Company Overview - Boyuan Chemical (SZ 000683) announced on November 12 that its ninth board meeting was held in a hybrid format, discussing organizational adjustments [1] - As of the report, Boyuan Chemical has a market capitalization of 26.8 billion yuan [1] Revenue Composition - For the first half of 2025, Boyuan Chemical's revenue composition is as follows: - Soda ash and sodium bicarbonate accounted for 72.89% - Urea accounted for 25.08% - Non-metallic mining accounted for 1.56% - Other businesses accounted for 0.46% [1]

内蒙古博源化工股份有限公司（以下简称公司）于 2025 年 11 月 12 日召开 九届三十四次董事会，审议通过了《关于调整组织机构的议案》，现将具体内容 公告如下： 根据公司战略发展与经营管理需要，为进一步完善公司治理结构，顺应数字 化提阶进级项目建设，推动流程优化与机构精简，提升管理效能与运营效率，公 司决定对组织机构进行优化调整。 本次优化调整后公司经营层下设 3 个委员会，分别为专家委员会、ESG 委员 会、标准委员会；公司下设 8 个职能部门，分别为综合管理部、生产安全部、技 术创新部（下设技术中心）、市场资源部、财经管理部、证券事务部、数智赋能 部、审计监察部（下设内控审计组，向董事会审计委员会报告内控审计工作）。 特此公告。 内蒙古博源化工股份有限公司董事会 证券代码：000683 证券简称：博源化工 公告编号：2025-086 内蒙古博源化工股份有限公司 关于调整组织机构的公告 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。 二〇二五年十一月十三日 1 ...

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 2025 年第四次临时股东会的 法律意见 鼎业证字[2025]YX005 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 2025 年第四次临时股东会（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"《公司法》"）、《上市公 司股东会规 ...

证券代码：000683 证券简称：博源化工 公告编号：2025-084 2.本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 1.召开时间： 现场会议召开时间：2025 年 11 月 12 日（星期三）下午 14:50。 网络投票时间：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 11 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 11 月 12 日 9:15 至 15:00 期间的任意时间。 2.现场会议召开地点：鄂尔多斯市东胜区鄂托克西街博源大厦 19 层会议室 内蒙古博源化工股份有限公司 2025年第四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。 特别提示： 1.本次股东会没有出现否决议案的情形。 3.召开方式：现场投票和网络投票相结合的方式 4.召集人：公司董事会 5.现场会议主持人：董事长戴继锋先生 6.会议的召开符合《中华人民共和国公司法》《深圳证券交易所股票上市规 则》及有关 ...

证券代码：000683 证券简称：博源化工 公告编号：2025-085 内蒙古博源化工股份有限公司 九届三十四次董事会决议公告 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 1.内蒙古博源化工股份有限公司（以下简称公司）于 2025 年 11 月 10 日以 书面、传真或者电子通讯方式向公司全体董事发出了关于召开九届三十四次董事 会会议的通知。 2.会议于 2025 年 11 月 12 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、宋为兔、邢占飞、李永忠、张世潮、董敏、李要合，通过视频参加 会议的董事为刘宝龙、纪玉虎。会议由公司董事长戴继锋先生主持，公司高级管 理人员列席本次会议。 4.本次董事会会议的召开符合有关法律、行政法规、部门规章、规范性文件 和《公司章程》的规定。 二、董事会会议审议情况 经董事认真审议并表决，通过以下决议： 1.审议通过《关于调整组织机构的议案》 2.深交所要求的其他文件。 内蒙 ...

Macroeconomic Insights - Global asset performance shows mixed results, with the Hang Seng Index up 1.29% and the Shanghai Composite Index up 1.08%, while developed markets like the S&P 500 fell by 1.63%[6] - In October, the U.S. ISM Manufacturing PMI declined, indicating economic slowdown, while consumer confidence continued to drop according to the University of Michigan index[7] Inflation and Prices - October CPI in China rose by 0.2% year-on-year, while PPI decreased by 2.1%, indicating a stable inflation environment with core service prices reaching their highest level since March 2024[11] - The rise in core CPI is attributed to reduced food drag and increased service contributions, with gold prices significantly impacting jewelry costs[13] Trade and Exports - In October, China's exports fell by 1.1% year-on-year, while imports grew by 1.0%, leading to a slight decrease in trade surplus[16] - The export structure shows weakness in non-U.S. markets, particularly the EU, while exports to the U.S. and ASEAN remained strong[18] Investment Strategies - The asset allocation report suggests an overweight position in Chinese A-shares and industrial commodities, with equity allocation set at 45% and bonds at 45%[22] - The report emphasizes the importance of AI industry trends and the potential for volatility in global equity markets, recommending a focus on quality assets[23] Market Dynamics - The trading activity has decreased, with turnover rates and transaction volumes declining across indices, indicating a cautious market sentiment[28] - The report highlights a decrease in northbound capital flow, with a net outflow of 2.6 billion CNY in the recent week, reflecting investor sentiment shifts[34]

Core Insights - The company's net profit attributable to shareholders decreased by 41.15% year-on-year in the first three quarters of 2025, while ongoing projects lay a foundation for future development [1][3]. Investment Highlights - The company maintains a "Buy" rating, adjusting the EPS forecasts for 2025-2027 to 0.40 (+3%), 0.55 (+8%), and 0.67 (+6) yuan respectively. A target price of 8.80 yuan (+15.6%) is set based on a 16x PE for 2026, considering a valuation discount due to falling soda ash prices [2]. Acquisition Details - The company plans to acquire a 10.6464% stake in Yingen Mining, increasing its total ownership to 70.6464%. Yingen Mining's subsidiary, Yingen Chemical, is developing a 7.8 million tons/year soda ash and 800,000 tons/year sodium bicarbonate project, with phase one already operational and phase two expected to complete by 2025 [3][4]. Financial Performance - In the first three quarters of 2025, the company reported revenues of 8.656 billion yuan, a decrease of 16.54% year-on-year, and a net profit of 1.062 billion yuan, down 41.15%. In Q3 2025, revenues were 2.740 billion yuan, down 17.04%, with a net profit of 319.3 million yuan, a decline of 46.38% [3]. Project Development - The second phase of the Alkali project is expected to be completed by the end of 2025, with production ramp-up anticipated in Q1 2026, potentially leading to cost reductions depending on operational performance. The carbon recovery project for 1.2 million tons/year sodium bicarbonate is under construction, expected to be completed by mid-2026 [4].

Group 1 - The chemical sector is leading the market on November 7, with the chemical ETF (516020) showing a significant upward trend, reaching a peak increase of 4.26% during the day and closing with a 3.97% rise [1] - Key stocks in the sector include lithium battery and fluorochemical companies, with notable performances from companies like Duofluoride and Tianci Materials, both hitting the daily limit up, and Xinzhoubang rising over 10% [1] - The basic chemical sector has seen a net inflow of over 23 billion yuan from major funds, ranking first among 30 sectors tracked by Citic [1][3] Group 2 - The price of lithium hexafluorophosphate continues to rise, nearing 120,000 yuan per ton, driven by strong demand from the new energy and energy storage industries, while upstream lithium carbonate prices are declining [3] - The chemical ETF (516020) is currently valued at a price-to-book ratio of 2.29, which is relatively low compared to the past decade, indicating a favorable long-term investment opportunity [4] - Future projections suggest that the chemical sector's valuation is low, with potential for upward movement due to oil price rebounds and ongoing efforts to reduce "involution" competition [5]

Group 1 - The core point of the news is that the second phase of the Alashan natural soda project has not yet commenced production, and the expected production capacity is specified [2] Group 2 - The second phase of the project is expected to have a production capacity of 2.8 million tons per year for soda ash and 400,000 tons per year for sodium bicarbonate [2]

Core Viewpoint - The second phase of the Alashan natural soda ash project by the company has not yet commenced production, with a planned capacity of 2.8 million tons per year for soda ash and 400,000 tons per year for sodium bicarbonate [1] Group 1 - The second phase of the Alashan natural soda ash project is currently not in production [1] - The planned capacity for soda ash in the second phase is 2.8 million tons per year [1] - The planned capacity for sodium bicarbonate in the second phase is 400,000 tons per year [1]