● 会议问题征集：投资者可于2025年9月11日前访问网址https://eseb.cn/1rowM9FWK6Q或使用微信扫描 下方小程序码进行会前提问，公司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的 问题进行回答。 鲁西化工集团股份有限公司 关于举办2025年半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。 重要内容提示： ● 会议召开时间：2025年9月11日（星期四）15:00-16:00 ● 会议召开方式：网络互动方式 ● 会议召开地点：价值在线（www.ir-online.cn） 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000830 证券简称：鲁西化工 公告编号：2025-057 ■ 鲁西化工集团股份有限公司（以下简称"公司"）已于2025年8月22日在巨潮资讯网等指定信息披露媒体 上披露了《2025年半年度报告》及《2025年半年度报告摘要》。为便于广大投资者更加全面深入地了解 公司经营业绩、发展战略等情况，公司定于2025年9月11日（星期四）15:00-16:00在"价值在 线"（ww ...

证券日报网讯9月8日晚间，鲁西化工（000830）发布公告称，公司定于2025年9月11日(星期四)15：00- 16：00在"价值在线"举办鲁西化工集团股份有限公司2025年半年度业绩说明会。 ...

证券代码：000830 证券简称：鲁西化工 公告编号：2025-057 鲁西化工集团股份有限公司 关于举办2025年半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。 会议召开方式：网络互动方式 二、参加人员 重要内容提示： 鲁西化工集团股份有限公司（以下简称"公司"）已于 2025 年 8 月 22 日在巨潮资讯网等指定信息披露媒体上披露了《2025 年半年度报告》及《2025 年半年度报告摘要》。为便于广大投 资者更加全面深入地了解公司经营业绩、发展战略等情况，公司 会议召开时间：2025 年 9 月 11 日（星期四）15:00-16:00 会议召开方式：网络互动方式 会议召开地点：价值在线（www.ir-online.cn） 会议问题征集：投资者可于 2025 年 9 月 11 日前访问网址 https://eseb.cn/1rowM9FWK6Q 或使用微信扫描下方小程 序码进行会前提问，公司将通过本次业绩说明会，在信息 披露允许范围内就投资者普遍关注的问题进行回答。 定于 2025 年 9 月 11 日（星期四）15:00-16: ...

Market Overview - On September 5, the chemical raw materials sector rose by 2.24%, with Hongxing Development leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Stock Performance - Hongxing Development (600367) closed at 18.01, with a gain of 10.02% and a trading volume of 189,300 shares, totaling a transaction value of 334 million [1] - Other notable performers included: - Kaisheng New Materials (301069) at 22.69, up 6.43%, with a transaction value of 454 million [1] - Sanxiang New Materials (603663) at 29.80, up 6.39%, with a transaction value of 1.033 billion [1] - Ti'an Co. (603067) at 17.32, up 6.19%, with a transaction value of 416 million [1] Capital Flow - The chemical raw materials sector saw a net inflow of 363 million from institutional investors, while retail investors experienced a net outflow of 335 million [2][3] - The main capital inflow was concentrated in: - Hongxing Development with a net inflow of 1.29 billion, accounting for 38.52% of its trading volume [3] - Sanxiang New Materials with a net inflow of 105 million, accounting for 10.14% [3] - Kaisheng New Materials with a net inflow of 44.64 million, accounting for 9.84% [3]

Market Performance - The basic chemical index increased by 1.11% from August 23 to August 29, while the CSI 300 index rose by 2.71%, indicating that the basic chemical sector underperformed the CSI 300 by 1.60 percentage points, ranking 11th among all sectors [1][2] - The top-performing sub-industries included nylon (5.68%), rubber additives (5.44%), potassium fertilizer (4.65%), food and feed additives (2.99%), and fluorochemicals (2.99%) [1][2] Chemical Product Price Trends - The top five products with the highest weekly price increases were NYMEX natural gas (11.11%), crude phenol (7.12%), niacinamide (5.78%), phenol oil (5.16%), and hydrofluoric acid (5.00%) [3] - The top five products with the largest weekly price declines included liquid chlorine (-75.00%), sodium (-6.78%), coal tar (-4.17%), anthracene oil (-4.11%), and lithium carbonate (industrial grade) (-4.09%) [3] Industry Dynamics - In the first half of 2025, the basic chemical sector achieved operating revenue of 1,123.83 billion yuan, a year-on-year increase of 3.03%, and a net profit attributable to shareholders of 69.72 billion yuan, up 4.43% year-on-year [4] - In Q2 2025, the sector reported operating revenue of 587.10 billion yuan, a year-on-year increase of 0.80% and a quarter-on-quarter increase of 9.38%, with a net profit of 35.72 billion yuan, down 2.66% year-on-year but up 5.03% quarter-on-quarter, indicating an improving trend in quarterly profitability [4] Company Performance Highlights - In the refrigerant sector, Juhua Co. reported H1 2025 operating revenue of 13.33 billion yuan, up 10.36% year-on-year, and a net profit of 2.05 billion yuan, up 145.84% year-on-year [6] - Sanmei Co. achieved H1 2025 operating revenue of 2.83 billion yuan, a 38.58% increase year-on-year, with a net profit of 999.5 million yuan, up 159.22% year-on-year [6] - In the agricultural chemicals sector, Yara International reported H1 2025 operating revenue of 2.52 billion yuan, a 48.54% increase year-on-year, and a net profit of 855 million yuan, up 216.64% year-on-year [7] - Salt Lake Co. reported H1 2025 operating revenue of 6.78 billion yuan, down 6.30% year-on-year, but a net profit of 2.52 billion yuan, up 13.69% year-on-year [7] Investment Recommendations - Current investment focus includes the refrigerant sector, with recommendations for companies like Jingshi Resources, Juhua Co., Sanmei Co., and Yonghe Co. [9] - The chemical fiber sector is also highlighted, with recommendations for Huafeng Chemical, Xin Fengming, and Taihe New Materials [9] - Other recommended companies include Wanhua Chemical, Hualu Hengsheng, Luxi Chemical, and Baofeng Energy [9] - The tire sector includes recommendations for Sailun Tire, Senqilin, and Linglong Tire [9] - In the agricultural chemicals sector, recommended companies include Yara International, Salt Lake Co., Xingfa Group, Yuntianhua, and Yangnong Chemical [9] - High-quality growth stocks to watch include Blue Sky Technology, Shengquan Group, and Shandong Heda [9] Industry Rating - The basic chemical industry maintains an "overweight" rating [10]

Company Overview - LUXI Chemical Group Co., Ltd. is located in the High-tech Industrial Development Zone of Liaocheng, Shandong, and was established on June 11, 1998. The company was listed on August 7, 1998. Its main business involves new chemical materials, basic chemicals, and other operations [1]. - The revenue composition of LUXI Chemical includes 66.07% from new chemical materials, 20.11% from basic chemicals, 12.06% from fertilizers, and 1.76% from other products [1]. Financial Performance - As of June 30, 2025, LUXI Chemical reported a revenue of 14.739 billion yuan, representing a year-on-year growth of 4.98%. However, the net profit attributable to shareholders decreased by 34.81% to 763 million yuan [2]. - The company has cumulatively distributed 9.885 billion yuan in dividends since its A-share listing, with 2.167 billion yuan distributed over the past three years [3]. Stock Performance - On September 4, LUXI Chemical's stock price fell by 2.05% to 13.88 yuan per share, with a trading volume of 168 million yuan and a turnover rate of 0.63%. The total market capitalization is 26.432 billion yuan [1]. - Year-to-date, the stock price has increased by 22.40%, with a 1.70% decline over the last five trading days, a 14.71% increase over the last 20 days, and a 35.15% increase over the last 60 days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 9.83% to 101,000, while the average circulating shares per person decreased by 8.95% to 18,860 shares [2]. - Among the top ten circulating shareholders, the Southern CSI 500 ETF holds 16.9804 million shares, an increase of 2.3522 million shares compared to the previous period. The Hong Kong Central Clearing Limited holds 16.6184 million shares, a decrease of 2.9461 million shares [3].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000830 | 鲁西化工 | 14.36 | -6.21% | 50.64万 | | 7.33亿 | | 000818 | 航锦科技 | 24.83 | -5.98% | 45.87万 | | 11.57亿 | | 618009 | 亚星化学 | 8.34 | -5.23% | 28.92万 | | 2.42亿 | | 300927 | 江天化学 | 28.67 | -4.27% | 5.15万 | | 1.49亿 | | 600610 | 中致达 | 12.76 | -3.84% | 35.34万 | | 4.56 Z | | 002145 | 中核钛白 | 5.06 | -3.80% | 135.71万 | | 6.91亿 | | 301118 | 恒光股份 | 23.19 | -3.78% | 4.30万 | | 1.00亿 | | 301190 | 善水科技 | 25.19 | -3.41% | 2.73万 | | 690 ...

Group 1 - The China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.38% as of September 2, 2025, with mixed performance among constituent stocks [1] - The top-performing stocks included Chongqing Rural Commercial Bank (601077) up by 3.45%, Shanghai Rural Commercial Bank (601825) up by 2.97%, and China Merchants Bank (600036) up by 2.22% [1] - The National Enterprise Dividend ETF (159515) was adjusted downwards, with the latest price at 1.14 yuan [1] Group 2 - The National Enterprise Dividend ETF reached a new high in size at 51.2135 million yuan and a new high in shares at 44.7866 million shares in the past month [1] - China Galaxy Securities predicts a volatile upward trend in the A-share market, emphasizing the appeal of dividend assets with high safety margins and low valuations in the current market environment [1] - Everbright Securities highlights the irreplaceable value of dividend assets as core assets in the A-share market, especially with many companies implementing profit distribution plans for the 2024 fiscal year [1] Group 3 - The China Securities State-Owned Enterprises Dividend Index includes 100 listed companies selected for high cash dividend yields, stable dividends, and certain scale and liquidity [2] - As of August 29, 2025, the top ten weighted stocks in the index accounted for 16.84% of the total index weight, with China COSCO Shipping Holdings (601919) being the highest at 2.36% [2][4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][9][17]. Core Views - The company's performance is currently under pressure due to a decline in the prices of its main products, which has led to a significant drop in profitability. However, there is potential for recovery as prices of key flexible products are expected to rebound [2][9]. - The company reported a revenue of 14.739 billion yuan in the first half of 2025, a year-on-year increase of 4.98%, while the net profit attributable to shareholders decreased by 34.81% to 763 million yuan [1][2]. Financial Summary - **Revenue Forecast**: The projected revenues for 2025-2027 are 32.644 billion yuan, 34.771 billion yuan, and 37.592 billion yuan, respectively, with growth rates of 9.7%, 6.5%, and 8.1% [1][9]. - **Net Profit Forecast**: The expected net profits for the same period are 1.844 billion yuan, 2.434 billion yuan, and 3.223 billion yuan, with growth rates of -9.1%, 32.0%, and 32.4% [1][9]. - **Earnings Per Share (EPS)**: The projected EPS for 2025-2027 are 0.96 yuan, 1.27 yuan, and 1.68 yuan, respectively [1][9]. - **Price-to-Earnings (P/E) Ratio**: The P/E ratios for the next three years are expected to be 14.7, 11.2, and 8.4 times [1][9]. - **Return on Equity (ROE)**: The ROE is projected to improve from 9.2% in 2025 to 13.9% in 2027 [1][9]. Product Performance - The company's revenue from various segments in the first half of 2025 was as follows: chemical new materials (9.738 billion yuan), basic chemicals (2.964 billion yuan), fertilizers (1.777 billion yuan), and others (260 million yuan), with year-on-year growth rates of 2.39%, 5.14%, 22.36%, and 0.74%, respectively [2]. - The gross margins for these segments were 11.43%, 22.12%, 5.84%, and 12.03%, showing a decline in the chemical new materials segment [2]. Cash Flow Analysis - The net cash flow from operating activities in the first half of 2025 was 3.192 billion yuan, an increase of 37.51% year-on-year [3]. - The net cash flow from investing activities was -813 million yuan, while financing activities resulted in a net cash outflow of -2.411 billion yuan [3].

Core Viewpoint - The financial performance of the company in the first half of 2025 shows a decline in net profit due to falling product prices and increased competition in the industry [1][4]. Financial Performance - The company's revenue for the first half of 2025 was 14.739 billion yuan, a year-on-year increase of 4.98% [1]. - The net profit attributable to shareholders was 763 million yuan, a year-on-year decrease of 34.81% [1]. - The net profit after deducting non-recurring items was 687 million yuan, a year-on-year decrease of 43.02% [1]. - In Q2 2025, the operating revenue was 7.449 billion yuan, a quarter-on-quarter increase of 2.18%, while the net profit was 351 million yuan, a quarter-on-quarter decrease of 15.10% [1]. Product Performance - Revenue from the chemical new materials, basic chemicals, fertilizers, and other businesses for the first half of 2025 were 9.738 billion, 2.964 billion, 1.777 billion, and 260 million yuan respectively, with year-on-year changes of 2.39%, 5.14%, 22.36%, and 0.74% [1]. - The gross profit margins for these segments were 11.43%, 22.12%, 5.84%, and 12.03%, with year-on-year changes of -9.77, 8.79, -1.58, and 2.03 percentage points respectively [1]. Price Trends - Major product prices, including polycarbonate, nylon 6, polyols, and organic silicon, have shown varying degrees of decline due to intensified industry competition and weak downstream demand [1][4]. - In Q3 2025, formic acid prices have rebounded significantly, with a reported price of 3,360 yuan per ton as of August 26, 2025, reflecting a 46.08% increase from the end of Q2 2025 [4]. Cost and Expenses - Sales expenses increased by 77.35% in the first half of 2025, with a sales expense ratio of 0.26%, up by 0.10 percentage points year-on-year [2]. - Financial expenses rose by 10.25%, with a financial expense ratio of 0.62%, an increase of 0.03 percentage points year-on-year [2]. - Management expenses decreased by 11.77%, with a management expense ratio of 1.65%, down by 0.31 percentage points year-on-year [2]. Cash Flow and Working Capital - The net cash flow from operating activities was 3.192 billion yuan, a year-on-year increase of 37.51% [3]. - The net cash flow from investing activities was -813 million yuan, a year-on-year increase of 15.71% [3]. - The net cash flow from financing activities was -2.411 billion yuan, a year-on-year decrease of 90.05% [3]. - The ending cash and cash equivalents balance was 698 million yuan, a year-on-year increase of 45.48% [3]. - Accounts receivable decreased by 57.64%, with an increase in accounts receivable turnover from 248.92 times in 2024 to 375.24 times [3]. Future Outlook - The company is expected to achieve revenues of 32.644 billion, 34.771 billion, and 37.592 billion yuan for 2025-2027, with year-on-year growth rates of 9.7%, 6.5%, and 8.1% respectively [5]. - The net profit attributable to shareholders is projected to be 1.844 billion, 2.434 billion, and 3.223 billion yuan for the same period, with year-on-year changes of -9.1%, 32.0%, and 32.4% respectively [5].