北京市鼎业律师事务所 BEIJING DINGYE LAW FIRM 中国北京市海淀区人大北路33号大行基业大厦16层 电 话：86-010-82685026 传 真：86-010-82684574 邮 编：100080 北京市鼎业律师事务所 关于内蒙古博源化工股份有限公司 2026 年第一次临时股东会的 法律意见 鼎业证字[2026]BY001 号 内蒙古博源化工股份有限公司： 北京市鼎业律师事务所（以下简称"本所"）接受内蒙古博源化工股份有限 公司（以下简称"公司"或"贵公司"）的委托，指派本所律师出席贵公司 2026 年第一次临时股东会（以下简称"本次股东会"），就本次股东会会议的召集与召 开程序、召集人资格、出席会议人员资格、会议表决程序及表决结果等事宜，出 具法律意见。 为出具本法律意见书之目的，贵公司向本所律师提供了与本次股东会召开事 宜有关的文件、资料。贵公司承诺向本所律师提供的文件及所作的陈述和说明是 完整的、真实的和有效的，有关原件及其上面的签字和印章是真实的，且一切足 以影响本法律意见书的事实和文件均已向本所披露，无任何隐瞒、疏漏之处。 本所律师根据《中华人民共和国公司法》（以下简称"《公 ...

Group 1 - The company is currently conducting production according to its annual operational plan, ensuring orderly arrangements for various products [2] - The Alkali Phase II project is currently undergoing trial operations, with capacity gradually ramping up [2] - Once the capacity of the Alkali Phase II project and the 1.2 million tons/year carbon recovery sodium bicarbonate project is fully released, the company will have a total soda ash capacity of 9.6 million tons/year, sodium bicarbonate capacity of 3.1 million tons/year, and urea capacity of 1.54 million tons/year [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The fundamentals of soda ash are weak, and it is expected to fluctuate weakly in the short term. The supply of soda ash is at a high level, the terminal demand is declining, the inventory is at a high level in the same period, and the mismatch between supply and demand in the industry has not been effectively improved [2][5]. 3. Summary According to Relevant Catalogs 3.1 Soda Ash Futures Market - The closing price of the main contract of soda ash futures was 1,191 yuan/ton, a 1.88% increase from the previous value; the low - end price of heavy soda ash in Shahe, Hebei was 1,150 yuan/ton, a 0.88% increase; the main basis was - 41 yuan/ton, a 41.38% increase [6]. 3.2 Soda Ash Spot Market - The low - end price of heavy soda ash in the Hebei Shahe market was 1,150 yuan/ton, up 10 yuan/ton from the previous day [12]. 3.3 Soda Ash Production - The profit of heavy soda ash in North China's ammonia - soda process was - 160.80 yuan/ton, and that in East China's co - production process was - 97 yuan/ton, at a historical low [15]. - The weekly industry operating rate of soda ash was 83.25% [18]. - The weekly output of soda ash was 77.43 tons, including 41.40 tons of heavy soda ash, at a historical high [20]. - From 2023 to 2025, there were plans for new soda ash production capacity. In 2023, the new capacity was 6.4 million tons; in 2024, it was 1.8 million tons; in 2025, the planned new capacity was 7.5 million tons, with an actual production of 1 million tons [21]. 3.4 Soda Ash Demand - The weekly production - sales rate of soda ash was 97.06% [24]. - The daily melting volume of national float glass was 149,800 tons, and the operating rate was 71.86% [27]. 3.5 Soda Ash Inventory - The national soda ash inventory in factories was 1.588 million tons, a 0.44% increase from the previous week, and the inventory was above the five - year average [33]. 3.6 Soda Ash Supply - Demand Balance Sheet - The report provides the annual supply - demand balance sheet of soda ash from 2017 to 2024E, including data such as effective production capacity, output, operating rate, import, export, net import, apparent supply, total demand, supply - demand difference, production capacity growth rate, output growth rate, apparent supply growth rate, and total demand growth rate [34]. 3.7 Influencing Factors - **Positive factors**: There was less cold repair of downstream float glass, and the output remained stable [3]. - **Negative factors**: The production load of the second - phase production line of Yuangxing Energy increased, and there was no expectation of new maintenance, so the output was expected to remain at a high level; the production of photovoltaic glass, a downstream product of heavy soda ash, decreased, and the demand for soda ash weakened [5].

交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2026-2-25 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 纯碱： 1、基本面：远兴能源二期开工负荷提升，碱厂产量高位，整体供给预期充裕；下游浮法玻璃、光 伏日熔量整体延续下滑趋势，纯碱厂库处于历史同期高位；偏空 2、基差：河北沙河重质纯碱现货价1140元/吨，SA2605收盘价为1169元/吨，基差为-29元，期货升 水现货；偏空 3、库存：全国纯碱厂内库存158.80万吨，较前一周增加0.44%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空减；偏空 6、预期：纯碱基本面疲弱，短期预计震荡偏弱运行为主。 影响因素总结 利多： 1、下游浮法玻璃冷修较少，产量持稳。 利空： 主要逻辑和风险点 1、远 ...

Investment Rating - The report maintains a "Positive" rating for the chemical industry [4][3]. Core Insights - The macroeconomic outlook for the chemical industry indicates a stable increase in oil demand due to global economic recovery and tariff adjustments, with Brent crude oil expected to remain in the range of $60-75 per barrel [4][5]. - The report highlights a potential spring boom in the chemical sector, driven by the success of domestic robotics showcased during the Spring Festival and favorable export conditions following tariff reductions [4][3]. - Investment opportunities are identified in various chains, including textiles, agricultural chemicals, and overseas real estate, with specific companies recommended for investment [4][3]. Industry Dynamics - Oil supply is tightening due to OPEC+ production delays and peak shale oil output, while demand is stabilizing with improved global economic conditions [5]. - The chemical industry is at a cyclical turning point, with downstream operations gradually resuming post-holiday, indicating a positive demand outlook for the year [4][3]. - The report notes that the Producer Price Index (PPI) for industrial products decreased by 1.4% year-on-year in January, while the manufacturing PMI recorded 49.3, indicating some volatility in manufacturing activity [7][4]. Investment Analysis - The report suggests a diversified investment strategy focusing on four key areas: textiles, agricultural chemicals, export chains, and beneficiaries of "anti-involution" policies [4][3]. - Specific companies to watch include those in the textile chain like Lu Xi Chemical and Tongkun Co., and in the agricultural chain like Hualu Hengsheng and Baofeng Energy [4][3]. - The report emphasizes the importance of self-sufficiency in key materials, particularly in semiconductor and panel materials, recommending companies such as Yake Technology and Ruilian New Materials [4][3].

Group 1 - The core viewpoint of the article highlights the trends and statistics in China's soda ash (sodium carbonate) industry, indicating a slight decline in production in December 2025 and a cumulative growth for the year [1] - According to the National Bureau of Statistics, the production of soda ash in December 2025 was 3.35 million tons, representing a year-on-year decrease of 0.1% [1] - The total cumulative production of soda ash for the entire year of 2025 reached 39.572 million tons, showing a cumulative growth of 4.3% compared to the previous year [1] Group 2 - The article references a report by Zhiyan Consulting, which provides a specialized market survey and competitive strategy analysis for the soda ash industry from 2026 to 2032 [1] - Listed companies in the soda ash sector include Yuanxing Energy, Sanyou Chemical, Shandong Haohua, Shuanghuan Technology, Chlor-alkali Chemical, Jinjing Technology, Hubei Yihua, Yuntu Holdings, and Hebang Biological [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, offering comprehensive industry research reports, business plans, feasibility studies, and customized services [1]

格隆汇2月13日丨博源化工(000683.SZ)在投资者互动平台表示，目前公司生产企业无停产计划。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, highlighting its significant cost and technological advantages in the natural soda ash sector, and the potential for increased profitability following the commissioning of the Alashan project [4]. Core Insights - The company is a leading player in the domestic natural soda ash industry, with a robust expansion plan for its Alashan project, which is expected to enhance its production capacity and profitability [1][15]. - The global soda ash supply is projected to experience a slowdown in capacity growth, while the demand for light soda ash remains resilient, driven by various industries including photovoltaic and lithium carbonate [2][3]. - The company has a strong focus on its core business, with the Alashan project expected to contribute significantly to its earnings, supported by its cost advantages in natural soda ash production compared to synthetic methods [3][4]. Summary by Sections Company Overview - The company has been deeply involved in the natural soda ash industry since its establishment in 1997, becoming the largest producer of natural soda ash in China after acquiring a majority stake in Zhongyuan Chemical [15]. - As of the end of 2024, the company has a production capacity of 6.8 million tons/year for soda ash and 1.5 million tons/year for sodium bicarbonate, with plans for further expansion [1][17]. Supply and Demand Dynamics - The global soda ash production is expected to reach 70.6 million tons by the end of 2024, with a compound annual growth rate of 5.45% from 2020 to 2024 [2]. - Domestic soda ash capacity is projected to reach 44.5 million tons by the end of 2025, with a new round of capacity expansion expected to continue until 2028, although growth rates are anticipated to slow [2]. Strategic Focus and Financial Performance - The company has strategically focused on its core business, leading to stable revenue growth despite fluctuations in profitability due to market conditions [15][22]. - The projected net profits for the company from 2025 to 2027 are estimated at 1.453 billion, 2.094 billion, and 2.520 billion yuan, respectively, with corresponding price-to-earnings ratios of 21X, 15X, and 12X [4]. Cost and Operational Efficiency - The company maintains strong cost control, with a decreasing trend in its expense ratios since 2017, indicating effective management of operational costs [35]. - The natural soda ash production method offers significant advantages in terms of energy consumption and environmental impact compared to synthetic methods, enhancing the company's competitive position [57][59].

Core Viewpoint - Boyuan Chemical has reached a settlement regarding a capital increase and share expansion agreement dispute with China Coal Energy and Wushenqi Mengda Mining, which will impact the company's financials in 2025 [1][2] Group 1: Settlement Details - The settlement involves Boyuan Chemical offsetting the unpaid exploration rights payment of 1.889 billion yuan with undistributed profits from its 34% stake in Mengda Mining, along with an additional payment of 12.4714 million yuan for legal fees [1] - The settlement is a result of an arbitration ruling that required Boyuan Chemical to pay the exploration rights price difference of 1.889 billion yuan [2] - Boyuan Chemical plans to pursue compensation from Shanghai Zheda Investment Development Co., which is also involved in the arbitration, but the specific amount remains uncertain [2] Group 2: Financial Performance - Boyuan Chemical's net profit dropped significantly from 2.660 billion yuan in 2022 to 1.410 billion yuan in 2023, a decline of 46.99%, before recovering to 1.811 billion yuan in 2024, which is still a 32% decrease from 2022 [3] - Revenue has shown consistent growth from 10.987 billion yuan in 2022 to 13.264 billion yuan in 2024, despite the profit decline [3] - For the first three quarters of 2025, the company reported revenue of 8.656 billion yuan, a year-on-year decrease of 16.54%, and a net profit of approximately 1.062 billion yuan, down 41.15% year-on-year [3] Group 3: Industry Outlook - The soda ash industry is expected to face oversupply issues, with new production capacity being released in 2024-2025 while demand growth slows, leading to a decline in market prices [3][4] - Analysts predict that the total capacity of the soda ash industry may reach 47.5 million tons by 2026, with a year-on-year production increase of over 10% [4] - High inventory levels and supply pressures are expected to continue suppressing price rebounds, particularly affecting downstream demand in sectors like real estate and solar glass [4][5]

Group 1 - The company has a current soda ash production capacity of 6.8 million tons per year, with an equity capacity of approximately 5 million tons per year [1] - An additional 2.8 million tons per year of soda ash capacity is in the trial operation phase, with an equity capacity of about 1.98 million tons per year, indicating a gradual release of capacity [1] - Besides soda ash, the company's main products include sodium bicarbonate and urea, with sodium bicarbonate capacity at 1.5 million tons per year and equity capacity around 1.18 million tons per year, and urea capacity at 1.54 million tons per year with equity capacity of approximately 1.17 million tons per year [1] Group 2 - Currently, a portion of the company's soda ash products is exported, although the export proportion is relatively small [1]