Investment Rating - The report maintains an "Outperform" rating for the chemical industry [2] Core Insights - The chemical industry is expected to benefit from anti-involution policies aimed at curbing disorderly competition and eliminating outdated production capacity, which may lead to a recovery in industrial product prices and positively impact PPI and CPI [6][11][17] - The report highlights the significant influence of the energy and chemical sectors on PPI, with their price fluctuations directly affecting overall industrial inflation levels [16] - The industry is under pressure from declining product prices and reduced capacity utilization, leading to a strong demand for anti-involution measures [17] - The current valuation of the chemical industry is at a historical low, providing substantial upside potential as the sector is expected to recover from its cyclical bottom [17][19] Summary by Sections 1. Importance of Inflation Recovery - The report emphasizes that the chemical sector is a crucial lever for inflation recovery, as evidenced by the PPI's continuous decline and the need for policy intervention to combat deflationary pressures [6][11] 2. Reasons to Focus on Chemicals - The energy and chemical sectors account for 25%-30% of PPI, making their price recovery vital for overall inflation [16] - The industry faces significant profitability challenges, with nearly 25% of chemical companies reporting losses in 2024 [17] 3. Paths for Anti-Involution in Chemicals 3.1. Active Approach: Industry Self-Regulation - Certain sub-industries, such as polyester filament and sucralose, are attempting to improve profitability through supply-side collaboration, benefiting from high concentration and low profitability [27][29] - The report identifies key chemical products likely to benefit from self-regulation, including polyester filament, polyester bottle chips, and organic silicon [29][31] 3.2. Passive Approach: Policy-Driven Industry Improvement - The report outlines a dual-track policy framework focusing on optimizing existing capacity and strictly controlling new projects to enhance the competitive landscape [27][31] - Historical experiences suggest that effective policy measures will include phasing out outdated facilities and enforcing stricter environmental regulations [27][31]

Core Viewpoint - Lier Chemical's stock price closed at 12.04 yuan on August 18, 2025, reflecting a slight decline of 0.08% from the previous trading day, with a trading volume of 186 million yuan and a turnover rate of 1.93% [1] Group 1: Company Overview - Lier Chemical's main business includes the research, production, and sales of pesticides, veterinary drugs, and fine chemical products, which are widely used in agriculture and animal husbandry [1] - The company operates in sectors such as pesticides and veterinary drugs, as well as the Sichuan region [1] Group 2: Market Performance - The announcement of a projected increase in mid-year performance for 2025 has attracted market attention [1] - Recently, the company has experienced a net outflow of main funds, with a cumulative net outflow of 19.8361 million yuan over the past five days [1]

Investment Rating - The report maintains a "Recommended" rating for the basic chemical industry [1] Core Insights - The report highlights the price increases of lithium carbonate and photoinitiators, suggesting a potential recovery in the chemical industry driven by anti-involution trends [1] - The basic chemical sector has shown strong relative performance, with a 39.4% increase over the past 12 months compared to the 25.7% increase in the CSI 300 index [3] Summary by Sections Recent Trends - The report notes a decline in the Guohai Chemical Prosperity Index to 92.75 as of August 14, 2025, down 0.11 from August 7, 2025 [4] Investment Recommendations - Key opportunities identified include: 1. Low-cost expansion in companies such as Wanhua Chemical, Satellite Chemical, and others [5] 2. Improvement in industry prosperity for chromium salts, phosphate rock, and various chemical sectors [6] 3. Focus on new materials with high growth potential and low domestic substitution rates [7] 4. High dividend opportunities in state-owned enterprises like China Petroleum and Sinopec [8] Price Analysis of Key Products - Industrial-grade lithium carbonate price increased by 9.93% to 83,000 CNY/ton [10] - Photoinitiator (TPO) price rose by 5.56% to 95 CNY/kg [10] - Polyester filament price increased by 2.16% to 7,100 CNY/ton [10] Company Performance Tracking - Notable companies such as Zhenhua Co. reported a 10.17% increase in revenue for the first half of 2025 [13] - Wanhua Chemical's pure MDI price was reported at 17,900 CNY/ton, with a slight increase [11] Market Observations - The report indicates a potential inventory replenishment cycle in the chemical sector due to anticipated fiscal policy support in China and the US [29]

Group 1 - The core viewpoint of the article highlights the recent performance and financial metrics of Lier Chemical Co., Ltd., indicating a significant growth in revenue and profit for the first quarter of 2025 [1][3] - As of August 12, 2025, Lier Chemical's stock closed at 12.05 yuan, down 1.87%, with a trading volume of 158,900 hands and a transaction amount of 192 million yuan [1] - The company's latest quarterly report shows total operating revenue of 2.086 billion yuan, a year-on-year increase of 49.99%, and a net profit attributable to shareholders of 153 million yuan, up 219.90% year-on-year [1] Group 2 - Lier Chemical has a current liquidity ratio of 1.591 and a quick ratio of 1.090, with a debt-to-asset ratio of 43.12% [1] - The company has made investments in 16 enterprises and participated in 174 bidding projects, showcasing its active engagement in the market [2] - Lier Chemical holds 65 trademark registrations and 260 patents, along with 700 administrative licenses, indicating a strong intellectual property portfolio [2]

Core Insights - Lier Chemical Co., Ltd. reported a significant increase in revenue and net profit for Q1 2025, with total revenue reaching 2.086 billion yuan, a year-on-year growth of 49.99%, and a net profit of 153 million yuan, up 219.90% [1] - The company has a strong financial position with a current ratio of 1.591, a quick ratio of 1.090, and a debt-to-asset ratio of 43.12% [1] Financial Performance - Total revenue for Q1 2025: 2.086 billion yuan, up 49.99% year-on-year [1] - Net profit: 153 million yuan, up 219.90% year-on-year [1] - Non-recurring net profit: 150 million yuan, up 300.71% year-on-year [1] - Current ratio: 1.591 [1] - Quick ratio: 1.090 [1] - Debt-to-asset ratio: 43.12% [1] Market Activity - As of August 11, 2025, Lier Chemical's stock closed at 12.28 yuan, with a slight increase of 0.08% [1] - The trading volume was 168,600 hands, with a transaction amount of 206 million yuan [1] - Main funds experienced a net outflow of 26.14 million yuan, accounting for 12.67% of the transaction amount [1] Company Overview - Lier Chemical Co., Ltd. was established in 2000 and is located in Mianyang, primarily engaged in the manufacturing of chemical raw materials and products [1] - The company has a registered capital of 800.44 million yuan and a paid-in capital of 334.83 million yuan [1] - The legal representative is Yin Yingsui [1] Investment and Intellectual Property - Lier Chemical has invested in 16 companies and participated in 174 bidding projects [2] - The company holds 65 trademark registrations and 260 patents, along with 700 administrative licenses [2]

Group 1 - The 12th World Congress of Chemical Engineering and the 21st Asia-Pacific Chemical Alliance Conference opened, highlighting China's position as the largest producer and consumer in the global chemical industry [1] - In the fine chemical sector, China's revenue accounts for 50% of the global market share [1] Group 2 - Comprehensive leading companies include Wanhua Chemical, the largest global MDI producer, and New Chemical Materials, which covers the entire industrial chain of polyurethane, petrochemicals, new materials, and fine chemicals [4] - Other leading companies in specific segments include Longbai Group, the world's largest titanium dioxide producer, and Yuntianhua, a domestic leader in phosphate resources [4][5] Group 3 - Potential companies include Yuanli Technology, which has the world's largest production capacity for dimethyl adipate, and Zhongyan Chemical, the global leader in sodium metal production [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The chlor-alkali industry is experiencing a recovery in profitability, driven by a tightening supply of glyphosate and glufosinate, leading to price increases [4][20] - The "anti-involution" policy is expected to be a key focus in 2025 and beyond, aiming to optimize the competitive landscape in the chemical industry [26] Summary by Sections Industry Trends - The chemical industry index outperformed the CSI 300 index by 1.1% this week, with 76.7% of the 545 tracked stocks showing weekly gains [17] - The average price of glyphosate increased to 26,399 CNY/ton, a rise of 0.37% from the previous week, while glufosinate also saw a price increase [21][22] Key Products Tracking - Urea and potassium chloride prices have risen, while phosphorite and phosphates remain stable [52] - The average price of urea reached 1,780 CNY/ton, up 0.62% from the previous week, driven by improved market sentiment [52][54] Recommended and Beneficiary Stocks - Recommended stocks include leading chemical companies such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical [6][26] - Beneficiary stocks include companies like Jiangshan Co., Ltd. and Hebei New Chemical Materials [24][27]

（编辑 任世碧） 证券日报网讯 8月7日晚间，利尔化学发布公告称，公司第六届董事会第二十三次会议审议通过了《关 于修订及相关议事规则的议案》《关于董事会换届选举的议案》《关于召开2025年第1次临时股东会的 议案》。 ...

证券代码：002258 股票简称：利尔化学 公告编号：2025-024 利尔化学股份有限公司 （2025 年修订）等相关法律、法规和规范性文件，结合 公司实际情况，公司拟对《公司章程》 、《股东会议事规则》、 《董事会 本公司及董事会全体成员保证信息披露内容的真实、准 确和完整，没有虚假记载、误导性陈述或重大遗漏。 利尔化学股份有限公司（以下简称"公司"）于 2025 年 8 月 6 日 召开了第六届董事会第二十三次会议，审议通过了《关于修订 <公司> 章程>及相关议事规则的议案》。 根据《中华人民共和国公司法》 （以下简称《公司法》 ）、《上市公 司章程指引》 议事规则》的相关内容进行修订。主要修订内容包括：公司将增设职 工董事、调整股东会及董事会职权，并不再设置监事会，监事会的职 权由董事会审计委员会行使等。待前述修订生效后，公司《监事会议 事规则》相应废止，公司其他各项制度中涉及监事会、监事的规定均 不再适用。 本次《公司章程》及相关议事规则修订的具体内容包括删除"监 事"、"监事会" 相关表述，并将"股东大会"调整为"股东会"。 前述修订 因所涉及条目众多，若原《公司章程》及相关议事规则的相关条款仅 ...

Core Points - Li Er Chemical Co., Ltd. has appointed Mr. Li Jiang as the employee representative director in its seventh board of directors [1] - The appointment was made during the employee representative assembly held on August 7, 2025 [1] - Mr. Li Jiang meets all qualifications and conditions for the position as per the Company Law of the People's Republic of China and the company's articles of association [1] Summary by Sections Company Governance - The board of directors will now include one employee representative director, Mr. Li Jiang, alongside other non-employee representative directors [1] - The total number of directors, including employee representatives and senior management, does not exceed half of the total board members, complying with legal requirements [1] Mr. Li Jiang's Profile - Mr. Li Jiang, born in 1982, holds a bachelor's degree and is a member of the Communist Party of China [3] - He currently serves as the director and general manager of the company, as well as holding various leadership positions in affiliated companies [3] - His previous roles include deputy minister and minister of the production guarantee department, director of the production manufacturing center, and senior vice president [3] Shareholding and Compliance - Mr. Li Jiang holds 185,850 shares of the company and has no related party relationships with shareholders holding more than 5% of the company's shares [4] - He has not been subject to any disqualifications or penalties from regulatory bodies in the last 36 months [4]