南通泰禾化工股份有限公司 重大信息内部报告制度 第一章 总 则 第一条 为加强南通泰禾化工股份有限公司（以下简称"公司"）重大信息内部 报告工作的管理，保证公司内部重大信息的快速传递、归集和有效管理，及时、真 实、准确、完整、公平地披露信息，维护投资者的合法权益，根据《中华人民共和 国公司法》《中华人民共和国证券法》《上市公司信息披露管理办法》《深圳证券 交易所创业板股票上市规则》（以下简称"《上市规则》"）等有关法律、法规、规 范性文件以及《南通泰禾化工股份有限公司章程》（以下简称"《公司章程》"）的 有关规定，特制定本制度。 第二条 公司重大信息内部报告制度是指当出现、发生或即将发生可能对公司 证券及其衍生品种交易价格产生较大影响的情形或事件（以下简称"重大信息"）时， 按照本制度规定负有报告义务的有关人员、部门和单位，应当及时将有关信息通过 董事会秘书向公司董事会报告的制度。 第三条 本制度适用于公司及子公司。 第二章 重大信息报告义务人 第四条 本制度所称"内部信息报告义务人"包括： （一）公司董事、高级管理人员、各部门（含各子公司）的主要负责人和指定 联络人； （二）持有公司 5%以上股份的股东及其 ...

南通泰禾化工股份有限公司 董事会议事规则 第一条 宗旨 为了进一步规范本公司董事会的议事方式和决策程序，促使董事和董事会有 效地履行其职责，提高董事会规范运作和科学决策水平，根据《中华人民共和国 公司法》、《中华人民共和国证券法》和《南通泰禾化工股份有限公司章程》（以 下简称"公司章程"）、《上市公司治理准则》、《深圳证券交易所创业板股票上 市规则》（以下简称"《上市规则》"）等有关规定，制订本规则。 第二条 证券与法务部 董事会下设证券与法务部，处理董事会日常事务。 董事会秘书或者证券事务代表兼任证券与法务部负责人，保管董事会和证券 与法务部印章。 第三条 定期会议 董事会会议分为定期会议和临时会议。 提案内容应当属于公司章程规定的董事会职权范围内的事项，与提案有关的 材料应当一并提交。 证券与法务部在收到上述书面提议和有关材料后，应当于当日转交董事长。 董事长认为提案内容不明确、具体或者有关材料不充分的，可以要求提议人修改 或者补充。 董事长应当自接到提议或者证券监管部门的要求后十日内，召集董事会会议 并主持会议。 董事会每年应当至少在上下两个半年度各召开一次定期会议。 第四条 定期会议的提案 在发出召开 ...

南通泰禾化工股份有限公司 控股子公司管理制度 第一章 总则 第一条 为加强南通泰禾化工股份有限公司（以下简称"公司"）对控股子公 司的管理，完善法人治理结构，确保控股子公司规范、有序、健康发展，根据《中 华人民共和国公司法》、 《中华人民共和国证券法》、 《深圳证券交易所创业板股票 上市规则》、《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公 司规范运作》等相关法律、法规、规范性文件及《南通泰禾化工股份有限公司章 程》 （以下简称"《公司章程》"）的有关规定，结合公司实际情况，制订本制度。 （六）法律、法规或控股子公司章程规定的其他权利。 第二章 组织机构及人事管理 第二条 本制度所称控股子公司是指公司持有其 50%以上股份的，或者能 够决定其董事会半数以上成员组成，或者通过协议或者其他安排能够实际控制的 具有独立法人资格的公司。 控股子公司需遵守证券监管部门对上市公司的各项管理规定，遵守公司关 于公司治理、关联交易、信息披露、财务管理、募集资金、对外担保等方面的各 项管理制度，做到诚信、公开、透明。 第三条 加强对控股子公司的管理，旨在建立有效的控制机制，对公司的组 织、资源、资产、投资等和公 ...

南通泰禾化工股份有限公司 董事会薪酬与考核委员会工作细则 第一章 总则 第一条 为进一步建立健全公司薪酬与考核管理制度，完善公司治理结构， 根据《中华人民共和国公司法》、 并由董事会根据上述第四条至第六条的规定补足委员人数。委员中 的独立董事因触及相关规定情形提出辞职或者被解除职务导致委员 会中独立董事所占的比例不符合本工作细则或者《公司章程》的规 定，公司应当自前述事实发生之日起六十日内完成补选，拟辞职的 独立董事应当继续履行职责至新任独立董事产生之日。 第八条 公司人力资源部为薪酬与考核委员会的日常办事机构，专门负责提 供公司有关人力资源方面的资料及被考评人员的有关资料，负责筹 备薪酬与考核委员会会议并执行董事会和薪酬与考核委员会的有关 决议。 第三章 职责权限 (四) 法律、行政法规、中国证监会规定和《公司章程》规定的其他事项。 董事会对薪酬与考核委员会的建议未采纳或者未完全采纳的，应当在董事会 决议中记载薪酬与考核委员会的意见及未采纳的具体理由，并进行披露。 第十条 董事（非独立董事）和高级管理人员的绩效评价由薪酬与考核委员 会负责组织。独立董事的评价应采取自我评价与相互评价相结合的 方式进行。 第二 ...

南通泰禾化工股份有限公司 董事会秘书工作细则 第一章 总则 《中华人民 共和国证券法》、 《深圳证券交易所创业板股票上市规则》 （以下简称"《上 《深圳证券交易所上市公司自律监管指引第 2 号——创业板 市规则》"）、 上市公司规范运作》的规定，制定本工作细则。 拟聘任董事会秘书因涉嫌犯罪被司法机关立案侦查或者涉嫌违法违规被 中国证监会立案调查，尚未有明确结论意见的，公司应当及时披露拟聘 任该人士的原因以及是否存在影响公司规范运作的情形，并提示相关风 险。 第三章 董事会秘书的职责 时向深圳证券交易所报告并公告； 《上市规则》及深圳证 券交易所其他相关规定的培训，协助前述人员了解各自在信息披露 中的权利和义务； 《中华人民共和国证券法》、中国证监会 和深圳证券交易所要求履行的其他职责。 第四章 董事会秘书的任免及工作细则 第十条 董事会秘书由董事长提名，经董事会聘任或解聘。 公司董事会聘任董事会秘书后，及时公告并向深圳证券交易所提交 相关资料。 公司在聘任董事会秘书的同时，应当另外聘任证券事务代表，协助董 事会秘书履行职责。在董事会秘书不能履行职责时，由证券事务代表 行使其权利并履行其职责，在此期间，并不当然 ...

南通泰禾化工股份有限公司 内幕信息知情人员登记管理制度 第一章 总则 第一条 为规范南通泰禾化工股份有限公司（以下简称"公司"）的内幕信息 管理，加强内幕信息保密工作，提高公司股东、董事、高级管理人员及其他内 幕信息知情人的法制、自律意识，杜绝内幕交易、股价操纵等违法行为，维护 证券市场"公开、公平、公证"原则，根据《中华人民共和国公司法》、《中华 人民共和国证券法》、《上市公司信息披露管理办法》、《深圳证券交易所创 业板股票上市规则》等有关法律、法规和《南通泰禾化工股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，制定本制度。 第二条 本制度规定了公司内幕信息知情人登记管理及相关事项。本制度适 用于公司内幕信息知情人的登记管理工作。 第三条 本制度的适用范围为:公司、子公司(包括公司直接或间接控股50% 以上的子公司和其他纳入公司合并会计报表的子公司、以及公司能够对其实施 重大影响的参股公司)、分公司。 第四条 公司董事会应当按照深圳证券交易所（以下简称"深交所"）相关规 则要求及时登记和报送内幕信息知情人档案，并保证内幕信息知情人档案真 实、准确和完整，董事长为主要责任人。董事会秘书负责办理公司 ...

Core Viewpoint - The document outlines the management measures for foreign exchange derivative trading at Nantong Taihe Chemical Co., Ltd, aiming to standardize operations, enhance risk management, and ensure asset safety [1][2]. Group 1: General Principles - The foreign exchange derivative trading is defined as trading activities involving swap contracts, forward contracts, and non-standard options, among others [1]. - The company and its subsidiaries must adhere to the principles of legality, prudence, safety, and effectiveness in conducting foreign exchange derivative trading [2]. Group 2: Business Operations - Foreign exchange derivative trading must be based on the company's foreign currency receivables and payables forecasts, ensuring that the contract amounts do not exceed these forecasts [2][3]. - The company is required to establish trading accounts in its own name and cannot use third-party accounts for trading [3]. Group 3: Responsibilities and Approval Authority - The document specifies the responsibilities for planning, funding, operations, and daily management of foreign exchange derivative trading [4]. - The board of directors is responsible for approving significant trading activities, especially those involving substantial financial commitments [4]. Group 4: Internal Management and Procedures - The internal operating procedures for foreign exchange derivative trading include analysis of future foreign exchange trends and obtaining necessary approvals before implementation [5][6]. - All personnel involved in trading must comply with confidentiality protocols to protect sensitive information related to trading activities [5]. Group 5: Risk Reporting and Management - The finance center must analyze and report any significant fluctuations in exchange or interest rates to the management for timely decision-making [6]. - In case of major anomalies in trading activities, the finance center is responsible for submitting analysis reports and proposed solutions to mitigate risks [6]. Group 6: Information Disclosure and Record Keeping - All foreign exchange derivative trading activities must be disclosed in accordance with legal and regulatory requirements, detailing the purpose, instruments, and expected financial implications [7][8]. - The finance center is tasked with maintaining all relevant documentation related to foreign exchange derivative trading, ensuring proper record-keeping [8].

Core Viewpoint - The article discusses the performance and strategic decisions of Nikkoh Chemical, highlighting its leading position in the plastic and rubber additives industry, while also addressing the challenges and implications of its recent investments and stock incentive plans [4][26]. Financial Performance - In 2024, the company's total revenue reached approximately 3.52 billion, a year-on-year increase of 38.64% compared to 2.54 billion in 2023 [5]. - The chemical industry contributed 95.36% of the total revenue, with ACR series products accounting for 49.17% and ACM series products for 34.87% of the revenue [5]. - The company experienced a significant increase in revenue in Q1 2025, with a 54% rise to 900 million [6]. Profitability Challenges - Despite revenue growth, the company's profit margins declined, with ACM series products' gross margin dropping by 8.7 percentage points into negative territory, and ACR series products' gross margin decreasing by 3.6 percentage points [8]. - The decline in margins is attributed to intense competition in the ACM product line and the ramp-up of new production capacities, which led to increased costs and lower utilization rates [10][12]. Production and Capacity Expansion - The company reported a 20%+ increase in both sales and production volumes for its main products, aligning with revenue growth [15]. - Fixed asset depreciation rose significantly from 3.43 million in 2023 to 20.75 million in 2024, indicating increased capital expenditures for capacity expansion [16]. - The company’s fixed assets increased dramatically, with a total of 26.5 billion by the end of 2024, marking a substantial investment in new production capabilities [19]. Stock Incentive Plan - The company announced a stock incentive plan involving 4.15% of its shares to incentivize key personnel in its newly acquired computing power leasing business, which has raised concerns about the appropriateness of such incentives given the company's current financial performance [26][30]. - The performance targets set for the stock incentives are perceived as lenient, focusing solely on revenue growth without considering profitability [29][32]. Strategic Concerns - The acquisition of a controlling stake in Carbon Technology for 110 million is viewed as a superficial move to appease investors, with the stock incentive plan further complicating the company's strategic direction [31]. - There are internal dissenting opinions regarding the company's foray into the computing power sector, with concerns about the lack of experience and the potential risks associated with this new business line [33].

Group 1 - The revenue composition of Tianyuan Co., Ltd. for the year 2024 is as follows: Chemical industry accounts for 69.12%, Supply chain services account for 23.0%, New energy battery and materials account for 4.06%, Building materials account for 3.13%, and Power industry accounts for 0.68% [1] Group 2 - Tianyuan Co., Ltd. announced on August 11 that its controlling shareholder, Yifazhan, completed a stock buyback plan, acquiring approximately 32.67 million shares, which represents 2.51% of the total share capital, with a total transaction amount of about 154 million yuan [3]

Core Viewpoint - The chemical industry is experiencing mixed price movements, with 18 products increasing in price, 39 decreasing, and 43 remaining stable during the week of August 4-10. The international oil prices have also declined, with WTI and Brent crude oil prices dropping by 5.12% and 4.42% respectively, amid concerns over US-India trade relations [1][4]. Industry Dynamics - During the week of August 4-10, 100 tracked chemical products showed that 38% had month-on-month price increases, while 56% experienced declines, and 7% remained unchanged. The top gainers included aniline, pure MDI, and urea, while the largest declines were seen in liquid ammonia and WTI crude oil [3]. - International oil prices fell, with WTI closing at $63.88 per barrel and Brent at $66.59 per barrel. The US oil production averaged 13.284 million barrels per day, down 30,000 barrels from the previous week, and total US oil demand was 20.122 million barrels per day, a decrease of 126,500 barrels [4]. - The titanium dioxide market saw a price drop, with an average price of 13,302 yuan per ton, down 1.10% from the previous week. The supply side remains tight, with operating rates around 66.71% for sulfate titanium dioxide [6]. - Refrigerant prices increased, with R32 averaging 56,500 yuan per ton, up 2.73% week-on-week. The demand for R134a remains stable, while R125 prices are expected to stabilize due to consistent single-component demand [7]. Investment Recommendations - As of August 10, the SW basic chemical sector's P/E ratio is 24.68, and the oil and petrochemical sector's P/E ratio is 11.19. The report suggests focusing on mid-year earnings, the impact of "anti-involution" on supply, and companies in electronic materials and energy sectors with stable dividend policies [8][9]. - The report highlights potential investment opportunities in oil and gas exploration, electronic materials, and new energy materials, emphasizing the importance of domestic control in semiconductor materials and the growth of the new energy materials market [9]. - Recommended stocks include China Petroleum, CNOOC, Sinopec, and various technology and chemical companies, indicating a positive outlook for sectors with strong demand recovery and high valuation potential [9].