证券代码：000683 证券简称：博源化工 公告编号：2025-051 内蒙古博源化工股份有限公司 关于召开 2025 年第二次临时股东大会的通知 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。 一、召开会议的基本情况 （一）股东大会届次：2025 年第二次临时股东大会 （二）股东大会的召集人：公司董事会 公司九届二十八次董事会审议通过，决定召开 2025 年第二次临时股东大会。 （三）会议召开的合法、合规性：本次股东大会会议召开符合有关法律、行 政法规、部门规章、规范性文件和《公司章程》等的规定。 （四）会议召开的日期、时间： 1.现场会议召开时间：2025 年 6 月 27 日（星期五）下午 14:50。 2.网络投票时间：通过深圳证券交易所交易系统投票的时间为 2025 年 6 月 27 日的交易时间，即 9:15—9:25，9:30—11:30 和 13:00—15:00；通过深圳证 券交易所互联网投票系统投票的时间为 2025 年 6 月 27 日 9:15 至 15:00 期间的 任意时间。 （五）会议的召开方式：本次股东大会采用现场表决与网络投票 ...

证券代码：000683 证券简称：博源化工 公告编号：2025-049 内蒙古博源化工股份有限公司 九届二十八次董事会决议公告 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、董事会会议召开情况 1.内蒙古博源化工股份有限公司（以下简称公司）于 2025 年 6 月 8 日以书 面、传真或电子邮件方式向公司全体董事发出了关于以通讯方式召开九届二十八 次董事会会议的通知。 2.会议于 2025 年 6 月 11 日召开。 3.本次董事会应参会董事 9 名，实际参会董事 9 名。 4.本次董事会会议的召开符合有关法律、行政法规、部门规章、规范性文件 和《公司章程》的规定。 1.审议通过《关于为控股子公司贷款担保的议案》 表决结果：9 票同意，0 票反对，0 票弃权。 本议案需提交公司股东大会以特别决议审议。 详细内容请参见公司同日在巨潮资讯网披露的《关于为控股子公司贷款担保 的公告》。 2.审议通过《关于召开 2025 年第二次临时股东大会的议案》 董事会定于 2025 年 6 月 27 日（星期五）采用现场投票和网络投票相结合的 方式召开 2025 年第二次 ...

Report Summary 1. Industry Investment Rating No investment rating is provided in the report. 2. Core View The fundamentals of soda ash show strong supply and weak demand. In the short term, it is expected to mainly operate in a low - level oscillation. The supply has declined from a high level and stabilized, terminal demand improvement is limited, and inventory, although declining, remains at a high level compared to the same period. The industry's supply - demand mismatch pattern has not been effectively improved [2][5]. 3. Summary by Directory 3.1 Daily View - Fundamental: Alkali plant maintenance is gradually resuming, supply has declined from a high level and stabilized. Downstream float and photovoltaic glass daily melting amounts are stable, terminal demand is average, and soda ash factory inventory has declined but remains at a historical high; bearish [2]. - Basis: The spot price of heavy soda ash in Hebei Shahe is 1,244 yuan/ton, the closing price of SA2509 is 1,208 yuan/ton, and the basis is 36 yuan, with futures at a discount to the spot; bullish [2]. - Inventory: The national soda ash factory inventory is 1.627 million tons, an increase of 0.17% from the previous week, and the inventory is above the 5 - year average; bearish [2]. - Disk: The price is running below the 20 - day line, and the 20 - day line is downward; bearish [2]. - Main Position: The main position is net short, and short positions are decreasing; bearish [2]. - Expectation: Soda ash fundamentals have strong supply and weak demand, and it is expected to mainly operate in a low - level oscillation in the short term [2]. 3.2 Influence Factors - Bullish: The production capacity of downstream photovoltaic glass has increased, boosting the demand for soda ash [3]. - Bearish: Since 2023, the production capacity of soda ash has expanded significantly, and there are still large production plans this year. The industry's output is at a historical high. The cold repair of downstream float glass for heavy soda is at a high level, and the daily melting amount continues to decrease, resulting in weak demand for soda ash [4]. 3.3 Soda Ash Futures Market | Market | Main Contract Closing Price | Heavy Soda Ash: Low - end Price in Shahe | Main Basis | | --- | --- | --- | --- | | Previous Value | 1,202 yuan/ton | 1,242 yuan/ton | 40 yuan | | Current Value | 1,208 yuan/ton | 1,244 yuan/ton | 36 yuan | | Change Rate | 0.50% | 0.16% | - 10.00% | [6] 3.4 Soda Ash Spot Market The low - end price of heavy soda ash in the Hebei Shahe market is 1,244 yuan/ton, an increase of 2 yuan/ton from the previous day [12]. 3.5 Fundamentals - Supply - Production Profit: The profit of the combined - soda method for heavy soda in East China is 86 yuan/ton, and the profit of the ammonia - soda method for heavy soda in North China is - 10.10 yuan/ton. The production profit of soda ash is at a historical low [15]. - Operating Rate and Production: The weekly operating rate of the soda ash industry is 80.76%, and the operating rate is expected to stabilize and rebound. The weekly production of soda ash is 704,100 tons, including 382,200 tons of heavy soda ash, and the production has declined from a historical high [18][20]. - Production Capacity Changes: In 2023, the new production capacity was 6.4 million tons; in 2024, it was 1.8 million tons; in 2025, the planned new production capacity is 7.5 million tons, with an actual planned production of 1 million tons [21]. 3.6 Fundamentals - Demand - Production and Sales Rate: The weekly production and sales rate of soda ash is 107.66% [24]. - Downstream Demand: The daily melting amount of national float glass is 156,800 tons, and the operating rate of 75.53% continues to decline, resulting in weak demand for soda ash. The price of photovoltaic glass has stabilized, the daily melting amount in production has rebounded to 98,700 tons, and the production has stabilized [27][30]. 3.7 Fundamentals - Inventory The total inventory of domestic soda ash manufacturers is 1.627 million tons, including 837,000 tons of heavy soda ash, and the inventory is at a historical high compared to the same period [33]. 3.8 Fundamentals - Supply - Demand Balance Sheet The report provides the annual supply - demand balance sheet of soda ash from 2017 to 2024E, including data on effective production capacity, output, operating rate, import, export, net import, apparent supply, total demand, supply - demand difference, and growth rates [34].

Core Viewpoint - The domestic soda ash industry has entered a downward cycle since 2025, with prices dropping nearly 200 yuan/ton due to oversupply from capacity expansion and a decline in demand from end-user industries like photovoltaic and real estate [1] Group 1: Supply and Capacity Expansion - The domestic soda ash industry experienced a bull market from 2021 to 2024, with profits peaking at over 1500 yuan/ton in 2021. However, a new capacity expansion cycle began in 2023, leading to a bearish market in 2024 [2] - Effective domestic soda ash capacity increased from 30 million tons to 40 million tons, a growth of over 30%. New capacity additions are expected to continue, with 2.1 million tons planned for the first half of 2025 and additional expansions from various companies [2][3] - The industry is transitioning towards lower-cost production methods, with natural soda ash expected to account for about 50% of total capacity, while ammonia-based production is anticipated to decline below 20% [2] Group 2: Demand and Market Conditions - The soda ash industry is facing significant price pressure due to high supply and stagnant or declining demand. As of early June 2025, total inventory levels exceeded 300,000 tons, contributing to downward price pressure [3] - Demand for soda ash is particularly affected by the glass industry, with a notable decline in daily melting capacity for both float glass and photovoltaic glass since July 2024. This decline is expected to continue, further impacting soda ash demand [4] - The real estate sector remains under pressure, with a 17% decrease in completed housing area from January to April 2025, leading to weak glass demand and increased inventory levels [4] Group 3: Cost and Price Outlook - The soda ash price is expected to continue its downward trend, with support levels projected between 1100 and 1150 yuan/ton. The cost structure is shifting downward due to falling raw material prices, including a nearly 70 yuan/ton drop in raw salt prices since 2025 [5][6] - The production cost of soda ash is anticipated to decrease by 170 to 200 yuan/ton compared to the end of 2024, with potential further declines in raw salt and coal prices [5][6] - The theoretical price floor for soda ash could reach between 950 and 1000 yuan/ton in the medium to long term, indicating a challenging market environment [6] Group 4: Market Strategy - The industry is advised to adopt a bearish outlook, monitoring for opportunities to hedge against price declines. Companies should focus on macroeconomic factors and potential production cuts to identify selling opportunities [7]

一、股东大会审议通过权益分派方案情况 1.内蒙古博源化工股份有限公司（以下简称公司）2024 年年度权益分派方 案已获 2025 年 5 月 15 日召开的 2024 年年度股东大会审议通过，具体内容为： 以 2024 年 12 月 31 日的总股本 3,739,176,560 股，扣除拟回购注销的限制性股 票 20,437,500 股后的总股本 3,718,739,060 股为基数，向全体股东每 10 股现金 分红 3 元（含税），合计分配现金股利 1,115,621,718 元，不送红股，不以资本 公积金转增股本。 2.本次权益分派以分派比例固定为原则，公司已实施完成 20,437,500 股限 制性股票的回购注销工作，目前总股本为 3,718,739,060 股。除前述变动外，自 分派方案披露至实施期间公司股本总额未发生其他变化。 证券代码：000683 证券简称：博源化工 公告编号：2025-048 内蒙古博源化工股份有限公司 2024 年年度权益分派实施公告 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。 3.本次实施的利润分配方案与 2024 年年 ...

联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 交易咨询业务资格：证监许可【2012】1091号 纯碱周报 2025.6.3-6.6 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 每周观点 上周纯碱期货低位震荡，主力合约SA2509收盘较前一周上涨1.08%报1212元/吨。现货方 面，河北沙河重碱低端价1252元/吨，较前一周上涨1.38%。 供给方面，近期有检修企业即将恢复，6 月份纯碱检修企业较少，供应端呈现小幅增加 趋势，预计周度产量接近73万吨，开工率回升至83%左右。需求端，下游浮法和光伏玻璃需 求一般，周内浮法日熔量15.68万吨，环比下降900吨，光伏日熔量9.88万吨，环比稳定。采 购多延续刚需补库，整体消费量波动不大，下游企业对原材料的储备意向不高。截止6月6日， 全国纯碱厂内库存162.7万吨，较前一周增加0.17%，库存仍处于历史同期高位。综合来看， 纯碱供给小幅 ...

1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Report's Core View - The supply of soda ash has declined from its high level and gradually stabilized, while the terminal demand has limited improvement. Although the inventory has been continuously decreasing, it still remains at a historically high level. The mismatch between supply and demand in the industry has not been effectively improved. The short - term outlook for soda ash is expected to be a low - level, weak, and volatile trend [2][5]. 3. Summary by Relevant Catalogs 3.1 Daily View - **Fundamentals**: The maintenance of alkali plants is gradually being restored. Supply has declined from its high level and is gradually stabilizing. The daily melting volume of downstream float and photovoltaic glass is stable, and terminal demand is average. The inventory of soda ash plants has decreased but remains at a historically high level. Overall, it is bearish [2]. - **Basis**: The spot price of heavy - quality soda ash in Hebei Shahe is 1,235 yuan/ton, the closing price of SA2509 is 1,199 yuan/ton, and the basis is 36 yuan, indicating that the futures price is at a discount to the spot price. It is bullish [2]. - **Inventory**: The total inventory of domestic soda ash plants is 162.43 tons, a 3.13% decrease from the previous week. The inventory is above the 5 - year average, which is bearish [2]. - **Market**: The price is below the 20 - day moving average, and the 20 - day moving average is downward. It is bearish [2]. - **Main Position**: The main position is net short, and short positions are decreasing. It is bearish [2]. - **Expectation**: Given the supply - strong and demand - weak fundamentals of soda ash, it is expected to have a low - level, weak, and volatile trend in the short term [2]. 3.2 Influencing Factors - **Bullish Factors**: The production capacity of downstream photovoltaic glass has increased, boosting the demand for soda ash [3]. - **Bearish Factors**: Since 2023, the production capacity of soda ash has expanded significantly, and there are still large production plans this year. The industry's output is at a historical high. The cold - repair of float glass for heavy - alkali downstream is at a high level, and the daily melting volume has been continuously decreasing, resulting in weak demand for soda ash [4]. 3.3 Soda Ash Futures Market | | Main Contract Closing Price | Low - end Price of Heavy - quality Soda Ash in Shahe | Main Basis | | --- | --- | --- | --- | | Previous Value | 1,203 yuan/ton | 1,245 yuan/ton | 42 yuan/ton | | Current Value | 1,199 yuan/ton | 1,235 yuan/ton | 36 yuan/ton | | Change | - 0.33% | - 0.80% | - 14.29% | [6] 3.4 Soda Ash Spot Market - **Production Profit**: The profit of the combined - soda process for heavy - alkali in East China is 105 yuan/ton, and the profit of the ammonia - soda process for heavy - alkali in North China is - 12.80 yuan/ton. The production profit of soda ash is at a historically low level [15]. - **Operating Rate and Production**: The weekly operating rate of the soda ash industry is 78.52%, and the operating rate is expected to stabilize. The weekly production of soda ash is 68.51 tons, of which 36.98 tons is heavy - quality soda ash, and the production has declined from its historical high [19][21]. - **Capacity Changes**: In 2023, the new production capacity was 640 tons; in 2024, it was 180 tons; and the planned new production capacity in 2025 is 750 tons, with an actual expected production of 100 tons [22]. 3.5 Fundamental Analysis - Demand - **Sales - to - Production Ratio**: The weekly sales - to - production ratio of soda ash is 107.66% [25]. - **Downstream Demand**: The daily melting volume of national float glass is 15.73 tons, and the operating rate of 75.73% is continuously declining, resulting in weak demand for soda ash. The price of photovoltaic glass has stabilized, and the daily melting volume in production has rebounded to 9.87 tons, with production stabilizing [28][31]. 3.6 Fundamental Analysis - Inventory The total inventory of domestic soda ash plants is 162.43 tons, of which 80.60 tons is heavy - quality soda ash. The inventory is at a historically high level [34]. 3.7 Fundamental Analysis - Supply - Demand Balance Sheet The supply - demand balance sheet shows the production capacity, output, import, export, and other data of soda ash from 2017 to 2024E, reflecting the supply - demand relationship and growth rate changes in different years [35].

Report Information - Analyst: He Hui, Energy and Chemical Team, including Guo Jianfeng, Guo Yanpeng, and Li Qian [2] - Company: Zhonghui Futures Co., Ltd. - Date: May 30, 2025 [2] Investment Rating - Not provided in the report Core Viewpoints - In May, the domestic and overseas macroeconomic situation did not improve significantly, and the commodity market was weak. The soda ash futures market was also in a downward trend, searching for a bottom. [3] - Soda ash is facing a situation of over - capacity, insufficient demand, and cost collapse. In the short term, it is difficult to find supply - demand drivers, while in the long - term, it is anchored to natural soda ash cost and demand growth rate. [3] Market Review Futures Market - As of May 30, the SA2509 contract closed at 1,190 yuan/ton, with a monthly change of - 12% (a decrease of 165 yuan) [6] 现货市场 - In May, the prices of heavy soda ash were differentiated, with most prices decreasing by 50 yuan/ton, a change ranging from - 5.1% to 3.2% [6] Basis - In May, the spot price of soda ash was weak, while the futures price was even weaker, resulting in a stronger basis. The basis of the main SA509 contract (against Shahe heavy soda ash) was 40 points, with a basis rate of 3.3% [8] Inter - month Spread - The SA09 - 01 contract spread was 2 points, changing from negative to positive, showing a flat - water structure. The SA01 - 05 contract spread was - 52 points, indicating a weaker expectation for the far - month contract [11] Term Structure and Inter - commodity Spread - The soda ash futures market changed from a contango structure to a near - month back flat - water structure, compressing the downward space. The FG - SA09 contract spread was about - 200, and the long - glass short - soda ash spread had a profit of 100 points from - 300 [13] Supply Analysis Device Maintenance and New Capacity - Currently, the maintenance devices of soda ash plants are gradually restarting, and new capacities are being put into production one after another. In 2025, the total planned new capacity is 590 tons/year [17][18] Operating Rate - In May, the comprehensive operating rate of soda ash decreased significantly. Currently, the national operating rate is 78.57% (a month - on - month decrease of 10.87%), with the ammonia - soda process operating rate at 71.41% (a month - on - month decrease of 15.71%) and the combined - soda process operating rate at 76.54% (a month - on - month decrease of 10.58%) [20] Production - In May, the weekly average production of soda ash was 70.32 tons, with the estimated monthly production at 311.41 tons, a month - on - month decrease of 1.9% and a year - on - year decrease of 1.1%. The weekly average production of heavy soda ash was 38.38 tons, with the estimated monthly production at 170 tons, a month - on - month decrease of 2.4% and a year - on - year decrease of 5.1% [31][34] Demand Analysis Glass Melting Volume - Currently, the daily melting volume of float glass is 15.77 tons, a month - on - month increase of 0.32% and a year - on - year decrease of 8.25%. The daily melting volume of photovoltaic glass is 9.88 tons, a month - on - month increase of 0.61% and a year - on - year decrease of 13% [39] Total Melting Volume - In May, the average daily total production of float glass and photovoltaic glass was 25.55 tons, a month - on - month increase of 0.5% and a year - on - year decrease of 9.9% [42] Supply - demand Gap of Heavy Soda Ash - In May, the estimated monthly demand for heavy soda ash was 158.4 tons, and the supply - demand surplus was 11.55 tons, still in a state of oversupply [43] Inventory Analysis Total Inventory - Currently, the total inventory of domestic soda ash manufacturers is 162.43 tons, a month - on - month decrease of 3.94% and a year - on - year increase of 98.52%. The available inventory days are 13.47 days, a month - on - month decrease of 0.43 days and a year - on - year increase of 6.6 days [51] Inventory of Heavy and Light Soda Ash - Currently, the inventory of heavy soda ash is 80.6 tons, a month - on - month decrease of 4.1% and a year - on - year increase of 76.95%. The inventory of light soda ash is 81.83 tons, a month - on - month decrease of 3.79% and a year - on - year increase of 125.6% [54] Cost and Profit Analysis Cost - Currently, the production cost of the ammonia - soda process is 1,283 yuan/ton, a month - on - month decrease of 7.23% and a year - on - year decrease of 26.39%. The production cost of the combined - soda process (double - ton) is 1,610 yuan/ton (75% single - ton cost is 1,208 yuan), a month - on - month decrease of 2.1% and a year - on - year decrease of 19.1% [58] Profit - Currently, the production profit of the ammonia - soda process is 67.2 yuan/ton, a month - on - month increase of 49.7 yuan/ton and a year - on - year decrease of 85.28%. The production profit of the combined - soda process is 215 yuan/ton, a month - on - month decrease of 40.5 yuan/ton and a year - on - year decrease of 78.49% [60] Trading Strategies Single - side Strategy - Currently, the main 09 contract has fallen below the combined - soda process cost of 1,200 yuan/ton. Technically, it shows a short - position arrangement of moving averages. Maintain a bearish view, dynamically track the pressure level of the 20 - day moving average, with a reference range of 1,050 - 1,250 [4] Arbitrage Strategy - Currently, the 9 - 1 spread of soda ash is near 0, almost at par. Considering the seasonal maintenance in summer and the planned new natural soda ash capacity at the end of the year, participate in the 9 - 1 positive spread. In terms of inter - commodity spreads, the FG - SA09 contract spread is about - 200, and the long - glass short - soda ash spread can still be held in the short term, and stop profit when the spread narrows to - 150 [4] Hedging Strategy - Currently, the inventory of soda ash plants is at an absolute high level. Upstream enterprises can pay attention to the short - hedging opportunities of the 09 contract when the futures price is at a premium or at par with the spot price, around 1,200 - 1,250. Downstream glass enterprises can conduct long - hedging when the futures price is lower than the spot delivery cost [4]

Summary of Key Points Core Viewpoint - Inner Mongolia Boyuan Chemical Co., Ltd. has completed the repurchase and cancellation of part of its restricted stock, totaling 20,437,500 shares, which represents 0.55% of the company's total share capital before the cancellation [2][15]. Group 1: Stock Repurchase Details - The number of restricted stocks repurchased and canceled is 20,437,500 shares, reducing the total shares from 3,739,176,560 to 3,718,739,060 [2][15]. - The repurchase price for the initially granted restricted stocks is 3.36 CNY per share, while the reserved portion is repurchased at 3.40 CNY per share [2][12]. - The total amount for the repurchase is 68,743,120 CNY, sourced from the company's own funds [13]. Group 2: Incentive Plan and Approval Process - The company held board meetings on September 20, 2023, and October 16, 2023, to approve the 2023 restricted stock incentive plan and related matters [3][5]. - The plan involved granting 11,856,000 shares to 230 incentive targets at a price of 3.66 CNY per share, with the shares set to be listed on December 1, 2023 [5]. - The company has a structured process for handling changes in the status of incentive targets, including provisions for repurchase in cases of resignation or retirement [9][12]. Group 3: Impact on Shareholding Structure - Following the cancellation of the restricted stocks, the holding percentage of the controlling shareholder, Inner Mongolia Boyuan Holdings Group Co., Ltd., increased from 30.88% to 31.05% without any change in the number of shares held [20]. - This change does not trigger a mandatory tender offer and does not affect the company's control or compliance with listing requirements [20][15]. Group 4: Financial and Operational Implications - The repurchase and cancellation of restricted stocks are not expected to have a significant impact on the company's financial status or operational results [18]. - The management team remains committed to fulfilling their responsibilities and creating value for shareholders [18].

证券代码：000683 证券简称：博源化工 公告编号：2025-046 内蒙古博源化工股份有限公司 九届二十七次董事会决议公告 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、董事会会议召开情况 1.内蒙古博源化工股份有限公司（以下简称公司）于 2025 年 5 月 26 日以书 面、传真或电子邮件方式向公司全体董事发出了关于以通讯方式召开九届二十七 次董事会会议的通知。 2.会议于 2025 年 5 月 29 日召开。 内蒙古博源化工股份有限公司董事会 3.本次董事会应参会董事 9 名，实际参会董事 9 名。 4.本次董事会会议的召开符合有关法律、行政法规、部门规章、规范性文件 和《公司章程》的规定。 二、董事会会议审议情况 经董事认真审议并表决，通过以下决议： 1.审议通过《关于公司向银行申请贷款的议案》 表决结果：9 票同意，0 票反对，0 票弃权。 详细内容请参见公司同日在巨潮资讯网披露的《关于公司向银行申请贷款的 公告》。 三、备查文件 1.经与会董事签字并加盖董事会印章的董事会决议。 2.深交所要求的其他文件。 二〇二五年五月三十日 1 ...