尚纬股份有限公司（以下简称"公司"）于 2025 年 7 月 16 日召开第六届董 事会第二次会议，审议通过了《关于公司 2025 年度向特定对象发行股票方案的 议案》《关于提请股东会批准认购对象免于发出收购要约的议案》等相关议案。 证券代码：603333 证券简称：尚纬股份 公告编号：临 2025-047 尚纬股份有限公司 关于提请股东会批准认购对象 免于发出收购要约的公告 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个别及连带 责任。 因此，公司董事会审议通过了《关于提请股东会批准认购对象免于发出收购 要约的议案》，本议案尚需提交股东会审议，待公司股东会非关联股东批准福华 化学免于发出收购要约后，福华化学在本次发行中取得公司向其发行新股的行为 符合《上市公司收购管理办法》第六十三条规定的免于要约收购条件。 若中国证券监督管理委员会、上海证券交易所对于免于要约收购、限售期的 相关政策有不同安排或变化的，则按照中国证券监督管理委员会、上海证券交易 所的最新政策安排或变化执行。 特此公告。 尚纬股份有限公司董事会 二〇二五年七月十七日 ...

1. Report Industry Investment Rating - The report recommends a strategy of shorting on rallies for PVC [1] 2. Core View of the Report - PVC is expected to experience a downward trend in the short - term and remain in a low - level oscillation. The supply - side pressure exists due to upcoming new capacity and limited further decline in the operating rate. The demand side is weak as the real - estate market is still in the adjustment phase, and export is restricted by policies and seasons. The high - price spot transactions are difficult, and the inventory pressure is large [1] 3. Summary According to Relevant Catalogs Strategy Analysis - The strategy is to short on rallies. The upstream calcium carbide price is stable. The PVC operating rate has decreased by 0.47 percentage points to 76.97%, and it is at a neutral level in recent years. The downstream operating rate is low, and procurement is cautious. The BIS policy in India is extended, and the anti - dumping policy may limit exports. The social inventory has increased, and the real - estate market is still in adjustment. Although the PVC maintenance is increasing in July, the operating rate is expected to have limited room for further decline, and new capacity is about to be put into production. Before the demand is substantially improved, PVC faces great pressure [1] Futures and Spot Market Conditions - In the futures market, the PVC2509 contract decreased by 1.14% to close at 4934 yuan/ton, with an increase of 22748 hands in open interest to 982527 hands. The lowest price was 4922 yuan/ton, and the highest was 4978 yuan/ton, staying above the 20 - day moving average [2] Basis - On July 16, the mainstream price of calcium carbide - based PVC in East China dropped to 4785 yuan/ton. The futures closing price of the V2509 contract was 4934 yuan/ton. The basis was - 149 yuan/ton, strengthening by 16 yuan/ton and at a relatively low level [3] Fundamental Tracking - On the supply side, the PVC operating rate decreased by 0.47 percentage points to 76.97% due to the maintenance of some devices. New capacity of 250,000 tons/year has been put into production in 2025, and about 110,000 tons/year is expected to be put into production in July. On the demand side, from January to June 2025, the real - estate investment, new construction, and completion areas all decreased significantly year - on - year. The investment and sales growth rates further declined. The 30 - city commercial housing transaction area decreased by 37.32% week - on - week and remained at the lowest level in recent years. In terms of inventory, as of the week of July 10, the PVC social inventory increased by 5.37% to 623,600 tons, 34.15% lower than the same period last year, but still at a relatively high level [4][5]

Core Viewpoint - The company forecasts a net profit attributable to shareholders of 2.7-3.15 billion yuan for the first half of 2025, representing a year-on-year growth of 31.32%-53.2% [1] - The company expects a net profit of 2.852-3.302 billion yuan after deducting non-recurring items, with a year-on-year increase of 27.65%-47.79% [1] Financial Performance - For Q2 2025, the company anticipates a net profit of 1.13-1.58 billion yuan, showing a year-on-year growth of 9%-53% but a quarter-on-quarter decline of 28%-1% [1] - The expected net profit after deducting non-recurring items for Q2 2025 is 1.16-1.61 billion yuan, with a year-on-year change of -1%-37% and a quarter-on-quarter decrease of 5%-31% [1] - The decline in Q2 2025 performance is attributed to falling oil prices leading to narrowed product price spreads and increased costs from PDH unit maintenance [1] Product Price Spreads - The calculated price spreads for Q2 2025 are 567 USD/ton for ethane-ethylene, 823 RMB/ton for styrene, and 393 RMB/ton for ethylene glycol, with changes of -43 USD/ton, +499 RMB/ton, and +126 RMB/ton respectively [2] - Despite some tariff disruptions on ethane imports, the overall impact is limited, and the supply-demand balance for ethane remains loose, suggesting continued low prices and improved profitability for ethylene production [2] - The decline in oil prices has led to a narrowing of C3 product price spreads, with calculated spreads for propane to propylene, acrylic acid, and butyl acrylate being 68 USD/ton, 2038 RMB/ton, and 2509 RMB/ton respectively, reflecting decreases of -35 USD/ton, -357 RMB/ton, and -718 RMB/ton [2] Project Development - The progress of new material projects has slowed due to Sino-U.S. trade impacts, with planned capacities for 2025 including 40,000 tons of EAA, 160,000 tons of high polymer emulsion, 150,000 tons of SAP, 80,000 tons of neopentyl glycol, and 100,000 tons of refined propylene acid [3] - The company's future growth is primarily dependent on the α-olefin comprehensive utilization high-end new material industrial park project, with the third phase expected to be completed in the second half of 2026 and gradually contribute to performance from 2026 to 2027 [3] - The fourth phase of the project has been delayed due to Sino-U.S. trade issues [3] Investment Analysis - The company maintains its profit forecast for 2025 but has lowered the profit predictions for 2026-2027 to 7.7 billion and 9.4 billion yuan, respectively, from previous estimates of 9.2 billion and 11.5 billion yuan [3] - The corresponding PE valuations are adjusted to 9X, 8X, and 6X for the years 2025, 2026, and 2027 [3] - The company remains optimistic about the growth potential of the C2 segment and the recovery of the C3 segment, maintaining a "buy" rating [3]

上一交易日，PTA现货市场商谈氛围较昨日好转，个别聚酯工厂有递盘，现货基差企稳。7月货主流在 09+8~10商谈成交，个别略低，价格商谈区间在4680~4750附近，夜盘价格偏高端。8月少量在09+8~10 有成交。主流现货基差在09+9。 （7月16日）全国PTA价格一 览表 | 规格 | 品牌/产 | 报价 | 报价类 | 交货地 | 交易商 | | --- | --- | --- | --- | --- | --- | | | 地 | | 型 | | | | 等级:优等品 | 扬子石 | 5070元/ | 市场价 | 江苏省/南通 | 南通众合化工新材料有限公司 | | | 化 | 吨 | | 市 | VIP | | 等级:优等品 | 逸盛大 | 5300元/ | 市场价 | 湖北省 | 武汉市恒久化工有限公司VIP | | | 化 | 吨 | | | | | 等级:优等品 | 逸盛大 | 5000元/ | 市场价 | 山东省 | 济南澳辰化工有限公司 | | | 化 | 吨 | | | | | 等级:优等品 | 逸盛大 | 5000元/ | 市场价 | 山东省/潍坊 | 淄博德合化工有限公司 | | ...

Group 1 - The ethylene glycol industry is focusing on technological innovation and catalyst breakthroughs as key factors for high-quality development [1] - Experts emphasize the importance of green technology innovation and clean production processes, including carbon capture and utilization [1] - The downstream extension of the ethylene glycol industry chain is significant, with potential for producing various valuable products from dimethyl oxalate [1] Group 2 - The synthesis gas to ethylene glycol process is currently in a phase of "scale expansion and technological deepening," with large-scale facilities becoming mainstream [2] - Proprietary technology developed by Zhongke Yuandong has been applied in several large-scale ethylene glycol plants, ensuring high catalytic activity and extending catalyst lifespan [2] - Hualu Hengsheng has successfully built a 500,000 tons/year ethylene glycol facility using this technology, achieving stable operation and high product quality [2]

Mergers and Acquisitions - Sinochem International plans to acquire 100% equity of Nantong Xingchen Synthetic Material Co., Ltd. from China BlueStar (Group) Co., Ltd. The transaction is not expected to constitute a major asset restructuring as per the regulations and will not lead to a change in the actual controller of the company [1] - *ST Weier intends to pay cash of 546 million yuan to purchase 51% of the shares of Shanghai Zijiang New Material Technology Co., Ltd., which amounts to 30,298,300 shares [2] Earnings Forecast - China Galaxy expects a net profit attributable to shareholders of approximately 6.362 billion to 6.801 billion yuan for the first half of 2025, representing a year-on-year growth of 45% to 55% compared to 4.388 billion yuan in the same period last year [3] - Haineng Industrial anticipates a net profit attributable to shareholders of 64 million to 74 million yuan for the first half of 2025, with a year-on-year growth of 92% to 122%, and expects revenue of 1.507 billion yuan, a 60.64% increase from the previous year [4] - Daoshi Technology forecasts a net profit of 220 million to 238 million yuan for the first half of 2025, indicating a year-on-year growth of 98.77% to 115.03% [5] Shareholding Changes - Sanwei Tiandi announced that shareholders plan to reduce their holdings by up to 4.07% of the company's shares, with a total of 2,320,500 shares representing 3.00% of the total share capital [6] - Hangzhou Bank disclosed that China Life intends to reduce its holdings by no more than 0.70% of the company's shares, equating to 50,789,400 shares [7] - Founder Technology reported that its shareholder New Founder Holdings plans to reduce its holdings by up to 2.27% of the company's shares, which is 9,451,000 shares [8]

Group 1 - The Mexican Ministry of Economy announced the initiation of the sixth sunset review investigation for anti-dumping on liquid caustic soda originating from the United States, with the investigation period from April 1, 2024, to March 31, 2025, and the damage investigation period from April 1, 2020, to March 31, 2025 [1] - The current anti-dumping duties remain effective during the investigation period, and interested parties have 28 working days from the announcement date to register their responses and submit comments and evidence [1] Group 2 - Mexico initiated the anti-dumping investigation on liquid caustic soda from the United States on November 8, 1993, and issued a final ruling on July 12, 1995, imposing anti-dumping duties on products priced below the minimum price of $147.43 per metric ton, with a maximum duty of $38.89 per metric ton, corresponding to a dumping margin of 35.83% [2] - Mexico has conducted three subsequent sunset reviews, with the third review on January 3, 2012, extending the anti-dumping measures for another five years, setting a new minimum price of $288.71 per metric ton and a maximum duty of 54.79% [2] - The fourth and fifth sunset reviews were completed on July 29, 2016, and July 27, 2021, respectively, with the latter maintaining the measures established in the third review, effective from July 13, 2020, for another five years [2] Group 3 - On December 3, 2021, Mexico initiated a period review investigation for anti-dumping on liquid caustic soda from the United States, with a preliminary ruling on August 18, 2022, maintaining the minimum price of $288.71 per metric ton and imposing anti-dumping duties not exceeding 54.79% on products priced below this threshold [3] - On May 29, 2025, the Mexican Ministry of Economy announced a final ruling to adjust the anti-dumping measures from a minimum price system to a direct anti-dumping tax of $195 per metric ton on 100% concentration liquid caustic soda, effective from July 27, 2021 [3]

Core Viewpoint - The company is increasing the guarantee limits for its subsidiaries to ensure stable operations and meet funding needs for 2025, with specific amounts allocated for each subsidiary [1][4]. Summary by Sections 1. Guarantee Details - The company will provide a guarantee of up to 900 million yuan for its wholly-owned subsidiary, Zhongyan Inner Mongolia Sodium Industry Co., Ltd., with an increase of 800 million yuan [1]. - For its controlling subsidiary, Zhongyan Jilantai Chlor-Alkali Chemical Co., Ltd., the guarantee will be up to 2.7 billion yuan, with an increase of 1.5 billion yuan [1]. 2. Cumulative Guarantee Situation - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to 1,104.39 million yuan, which is 8.38% of the company's latest audited net assets [4]. 3. Internal Decision Process - The board of directors unanimously approved the increase in guarantee limits, which will require shareholder meeting approval [1][4]. 4. Financial Health of Guaranteed Subsidiaries - Zhongyan Inner Mongolia Sodium Industry Co., Ltd. has a debt-to-asset ratio of 42.59%, while Zhongyan Jilantai Chlor-Alkali Chemical Co., Ltd. has a debt-to-asset ratio of 26.75% [2][3]. 5. Necessity and Reasonableness of Guarantees - The increase in guarantee limits is based on the financial status and operational needs of the subsidiaries, ensuring it aligns with the company's overall interests and is within controllable risk limits [4]. 6. Board Opinion - The board believes that the increase in guarantee limits will support the stable operation of subsidiaries and meet their funding needs without introducing uncontrollable risks [4].

Core Points - The company reported a decrease in operating income by 5.76% compared to the previous year, amounting to 5,997,720,819.24 CNY [1] - The total profit decreased significantly by 82.45%, resulting in a profit of 114,439,662.17 CNY [1] - The net profit attributable to shareholders decreased by 90.27%, with a net profit of 40,505,377.90 CNY after deducting non-recurring gains and losses [1] Financial Summary - Total assets increased by 7.43% from the previous year, reaching 20,138,793,254.11 CNY [1] - The net assets attributable to shareholders of the listed company were not specified in the provided data [1] - The cash flow from operating activities was not detailed in the report [1] Shareholder Information - The largest shareholder, China Salt Jilantai Salt Chemical Group Co., Ltd., holds 45.68% of the company's shares, establishing a controlling relationship [3] - The report lists several major shareholders, including domestic and foreign entities, with varying percentages of ownership [3] Significant Events - The company plans to acquire 100% ownership of its subsidiary, China Petroleum Salt (Inner Mongolia) Soda Industry Co., Ltd., following a capital reduction by the other shareholder [5] - The subsidiary successfully obtained mining rights for natural soda at a cost of 6.80886 billion CNY, which will enhance the company's resource base [5]

Group 1 - The company expects a net profit attributable to shareholders for the first half of 2025 to be between -5.1 million and -3.5 million yuan, representing a decrease of 45.42 million to 47.02 million yuan compared to the same period last year, a year-on-year decline of 108.35% to 112.16% [1][2] - The company anticipates a net profit attributable to shareholders after deducting non-recurring gains and losses to be between -39 million and -29 million yuan, which is a decrease of 51.50 million to 61.50 million yuan compared to the same period last year, a year-on-year decline of 228.87% to 273.31% [1][2] - The main reasons for the performance decline include a decrease in product prices compared to the previous year, a decline in operating income, and an increase in asset impairment, particularly related to inventory write-downs [2] Group 2 - The previous year's net profit attributable to shareholders for the first half of 2024 was approximately 41.92 million yuan, with a basic earnings per share of 0.13 yuan [2] - The company has experienced an increase in expenses compared to the previous year, which has also negatively impacted net profit [2] - The company is focusing on upgrading the operational capabilities of its subsidiaries to enhance overall operational efficiency and strengthen sustainable development [2]