Investment Rating - The report maintains a "Buy" rating for several key companies in the industry, including Wanhuah Chemical, Hualu Hengsheng, and Yuntianhua, among others [6]. Core Insights - The report emphasizes the acceleration of domestic substitution in new materials, particularly in semiconductor quartz sand and glass materials, driven by the ongoing trade conflicts and tariff policies [8][10]. - It highlights the importance of stable market measures being implemented to support the chemical industry, including increased investment in key sectors and support for state-owned enterprises [8][10]. - The report identifies potential investment opportunities in various segments, including AI materials, electronic gases, and nylon, suggesting a focus on companies like Lianrui New Materials and Saint Quan Group [8][10]. Summary by Sections Market Overview - The total number of listed companies in the industry is 428, with a total market value of 32,783.26 billion and a circulating market value of 29,223.51 billion [3]. - The report notes a significant decline in the indices for basic chemicals and petrochemicals, with respective decreases of 5.1% and 5.8% as of April 11, 2025 [16]. Key Industry Trends - The report discusses the impact of tariff policies on domestic demand, particularly in the mining and construction sectors, which are expected to see increased investment [8]. - It also mentions the stabilization of oil prices, which is anticipated to create cost reduction opportunities for chemical products [8]. Company Recommendations - Specific companies are recommended based on their performance and market positioning, including Wanhuah Chemical, Hualu Hengsheng, and Yuntianhua, which are expected to benefit from favorable market conditions [6][8]. - The report suggests monitoring companies involved in the production of high-purity quartz sand and AI materials, as these sectors are poised for growth [8][10]. Price Trends - The report indicates that as of April 11, 2025, the average price of domestic industrial silicon is 10,507.0 yuan/ton, reflecting a week-on-week decrease of 1.3% and a year-on-year decrease of 21.3% [9]. - It also notes fluctuations in the prices of various chemical products, with some experiencing significant price increases while others have seen declines [22][23].

Investment Rating - The report gives a "Buy" investment rating for the company, indicating a positive outlook for its stock performance [9]. Core Views - The company achieved a total revenue of 10.02 billion yuan in 2024, representing a year-on-year increase of 9.87%, and a net profit attributable to shareholders of 868 million yuan, up 9.94% year-on-year [1]. - The company plans to deepen technological breakthroughs in 2025, aiming to become a global leader in new material solutions, with a focus on synthetic resins, advanced electronic materials, and biomanufacturing [4][8]. - The company is expected to see significant growth in net profit over the next three years, with projections of 1.25 billion yuan in 2025, 1.47 billion yuan in 2026, and 1.84 billion yuan in 2027 [9]. Revenue and Profit Growth - In 2024, the company’s biomass product output increased by 41.33% year-on-year, with sales rising by 23.64% [2]. - The synthetic resin segment saw a production increase of 10.78% and sales growth of 8.85% in 2024 [2]. - The company’s financial expenses decreased due to the repayment of loans, contributing to improved profitability [3]. Financial Forecast - The company’s revenue is projected to grow from 11.54 billion yuan in 2025 to 15.21 billion yuan in 2027, with a compound annual growth rate of approximately 14.9% [11]. - The net profit is expected to grow at a compound annual growth rate of 25.3% from 2024 to 2027, reflecting strong operational performance [11]. - The report forecasts a diluted earnings per share (EPS) of 1.47 yuan in 2025, increasing to 2.17 yuan by 2027 [11].

Investment Rating - The report gives a "Buy" investment rating for the company, indicating a positive outlook for its stock performance [9]. Core Views - The company achieved a total revenue of 10.02 billion yuan in 2024, representing a year-on-year increase of 9.87%, and a net profit attributable to shareholders of 868 million yuan, up 9.94% year-on-year [1]. - The company plans to deepen technological breakthroughs in 2025, aiming to become a global leader in new material solutions, with a focus on synthetic resins, advanced electronic materials, and biomanufacturing [4][8]. - The company is expected to see significant growth in net profit over the next few years, with projections of 1.25 billion yuan in 2025, 1.47 billion yuan in 2026, and 1.84 billion yuan in 2027 [9]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 2.87 billion yuan, a year-on-year increase of 18.15% and a quarter-on-quarter increase of 13.55%, while the net profit for the same quarter was 287 million yuan, down 6.65% year-on-year but up 15.20% quarter-on-quarter [1]. - The company’s sales, management, and R&D expense ratios increased slightly, while the financial expense ratio decreased due to debt repayment [3]. Product Performance - The company saw significant growth in its biomass products, with production increasing by 41.33% year-on-year to 256,300 tons and sales up 23.64% to 217,000 tons in 2024 [2]. - The synthetic resin segment produced 725,900 tons, a 10.78% increase year-on-year, while advanced electronic materials and battery materials saw modest growth [2]. Future Outlook - The company is set to release new production capacities, including a 1,000-ton PPO resin production line and a 100-ton hydrocarbon resin line, which are expected to enhance its market position [4]. - The revenue growth forecast for 2025 is projected at 11.54 billion yuan, with a growth rate of 15.1% [11].

圣泉集团 2024 年年度股东大会会议资料 济南圣泉集团股份有限公司 2024 年年度股东大会 会议资料 二〇二五年四月二十一日召开 圣泉集团 2024 年年度股东大会会议资料 济南圣泉集团股份有限公司 2024 年年度股东大会文件目录 | 济南圣泉集团股份有限公司 2024 | 年年度股东大会会议须知 3 | | --- | --- | | 济南圣泉集团股份有限公司 2024 | 年年度股东大会会议议程 6 | | 议案一：济南圣泉集团股份有限公司 2024 | 年度董事会工作报告 8 | | 议案二：济南圣泉集团股份有限公司 2024 | 年度监事会工作报告 16 | | 议案三：济南圣泉集团股份有限公司关于公司 | 2024 年年度报告及其摘要的议案 | | 19 | | | 议案四：济南圣泉集团股份有限公司 | 2024 年度财务决算及 2025 年度预算报告 | | 20 | | | 议案五：济南圣泉集团股份有限公司关于 | 2024 年度利润分配的预案 22 | | 议案六：济南圣泉集团股份有限公司关于续聘 | 2025 年度审计机构的议案 ...23 | | 议案七：济南圣泉集团股份有限公司关于 ...

Core Viewpoint - The announcement details the second unlock period of the 2022 restricted stock incentive plan for Jinan Shengquan Group Co., Ltd, allowing 600 eligible participants to unlock a total of 2,332,500 shares, which represents 0.28% of the company's total share capital, effective April 15, 2025 [4][14][15]. Group 1: Incentive Plan Overview - The stock listing type is for equity incentive shares, with a total of 2,332,500 shares to be listed [2][3]. - The second unlock period conditions have been met, allowing the release of 233,250 shares for 600 participants [4][14]. - The incentive plan was approved through various board and shareholder meetings held in September 2022, with independent directors and legal opinions supporting the process [5][6][7]. Group 2: Historical Grant and Unlock Conditions - The initial grant of the restricted stock occurred on September 22, 2022, with a total of 8,100,000 shares granted to 635 participants [7][13]. - The second unlock period for the initial grant ended on November 13, 2024, meeting the necessary conditions for unlocking [14]. - The company has a structured process for handling the shares of departed employees, including buyback provisions for unvested shares [10][11]. Group 3: Stock Flow and Restrictions - The unlocked shares will be available for trading starting April 15, 2025 [15]. - There are specific transfer restrictions for directors and senior management, including limits on the percentage of shares that can be sold annually and conditions for trading within six months of buying or selling shares [17]. - The company will continue to comply with legal and regulatory requirements regarding stock transfers and incentive plans [17][19].

证券代码：605589 证券简称：圣泉集团 公告编号：2025-045 济南圣泉集团股份有限公司 关于公司 2022 年限制性股票激励计划首次授予部分 第二个解除限售期解除限售暨上市公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上 市股数为2,332,500股。 本次股票上市流通总数为2,332,500股。 本次股票上市流通日期为2025 年 4 月 15 日。 2025 年 3 月 31 日，济南圣泉集团股份有限公司（以下简称"公司"） 召开第十届董事会第二次会议及第十届监事会第二次会议，审议通过 了《关于公司 2022 年限制性股票激励计划首次授予部分第二期解除限 售条件成就的议案》，经审议，公司 2022 年限制性股票激励计划（以 下简称"本激励计划"、"本次激励计划"或"《激励计划》"）首次授予 部分第二期解除限售条件已经成就，公司同意为符合解除限售条件的 600 名激励对象办理相关限制性股票解除限售事宜。本次解除限售的限 制性股票数量合计 ...

北京市中伦（上海）律师事务所 关于济南圣泉集团股份有限公司 2022 年限制性股票激励计划首次授予部分第二期解除限 售及回购注销部分限制性股票 相关事项的法律意见书 $$\Xi{\bf{\cal{O}}}\!=\!\Xi{\bf{\cal{H}}}\!\Xi\!\Xi\!\Xi$$ 北京市中伦（上海）律师事务所 关于济南圣泉集团股份有限公司 2022 年限制性股票激励计划首次授予部分第二期解除限售及 回购注销部分限制性股票 相关事项的法律意见书 致：济南圣泉集团股份有限公司（圣泉集团） 根据本所与圣泉集团签署的《律师服务合同》，本所根据《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》"）、 中国证券监督管理委员会（以下简称"中国证监会"）发布的《上市公司股权激励管理 办法》（以下简称"《管理办法》"）等法律、法规、规范性文件以及《济南圣泉集团 股份有限公司章程》（以下简称"《公司章程》"）的有关规定，就圣泉集团2022年限 制性股票激励计划（以下简称"本次激励计划"）首次授予部分第二期解除限售（以下 简称"本次解除限售"）、回购注销部分限制性股票（以下简称" ...

中信证券股份有限公司 关于济南圣泉集团股份有限公司2024年持续督导工作现场检查 结果及提请公司注意事项 济南圣泉集团股份有限公司： 中信证券股份有限公司（以下简称"本保荐人"）作为对贵公司进行持续督 导的保荐人，按照《上海证券交易所上市公司自律监管指引第 11 号——持续督 导》的有关要求，对贵公司认真履行了持续督导职责。 基于 2024 年度现场检查，本保荐人提请公司关注以下事项： 1 2024 年持续督导工作现场检查结果及提请公司注意事项》之盖章页） 保荐人：中信证券股份有限公司 年 月 日 （本页无正文，为《中信证券股份有限公司关于济南圣泉集团股份有限公司 1、2024 年公司主要产品和原材料价格出现一定波动，建议公司积极应对行 业变化，有序开展经营活动，提高收益水平；同时继续严格按照《中华人民共和 国公司法》、《中华人民共和国证券法》、《上海证券交易所股票上市规则》等法律 法规的要求，不断完善公司治理结构，及时履行信息披露义务，合规合理使用募 集资金，有序推进募投项目的建设及实施，推动募投项目按期完成并实现预期收 益。 2、公司在 2022 年向特定对象发行股票过程中承诺将于 2023 年 12 月 ...

中信证券股份有限公司 关于济南圣泉集团股份有限公司 2024 年度持续督导工作现场检查报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为济南圣 泉集团股份有限公司（以下简称"圣泉集团"或"公司"）向特定对象发行 A 股 股票的保荐人，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》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管 要求》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上海证券 交易所上市公司自律监管指引第 11 号——持续督导》等有关法律、法规的规定， 对圣泉集团的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 黄野、田凯 （三）现场检查人员 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 黄野、高涌鑫 （四）现场检查时间 2025 年 3 月 31 日-2025 年 4 月 1 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重 ...

中信证券股份有限公司 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 关于济南圣泉集团股份有限公司 2024年度持续督导报告书 | 上市公司：济南圣泉集团股份有限公司（以下简称"圣泉集团"、"公司"或"发行人"） | | | --- | --- | | 保荐人名称：中信证券股份有限公司（以下简称"中信证券"或"保荐机构"） | | | 保荐代表人姓名：黄野 | 联系电话：18653195250 | | 保荐代表人姓名：田凯 | 联系电话：18769700363 | 经中国证券监督管理委员会《关于同意济南圣泉集团股份有限公司向特定对 象发行股票注册的批复》（证监许可[2023]2916 号）同意注册，并经上海证券交 易所同意，公司于 2024 年 3 月 26 日向特定对象发行人民币普通股（A 股）6,225.22 万股，每股发行价格为 14.06 元，募集资金总额为 87,526.59 万元，扣除各类发 行费用之后实际募集资金净额 86,978.99 万元。信永中和会计师事务所（特殊普 通合伙）于 2024 年 3 月 26 日对济南圣泉集团股份有限公司向特定对象发行 A ...