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 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative price increase of over 15% compared to the CSI 300 index in the next six months [6][12]. Core Views - The company is experiencing pressure on performance due to low industry sentiment, with a slight revenue increase of 2.41% year-on-year to CNY 26.931 billion in 2024, while net profit decreased by 10.43% to CNY 2.220 billion [4][6]. - The company is focusing on both vertical integration and product expansion, with ongoing capacity expansion in spandex and investments in key raw material projects [5][6]. Summary by Sections Financial Performance - In 2024, the company reported revenue of CNY 26.931 billion, a year-on-year increase of 2.41%, and a net profit of CNY 2.220 billion, a decline of 10.43% [4][8]. - The fourth quarter of 2024 saw revenue of CNY 6.559 billion, down 0.87% year-on-year, and a net profit of CNY 205 million, down 62.66% year-on-year [4]. Product and Market Analysis - The spandex industry continues to operate at the bottom of the cycle, facing pressures from concentrated capacity release and weak demand, leading to declining product prices [4]. - The company achieved a spandex sales volume of 368,200 tons (+12.29%) and revenue of CNY 9.051 billion (-2.74%) in 2024 [4]. - The chemical fiber segment's gross margin improved by 1.16 percentage points to 13.66% despite revenue decline [4]. Strategic Initiatives - The company is expanding its spandex capacity with a 150,000-ton project in Chongqing, adjusting its original plan to 250,000 tons and delaying full production to the end of 2026 [5]. - The company is also investing in a 250,000-ton/year BDO and a 240,000-ton/year PTMEG project to stabilize raw material supply and reduce costs [5]. - A planned acquisition of 100% equity in Zhejiang Huafeng Synthetic Resin Co., Ltd. and Zhejiang Huafeng Thermoplastic Polyurethane Co., Ltd. aims to enhance product lines and competitive synergy [5]. Earnings Forecast - The company forecasts earnings per share (EPS) of CNY 0.45 in 2024, increasing to CNY 0.50 in 2025, CNY 0.67 in 2026, and CNY 0.76 in 2027 [6][8].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][12]. Core Views - The company is positioned as a leader in the domestic spandex and adipic acid industry, with significant cost advantages at the bottom of the cycle, awaiting an industry turning point [9][10]. - In 2024, the company is expected to experience a decline in profitability due to insufficient demand and price drops in key products, despite an increase in sales volume [6][7]. - The report forecasts a recovery in the spandex and adipic acid sectors, with no new capacity expected in the adipic acid industry in 2025, which may lead to improved consumption driven by domestic technological advancements [10][12]. Financial Performance Summary - In 2024, the company achieved operating revenue of 26.931 billion yuan, a year-on-year increase of 2.4%, while net profit attributable to shareholders was 2.220 billion yuan, down 10.4% year-on-year [6][11]. - The fourth quarter of 2024 saw a decline in revenue to 6.559 billion yuan, a decrease of 0.9% year-on-year, and a significant drop in net profit to 205 million yuan, down 62.7% year-on-year [6][8]. - The gross profit margin for 2024 was 13.8%, down 1.5 percentage points from the previous year, indicating pressure on profitability [6][12]. Product Segment Performance - The chemical fiber segment generated revenue of 9.051 billion yuan in 2024, a decrease of 2.7% year-on-year, while sales volume increased by 12.3% to 368,000 tons [7]. - The chemical new materials segment reported revenue of 5.844 billion yuan, a slight decline of 0.7% year-on-year, with a sales volume of 425,000 tons, up 2.4% [7]. - The basic chemical products segment saw a revenue increase of 22.3% to 10.475 billion yuan, with a sales volume of 1.366 million tons, although the gross margin decreased by 8.8 percentage points [7].

Core Viewpoint - Huafeng Chemical is acquiring 100% equity of Huafeng Synthetic Resin and Huafeng Thermoplastic from its controlling shareholder, with a total transaction price of 6 billion yuan in cash and 54 billion yuan through share issuance, reflecting significant asset appreciation rates of 506.96% and 478.49% respectively [2][3][4]. Group 1: Transaction Details - The total transaction price for the acquisition of Huafeng Synthetic Resin and Huafeng Thermoplastic is 60 billion yuan, with cash payment of 6 billion yuan and the remaining 54 billion yuan paid through share issuance [3]. - The assessed value of Huafeng Synthetic Resin's equity is 40.45 billion yuan, with an appreciation rate of 506.96%, while Huafeng Thermoplastic's equity is valued at 19.63 billion yuan, with an appreciation rate of 478.49% [3][4]. - The debt ratios of both target companies are increasing significantly, with Huafeng Synthetic Resin's debt ratio rising from 60.48% at the end of 2023 to 75.75% by the end of 2024, and Huafeng Thermoplastic's debt ratio increasing from 71.44% to 85.21% in the same period [3][4]. Group 2: Financial Performance - In 2024, Huafeng Synthetic Resin and Huafeng Thermoplastic plan to distribute a total of 2 billion yuan in dividends to shareholders, which will entirely benefit the controlling shareholder's family [2][4]. - Huafeng Chemical's net profits have been declining for three consecutive years, with figures of 28.44 billion yuan, 24.78 billion yuan, and 22.20 billion yuan from 2022 to 2024, representing year-on-year declines of 64.17%, 12.85%, and 10.43% respectively [6]. - The average price of domestic spandex (40D) is projected to be 26,417.21 yuan per ton in 2024, reflecting a year-on-year decrease of approximately 17.11% due to oversupply in the market [6][7]. Group 3: Industry Context - The spandex industry is experiencing a downturn, with supply exceeding demand and prices under pressure due to falling raw material costs [7]. - Huafeng Chemical is continuing to expand its production capacity despite the challenging market conditions, with plans to gradually put an additional 150,000 tons of spandex capacity into production starting in 2025 [7]. - The acquisition is expected to enhance the company's performance, with profit commitments for Huafeng Synthetic Resin and Huafeng Thermoplastic set at no less than 3.01 billion yuan and 1.7 billion yuan respectively for the years 2025 to 2027 [8].

Group 1: Financial Performance - In 2024, the company's total revenue increased by 2.41% year-on-year, while the net profit attributable to the parent company decreased by 10.43%, with a significant drop of 62.66% in the fourth quarter [2][4] - The company's cash dividends over the past three years exceeded 1 billion, with an average annual dividend accounting for over 30% of the distributable profit, significantly higher than the legal requirement [4][6] - The company's sales, management, and financial expenses totaled 484 million, accounting for 1.8% of revenue, a year-on-year decrease of 1.28% [7] Group 2: Market and Industry Context - The global economic situation in 2024 is complex, with slow economic growth and fluctuating inflation rates, impacting product prices and profit margins [5][6] - The company operates in a competitive environment, with its main products facing challenges from insufficient demand, supply shocks, and raw material price volatility [5][6] - The industry is experiencing a trend of increasing concentration, with the company holding a leading market share in its main products [6][7] Group 3: Strategic Initiatives - The company aims to enhance operational efficiency, optimize industrial layout, and strengthen investor communication to convey intrinsic value to the market [2][3] - Future plans include deepening industry chain integration, advancing digital transformation, and exploring new fields to improve operational performance [3][5] - The company is committed to maintaining a balance between shareholder returns and funding needs for development, considering various factors such as cash flow and investment requirements [6][7]