Group 1 - A-share market shows positive signals with multiple companies announcing share buybacks and shareholder increases, particularly in Shandong province [1][2] - Haier Smart Home plans to increase its shares by investing between 20.85 million to 41.7 million yuan and has already repurchased 610,000 shares for approximately 14.48 million yuan [2] - Wanhua Chemical announces a significant buyback plan with a total investment of 300 million to 500 million yuan [2] Group 2 - Nanshan Aluminum has repurchased approximately 2,999,300 shares, representing about 0.03% of its total shares, with a total investment of 300 million to 600 million yuan [3] - Hualu Hengsheng proposes to buy back shares with a total investment of 200 million to 300 million yuan to optimize its capital structure [3] Group 3 - Over 80 A-share companies have announced buyback or increase plans, with total investments exceeding 10 billion yuan, utilizing central bank's structural monetary policy tools [4] - The central bank's new policy aims to guide commercial banks in providing loans for share buybacks and increases, with China Bank supporting 73 companies with a total loan intention of 25.36 billion yuan [4] Group 4 - HaiNeng Technology plans to apply for a 50 million yuan stock buyback loan from China Construction Bank [5] - The Shandong Securities Regulatory Bureau has visited 157 companies, with 93 companies announcing buybacks and 31 companies approved for special loan amounts totaling 4.843 billion yuan [5] Group 5 - The National Financial Supervision Administration has adjusted insurance fund regulations to support capital markets, potentially bringing in 1.66 trillion yuan in new funds [6] - Insurance companies express confidence in the Chinese capital market and plan to increase stock allocations, focusing on high-dividend and growth sectors [6] Group 6 - The stability of the Chinese stock market is supported by the real economy, with state-owned companies encouraged to buy back shares to stabilize stock prices [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 34.226 billion yuan in 2024, representing a year-on-year growth of 25.55%, and a net profit attributable to shareholders of 3.903 billion yuan, up 9.14% year-on-year [4] - In Q4 2024, the company achieved a revenue of 9.046 billion yuan, a year-on-year increase of 14.31% and a quarter-on-quarter increase of 10.26%, with a net profit of 0.854 billion yuan, up 31.61% year-on-year and 3.52% quarter-on-quarter [5] - The company's performance in Q4 2024 improved due to increased production and sales of core products, despite a decline in gross margin [6] - The company has launched new production capacities in the adipic acid and melamine resin sectors, which are expected to drive future performance [7] - The company is projected to achieve net profits of 4.358 billion, 4.893 billion, and 5.377 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 11, 10, and 9 [10] Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 18.71%, down 2.14 percentage points year-on-year, with major products experiencing price declines [6] - The average prices for key products in 2024 showed a decline, with DMF, acetic acid, and urea prices decreasing by 14.4%, 11.7%, and 14.3% respectively [6] - The company’s total assets are projected to grow from 46.658 billion yuan in 2024 to 65.822 billion yuan in 2027 [14] Production Capacity and Market Position - The company has a total production capacity of 526,600 tons for adipic acid, with ongoing projects expected to enhance its competitive position in the chemical new materials and fertilizer sectors [9] - The company maintains a leading market share in DMF production, with a domestic market share of 30% [9] Future Outlook - The company is expected to benefit from new production capacities and a strong cost control advantage, with product prices currently at a low point [10] - The projected revenue growth for the next few years is expected to be 4.6% in 2025, 8.2% in 2026, and 2.3% in 2027 [11]

北京市通商律师事务所 中国北京市建国门外大街 1 号国贸写字楼 2 座 12-15 层 100004 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 关于昊华化工科技集团股份有限公司2019年限制性股票 和承诺均为真实、准确、全面和完整的，不存在任何虚假、重大遗漏、误导； 供者处获得的文件资料一致，未曾对该等文件资料进行任何形式上和实质上的更改、 删减、遗漏和隐瞒，且已按本所及本所律师合理的要求向本所及本所律师提供或披 露了与该等文件资料有关的其他辅助文件资料或信息，以避免本所及本所律师因该 等文件资料或信息的不准确、不完整和/或不全面而影响其对该等文件资料的合理 理解、判断和引用。 激励计划回购注销部分限制性股票实施情况 之法律意见书 致：昊华化工科技集团股份有限公司 根据《中华人民共和国公司法》（下称"《公司法》"）《中华人民共和国证券 法》《上市公司股权激励管理办法》《国有控股上市公司（境内）实施股权激励试 行办法》《关于规范国有控股上市 ...

Core Viewpoint - The announcement details the conversion and stock changes related to the company's convertible bonds "齐翔转 2", including adjustments to the conversion price over time and the total amount converted into shares as of March 31, 2025 [1][2][5]. Convertible Bond Issuance - The company issued convertible bonds totaling 2,990 million yuan, approved by the China Securities Regulatory Commission, with a face value of 100 yuan each [1][2]. - The bonds began trading on September 15, 2020, under the code "128128" [2]. Conversion Price Adjustments - The initial conversion price was set at 8.22 yuan per share, which was adjusted to 7.97 yuan on June 25, 2021, following a rights distribution [2]. - Further adjustments were made, reducing the conversion price to 5.69 yuan on September 29, 2021, and then to 5.53 yuan on July 19, 2023 [3]. - The conversion price was adjusted again to 5.46 yuan on June 6, 2024, and finally to 5.40 yuan on December 31, 2024 [4]. Conversion and Share Capital Changes - As of March 31, 2025, a total of 2,310,604,400 yuan (23,106,044 bonds) had been converted into 292,109,273 shares, with 26,986,867 shares converted from repurchased stock [5]. - The company's total share capital increased to 2,842,841,778 shares, with specific changes in the number of restricted and unrestricted shares [6].

Core Viewpoint - The company has completed the repurchase and cancellation of a portion of restricted stock under the 2024 incentive plan, affecting 405,000 shares due to the disqualification of 8 incentive targets [2][8][12] Group 1: Repurchase and Cancellation Details - The number of restricted stocks repurchased and canceled is 405,000 shares, which accounts for 0.04% of the company's total share capital before the repurchase [2][8] - The repurchase price is set at 4.22 yuan per share, leading to a total repurchase amount of 1,709,100 yuan, funded by the company's own resources [9] - Following the cancellation, the company's total share capital decreased from 1,082,914,712 shares to 1,082,509,712 shares [3][12] Group 2: Approval Process - The incentive plan underwent several approval steps, including reviews by the company's board and supervisory committee, and received legal opinions from Beijing Deheng Law Firm and independent financial advisory reports [4][6][7] - The plan was initially approved by the local government authority, allowing the company to implement the stock incentive plan [5] Group 3: Impact and Compliance - The repurchase and cancellation of the restricted stocks comply with relevant laws and regulations, and it is stated that this action will not significantly impact the company's financial status or operational performance [12]

Group 1 - The article discusses the shift in U.S. foreign policy towards isolationism under Trump, which aligns with Russia's rejection of NATO's eastward expansion, potentially leading to a ceasefire in the Russia-Ukraine conflict [1][6][38] - If the Russia-Ukraine conflict is resolved, it could significantly impact Europe's economic independence and defense spending, with the EU planning to invest €1 trillion in military capabilities by 2030, which is expected to boost GDP growth by over 0.8% annually [10][38] - Germany is also increasing its defense and infrastructure spending, with an estimated investment of nearly €1 trillion, potentially raising its GDP growth by 2% annually [10][38] Group 2 - Post-ceasefire, energy supply normalization is expected to lower production costs for European companies, particularly benefiting the chemical, steel, and non-ferrous metal industries [2][19] - Ukraine will require approximately $524 billion for reconstruction over the next decade, with significant investments needed in housing, energy, and transportation infrastructure [21][38] - The EU has a cumulative investment gap of about €600 billion due to the energy crisis, which is equivalent to 20% of total investment in 2024 [23][38] Group 3 - The resolution of the conflict may lead to a revaluation of European assets, with foreign direct investment (FDI) expected to recover as geopolitical risks diminish [29][39] - The article suggests that the European stock market may benefit from increased capital inflows, with major indices showing significant gains in early 2025 [31][39] - The expansion of deficits in the EU and Germany is likely to push up bond yields, while the expected GDP growth will also contribute to rising yields on ten-year German and French bonds [33][39] Group 4 - The euro is anticipated to strengthen against the dollar as the interest rate differential between the U.S. and Europe narrows, supported by larger fiscal measures in Europe compared to the U.S. [35][39]

Market Overview - The A-share market opened weakly with over 4500 stocks in the red, as of 9:43 AM, the Shanghai Composite Index fell by 0.41%, the Shenzhen Component Index dropped by 0.67%, and the ChiNext Index decreased by 0.86% [1] - The market was impacted by news of tariffs, with President Trump signing an executive order imposing a 25% tariff on all imported cars, leading to a significant drop in the Nasdaq by over 2% [1] Sector Performance Chemical Sector - The chemical sector remained active, with Huatai hitting the daily limit, and Hengguang shares rising over 10%. Other companies like Dir Chemical, Jiangtian Chemical, and others also saw gains [2] - Sulfuric acid prices increased to 596.96 RMB/ton, up 66% from 359.01 RMB/ton on February 7, and up 290% year-on-year. Analysts predict a potential inventory replenishment cycle in the chemical sector due to expected fiscal policy boosts in 2025 [2] Dairy Sector - The dairy sector showed strength, with Huangshi Group hitting the daily limit and other companies like Sunshine Dairy and Knight Dairy also rising [3] - A recent announcement from the State Administration for Market Regulation encourages the use of raw cow or sheep milk in infant formula production, which is expected to benefit the dairy sector as demand is anticipated to rise due to supportive policies [3] Institutional Insights Dongwu Securities - Dongwu Securities suggests focusing on sectors with strong first-quarter performance, including upstream non-ferrous metals, organic silicon, and certain chemicals, as well as the photovoltaic industry and consumer sectors [4] Huaan Securities - Huaan Securities indicates that market rotation remains the main theme, with a focus on undervalued sectors such as banks, insurance, and policy-driven industries like pharmaceuticals and automobiles [5] Dongfang Securities - Dongfang Securities notes that while stock indices may experience limited downward and upward movement, the medium-term outlook remains positive despite current challenges in the banking sector due to falling interest rates [6]

Summary of Key Points from Conference Call Records Industry Overview - **Gold Market**: Gold prices have recently surpassed $3,000 per ounce, driven by uncertainties surrounding U.S. tariffs and a decline in the U.S. stock market, which has suppressed market risk appetite and boosted safe-haven assets. This trend is also reflected in the rising prices of silver and copper, indicating a spread of risk aversion across the metal markets [2][3][16]. Core Insights and Arguments - **Gold Price Dynamics**: The surge in gold prices is primarily influenced by short-term factors, with medium-term prices deviating from traditional pricing frameworks. Key support comes from central bank purchases and increased demand from the private sector in Asia, particularly China. The potential for U.S. tariffs on gold remains a critical factor to monitor [3][17]. - **Aviation Market Recovery**: The domestic aviation market is gradually recovering, with ticket prices rebounding post the Two Sessions meeting. The average ticket price excluding fuel surcharges has shown a year-on-year increase, while the overall flight supply is experiencing negative growth. The next 30 days of advance booking data indicate a 5% increase in ticket prices, suggesting a positive outlook for the aviation sector as a resilient consumer demand category [3][4]. - **Express Delivery Sector Growth**: The express delivery industry saw a 25% increase in package volume in January and February, exceeding initial market expectations. However, intense price competition in regions like Yiwu could impact profitability. Recommendations include focusing on Shentong and Zhongtong as key players [3][5]. - **Chemical Industry Trends**: The chemical sector is experiencing price declines due to lower-than-expected seasonal demand. However, certain products like pesticides and organic silicon still present investment opportunities due to fiscal stimulus and domestic demand recovery. Recommendations include Baofeng Energy and Guojing Chemical [3][7]. - **High-Speed PCB Industry**: The high-speed PCB industry is thriving, driven by AI computing needs. Companies like Ximing Life Science and Dongcai Technology are expected to see significant growth in orders and deliveries, marking this sector as a high-growth area [3][12]. - **Coal Industry Lifecycle**: The coal industry is entering a new lifecycle phase, with global coal inventories declining and geopolitical factors supporting demand. Chinese coal companies are enhancing their overseas market strategies, which is expected to boost profit contributions [3][21]. Additional Important Insights - **Investment Recommendations**: The most recommended investment directions include domestic aviation and express delivery sectors, with specific focus on large Hong Kong airlines and small A-share airlines. In the express sector, Shentong, Zhongtong, JD Logistics, and SF Express are highlighted as key players [3][8]. - **Vitamin Market Dynamics**: The vitamin market is expected to see price increases due to low inventory levels and upcoming restocking by downstream customers. Companies like Zhejiang Medicine and Xinhecheng are recommended for their potential earnings growth with rising prices [10][11]. - **Governance Issues in Potash Industry**: The resolution of governance issues at Yara International has alleviated major risks, making it a favorable investment in the potash sector [9]. This summary encapsulates the critical insights and trends across various industries, highlighting potential investment opportunities and risks based on the latest market dynamics.