Core Viewpoint - Hubei Yihua Chemical Co., Ltd. is acquiring 100% equity of Yichang Xinfai Industrial Investment Co., Ltd. from its controlling shareholder, Hubei Yihua Group, for a total transaction price of 3.2079324 billion yuan, with the transfer of assets completed as of the announcement date [2][3]. Transaction Implementation - The transfer of the target assets has been completed, and the company now directly holds 100% equity of Yichang Xinfai [2]. - The transaction price is structured in two payments: the first payment of 51% (approximately 1.636045524 billion yuan) is due within 5 working days after the agreement is signed, and the remaining 49% (approximately 1.571886876 billion yuan) is to be paid within one year along with corresponding interest [3]. Subsequent Matters - Remaining payments for the equity transfer are pending as per the agreement [4]. - The company will hire an auditing firm to conduct a special audit on the profit and loss of the target company during the transition period [4]. - The company is required to continue fulfilling information disclosure obligations as per relevant laws and regulations [4]. Opinions from Intermediaries - The independent financial advisor confirmed that the transaction complies with relevant laws and regulations, and the asset transfer procedures are legal and effective [6]. - The legal advisor stated that the necessary approvals for the transaction have been obtained, and there are no significant discrepancies in the information disclosed prior to the transaction [6].

Investment Rating - The report maintains an "Outperform" rating for the fertilizer and pesticide industry [2][3]. Core Views - The international potash prices continue to rise, influenced by supply disruptions in pesticides [2]. - The domestic potash supply remains tight, with a significant reliance on imports, exceeding 60% [4][31]. - The long-term price stability of phosphate rock is expected due to increasing demand and declining quality of domestic resources [5][54]. Summary by Sections 1. Potash: Resource Scarcity and Price Recovery - Potash is essential for crop growth, with chloride potash being the dominant type used in agriculture, accounting for over 95% of usage [19]. - Global potash resources are concentrated in a few countries, with Canada, Belarus, and Russia holding approximately 69.4% of the total proven reserves [20][21]. - China's potash consumption is significant, making it the largest consumer globally, with a projected increase in demand [24][31]. 2. Phosphate Chemicals: High Prices and Export Guidance - The phosphate chemical industry's performance is closely tied to phosphate rock prices, which are expected to remain high due to supply constraints and increasing demand from new applications [5][54]. - As of May 2025, the market price for 30% grade phosphate rock in Hubei is 1,040 CNY/ton, while in Yunnan, it is 970 CNY/ton, both stable compared to the previous month [54]. - Phosphate fertilizer export policies are expected to alleviate domestic market pressures during the off-season [6]. 3. Pesticides: Supply Disruptions and Price Increases - The supply of chlorantraniliprole (Kangkuan) has been disrupted due to an explosion, leading to a price increase [7]. - The price of glyphosate has risen, with expectations for increased exports to South America during the peak demand season [7][10]. - Companies like Lier Chemical, which have established production capabilities for chlorantraniliprole, are highlighted as key players in the market [8][10]. 4. Key Company Profit Forecasts and Investment Ratings - Key companies in the industry, such as Yaqi International, Yuntianhua, and Xingfa Group, are rated as "Outperform" with projected earnings per share (EPS) growth [11]. - Yaqi International is expected to produce 2.8 million tons of potassium chloride in 2025, with a significant increase in production capacity anticipated [52].

北京德恒律师事务所 关于湖北宜化化工股份有限公司 重大资产购买暨关联交易 之实施情况的法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话：010-52682888 传真：010-52682999 邮编：100033 北京德恒律师事务所 关于湖北宜化化工股份有限公司 重大资产购买暨关联交易之实施情况的法律意见 北京德恒律师事务所 关于湖北宜化化工股份有限公司 重大资产购买暨关联交易 之实施情况的法律意见 德恒01F20241406-09号 致：湖北宜化化工股份有限公司 根据湖北宜化与本所签订的《法律服务协议》，本所接受湖北宜化委托，就 本次交易相关事宜，担任湖北宜化的专项法律顾问。本所律师已就本次交易出具 了《北京德恒律师事务所关于湖北宜化化工股份有限公司重大资产购买暨关联交 易之法律意见》《北京德恒律师事务所关于湖北宜化化工股份有限公司重大资产 购买暨关联交易之补充法律意见（一）》，以上文件称为"《原法律意见》"。现 本所律师就本次交易的实施情况进行核查并出具本法律意见。 除非另有说明，本所在《原法律意见》中发表法律意见的前提、假设和相关 释义同样适用于本法律意见。 本所同意将本法律意见作 ...

证券代码：000422 证券简称：湖北宜化 上市地：深圳证券交易所 湖北宜化化工股份有限公司 重大资产购买暨关联交易 实施情况报告书 独立财务顾问 签署日期：二〇二五年六月 释 义 | 本报告书中，除非文意另有所指，下列简称具有如下含义： | | --- | 上市公司声明 本公司及董事会全体成员保证本报告书内容的真实、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。 本次交易有关监管部门对本次交易事项所作的任何决定或意见，均不代表其对本 公司股票的价值或投资者收益的实质性判断或保证。任何与之相反的声明均属虚假不 实陈述。 根据《证券法》等相关法律、法规的规定，本次交易完成后，本公司经营与收益 的变化，由本公司自行负责，由此变化引致的投资风险，由投资者自行负责。投资者 若对本报告书存在任何疑问，应咨询自己的股票经纪人、律师、会计师或其他专业顾 问。 本公司提醒投资者注意：本报告书的目的仅为向公众提供有关本次交易的实施情 况，投资者如欲了解更多信息，请仔细阅读本公司《湖北宜化化工股份有限公司重大 资产购买暨关联交易报告书（草案）（修订稿）》全文。 1 | 上市公司声明 | 1 | ...

北京德恒律师事务所 关于湖北宜化化工股份有限公司 重大资产购买暨关联交易 之实施情况的法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话：010-52682888 传真：010-52682999 邮编：100033 北京德恒律师事务所 关于湖北宜化化工股份有限公司 重大资产购买暨关联交易之实施情况的法律意见 北京德恒律师事务所 关于湖北宜化化工股份有限公司 重大资产购买暨关联交易 之实施情况的法律意见 德恒01F20241406-09号 致：湖北宜化化工股份有限公司 根据湖北宜化与本所签订的《法律服务协议》，本所接受湖北宜化委托，就 本次交易相关事宜，担任湖北宜化的专项法律顾问。本所律师已就本次交易出具 了《北京德恒律师事务所关于湖北宜化化工股份有限公司重大资产购买暨关联交 易之法律意见》《北京德恒律师事务所关于湖北宜化化工股份有限公司重大资产 购买暨关联交易之补充法律意见（一）》，以上文件称为"《原法律意见》"。现 本所律师就本次交易的实施情况进行核查并出具本法律意见。 除非另有说明，本所在《原法律意见》中发表法律意见的前提、假设和相关 释义同样适用于本法律意见。 本所同意将本法律意见作 ...

华泰联合证券有限责任公司 关于湖北宜化化工股份有限公司 重大资产购买暨关联交易实施情况 之 独立财务顾问核查意见 独立财务顾问 签署日期：二〇二五年六月 独立财务顾问声明 华泰联合证券有限责任公司（以下简称"华泰联合"、"本独立财务顾问"）接受 湖北宜化化工股份有限公司（以下简称"湖北宜化"、"上市公司"或"公司"）委托， 担任本次重大资产购买暨关联交易（以下简称"本次交易"）的独立财务顾问，就该事 项向上市公司全体股东提供独立意见，并制作本核查意见。 本独立财务顾问核查意见是依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业务管理办法》、 《公开发行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》 等法律法规及文件的规定和要求，以及证券行业公认的业务标准、道德规范，经过审慎 调查，本着诚实信用和勤勉尽责的态度，就本次交易认真履行尽职调查义务，对上市公 司相关文件进行审慎核查后出具的，旨在就本次交易行为做出独立、客观和公正的评价， 以供上市公司全体股东及有关各方参考。 本独立财务顾问核查意见所依据的文件和材料由本次交易各方提 ...

Group 1 - Hubei Yihua Chemical Co., Ltd. has experienced a decline of 7.98% over four consecutive trading days as of June 3 [1] - The company, listed on the Shenzhen Stock Exchange since August 1996, operates in the fields of urea, phosphate fertilizers, chlor-alkali, and fine chemicals [1] - Hubei Yihua has subsidiaries in Hubei, Inner Mongolia, Qinghai, and Xinjiang, and is a state-controlled listed company with its controlling shareholder being Hubei Yihua Group Co., Ltd. [1] Group 2 - Three funds under Dacheng Fund have entered the top ten shareholders of Hubei Yihua, with all three funds reducing their holdings in the first quarter of this year [1] - Dacheng New Industry Mixed A has a year-to-date return of 1.42%, ranking 2395 out of 4568 in its category [1] - Dacheng Economic Flexible Allocation Mixed A also has a year-to-date return of 1.42%, ranking 892 out of 2318 [1] - Dacheng Economic Selection Six-Month Holding Mixed A has a year-to-date return of 10.67%, ranking 687 out of 4568 [1] Group 3 - The fund manager for the three Dacheng funds is Han Chuang, who has a Master's degree in Economics and has been with Dacheng Fund Management since June 2015 [5] - Han Chuang has held various positions within the company, including roles in the stock investment decision-making committee and as a research analyst [5]

Core Viewpoint - The legal opinion letter confirms the legality and validity of the third extraordinary general meeting of shareholders of Hubei Yihua Chemical Co., Ltd. scheduled for May 30, 2025, and outlines the procedures followed for its convening and voting [1][2][3]. Group 1: Meeting Convening and Procedures - The meeting was convened by the board of directors of Hubei Yihua, with the proposal to hold the meeting approved during the board meeting on May 14, 2025 [3][4]. - The notice for the meeting was published on May 15, 2025, detailing the convenor, date, time, and voting procedures [4][6]. - The meeting's procedures were found to comply with the Company Law and the company's articles of association [6]. Group 2: Attendance and Voting - A total of 1,568 shareholders and their proxies attended the meeting, representing 414,688,953 shares, which is 38.3081% of the total shares [6][7]. - The meeting included 16 shareholders present on-site, while 1,557 participated via online voting, representing 188,578,256 shares or 17.4205% of the total shares [6][7]. - The attendance and voting qualifications of the participants were deemed valid and in accordance with legal requirements [7]. Group 3: Resolutions and Voting Results - The meeting reviewed several proposals, including the major asset acquisition and related party transactions, which required a special resolution with over two-thirds approval from attending shareholders [9][11]. - The voting results showed that the proposals received overwhelming support, with the majority of votes in favor exceeding 98% for most resolutions [12][15][20]. - The related party, Hubei Yihua Group Co., Ltd., abstained from voting due to its interest in the transactions [12][20].

Meeting Overview - The shareholder meeting of Hubei Yihua Chemical Co., Ltd. was held on May 30, 2025, with a total of 1,568 shareholders participating, representing 414,688,953 shares, which is 38.3081% of the total shares [1][2] - The meeting included both on-site and online voting, with specific time slots designated for each [1] Voting Participation - A total of 1,557 shareholders participated via online voting, representing 188,578,256 shares, or 17.4205% of the total shares [2] - Among the participants, 1,552 were small investors, representing 98,874,818 shares, or 9.1339% of the total shares [2] Proposal Voting Results - The proposal regarding the major asset purchase and related transactions was approved with 186,330,911 votes in favor, accounting for 98.9483% of the valid votes cast [2][4] - Small shareholders voted in favor with 96,894,420 shares, representing 97.9971% of the small shareholders' valid votes [3] Detailed Proposal Outcomes - The proposal for the major asset purchase and related transaction plan was approved with 185,810,011 votes in favor, representing 98.6717% of the valid votes [4] - The proposal regarding the major asset restructuring was approved with 185,834,611 votes in favor, accounting for 98.6848% of the valid votes [10] - The proposal concerning the signing of related agreements was approved with 185,796,711 votes in favor, representing 98.6647% of the valid votes [12] Legal Compliance - The meeting was witnessed by lawyers from Hubei Minji Law Firm, who confirmed that the meeting's procedures and voting results complied with relevant laws and regulations [28]

湖北民基律师事务所 关于湖北宜化化工股份有限公司 2025 年第三次临时股东会的 法律意见书 中国湖北省宜昌市西陵区西陵一路 7-1 号勤业商务大厦 9 楼 10 楼 12 楼 电话：(86 717)6754 269；邮箱：minji@minjilaw.com 本法律意见书根据《中华人民共和国公司法》(以下简称"《公司 法》")等法律、法规、规范性文件以及《湖北宜化化工股份有限公司 章程》（以下简称"《公司章程》"）的有关规定而出具。 为出具本法律意见书，本所及经办律师依据《律师事务所从事证 券法律业务管理办法》和《律师事务所证券法律业务执业规则（试行）》 等规定，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则，对 本次股东会所涉及的相关事项进行了必要的核查和验证，核查了本所 认为出具本法律意见书所需的相关文件、资料，并参加了湖北宜化本 次股东会的全过程。本所保证本法律意见书所认定的事实真实、准确、 完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈 述或者重大遗漏，并承担相应法律责任。 在本法律意见书中，本所律师仅对本次股东会的召集、召开程序、 -1- 法律意见书 湖北民基律师事务所 关于湖北宜 ...