泰和泰律师事务所 关于利尔化学股份有限公司 2025 年第 1 次临时股东会的 法律意见书 （2025）泰律意字（利尔化学）第 7 号 2025 年 8 月 26 日 中国 • 成都市天府新区正兴街道隆和西巷 299 号泰和泰中心 24—33F 24-33f, Tahota Center, No. 299 Longhe West Lane, Zhengxing Street, Tianfu New District, Chengdu, People's Republic of China 电话 | TEL：86-28-8662 5656 传真 | FAX：86-28-8525 6335 www.tahota.com 关于利尔化学股份有限公司 2025 年第 1 次临时股东会的法律意见书 泰和泰律师事务所 关于利尔化学股份有限公司 2025 年第 1 次临时股东会的法律意见书 (2025)泰律意字（利尔化学）第 7 号 泰和泰律师事务所（以下简称"本所"或"泰和泰"）接受利尔化学股份有 限公司（以下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简 称"《公司法》"）、《中华人民共和国证券法》（以下简称 ...

Group 1 - Glyphosate concept stocks increased by 2.03%, ranking 4th among concept sectors, with 15 stocks rising, led by Jiangtian Chemical, Yangnong Chemical, and Yingtai Biological, which rose by 10.47%, 5.33%, and 3.40% respectively [1] - The main funds net inflow into the glyphosate concept sector was 47 million yuan, with 8 stocks receiving net inflows, and 5 stocks seeing inflows exceeding 10 million yuan, led by Noposion with a net inflow of 38.12 million yuan [2] - The top three stocks by net inflow ratio were Taihe Co., Ltd., Lier Chemical, and Noposion, with net inflow ratios of 8.33%, 5.80%, and 5.40% respectively [3] Group 2 - The glyphosate concept stocks' performance included Noposion with a 2.61% increase, Jiangtian Chemical with a 10.47% increase, and Lier Chemical with a 2.12% increase, among others [3] - The overall market performance showed that the glyphosate concept was among the top gainers, indicating positive market sentiment towards this sector [2]

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industry is expected to benefit from anti-involution policies aimed at curbing disorderly competition and eliminating outdated production capacity, which may lead to a recovery in industrial product prices and positively impact PPI and CPI [6][11][17] - The report highlights the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]

金融界消息 截至2025年8月12日收盘，利尔化学（002258）报收于12.05元，下跌1.87%，换手率 1.99%，成交量15.89万手，成交金额1.92亿元。 资金流向方面，今日主力资金净流出3037.88万元，占比成交额15.8%。其中，超大单净流出2001.64万 元、占成交额10.41%，大单净流出1036.24万元、占成交额5.39%，中单净流出流入2264.38万元、占成 交额11.78%，小单净流入773.50万元、占成交额4.02%。 通过天眼查大数据分析，利尔化学股份有限公司共对外投资了16家企业，参与招投标项目174次，知识 产权方面有商标信息65条，专利信息260条，此外企业还拥有行政许可700个。 来源：金融界 利尔化学最新一期业绩显示，截至2025一季报，公司营业总收入20.86亿元、同比增长49.99%，归属净 利润1.53亿元，同比增长219.90%，扣非净利润1.50亿元，同比增长300.71%，流动比率1.591、速动比率 1.090、资产负债率43.12%。 天眼查商业履历信息显示，利尔化学股份有限公司，成立于2000年，位于绵阳市，是一家以从事化学原 料和化学制品制 ...

金融界消息 截至2025年8月11日收盘，利尔化学（002258）报收于12.28元，上涨0.08%，换手率 2.11%，成交量16.86万手，成交金额2.06亿元。 资金流向方面，今日主力资金净流出2613.85万元，占比成交额12.67%。其中，超大单净流出2237.50万 元、占成交额10.85%，大单净流出376.35万元、占成交额1.82%，中单净流出流入1585.01万元、占成交 额7.68%，小单净流入1028.84万元、占成交额4.99%。 利尔化学最新一期业绩显示，截至2025一季报，公司营业总收入20.86亿元、同比增长49.99%，归属净 利润1.53亿元，同比增长219.90%，扣非净利润1.50亿元，同比增长300.71%，流动比率1.591、速动比率 1.090、资产负债率43.12%。 通过天眼查大数据分析，利尔化学股份有限公司共对外投资了16家企业，参与招投标项目174次，知识 产权方面有商标信息65条，专利信息260条，此外企业还拥有行政许可700个。 来源：金融界 天眼查商业履历信息显示，利尔化学股份有限公司，成立于2000年，位于绵阳市，是一家以从事化学原 料和化学制品制 ...

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》。 ...