Industry Overview - N-propanol, also known as 1-propanol, is a colorless and transparent liquid widely used in coatings, paints, adhesives, cosmetics, plastics, and disinfectants, as well as in food and feed additives, synthetic fragrances, cleaning agents, preservatives, and brake fluids [1][2][3] - The production capacity of n-propanol in China has been increasing, with current capacity reaching approximately 270,000 tons, and the total production supply expected to rise from 109,300 tons in 2019 to 200,800 tons in 2024 [5][11] Supply Side - The domestic n-propanol industry has historically relied on imports due to insufficient local production capacity, with major import sources including the United States, Taiwan, and South Africa [7] - The total import volume of n-propanol in China increased from 30,400 tons in 2010 to 92,300 tons in 2019, but has since declined to between 30,000 and 50,000 tons from 2020 to 2024 due to increased domestic production and anti-dumping measures [7][9] Market Price Analysis - The market price of n-propanol in China has shown fluctuations but has remained within a range of 7,400 to 7,800 yuan per ton in the first half of 2024, with a notable increase in November 2024, reaching approximately 10,650 yuan per ton [9][11] Demand Side - N-propanol is primarily used to produce propyl acetate, accounting for 65% of the market share, followed by pharmaceutical and pesticide intermediates at 25%, and environmental solvents at 10% [11][19] - The demand for n-propanol is expected to grow due to the expansion of downstream products, particularly propyl acetate, which is projected to create a supply-demand imbalance, leading to potential price increases [11][19] Competitive Landscape - Major domestic producers of n-propanol include Sanwei Chemical, Luxi Chemical, and Nanjing Rongxin Chemical, with Sanwei Chemical holding the largest production capacity of around 100,000 tons [13][15][17] - The overall production capacity in the industry is stable at approximately 270,000 tons, with key players expanding their market share and production capabilities [13][15] Future Trends - The market demand for n-propanol is expected to continue growing, driven by the rapid development of downstream industries such as coatings, inks, and adhesives, as well as the increasing use of n-propanol as an environmentally friendly solvent [19][21] - The reliance on imports is decreasing as domestic production capacity expands, and the industry is moving towards greener, low-carbon production methods, enhancing overall competitiveness [20][21]

Group 1: Company Performance Overview - The company achieved an operating revenue of approximately 7.29 billion yuan in Q1 2025, representing a year-on-year increase of 7.96% [1] - The net profit attributable to shareholders was approximately 413 million yuan, a year-on-year decrease of 27.3% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately 384 million yuan, down 33.81% year-on-year, primarily due to a decline in chemical product prices exceeding the decrease in raw material procurement costs [1] Group 2: Dividend Policy - The profit distribution plan for 2024 proposes a cash dividend of 3.50 yuan (including tax) for every 10 shares based on the total share capital at the end of 2024 [2] - The company will determine future dividend plans in accordance with regulatory requirements and factors such as profitability and operational capital needs [2] Group 3: Strategic Partnerships - A subsidiary signed a framework cooperation agreement with Sinochem Blue Sky to address competition issues related to the production of difluoromethane [2] - The agreement aims to resolve competition concerns and involves the subsidiary producing difluoromethane while entrusting sales to Sinochem Blue Sky [2] Group 4: Market Outlook - The market price of chemical products is influenced by various factors, making it difficult to predict [2] - The company plans to closely monitor market changes, adjust strategies accordingly, and enhance cost management to seize market opportunities and maintain production-sales balance [2]

Core Insights - The anti-dumping measures have effectively mitigated the impact of low-priced imports, promoting the release of domestic capacity and enhancing self-sufficiency, although fluctuations in the propylene supply chain and competition from substitutes still pose constraints on the industry [1][11] - In 2024, China's propanol production is expected to reach 200,800 tons, marking a new phase in domestic substitution, but further improvements in capacity utilization and global market share will depend on technological innovation and collaborative optimization of the industrial chain [1][11] Industry Overview - Propanol, also known as 1-propanol, has extensive applications in the chemical and consumer goods industries, serving as a solvent, chemical synthesis intermediate, and raw material for surfactants [2] - Its solvent properties, including hydrophilicity and lipophilicity, along with low toxicity and environmental advantages, meet the dual demands for efficiency and safety in coatings and inks [3] - The industry is characterized by a high concentration of major players, with four leading companies dominating the market, and a significant reliance on traditional chemical synthesis methods, although green processes are gradually gaining traction [11][15] Policy Background - China's propanol policy framework emphasizes internal and external coordination and green development, with national anti-dumping measures safeguarding industry security and local initiatives promoting low-carbon chemical processes [4][5] - The policy focus is on incentivizing clean production technology development while enforcing environmental standards to drive product upgrades [4][5] Industry Chain - The upstream of the propanol industry relies on petrochemicals (propylene, propane) and biomass (corn starch, molasses), influenced by international oil price fluctuations and agricultural cycles [7] - The midstream production employs both chemical synthesis and fermentation methods, with leading companies optimizing processes for cost reduction [7] - Downstream applications span traditional sectors like coatings and pharmaceuticals, extending into high-end markets such as lithium battery electrolytes and semiconductor cleaning agents [7][9] Current Industry Status - Since 2019, the propanol industry in China has seen continuous nominal capacity growth through technological upgrades and expansions by leading companies, although supply-demand imbalances persist, necessitating some reliance on imports [11][12] - The anti-dumping measures have curbed low-priced imports, enhancing domestic capacity and self-sufficiency, but risks from raw material supply chain fluctuations and substitute competition remain [11][12] Competitive Landscape - The market structure is dominated by large integrated chemical groups, while smaller firms seek survival through differentiation strategies [15] - Leading companies leverage scale and supply chain integration to establish core advantages, with significant investments in technology and process optimization [15][16] Future Development Trends - The propanol industry is expected to focus on deep innovation in green production technologies and the large-scale application of bio-based raw materials, transitioning towards a circular economy model [18] - Companies are likely to integrate artificial intelligence and big data to enhance production efficiency and product quality, while exploring high-value applications in new energy and biodegradable materials [18]

证券代码：000830 证券简称：鲁西化工 公告编号：2025-036 鲁西化工集团股份有限公司 2024年年度股东大会决议公告 一、会议召开和出席情况 1、召开时间：2025 年 5 月 23 日 14:30 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具体时间为2025年5 月23日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具体时间为2025 年5月 23 日 9:15 至 2025 年 5 月 23 日 15:00 期间的任意时间。 2、召开地点：公司会议室 3、召开方式：采取现场投票和网络投票相结合的方式 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。 重要提示： 1、本次股东大会议案全部审议通过。 2、本次股东大会没有涉及变更以往股东大会已通过的决议。 4、召 集 人：公司董事会 5、主 持 人：董事长陈碧锋先生 6、会议的召开符合《公司法》《上市公司股东大会规则》及《公司 章程》的规定。 二、会议出席情况 参加本次股东大会的股东及股东授权委托代表人数为 892 人，代表 1 ...

山东同心达律师事务所 关于鲁西化工集团股份有限公司 2024 年年度股东大会法律意见书 致：鲁西化工集团股份有限公司 鲁西化工集团股份有限公司（以下简称"公司"）2024 年 年度股东大会（以下简称"本次股东大会"）于 2025 年 5 月 23 日 14:30 通过现场表决与网络投票相结合的方式召开。山东同心 达律师事务所（以下简称"本所"）接受公司的委托，指派本所 律师邢建枢、田哲出席了现场会议，并依据《公司法》《证券法》 等法律规定，以及中国证券监督管理委员会《上市公司股东大会 规则》（以下简称"《股东大会规则》"）的要求发表法律意见 并出具本法律意见书。 为出具本法律意见书，本所律师已经按照《股东大会规则》 的要求，对本次股东大会召集、召开程序是否符合法律、行政法 规、《股东大会规则》和《公司章程》的规定，出席会议人员资 格、召集人资格的合法有效性和股东大会表决程序、表决结果的 合法有效性等问题进行了审查。 本所律师依据本法律意见书出具日之前已经发生或存在的 事实，以及中国现行法律、法规和规范性文件发表法律意见。 本次股东大会由公司董事会提议并召开，公司已于 2025 年 4 月 26 日披露了《关于 ...

Group 1: Company Performance Overview - In Q1 2025, the company achieved revenue of approximately 7.29 billion CNY, representing a year-on-year increase of 7.96% [1] - The net profit attributable to shareholders was approximately 413 million CNY, a year-on-year decrease of 27.3% [2] - The net profit excluding non-recurring gains and losses was about 384 million CNY, down 33.81% year-on-year, primarily due to a decline in chemical product prices [2] Group 2: Market Response and Strategy - The company is actively implementing measures to ensure stable operations during the summer season, focusing on energy conservation and efficiency improvements [1] - To address market fluctuations, the company is adjusting production, sales, and procurement strategies in response to market demand [1] - The company aims to maximize economic benefits by leveraging its integrated park advantages and optimizing operations [1] Group 3: Dividend Policy and Future Plans - The proposed profit distribution plan for 2024 includes a cash dividend of 3.50 CNY per 10 shares (tax included), based on the total share capital at the end of 2024 [2] - The company will adhere to regulatory requirements and consider profitability and operational needs when determining future dividend plans [2] Group 4: Collaboration and Competition Management - The company signed a framework cooperation agreement with Sinochem Blue Sky to address competition issues related to the production of difluoromethane [2] - This agreement is part of a commitment made by China National Chemical Corporation to resolve competition concerns through asset restructuring and other means [2] Group 5: Operational Efficiency Initiatives - The company is focusing on maintaining safe and stable production while adjusting product output and structure to align with market trends [2] - Initiatives include benchmarking for improvement, enhancing lean production practices, and pursuing cost reduction strategies [2]

Core Viewpoint - The peroxide industry in China has shown stable growth, driven by increasing demand from downstream sectors such as chemicals, plastics, rubber, and textiles, with the market size expected to reach 14.152 billion RMB in 2024 [1][9]. Industry Definition and Classification - Peroxides are compounds containing peroxide groups (-O-O-), characterized by their ability to form covalent bonds with other atoms or groups, leading to diverse structures and properties [2]. Industry Chain Overview - The peroxide industry chain includes upstream raw material supply, midstream production, and downstream applications. Upstream involves basic chemical raw materials like hydrogen and oxygen, while midstream focuses on the production processes. Downstream applications span various sectors, including chemical reactions, textile bleaching, and environmental treatment [4][5]. Development History - The Chinese peroxide industry has evolved over 70 years, transitioning from reliance on imports to developing a domestic production system. The industry has moved from a growth phase to an innovation stage, emphasizing technological advancements and integration into emerging sectors [6][9]. Current Market Analysis - The global peroxide market is projected to reach 40.757 billion RMB in 2024, with significant growth in the Asia-Pacific region, particularly in China, which is a major consumer and producer [8][9]. China's peroxide demand is expected to reach 1.15 million tons in 2024, reflecting a 6.8% year-on-year increase [12]. Key Enterprises in the Industry - Major players include: - **LUXI Chemical**: Dominates the industrial-grade hydrogen peroxide market with a focus on low-cost production [16]. - **Strong Functional Chemicals**: Specializes in organic peroxides, leveraging safety control technologies [16]. - **Yake Technology**: Focuses on electronic-grade hydrogen peroxide, achieving a purity of ≥99.999% [18]. - **Aladdin Biochemical**: Serves the research market with high-purity peroxide products [16]. - **Satellite Chemical**: Expands into hydrogen peroxide production using by-products from ethylene projects [16]. Future Development Trends - The industry is moving towards high-end products, driven by increasing performance requirements in sectors like electronics and pharmaceuticals [20]. - There is a strong emphasis on green and environmentally friendly production methods, with a focus on reducing pollution and developing biodegradable products [21]. - Strict safety regulations are shaping the industry, necessitating enhanced safety measures and management practices [22].

Group 1: Recent Operational Performance - The company reported a revenue of approximately 29.763 billion yuan for 2024, representing a year-on-year increase of 17.37% [1] - The net profit attributable to shareholders was about 2.029 billion yuan, showing a significant year-on-year growth of 147.79% [2] - The net profit after deducting non-recurring gains and losses was approximately 1.962 billion yuan, with a year-on-year increase of 126.9% [2] Group 2: Q1 2025 Performance - In Q1 2025, the company achieved a revenue of around 7.29 billion yuan, reflecting a year-on-year growth of 7.96% [2] - The net profit attributable to shareholders was approximately 413 million yuan, indicating a year-on-year decline of 27.3% [2] - The net profit after deducting non-recurring gains and losses was about 384 million yuan, down 33.81% year-on-year, primarily due to a decrease in chemical product prices [2] Group 3: Future Dividend Policy - The profit distribution plan for 2024 proposes a cash dividend of 3.50 yuan (including tax) for every 10 shares based on the total share capital at the end of 2024 [2] - The company will determine future dividend plans in accordance with regulatory requirements and based on profitability and operational needs [2] Group 4: Market Response Strategies - The company aims to maintain stable production while actively responding to market changes, adjusting product output and structure as needed [2] - The focus is on achieving efficiency through lean production and enhancing internal potential, with a goal to outperform industry averages [2]

证券代码：000830 证券简称：鲁西化工 公告编号：2025-035 鲁西化工集团股份有限公司 关于召开 2024 年年度股东大会的提示性公告 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"公司"）于2025年4月26日在 《中国证券报》《证券时报》《证券日报》《上海证券报》及巨潮资讯网 披露了《关于召开2024年年度股东大会的通知》（公告编号：2025-028）， 本次股东大会将采用现场投票和网络投票相结合的方式，现对公司召开本 次股东大会再次提示公告如下： 一、召开会议的基本情况 1、股东大会届次：2024 年年度股东大会 2、召集人：2025 年 4 月 24 日召开的第九届董事会第八次会议审议通 过了《关于召开 2024 年年度股东大会通知的议案》，定于 2025 年 5 月 23 日（星期五）召开公司 2024 年年度股东大会。 3、会议召开的合法、合规性：本次会议召开符合有关法律、行政法规、 部门规章、规范性文件和《公司章程》等规定。 4、会议召开的日期、时间： (1)现场会议时间：2025年5月23日（星期 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's performance met expectations, with alleviated coal cost pressures and ongoing project developments supporting long-term growth [1][9] - The company reported a total revenue of 29.76 billion yuan in 2024, a year-on-year increase of 17.4%, and a net profit attributable to shareholders of 2.03 billion yuan, up 147.8% year-on-year [9][10] - The report highlights that while product prices faced downward pressure, the company's new projects are expected to contribute positively to future earnings [9] Financial Data and Profit Forecast - Projected total revenue for 2025 is 31.51 billion yuan, with a net profit forecast of 2.36 billion yuan, corresponding to a PE ratio of 9 [8][10] - The company anticipates a gradual increase in net profit to 2.77 billion yuan by 2027, with corresponding PE ratios decreasing to 7 [9][10] - The report outlines a significant improvement in gross margin from 12.6% in Q1 2025 to 15.4% in 2025E, driven by reduced raw material costs [9][10]