethylenediamine from abroad [1] - The importance of hexamethylenediamine as a critical raw material in the nylon 66 industry is highlighted by its extensive applications in daily life and its increasing use in new energy vehicles [1] Group 2 - Domestic companies have struggled to produce hexamethylenediamine at scale due to high costs and risks, but a breakthrough was achieved by China Chemical Tianchen Company with the development of a new production technology [2] - The Tianchen Qixiang project in Zibo was completed in a record 20 months, marking a significant milestone in domestic production capabilities for hexamethylenediamine [2] - The successful localization of hexamethylenediamine production has broken foreign monopolies and enhanced the self-sufficiency of China's high-end nylon new materials industry [2] Group 3 - Tianchen Qixiang has implemented over 200 technical improvement projects to reduce costs and increase profits, attracting downstream companies like 聚合顺 to Zibo and fostering a positive industrial ecosystem [3] - The collaboration with Zibo Qixiang Tengda Chemical has established a supply chain for basic raw materials, enhancing the efficiency and sustainability of the industrial ecosystem [3] - The ongoing second phase of the Tianchen Qixiang nylon new materials project is expected to further expand the market space for the hexamethylenediamine-hexamethylenediamine-nylon industry chain, presenting new opportunities for the domestic nylon 66 industry [3]