Core Insights - The company reported a revenue of 6.314 billion yuan for Q1 2025, a year-on-year decrease of 5.15%, and a net profit attributable to shareholders of 504 million yuan, down 26.21% year-on-year [1] - The decline in product prices, particularly for spandex and adipic acid, has put short-term pressure on performance, although spandex prices have started to recover since 2025, which may ease operational pressures for spandex manufacturers [1] - The company's comprehensive gross margin decreased by 2.66 percentage points to 13.47% due to the impact of falling product prices, affecting net profit growth [1] Production Capacity and Market Position - The company has a strong market position in the polyurethane industry, with spandex production capacity and output ranking second globally and first in China, as well as leading production in adipic acid and polyurethane raw materials in the country [1] - As of 2024, the company has a spandex production capacity of 325,000 tons, with an additional 150,000 tons under construction; adipic acid capacity is 1.355 million tons, and polyurethane raw material capacity is 520,000 tons [1] - The spandex capacity utilization rate reached 109.98% and adipic acid utilization rate was 94.96% in 2024, indicating high operational efficiency [1] Strategic Initiatives - The company is investing in upstream raw material projects, including a 1.1 million ton natural gas integration project and a 240,000 ton PTMEG spandex industry chain deepening project, which are expected to enhance cost advantages in spandex production [2] - The company is recognized as a leading enterprise in spandex, adipic acid, and polyurethane raw materials, with significant scale, technology, and cost advantages, and plans to continue strengthening its market position [2] Financial Forecast - The company maintains its profit forecast for 2025-2027, with projected net profits of 2.133 billion, 2.403 billion, and 2.664 billion yuan, respectively, corresponding to EPS of 0.43, 0.48, and 0.54 yuan [2] - The current stock price corresponds to P/E ratios of 16, 14, and 12 for the years 2025, 2026, and 2027, respectively, and the company maintains a "strong buy" rating [2]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 15% in the next 6-12 months [4][12]. Core Views - The company reported a revenue of 6.314 billion RMB in Q1 2025, a year-on-year decrease of 5.15%, and a net profit attributable to shareholders of 504 million RMB, down 26.21% year-on-year [2]. - The price of spandex has shown signs of recovery in Q1 2025, while the price of adipic acid continues to decline. The company is focusing on integrating its upstream and downstream supply chains to enhance profitability and risk resistance [3]. - The company is expected to achieve revenues of 27.322 billion RMB, 28.648 billion RMB, and 29.926 billion RMB for the years 2025, 2026, and 2027 respectively, with net profits of 1.984 billion RMB, 2.174 billion RMB, and 2.333 billion RMB for the same years [4]. Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 6.314 billion RMB, a decrease of 5.15% year-on-year, and a net profit of 504 million RMB, down 26.21% year-on-year [2]. Operational Analysis - The spandex prices have rebounded slightly in Q1 2025, while adipic acid prices have been on a downward trend since March 2025. The company is constructing an integrated spandex production project, which is expected to improve profitability in the future [3]. Profit Forecast - The company is projected to generate revenues of 27.322 billion RMB in 2025, 28.648 billion RMB in 2026, and 29.926 billion RMB in 2027, with corresponding net profits of 1.984 billion RMB, 2.174 billion RMB, and 2.333 billion RMB [4].

华峰化学股份有限公司 关于使用部分闲置募集资金及自有资金进行现金管理的公告 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： 1.投资种类：保本型理财产品 2.投资金额：不超过人民币110,000万元的闲置募集资金、不超过人民币 200,000万元的自有资金 证券代码：002064 证券简称：华峰化学 公告编号：2025-031 3. 公司与拟购买理财产品的发行主体不存在关联关系。 一、现金管理情况概述 （一）目的 为提高公司资金使用效率，在不影响募集资金使用和公司正常经营的前提 下，合理利用部分暂时闲置募集资金及暂时闲置自有资金进行现金管理，可以 增加资金收益，保障公司股东利益。 （二）资金来源、金额及期限 根据公司当前的资金使用状况、募集资金投资项目建设进度并考虑保持充 足的流动性，公司拟使用不超过人民币110,000万元的闲置募集资金和不超过 200,000万元的自有资金进行现金管理，期限自公司董事会审议通过之日起12个 月内有效。在决议有效期内，上述额度可以循环滚动使用，即任意时点进行现 金管理的余额不超过上述额度。闲置募集资金现金管理到 ...

证券代码：002064 证券简称：华峰化学 公告编号：2024-033 华峰化学股份有限公司 第九届监事会第八次会议决议公告 《2025 年第一季度报告》具体内容详见 2025 年 4 月 26 日的证券时报、中 国证券报、巨潮资讯网（http://www.cninfo.com.cn）。 表决结果：同意 5 票、反对 0 票、弃权 0 票。 （二）审议通过了《关于使用部分闲置募集资金及自有资金进行现金管理 的议案》； 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 有虚假记录、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"）第九届监事会第八次会议通知 于 2025 年 4 月 14 日以电子邮件或书面专人送达等方式发出，会议于 2025 年 4 月 25 日以通讯表决的方式召开。会议由监事会主席王利女士召集与主持，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《2025 年第一季度报告》； 经审核，监事会认为董事会编制和审核华峰化学股份有限公司 2025 年第一 ...

证券代码：002064 证券简称：华峰化学 公告编号：2025-032 华峰化学股份有限公司 第九届董事会第九次会议决议公告 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"）第九届董事会第九次会议通 知于 2025 年 4 月 14 日以电子邮件或专人送达方式发出，会议于 2025 年 4 月 25 日以通讯表决的方式召开。会议由董事长尤飞煌先生主持。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《2025 年第一季度报告》。 具体内容详见登载于 2025 年 4 月 26 日的证券时报、中国证券报、巨潮资 讯网（http://www.cninfo.com.cn）的《2025 年第一季度报告》。 表决结果：同意 9 票、反对 0 票、弃权 0 票。 （二）审议通过了《关于使用部分闲置募集资金及自有资金进行现金管理 的议案》。 具体内容详见登载于 2025 年 4 月 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥6,313,831,888.08, a decrease of 5.15% compared to ¥6,656,787,137.28 in the same period last year[4] - Net profit attributable to shareholders was ¥504,316,364.85, down 26.21% from ¥683,442,402.36 year-on-year[4] - Basic and diluted earnings per share decreased by 28.57% to ¥0.10 from ¥0.14 in the same period last year[4] - The company reported a significant increase in investment income of 34.23%, reaching ¥34,340,095.93 compared to ¥25,583,000.02 in the previous year[8] - The company recorded a 2269.66% increase in asset disposal income, amounting to ¥7,721,058.50 compared to ¥325,829.84 in the previous year[8] - The company's net profit for the current period is 505,927,291.81, a decrease of 26% compared to 682,208,716.64 in the previous period[18] - Operating profit for the current period is 577,767,157.25, down from 775,521,638.23, indicating a decline of about 26%[18] - Total comprehensive income for the current period is 513,536,404.09, compared to 692,162,497.33 in the previous period, representing a decrease of approximately 26%[19] Cash Flow and Liquidity - The net cash flow from operating activities improved significantly to ¥103,499,728.09, a 271.34% increase from -¥60,404,505.17 in the previous year[4] - Cash flow from operating activities generated a net amount of 103,499,728.09, a significant improvement from a negative cash flow of -60,404,505.17 in the previous period[20] - The company's cash and cash equivalents decreased to CNY 6,223,679,237.11 from CNY 7,067,672,762.04, reflecting a decline of 11.96%[14] - Cash and cash equivalents at the end of the period decreased to 5,413,225,807.80 from 9,839,642,474.43, a decline of about 45%[21] - Investment activities resulted in a net cash outflow of -226,996,191.53, compared to -430,092,185.03 in the previous period, showing an improvement[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥35,651,947,531.15, a slight decrease of 0.87% from ¥35,966,174,587.83 at the end of the previous year[4] - Total assets decreased to CNY 35,651,947,531.15 from CNY 35,966,174,587.83, a reduction of 0.87%[15] - Total liabilities decreased to CNY 8,584,247,288.65 from CNY 9,414,021,519.48, a decline of 8.83%[16] - The company's retained earnings increased to CNY 17,277,080,137.47 from CNY 16,772,763,772.62, reflecting a growth of 3.01%[16] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 58,115, with the largest shareholder, Huafeng Group Co., Ltd., holding 45.10% of the shares[10] - The number of shares held by the top shareholder, Huafeng Group Co., Ltd., is 2,237,942,524, representing a significant ownership stake[11] Operational Metrics - Total operating costs for the current period amount to CNY 5,837,290,678.90, down 2.33% from CNY 5,976,341,916.96 in the previous period[17] - The total revenue from sales of goods and services was 5,705,566,356.39, a decrease from 5,907,704,772.62 in the previous period, reflecting a decline of approximately 3%[20] - Research and development expenses decreased to 210,281,196.97 from 244,076,957.61, reflecting a reduction of approximately 14%[18] Future Plans - The company is planning to issue shares and pay cash for asset acquisition, with details available in announcements dated January 27, February 26, and March 26, 2025[12]

北京海润天睿律师事务所 关于华峰化学股份有限公司 发行股份及支付现金购买资产暨关联交易之 相关人员买卖股票情况的 专项核查意见 华峰化学股份有限公司： 北京海润天睿律师事务所（以下简称"本所"）接受华峰化学股份有限公 司（以下简称"华峰化学"、"公司"或"上市公司"）委托，担任华峰化学 发行股份及支付现金购买浙江华峰合成树脂有限公司、浙江华峰热塑性聚氨酯 有限公司(以下合称"标的公司")100%股权（以下简称"本次交易"）的专项 法律顾问，并已依据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司重大资产重组管理办法》等相关法律、法规及规范性文件的有关规定， 就本次交易相关法律问题出具了《北京海润天睿律师事务所关于华峰化学股份 有限公司发行股份及支付现金购买资产暨关联交易的法律意见书》(以下简称 "《法律意见书》")。 根据中国证券监督管理委员会（以下简称"中国证监会"）发布的《监管 规则适用指引——上市类第 1 号》及《公开发行证券的公司信息披露内容与格 式准则第 26 号——上市公司重大资产重组》的相关要求，本所对自查期间（如 下文所定义）内相关人员买卖上市公司股票的情况进行专项核查，并出具本专 ...

国泰海通证券股份有限公司 关于华峰化学股份有限公司 本次交易相关主体买卖股票情况的 自查报告之专项核查意见 华峰化学股份有限公司（证券代码：002064.SZ，以下简称"上市公司"或 "华峰化学"）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（以 下简称"华峰合成树脂"）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（以下简称"华峰热 塑"）100.00%的股权（以下简称"本次交易"）。 根据《中华人民共和国证券法》《上市公司重大资产重组管理办法》《公开发 行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》《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》等法 律法规的规定，国泰海通证券股份有限公司（以下简称"国泰海通"或"独立财 务顾问"）作为本次交易的独立财务顾问，对本次交易相关主体买卖股票的情况 进行了核查，具体情况如下： 一、本次交易相关主体买卖股票情况核查期间 4、标的公司及其董事、监事、高级管理人员； 5、 ...

证券代码：002064 证券简称：华峰化学 公告编号：2025-029 华峰化学股份有限公司 关于本次交易相关主体买卖股票情况自查报告的公告 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： 根据中国证券登记结算有限责任公司深圳分公司出具的《信息披露义务人持 股及股份变更查询证明》和《股东股份变更明细清单》及关于本次交易相关主体 签署的自查报告及承诺等文件，在上述相关主体签署的自查报告及承诺真实、准 确、完整的情况下，上述相关主体在自查期间买卖上市公司股票的行为不构成内 幕交易，不会对本次重组构成实质性法律障碍；核查范围内其他相关主体在自查 期间内不存在买卖华峰化学股票的情形，不存在利用内幕信息买卖股票的情形。 独立财务顾问、法律顾问对上述事项出具相关核查意见。 根据《中华人民共和国证券法》《上市公司重大资产重组管理办法》《公开发 行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》《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》等法 律法规的规定，上市公司对本次交易相关主体买卖上市公司股票情况进行 ...

Group 1 - Huafeng Chemical Co., Ltd. announced a major asset restructuring plan to acquire 100% equity of Huafeng Synthetic Resin and Huafeng Thermoplast for a total consideration of 6 billion yuan [1] - The acquisition aims to enhance Huafeng Chemical's vertical integration advantage in the polyurethane industry chain [1] - The company's net profit has been declining since 2021, with projected figures of 2.844 billion yuan, 2.478 billion yuan, and 2.220 billion yuan for 2022 to 2024, reflecting year-on-year declines of 64.17%, 12.85%, and 10.43% respectively [4][7] Group 2 - The gross profit margin has also decreased from a peak of 38.70% in 2021 to 17.93%, 15.35%, and 13.83% for 2022 to 2024 [7] - The domestic spandex market is experiencing a downturn, with the average price of spandex 40D expected to drop by 17.11% in 2024 [9] - Huafeng Chemical plans to expand its production capacity, aiming to exceed 475,000 tons by 2025, becoming the largest spandex producer globally [9] Group 3 - The acquisition involves significant premium valuations, with Huafeng Synthetic Resin's equity valued at 4.045 billion yuan (an increase of 506.96%) and Huafeng Thermoplast at 1.963 billion yuan (an increase of 478.49%) [11] - Both target companies have high debt levels, with Huafeng Synthetic Resin's total liabilities reaching 2.08 billion yuan and an asset-liability ratio increasing to 75.75% in 2024 [11] - Large dividend distributions were made by both companies in 2024, totaling 2 billion yuan, raising concerns about financial management [13][14]