格隆汇7月30日｜华恒生物公告，公司正在筹划发行境外股份（H股）并在香港联合交易所有限公司上 市事宜。公司正与相关中介机构就本次H股上市的具体推进工作进行商讨，相关细节尚未确定，本次H 股上市不会导致公司控股股东和实际控制人发生变化。本次H股上市能否通过审议、备案和审核程序并 最终实施具有较大不确定性。 ...

人民财讯7月30日电，华恒生物(688639)7月30日晚间公告，公司正在筹划发行境外股份(H股)并在香港 联合交易所有限公司(简称"香港联交所")上市事宜。公司正与相关中介机构就本次H股上市的具体推进 工作进行商讨，相关细节尚未确定，本次H股上市不会导致公司控股股东和实际控制人发生变化。 ...

格隆汇7月30日丨华恒生物(688639.SH)公布，公司为深入推进公司全球化发展战略，提升品牌影响力与 核心竞争力，巩固行业领先地位，充分借助国际资本市场的资源与机制优势，优化资本结构，拓宽多元 融资渠道，全面提升公司治理水平和综合实力，正在筹划发行境外股份(H股)并在香港联合交易所有限 公司(以下简称"香港联交所")上市事宜(以下简称"本次H股上市")。公司正与相关中介机构就本次H股上 市的具体推进工作进行商讨，相关细节尚未确定，本次H股上市不会导致公司控股股东和实际控制人发 生变化。 ...

华恒生物公告，公司正在筹划发行境外股份(H股)并在香港联合交易所有限公司上市。此举旨在深入推 进公司全球化发展战略，提升品牌影响力与核心竞争力，优化资本结构，拓宽多元融资渠道，全面提升 公司治理水平和综合实力。相关细节尚未确定，本次H股上市不会导致公司控股股东和实际控制人发生 变化。 ...

Investment Rating - Industry Rating: Neutral (maintained rating) [6] Core Viewpoints - The report highlights the recent price increases in key chemical products such as soda ash, organic silicon, and MDI, driven by strong demand and supply constraints [1][3] - The basic chemical sector outperformed the Shanghai and Shenzhen 300 index, with a weekly increase of 4.25% compared to 1.69% for the index, indicating a positive market sentiment [4][16] - The report suggests that the industry may be at a cyclical bottom, with a focus on supply-demand marginal changes [5] Summary by Sections Key News Tracking - The National Development and Reform Commission issued a revised method for energy consumption and carbon emission management for fixed asset investment projects, which is expected to enhance energy efficiency reviews [1][13] Product Price Monitoring - Key chemical products saw significant price changes, with organic silicon and TDI prices increasing by 11.6% and 6.8% respectively, while DMF and acetic acid prices decreased by 5.7% and 1.3% [2][26] - The report notes that 85 out of 345 tracked chemical products experienced price increases, while 79 saw declines [26] Sector Performance - The basic chemical sector's weekly performance was strong, with notable increases in synthetic resin (+21.94%), soda ash (+14.45%), and organic silicon (+9.01%) [4][18] - The report lists the top-performing stocks in the basic chemical sector, with significant gains for companies like Shangwei New Materials (+97.37%) and Henghe Precision (+64.42%) [21] Investment Insights - The report recommends focusing on sectors with stable demand and potential for recovery, such as organic silicon and amino acids, while also highlighting companies that may benefit from domestic demand [5][6] - It emphasizes the importance of supply-side reforms and cost factors in pricing strategies to mitigate market volatility [5]

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].

Core Viewpoint - The company announced a cash dividend of 0.25 yuan per share, approved at the 2024 annual general meeting held on May 13, 2025 [1]. Summary by Relevant Sections Dividend Distribution Plan - The company plans to distribute a cash dividend of 2.50 yuan (including tax) for every 10 shares held, with no capital reserve transfer or bonus shares issued [2]. - The total number of shares eligible for the dividend distribution is 249,619,093 shares after excluding 496,600 shares held in the repurchase account [2]. - The total cash dividend to be distributed amounts to approximately 62,404,773.25 yuan (including tax) [2]. Ex-Dividend Calculation - The ex-dividend reference price is calculated as (previous closing price - 0.2495 yuan) [4]. - The cash dividend per share is approximately 0.2495 yuan after adjusting for the total shares participating in the distribution [4]. Implementation Details - Shares held in the repurchase account will not participate in the profit distribution or capital increase [5]. - Cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch to shareholders registered by the end of the trading day on the record date [5]. Taxation Information - For individual shareholders holding unrestricted shares for over one year, the dividend income is exempt from personal income tax, resulting in a net cash dividend of 0.25 yuan per share [7]. - For shares held for one year or less, the company will not withhold personal income tax at the time of distribution, but tax will be calculated upon the sale of the shares [7]. - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net cash dividend of 0.225 yuan per share [9]. Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the Securities Investment Department at 0551-65689046 [10].

Core Viewpoint - Anhui Huaheng Biological Technology Co., Ltd. has announced a differentiated cash dividend distribution plan, with a proposed cash dividend of 0.25 RMB per share, approved at the 2024 annual general meeting on May 13, 2025 [2][8]. Dividend Distribution Plan - The company plans to distribute a cash dividend of 2.50 RMB for every 10 shares held, amounting to a total cash dividend of 62.54 million RMB based on the adjusted total share capital of 250,115,693 shares, excluding 496,600 shares held in the repurchase account [2][3]. - The cash dividend will be distributed to all shareholders registered by the end of the trading day on the record date, with the payment date to be announced later [2][5]. Tax Implications - For individual shareholders holding unrestricted shares for over one year, the cash dividend is exempt from personal income tax, resulting in a net distribution of 0.25 RMB per share [6][7]. - For shares held for one year or less, the company will not withhold personal income tax at the time of distribution, but tax will be calculated upon the sale of shares [6][7]. - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net cash dividend of 0.225 RMB per share [7][8]. Implementation Details - Shares held in the company's repurchase account will not participate in the profit distribution [2][5]. - The reference price for ex-dividend trading will be calculated based on the previous closing price minus the cash dividend, with no change in the number of circulating shares [3][5].

兴业证券股份有限公司 关于安徽华恒生物科技股份有限公司 差异化权益分派事项的核查意见 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）作为安徽华恒 生物科技股份有限公司（以下简称"华恒生物"或"公司"）向特定对象发行 A 股股 票的保荐机构，根据《中华人民共和国公司法》《中华人民共和国证券法》《证 券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》《上海 证券交易所上市公司自律监管指引第 7 号——回购股份》以及《上海证券交易所 上市公司自律监管指南第 2 号——业务办理》等法律、法规和规范性文件的要 求，对华恒生物 2024 年度利润分配所涉及的差异化权益分派事项进行了核查， 核查情况及核查意见如下： 一、本次差异化权益分派的原因 2023年8月11日，公司召开第四届董事会第六会议，审议通过了《关于以集 中竞价交易方式回购公司股份的议案》，同意公司以自有资金通过上海证券交易 所交易系统以集中竞价交易方式回购公司已发行的部分人民币普通股（A股）股 票，本次回购的股份将在未来适宜时机全部用于股权激励，回购价格不超过133 元/股（含），回购资金总额不低于人民币3,000万元（含），不超过 ...