辽宁恒敬律师事务所 法律意见书 辽宁恒敬律师事务所 关于北方华锦化学工业股份有限公司 本次股东会是由公司董事会根据2026年1月9日召开的第八届第十 四次会决议召集的。公司董事会已于2026年1月9日分别在《中国证券 报》和《证券时报》以及巨潮资讯网站www.cninfo.com.cn刊登了《北 方华锦化学工业股份有限公司关于召开2026年第一次临时股东会的通 知》（以下称《公告》），将本次股东会召开的时间、地点和审议事 项及登记事项等进行了公告。 经审查，公司本次股东会召集程序符合有关法律和《公司章程》 -1- 辽宁恒敬律师事务所 法律意见书 的规定。 二、本次股东会的召开 2026年第一次临时股东会的法律意见书 致：北方华锦化学工业股份有限公司 北方华锦化学工业股份有限公司（以下简称"公司"）2026年第 一次临时股东会（以下简称"本次股东会"）于2026年1月30日召开。 本所受公司委托，指派律师出席了公司本次股东会。根据《中华人民 共和国公司法》《中华人民共和国证券法》《深圳证券交易所股票上 市规则》《深圳证券交易所上市公司自律监管指引第1号--主板上市公 司规范股票上市运作》《北方华锦化学工业股份有 ...

Summary of Conference Call Notes Industry Overview - The petrochemical industry is experiencing a price surge driven by aromatics and by-products, with significant improvements in price differentials since early December. Key price changes include: - PX price differential improved by $81/ton - Pure benzene price differential improved by $98/ton - PTA price differential improved by 190 RMB/ton - Styrene price differential improved by 866 RMB/ton - Butadiene increased by 3650 RMB/ton - Sulfur increased by 325 RMB/ton, reaching a new high [1][1][1] Key Points and Arguments 1. **Aromatics and By-products as Price Drivers**: The surge in prices is attributed to the early end of production and a decline in supply for aromatics and by-products, indicating a long-term supply-demand imbalance. Exports exceeding expectations are also a significant catalyst for this price increase [1][1][1]. 2. **Olefins Rebalancing**: The year 2025 is projected to be a significant year for olefin production, which may lead to severe price impacts. The ethylene/propylene price differential is currently below the 20th percentile of the last decade. The market is in a rebalancing phase, with expectations of increased maintenance and exit plans for overseas ethylene in 2026, leading to a potential recovery of 600-700 RMB/ton in PP/PE futures from recent lows [1][1][1]. 3. **Tightening of Olefin Approvals**: Although olefin approvals have significantly tightened, existing capacity will need time to be absorbed, with a potential rebound in 2026, though a reversal is not yet assured [2][2][2]. 4. **Impact of Carbon Neutrality Goals**: The "dual carbon" goals are reshaping the long-term pricing logic in the industry. The tightening of carbon indicators during the 14th Five-Year Plan and the difficulty in approving new petrochemical capacities suggest that supply-demand improvements are a long-term trend. The elimination of older facilities may accelerate, benefiting leading companies that have expanded capacity in recent years, thereby strengthening their cost and carbon emission advantages [2][2][2]. Recommendations - The petrochemical sector is a key focus area for national macroeconomic regulation. The recent price increases in the sector are not merely valuation adjustments but are driven by the sequential price increases of key products. Recommended companies include: - Rongsheng Petrochemical - Hengli Petrochemical - Dongfang Shenghong - Hengyi Petrochemical - Huajin Co., Ltd. - Qixiang Tengda [2][2][2].

Group 1 - The core point of the article is that Huajin Co., Ltd. (stock code: 000059) reported a total of 40,052 shareholders as of January 20, 2026 [1]

证券日报网讯 1月22日，华锦股份在互动平台回答投资者提问时表示，精细化工及原料工程项目由公司 大股东北方华锦集团负责实施建设，公司将根据项目完成进度以适当的方式参与，并根据信息披露规则 要求进行披露，请关注公司公告。 （文章来源：证券日报） ...

Group 1 - Northeast Securities expects a net profit of 1.477 billion yuan in 2025, a year-on-year increase of 69.06% [1] - Gansu Energy anticipates a net profit of 1.95 billion to 2.1 billion yuan in 2025, representing a year-on-year growth of 18.6% to 27.72% [2] - Ningbo Bank reports a projected net profit of 29.333 billion yuan in 2025, with an 8.13% year-on-year increase [3] Group 2 - Qianyuan Power forecasts a net profit of 567 million to 633 million yuan in 2025, indicating a year-on-year growth of 160% to 190% [5] - Batian Co. expects a net profit of 890 million to 980 million yuan in 2025, reflecting a year-on-year increase of 117.53% to 139.53% [6] - Tongfu Microelectronics anticipates a net profit of 1.1 billion to 1.35 billion yuan in 2025, with a year-on-year growth of 62.34% to 99.24% [7] Group 3 - Zhongyuan Nepe expects a net profit of 368 million to 428 million yuan in 2025, representing a year-on-year increase of 80.47% to 109.9% [8] - Huajin Co. predicts a net loss of 1.6 billion to 1.9 billion yuan in 2025, compared to a loss of 2.795 billion yuan in the previous year [9] - Xinghua Co. anticipates a net loss of 420 million to 560 million yuan in 2025, up from a loss of 380 million yuan in the previous year [4] Group 4 - Huayuan Holdings expects a net profit of 107 million to 118 million yuan in 2025, a year-on-year increase of 50.98% to 66.82% [12] - Taishan Petroleum forecasts a net profit of 130 million to 165 million yuan in 2025, indicating a year-on-year growth of 30.88% to 66.11% [13] - Jiuqi Software anticipates a net profit of 40 million to 60 million yuan in 2025, recovering from a loss of 156 million yuan in the previous year [21] Group 5 - Jin Fang Energy expects a net profit of 109 million to 143 million yuan in 2025, reflecting a year-on-year increase of 123.97% to 193.7% [16] - He Sheng New Materials anticipates a net profit of 152 million to 171 million yuan in 2025, representing a year-on-year growth of 55% to 75% [24] - Yuedong Microelectronics predicts a net loss of 340 million to 425 million yuan in 2025 [14] Group 6 - Aibo Medical plans to acquire at least 51% of Demai Medical, with an estimated valuation of the target company not exceeding 1 billion yuan [26] - Zhaoshang Shipping intends to build four 3000TEU container ships with a total investment of no more than 1.324 billion yuan [18] - Zhongtung High-tech's subsidiary has confirmed an increase in mineral resources, adding significant quantities of tungsten and other metals [27]

Summary of Key Points from Conference Call Records Industry Overview - The records primarily focus on the chemical industry, specifically tracking price changes and stock performance of chemical companies as of January 20. Key Financial Metrics - The Shanghai Composite Index reported at 4113.65, with a day-on-day change of -0.01% - Basic chemicals and petrochemicals reported at 7785.68 and 4841.91, with day-on-day changes of +0.35% and +2.58% respectively [1][1][1] Price Changes in Chemicals - Top five price increases in chemicals: - R125: +3.09% - R22: +2.94% - Niacinamide: +2.94% - Acrylic Acid: +2.7% - Propyl Acetate: +2.22% [1][1][1] - Price increases in anti-involution products: - Polyester Bottle Chips: +0.75% - Caprolactam: +0.54% [1][1][1] Price Spread Changes - Top five increases in price spreads: - Lithium Iron Phosphate: +52.62% - Anhydride: +38.41% - Rigid Polyether: +37.5% - Glyphosate: +29.24% - Phenol: +17.62% [1][1][1] Stock Performance of Chemical Companies - Top five stock price increases: - Jiangtian Chemical: +19.99% - Yida Co.: +11.96% - Runfeng Co.: +10.72% - Qicai Chemical: +10.71% - Hongmian Co.: +10.13% [1][1][1] Earnings Forecasts - **Oriental Tower**: Expected net profit for 2025 is between 1.08-1.27 billion, a year-on-year increase of 91.4%-125.07% [2][2][2] - **Batian Co.**: Expected net profit for 2025 is between 890-980 million, a year-on-year increase of 117.53%-139.53% [2][2][2] - **Kaisheng New Materials**: Expected net profit for 2025 is between 110-140 million, a year-on-year increase of 96.47%-150.06% [2][2][2] - **Qiaoyuan Co.**: Expected net profit for 2025 is between 226-256 million, a year-on-year increase of 51.51%-71.62% [2][2][2] - **Zhongshi Technology**: Expected net profit for 2025 is between 330-370 million, a year-on-year increase of 63.86%-83.73% [2][2][2] - **Changhua Chemical**: Expected net profit for 2025 is between 89-109 million, a year-on-year increase of 53.75%-87.91% [2][2][2] - **Xinjiang Tianye**: Expected net profit for 2025 is around -50 million, indicating a loss [2][2][2] - **Juheshun**: Expected net profit for 2025 is between 130-160 million, a year-on-year decrease of 47%-57% [2][2][2] Other Notable Announcements - **Huarun Materials**: Expected net loss for 2025 is between 85-115 million, a year-on-year reduction of 85.08%-79.81% [3][3][3] - **Huajin Co.**: Expected net loss for 2025 is between 1.6-1.9 billion, a year-on-year increase of 42.75%-32.02% [3][3][3] - **Xinghua Co.**: Expected net loss for 2025 is between 420-560 million [3][3][3] - **Baomo Co.**: Change in actual controller due to share transfer agreement [3][3][3] - **Nanjing Julong**: Plans to invest 30 million to establish a wholly-owned subsidiary for a 60,000-ton modified plastic production line [3][3][3] - **Jiangtian Chemical**: Plans to invest 49.8 million to establish a 60,000-ton acrylic acid project with a one-year construction period [3][3][3] Conclusion - The chemical industry shows a mix of positive earnings forecasts and significant stock price movements, alongside some companies projecting losses. The data indicates potential investment opportunities in companies with strong growth forecasts while highlighting risks in those expecting losses.

Group 1 - Liou Co., Ltd. announced that its stock price fluctuations have been investigated, confirming normal operations and no undisclosed significant information [1] - Tongfu Microelectronics expects a net profit of 1.1 billion to 1.35 billion yuan for 2025, representing a year-on-year growth of 62.34% to 99.24% [17][18] Group 2 - Zhongtung High-tech reported an increase of 91,700 tons in tungsten metal resources, which will not directly impact its current operations or financial situation [2] - Aibo Medical plans to acquire at least 51% of Demai Medical to gain control, aiming to cultivate new profit growth points in the sports medicine sector [2] Group 3 - Zhaojin Gold confirmed normal operations and no undisclosed significant matters after its stock price experienced abnormal fluctuations [3] - Riying Electronics stated that it has no revenue from humanoid robot-related businesses and emphasized the need for rational investment decisions [4] Group 4 - Yifan Transmission intends to purchase 87.07% of Beijing Helishi Electric Technology Co., Ltd., which is expected to constitute a major asset restructuring [5] - China Merchants Industry plans to build four 3000TEU traditional fuel container ships with a total investment of no more than 1.324 billion yuan [6] Group 5 - Jiangtian Chemical plans to invest 49.8 million yuan in a project to produce 60,000 tons of acrylic acid annually [7] - *ST Xinyan has received approval to lift its delisting risk warning after completing its restructuring plan [7] Group 6 - Kangxin New Materials intends to acquire 51% of Wuxi Yubang Semiconductor for 392 million yuan, marking its expansion into the semiconductor field [8] - Guoshun Quantum signed a technology implementation license contract with the University of Science and Technology of China [8] Group 7 - Zhenyu Technology reported a significant increase in orders from the robotics sector for Q4 2025, although these orders represent a small portion of its overall revenue [9] - Yongxing Materials announced that its lithium extraction project has reached full production capacity [9] Group 8 - Nanjing Julong plans to invest 110 million yuan in a production line for modified plastics with an annual capacity of 60,000 tons [9] - Guodian Nanzi signed a strategic cooperation agreement with Huawei to establish an AI technology innovation center [10][11] Group 9 - He Sheng New Materials plans to sell idle factory assets for no less than 80 million yuan [13] - He Sheng New Materials expects a net profit increase of 55% to 75% for 2025, driven by improved supply chain management [14] Group 10 - Kangda New Materials forecasts a net profit of 125 million to 135 million yuan for 2025, marking a turnaround from a loss in the previous year [15] - Yanjing Beer anticipates a net profit increase of 50% to 65% for 2025, supported by its large product strategy [16] Group 11 - Jinfang Energy expects a net profit of 109 million to 143 million yuan for 2025, reflecting a year-on-year growth of 123.97% to 193.7% [19] - Yandong Microelectronics predicts a net loss of 340 million to 425 million yuan for 2025 due to market changes and increased R&D costs [20] Group 12 - Taishan Petroleum forecasts a net profit increase of 30.88% to 66.11% for 2025, benefiting from reduced expenses [21] - Huayuan Holdings expects a net profit increase of 50.98% to 66.82% for 2025, driven by lower raw material prices [22] Group 13 - Huajin Co. anticipates a net loss of 1.6 billion to 1.9 billion yuan for 2025, although the loss is expected to be less than the previous year [23] - Zhongyuan Neipei expects a net profit increase of 80.47% to 109.9% for 2025, supported by steady growth in core business [24] Group 14 - Dongfang Tower expects a net profit of 1.08 billion to 1.27 billion yuan for 2025, reflecting a year-on-year growth of 91.4% to 125.07% [34] - Dali Long anticipates a net profit increase of 51.88% to 86.27% for 2025, driven by market expansion and operational efficiency [35] Group 15 - Hikvision reported a net profit increase of 18.46% for 2025, with total revenue reaching 925.18 billion yuan [44] - Zhongfu Industrial expects a net profit increase of 120.27% to 141.59% for 2025, primarily due to lower costs in the electrolytic aluminum business [45]

华锦股份（000059）(000059.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净亏损16亿 元至19亿元;扣除非经常性损益后的净亏损16.3亿元至19.3亿元。 ...

Core Viewpoint - Huajin Co., Ltd. (000059) expects a net profit loss attributable to shareholders of 1.6 billion to 1.9 billion yuan for 2025, an improvement from a loss of 2.795 billion yuan in the same period last year [1] Group 1: Financial Performance - The company is still in a loss position due to multiple factors including international environmental impacts, lower-than-expected downstream demand, accelerated replacement by new energy vehicles, and persistently low product prices [1] - The loss margin has narrowed compared to the same period last year due to the implementation of measures such as product structure adjustment, energy conservation, and cost control [1]

Core Viewpoint - The company Huajin Co., Ltd. (000059.SZ) is expected to incur a loss of 1.6 billion to 1.9 billion yuan in 2025, with a non-recurring loss projected between 1.63 billion and 1.93 billion yuan due to multiple factors affecting its operational performance [1] Group 1: Financial Performance - The company is currently facing a loss situation influenced by the international environment, lower-than-expected downstream demand, accelerated replacement by new energy vehicles, and persistently low product prices [1] - Despite the losses, the company has implemented measures such as product structure adjustments, energy conservation, and cost control, which have resulted in a narrowing of the loss compared to the previous year [1]