Investment Rating - The report maintains an "Overweight" rating for the Basic Chemicals and Oil & Gas sectors [5]. Core Insights - The overall price spread in the industry is weak, with the CCPI-oil price spread at approximately 558, below the 30% percentile since 2012, indicating a potential turning point in the industry as supply and demand begin to recover [1][14]. - Capital expenditure growth in the chemical raw materials and products industry has significantly declined, with a year-on-year increase of only 0.4% from January to May 2025, suggesting a self-adjustment phase in the supply side [2][31]. - The domestic PMI for June 2025 is reported at 49.7, indicating a slight recovery in demand, although uncertainties remain regarding tariff policies post-July 9 [2][16]. Summary by Sections Supply Side - The industry capital expenditure growth has dropped to a low level, indicating a potential turning point for supply-side adjustments, with expectations for a recovery starting in the second half of 2025 [2][31]. - The report highlights that the competitive intensity has increased, leading to a significant decline in profitability across most sub-sectors since the second half of 2022 [2][31]. Demand Side - The report notes a recovery in domestic PMI, but uncertainties regarding tariff policies may disrupt future export orders [2][16]. - The demand for chemical products is expected to improve in the medium to long term, supported by domestic economic recovery and growth in demand from regions like Asia, Africa, and Latin America [2][16]. Investment Strategy - The report suggests that the second half of 2025 may see an upward turning point, with a focus on resilient demand and improved supply dynamics [34]. - Specific recommendations include: - Oil & Gas: Favorable long-term prospects for high-dividend companies like China Petroleum [34]. - Bulk Chemicals: Attention on refrigerants and isocyanates, with recommendations for companies like Juhua Co., Luxi Chemical, and Wanhua Chemical [34]. - Downstream Products: Recommendations for companies like Meihua Biological Technology and Xinghuo Technology, anticipating recovery in downstream demand [34]. - Export-driven chemical products: Companies like Senqilin and Sailun Tire are highlighted for their competitive advantages in exports [34]. - High-dividend assets: Companies like Hengli Petrochemical are recommended for their potential to increase dividend payouts [34].

Core Points - Luxi Chemical Group Co., Ltd. is a publicly listed company established in accordance with the Company Law of the People's Republic of China and other relevant regulations [1][2] - The company was approved by the China Securities Regulatory Commission to issue 50 million shares of ordinary stock to the public in May 1998 and was listed on the Shenzhen Stock Exchange in August 1998 [2] - The registered capital of the company is RMB 1,904,319,011 [2] Company Structure - The company is a permanent stock company with all assets divided into equal shares, and shareholders are liable for the company's debts only to the extent of their subscribed shares [2][3] - The company is governed by its articles of association, which serve as a legally binding document for the organization and behavior of the company, shareholders, and management [3] Business Objectives and Scope - The company's business objectives include establishing a modern enterprise system, clarifying property rights, and developing production capacity with a focus on quality and efficiency [4] - The business scope includes the production and sale of chemical fertilizers and chemical raw materials, heating and steam services, and chemical technology consulting [4] Share Issuance and Management - The company's shares are issued in the form of stocks, adhering to principles of openness, fairness, and justice [5] - The total number of shares issued by the company is 1,904,319,011, all of which are ordinary shares [5] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, participate in shareholder meetings, supervise company operations, and transfer their shares [10][12] - Shareholders holding more than 5% of voting shares must report any pledges of their shares to the company [12] Governance and Decision-Making - The company’s board of directors and supervisory board are responsible for reporting to the shareholders and making decisions on key matters such as profit distribution and capital changes [43][79] - Shareholder meetings are the company's power institution, with the authority to decide on business policies, elect directors, and approve financial reports [43][79]

Group 1 - The company is adjusting the repurchase price and canceling part of the granted restricted stock under its 2021 incentive plan, following necessary legal procedures and approvals [11][12][18] - The repurchase price adjustment is based on the company's profit distribution and capital changes, ensuring compliance with relevant regulations [12][17] - The company plans to repurchase a total of 585.344 million shares of restricted stock due to unmet performance targets for the third unlock period [14][16] Group 2 - The repurchase price for the restricted stock is set at 6.36 yuan per share, plus bank interest, with a total funding requirement of approximately 37.782 million yuan sourced from the company's own funds [16][17] - The company has obtained necessary approvals for the repurchase and cancellation of restricted stock, but still needs to fulfill shareholder meeting procedures and regulatory disclosures [18]

Core Viewpoint - The company announced the repurchase and cancellation of certain restricted stocks due to the failure to meet the conditions for the third release period of the 2021 restricted stock incentive plan [1][12][16] Group 1: Stock Incentive Plan Details - The company held board meetings to approve the 2021 restricted stock incentive plan and its amendments, with independent directors providing consent [2][4] - The plan was approved by the State-owned Assets Supervision and Administration Commission, allowing the company to implement the restricted stock incentive plan [2][3] - The initial grant date for the restricted stocks was set for May 11, 2022, with a grant price of 9.49 yuan per share for 276 eligible participants [4][5] Group 2: Repurchase and Cancellation Reasons - The company plans to repurchase and cancel a total of 585.344 million shares of restricted stock due to the failure to meet performance targets for the third release period [12][14] - The repurchase price for the first grant of 245 participants is set at 6.36 yuan per share, while for the reserved grant of 75 participants, it is 6.87 yuan per share [13][14] Group 3: Financial Impact and Approval - The total amount allocated for the repurchase of restricted stocks is approximately 37.782 million yuan, sourced from the company's own funds [14] - Following the repurchase, the total number of shares will decrease from 1,910,172,451 to 1,904,319,011, with no significant impact on the company's management stability or financial performance [15][16] - The supervisory board confirmed that the repurchase and cancellation procedures comply with relevant regulations and have received necessary approvals [16][17]

| 《公司章程》修订对照表： | | --- | | 序号 | 修订前 | 修订后 | | --- | --- | --- | | 1 | 第六条 公司注册资本为人民币 | 第六条 公司注册资本为人民币 | | | 1,910,172,451 元。 | 1,904,319,011 元。 | | 2 | 第十九条 公司股份总数为 | 第十九条 公司股份总数为 | | | 1,910,172,451 股，全部为普通股。 | 1,904,319,011 股，全部为普通股。 | 鲁西化工集团股份有限公司 公司章程修订对照表 鲁西化工集团股份有限公司（以下简称"公司"）于 2025 年 7 月 3 日召开的第九届董事会第十次会议审议通过了《关 于修订<公司章程>部分条款的议案》，鉴于公司拟回购注销 585.344 万股限制性股票，本次限制性股票回购注销完成后， 公司总股本及注册资本将发生变化，拟修订《公司章程》的 部分条款，具体内容修订如下： 鲁西化工集团股份有限公司 董事会 二〇二五年七月四日 以上内容经公司董事会审议通过后，需提交公司最近一 次股东大会审议。 ...

证券代码：000830 证券简称：鲁西化工 公告编号：2025-048 鲁西化工集团股份有限公司 关于2021年限制性股票激励计划第三个解除限售期解除限 售条件未成就并回购注销部分限制性股票的公告 （三）2022 年 4 月 17 日，公司召开第八届董事会第二十三 次会议和第八届监事会第十五次会议，审议通过了《关于<鲁西 化工集团股份有限公司 2021 年限制性股票激励计划（草案修订 稿）>及其摘要的议案》等相关议案。关联董事对相关议案进行 了回避表决，独立董事对公司本次激励计划相关事项发表了同意 的独立意见。 （四）2022 年 4 月 18 日，公司披露了《独立董事公开征集 表决权的公告》，独立董事张辉玉先生受其他独立董事的委托作 为征集人，就公司于 2022 年 5 月 6 日召开的 2022 年第一次临时 股东大会审议的股权激励相关议案向公司全体股东公开征集委 托投票权。 （五）2022 年 4 月 18 日至 2022 年 4 月 27 日，公司通过公 司内部布告栏公示了 2021 年限制性股票激励计划激励对象名单 及职务。公示期满，公司未收到任何组织或个人对拟激励对象提 出的异议。2022 年 4 ...

北京市京师律师事务所 关于鲁西化工集团股份有限公司 北京市朝阳区东四环中路37号京师律师大厦3层 电话：8610-50959999 传真：8610-50959998 邮编：100025 2021年限制性股票激励计划 调整回购价格及回购注销部分已授予限制性股票相关 事项 之 法律意见书 【2025】京师非字第414725-8号 北京市京师律师事务所 关于鲁西化工集团股份有限公司 2021年限制性股票激励计划 调整回购价格及回购注销部分已授予限制性股票相关事项 之 法律意见书 【2025】京师非字第414725-8号 致：鲁西化工集团股份有限公司 北京市京师律师事务所（以下简称"本所"）受鲁西化工集团股份有限公司 （以下简称"公司"或"鲁西化工"）委托，作为公司2021年限制性股票激励计 划（以下简称"激励计划"）的专项法律顾问，根据《中华人民共和国公司法》 （以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、 《上市公司股权激励管理办法》（以下简称《管理办法》）、《国有控股上市公 司（境内）实施股权激励试行办法》（以下简称《试行办法》）、《中央企业控 股上市公司实施股权激励工作指引》（以下简 ...

鲁西化工集团股份有限公司 公 司 章 程 二〇二五年七月 | 第一章 | 总 | 则 | - | 2 - | | --- | --- | --- | --- | --- | | 第二章 | | 经营宗旨和范围 | - | 4 - | | 第三章 | | 股份 | - | 4 - | | 第一节 | | 股份发行 | - | 4 - | | 第二节 | | 股份增减和回购 | - | 5 - | | 第三节 | | 股份转让 | - | 7 - | | 第四章 | | 股东和股东大会 | - | 9 - | | 第一节 | | 股东 | - | 9 - | | 第二节 | | 股东大会的一般规定 | - | 16 - | | 第三节 | | 股东大会的召集 | - | 19 - | | 第四节 | | 股东大会的提案与通知 | - | 22 - | | 第五节 | | 股东大会的召开 | - | 24 - | | 第六节 | | 股东大会的表决和决议 | - | 28 - | | 第五章 | | 董事会 | - | 35 - | | 第一节 | | 董 事 | - | 35 - | | 第二节 | | 董事会 ...

证券代码：000830 证券简称：鲁西化工 公告编号：2025-045 鲁西化工集团股份有限公司 第九届董事会第十次会议决议公告 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 （一）鲁西化工集团股份有限公司（以下简称"本公司" 或"公司"）第九届董事会第十次会议通知于 2025 年 6 月 30 日以电话、邮件形式发出。 （二）会议于 2025 年 7 月 3 日在公司会议室以现场和通 讯方式召开。 （三）会议应出席董事 7 名，实际出席董事 7 名。 （四）会议由董事长陈碧锋先生主持，公司监事、高级 管理人员列席了会议。 （五）本次会议的召开符合《公司法》和《公司章程》 的有关规定。 二、董事会会议审议情况 （一）审议通过了《关于调整 2021 年限制性股票激励 计划限制性股票回购价格的议案》； 根据《上市公司股权激励管理办法》和公司《2021 年限 制性股票激励计划》（以下简称"本激励计划"）的相关规 定，鉴于公司 2024 年年度权益分派已实施完成，公司董事会 1 同意调整 2021 年限制性股票激励计划首次及预留授予限制 性股 ...

证券代码：000830 证券简称：鲁西化工 公告编号：2025-047 鲁西化工集团股份有限公司 关于调整2021年限制性股票激励计划限制性股票回购 价格的公告 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。 鲁西化工集团股份有限公司（以下简称"本公司"或"公司"） 于2025年7月3日召开的第九届董事会第十次会议、第九届监事会 第四次会议审议通过了《关于调整2021年限制性股票激励计划限 制性股票回购价格的议案》，根据《鲁西化工集团股份有限公司 2021年限制性股票激励计划（草案修订稿）》（以下简称激励计 划）及《上市公司股权激励管理办法》（以下简称《管理办法》） 的规定，现对有关事项说明如下： 一、本次股权激励计划已履行的相关程序 （一）2021年12月31日，公司召开了第八届董事会第二十一 次会议和第八届监事会第十四次会议，分别审议通过了《关于< 鲁西化工集团股份有限公司2021年限制性股票激励计划（草案）> 及其摘要的议案》等相关议案。关联董事对相关议案进行了回避 表决，独立董事对公司本次激励计划相关事项发表了同意的独立 意见。监事会对激励计划的相关事 ...