卫星化学股份有限公司 2024 年度内部控制评价报告 卫星化学股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下简称企业内部控制规范体系），结合本公司（以下简称公司）内部控制 制度和评价办法，在内部控制日常监督和专项监督的基础上，我们对公司 2024 年 12 月 31 日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一、重要声明 2、财务报告内部控制评价结论 √有效 □无效 根据公司财务报告内部控制重大缺陷的认定情况，于内部控制评价报告基准 日，不存在财务报告内部控制重大缺陷，董事会认为，公司已按照企业内部控制 规范体系和相关规定的要求在所有重大方面保持了有效的财务报告内部控制。 3、是否发现非财务报告内部控制重大缺陷 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其 有效性，并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建 立和实施内部控制进行监督。高级管理层负责组织领导企业内部控制的日常运行。 公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存在任何虚 假记载、误导性陈述或重大遗漏，并对报告内容的真实 ...

证券代码：002648 证券简称：卫星化学 公告编号：2025-013 卫星化学股份有限公司 关于召开 2024 年度股东大会的通知 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。 卫星化学股份有限公司（以下简称"公司"）第五届董事会第八次会议审议 通过了《关于召开2024年度股东大会的议案》，决定于2025年4月14日召开2024 年度股东大会，相关事项具体如下： 一、召开会议的基本情况 1、股东大会届次：2024年度股东大会。 2、股东大会的召集人：卫星化学股份有限公司董事会。 3、会议召开的合法、合规性：本次临时股东大会的召开符合《中华人民共 和国公司法》《上市公司股东大会规则》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。 4、会议召开的日期、时间： （1）现场会议召开时间为：2025年4月14日（星期一）14:00； （2）网络投票时间为：2025年4月14日。其中，通过交易系统进行网络投票 的具体时间为：2025年4月14日9:15—9:25，9:30—11:30和13:00—15:00；通过互 联网投票系统进行网络 ...

证券代码：002648 证券简称：卫星化学 公告编号：2025-003 卫星化学股份有限公司 第五届监事会第六次会议决议的公告 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 记载、误导性陈述或重大遗漏。 一、会议召开情况 卫星化学股份有限公司（以下简称"公司"）第五届监事会第六次会议通知 于2025年3月14日以邮件形式送达公司全体监事。本次会议于2025年3月24日在公 司会议室以现场表决与通讯表决结合的方式召开，会议应出席的监事3人，实际 出席的监事3人。 本次会议由公司监事会主席唐文荣先生主持，公司董事会秘书、证券事务代 表列席了本次会议。本次监事会会议的召开符合《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《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》（以下 简称《公司章程》）等规定。 二、会议审议情况 经与会监事认真审议、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 2024 年度监事会工作报告的议案》 公司监事会严格按照《公司法》《公司章程》和《监事会议事规则》等法律 ...

证券代码：002648 证券简称：卫星化学 公告编号：2025-002 卫星化学股份有限公司 第五届董事会第八次会议决议的公告 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。 卫星化学股份有限公司（以下简称"公司"）第五届董事会第八次会议通知 于2025年3月14日以邮件方式送达公司全体董事。本次会议于2025年3月24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》（以下简称《公司法》）、 《中华人民共和国证券法》（以下简称《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》（以下简称《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 2024 年度董事会工作报告的议案》 公司董事会严格遵守《公司法》《证券法》等法律法规的规定，履行《公司 章程》赋予的各项职责，遵照股东大会确定 ...

卫星化学股份有限公司（以下简称"公司"）第五届董事会第一次独立董事 专门会议通知于 2025 年 3 月 10 日以电话方式送达公司全体独立董事。本次会议 于 2025 年 3 月 14 日以通讯表决的方式召开，本次会议应出席的独立董事 4 人， 实际出席的独立董事 4 人。经独立董事共同推举吴依女士为本次会议的召集人和 主持人。 卫星化学股份有限公司 会议的召开和表决程序符合《上市公司独立董事管理办法》等法律、行政法 规、部门规章和《卫星化学股份有限公司章程》（以下简称《公司章程》）、《独 立董事工作制度》等规定。 第五届董事会第一次独立董事专门会议决议 二、会议审议情况 一、会议召开情况 1、审议通过了《关于 2025 年度日常关联交易预计的议案》 公司 2025 年度预计发生的日常关联交易为公司正常经营业务所需的交易， 符合公司正常生产经营的客观需要。本次关联交易遵循了公平、公正、公开的原 则，价格定价公允、合理，未对公司独立性构成不利影响，不存在损害公司及中 小股东利益的情形，符合相关法律法规及《公司章程》的有关规定。全体独立董 事一致同意公司关于 2025 年度日常关联交易预计的议案，并同意将该事项 ...

Financial Performance - The company's operating revenue for 2024 reached ¥45,648,350,054.60, representing a 10.03% increase compared to ¥41,486,922,120.31 in 2023[20] - The net profit attributable to shareholders for 2024 was ¥6,071,835,708.47, a 26.77% increase from ¥4,789,491,448.24 in 2023[20] - The net profit excluding non-recurring gains and losses was ¥6,048,106,001.69, up 29.45% from ¥4,672,247,568.47 in the previous year[20] - Cash flow from operating activities increased by 32.44% to ¥10,590,386,556.71 from ¥7,996,401,776.66 in 2023[20] - Basic earnings per share for 2024 were ¥1.80, a 26.76% increase from ¥1.42 in 2023[20] - The weighted average return on equity rose to 21.87%, up from 19.69% in the previous year[20] - Total assets increased by 5.77% to CNY 68.31 billion at the end of 2024 compared to CNY 64.58 billion at the end of 2023[21] - Net assets attributable to shareholders rose by 18.93% to CNY 30.29 billion at the end of 2024 from CNY 25.46 billion at the end of 2023[21] - The company reported a total of CNY 23.73 million in non-recurring gains for 2024, a decrease from CNY 117.24 million in 2023[25] - The company achieved a production capacity of 100,000 tons for ethanolamine, with market shares exceeding 20% for both ethanolamine and polyether monomers[46] Dividend and Shareholder Information - The company plans to distribute a cash dividend of ¥5 per 10 shares, based on a total of 3,368,645,690 shares[3] - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares, totaling 1,684,322,845.00 yuan, which represents 100% of the distributable profit[134] - The company has a total of 3,368,645,690 shares as the basis for the dividend distribution[134] Research and Development - The company invested 10 billion RMB in R&D and established a global "1+N" innovation platform for chemical new materials[42] - The company’s R&D investment reached 1.75 billion yuan, a year-on-year increase of 7.7%, with an R&D expense ratio of 3.8%[49] - Research and development expenses increased by 7.69% to ¥1,751,012,508.80 in 2024, up from ¥1,626,008,263.73 in 2023[65] - The total number of global patents exceeded 500, with over 100 patents in catalysts and new materials[49] Environmental Compliance and Sustainability - The company has committed to legal and compliant pollutant discharge practices throughout the reporting period[154] - The company has implemented pollution control measures in compliance with the "Petrochemical Industry Pollutant Emission Standards" (GB 31571-2015)[155] - The company is actively monitoring and managing its emissions to align with national environmental standards[155] - The company has implemented advanced emission control technologies, including SCR for nitrogen oxides reduction, achieving NOx levels below 100 mg/m³[162] - The company has constructed 22 sets of waste gas treatment facilities, including 14 process waste gas treatment systems and 2 sewage station odor treatment systems[165] - The company has implemented environmental impact assessments for all construction projects related to pollution control facilities[167] Governance and Management - The company emphasizes a strategy of innovation-driven development, targeting sectors such as artificial intelligence, new energy vehicles, and photovoltaic new materials[87] - The company has established a comprehensive employee performance evaluation and incentive mechanism, enhancing management motivation and talent retention[97] - The company operates independently in business, personnel, assets, institutions, and finance, with no interference from controlling shareholders[100] - The company has a clear asset ownership structure, with all assets independently owned and used, ensuring no asset occupation by controlling shareholders[101] - The company maintains an independent financial department with a separate accounting system and bank accounts, ensuring no shared financial resources with controlling shareholders[102] Community Engagement and Social Responsibility - The satellite charity foundation conducted over 50 activities in 2024, with donations exceeding 21 million yuan, representing a year-on-year growth of over 640%[173] - The company donated 2 million yuan worth of medical equipment to Jiaxing First Hospital to improve medical service quality[176] - The company established "common prosperity workshops" and "common prosperity factories" at its Jiaxing and Pinghu bases to provide job opportunities for local surplus labor[178] - The company actively supports rural revitalization through agricultural technology promotion, donating 200,000 yuan for this purpose[175] Operational Efficiency and Market Strategy - The company plans to continue leveraging market opportunities to meet the growing diverse demands of downstream markets[48] - The company is focused on expanding its market presence and enhancing product development strategies[120] - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by 2025[112] - A strategic acquisition of a local competitor is anticipated to enhance operational capabilities and increase market penetration[112] Risk Management - The company is aware of risks related to macroeconomic fluctuations and will adjust its business model accordingly to mitigate these risks[88] - The company is exposed to raw material price fluctuations due to oil and gas price volatility and will implement hedging strategies to manage these risks[88] Employee Development - The company has implemented a leadership development plan covering over 300 participants across various management levels[131] - A total of 34,029 employees participated in the skills competition, fostering a strong learning atmosphere[132] - The company has a stock incentive plan where 79 individuals can unlock 145,920 shares, accounting for 0.0433% of the total shares[138] - The employee stock ownership plan includes 210 employees holding 9,488,644 shares, representing 0.28% of the total shares[142]

证券代码：002648 证券简称：卫星化学 公告编号：2025-006 卫星化学股份有限公司（以下简称"公司"）于2025年3月24日召开第五届 董事会第八次会议，以9票同意、0票反对、0票弃权的表决结果审议通过了《关 于2024年度利润分配方案的议案》。本次利润分配方案尚需提交公司2024年度股 东大会审议。 二、利润分配方案的基本情况 （一）本次利润分配方案的基本内容 1、根据天健会计师事务所（特殊普通合伙）出具的2024年年度审计报告（天 健审〔2025〕852号），公司2024年度实现归属于上市公司股东的净利润为 6,071,835,708.47元，按照《中华人民共和国公司法》和《卫星化学股份有限公司 章程》（以下简称《公司章程》）的规定，提取法定公积金20,307,114.26元。截 至 2024 年 12 月 31 日 ， 公 司 总 股 本 为 3,368,645,690 股 ， 未 分 配 利 润 为 21,518,205,377.14元。 2、公司综合考虑投资者的合理回报和公司的长远发展，在保证公司正常经 营、业务发展及新项目建设的前提下，董事会拟定如下利润分配方案：公司拟以 未来实施分配方 ...

Investment Rating - The report maintains a "Buy" rating for key stocks in the industry, including Dongyangguang, Zhongyan Dadi, and Weixing Chemical [5]. Core Insights - The report emphasizes the potential of AI for Science (AI4S) in revolutionizing scientific research and its applications in various industries, particularly in materials and pharmaceuticals [1][2][3]. - AI4S is expected to grow into a significant market, potentially reaching a value of $140 billion if penetration rates increase to 25% in relevant sectors [3]. - China is identified as a favorable environment for the emergence of AI4S leaders due to its comprehensive chemical manufacturing capabilities and a shift towards research and development [4]. Summary by Sections Industry Overview - AI4S is recognized as the fifth paradigm of scientific research, integrating machine learning and high-performance computing to enhance research efficiency [1]. - The pharmaceutical sector is currently the largest market for AI4S, with major companies like Pfizer and Johnson & Johnson actively investing in this technology [2]. Market Potential - The report forecasts that AI4S could cover a downstream market size of approximately $11 trillion across six key sectors, including chemicals and semiconductors [3]. - If the research penetration rate reaches 2.5%, the AI4S industry could generate around $14.9 billion, with potential growth to $140 billion at a 25% penetration rate [3]. Key Companies - The report highlights key companies such as Crystal Technology and Zhizhi New Materials, which are making strides in AI4S applications in new materials [4]. - Notable collaborations include Crystal Technology's partnership with GCL Group for renewable materials R&D, with a total contract value of approximately 1 billion yuan [2]. Stock Performance - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for key stocks, indicating a positive outlook for companies like Dongyangguang and Zhongyan Dadi [5].

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, with specific recommendations for high dividend yield companies such as China National Petroleum and CNOOC [4][17]. Core Insights - OPEC's cautious production increase is expected to have a limited impact on output, while EIA maintains its oil price forecast for 2025 at an average of $74 per barrel [4][5]. - Global oil demand is projected to increase by 1 million barrels per day in 2025, with Asia contributing 60% of this growth [6][48]. - EIA forecasts a global oil supply surplus of approximately 40,000 barrels per day this year, with a slight downward adjustment in non-OPEC+ production forecasts [14][48]. Summary by Sections Upstream Sector - As of March 14, 2025, Brent crude futures closed at $70.58 per barrel, reflecting a week-on-week increase of 0.31% [22]. - The U.S. commercial crude oil inventory rose by 1.45 million barrels to 435 million barrels, which is 5% lower than the five-year average [26]. Refining Sector - The Singapore refining margin for major products decreased to $11.64 per barrel, while the U.S. gasoline RBOB-WTI spread increased to $23.07 per barrel [4]. - The report indicates that refining profitability has improved due to oil price corrections, despite some fluctuations in product spreads [4]. Polyester Sector - PTA profitability has increased, while polyester filament profitability has decreased, indicating mixed performance in the polyester supply chain [4]. - The report suggests that the polyester industry may see gradual improvement as new capacities are expected to taper off in the coming years [4]. Investment Recommendations - The report recommends high dividend yield stocks such as China National Petroleum and CNOOC, and highlights the potential for increased earnings in offshore oil service companies like CNOOC Services and Offshore Engineering [17]. - It also emphasizes the positive outlook for ethylene projects in China, recommending companies like Satellite Chemical, and suggests monitoring polyester companies like Tongkun Co. and Wan Kai New Materials for potential price increases [17].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [1][18]. Core Views - The company is projected to achieve a revenue of 47.426 billion yuan in 2024, representing a year-on-year growth of 14.32%. Operating profit is expected to reach 7.067 billion yuan, up 31.40% year-on-year, while net profit is forecasted at 6.082 billion yuan, a 26.99% increase year-on-year [3][8]. - The company benefits from a solid cost advantage in the light hydrocarbon sector, with new project capacities contributing to revenue growth. The production of multi-carbon alcohols and ethanol amines is set to enhance business scale and competitiveness [3][7]. - In Q4 2024, the company is expected to report a revenue of 15.151 billion yuan, a 42.87% increase year-on-year, and a net profit of 2.389 billion yuan, reflecting a 71.13% year-on-year growth [7][8]. - The company has a robust pipeline of new projects scheduled for production from 2025 to 2027, which will further drive growth and enhance its competitive position in the market [8]. Summary by Sections Financial Performance - The company reported a significant increase in Q4 2024 revenue and net profit, driven by improved product prices and new project contributions [7]. - The projected earnings per share (EPS) for 2024 and 2025 are 1.81 yuan and 2.06 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 11.76 and 10.33 [8][9]. Market Position - The company operates primarily in the C3 and C2 industrial chains, focusing on propylene and ethylene production, benefiting from low raw material costs [3][8]. - The light hydrocarbon processing route offers a significant cost advantage compared to oil-based processes, supported by favorable tariff policies [7][8]. Future Growth - The company has a strong project reserve, with several key projects expected to come online in the coming years, providing a solid foundation for future growth [8].