一、会议召开情况 卫星化学股份有限公司（以下简称"公司"）第五届董事会第十一次会议通 知于2025年8月1日以邮件方式送达公司全体董事。本次会议于2025年8月11日在 公司会议室以现场表决与通讯表决结合的方式召开，会议应出席的董事9人，实 际出席的董事9人。 本次会议由公司董事长杨卫东先生主持，公司监事和高级管理人员列席了会 议。本次会议的召开符合《中华人民共和国公司法》《中华人民共和国证券法》 等法律、行政法规、部门规章、规范性文件和《卫星化学股份有限公司章程》等 规定。 二、会议审议情况 经与会董事认真审议、充分讨论，以记名投票方式表决，会议审议通过了以 下议案： 1、审议通过了《关于 2025 年半年度报告及摘要的议案》 证券代码：002648 证券简称：卫星化学 公告编号：2025-033 卫星化学股份有限公司 第五届董事会第十一次会议决议的公告 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。 公司第五届董事会审计委员会 2025 年第三季度会议审议通过了本议案。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 三、备查文件 1、公司第五届董事 ...

Investment Rating - The report rates the chemical industry as "Outperform" [2] Core Views - The report highlights the impact of fluctuating international oil prices and the recent price changes in titanium dioxide and refrigerants, suggesting a focus on mid-year earnings reports and the influence of supply-side factors in related sub-industries [2][3][11] - It emphasizes the importance of self-sufficiency in electronic materials companies and the stability of dividend policies in energy enterprises [11] Summary by Sections Industry Dynamics - In the week of August 4-10, 2025, among 100 tracked chemical products, 18 saw price increases, 39 experienced declines, and 43 remained stable. 38% of products had month-on-month price increases, while 56% saw decreases [10][31] - International oil prices fell, with WTI crude oil closing at $63.88 per barrel, down 5.12% for the week, and Brent crude at $66.59 per barrel, down 4.42% [10][32] - Titanium dioxide prices decreased to an average of 13,302 RMB/ton, down 1.10% from the previous week, with a year-to-date decline of 7.24% [10][33] - Refrigerant prices increased, with R32 averaging 56,500 RMB/ton, up 2.73% week-on-week and 31.40% year-to-date [10] Investment Recommendations - The report suggests focusing on mid-year earnings, the impact of "anti-involution" on supply in related sub-industries, and the importance of self-sufficiency in electronic materials [11] - Long-term investment themes include the sustained high demand in the oil and gas extraction sector, the rapid development of downstream industries, and the potential for recovery in demand supported by policy [11] - Recommended stocks include China Petroleum, China Oilfield Services, and several technology and chemical companies [11] Key Stocks for August - The report identifies Satellite Chemical and Anji Technology as key stocks for August, highlighting their strong performance and growth potential [12][18]

Group 1 - Global TDI supply is tightening due to significant production disruptions, including a complete shutdown of a 150,000-ton facility by South Korea's Hanwha Chemical due to heat exchanger leaks, resulting in a cumulative reduction of approximately 15% in global capacity this year [1] - The current valuation of the basic chemical industry is at a low level since 2014, indicating medium to long-term investment value [1] - Investment recommendations include focusing on three main themes: opportunities in the western development initiative, cyclical elasticity opportunities due to increased supply-side disruptions, and acceleration of domestic substitution in new materials [1] Group 2 - The CSI Sub-Industry Chemical Theme Index (000813) has shown a slight increase of 0.35%, with notable gains in constituent stocks such as Salt Lake Co. (up 4.00%) and Saint Quan Group (up 2.04%) [1] - As of July 31, 2025, the top ten weighted stocks in the CSI Sub-Industry Chemical Theme Index account for 43.54% of the index, with major companies including Wanhua Chemical and Salt Lake Co. [2]

Investment Rating - The report maintains a "Buy" rating for key stocks in the basic chemical sector, including Dongyangguang, Jingtai Holdings, Zhongyan Dadi, and Weixing Chemical [4]. Core Insights - The basic chemical sector is experiencing a configuration opportunity, with the index declining from a peak of 9565.18 points in September 2021 to a low of 3876.11 points in February 2024, representing a cumulative drop of 59.5% [1]. - The construction project growth rate in the chemical industry has been continuously declining, with a forecasted negative growth rate of -7.3% by Q1 2025 [1]. - The basic chemical index saw a cumulative increase of 5.9% from July 11 to August 8, 2024, while the petroleum and petrochemical index increased by 2.5% during the same period [1]. - Institutional holdings in the basic chemical sector peaked in Q3 2021 at 6.69%, but have since declined to 3.72% by Q2 2025 [1]. Summary by Sections Solid-State Battery Materials - Solid-state batteries are expected to significantly enhance energy density, with potential to exceed 500 Wh/kg, compared to traditional lithium-ion batteries which struggle to surpass 300 Wh/kg [2]. - The report highlights the importance of solid-state battery materials, including polymer, oxide, and sulfide types, with a focus on sulfide materials for future full solid-state batteries [2]. - Companies to watch in this sector include Daoshi Technology and Changyang Technology, as they are positioned to benefit from the anticipated industrialization of solid-state batteries starting in 2026 [2]. AI4S and AI Materials Investment Opportunities - AI4S is rapidly penetrating the pharmaceutical and chemical industries, with significant growth in innovative drug licensing transactions reaching 41 deals worth $36.929 billion in Q1 2025 [3]. - AI technologies are expected to replace traditional drug development processes, enhancing efficiency and reducing costs [3]. - The report identifies key players in AI4S, including Jingtai Holdings and Zhizhi New Materials, as well as suppliers of AI-specific hardware and materials [3].

Investment Rating - The report maintains a "Positive" outlook on the petrochemical industry [1]. Core Insights - The report highlights increasing uncertainty in oil prices due to OPEC's production increases and secondary sanctions on Russia. OPEC plans to increase production by 547,000 barrels per day in September and may consider further reductions in the future [5][6]. - Oil prices are expected to fluctuate within the range of $60 to $70 per barrel, with the overall supply-demand balance remaining loose [15]. - The upstream sector is experiencing mixed trends in drilling day rates, while the refining sector shows signs of improvement in profitability due to rising product price spreads [5][22]. - The polyester sector is anticipated to recover, with expectations of rising profitability for leading companies [16]. Summary by Sections Upstream Sector - As of August 8, 2025, Brent crude futures closed at $66.43 per barrel, down 4.65% from the previous week, while WTI futures closed at $63.88 per barrel, down 5.12% [22]. - U.S. commercial crude oil inventories decreased by 3.029 million barrels to 424 million barrels, which is 6% lower than the five-year average [25]. - The number of U.S. drilling rigs decreased to 539, down 1 from the previous week and down 49 year-on-year [35]. Refining Sector - The Singapore refining margin for major products increased to $16.62 per barrel, up $1.14 from the previous week [58]. - The price spread for ethylene was reported at $239.72 per ton, up $16.47 from the previous week, while the propylene price spread decreased to $113.50 per ton [5][55]. Polyester Sector - The report indicates a decline in PTA profitability, with prices dropping to 4692 RMB per ton, down 3.29% week-on-week [5]. - The overall performance of the polyester industry is considered average, with a focus on demand changes and expectations of gradual improvement as new capacities come online [16]. Investment Recommendations - The report recommends focusing on leading polyester companies such as Tongkun Co. and Wankai New Materials, as well as refining companies like Hengli Petrochemical and Sinopec, due to favorable competitive dynamics [16][18]. - It also suggests monitoring upstream exploration and production companies, particularly offshore service firms, for potential performance improvements [18].

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]

Summary of Key Points Core Viewpoint - The 2024 A-share Secretary Data Report indicates that the total salary of secretaries in A-share listed companies reached 4.086 billion yuan, with an average annual salary of 700,000 yuan, highlighting the significant role of secretaries in connecting investors and listed companies [1][2]. Salary Overview - The total salary for secretaries in the chemical raw materials industry amounted to 31.8141 million yuan, with an average annual salary of 691,600 yuan [1]. - The highest-paid secretary in the industry is Shen Xiaowei from Satellite Chemical, earning 1.9392 million yuan, approximately 2.8 times the industry average [2]. - The lowest-paid secretary is Zheng Xiong from Sanxiang New Materials, with an annual salary of 232,900 yuan, about one-third of the industry average [2]. Educational Background - In the chemical raw materials industry, 47.83% of secretaries hold a bachelor's degree, 39.13% have a master's degree, and 13.04% possess an associate degree or lower [1]. Age Distribution - Most secretaries in the chemical raw materials industry are over 40 years old, with the youngest being Zhong Yi from Huayun Titanium, born in 1994, who became a secretary in October 2023 at the age of 29 [1]. Employment Duration - The longest-serving secretary is Ji Yuhua from Boyuan Chemical, who has held the position since April 2009, totaling 16 years by March 2025 [1]. Salary Changes - Ji Yuhua's salary in 2024 was 1.066 million yuan, reflecting a year-on-year increase of 13.46% [1]. - The secretary with the highest salary increase is Cha Xianbin from Anada, whose salary rose by 108.96% to 554,800 yuan [2]. - The secretary with the largest salary decrease is Li Jiaolong from Shilong Industrial, whose salary fell by 49.78% to 660,800 yuan [2]. Regulatory Issues - In 2024, four secretaries in the chemical raw materials industry faced penalties related to administrative regulatory measures [2].

Group 1 - The China Chemical Industry Theme Index (000813) has shown a slight increase of 0.17% as of August 6, 2025, with notable gains from constituent stocks such as Huafeng Chemical (002064) up 2.84% and Jinhai Technology (600143) up 2.81% [1] - The chemical ETF (159870) is currently priced at 0.61 yuan, with a significant net subscription of 66 million units, marking 13 consecutive days of net subscriptions [1] - Domestic policies are frequently emphasizing supply-side requirements, while rising raw material costs and capacity exits in Europe and the US are impacting overseas chemical companies [1] Group 2 - The top ten weighted stocks in the China Chemical Industry Theme Index (000813) account for 43.54% of the index, including companies like Wanhua Chemical (600309) and Yilong Co. (000792) [2] - The index is designed to reflect the overall performance of listed companies in the chemical sector by selecting larger and more liquid securities from various sub-industries [1][2]

天眼查商业履历信息显示，卫星化学股份有限公司，成立于2005年，位于嘉兴市，是一家以从事化学原 料和化学制品制造业为主的企业。企业注册资本336864.569万人民币，实缴资本336864.569万人民币。 公司法定代表人为杨卫东。 通过天眼查大数据分析，卫星化学股份有限公司共对外投资了13家企业，参与招投标项目217次，知识 产权方面有商标信息33条，专利信息147条，此外企业还拥有行政许可47个。 来源：金融界 金融界消息 截至2025年8月5日收盘，卫星化学（002648）报收于18.95元，上涨0.11%，换手率1.1%， 成交量37.00万手，成交金额7.03亿元。 资金流向方面，今日主力资金净流出2664.46万元，占比成交额3.79%。其中，超大单净流出2272.43万 元、占成交额3.23%，大单净流出392.03万元、占成交额0.56%，中单净流出流入3346.67万元、占成交 额4.76%，小单净流出682.21万元、占成交额0.97%。 卫星化学最新一期业绩显示，截至2025一季报，公司营业总收入123.29亿元、同比增长40.03%，归属净 利润15.68亿元，同比增长53.38%，扣 ...