条和第四十三条规定的说明 华峰化学股份有限公司董事会 关于公司本次交易符合《上市公司重大资产重组管理办法》第十一 1 华峰化学股份有限公司（以下简称"公司"或"上市公司"）拟通过发行股 份及支付现金的方式购买华峰集团有限公司（以下简称"华峰集团"）、尤小平、 尤金焕、尤小华持有的浙江华峰合成树脂有限公司合计 100.00%的股权；拟通 过发行股份及支付现金的方式购买华峰集团持有的浙江华峰热塑性聚氨酯有限 公司合计 100.00%的股权。 经对本次交易是否符合《上市公司重大资产重组管理办法》（以下简称 "《重组管理办法》"）第十一条及第四十三条的有关规定进行审慎判断，董事 会认为： 一、本次交易符合《重组管理办法》第十一条的规定，具体情况如下： 1.本次交易符合国家产业政策和有关环境保护、土地管理、反垄断等法律 和行政法规的规定； 2.本次交易不会导致公司不符合股票上市条件； 3.本次交易所涉及的资产将以符合《证券法》规定的资产评估机构出具的 评估报告所载明的评估值为基础，由交易各方协商确定，确保定价公允，不存 在损害公司和股东合法权益的情形； 4.本次交易所涉及的资产权属清晰，资产过户或者转移不存在法律障碍， ...

证券代码：002064 证券简称：华峰化学 公告编号：2024-047 华峰化学股份有限公司 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、误导性陈述或者重大遗漏。 华峰化学股份有限公司（以下简称"本公司"或"公司"）正在筹划发行股 份及支付现金方式购买华峰集团有限公司（以下简称"华峰集团"）持有的浙江 华峰热塑性聚氨酯有限公司（以下简称"浙江热塑"或"华峰 TPU"）100%股 权以及华峰集团、 尤小平、尤金焕、尤小华共同持有的浙江华峰合成树脂有限 公司（以下简称"浙江合成树脂"）100%股权（以下简称"本次交易"）。本次 交易预计不构成重大资产重组，不构成重组上市。华峰集团为公司控股股东，尤 小平为公司实际控制人，尤金焕、尤小华为公司关联自然人，本次交易构成关联 交易。 2024 年 11 月 1 日，公司召开了第九届董事会第五次会议和第九届监事会第 四次会议，审议通过了《关于公司发行股份及支付现金购买资产暨关联交易符合 相关法律、法规规定的议案》《关于公司发行股份及支付现金购买资产构成关联 交易的议案》《关于公司发行股份及支付现金购买资产暨关联交易方案的议案》 等与本次交易相 ...

证券代码：002064 证券简称：华峰化学 公告编号：2024-043 华峰化学股份有限公司 关于披露重组预案暨公司股票复牌的公告 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、误导性陈述或者重大遗漏。 华峰化学股份有限公司（以下简称"本公司"或"公司"）正在筹划发行股 份及支付现金方式购买华峰集团有限公司（以下简称"华峰集团"）持有的浙江 华峰热塑性聚氨酯有限公司（以下简称"浙江热塑"或"TPU"）100%股权以及 华峰集团、尤小平、尤金焕、尤小华共同持有的浙江华峰合成树脂有限公司（以 下简称"浙江合成"）100%股权（以下简称"本次交易"）。本次交易预计不构 成重大资产重组，不构成重组上市。华峰集团为公司控股股东，尤小平为公司实 际控制人，尤金焕、尤小华为公司关联自然人，本次交易构成关联交易。 一、公司停牌情况 华峰化学股份有限公司董事会 2024 年 11 月 1 日 2024 年 11 月 1 日，公司召开第九届董事会第五次会议和第九届监事会第四 次会议，审议通过了《关于公司发行股份及支付现金购买资产暨关联交易方案的 议案》、《关于<华峰化学股份有限公司发行股份及支付现金购 ...

华峰化学股份有限公司董事会 关于本次交易相关主体不存在《上市公司监管指引第 7 号——上市 公司重大资产重组相关股票异常交易监管》第十二条规定的不得参 截至本说明出具日，本次交易涉及《上市公司监管指引第 7 号——上市公司 重大资产重组相关股票异常交易监管》第六条规定的相关主体，不存在因涉嫌与 重大资产重组相关的内幕交易被立案调查或者立案侦查且尚未结案的情形，也不 存在最近 36 个月内因与重大资产重组相关的内幕交易被中国证监会作出行政处 罚或者司法机关依法追究刑事责任的情形。 华峰化学股份有限公司董事会 2024 年 11 月 1 日 与上市公司重大资产重组情形的说明 华峰化学股份有限公司（以下简称"公司"或"上市公司"）拟通过发行股 份及支付现金的方式购买华峰集团有限公司（以下简称"华峰集团"）、尤小平、 尤金焕、尤小华持有的浙江华峰合成树脂有限公司合计 100.00%的股权；拟通 过发行股份及支付现金的方式购买华峰集团持有的浙江华峰热塑性聚氨酯有限 公司合计 100.00%的股权。 根据中国证券监督管理委员会《上市公司监管指引第 7 号——上市公司重 大资产重组相关股票异常交易监管》第十二条规定，上市公 ...

华峰化学股份有限公司董事会 关于本次交易符合《上市公司证券发行注册管理办法》 第十一条规定的说明 3、现任董事、监事和高级管理人员最近三年受到中国证监会行政处罚，或 者最近一年受到证券交易所公开谴责； 4、上市公司或者其现任董事、监事和高级管理人员因涉嫌犯罪正在被司法 机关立案侦查或者涉嫌违法违规正在被中国证监会立案调查； 5、控股股东、实际控制人最近三年存在严重损害上市公司利益或者投资者 合法权益的重大违法行为； 6、最近三年存在严重损害投资者合法权益或者社会公共利益的重大违法行 为。 华峰化学股份有限公司（以下简称"公司"或"上市公司"）拟通过发行股 份及支付现金的方式购买华峰集团有限公司（以下简称"华峰集团"）、尤小平、 尤金焕、尤小华持有的浙江华峰合成树脂有限公司合计 100.00%的股权；拟通过 发行股份及支付现金的方式购买华峰集团持有的浙江华峰热塑性聚氨酯有限公 司合计 100.00%的股权。 就本次交易，经比照《上市公司证券发行注册管理办法》第十一条的规定逐 项自查并审慎判断，公司董事会认为，上市公司不存在《上市公司证券发行注册 管理办法》第十一条规定的不得向特定对象发行股票的情形： 1、擅自改 ...

证券代码：002064 证券简称：华峰化学 公告编号：2024-045 定的实施发行股份购买资产的要求及各项条件。 华峰化学股份有限公司 第九届董事会第五次会议决议公告 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 华峰化学股份有限公司（以下简称"公司"）第九届董事会第五次会议通知 于 2024 年 10 月 29 日以电子邮件或专人送达等方式发出，会议于 2024 年 11 月 1 日以现场结合通讯表决的方式召开。会议由董事长杨从登先生主持，其中独立 董事高卫东先生、宋海涛先生、潘彬先生以通讯表决的方式参加，本次会议应到 董事 9 人，实到 9 人，公司监事、高级管理人员列席会议，符合《公司法》和《公 司章程》的有关规定，会议决议合法有效。 二、 董事会会议审议情况 （一）审议通过了《关于公司发行股份及支付现金购买资产暨关联交易符 合相关法律、法规规定的议案》； 公司拟向华峰集团有限公司（以下简称"华峰集团"）、尤小平、尤金焕、 尤小华发行股份及支付现金购买其持有的浙江华峰合成树脂有限公司 100%股 权；拟向华峰集团发行股份及支付 ...

证券代码：002064 证券简称：华峰化学 公告编号：2024-046 华峰化学股份有限公司 第九届监事会第四次会议决议公告 本公司及监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、监事会会议召开情况 华峰化学股份有限公司（以下简称"公司"）第九届监事会第四次会议通 知于 2024 年 10 月 29 日以电子邮件或专人送达等方式发出，会议于 2024 年 11 月 1 日以现场结合通讯表决的方式召开。会议由监事会主席王利女士主持，其 中监事张浩先生以通讯表决的方式参加，本次会议应到监事 5 人，实到 5 人， 符合《公司法》和《公司章程》的有关规定，会议决议合法有效。 二、 监事会会议审议情况 （一）审议通过了《关于公司发行股份及支付现金购买资产暨关联交易符 合相关法律、法规规定的议案》； 公司拟向华峰集团有限公司（以下简称"华峰集团"）、尤小平、尤金焕、 尤小华发行股份及支付现金购买其持有的浙江华峰合成树脂有限公司 100%股 权；拟向华峰集团发行股份及支付现金购买其持有的浙江华峰热塑性聚氨酯有 限公司 100%股权（以下简称"本次交易"）。 根据《中华人民共 ...

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 within the next six months [18]. Core Views - The company's profitability is under short-term pressure due to a decline in the price spread of its main product, adipic acid. However, the report expresses optimism about the resilience of the leading company's profitability as the price spread stabilizes and recovers [2][4]. - The company is expected to achieve revenue growth in the coming years, with projected revenues of 28.30 billion, 32.98 billion, and 35.84 billion yuan for 2024, 2025, and 2026 respectively [1][9]. Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 20.37 billion yuan, a year-on-year increase of 3.51%, and a net profit of 2.02 billion yuan, up 4.46% year-on-year. However, the third quarter saw a revenue decline of 6.11% year-on-year and a net profit decrease of 12.88% year-on-year [1][2]. - The overall gross margin for the first three quarters of 2024 was 15.60%, down 0.73 percentage points from the previous year. The net profit margin improved slightly to 9.91%, an increase of 0.10 percentage points year-on-year [2][3]. - The company’s operating cash flow for the first three quarters of 2024 increased by 122.87% year-on-year, primarily due to higher cash receipts from sales [3]. Product Price Trends - The prices of spandex and adipic acid have been on a downward trend, with spandex 40D and adipic acid prices decreasing by 3.57% and 16.58% respectively in the third quarter of 2024. This price decline is attributed to increased supply and weak demand [4][7]. - The report anticipates that the price spread for spandex will remain stable in the fourth quarter of 2024, while the price spread for adipic acid is expected to bottom out and recover, potentially improving the company's profitability [4][9]. Strategic Developments - The company is deepening its industrial chain integration by investing 800 million yuan to expand its PTMEG production capacity, which is a key raw material for spandex. This expansion aims to enhance the stability of raw material supply and strengthen competitive advantages [8]. - The company is also planning to acquire 100% equity in two subsidiaries, which is expected to provide new growth points for performance [9]. Future Projections - The company is projected to achieve revenues of 28.30 billion, 32.98 billion, and 35.84 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.73 billion, 3.55 billion, and 3.93 billion yuan [1][9]. - The report highlights the potential for recovery in the spandex sector as industry consolidation occurs, benefiting the company due to its cost and scale advantages [9].

Investment Rating - The report initiates coverage with an "Overweight" rating for the company [1] Core Views - The company is a global leader in the production of spandex, adipic acid, and polyurethane raw materials, with significant scale advantages that reduce unit costs and enhance cost competitiveness [2] - Spandex demand is expected to maintain high growth, driven by increasing applications in sportswear, yoga wear, and other markets, with the company benefiting from its cost leadership in raw materials, electricity, and depreciation [2] - Adipic acid production capacity in China is expected to increase globally, with PA66 localization accelerating demand for adipic acid, potentially adding 580,000 tons of demand by 2025 [3] - The company's profitability remains robust despite price pressures, with projected revenues of 26.4/29.0/32.2 billion yuan and net profits of 2.6/3.8/4.4 billion yuan for 2024-2026, respectively [3] Company Overview - The company is a pioneer in China's spandex industry, with a mature technology base and a leading position in spandex, adipic acid, and polyurethane raw materials production [11] - It has a stable and concentrated ownership structure, with experienced management, and has consistently grown its revenue and profitability across its three core businesses [14][16] - The company has expanded its production capacity significantly, with spandex capacity reaching 32.5 million tons/year and an additional 20 million tons/year under construction [13] Spandex Business - The company holds a dominant position in the global spandex market, with production capacity ranking second globally and first in China [12] - Spandex demand is driven by the growth of sportswear, yoga wear, and other applications, with the company benefiting from its cost advantages in raw materials, electricity, and depreciation [2][21] - The company has optimized its spandex production costs, with significant reductions in labor, energy, and depreciation costs, further enhancing its competitive edge [43][44][45] Adipic Acid Business - The company is a leading producer of adipic acid in China, with a capacity of 1.355 million tons/year, accounting for over 40% of the domestic market share [57] - Adipic acid demand is expected to grow due to the localization of PA66 production, with potential demand exceeding 4.7 million tons in the long term [64][65] - Despite industry-wide losses, the company has maintained profitability in its adipic acid business, showcasing its cost advantages and technological leadership [68][69] Polyurethane Business - The company is the largest producer of polyurethane raw materials in China, with a capacity of 520,000 tons/year, contributing stable revenue and profits [74][75] - Polyurethane applications are expanding into new areas such as automotive parts, shared bicycles, and medical devices, providing significant growth potential [71][72] Financial Projections - The company is expected to achieve revenues of 26.4/29.0/32.2 billion yuan and net profits of 2.6/3.8/4.4 billion yuan for 2024-2026, with PE ratios of 15.30/10.69/9.08x, respectively [3][4]

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 8.11 CNY [2] Core Views - The company's Q3 performance was under pressure due to the downturn in adipic acid prices, with a year-on-year revenue increase of 4% for the first three quarters of 2024, totaling 20 billion CNY, while Q3 alone saw a revenue decline of 6% year-on-year [3][4] - The company is a leading player in the global market for spandex, adipic acid, and polyurethane, with significant production capacity and ongoing expansion projects [4] - The company is enhancing its industrial chain layout, including a 30,000-ton differentiated spandex project and a 1.1 million-ton integrated natural gas project, which are expected to strengthen its competitive position [4] Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 66 billion CNY, down 6% year-on-year, and a net profit of 5 billion CNY, down 13% year-on-year [3] - The company’s revenue for 2024 is projected to be 29.69 billion CNY, with a net profit of 2.67 billion CNY, reflecting a 7.51% increase [6][7] Production Capacity - As of Q3 2024, the company has a spandex production capacity of 325,000 tons, adipic acid capacity of 1,355,000 tons, and polyurethane capacity of 520,000 tons [4] - The company is investing 8 billion CNY to expand its spandex production capacity, with a total investment of 28.4 billion CNY for the project [4] Market Position - The company holds a significant market share in spandex, adipic acid, and polyurethane, with production volumes ranking first in China and among the top globally [4] - The report anticipates a recovery in spandex margins due to improving downstream demand, which may lead to profit recovery in Q4 2024 [3][4]