1.内蒙古远兴能源股份有限公司（以下简称公司）于 2025 年 5 月 12 日以书 面、传真或电子邮件方式向公司全体董事发出了关于召开九届二十六次董事会会 议的通知。 2.会议于 2025 年 5 月 15 日在鄂尔多斯市东胜区鄂托克西街博源大厦 19 层 会议室以现场和视频相结合的方式召开。 3.本次董事会应参会董事 9 名，实际参会董事 9 名。其中参加现场会议的董 事为戴继锋、邢占飞、李永忠、纪玉虎、张世潮、董敏，通过视频参加会议的董 事为刘宝龙、宋为兔、李要合。会议由公司董事长戴继锋先生主持，公司监事、 部分高管人员列席了本次会议。 证券代码：000683 证券简称：远兴能源 公告编号：2025-040 内蒙古远兴能源股份有限公司 九届二十六次董事会决议公告 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。 一、董事会会议召开情况 详细内容请参见公司同日在巨潮资讯网披露的《关于补选董事会专门委员会 委员的公告》。 三、备查文件 1.经与会董事签字并加盖董事会印章的董事会决议。 2.深交所要求的其他文件。 内蒙古远兴能源股份有限公司董事会 二〇二五年五月 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8]. Core Views - The company's growth is driven by the release of natural soda capacity, with a significant increase in revenue from the natural soda business, which accounted for 76.53% of total revenue in 2024, growing by 41.38% year-on-year [5]. - Despite a downward trend in market prices for soda products, the company has managed to maintain revenue growth through increased production and sales volume, effectively offsetting price declines [5]. - The company has a robust profit distribution policy, with a cash dividend of 3 yuan per 10 shares, resulting in a dividend yield of 5.37% and a payout ratio of 61.60%, enhancing investment attractiveness [7]. Summary by Sections Market Performance - The company has shown resilience in its natural soda business, with a significant contribution to revenue growth despite market challenges [5]. Financial Performance - In 2024, the company achieved total revenue of 132.64 billion yuan, a year-on-year increase of 10.13%, and a net profit of 18.11 billion yuan, up 28.46% [4]. - The first quarter of 2025 saw a decline in revenue to 28.69 billion yuan, down 7.33% year-on-year, and a net profit drop of 40% [4]. Capacity Expansion - The first phase of the Alashan natural soda project has been a key driver of growth, with production capacity set to reach 5 million tons of soda ash per year by the end of 2024 [5]. - The company is also advancing the second phase of the Alashan project, which will further enhance production capacity [5]. Cost and Cash Flow Management - The company experienced an increase in various expense ratios, with sales expenses rising by 64.70% due to higher sales volumes [6]. - Operating cash flow significantly improved, reaching a net cash flow of 45.07 billion yuan in 2024, a 43.49% increase year-on-year [6]. Profit Forecast - The company is projected to have net profits of 19.01 billion yuan, 22.57 billion yuan, and 23.29 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 10.2, 8.6, and 8.3 [8][10].

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - The company's growth is driven by the release of natural soda capacity, with a high dividend yield enhancing investment value [5][7] - The natural soda business showed resilience, contributing significantly to revenue despite a decline in market prices [5] - The company is actively expanding its production capacity through new projects, which is expected to sustain revenue growth [5][7] Summary by Sections Market Performance - The company's stock price is currently at 5.18 yuan, with a total market capitalization of 19.4 billion yuan [1] Financial Performance - In 2024, the company achieved total revenue of 13.264 billion yuan, a year-on-year increase of 10.13%, and a net profit of 1.811 billion yuan, up 28.46% [4] - The first quarter of 2025 saw a revenue of 2.869 billion yuan, a year-on-year decrease of 7.33%, and a net profit of 339 million yuan, down 40% [4] Investment Highlights - The natural soda business generated 10.15 billion yuan in revenue in 2024, accounting for 76.53% of total revenue, with a year-on-year growth of 41.38% [5] - The company’s production capacity for soda ash reached 5.7779 million tons, representing 15.33% of the national total, with sales of 5.7526 million tons, reflecting year-on-year increases of 115.05% and 123.88% respectively [5] - The company plans to enhance its stake in the Alashan natural soda project to 60%, optimizing resource allocation and management [5] Profit Distribution - The company distributed a cash dividend of 3 yuan per 10 shares, totaling approximately 1.116 billion yuan, with a dividend yield of 5.37% and a payout ratio of 61.60% [7] - The dividend yield has been consistently increasing over the past four years, indicating a strong commitment to shareholder returns [7] Earnings Forecast - The company is projected to achieve net profits of 1.901 billion yuan, 2.257 billion yuan, and 2.329 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 10.2, 8.6, and 8.3 [8][10]

Investment Rating - The report maintains a "Positive" rating for the basic chemical industry [2][3]. Core Viewpoints - The energy price center is expected to decline year-on-year in 2024, but terminal demand remains weak, leading to a bottoming out of chemical price spreads. The average price of Brent crude oil in 2024 is projected to be $80.93 per barrel, down 2% year-on-year [2][3]. - In Q1 2025, oil prices stabilized, and post-holiday terminal replenishment demand improved, leading to a recovery in basic chemical profitability. The report highlights a "V"-shaped bottom reversal in market conditions [2][3]. - The report emphasizes that while terminal demand was weak in 2024, certain sectors like chlor-alkali, compound fertilizers, and nylon saw significant performance improvements [2][3]. Summary by Sections 1. Industry Overview - The chemical sector experienced a "W"-shaped trend in 2024, with construction projects peaking and then declining. The overall revenue for the chemical sector in 2024 was 2.81% higher year-on-year, while net profit decreased by 2.68% [2][3][36]. - In Q1 2025, the chemical sector's revenue reached 496.9 billion yuan, a 6% increase year-on-year, with net profit rising by 9% to 32.8 billion yuan [2][3][41]. 2. Sector Performance - The report identifies specific sectors with improved profitability in Q1 2025, including fluorochemicals, food and feed additives, pesticides, potassium fertilizers, and compound fertilizers [2][3]. - The report notes that the overall asset-liability ratio for the chemical industry is 49.3%, indicating a historical low, and highlights a significant slowdown in capital expenditure growth [2][3][43]. 3. Investment Opportunities - The report suggests focusing on traditional cyclical companies with strong fundamentals, such as Wanhua Chemical, Hualu Hengsheng, and Baofeng Energy, as well as specific sectors like fluorochemicals and agricultural chemicals [2][3][4]. - It also highlights growth opportunities in semiconductor materials and panel materials, emphasizing companies with low valuations and strong performance potential [4][5].

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly highlighting undervalued and high-growth opportunities [1]. Core Insights - The anti-dumping duties on chlorpyrifos are expected to benefit domestic companies, with a recommendation to focus on Yangnong Chemical [3][4]. - The report emphasizes the importance of orderly exports of nitrogen fertilizers, suggesting that leading domestic companies should adopt a proactive pricing strategy to avoid excessive competition [3]. - The chemical sector is experiencing a gradual recovery in PPI, with a focus on investment opportunities in cyclical products due to low inventory levels [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a mixed outlook for oil, coal, and natural gas prices, with oil prices supported by shale oil production costs [3][4]. - The report notes a significant price increase in PTA and MEG, driven by supply constraints and optimistic market sentiment [9][10]. Fertilizer and Pesticide Market - Domestic urea prices have risen by 2.8% to 1830 CNY/ton, influenced by export policy expectations [11]. - The report highlights the stable pricing of various pesticides, with specific price points for glyphosate and other herbicides remaining unchanged [11]. Chemical Products Pricing - The report provides detailed pricing trends for various chemical products, including a 1.6% decrease in PVC prices and stable pricing for other chemicals like DMC and silicone [12][13]. - The report indicates a cautious market sentiment in the dye industry, with prices remaining stable despite cost support from raw materials [15]. Key Company Valuations - The report includes a valuation table for key companies, with recommendations for stocks such as Yangnong Chemical (buy) and Hualu Chemical (increase) based on their projected earnings and market performance [17][18].

扣非后净利润同比下降 14.17%，子公司获得探矿权 远兴能源(000683) ——远兴能源 2024 年年报点评 基础化工 [Table_Industry] /原材料 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 12,044 | 13,264 | 11,779 | 14,287 | 16,243 | | (+/-)% | 9.6% | 10.1% | -11.2% | 21.3% | 13.7% | | 净利润（归母） | 1,410 | 1,811 | 1,432 | 1,879 | 2,345 | | (+/-)% | -47.0% | 28.5% | -20.9% | 31.2% | 24.8% | | 每股净收益（元） | 0.38 | 0.48 | 0.38 | 0.50 | 0.63 | | 净资产收益率(%) | 10.5% | 12.5% | 9.4% | 11.6% | 13.4% | | ...

扣非后净利润同比下降 14.17%，子公司获得探矿权 远兴能源(000683) ——远兴能源 2024 年年报点评 基础化工 [Table_Industry] /原材料 [Table_Invest] 评级： 增持 [Table_Target] 目标价格： 7.60 [Table_CurPrice] 当前价格： 5.13 [Table_Market] 交易数据 52 周内股价区间（元） 4.97-8.14 本报告导读： 2024 年，公司实现扣非后净利润 20.72 亿元，同比下降 14.17%，公司全年碱业销量 同比增长 91.50%至 721.30 万吨。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 12,044 | 13,264 | 11,779 | 14,287 | 16,243 | | (+/-)% | 9.6% | 10.1% | -11.2% | 21.3% | 13.7% | | 净利润（归母） ...

关于举行2024年度业绩说明会的公告 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。 证券代码：000683 证券简称：远兴能源 公告编号：2025-037 内蒙古远兴能源股份有限公司 内蒙古远兴能源股份有限公司（以下简称公司）已于 2025 年 4 月 25 日在巨 潮资讯网披露了《2024 年年度报告》。 1 为充分尊重投资者、提升交流的针对性，现就公司 2024 年度业绩说明会提 前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可提前登录"互 动易"网站（http://irm.cninfo.com.cn），提交所关注的问题。公司将在业绩 说明会上对投资者普遍关注的问题进行回答。此次活动交流期间，投资者仍可登 录活动界面进行互动提问。欢迎广大投资者积极参与！ 特此公告。 内蒙古远兴能源股份有限公司董事会 二〇二五年五月九日 为便于广大投资者全面深入了解公司 2024 年度经营成果及财务状况等信息， 公司将于 2025 年 5 月 16 日（星期五）15:00-17:00 举行 2024 年度业绩说明会。 本次业绩说明会通过深圳证券交易所提供的"互 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report The fundamentals of soda ash show strong supply and weak demand. In the short term, it is expected to mainly operate in a volatile and weak manner [2]. Summary by Related Catalogs Daily View - The supply of soda ash increases as maintenance resumes and the operating rate rebounds, while the terminal demand is average. The factory inventory of soda ash declines but remains at a historical high. The basis indicates futures premium over spot, the price is below the 20 - day line which is downward, the main position is net short with an increase in short positions. Overall, it is expected to be volatile and weak in the short - term [2]. Influence Factors Summary - **Likely Factors**: The increase in the production capacity of downstream photovoltaic glass boosts the demand for soda ash [3]. - **Negative Factors**: Since 2023, the production capacity of soda ash has expanded significantly, and there are still large production plans this year. The production of the industry is at a historical high. The cold - repair of downstream float glass for heavy soda is at a high level, and the daily melting volume continues to decrease, resulting in weak demand for soda ash [4]. Main Logic The supply of soda ash is declining from a high level, the improvement in terminal demand is limited, and the inventory, although continuously declining, is still at a high level in the same period. The mismatch between supply and demand in the industry has not been effectively improved [5]. Soda Ash Futures Market - The closing price of the main contract of soda ash futures decreased by 1.63% to 1330 yuan/ton, the low - end price of heavy soda in Shahe decreased by 0.76% to 1310 yuan/ton, and the main basis decreased by 37.50% to - 20 yuan [6]. Soda Ash Spot Market - The low - end price of heavy soda in Hebei Shahe is 1310 yuan/ton, a decrease of 10 yuan/ton from the previous day [12]. - The profit of the combined - alkali method for heavy soda in East China is 175.50 yuan/ton, and the profit of the ammonia - alkali method for heavy soda in North China is - 62.50 yuan/ton. The production profit of soda ash is at a historical low [15]. - The weekly operating rate of the soda ash industry is 89.44% and is stabilizing and rebounding. The weekly output is 75.71 tons, with heavy soda ash at 41.55 tons, and the output is falling from a historical high [18][20]. - From 2023 to 2025, there have been significant increases in the new production capacity of soda ash. In 2023, the new capacity was 640 tons, in 2024 it was 180 tons, and the planned new capacity in 2025 is 750 tons, with 60 tons actually put into production [21]. Fundamental Analysis - Demand - The weekly sales - to - production ratio of soda ash is 102.69% [24]. - The daily melting volume of national float glass is 15.78 tons, and the operating rate of 75.85% continues to decline, resulting in weak demand for soda ash. The price of photovoltaic glass is stabilizing, the daily melting volume in production has rebounded to 9.1 tons, and the production has stabilized [27][30]. Fundamental Analysis - Inventory The total inventory of domestic soda ash manufacturers is 167.22 tons, including 85.71 tons of heavy soda ash, and the inventory is at a historical high in the same period [33]. Fundamental Analysis - Supply - Demand Balance Sheet The report provides the annual supply - demand balance sheet of soda ash from 2017 to 2024E, including data on effective capacity, production, operating rate, imports, exports, apparent supply, total demand, supply - demand difference, and growth rates of various indicators [34].

Investment Rating - The investment rating for the basic chemical industry is "Positive (Maintain)" [1] Core Insights - The basic chemical industry achieved a revenue of 23,219.8 billion yuan in 2024, with a year-on-year increase of 3.2%, but a net profit attributable to shareholders of 1,185.6 billion yuan, reflecting a year-on-year decrease of 6.2% [6][35] - In Q1 2025, the industry reported a revenue of 5,602.8 billion yuan, a year-on-year increase of 5.8%, and a net profit of 369.7 billion yuan, which is an increase of 11.8% year-on-year [6][35] - The profitability of the industry showed a sales gross margin of 17.2% in Q1 2025, with a net profit margin of 0.1% [6][35] Summary by Sections Industry Overview - The chemical raw materials and chemical products manufacturing industry saw a revenue of 91,986.4 billion yuan in 2024, with a cumulative year-on-year increase of 4.2%, while total profits decreased by 8.6% [5][26] - Fixed asset investment in the industry increased by 8.6% year-on-year, but the growth rate declined by 4.8 percentage points [5][26] Q1 Performance - In Q1 2025, the basic chemical sector experienced revenue growth, with a year-on-year increase of 5.8% and a net profit increase of 11.8% [6][35] - The sales gross margin for Q1 2025 was 17.2%, reflecting a slight decrease year-on-year but an increase compared to the previous quarter [6][35] Sub-industry Analysis - In 2024, the chlor-alkali and textile chemical products sub-industries showed significant profit growth, with chlor-alkali achieving a net profit growth of 262.8% [40][41] - For Q1 2025, the chlor-alkali sub-industry continued to lead with a net profit growth of 132.2% [41] Key Company Tracking - Major companies in the basic chemical sector, such as Wanhua Chemical and Hualu Hengsheng, reported significant net profit growth in 2024, with many companies experiencing a decrease in capital expenditures [5][6][35]