Core Viewpoint - Hubei Yihua Chemical Co., Ltd. successfully issued its first phase of technology innovation bonds for 2025, raising funds to support its operations and innovation efforts [1][2]. Group 1: Bond Issuance Details - The company announced the approval of its medium-term notes registration amounting to 2 billion yuan, valid for two years from the date of the notice [1]. - The issuance of the first phase of technology innovation bonds took place on December 12, 2025, with the raised funds credited to the company by December 15, 2025 [1]. Group 2: Compliance and Transparency - The company and its board guarantee the authenticity, accuracy, and completeness of the disclosed information, ensuring there are no false records or misleading statements [1]. - The company is not a subject of credit default, indicating a stable financial standing [1].

Core Viewpoint - The Hubei state-owned enterprise reform sector experienced a decline of 1.62% on December 16, with Hubei Yihua leading the drop [1] Market Performance - The Shanghai Composite Index closed at 3824.81, down 1.11% - The Shenzhen Component Index closed at 12914.67, down 1.51% [1] Capital Flow - The main capital outflow from the Hubei state-owned enterprise reform sector amounted to 362 million yuan - Retail investors contributed a net inflow of 180 million yuan, while speculative funds saw a net inflow of 182 million yuan [1]

| 中期票据名称 | 湖北宜化化工股份有 限公司2025年度第一 | 中期票据简称 | 25宜化化工MTN001 （科创债） | | --- | --- | --- | --- | | | 期科技创新债券 | | | | 债券代码 | 102585227.IB | 债券期限 | 3+N | | 计划发行总额 | 8亿元 | 实际发行总额 | 8亿元 | | 发行价格 | 100元/百元面值 | 发行利率(%) | 2.83 | | 起息日期 | | 2025年12月15日 | | | 簿记管理人 | | 中信银行股份有限公司 | | | 主承销商 | | 中信银行股份有限公司 | | | 联合主承销商 | | 申万宏源证券有限公司 | | 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。 本公司不是失信责任主体。 本 次 中 期 票 据 发 行 的 相 关 文 件 详 见 上 海 清 算 所 网 站 (www.shclearing.com.cn) 和中国货币网 (www.chinamoney.com.cn)。 特此公告。 证券代码：000422 证券简称：湖北宜 ...

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 11 月，公司使用上述担保额度为全资子公司湖北宜化国 际贸易有限公司提供担保 30,000.00 ...

2. 本次股东会不涉及变更以往股东会已通过的决议。 证券代码：000422 证券简称：湖北宜化 公告编号：2025-139 湖北宜化化工股份有限公司 2025 年第十次临时股东会决议公告 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。 特别提示： 1. 本次股东会未出现否决提案的情形； 7. 会议出席情况： 一、会议召开和出席情况 1. 会议时间： 现场会议时间：2025 年 12 月 12 日（周五）14:30 网络投票时间：2025 年 12 月 12 日 其中，通过深圳证券交易所交易系统进行网络投票的时间为2025 年 12 月 12 日的交易时间，即 9:15-9:25，9:30-11:30 和 13:00-15:00； 通过深圳证券交易所互联网投票系统投票的时间为 2025 年 12 月 12 日 9:15 至 15:00 期间的任意时间。 2. 会议地点：宜昌市沿江大道 52 号 6 楼会议室。 3. 会议召开方式：本次股东会采用现场表决与网络投票相结合 的方式召开。 4. 会议召集人：公司董事会（第十届董事会第五十六次会议决 议召开本次股东会）。 ...

湖北民基律师事务所 关于湖北宜化化工股份有限公司 2025 年第十次临时股东会的 湖北民基律师事务所 关于湖北宜化化工股份有限公司 2025 年第十次临时股东会的 法律意见书 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 法律意见书 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。 本法律意见书仅供湖北宜化本次股东会见证之目的使用，不得用 作任何其他目的。 致：湖北宜化化工股份有限公司 湖北民基律师事务所（以下简称"本所"）受湖北宜化化工股份 有限公司（以下简称 ...

Demand Side - The demand for phosphate rock in China is projected to be 11,320 million tons in 2024, with expectations of 11,802 million tons and 12,414 million tons in 2025 and 2026 respectively, resulting in an actual incremental demand of 482 million tons and 612 million tons [2] - Emerging demand from the energy storage sector is expected to drive the phosphate chemical industry, with the incremental demand for phosphate rock from energy storage batteries estimated at 393 million tons and 431 million tons for 2025 and 2026 respectively [2] - Traditional demand for phosphate fertilizers is expected to remain weak due to rising raw material prices, with a low likelihood of recovery in phosphate fertilizer demand in 2025 and 2026 [2] Supply Side - In 2024, China's phosphate rock capacity, effective capacity, and output are projected to be 19,447 million tons, 11,916 million tons, and 11,353 million tons respectively, with expected capacities of 21,732 million tons and 24,762 million tons in 2025 and 2026 [3] - The supply of phosphate rock is significantly affected by environmental safety incidents, leading to a large gap between planned and actual production capacities [3] - The phosphate iron industry is experiencing long-term overcapacity, with effective capacity and output for phosphate iron in 2024 estimated at 426 million tons and 205 million tons respectively, and expected to increase to 499 million tons and 540 million tons in 2025 and 2026 [3] Price Outlook - The operating rate for phosphate rock capacity in 2024 is expected to be 58%, with effective capacity operating at 95%, and projected to balance supply and demand in 2025 and 2026 [4] - Low-grade phosphate rock prices may face slight pressure, while high-grade phosphate rock prices are expected to remain elevated [4] - The phosphate iron market is anticipated to experience tight supply, with effective capacity operating rates expected to improve from 48% in 2024 to 60% and 80% in 2025 and 2026 respectively [4] Investment Recommendations - Companies with integrated phosphate rock and phosphate iron production capabilities are recommended, including Tianqi Materials, Hunan YN, and Zhongwei Co [5] - Companies with phosphate iron production and rich phosphate rock resources are expected to benefit significantly from rising phosphate iron prices, including Chuanheng Co, Xingfa Group, and Batian Co [5]

Core Viewpoint - The report from Dongwu Securities highlights the expected growth in demand for phosphate rock driven by emerging sectors, while traditional demand is projected to decline. The overall supply and demand dynamics for phosphate rock and iron phosphate are analyzed for the years 2024 to 2026 [1][2][3]. Demand Side - Phosphate rock demand in China is projected to be 11,320 million tons in 2024, with expectations of 11,802 million tons and 12,414 million tons in 2025 and 2026 respectively. The actual increase in demand is estimated at 482 million tons and 612 million tons [1]. - Emerging sectors, particularly energy storage and power batteries, are expected to drive demand for phosphate rock, with an increase of 393 million tons and 431 million tons in 2025 and 2026 respectively. Iron phosphate is anticipated to contribute significantly to this demand [1]. - Traditional demand for phosphate fertilizers is expected to weaken due to rising raw material prices, with a forecasted decline in phosphate fertilizer production in early 2025 [1]. - Iron phosphate demand is projected to reach 214 million tons in 2024, increasing to 325 million tons and 449 million tons in 2025 and 2026, respectively, with significant contributions from energy storage [1]. Supply Side - Phosphate rock production capacity in China is expected to be 19,447 million tons in 2024, with projections of 21,732 million tons and 24,762 million tons for 2025 and 2026. Effective capacity and production are also expected to increase correspondingly [2]. - The supply of phosphate rock is significantly impacted by environmental safety incidents, leading to a gap between planned and actual production capacity [2]. - The iron phosphate industry is characterized by long-term overcapacity, with effective capacity and production expected to rise from 426 million tons and 205 million tons in 2024 to 499 million tons and 540 million tons in 2025 and 2026, respectively [2]. Price Outlook - The operating rate for phosphate rock capacity is projected to be 58% in 2024, with expectations of 57% and 54% in 2025 and 2026. High-grade phosphate rock prices are expected to remain elevated, while low-grade prices may face slight pressure [3]. - The iron phosphate market is anticipated to experience tight supply conditions, with operating rates expected to improve significantly in 2025 and 2026, indicating a potential supply gap [3]. Recommended Companies - Companies with phosphate iron and phosphate rock layouts are recommended, including Tianci Materials, Hunan YN, and Zhongwei Co. [4]. - Integrated chemical companies with phosphate iron production and phosphate rock resources are expected to benefit from rising phosphate iron prices, with suggested companies including Chuanheng Co., Xingfa Group, and others [4].

Core Viewpoint - The phosphate chemical index experienced a significant adjustment on December 9, with constituent stocks showing a widespread decline [1] Group 1: Industry Performance - The phosphate chemical index showed a notable decline, indicating a bearish trend in the industry [1] - The overall performance of constituent stocks was poor, reflecting a challenging market environment [1] Group 2: Individual Stock Movements - Qing Shui Yuan saw a decrease of 5.33% [1] - Jin Cheng Xin experienced a drop of 3.89% [1] - Chuan Heng Co., Ltd. fell by 2.58% [1] - Hubei Yihua declined by 2.32% [1] - Xin An Co., Ltd. decreased by 2.20% [1]

Core Points - The company has approved the adjustment of the equity structure of certain subsidiaries and affiliated companies [1] - The full subsidiary Hubei Yihua Fertilizer Co., Ltd. will transfer its 51% stake in Hubei Yihua Songzi Fertilizer Co., Ltd. and 35% stake in Yichang Bangpu Yihua New Materials Co., Ltd. to the company at book value [1] - The investment in Yihua Fertilizer amounting to 1,580.94 million yuan will be recovered, and the registered capital of Yihua Fertilizer will be reduced from 1,680.97 million yuan to 100.03 million yuan [1] Company Actions - The company has completed all relevant business registration work related to the equity transfer [2] - Yihua Fertilizer has received a new business license with its registered capital changed to 100.03 million yuan [2] - The company now directly holds a 51% stake in Songzi Fertilizer and a 35% stake in Bangpu Yihua New Materials [2]