1. 湖北宜化化工股份有限公司（以下简称"公司"）第十届董 事会第五十四次会议通知于 2025 年 10 月 21 日以书面、电话、电子 邮件相结合的形式发出。 2. 本次董事会会议于 2025 年 10 月 24 日以现场结合通讯表决方 式召开。 3. 本次董事会会议应出席董事 13 位，实际出席董事 13 位。其 中，以通讯表决方式出席会议的董事 4 位，为郭锐先生、揭江纯先生、 黄志亮先生、李强先生。 4. 本次董事会会议的主持人为董事长卞平官先生，公司董事会 秘书及其他高级管理人员列席了本次会议。 5. 本次会议的召开符合有关法律、行政法规、部门规章、规范 性文件和《湖北宜化化工股份有限公司章程》《湖北宜化化工股份有 限公司董事会议事规则》的规定。 二、董事会会议审议情况 证券代码：000422 证券简称：湖北宜化 公告编号：2025-121 湖北宜化化工股份有限公司 第十届董事会第五十四次会议决议公告 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。 一、董事会会议召开情况 本次会议经过投票表决，一致通过如下议案： （一）审议通过了《2025 年第三季 ...

湖北宜化化工股份有限公司 2025 年第三季度报告 证券代码：000422 证券简称：湖北宜化 公告编号：2025-112 湖北宜化化工股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 1 湖北宜化化工股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 是 □否 追溯调整或重述原因 同一控制下企业合并 | | 本报告期 | 上年同期 | 比上年同 | 本报告期 | | 上年同期 | | 年初至报 告期末比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 期 ...

Group 1 - A new company, Hubei Yihua Xinyi Technology Co., Ltd., has been established with a registered capital of 120 million yuan [1] - The company's business scope includes the sale and production of chemical products, import and export of goods, and fertilizer sales [1] - Hubei Yihua holds 100% ownership of the new company [1]

Core Insights - Hubei Yihua has established a new technology company named Hubei Yihua Xinyi Technology Co., Ltd. with a registered capital of 120 million yuan [1] Company Summary - The new company is wholly owned by Hubei Yihua (000422) [1] - The business scope of the new company includes import and export of goods, technology import and export, and fertilizer sales [1]

人民财讯10月23日电，企查查APP显示，近日，湖北宜化（000422）新宜科技有限公司成立，注册资本 1.2亿元，经营范围包含：货物进出口；技术进出口；肥料销售等。企查查股权穿透显示，该公司由湖 北宜化全资持股。 ...

Core Insights - Hubei Yihua's stock price increased by 2.27% on October 23, reaching 13.52 CNY per share, with a total market capitalization of 14.713 billion CNY [1] - The company has seen a year-to-date stock price increase of 8.86%, but a decline of 5.98% over the past 20 days [1] - Hubei Yihua's main business includes the production and sales of fertilizers and chemical products, with revenue composition from various segments [1][2] Financial Performance - For the first half of 2025, Hubei Yihua reported revenue of 12.005 billion CNY, a year-on-year increase of 32.48%, while net profit attributable to shareholders decreased by 26.11% to 399 million CNY [2] - The company has distributed a total of 1.337 billion CNY in dividends since its A-share listing, with 645 million CNY distributed in the last three years [3] Shareholder Structure - As of June 30, 2025, Hubei Yihua had 119,200 shareholders, an increase of 1.74% from the previous period, with an average of 8,877 circulating shares per shareholder, a decrease of 1.71% [2] - The top ten circulating shareholders include significant institutional investors, with notable changes in holdings among them [3]

Core Viewpoint - Hubei Yihua has established a new subsidiary, Hubei Yihua Xinyi Technology Co., Ltd., with a registered capital of 120 million RMB, focusing on chemical product sales and production, among other activities [1][2]. Company Information - The legal representative of Hubei Yihua Xinyi Technology Co., Ltd. is Wang Yu [2]. - The company is fully owned by Hubei Yihua [1]. - The registered capital of the new company is 120 million RMB [1][2]. - The business scope includes chemical product sales, production, import and export of goods, and fertilizer sales [1][2]. Business Operations - The company operates in the chemical raw materials and chemical products manufacturing industry [2]. - The registered address is located in Yichang City, Hubei Province [2]. - The company is classified as a limited liability company with no fixed term of operation [2].

Group 1 - A new company named Hubei Yihua Xinyi Technology Co., Ltd. has been established with a registered capital of 120 million RMB [1] - The legal representative of the company is Wang Yu [1] - The business scope includes sales and production of chemical products, import and export of goods, and fertilizer sales [1] Group 2 - Hubei Yihua holds 100% ownership of the newly established company [1]

Investment Rating - The report initiates coverage on Hubei Yihua with an "Accumulate" rating and a target price of 15.12 RMB, corresponding to a 14x PE for 2025 [1][7]. Core Views - The global fertilizer market is experiencing a recovery, driven by increasing planting areas and rising fertilizer consumption. The tight supply of phosphate resources is leading to higher overseas phosphate fertilizer prices, resulting in strong export profitability for the company [1][2]. - Domestic policies aimed at reducing competition are expected to improve profitability for products like urea, coal, and PVC, indicating a potential recovery in earnings [1][3]. - The company possesses a competitive advantage in phosphate fertilizer production and is expanding its upstream phosphate rock and coal resources to enhance its integrated supply chain [1][3][17]. Summary by Sections Investment Highlights - Global phosphate supply and demand are expected to remain favorable, with strong export profitability for phosphate diammonium due to tight supply [15]. - Domestic policies are likely to catalyze a recovery in profitability for urea, coal, and PVC products [16]. - The company is expanding its upstream phosphate and coal resources while venturing into the downstream renewable energy sector, which is expected to strengthen its integrated advantages [17]. Market Perspective - The report contrasts with market views that underestimate the overseas fertilizer market's recovery, particularly regarding phosphate prices. It anticipates sustained demand from regions like Brazil and India, with domestic supply constraints further supporting price stability [4][18]. Financial Forecasts and Valuation - The company is projected to achieve net profits of 1.18 billion, 1.41 billion, and 1.69 billion RMB for 2025, 2026, and 2027, respectively, reflecting year-on-year growth of 81%, 20%, and 20% [5][11]. - The estimated EPS for the same years is 1.08, 1.29, and 1.55 RMB [5][11]. Company Overview - Hubei Yihua is a leading domestic enterprise engaged in the production of fertilizers (urea, phosphate diammonium) and chemical products (PVC, caustic soda) [19]. - The company has a history of optimizing its industrial layout through asset restructuring and has been expanding into new materials and renewable energy sectors [19][30].

湖北宜化化工股份有限公司 章 程 二零二五年九月 | | | --- | | | | | | | 第一章 总则 第一条 为维护湖北宜化化工股份有限公司（以下简称"公司"、 "本公司"）、股东、职工和债权人的合法权益，规范公司的组织 和行为，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》"）、 《中国共产党章程》和其他有关规定，制定本章程。 第二条 公司系依照《股份有限公司规范意见》和其他有关规 定成立的股份有限公司。公司经湖北省经济体制改革委员会鄂改 （1992）42 号文批准，以募集方式设立；在湖北省市场监督管理局 注 册 登 记 ， 取 得 营 业 执 照 ， 统 一 社 会 信 用 代 码 ： 91420000179120378B。 第三条 公司于 1996 年 7 月 20 日经中国证券监督管理委员会 （以下简称"中国证监会"）证监发字（1996）118 号文和证监发 字（1996）119 号文批准，首次向社会公众公开发行人民币普通股 1,635 万股，于 1996 年 8 月 15 日在深圳证券交易所上市。 第四条 公司注册名称： 湖北宜化化 ...