湖北宜化化工股份有限公司 董事会薪酬与考核委员会 2026 年 1 月 23 日 湖北宜化化工股份有限公司 董事会薪酬与考核委员会关于回购注销 2024 年限制性股票激励计划部分限制性股票的 核查意见 湖北宜化化工股份有限公司（以下简称"公司"）2024 年限制 性股票激励计划中，有 16 名激励对象因离职、工作变动等情形，拟 由公司对其已获授但尚未解除限售的 66.37 万股限制性股票进行回购 注销。董事会薪酬与考核委员会对前述回购注销事项进行核查，并发 表核查意见如下： 本次回购注销事项符合《上市公司股权激励管理办法》《湖北宜 化化工股份有限公司 2024 年限制性股票激励计划（草案）》有关规 定，拟回购注销部分限制性股票的回购数量、回购价格无误，涉及的 回购名单准确，不存在损害公司和股东合法权益的情形，同意本次回 购注销事项。 ...

湖北宜化公告称，公司拟回购注销2024年限制性股票激励计划部分限制性股票。此次回购注销因1人工 作变动、部分人离职等情形，涉及限制性股票663,700股，占本激励计划授予总量的2.14%，占回购注销 前公司总股本的0.06%。回购价格方面，工作变动的以4.02元/股加银行同期定期存款利息之和回购，离 职的以4.02元/股回购，资金总额约267万元，来源为自有资金。本次回购注销已获董事会审议通过，尚 需股东会审议，完成后公司总股本将减至1,087,584,712股，不影响公司业绩和激励计划实施。 ...

Core Viewpoint - Hubei Yihua's stock price has shown a positive trend with a year-to-date increase of 8.16%, driven by strong financial performance and significant trading activity [1][2]. Financial Performance - For the period from January to September 2025, Hubei Yihua achieved a revenue of 19.167 billion yuan, representing a year-on-year growth of 41.76% [2]. - The net profit attributable to shareholders for the same period was 812 million yuan, reflecting a year-on-year increase of 7.01% [2]. Stock Performance - As of January 19, Hubei Yihua's stock price was 15.37 yuan per share, with a market capitalization of 16.726 billion yuan [1]. - The stock has increased by 4.13% over the last five trading days, 9.79% over the last 20 days, and 12.93% over the last 60 days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased to 83,100, a reduction of 30.23% from the previous period [2]. - The average number of circulating shares per person increased by 43.33% to 12,723 shares [2]. Dividend Distribution - Hubei Yihua has distributed a total of 1.337 billion yuan in dividends since its A-share listing, with 645 million yuan distributed over the last three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 15.3499 million shares, an increase of 10.0535 million shares from the previous period [3]. - The Southern CSI 1000 ETF was the sixth-largest circulating shareholder, holding 7.9153 million shares, a decrease of 82,100 shares from the previous period [3].

关于对外担保的进展公告 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、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 2025 年 4 月 24 日召开的 2024 年度股东会审议通过《关于 2025 年度对外担保额 度预计的议案》，于 2025 年 9 月 8 日召开的 2025 年第六次临时股东 会审议通过《关于新增 2025 年度对外担保额度预计的议案》，同意 2025 年度公司及子公司为控股子公司及参股公司提供总计不超过 569,633.00 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 314,445.00 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 245,370.00 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 9,818.00 万元担保额度。在有效期内，前述 预计的担保额度可按照实际情况在资产负债率 70%以上/以下同等类 别的被担保公司之间进行额度调剂。 2025 年 12 月，公司使用上述担保额度为参股公司松滋史丹利宜 化新材料科技有限公司（以下简称"史丹利宜化新 ...

Group 1 - Nanda Optoelectronics is a core enterprise in the semiconductor materials field, focusing on the R&D and mass production of ArF photoresists, having achieved breakthroughs that disrupt the monopoly of Japanese and American companies in the mid-to-high-end photoresist market [1][38][39] - The company has established deep cooperation with foundries in the Yangtze River Delta and has successfully validated its ArF photoresist for 28nm processes, leading to significant order growth and capacity expansion following the introduction of U.S. semiconductor tariffs in 2026 [1][39] - The National Big Fund has provided financial support for its photoresist projects, enhancing its first-mover advantage in the domestic photoresist market [1][39] Group 2 - Tongcheng New Materials, based in Shanghai, is a leading domestic rubber additive company that has entered the photoresist market through the acquisition of Beixu Electronics, focusing on the R&D and production of KrF photoresists [2][40] - The company has established stable partnerships with major domestic foundries, achieving large-scale production of KrF photoresists widely used in memory chips and power devices [2][40] - Plans for an H-share listing in 2026 aim to raise funds for high-end photoresist R&D and capacity expansion, further enhancing its competitive edge in the domestic market [2][40] Group 3 - Dinglong Co., headquartered in Wuhan, is a leader in printing and copying consumables, diversifying into semiconductor materials with a focus on polishing pads and supporting materials for photoresists [3][41] - The company has established close cooperation with major foundries like SMIC, achieving import substitution for its CMP polishing pads, which supports its photoresist business [3][41] - Following the U.S. semiconductor tariffs, there has been a surge in demand for localized supporting materials, leading to increased orders for its photoresist and related products [3][41] Group 4 - Yake Technology, located in Jiangsu, has entered the semiconductor photoresist market through the acquisition of South Korea's UP Chemical, focusing on KrF and ArF photoresists [4][42] - The company has integrated the technical advantages of the Korean team with domestic market resources, positioning itself as a core supplier of mid-to-high-end photoresists in the global semiconductor supply chain [4][42] - The electronic specialty gas business complements its photoresist offerings, providing a one-stop material solution for foundries [4][42] Group 5 - Dongcai Technology, based in Sichuan, specializes in high polymer resin materials for photoresists, leveraging its chemical industry foundation in the Southwest [5][43] - The company has achieved batch supply of resin products for various photoresist models, including G/I line and KrF, validated by multiple domestic photoresist manufacturers [5][43] - The demand for localized raw materials has surged following the U.S. semiconductor tariffs, leading to increased production capacity and a focus on high-end resin materials for ArF photoresists [5][43] Group 6 - Lianhong New Materials, located in Shandong, produces core raw materials such as monomers and solvents for photoresists, achieving low-cost production with quality meeting import standards [6][44] - The company has established long-term partnerships with downstream photoresist manufacturers, enhancing product adaptability and market share [6][44] - The acceleration of domestic substitution due to U.S. tariffs has led to a significant increase in orders for its photoresist raw materials [6][44] Group 7 - Shengquan Group, based in Shandong, focuses on developing phenolic and epoxy resins for photoresists, achieving breakthroughs in green and high-performance materials [7][45] - The company has become a core supplier for downstream photoresist manufacturers, benefiting from the growing demand for upstream resin materials following the U.S. semiconductor tariffs [7][45] - Increased R&D investment aims to develop high-end resin materials for KrF photoresists, further extending its position in the semiconductor materials industry [7][45] Group 8 - Shanghai Xinyang, a leader in semiconductor cleaning liquids, has diversified into the photoresist market, focusing on G/I line and electroplating photoresists [8][46] - The company has achieved large-scale production of G/I line photoresists, becoming a major supplier for domestic packaging applications [8][46] - The introduction of U.S. tariffs has accelerated the domestic adoption of photoresist materials, significantly increasing order volumes for its products [8][46] Group 9 - Jingrui Electric Materials, located in Jiangsu, is a leader in microelectronic materials, with its photoresist business covering multiple models including G/I line and KrF [9][48] - The company has accumulated extensive experience in photoresist R&D and production, with KrF photoresists entering the customer validation phase [9][48] - The U.S. semiconductor tariffs have led to a significant increase in domestic procurement of photoresists, resulting in notable revenue growth for the company [9][48] Group 10 - Huamao Technology, based in Fujian, has entered the photoresist market through the acquisition of XuZhou Bokan, focusing on ArF photoresist R&D [10][49] - The company aims to leverage its technical reserves to achieve breakthroughs in the production of mid-to-high-end photoresists, particularly in automotive semiconductor applications [10][49] - The acceleration of domestic substitution due to U.S. tariffs positions the company favorably in the ArF photoresist market [10][49] Group 11 - Jingfang Technology, headquartered in Jiangsu, specializes in semiconductor packaging and testing, relying on photoresists as a core consumable in its processes [11][50] - The company is enhancing cooperation with domestic photoresist manufacturers to optimize supply chain costs amid the push for domestic substitution [11][50] - The growth in demand from automotive electronics and AIoT sectors is driving the expansion of its packaging business, indirectly benefiting from the photoresist market [11][50] Group 12 - Xinlai Yingcai, based in Jiangsu, is a leader in ultra-pure fluid equipment, providing clean production equipment for photoresist manufacturing [12][51] - The company is expanding its product offerings to include ultra-clean equipment suitable for ArF and EUV photoresist production [12][51] - The demand for clean equipment has surged following the U.S. semiconductor tariffs, leading to significant order growth [12][51] Group 13 - Hubei Yihua, located in Hubei, is a leader in basic chemicals, producing raw materials for photoresists such as chlorobenzene and phosphorus trichloride [13][53] - The company has achieved large-scale production of photoresist raw materials, benefiting from the growing demand for localized supply following U.S. tariffs [13][53] - Its integrated chemical industry advantages help reduce production costs, enhancing its competitiveness in the photoresist supply chain [13][53]

Core Viewpoint - The report highlights the trends and statistics in China's soda ash (sodium carbonate) industry, indicating a slight decline in production in November 2025 while showing an overall growth in cumulative production for the year [1]. Group 1: Industry Overview - In November 2025, China's soda ash production reached 3.24 million tons, reflecting a year-on-year decrease of 0.5% [1]. - From January to November 2025, the cumulative production of soda ash in China was 36.256 million tons, marking a cumulative growth of 4.7% compared to the previous year [1]. Group 2: Companies Involved - Listed companies in the soda ash sector include Yuanxing Energy (000683), Sanyou Chemical (600409), Shandong Haohua (000822), Shuanghuan Technology (000707), Chlor-alkali Chemical (600618), Jinjing Technology (600586), Hubei Yihua (000422), Yuntu Holdings (002539), and Hebang Biotechnology (603077) [1]. Group 3: Research and Analysis - The report is based on data from the National Bureau of Statistics and is compiled by Zhiyan Consulting, a leading industry consulting firm in China, which specializes in providing in-depth industry research reports and strategic analysis [1].

Investment Rating - The report maintains an "Outperform" rating for the agricultural chemical industry [5][9]. Core Views - The potassium fertilizer supply and demand are tightly balanced, with international prices rising. China, being the largest consumer, has a high import dependency exceeding 60%. The domestic production of potassium chloride is expected to decrease by 2.7% in 2024, while imports are projected to reach a historical high of 12.633 million tons, a year-on-year increase of 9.1% [1][24]. - The long-term price of phosphate rock is expected to remain high due to declining grades and increasing extraction costs, coupled with growing demand from new applications like lithium iron phosphate [2][50]. - The price of glyphosate has shown volatility, with a significant increase during the South American planting season, followed by a decline due to high North American inventories [4][49]. Summary by Sections Potassium Fertilizer - The global potassium fertilizer market is characterized by a supply-demand imbalance, with prices expected to recover due to resource scarcity and geopolitical factors affecting supply chains [1][44]. - Domestic potassium chloride prices have shown an upward trend, with the average price at 3,282 RMB/ton by the end of December, reflecting a year-on-year increase of 30.45% [1][40]. Phosphate Chemicals - The phosphate rock market is experiencing tight supply conditions, with prices for 30% grade phosphate rock remaining high at around 1,040 RMB/ton in Hubei and 970 RMB/ton in Yunnan [2][50]. - The production capacity of lithium iron phosphate is projected to grow significantly, with a year-on-year increase of 48.59% expected in 2025 [2][51]. Pesticides - The glyphosate market is expected to see price improvements in 2026, following a period of price fluctuations influenced by seasonal demand and inventory levels [4][49]. - The report highlights several key companies in the pesticide sector, including Yangnong Chemical and Lier Chemical, which are positioned to benefit from rising prices and demand [8][49]. Investment Recommendations - Key recommendations include focusing on companies with strong potassium and phosphate resources, such as Yara International and Yun Tianhua, which are expected to benefit from the ongoing demand and supply dynamics in the agricultural chemical sector [7][9].

Investment Rating - The report maintains an "Outperform" rating for the agricultural chemical industry [5][9]. Core Views - The potassium fertilizer supply and demand are tightly balanced, with international prices rising. China, being the largest consumer, has a high import dependency exceeding 60%. The domestic production of potassium chloride is expected to decrease by 2.7% in 2024, while imports are projected to reach a historical high of 12.633 million tons, a year-on-year increase of 9.1% [1][24]. - The long-term price center for phosphate rock is expected to remain high due to declining grades and increasing extraction costs, alongside growing demand from new applications like lithium iron phosphate. The domestic supply-demand situation for phosphate rock is tightening, with prices for 30% grade phosphate rock remaining elevated [2][50]. - The price of glyphosate has shown volatility, with a peak during the South American planting season and a subsequent decline due to high North American inventories. The report anticipates a recovery in glyphosate prices in 2026 [4][49]. Summary by Sections Potassium Fertilizer - The global potassium fertilizer market is characterized by a supply-demand imbalance, with prices expected to recover due to resource scarcity and geopolitical factors affecting supply chains [1][44]. - Domestic potassium chloride prices are projected to stabilize around 3,100-3,200 CNY/ton, with expectations of maintaining high inventory levels for food security [24][40]. Phosphate Chemicals - The phosphate rock market is experiencing a tightening supply-demand balance, with prices for 30% grade phosphate rock remaining above 900 CNY/ton for over three years. The report highlights the increasing demand from lithium battery applications [2][50]. - Phosphate chemical prices have shown upward trends for products like lithium iron phosphate, while glyphosate prices have decreased significantly [49][51]. Pesticides - The report suggests a potential recovery in the pesticide sector, particularly for glyphosate and its derivatives, as the industry undergoes restructuring to improve profitability [4][8]. - Companies such as Yangnong Chemical and Lier Chemical are highlighted as key players in the pesticide market, with recommendations for investment [7][8].

Core Viewpoint - Hubei Yihua has established a new materials company with a registered capital of 500 million yuan, indicating a strategic move into the new materials sector [1] Group 1 - The newly established company is named Yihua (Xinjiang) New Materials Co., Ltd. [1] - The registered capital of the new company is 500 million yuan [1] - The business scope includes research and development of new materials technology, as well as engineering and technical research and experimental development [1] - Hubei Yihua holds 100% ownership of the new company [1]

Group 1 - The core point of the article is the establishment of Yihua (Xinjiang) New Materials Co., Ltd. with a registered capital of 500 million yuan, focusing on new material technology research and development, as well as engineering and technical research and experimental development [1] - Yihua (Xinjiang) New Materials Co., Ltd. is wholly owned by Hubei Yihua (000422) [1] - The company aims to expand its operations in the new materials sector, indicating a strategic move towards innovation and technology development [1]