Meeting Overview - The company will hold its first extraordinary general meeting of shareholders in 2025, adhering to regulations set by the China Securities Regulatory Commission [1][2] - The meeting will take place at the conference room on the fourth floor of No. 1 Lijing North Street, Yinchuan, Ningxia [3] Meeting Procedures - Shareholders must arrive 20 minutes before the meeting to complete registration and present necessary documents [2][3] - Shareholders wishing to speak must register 20 minutes prior to the meeting and will be limited to a 5-minute speaking time [2][3] - Voting will be conducted via a named ballot system, and results will be announced by the meeting host [3][8] Agenda Items - The main agenda includes a proposal to amend the company's articles of association, specifically to abolish the supervisory board and transfer its powers to the audit committee of the board of directors [6][7] - The proposed amendments will align with the revised Company Law and relevant regulations effective from July 1, 2024 [6][7] Amendments to Articles of Association - The company plans to revise its articles of association to reflect the cancellation of the supervisory board and update related governance structures [6][7] - Specific changes include adjustments to the roles and responsibilities of the board of directors and the audit committee [6][7] Legal Compliance - The company has engaged Beijing Jiayuan Law Firm to provide legal opinions during the meeting [3][6] - Shareholders are reminded to respect the meeting's order and maintain a silent mobile phone setting [2][3]

Group 1 - The company plans to raise a total of no more than 564.51 million yuan through a private placement of shares, with all proceeds intended to supplement working capital [1] - The necessity of the fundraising is highlighted by the company's recent poor performance due to low product prices and rising raw material costs, necessitating additional working capital to alleviate financial pressure [2][3] - The company aims to enhance production efficiency, improve product structure, and strengthen partnerships with third parties through the raised funds [2] Group 2 - As of June 30, 2025, the company has total liabilities of 913.28 million yuan, with current liabilities at 859.29 million yuan, indicating significant operational pressure [3] - The controlling shareholder, Jin Rui Hong Ji, acquired a 15% stake in the company, which will stabilize control and governance post-fundraising [3][4] - The fundraising is compliant with relevant laws and regulations, ensuring its feasibility and alignment with corporate governance standards [5] Group 3 - The issuance of shares is expected to improve the company's capital structure, reduce financial risks, and enhance operational capabilities [5][6] - The influx of funds will significantly increase the company's liquidity, facilitating business operations and equipment upgrades [6] - Overall, the fundraising initiative aligns with the company's strategic development plans and is expected to promote sustainable growth and shareholder interests [6]

Group 1 - The company plans to issue up to 303.5 million shares to raise no more than 564.51 million yuan to alleviate operational funding pressure and improve financial conditions [1][8][25] - The issuance aims to enhance the company's risk resistance and sustainable operation capabilities, focusing on the coal chemical industry and sustainable development [1][2][25] - The company has faced operational challenges due to low product prices and rising raw material costs, necessitating this capital raise to support strategic goals [7][8][25] Group 2 - The company operates primarily through its subsidiary, Tongliao Jinmei Chemical Co., which specializes in coal-to-ethylene glycol production [2][5] - The coal chemical industry is seen as a vital solution to China's energy structure issues, promoting the efficient use of coal and reducing reliance on oil [2][4] - The company has developed significant technology in coal-to-ethylene glycol production, positioning itself as a pioneer in this field [5][6] Group 3 - The issuance will allow the company to adjust production based on market performance of its main products, ethylene glycol and oxalic acid, enhancing market responsiveness [8][25] - The company aims to invest in technological upgrades and product research and development to improve production efficiency and expand its product range [8][25] - The company’s main products, ethylene glycol and oxalic acid, have significant market demand, particularly in the renewable energy sector and electronic ceramics [6][7][8] Group 4 - The issuance will be directed to the company's controlling shareholder, Jinrui Hongji, which will consolidate control and stabilize governance [9][10][25] - The issuance price is set at 1.86 yuan per share, based on the average trading price over the previous 20 trading days [12][13] - The company has committed to using the raised funds strictly for operational needs, ensuring compliance with regulatory requirements [22][25]

股票代码：601011 股票简称：宝泰隆 编号：临2025-044号 宝泰隆新材料股份有限公司 2025 年 1-6 月主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 宝泰隆新材料股份有限公司（以下简称"公司"）根据上海证券交 易所《<上市公司自律监管指引第 3 号——行业信息披露>第十三号— —化工》的相关规定，现将公司 2025 年 1-6 月主要经营数据披露如 下： 1 分行业 主要 产品 经营指标 单 位 经营数据 （2025 年 1-6 月） 经营数据 （2024 年 1-6 月） 比上年同期 增减（%） 煤焦行业 焦炭 （ 含 焦 粉 、 焦 粒） 营业收入 元 1,371,431.88 574,450,352.37 -99.76 营业成本 元 1,421,691.86 698,445,378.74 -99.80 生产量 吨 0 318,721.00 -100.00 销售量 吨 1,286.81 311,970.89 -99.59 库存量 吨 3,006.51 22,025.60 -86.35 ...

Report Industry Investment Ratings - Propylene: ★★★ (indicating a clear upward trend and relatively appropriate investment opportunities) [1] - Plastic: ★★★ [1] - Pure Benzene: ★★★ [1] - Styrene: ★★★ [1] - PX: ★☆★ (indicating a bullish bias but limited operability on the trading floor) [1] - PTA: ☆☆☆ (suggesting a short - term equilibrium with poor operability) [1] - Ethylene Glycol: ★★★ [1] - Short - fiber: ★☆★ [1] - Bottle Chip: ☆☆☆ [1] - Methanol: ☆☆☆ [1] - Urea: ★★★ [1] - PVC: ☆☆☆ [1] - Caustic Soda: ★★★ [1] - Soda Ash: ☆☆☆ [1] - Glass: ★★★ [1] Core Viewpoints - The chemical market shows a complex situation with different trends in various sub - industries. Some products are influenced by factors such as supply - demand changes, cost fluctuations, and policy impacts. Investors need to pay attention to specific market dynamics and potential investment opportunities and risks in each sub - industry [2][3][5] Summary by Related Catalogs Olefins - Polyolefins - Olefin futures: The main contracts opened higher and fluctuated around the 10 - day moving average. Producers have inventory pressure under control and are willing to hold prices, but downstream demand for propylene is weakening [2] - Polyolefin futures: The main contracts had narrow - range fluctuations. Polyethylene supply increased, and the PO film production season is approaching, but short - term downstream procurement is weak. Polypropylene supply is expected to increase slightly, and new orders from downstream are not expected to improve significantly [2] Pure Benzene - Styrene - Pure benzene: Prices oscillated last week. There is an expectation of seasonal improvement in supply - demand in the third quarter, but pressure in the fourth quarter. It is recommended to conduct monthly spread band trading [3] - Styrene: The main futures contract continued to consolidate. Cost support improved slightly, but there was no upward boost. Supply remained high with no new start - up or shutdown of plants in the short term, and there was still an expectation of inventory accumulation. Demand was generally stable with minor changes [3] Polyester - PX: Prices continued to be strong, driving up the prices of PTA and downstream products. Terminal weaving improved, and the supply - demand expectation of PX improved due to no new installations this year [5] - Ethylene glycol: Prices were strong, closing above 4,500 yuan/ton. Domestic production increased, and both supply and demand rose. A decline in short - term arrivals boosted the market [5] - Short - fiber: Supply - demand was stable, mainly driven by cost. New capacity this year is limited, and the expected increase in peak - season demand is positive. It is recommended to consider long - term long positions and positive spreads for monthly spreads [5] - Bottle chip: Industry over - capacity is a long - term pressure, limiting the repair space of processing margins. Attention should be paid to the implementation of petrochemical industry policies [5] Coal Chemical Industry - Methanol: The market oscillated at a low level. Domestic supply increased after autumn maintenance, and demand from olefin plants weakened. Traditional downstream开工 decreased, and inventory increased. Imports remained high, and ports were expected to accumulate inventory rapidly [6] - Urea: The decline in futures prices slowed down. After the relaxation of export restrictions, port inventory increased, but the market was cautious. Supply remained high, and demand weakened seasonally. It is expected to continue to oscillate at a low level in the short term [6] Chlor - alkali Industry - PVC: Driven by real - estate policies, it was strong during the day. Supply remained high, demand was insufficient, and social inventory has been increasing since July. India's anti - dumping tax on Chinese PVC exports increased, adding export pressure [7] - Caustic soda: It oscillated during the day. Non - aluminum seasonal restocking led to a price increase and inventory decline. Some Shandong plants were under maintenance, and demand from alumina and non - aluminum sectors increased [7] Soda Ash - Glass - Soda ash: It strengthened during the day. Supply fluctuated slightly. Inventory decreased on Monday, but the overall supply - demand situation was still weak. Photovoltaic demand improved slightly, but there is still a long - term supply surplus [8] - Glass: It strengthened during the day due to Shanghai's real - estate relaxation. Glass factories continued to accumulate inventory, but the speed slowed down. Capacity was relatively stable, and processing orders improved month - on - month but were still weak year - on - year [8]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Views - The company reported significant growth in its financial performance for the first half of 2025, with total revenue reaching 22.82 billion yuan, a year-on-year increase of 35.05%. The net profit attributable to shareholders was 5.718 billion yuan, up 73.02% year-on-year, and the net profit excluding non-recurring items was 5.579 billion yuan, reflecting a growth of 58.67% [5][11]. - In Q2 2025, the company achieved revenue of 12.049 billion yuan, representing a year-on-year increase of 38.97% and a quarter-on-quarter increase of 11.87%. The net profit attributable to shareholders for the same period was 3.281 billion yuan, up 74.17% year-on-year and 34.64% quarter-on-quarter [5][11]. Summary by Sections Financial Performance - For the first half of 2025, the company reported total revenue of 22.82 billion yuan, with a net profit of 5.718 billion yuan and a net profit excluding non-recurring items of 5.579 billion yuan [5][11]. - In Q2 2025, the company’s revenue was 12.049 billion yuan, with a net profit of 3.281 billion yuan and a net profit excluding non-recurring items of 2.982 billion yuan [5][11]. Production and Projects - The company’s production of polyethylene and polypropylene in Q2 2025 was 640,500 tons and 629,000 tons, respectively, with significant increases in output due to the ramp-up of production capacity in Inner Mongolia [11]. - The company’s new projects, including the 2.6 million tons/year coal-to-olefins project and the 400,000 tons/year green hydrogen coupled coal-to-olefins project, are progressing well and are expected to enhance production capacity significantly [11]. Market Conditions - The report notes a decline in the prices of coke and coking coal, with the average price of coke in Q2 2025 being approximately 942 yuan/ton, down 12.7% quarter-on-quarter. This price drop is attributed to increased domestic supply and a softening demand environment [11]. - The company’s olefin price spread improved in Q2 2025, driven by lower raw material costs, which contributed to a significant increase in profitability [11].

Summary of Key Points from the Conference Call Industry Overview - The chemical industry is currently at the bottom of the cycle, but leading Chinese companies have strong cash flow and low debt ratios, which may enhance potential dividend yields as capacity expansion slows down [1][3][5] - Global GDP growth supports chemical demand, and changes on the supply side combined with demand growth are expected to lead to a recovery in industry prosperity [1][4] Key Insights - The "anti-involution" policy aims to control new capacity in sectors like coal chemical, refining, and polyurethane, which may still yield considerable dividend rates even at the cycle's bottom [1][5] - The industrial silicon and soda ash sectors, which are currently in surplus, have greater elasticity due to restrictions on existing and new capacities [1][5] - The oil and gas chemical sector has begun to see positive free cash flow in 2024, indicating a gradual improvement in the industry [8] Financial Metrics - In 2024, the net cash flow for the chemical industry is projected to shrink to nearly 20 billion, while total operating cash flow exceeds 250 billion [7] - Capital expenditures are expected to decrease from 350 billion to below 300 billion [7] - By 2025 or 2026, the industry is anticipated to generate positive net free cash flow, marking a historic shift [7] Company-Specific Insights - Hualu Hengsheng's market value in 2024 is approximately 50.6 billion, with cash flow expected to rise from 5 billion in 2025 to 8.3 billion by 2027, suggesting attractive dividend yields even in a downturn [9] - The European chemical production capacity utilization is at a historical low of around 74%, indicating that high-cost production is unlikely to recover, which benefits Chinese companies with cost advantages [10][11] Future Trends - The chemical industry is expected to see a rebound in prosperity due to low inventory levels and attractive valuations [11] - The exit of high-cost European production will allow Chinese leaders to further consolidate and expand their market positions [11] - The polyurethane sector is currently at a cyclical low, but price recovery is anticipated due to supply constraints and demand growth [18][19] Challenges and Opportunities - The olefin industry faces challenges with low prices, but strict approval processes for new capacities may lead to a recovery if production contracts [16] - The refining sector is grappling with overcapacity and outdated facilities, but the anti-involution policy may help improve market conditions for major players [17] - The organic silicon market is at a historical low, but limited new capacity and potential overseas exits may lead to a recovery in the medium to long term [24][25][26] Sector-Specific Recommendations - Focus on companies in controlled capacity sectors like coal chemicals (e.g., Hualu Hengsheng, Baofeng Energy) and refining (e.g., Sinopec) for potential dividend yields [5][17] - Monitor the industrial silicon market for companies like Hesheng Silicon Industry, which may see profit doubling if prices recover [32] - In the soda ash sector, companies like Boyuan Chemical are worth watching as they navigate a challenging market [33] Conclusion - The chemical industry is poised for a potential recovery driven by policy changes, strong cash flows from leading companies, and a favorable global economic backdrop. Investors should focus on companies with strong fundamentals and those positioned to benefit from supply-side constraints and market shifts.

Financial Data and Key Metrics Changes - Operating revenue for the first half of the year was 74.44 billion RMB, with total profit at 11.94 billion RMB, down 28.6% year over year [4] - Net profit attributable to shareholders was 7.7 billion RMB, down 21.3% year over year, with basic earnings per share at 0.58 RMB, down 21.6% [4] - Under international accounting standards, profit before tax was 11.6 billion RMB, down 35.5% year over year [4] - The asset to liability ratio improved to 45%, down 1.3 percentage points from the beginning of the year [12] Business Line Data and Key Metrics Changes - The company produced 67.34 million tons of commercial coal, an increase of 0.84 million tons or 1.3% year over year [5] - Self-produced commercial coal sales reached 67.11 million tons, up 0.92 million tons or 1.4% year over year [6] - Sales of key coal chemicals totaled 3.166 million tons, an increase of 83,000 tons or 2.7% year over year [6] - The unit sales cost of self-produced commercial coal was 2,262.97 RMB per ton, down 10.2% year over year [7] Market Data and Key Metrics Changes - Average sales price of self-produced commercial coal was 470 RMB per ton, down 19.5% [9] - Thermal coal price was 436 RMB per ton, down 14.7%, while coking coal price dropped to 885 RMB per ton, down 35.4% [9] - The overall market saw a decline in coal prices, impacting profitability significantly [10] Company Strategy and Development Direction - The company is committed to high-quality development goals and will strengthen production sales coordination to achieve annual targets [15] - Focus on enhancing lean management and cost control to maintain profitability levels [15] - Plans to accelerate key project construction and implement innovation-driven strategies [16] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining stable operations despite falling coal prices and lower industry profitability [10] - Future coal prices are expected to stabilize around 675 RMB for long-term contracts and slightly over 700 RMB for spot prices [24][42] - The company aims to continue enhancing corporate governance and investor communication [16] Other Important Information - The company plans to distribute an interim cash dividend of 2.198 billion RMB or 0.166 RMB per share, consistent with the previous year [14] - Capital expenditures for the first half increased by 32%, with a total of 6.972 billion RMB invested [46] Q&A Session All Questions and Answers Question: Impact of supply changes on coal prices - Management noted a drop in prices followed by a recovery, with spot prices expected to stabilize around 700 RMB per ton [21][24] Question: Cost management strategies - The company reported a 10% reduction in sales costs due to optimized procurement and cost management [27] Question: Long-term contract coal prices - Long-term contract coal prices dropped by 3.6%, while spot prices saw a larger decline of nearly 11% [32] Question: Profitability of subsidiaries - Profitability improved for certain subsidiaries due to effective cost management despite price declines [39] Question: Production volume changes - Production volume was impacted by accidents and weather conditions, but the company remains confident in meeting annual targets [51] Question: Dividend payout standards - The company will continue to use the lower of international or Chinese accounting standards for dividend payouts [76]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report believes that the fundamentals of methanol are still weak, and the expected rebound space is limited. The upstream coal - head profit is high, the downstream profit is poor, and the methanol valuation is relatively expensive. The return of domestic and imported supplies drives the methanol price down. With high raw - material inventories in downstream MTO enterprises, there is little demand for further inventory building, and port inventory accumulation is likely, resulting in weak upward drivers for methanol [1]. 3. Summary by Relevant Catalogs a. Price Changes - **Methanol Futures Prices**: On August 22, 2025, MA01 closed at 2405 yuan/ton, down 20 yuan/ton (-0.82%) from the previous day; MA05 closed at 2384 yuan/ton, down 9 yuan/ton (-0.38%); MA09 closed at 2294 yuan/ton, down 20 yuan/ton (-0.86%) [1]. - **Methanol Spot Prices**: In various regions, prices mostly decreased or remained stable. For example, in太仓, it was 2295 yuan/ton, down 15 yuan/ton (-0.65%); in Shandong, it was 2300 yuan/ton, down 10 yuan/ton (-0.43%); in Inner Mongolia, it increased by 7.5 yuan/ton (0.36%) to 2077.5 yuan/ton [1]. - **Coal and Natural Gas Prices**: Most coal and industrial natural gas prices remained stable, with the exception of Datong Q5500 coal, which decreased by 5 yuan/ton (-0.86%) to 577.5 yuan/ton [1]. b. Profit Situation - **Methanol Production Profits**: Coal - based methanol profit remained at 373.7 yuan/ton, and natural - gas - based methanol profit remained at - 422 yuan/ton. The profit of Northwest MTO remained at 102 yuan/ton, while the profit of East China MTO increased by 67.5 yuan/ton (13.61%) to - 428.57 yuan/ton [1]. - **Downstream Product Profits**: Profits of some downstream products changed. For example, the profit of acetic acid increased by 13.75 yuan/ton (5.93%) to 245.57 yuan/ton, and the profit of MTBE increased by 30 yuan/ton (76.69%) to 69.12 yuan/ton, while the profit of one product decreased by 100 yuan/ton (-33.56%) to 198 yuan/ton [1]. c. Important Information - **Domestic Futures**: The main methanol contract MA2601 oscillated and declined, opening at 2421 yuan/ton and closing at 2405 yuan/ton, down 14 yuan/ton. The trading volume was 377,483 lots, and the open interest was 698,146, with reduced volume and increased open interest [1]. - **Foreign Information**: Recent far - month arrivals of cargoes from a Middle - Eastern country were traded at +0.3 - 0.5%. Multiple methanol plants were operating stably, and the later operation dynamics should be monitored [1]. d. Trading Strategy - The previous day, MA oscillated within a range, and the night session rebounded slightly to close at 2429. The Friday - night rebound of methanol was mainly due to the significant strengthening of coking coal boosting the sentiment of the coal - chemical sector on the futures market [1].

Resource Overview - Tongliao City has identified coal reserves of 11 billion tons, natural soda reserves of approximately 2.077 billion tons, and rock salt resources of 1.56 billion tons, providing a solid foundation for the development of the chemical new materials industry [1] - The city produces over 8 billion kilograms of high-quality corn annually, which supports the corn-based biochemistry and biopharmaceutical industries [1] Industrial Development - Tongliao is optimizing its industrial structure by developing new coal chemical, corn biochemistry, and other industrial clusters, with several industrial parks recognized as chemical concentration areas by the Inner Mongolia government [1] - The Zhonghua Chemical (Inner Mongolia) New Materials Co., Ltd. has established a project with an annual production capacity of 300,000 tons of coal-based ethylene glycol, transforming traditional coal chemical perceptions [2][3] Economic Impact - The ethylene glycol project has attracted an investment of 6.414 billion yuan, expected to generate an annual output value exceeding 1.5 billion yuan and create 2,000 jobs [3] - The local government has invested approximately 2.1 billion yuan in infrastructure to support the project, revitalizing previously idle facilities [3] Corn Biochemical Industry - Tongliao's corn production accounts for 28.8% of Inner Mongolia's total and 3.05% of the national total, with a focus on developing a complete corn biopharmaceutical industry chain [4][5] - The Kaidu Biopharmaceutical Development Zone aims to become the largest corn fermentation base in the country, with 106 enterprises established, producing over 350 million tons of processed corn annually [5] Renewable Energy Integration - Tongliao has a total installed capacity of 14.1 million kilowatts of renewable energy, accounting for 59.68% of the city's total power capacity, facilitating the green transformation of the chemical industry [6][7] - The city is developing integrated projects that couple renewable energy with chemical production to reduce carbon emissions and support the "dual carbon" goals [7] Specialty Industries - The city is focusing on developing specialty industries, including salt and soda chemical industries, leveraging its abundant natural resources [8][9] - The Naiman Banner has over 2 billion tons of identified natural soda resources, which are expected to attract downstream industries and enhance the overall competitiveness of the chemical sector [9]