证券代码：002064 证券简称：华峰化学 公告编号：2025-006 华峰化学股份有限公司 第九届董事会第七次会议决议公告 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 （三）审议通过了《2024 年年度报告》全文及其摘要。 华峰化学股份有限公司（以下简称"公司"）第九届董事会第七次会议通 知于 2025 年 3 月 14 日以电子邮件或专人送达方式发出，会议于 2025 年 3 月 27 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，其中董 事尤飞煌先生、独立董事宋海涛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《2024 年度董事会工作报告》。 议案内容详见《2024 年年度报告》全文的"第三节"、"第四节"相关内 容。公司独立董事向董事会提交了《2023 年度独立董事述职报告》，并将在公司 2024 年年度股东大会上述职，具体内容详见 2025 年 3 月 ...

证券代码：002064 证券简称：华峰化学 公告编号：2025-016 华峰化学股份有限公司 关于2024年度利润分配的预案公告 如在本公司披露之日起至实施权益分派股权登记日期间，公司总股本发生变 动的，公司拟维持分配比例不变，相应调整分配总额。 三、现金分红方案的具体情况 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、审议程序 公司于 2025 年 3 月 27 日召开第九届董事会第七次会议和第九届监事会第 六次会议，审议通过了《2024 年度利润分配的预案》，本议案尚需提交公司股东 大会审议。 二、利润分配预案的基本情况 经立信会计师事务所（特殊普通合伙）审计，2024 年度，本公司母公司实现 净利润 692,061,713.45 元，扣除按 10%提取的法定盈余公积 69,206,171.35 元，扣 除 2023 年度利润分配现金红利 744,381,584.55 元，加上母公司年初未分配利润 1,640,979,436.58 元，截止 2024 年 12 月 31 日，母公司可供股东分配的利润 1,519,453,394.13 元。截止 202 ...

Financial Performance - The company's operating revenue for 2024 was CNY 26.93 billion, an increase of 2.41% compared to CNY 26.30 billion in 2023[6]. - The net profit attributable to shareholders decreased by 10.43% to CNY 2.22 billion in 2024 from CNY 2.48 billion in 2023[6]. - The net cash flow from operating activities increased by 22.53% to CNY 3.02 billion in 2024 compared to CNY 2.47 billion in 2023[6]. - The basic earnings per share decreased by 10.00% to CNY 0.45 in 2024 from CNY 0.50 in 2023[6]. - Total assets at the end of 2024 were CNY 35.97 billion, a 1.29% increase from CNY 35.51 billion at the end of 2023[6]. - The company reported a total revenue of 2,400 million for the year 2021, maintaining the same figure for 2027[147]. Dividend Distribution - The company plans to distribute a cash dividend of 1.5 RMB per 10 shares to all shareholders, based on a total of 4,962,543,897.00 RMB[5]. - The company reported a cash dividend of 1.5 CNY per share, totaling 744,381,584.55 CNY, which represents 100% of the total profit distribution[177]. - The total distributable profit for the period was 1,519,453,394.13 CNY[177]. Business Expansion and Diversification - The company has expanded its main business from solely manufacturing spandex products to include research, production, and sales of spandex fibers, polyurethane raw materials, and other polyurethane products[21]. - The company anticipates future growth opportunities in spandex applications in sectors like healthcare and automotive interiors, which currently have low penetration rates[37]. - The company is the largest producer of polyurethane raw materials in China, with a significant market share in both domestic and international markets[44]. - The company’s polyurethane raw materials are sold in over 20 countries, including major brands like Adidas and Lululemon[47]. - The company has developed new products such as Serefon bio-based materials and Linxfon transparent soles, indicating ongoing innovation in product development[46]. Production and Capacity - The domestic spandex production capacity reached 1.35 million tons in 2024, with a year-on-year growth of 9.3%[35]. - The domestic spandex output increased by 11.3% to 1.045 million tons in 2024, while the export volume rose by 13.2% to 69,600 tons[35]. - The production capacity for spandex is 325,000 tons with a utilization rate of 109.98%, while the capacity for adipic acid is 1,355,000 tons with a utilization rate of 94.96%[67]. - The company is currently constructing an additional 150,000 tons of spandex production capacity, expected to enhance overall output[67]. Research and Development - The company has established a strong R&D framework, holding 158 effective patents in spandex technology and receiving multiple provincial and national awards for technological advancements[66]. - The company holds 297 valid patents, including 230 invention patents, and has participated in drafting 72 national and industry standards, showcasing its strong R&D capabilities[71]. - The company is developing a bio-based spandex to meet the demand in the mid-to-high-end market, which is expected to enhance market share and brand influence[96]. - The company is innovating in the field of polyurethane materials, focusing on high abrasion resistance and aesthetic quality for sports shoe soles[97]. Market Challenges - The spandex industry is facing challenges with prices continuing to decline, leading to a competitive environment where many companies are experiencing losses[37]. - The company has faced challenges such as insufficient demand and raw material price fluctuations, impacting product pricing and profitability[115]. - The company faces risks related to fluctuations in raw material prices, which could significantly impact profitability if not managed properly[124]. Corporate Governance and Management - The company has established an independent financial accounting department with its own accounting system and financial management policies[142]. - The company emphasizes a corporate culture of "common goals, common entrepreneurship, common interests, and common development" to enhance stakeholder relationships[140]. - The company has a robust internal governance structure that aligns with the requirements of the China Securities Regulatory Commission[141]. - The management team possesses extensive industry experience and has established a robust quality control system to ensure product stability and brand reputation[75]. Environmental Compliance - The company adheres to various environmental protection laws and standards, indicating compliance with regulatory requirements[187]. - No major environmental issues were reported, and the company is not listed as a key pollutant discharge unit by environmental authorities[187]. - The company employs multi-stage spraying for process waste gas and utilizes SCR combined denitrification and comprehensive desulfurization for boiler exhaust treatment, with online monitoring equipment installed[199]. Employee Management - The total number of employees at the end of the reporting period was 8,780, with 1,469 in the parent company and 7,311 in major subsidiaries[170]. - The employee composition includes 6,674 production personnel, 277 sales personnel, and 1,266 technical personnel[170]. - The company has established a training program that includes on-the-job learning and centralized training for employees[174]. Financial Management - The company reported a net cash outflow from financing activities of ¥1.89 billion, a 99.62% increase in outflow compared to ¥945.44 million in 2023[100]. - The total amount of raised funds utilized by the company reached ¥1.73 billion, with a usage ratio of 62.42%[111]. - The company has unused raised funds amounting to CNY 120,848,037.99 stored in a special account as of December 31, 2024[116].

证券代码：002064 证券简称：华峰化学 公告编号：2025-005 华峰化学股份有限公司 关于筹划发行股份及支付现金购买资产暨 关联交易事项的进展公告 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。 特别提示： 1. 华峰化学股份有限公司（以下简称"公司"）于 2024 年 11 月 2 日披露的 《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预案》（以下 简称"本次交易预案"）及其摘要，已对本次重组涉及的有关风险因素及尚需履 行的审批程序进行了详细说明，敬请广大投资者认真阅读有关内容，并注意投资 风险。 2. 截至本公告披露之日，除本次交易预案披露的重大风险外，公司尚未发现 可能导致公司董事会或者交易对方撤销、中止本次交易方案的相关事项，本次交 易工作正在继续推进中。 一、本次交易的基本情况 公司拟向华峰集团、尤小平、尤金焕、尤小华发行股份及支付现金购买其持 有的华峰合成树脂 100%股权；拟向华峰集团发行股份及支付现金购买其持有的 华峰热塑 100%股权（以下简称"本次交易"）。 二、本次交易进展情况 根据深圳证券交易所相关规定，经公司申请 ...

2025 年 03 月 16 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 联系人 ： 仲逸涵 S0350123070022 zhongyh@ghzq.com.cn [Table_Title] 欧美 MDI 厂商发布涨价函，关注铬盐在军工领 域的应用 ——基础化工行业周报 最近一年走势 | 行业相对表现 | | | 2025/03/14 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 基础化工 | 4.1% | 0.5% | 9.7% | | 沪深 300 | 1.7% | 1.9% | 12.5% | 相关报告 《基础化工行业周报：振华股份铬盐价格上涨，中 策橡胶 IPO 过会（推荐）*基础化工*李永磊，董伯 骏》——2025-02-16 《基础化工行业周报：轮胎原材料价格指数走低， 赛轮轮胎拟扩建柬埔寨工厂（推荐）*基础化工*李 永磊，董伯骏》——2025-01-12 《基 ...

证券代码：002064 证券简称：华峰化学 公告编号：2025-004 华峰化学股份有限公司 关于变更签字会计师的公告 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。 华峰化学股份有限公司（以下简称"公司"）于 2024 年 4 月 18 日召开第八 届董事会第十六次会议、第八届监事会第十二次会议，2024 年 6 月 17 日召开 2023 年年度股东大会，审议通过了《关于续聘会计师事务所的议案》，续聘立信 会计师事务所（特殊普通合伙）（以下简称"立信"）为公司 2024 年度审计机构。 详细内容请见 2024 年 4 月 20 日、2024 年 6 月 18 日登载于证券时报、中国证券 报、上海证券报和巨潮资讯网 （http://www.cninfo.com.cn）上的相关公告。 公司于近日收到立信出具的《关于项目合伙人变更的告知函》（信会师函字 【2025】第 ZF036 号），具体情况如下： 一、本次变更签字会计师的基本情况 立信作为公司 2024 年度审计机构，原指派张建新先生作为公司 2024 年度财 务报表审计报告和 2024 年末财务报告内部控 ...

证券代码：002064 证券简称：华峰化学 公告编号：2025-003 关于筹划发行股份及支付现金购买资产暨 关联交易事项的进展公告 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。 特别提示： 1. 华峰化学股份有限公司（以下简称"公司"）于 2024 年 11 月 2 日披露的 《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预案》（以下 简称"本次交易预案"）及其摘要，已对本次重组涉及的有关风险因素及尚需履 行的审批程序进行了详细说明，敬请广大投资者认真阅读有关内容，并注意投资 风险。 2. 截至本公告披露之日，除本次交易预案披露的重大风险外，公司尚未发现 可能导致公司董事会或者交易对方撤销、中止本次交易方案的相关事项，本次交 易工作正在继续推进中。 一、本次交易的基本情况 公司拟向华峰集团、尤小平、尤金焕、尤小华发行股份及支付现金购买其持 有的华峰合成树脂 100%股权；拟向华峰集团发行股份及支付现金购买其持有的 华峰热塑 100%股权（以下简称"本次交易"）。 二、本次交易进展情况 华峰化学股份有限公司 2024 年 11 月 1 日，公司召 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The company specializes in spandex, polyurethane raw materials, and is a leader in China's polyurethane products industry. The spandex expansion wave is not over, while the adipic acid expansion wave has passed, indicating potential for improvement in the industry. The company has a leading cost advantage and is expected to enhance its performance as the main business recovers and expands horizontally and vertically [2][8]. Company Overview - The company is a leader in the polyurethane products industry, focusing on spandex, polyurethane raw materials, and adipic acid. It has a spandex production capacity of 325,000 tons per year, ranking second globally and first in China, with an additional 150,000 tons under construction. The company also has an adipic acid capacity of 1,355,000 tons per year and a polyurethane raw material capacity of 520,000 tons per year, both ranking first globally [4][20]. Spandex Market Analysis - The demand for spandex has grown at a CAGR of 9.2% over the past decade, driven by the rapid growth of sportswear, leisurewear, and emerging medical applications. The industry is currently in the latter half of an expansion wave, with supply growth expected to remain around 10% in the next two years. The company has a significant cost advantage, allowing it to navigate through various spandex market cycles [5][54]. Adipic Acid Market Analysis - The expansion wave for adipic acid has passed, with a domestic apparent consumption of 1,768,000 tons in 2023, a year-on-year increase of 15.5%. The supply growth is expected to decline significantly by 2025, which may lead to an improvement in industry conditions. The company holds a cost advantage due to its production processes and energy efficiency [6][8]. Future Outlook - The company plans to acquire 100% equity of its major shareholder's polyurethane resin and TPU assets, which is currently in due diligence. This acquisition is expected to enhance the company's core competitiveness and expand its industry chain. Additionally, the company is extending its upstream raw material layout, which is anticipated to further solidify its cost advantage [7][8]. Financial Projections - The projected net profits attributable to the company for 2024, 2025, and 2026 are estimated to be 2.29 billion, 3.37 billion, and 3.99 billion yuan, respectively [2][8].

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。 特别提示： 1. 华峰化学股份有限公司（以下简称"公司"）于 2024 年 11 月 2 日披露的 《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预案》（以下 简称"本次交易预案"）及其摘要，已对本次重组涉及的有关风险因素及尚需履 行的审批程序进行了详细说明，敬请广大投资者认真阅读有关内容，并注意投资 风险。 2. 截至本公告披露之日，除本次交易预案披露的重大风险外，公司尚未发现 可能导致公司董事会或者交易对方撤销、中止本次交易方案的相关事项，本次交 易工作正在继续推进中。 一、本次交易的基本情况 证券代码：002064 证券简称：华峰化学 公告编号：2025-002 华峰化学股份有限公司 关于筹划发行股份及支付现金购买资产暨 关联交易事项的进展公告 2024 年 11 月 30 日，公司披露了《关于发行股份及支付现金购买资产暨关 联交易事项的进展公告》。 2024 年 12 月 27 日，公司召开第九届董事会第六次会议和第九届监事会第 五次会议，审议通过了《关于公司相关承诺延期履行的议案》（具体内容 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of 8.64 CNY based on a 16x valuation for 2025 [5]. Core Insights - The company has a significant cost advantage in spandex production, which is difficult for competitors to replicate [2]. - Despite the downturn in the spandex market, the company is expanding production to capture market share [3]. - The company plans to acquire new assets from its parent group to enhance its adipic acid production chain [4]. Company Overview - Established in December 1999 and listed in 2006, the company is the first publicly listed firm in China focused on spandex production, with a current annual capacity of 325,000 tons for spandex, 1,355,000 tons for adipic acid, and 520,000 tons for polyurethane [1]. Investment Logic - The company's spandex production cost is significantly lower than that of its peers, with a gross margin of 12.50% in 2023 compared to negative margins for competitors [2]. - The company is expanding its spandex capacity by 150,000 tons despite a market downturn, indicating a strategy to increase market share [3]. - The acquisition of TPU and polyurethane resin assets from the parent group is expected to strengthen the company's position in the adipic acid industry [4]. Financial Forecasts - Projected revenues for 2024, 2025, and 2026 are 27.855 billion CNY, 28.857 billion CNY, and 31.338 billion CNY, respectively, with year-on-year growth rates of 5.92%, 3.60%, and 8.60% [5]. - The forecasted net profit for the same years is 2.582 billion CNY, 2.686 billion CNY, and 2.979 billion CNY, with corresponding growth rates of 4.20%, 4.03%, and 10.91% [5].