证券代码：000422 证券简称：湖北宜化 公告编号：2025-107 湖北宜化化工股份有限公司 关于召开 2025 年第七次临时股东会的通知 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"）于 2025 年 9 月 22 日召开的第十届董事会第五十三次会议审议通过了《关于召开 2025年第七次临时股东会的议案》，同意于2025年10月9日召开2025 年第七次临时股东会，将第十届董事会第五十三次会议审议通过的部 分议案提交审议，具体如下： 一、召开会议的基本情况 （一）股东会届次：2025 年第七次临时股东会。 （二）股东会的召集人：公司董事会。 （三）会议召开的合法、合规性：本次股东会的召开符合有关法 律、行政法规、部门规章、规范性文件、业务规则和《湖北宜化化工 股份有限公司章程》的规定。 （四）会议召开的日期、时间： 现场会议时间：2025 年 10 月 9 日（周四）14:30 网络投票时间：2025 年 10 月 9 日 通过深交所交易系统进行网络投票的时间为：2025 年 10 月 9 日 的交易时间，即 ...

证券代码：000422 证券简称：湖北宜化 公告编号：2025-106 湖北宜化化工股份有限公司 一、董事会会议召开情况 湖北宜化化工股份有限公司（以下简称"公司"）第十届董事会 第五十三次会议通知于 2025 年 9 月 19 日以书面、电话、电子邮件相 结合的形式发出。本次董事会会议于 2025 年 9 月 22 日以通讯表决方 式召开。本次董事会会议应出席董事 13 位，实际出席董事 13 位。 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 本次会议经过投票表决，一致通过如下议案： 《关于变更经营范围及修订<公司章程>的公告》详见巨潮资讯网 （www.cninfo.com.cn）及《证券时报》《中国证券报》《上海证券报》 《证券日报》。《湖北宜化化工股份有限公司章程（2025 年 9 月）》 详见巨潮资讯网（www.cninfo.com.cn）。 第十届董事会第五十三次会议决议公告 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。 ...

Core Viewpoint - Hubei Yihua Chemical Co., Ltd. announced the transfer of a 25% stake in Xinjiang Yihua Chemical Co., Ltd. from a state-owned enterprise to its wholly-owned subsidiary, indicating internal restructuring within the same controlling entity [1] Group 1 - Xinjiang Yihua is a subsidiary of Hubei Yihua Chemical Co., Ltd. [1] - The 25% stake in Xinjiang Yihua was previously held by Yichang High-tech Investment Development Co., Ltd., a subsidiary of Yichang Investment Holding Group [1] - The transfer of the stake is a non-compensatory action, following relevant regulations and the company's articles of association [1]

Group 1 - Hubei Yihua (SZ 000422) announced the convening of its 53rd board meeting on September 22, 2025, via communication voting, discussing the proposal for the 7th extraordinary shareholders' meeting of 2025 [1] - For the first half of 2025, Hubei Yihua's revenue composition is as follows: chemical fertilizer manufacturing accounts for 39.93%, chemical products for 36.08%, other industries for 12.07%, and coal products for 11.92% [1] - As of the report, Hubei Yihua's market capitalization stands at 14.5 billion yuan [1]

Core Viewpoint - Hubei Yihua Chemical Co., Ltd. has approved the waiver of the right of first refusal for a 25% stake in its subsidiary Xinjiang Yihua, which will be transferred without compensation to its wholly-owned subsidiary, Chantuo Industrial Company, indicating an internal asset transfer within the same controlling entity [1] Financial Summary - Xinjiang Yihua reported total assets of 2,034,312.61 thousand yuan and net assets of 759,132.19 thousand yuan as of December 31, 2024 [1] - For the year 2024, Xinjiang Yihua's operating revenue was 850,761.43 thousand yuan, with a net profit of 163,772.61 thousand yuan [1] Transaction Details - The waiver of the right of first refusal does not constitute a related party transaction or a major asset restructuring, and does not require shareholder meeting approval [1] - The waiver will not affect the company's equity ratio, consolidated financial statement scope, or operational performance, ensuring no harm to the company or shareholder interests [1]

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 ...

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the past 30 days include Mindray Medical, Huichuan Technology, Crystal Optoelectronics, Jing Sheng Machinery, and United Imaging Medical [13][15] - In the last five days, the most popular companies for institutional research include Jepu Te, Gan Li Pharmaceutical, Shiji Information, Guangri Co., and Nenghui Technology [13][14] - Among the top twenty companies in the past 30 days, 18 companies had ten or more rating agencies, with significant profit growth expected for Lankai Technology, Desai Xiwei, and Huichuan Technology in their 2025 mid-year reports compared to 2024 [13][16] Group 2: Shareholder Increase in A-Share Listed Companies - From September 15 to September 19, 2025, three listed companies announced significant shareholder increases, including Sierte, Qilu Bank, and Wuzhou Transportation, with Wuzhou Transportation's planned increase amount exceeding 1% of the market value on the announcement date [20][21] - From January 1 to September 19, 2025, a total of 271 companies announced shareholder increases, with 83 of them having ten or more rating agencies. Among these, 22 companies had planned increase amounts exceeding 1% of their market value [22][23] Group 3: Share Buyback Situations in A-Share Listed Companies - From September 15 to September 19, 2025, 69 companies announced buyback progress, with 25 of them having ten or more rating agencies. Five companies, including Jian Sheng Group, Huafa Co., Ninebot Inc., Wens Foodstuff Group, and Jiayi Co., had buyback amounts exceeding 1% of their market value [27][29] - From January 1 to September 19, 2025, a total of 1,739 companies announced buyback progress, with 420 having ten or more rating agencies. Among these, 107 companies had buyback amounts exceeding 1% of their market value [28][30]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - PVC market in the fourth quarter is expected to first rebound with the macro - situation and then return to fundamentals and delivery logic. For trading strategies, it includes unilateral interval operations, option strategies, and month - spread strategies [3][78]. - The caustic soda market in the fourth quarter is expected to have short - term price stimulation due to alumina stockpiling and then return to seasonal surplus. Trading strategies involve unilateral trading, arbitrage, and option strategies [7][8]. Summary by Related Catalogs PVC Market 1. Three - quarter Supply Review - The overall operation of existing PVC plants was stable in the first quarter, and seasonal maintenance in the second and third quarters affected supply. The average operation rate in the first three quarters was about 76.8%, and the output was about 17.948 million tons, a year - on - year increase of 2.35%. There were many new plant commissions from July to September [3][16]. 2. Three - quarter Demand Review - The apparent demand in the first three quarters was about 15.16 million tons, a year - on - year decrease of 3.4%. Terminal demand was at a seasonal low, and speculative demand was average. Real estate data was weak, and cement demand and prices had been weak since 2024. Exports from January to July were relatively strong, with PVC powder exports of 2.291 million tons, a year - on - year increase of 830,000 tons (56.9%), while floor exports decreased by 11.15% year - on - year [20][32][34]. 3. Three - quarter Inventory Review - In the third quarter, inventory shifted from upstream to mid - stream, and both started to accumulate recently. Due to weak demand and the futures price being higher than the spot price, there was a lot of selling hedging by upstream and futures - cash traders, and inventory shifted to the delivery warehouse. As of September 17, the warehouse receipt volume was 110,900, the highest in history [42][46]. 4. Fourth - quarter Supply Outlook - There will be some maintenance in October, and then maintenance will decrease. There is a possibility of capacity exit in existing plants. Newly commissioned plants have been postponed but will be concentrated recently, and the supply pressure will be reflected in the fourth quarter [52][53][57]. 5. Fourth - quarter Demand Outlook - It is difficult for domestic demand to have incremental demand in the fourth quarter. In terms of exports, attention should be paid to the impact of India's anti - dumping on China. India has strong demand, but the anti - dumping tax rate has been adjusted to $122 - 232 per ton [3][71]. 6. Fourth - quarter Trading Strategies - Strategy 1: Unilateral interval operations. PVC is still in an oversupply situation, but low valuation and falling caustic soda prices provide support. It is expected to trade on macro - improvement factors from September to October and then return to fundamentals. - Strategy 2: Option strategies. Sell out - of - the - money put options on V2601 at relatively low prices and sell out - of - the - money call options on V2601 after the price rebounds. - Strategy 3: Month - spread strategies. Go for positive spreads between January and May contracts and look for positive spread opportunities between May and September contracts [78]. Caustic Soda Market 1. Caustic Soda Spot and Futures Market Review - The spot price of caustic soda has fluctuated due to factors such as maintenance, downstream replenishment, and changes in liquid chlorine prices. The futures market has also shown significant fluctuations, affected by factors like inventory accumulation, market sentiment, and alumina stockpiling [81][83]. 2. Caustic Soda Supply and Demand Review - The output in the first three quarters was about 31.703 million tons, a year - on - year increase of 2.42%. There were new plant commissions in the third quarter, and some capacity exited. Non - aluminum demand improved in Q3, and paper - making operations were divided. Exports from January to July 2025 were 2.398 million tons, a year - on - year increase of 51.3% [85][95]. 3. Caustic Soda Supply and Demand Outlook - There is a total of 1.05 million tons of capacity to be commissioned, mainly from September to October. The commissioning compliance rate is 50 - 60%. It is expected that the operation rate will recover in late September, decline in October, and remain relatively high from November to December. There is still new demand for alumina commissioning and stockpiling in the fourth quarter, but attention should be paid to the impact of alumina over - supply on demand [98][100][103]. 4. Caustic Soda Trading Strategies - Unilateral trading: The near - term is weak, and it is advisable to buy low - priced contracts for the peak season. - Arbitrage: Conduct reverse spreads from non - stockpiling months to stockpiling months, positive spreads from stockpiling months to off - peak months, long caustic soda and short alumina during alumina commissioning and stockpiling, and short caustic soda and long alumina when alumina is in over - supply and production is cut [138].

Overview - The concept of precision agriculture is driving the demand for BB fertilizers, which can be tailored based on soil tests and crop needs, thus meeting modern agricultural management requirements [1][9] - In 2024, the demand for BB fertilizers in China is projected to reach 8.651 million tons, representing a year-on-year increase of 8.95%, while the production is expected to be 8.475 million tons, up 6.74% from the previous year [1][9] Industry Development - BB fertilizers, also known as bulk blending fertilizers, are characterized by their flexible formulations and targeted nutrient delivery, addressing the limitations of traditional fertilizers [2][3] - The introduction of BB fertilizer technology in China dates back to the late 1980s, with significant milestones including the establishment of industry standards and associations that have shaped the sector [5][6] Market Policies - Recent policies in China aim to promote technological innovation in fertilizer production, enhance fertilizer efficiency, and reduce environmental pollution, steering the BB fertilizer industry towards greener and more efficient practices [6][7] Industry Chain - The BB fertilizer industry consists of upstream suppliers of nitrogen, phosphorus, potassium, and trace elements, midstream production companies, and downstream application markets, with significant usage in staple crops like wheat, corn, and rice [8][9] Competitive Landscape - The BB fertilizer market is becoming increasingly competitive, with a growing number of companies entering the sector; as of mid-2025, there are 94,481 registered BB fertilizer products in China [9][10] - Major players in the BB fertilizer market include Yuntianhua, Hubei Yihua, and XinYangFeng, among others, which are expanding their product offerings and market presence [10][11] Future Trends - The future of the BB fertilizer industry is expected to focus on precision formulation using data analytics and remote sensing technologies, alongside a shift towards environmentally friendly production methods [12]

Core Viewpoint - Stanley announced the decision to waive its right of first refusal on the 51% equity stake in its associate company, Songzi Fertilizer, held by Hubei Yihua Fertilizer [2] Group 1 - The third temporary meeting of the seventh board of directors will be held on September 11, 2025, to review the proposal [2] - Hubei Yihua Fertilizer plans to transfer its 51% stake in Songzi Fertilizer to its sole shareholder, Hubei Yihua Chemical Co., Ltd., to optimize management structure and improve operational efficiency [2] - Stanley currently holds a 49% stake in Songzi Fertilizer, and its ownership percentage will remain unchanged after the transaction [2]