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。 | 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2025-058 | | --- | --- | --- | | 转债代码：127043 | 转债简称：川恒转债 | | | | 贵州川恒化工股份有限公司 | | 获得专利证书的公告 贵州川恒化工股份有限公司（以下简称川恒股份）于近日收到中华人民共和 国国家知识产权局颁发的专利证书 1 项，具体情况如下： | 专利号 | 专利名称 | 专利权人 | 类型 | 专利申请日 | | 授权公告 | | 专利权生效 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 日 | | 日期 | | ZL 2022 1 | 一种磷尾矿的无害 | 川恒股份 | 发明 | 2022 年 12 | | 2025 年 06 | | 自授权公告 | | 1726519.9 | 化处理系统和方法 | | | 月 30 | 日 | 月 13 | 日 | 之日起生效 | 以上专利的取得有利 ...

Investment Rating - Industry rating is Neutral (maintained rating) [6] Core Viewpoints - The National Energy Administration has initiated hydrogen energy pilot projects in the energy sector, with a projected hydrogen production capacity exceeding 50 million tons by 2024, positioning China as the world's largest hydrogen producer [1][13] - The basic chemical sector has shown a week-on-week increase of 0.41%, outperforming the CSI 300 index by 0.66 percentage points, ranking 10th among all sectors [4][16] - Key chemical products have experienced price fluctuations, with hydrochloric acid increasing by 47.1% and WTI crude oil rising by 13% [2][30] Summary by Sections 1. Key News Tracking - The hydrogen energy pilot projects include four major areas: hydrogen production, storage and transportation, application, and common support, with 11 specific pilot directions [1][13] - The domestic market for adipic acid has seen a price increase of 450 CNY/ton, a rise of 6.63% compared to the previous week, driven by cost and supply factors [3] 2. Product Price Tracking - The prices of key products such as PVC and ethylene have increased by 0.4%, while TDI and urea have decreased by 6.7% and 5.6% respectively [2] - The top five chemical products with the highest price increases include hydrochloric acid (+47.1%), WTI crude oil (+13%), and pure benzene (+8.7%) [2][30] 3. Sector Performance - The basic chemical sector's PB ratio is 2, while the overall A-share market's PB is 1.47 [25] - The PE ratio for the basic chemical sector stands at 24.07, compared to 15.22 for the overall A-share market [25] 4. Key Industry Insights - The report suggests focusing on industries with stable demand and supply logic, such as refrigerants and phosphates, while also highlighting sectors with improving supply-demand dynamics like organic silicon [5] - Recommendations include companies like Wanhua Chemical for MDI and Jiangsu Huachang for agricultural chemicals [5]

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The basic chemical sector has outperformed the market, with the industry index showing a year-to-date increase of 5.8%, surpassing the Shanghai Composite Index by 5.1 percentage points [6][17] - The report highlights significant price increases in key raw materials such as H-acid and active dyes, driven by environmental pressures and supply constraints [28][30] - The report suggests that the industry is entering a new long-term growth cycle, supported by government policies aimed at improving supply-demand dynamics [14] Market Performance - The basic chemical industry index remained flat week-on-week, ranking 14th among 31 sectors [17] - Year-to-date performance shows the basic chemical index up by 5.8%, outperforming both the Shanghai Composite and ChiNext indices [17][23] Key Events - H-acid prices reached 41,750 CNY/ton, marking a month-on-month increase of 3.09% and a year-on-year increase of 22.79% [28] - Active dye prices also increased, with a month-on-month rise of 4.55% [28] Product Price Changes - The report notes significant price increases in various chemical products, with HVO and SAF prices rising by 11.47% and 11.60% respectively [30] - The report identifies a positive feedback loop in the biodiesel supply chain, driven by rising raw material prices [30] Investment Recommendations - The report recommends focusing on companies with strong pricing power in the active dye and biodiesel sectors, including Jinji Co., Jihua Group, and Runtao Co. [29][30] - It also suggests that core assets in the chemical sector are entering a long-term value zone, with companies like Baofeng Energy and Wanhua Chemical highlighted for potential investment [15]

Summary of Key Points Core Viewpoint - Guizhou Chuanheng Chemical Co., Ltd. has announced an adjustment to the maximum repurchase price of its shares following the implementation of the 2024 profit distribution plan, with the new maximum price set at 23.13 RMB per share, down from 24.33 RMB per share [1][5]. Group 1: Share Repurchase Plan Overview - The company plans to repurchase shares through centralized bidding, with a total repurchase amount ranging from 40 million RMB to 80 million RMB, and a maximum repurchase price of 24.33 RMB per share [1][2]. - The repurchase will utilize either self-owned funds or loans from financial institutions, as approved in a board meeting [1][3]. Group 2: Repurchase Quantity and Financials - Based on the upper limit of 80 million RMB and the maximum price of 24.33 RMB per share, the estimated number of shares to be repurchased is approximately 3,288,121 shares, representing 0.61% of the total share capital [2]. - As of June 12, 2025, the company has repurchased 1,760,300 shares at a total cost of approximately 40.14 million RMB, with prices ranging from 22.00 RMB to 23.90 RMB per share [3]. Group 3: Adjustments to Repurchase Price - Following the profit distribution plan, the maximum repurchase price has been adjusted to 23.13 RMB per share, calculated by subtracting the cash dividend per share of 1.1961535 RMB from the previous maximum price [4][5]. - The remaining funds available for repurchase are approximately 39.86 million RMB, allowing for the potential repurchase of an estimated 1,723,329 shares at the new price limit [5].

Core Viewpoint - The announcement details the passive dilution of the controlling shareholder's stake in Guizhou Chuanheng Chemical Co., Ltd. due to the implementation of an equity incentive plan, convertible bond conversions, and share repurchases, while confirming that the controlling shareholder and actual controllers remain unchanged [1]. Group 1: Shareholder Changes - The controlling shareholder, Sichuan Chuanheng Holding Group Co., Ltd., experienced a reduction in its shareholding from 51.22% to 50.55%, representing a passive dilution of 0.67% [1]. - The total share capital of the company increased from 542,035,745 shares to 539,944,451 shares due to the aforementioned corporate actions [1]. Group 2: Equity Incentive Plan - The company implemented a 2025 equity incentive plan, granting 9,232,400 shares, which contributed to the dilution of the controlling shareholder's stake [1]. - The conversion of convertible bonds resulted in the issuance of 1,289,612 shares, further impacting the shareholding structure [1]. Group 3: Shareholding Structure - The total number of shares held by the controlling shareholder remained unchanged at 277,634,700 shares, despite the dilution in percentage terms [1]. - The actual controllers, Li Jin and Li Guangming, continue to hold their positions without any changes [1].

证券代码：002895 证券简称：川恒股份 公告编号：2025-055 转债代码：127043 转债简称：川恒转债 贵州川恒化工股份有限公司 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。 特别提示： 公司现有总股本 549,176,851 股剔除已回购股份 1,760,300 股后的 547,416,551 股 为基数，向全体股东每 10 股派发现金股利 12.00 元，实际现金分红总额为 股折算每 10 股现金分红=实际现金分红总额÷总股本×10=656,899,861.20 元÷ 五入）。本次利润分配实施后的除权除息参考价=股权登记日收盘价－1.1961535 元/股。 一、股东大会审议通过利润分配方案的情况 获公司 2025 年 5 月 9 日召开的 2024 年年度股东大会审议通过，具体内容如下： 以利润分配实施公告确定的股权登记日当日的总股本为基数，向全体股东每 10 股派发现金股利 12.00 元（含税），不送红股，不实施资本公积金转增股本。因 公司公开发行的可转换公司债券处于转股期内，若公司股本总额在分配预案披露 后至分配方案实施期间因可转债转 ...

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2025-056 | | --- | --- | --- | | 转债代码：127043 | 转债简称：川恒转债 | | | | 贵州川恒化工股份有限公司 | | 川恒转债转股价格调整公告 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。 特别提示： 1、转债代码：127043；转债简称：川恒转债 2、本次调整前可转债转股价格：18.61 元/股 3、本次调整后可转债转股价格：17.41 元/股 4、转股价格调整起始日期：2025 年 6 月 23 日 一、可转债转股价格调整的相关规定 经中国证券监督管理委员会《关于核准贵州川恒化工股份有限公司公开发行可 转换公司债券的批复》（证监许可[2021]2337 号）核准，贵州川恒化工股份有限公 司（以下简称"川恒股份"或"公司"）于 2021 年 8 月 12 日公开发行 1,160 万张 可转换公司债券（以下简称"可转债"），发行可转债面值总额为人民币 11.60 亿元。 经深交所"深证上[2021]915 号"文同意，公司 116,000 万元可转 ...

2、本次利润分配实施后计算除权除息价格时，按公司总股本 549,176,851 股折算每 10 股现金分红=实际现金分红总额÷总股本×10=656,899,861.20 元÷ 549,176,851 股×10=11.961535 元（保留六位小数，最后一位直接截取，不四舍 五入）。本次利润分配实施后的除权除息参考价=股权登记日收盘价－1.1961535 元/股。 一、股东大会审议通过利润分配方案的情况 | 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2025-055 | | --- | --- | --- | | 转债代码：127043 | 转债简称：川恒转债 | | 贵州川恒化工股份有限公司 2024 年度利润分配实施公告 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。 特别提示： 1、贵州川恒化工股份有限公司（以下简称公司）回购专用证券账户持有的 1,760,300 股公司股份不参与本次利润分配。公司 2024 年度利润分配方案为：以 公司现有总股本 549,176,851 股剔除已回购股份 1,760,300 股后的 547,416,5 ...

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2025-054 | | --- | --- | --- | | 转债代码：127043 | 转债简称：川恒转债 | | 贵州川恒化工股份有限公司 控股股东持股比例被动稀释触及 1%整数倍的公告 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。 特别提示： 本次权益变动系贵州川恒化工股份有限公司（以下简称公司）实施股权激励 计划、可转债转股、注销回购股份等事项，导致控股股东四川川恒控股集团股份 有限公司（以下简称川恒集团）持股比例被动稀释，权益变动前后川恒集团持股 数量无变化，其仍为公司控股股东，李进、李光明仍为本公司实际控制人，公司 控股股东、实际控制人未发生变化。 股份种类 持股比例变动 稀释比例（%） A 股 由 51.22%被动稀释至 50.55% 被动稀释 0.67% 合 计 —— 被动稀释 0.67% 本次权益变动 方式 通过证券交易所的集中交易 □ 通过证券交易所的大宗交易 □ 其他 ☑（因公司实施股权激励计划、可转债转股、注 销回购股份等事项，公司总股本增加致持股比例被动稀释） 本 ...

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2025-057 | | --- | --- | --- | | 转债代码：127043 | 转债简称：川恒转债 | | 贵州川恒化工股份有限公司 实施 2024 年度利润分配后调整回购股份价格上限的公告 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。 一、回购股份方案概述 贵州川恒化工股份有限公司（以下简称"公司"）于 2025 年 2 月 25 日召开第 四届董事会第六次会议，2025 年 3 月 14 日召开 2025 年第一次临时股东大会，审 议通过了《回购公司股份的议案》，同意公司以集中竞价交易方式回购部分公司股 份用于注销并减少注册资本，回购金额不低于人民币 4,000 万元（含）且不超过人 民币 8,000 万元（含），回购价格不超过 24.33 元/股（未超过董事会通过回购决议 前 30 个交易日均价的 150%），回购资金为自有资金，实施期限为股东大会审议通 过回购方案之日起 12 个月内。具体回购数量、回购资金总额以回购期限届满时实 际回购股份使用的资金总额、回购股份数量为准 ...