湖北宜化化工股份有限公司 关于召开2024年度网上业绩 说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 湖北宜化化工股份有限公司（以下简称"公司"）已于2025年4月3日在巨潮资讯网 （http://www.cninfo.com.cn/）披露了《2024年年度报告》。为便于广大投资者更全面深入地了解公司 2024年度生产经营情况及财务状况，公司定于2025年4月17日（星期四）15:00-16:00举行2024年度网上 业绩说明会。本次说明会将采用网络远程文字交流的方式举行，投资者可登陆深圳证券交易所"互动 易"平台（https://irm.cninfo.com.cn），进入"云访谈"栏目参与本次会议。 公司出席本次会议的人员有：董事长卞平官先生、独立董事李强先生、董事兼董事会秘书王凤琴女士、 财务总监廖辞云先生。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000422 证券简称：湖北宜化 公告编号：2025-037 特此公告。 湖北宜化化工股份有限公司 董 事 会 2025年4月10日 证券代码：000422 证券简称：湖北宜 ...

为充分尊重投资者，加强与广大投资者的沟通，提高会议互动效 果，现就公司 2024 年度业绩说明会提前向投资者公开征集问题，广 泛听取投资者的意见或建议。投资者可于 2025 年 4 月 11 日起至会议 结束前登录"互动易"平台，或扫描下方二维码，进入公司 2024 年 度网上业绩说明会页面进行提问，公司将在本次业绩说明会上对投资 者普遍关注的问题进行回复，欢迎广大投资者积极参与。 证券代码：000422 证券简称：湖北宜化 公告编号：2025-037 湖北宜化化工股份有限公司 关于召开 2024 年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 湖北宜化化工股份有限公司（以下简称"公司"）已于 2025 年 4 月 3 日在巨潮资讯网（http://www.cninfo.com.cn/）披露了《2024 年 年度报告》。为便于广大投资者更全面深入地了解公司 2024 年度生 产经营情况及财务状况，公司定于 2025 年 4 月 17 日（星期四）15:00- 16:00 举行 2024 年度网上业绩说明会。本次说明会将采用网络远程文 ...

证券代码：000422 证券简称：湖北宜化 公告编号：2025-038 湖北宜化化工股份有限公司 关于对外担保的进展公告 （一）公司与金融机构签署的银团贷款保证合同 债权人：上海浦东发展银行股份有限公司宜昌分行 中信银行股份有限公司宜昌分行 湖北宜化集团财务有限责任公司 本公司及董事会全体成员保证信息披露内容的真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 一、担保情况概述 湖北宜化化工股份有限公司（以下简称"公司"）于 2024 年 5 月 6 日召开的 2023 年度股东大会审议通过《关于 2024 年度对外担保 额度预计的议案》，于 2024 年 7 月 11 日召开的 2024 年第四次临时 股东会审议通过《关于新增 2024 年度对外担保额度预计的议案》， 同意 2024 年度公司为控股子公司及参股公司提供总计不超过 1,233,587.20 万元的担保额度，其中对资产负债率大于 70%的控股子 公司提供 543,000.00 万元担保额度，对资产负债率小于或等于 70% 的控股子公司提供 680,357.20 万元担保额度，对资产负债率小于或等 于 70%的部分参股公司提供 10,230 ...

产业链协同发展持续增强，湖北宜化（000422）(000422.SZ)盈利能力显著提升。 年报显示，2024年，湖北宜化主营业务收入主要来源于化肥和化工产品的销售，通过优化生产流程、提 升管理水平以及拓展市场渠道，经营业绩稳步增长，实现归母净利润6.53亿元，同比增长44.32%；每股 收益0.6108元，同比增长30.29%。2024年末，公司资产总额267.13亿元，同比增长24.40%；归属母公司 所有者权益73.62亿元，同比增长11.88%；公司加权平均净资产收益率9.18%，同比增长0.96%。 主导产品中，湖北宜化尿素产能为156万吨/年，处于行业前列；磷酸二铵产能为126万吨/年，市场占有 率位列全国第四；聚氯乙烯产能72万吨/年，位列国内PVC产能前十；季戊四醇产能约6万吨/年，产能排 名全球第二、亚洲第一。 值得一提的是，报告期内，公司2023年向特定对象发行股票的募投项目，即洁净煤加压气化多联产技改 搬迁升级项目达到预定可使用状态，综合成本进一步降低，原材料供应得到进一步保障。此外，公司与 宜昌高新技术产业开发区管委会、多氟多（002407）签署意向性框架合作协议，共同建设多氟多宜化华 ...

Group 1: Company Performance and Financials - In 2024, the company achieved a net profit of CNY 653 million, a year-on-year increase of 44.32% [1] - Earnings per share reached CNY 0.6108, up 30.29% compared to the previous year [1] - Total assets amounted to CNY 26.713 billion, reflecting a 24.40% year-on-year growth [1] - Shareholder equity was CNY 7.362 billion, with an 11.88% increase year-on-year [1] - The weighted average return on equity was 9.18%, up 0.96% from the previous year [1] Group 2: Production Capacity and Product Lines - The company has an annual production capacity of 1.56 million tons of urea, 1.26 million tons of diammonium phosphate, 720,000 tons of PVC, and 690,000 tons of caustic soda [2] - The company is the largest producer of seasonal products like urea and diammonium phosphate in Asia, with significant market share [9] Group 3: Strategic Initiatives and Projects - The company is implementing a strategic upgrade and transformation plan, including the construction of a fluorosilicon industrial park and the shutdown of unprofitable PBAT operations [1][2] - Ongoing projects include the relocation and upgrading of various production facilities, such as a 200,000 tons/year phosphoric acid project and a 40,000 tons/year phosphoric fertilizer project [2] Group 4: Market Position and Competitive Advantages - The company has established a stable sales network in international markets, including Japan, South Korea, and Southeast Asia, with a premium pricing strategy [3] - The company benefits from a circular economy model, integrating upstream and downstream operations to reduce costs and enhance profitability [8] - The company has a strong brand presence, with its "Yihua" brand recognized as a national famous trademark [14] Group 5: Future Plans and Shareholder Returns - The company plans to distribute a cash dividend of CNY 2 per 10 shares, totaling approximately CNY 217 million, which represents 33.18% of the net profit for 2024 [6] - A three-year shareholder return plan has been established, aiming for annual cash dividends of no less than 30% of the net profit [7] Group 6: Environmental and Technological Commitment - The company is committed to ecological and green development, investing in environmental protection and clean production technologies [13] - The company has developed 393 patents, including 75 invention patents, and collaborates with 16 universities and research institutions to enhance technological innovation [11]

Investment Rating - The report maintains an "Outperform" rating for Hubei Yihua Chemical Industry, with a target price of Rmb 17.85, representing an 8% upside from the current price of Rmb 13.00 [2][11]. Core Insights - The recurring net profit for 2024 decreased by 10.58% year-on-year, while the net profit attributable to the parent company increased by 44.32% [7][11]. - The company plans to acquire 100% equity of Yichang Xinfa, which will increase its stake in Xinjiang Yihua to 75%, enhancing future earnings potential [10][11]. - The company benefits from rising prices of pentaerythritol, with significant increases in market prices observed [9]. Financial Performance Summary - In 2024, the company achieved operating revenue of Rmb 16.964 billion, a slight decrease of 0.48% year-on-year, with a gross profit margin of 13.74%, up 1.08 percentage points [7][8]. - The net profit forecast for 2025-2027 is Rmb 1.1 billion, Rmb 1.378 billion, and Rmb 1.579 billion respectively, with a projected P/E ratio of 17.5 for 2025 [11][11]. - The company plans to distribute a dividend of Rmb 0.2 per share, totaling Rmb 216.5 million, with a payout ratio of 33.18% [7][11]. Product Performance Breakdown - Urea revenue in 2024 was Rmb 2.773 billion, down 13.08% year-on-year, with a gross margin of 19.98% [8]. - Other chlor-alkali products generated Rmb 1.534 billion in revenue, a decrease of 10.18%, but with a sales volume increase of 31.61% [8]. - Polyvinyl chloride (PVC) revenue was Rmb 4.130 billion, down 8.59%, while diammonium phosphate (DAP) revenue increased by 6.87% to Rmb 4.879 billion [8].

Investment Rating - The report maintains a "Strong Buy" rating for Hubei Yihua, with a target price of 16.05 yuan [1]. Core Views - The company is expected to complete and upgrade its industrial chain layout, awaiting a profit turning point. In 2024, the company achieved a revenue of 16.964 billion yuan, a slight decrease of 0.48% year-on-year, while the net profit attributable to shareholders increased by 44.32% to 653 million yuan [1][4]. - The company plans to distribute a cash dividend of 2.0 yuan per 10 shares, totaling 217 million yuan, which accounts for 33.2% of the net profit [1]. Financial Performance Summary - In 2024, the company's fertilizer products generated revenue of 7.653 billion yuan, accounting for 45.1% of total revenue, with a year-on-year decrease of 1.34%. Diammonium phosphate revenue was 4.879 billion yuan, up 6.87% year-on-year, while urea revenue was 2.773 billion yuan, down 13.08% year-on-year [8]. - The chemical products segment generated revenue of 7.472 billion yuan, down 5.65% year-on-year, with a gross margin of 6.93%, an increase of 1.51 percentage points year-on-year [8]. - The company has two major ongoing projects, with progress rates of 63.4% and 53% respectively by the end of 2024, aimed at optimizing and upgrading traditional chemical fertilizer sectors [8]. - The company announced plans to acquire 100% equity of Yichang Xinfatou from its major shareholder, which holds a 39.4% stake in Xinjiang Yihua, further enhancing its product scale and upstream advantages [8]. Financial Forecast Summary - The forecast for total revenue is projected to grow to 18.401 billion yuan in 2025, with a year-on-year growth rate of 8.5%. The net profit attributable to shareholders is expected to reach 964 million yuan, reflecting a growth rate of 47.7% [4][9]. - The earnings per share (EPS) is projected to increase from 0.60 yuan in 2024 to 0.89 yuan in 2025, with a price-to-earnings (P/E) ratio decreasing from 23 to 15 [4][9].

Core Viewpoint - Hubei Yihua reported a slight decline in revenue but a significant increase in net profit, indicating improved profitability and operational efficiency [1] Financial Performance - The company achieved operating revenue of 16.964 billion yuan, a year-on-year decrease of 0.48% [1] - Net profit attributable to shareholders was 653 million yuan, reflecting a year-on-year increase of 44.32% [1] - Total assets reached 26.713 billion yuan, up 24.40% year-on-year [1] - Equity attributable to the parent company was 7.362 billion yuan, an increase of 11.88% year-on-year [1] - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares (tax included) [1] Production Capacity and Market Position - Hubei Yihua's production capacities include 1.56 million tons/year for urea, 1.26 million tons/year for diammonium phosphate, and 720,000 tons/year for polyvinyl chloride (PVC) [2] - The company ranks fourth in the national market share for diammonium phosphate and is among the top ten in PVC production capacity [2] - Hubei Yihua is the largest producer of pentose alcohol in Asia and the second largest globally, with a capacity of approximately 60,000 tons/year [2] Strategic Developments - The company completed a project to upgrade its clean coal gasification technology, which is expected to lower overall costs and secure raw material supply [2] - A framework cooperation agreement was signed with Yichang High-tech Industrial Development Zone and Multi-Flor Multi-New Materials Co., Ltd. to jointly develop a fluorosilicon industrial park [2] Sales and Export Performance - Hubei Yihua established a stable sales network across the country, with significant exports of its main products to Japan, South Korea, India, Pakistan, and Southeast Asia [2] - In 2024, overseas sales amounted to 3.105 billion yuan, accounting for 18.30% of total revenue, a year-on-year increase of 12.23% [2] Research and Development - The company emphasizes technological research and development, with significant advancements in various processes and new product development [3] - The composition of R&D personnel improved, with master's and bachelor's degree holders increasing by 29.17% and 30.26%, respectively, while those with diplomas or below decreased by 8.62% [3] Future Outlook - Hubei Yihua aims to continue implementing new development concepts, focusing on safety and environmental protection, and enhancing core business operations to drive high-quality growth [3]

Investment Rating - The investment rating for Hubei Yihua is "Outperform the Market" [4][9][28] Core Views - The company is expected to achieve a net profit attributable to shareholders of 653 million yuan in 2024, representing a year-on-year increase of 44.32% [1][11] - The company is actively progressing with asset restructuring, which is anticipated to enhance profitability [3][4] - The demand for high-end products, such as dipentaerythritol, is increasing, leading to a rapid rise in product prices, which the company is well-positioned to benefit from as an industry leader [2][22] Financial Performance - In 2024, the company is projected to generate operating revenue of 16.964 billion yuan, a slight decrease of 0.48% year-on-year [1][10] - By the end of 2024, total assets are expected to reach 26.713 billion yuan, an increase of 4.40% year-on-year, while equity attributable to shareholders is projected to grow by 11.88% to 7.362 billion yuan [1][11] - The weighted average return on equity (ROE) is forecasted to be 9.18%, up by 0.96% year-on-year [1][11] Business Segments - The company has a urea production capacity of 1.56 million tons, ranking among the industry leaders, and a diammonium phosphate capacity of 1.26 million tons, holding the fourth position in market share nationally [1][11] - The company has recently completed a 460,000 tons/year synthetic ammonia project, which is expected to further secure raw material supply for diammonium phosphate and TMP, enhancing profitability [3][24] - The company is also involved in the construction of a 2×30,000 tons/year anhydrous hydrofluoric acid project, which will promote the transformation and upgrading of the phosphorus-fluorine chemical industry [3][24] Market Outlook - The acquisition of Xinjiang Yihua is expected to be completed by 2025, which will strengthen the company's advantages in the coal and coal chemical sectors [4][27] - The company plans to integrate coal resources into its operations, which is anticipated to contribute to profit growth [9][28] - The market for dipentaerythritol is expected to see significant price elasticity due to increased demand in high-end PCB ink materials, which the company is well-positioned to capitalize on [2][23]

Core Viewpoint - The audit report for Hubei Yihua Chemical Co., Ltd. for the year 2024 indicates that the financial statements fairly reflect the company's financial position and operating results in accordance with accounting standards [1][2]. Financial Statements - The financial statements include consolidated and parent company balance sheets, income statements, cash flow statements, and changes in equity statements for the year ending December 31, 2024 [1]. - The total issued share capital of the company is 1,082.914712 million shares, with a registered capital of 1,082.914712 million yuan [5]. Audit Opinion - The audit opinion states that the financial statements are prepared in accordance with accounting standards and provide a true and fair view of the company's financial status and performance [1][2]. - Key audit matters identified include revenue recognition and long-term asset impairment, which are critical due to their significant impact on the financial statements [1][2]. Key Audit Matters - Revenue recognition is a key audit matter due to the large volume of sales and the potential for management to manipulate revenue recognition to meet targets [1][2]. - Long-term asset impairment testing is also critical, with the company holding long-term assets valued at 573.0247 million yuan, which requires careful evaluation of future cash flows and discount rates [2]. Company Overview - Hubei Yihua Chemical Co., Ltd. operates in the chemical fertilizer industry, with main products including urea, diammonium phosphate, and polyvinyl chloride [5][6]. - The company was established on September 6, 1993, and has undergone several capital increases and stock issuances since its inception [5][6]. Accounting Policies - The financial statements are prepared based on the going concern assumption and comply with the relevant accounting standards issued by the Ministry of Finance [7][8]. - The company uses the Chinese yuan as its functional currency and follows specific accounting treatments for mergers, joint ventures, and financial instruments [9][10].