证券代码：600618 900908 证券简称：氯碱化工 氯碱 B 股 公告编号：临 2025-018 上海氯碱化工股份有限公司 该议案已经审计委员会审议通过。 （具体内容详见公司在上海证券交易所网站 http://www.sse.com.cn 披露的 和《香港商报》披露的 2025 年半年度报告摘要） 二、审议通过《关于对上海华谊集团财务有限责任公司的风险评估报告》 公司已按照《上海证券交易所上市公司自律监管指引第 5 号——交易与关 联交易》的要求，通过查验上海华谊集团财务有限责任公司（以下简称"华谊 财务公司"）《金融许可证》《营业执照》等证件资料，并审阅了 2025 年上半 年华谊财务公司包括资产负债表、利润表等在内的定期财务报告（未经审计）， 对华谊财务公司的经营资质、业务和风险状况进行了评估，编制了《上海氯碱 化工股份有限公司关于对上海华谊集团财务有限责任公司的风险评估报告》。 第十一届董事会第十九次会议决议公告 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。 上海氯碱化工股份有限公司（以下简称"公司"）董事会于 ...

沈阳化工股份有限公司 2025 年半年度财务报告 沈阳化工股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是?否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 编制单位：沈阳化工股份有限公司 单位：元 项目 期末余额 期初余额 流动资产： 货币资金 916,473,042.73 847,751,407.06 结算备付金 拆出资金 交易性金融资产 衍生金融资产 应收票据 应收账款 192,324,419.15 139,547,125.23 应收款项融资 632,400,218.18 479,504,786.46 预付款项 145,125,852.97 47,138,521.16 应收保费 应收分保账款 应收分保合同准备金 其他应收款 135,997,757.74 162,273,079.95 其中：应收利息 9,814,666.47 36,077,999.48 应收股利 买入返售金融资产 存货 312,356,546.22 273,823,409.19 其中：数据资源 合同资产 持有待售资产 一年内到期的非流动资产 其他流动资产 28,949,850. ...

沈阳化工股份有限公司 2025 年半年度报告全文 沈阳化工股份有限公司 沈阳化工股份有限公司 2025 年半年度报告全文 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人陈蜀康、主管会计工作负责人孙红云及会计机构负责人(会计 主管人员)梁一墨声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者 的实质承诺，敬请投资者注意投资风险 敬请投资者查阅本报告"第三节管理层讨论与分析"中"十、公司面临 的风险和应对措施"部分，描述了公司未来经营可能面临的主要风险，敬请 广大投资者注意风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 文 沈阳化工股份有限公司 2025 年半年度报告全文 （一）载有公司负责人、主管会计工作负责人、会计机构负责人（会计主管人员）签名并盖章的财务报表。 （二）报告期内公开披露过的所有公司文件的正本及公告的原稿。 （三）上述文件的原件均在公司董事会办公室备置，供中国证 ...

AI制图 星标 ★ IPO日报 精彩文章第一时间推送 8月19日晚间，浙江镇洋发展股份有限公司（以下简称"镇洋发展"，603213.SH)发布公告称，公司接到控股股东浙江省交通投资集团有限公 司《关于筹划重大资产重组事项的通知》，其拟筹划浙江沪杭甬高速公路股份有限公司（以下简称"浙江沪杭甬"，00576.HK）和镇洋发展 进行重大资产重组。 公告显示，此次交易方案具体是由浙江沪杭甬向镇洋发展全体股东发行A股股票，通过换股方式吸收合并镇洋发展。 因筹划重大资产重组，镇洋发展A股股票、可转债以及可转债转股于8月20日起停牌，预计停牌时间不超过10个交易日。 值得一提的是，上述消息发布的当日，8月19日，镇洋发展股价提前涨停，最新市值约68亿元。 "A+H"两地上市 资料显示，浙江沪杭甬是一家主要从事建设、经营、维修及管理高等级公路的投资控股公司，旗下主要资产包括沪杭甬高速公路、上三高速公 路、甬金高速公路金华段等九条高速公路。浙江沪杭甬是浙江省交通投资集团有限公司的控股子公司，目前在港交所挂牌上市。 而镇洋发展是一家化工企业，主要从事氯碱相关产品的研发、生产与销售，同样也是浙江省交通投资集团有限公司控股子公司，2 ...

Group 1 - Zhejiang Zhenyang Development Co., Ltd. (603213.SH) announced a major asset restructuring plan with Zhejiang Huhangning Expressway Co., Ltd. (00576.HK) [1] - The restructuring involves Zhejiang Huhangning issuing A-shares to all shareholders of Zhenyang Development in a share swap to absorb and merge the company [1] - Zhenyang Development's stock, convertible bonds, and convertible bond conversion will be suspended from trading starting August 20, with an expected suspension period of no more than 10 trading days [2] Group 2 - On the day of the announcement, Zhenyang Development's stock price hit the daily limit, with a market capitalization of approximately 6.8 billion yuan [3] - Zhenyang Development has seen a continuous decline in net profit since its listing, with projected revenue of 2.899 billion yuan in 2024, a year-on-year increase of 37.10%, but a net profit decrease of 23.21% to 191 million yuan [5][6] - In contrast, Zhejiang Huhangning has maintained stable net profits over the past few years, reporting 5.302 billion yuan in 2024 [7] Group 3 - The merger is expected to significantly improve the performance of the listed company, and Zhejiang Huhangning will achieve dual listing in both A and H shares [8] - The number of absorption mergers among listed companies has been increasing in recent years, indicating a trend in the market [9] - Recent amendments to the "Reorganization Measures" by the China Securities Regulatory Commission support mergers and acquisitions among listed companies [10][11]

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Views - The chemical sector is experiencing a recovery in both prices and demand, benefiting leading companies with significant scale advantages and cost efficiencies [8] - The domestic tire industry shows strong competitiveness, with scarce growth targets worth attention [3] - The consumption electronics sector is expected to gradually recover, with upstream material companies likely to benefit [4] - The phosphorous chemical sector is tightening due to environmental policies and increasing demand from the new energy sector [5] - The vitamin market is facing supply disruptions, particularly for Vitamin A and E, due to BASF's force majeure [8] Summary by Sections Market Overview - The Shanghai Composite Index rose by 1.7%, the ChiNext Index increased by 8.58%, and the CSI 300 Index went up by 2.37% [14] - The CITIC Basic Chemical Index increased by 3.16%, while the Shenwan Chemical Index rose by 2.46% [15] Key Industry Dynamics - Covestro has cut its TDI supply to the Chinese market by 15%, exacerbating supply tightness [3] - Hengli Petrochemical's subsidiaries are merging to optimize management and improve operational efficiency [3] Investment Themes - **Tire Sector**: Domestic companies are becoming increasingly competitive, with recommended stocks including Sailun Tire, Senqcia, General Motors, and Linglong Tire [3] - **Consumer Electronics**: Recovery in demand is anticipated, with a focus on upstream material companies like Dongcai Technology and Stik [4] - **Phosphorous Chemicals**: Supply constraints due to environmental regulations and rising demand from new energy sectors suggest a tightening market [5] - **Fluorine Chemicals**: The reduction of production quotas for second-generation refrigerants supports stable profitability [5] - **Textile Sector**: Polyester filament inventory depletion is expected to benefit companies like Tongkun and New Fengming [5] Sub-industry Performance - The polyurethane sector is seeing stable prices for pure MDI and a slight decline for polymer MDI [27][32] - The tire industry shows a mixed performance with full steel tire production increasing while semi-steel tire production is declining [47][50] - The pesticide market is experiencing price fluctuations, with glyphosate prices rising slightly [52] Price Trends - The average price of urea is reported at 1762.6 RMB/ton, showing a decrease of 1.74% [60] - The price of phosphoric acid remains stable, with diammonium phosphate at 3999.38 RMB/ton [64] - The price of vitamins A and E remains unchanged at 64 RMB/kg and 67.5 RMB/kg respectively [76][77]

Group 1 - The stock price of Juhua Co., Ltd. closed at 28.64 yuan on August 14, 2025, down 1.31% from the previous trading day, with a trading volume of 833 million yuan and a turnover rate of 1.07% [1] - Juhua Co., Ltd. is a significant supplier of basic chemical raw materials in China, with its main business covering fluorine chemicals and chlor-alkali chemicals, and its products widely used in refrigerants and new materials [1] - The company announced that the total external guarantee balance for itself and its subsidiaries is 651.40 million yuan, which accounts for 3.39% of the net assets as of the end of 2024, with no overdue guarantees [1] Group 2 - On August 14, the net outflow of main funds was 154.86 million yuan, with a cumulative net outflow of 132.95 million yuan over the past five days [2]

1. Report Industry Investment Rating - PVC: Unilateral - Neutral; V09 - 01 Inter - period Reverse Spread [4] - Caustic Soda: Unilateral - Wait - and - See [4] 2. Core View of the Report - PVC: Affected by macro - sentiment, the PVC market has fluctuated upwards, but the fundamentals remain weak. Supply is increasing while demand is weak, and inventory is expected to continue to accumulate, with cost support remaining weak [3] - Caustic Soda: Supply is at a high level, and although there may be a slight decline later, demand has some rigid support. The cost support is strong, and the chlor - alkali profit is moderately high compared to the same period [3] 3. Summary by Relevant Catalogs Market News and Important Data PVC - Futures Price and Basis: The closing price of the PVC main contract is 5047 yuan/ton (+37), the East China basis is - 167 yuan/ton (-17), and the South China basis is - 107 yuan/ton (+3) [1] - Spot Price: The East China calcium carbide method is quoted at 4880 yuan/ton (+20), and the South China calcium carbide method is quoted at 4940 yuan/ton (+40) [1] - Upstream Production Profit: The blue charcoal price is 595 yuan/ton (+0), the calcium carbide price is 2780 yuan/ton (+0), the calcium carbide profit is 14 yuan/ton (+0), the PVC calcium carbide method production gross profit is - 252 yuan/ton (-231), the PVC ethylene method production gross profit is - 489 yuan/ton (-10), and the PVC export profit is 9.0 dollars/ton (+0.2) [1] - PVC Inventory and Operation: The in - factory inventory is 33.7 tons (-0.8), the social inventory is 48.1 tons (+3.3), the calcium carbide method operation rate is 77.83% (+3.41%), the ethylene method operation rate is 77.55% (+7.31%), and the overall operation rate is 77.75% (+4.49%) [1] - Downstream Order Situation: The pre - sales volume of production enterprises is 83.2 tons (-2.2) [1] Caustic Soda - Futures Price and Basis: The closing price of the SH main contract is 2502 yuan/ton (+10), and the basis of 32% liquid caustic soda in Shandong is - 2 yuan/ton (-10) [1] - Spot Price: The price of 32% liquid caustic soda in Shandong is 800 yuan/ton (+0), and the price of 50% liquid caustic soda in Shandong is 1300 yuan/ton (+0) [1] - Upstream Production Profit: The single - variety profit of caustic soda in Shandong is 1509 yuan/ton (+0), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 725.8 yuan/ton (+80.0), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is 503.78 yuan/ton (+20.00), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 1618.15 yuan/ton (+0.00) [2] - Caustic Soda Inventory and Operation: The liquid caustic soda factory inventory is 46.17 tons (+3.75), the flake caustic soda factory inventory is 2.21 tons (+0.10), and the caustic soda operation rate is 85.10% (+1.20%) [2] - Downstream Operation of Caustic Soda: The alumina operation rate is 85.73% (+0.15%), the printing and dyeing operation rate in East China is 59.28% (+0.39%), and the viscose staple fiber operation rate is 84.97% (+0.00%) [2] Market Analysis PVC - Supply: After the previous maintenance, production has resumed, and the overall operation has increased significantly month - on - month. With the gradual mass production of new capacity, PVC production is expected to continue to rise, and the supply pressure is still high [3] - Demand: The operation of downstream products remains at a low level, and enterprises maintain just - in - time procurement. Export orders have decreased month - on - month, and the export performance is still affected by India's PVC import policy and the rainy season [3] - Inventory: Due to the increase in production and weak demand, the PVC social inventory is expected to continue to accumulate, and the absolute value of inventory is relatively high [3] - Cost: The calcium carbide price is weak, and ethylene is mainly stable. The cost support for PVC is still weak [3] Caustic Soda - Supply: The upstream operation has increased month - on - month to a high level in the same period. Although some enterprises have reduced their production, and Yantai Wanhua is planning maintenance, the operation may decline slightly later. Attention should be paid to the operation in Shandong from late August to September [3] - Demand: The alumina profit is acceptable, and the operation continues to rise. The delivery volume to the main downstream has increased month - on - month, with short - term rigid demand support. The non - aluminum operation has not changed much and remains weak in the off - season. Attention should be paid to the restocking rhythm of downstream products during the peak season and the production start - up rhythm of alumina in Guangxi [3] - Cost: The liquid chlorine price has rebounded but is still at a low level, and the cost support for caustic soda is strong. The chlor - alkali profit is moderately high compared to the same period [3] Strategy PVC - Unilateral: Neutral - Inter - period: V09 - 01 Inter - period Reverse Spread - Cross - variety: None [4] Caustic Soda - Unilateral: Wait - and - See - Inter - period: None - Cross - variety: None [4]

Report Summary 1) Report Industry Investment Rating The provided content does not mention the industry investment rating. 2) Core Viewpoints The report presents the top ten convertible bonds for August 2025, including their ratings, closing prices at the end of July, conversion premium rates, and P/E ratios of the underlying stocks. It also provides an overview of each issuing company, including business scope, financial performance, and key points [14][29]. 3) Summary by Company Zhongte Convertible Bond (AAA) - Company is a global leader in specialty steel manufacturing with a production capacity of about 20 million tons. It has a complete industrial chain and coastal - river production bases [14][15]. - In 2024, revenue was 109.203 billion yuan (down 4.22% year - on - year), and net profit was 5.126 billion yuan (down 10.41% year - on - year). In Q1 2025, revenue was 26.84 billion yuan (down 5.59% year - on - year), and net profit was 1.384 billion yuan (up 1.76% year - on - year) [14]. - Key points: It is one of the companies with the most complete product specifications in the global special steel industry, has leading cost - control capabilities, and has opportunities for external expansion [15]. Shanlu Convertible Bond (AAA) - Company focuses on road and bridge construction and maintenance, and has expanded into other fields. It has a comprehensive business and management system [29]. - In 2024, revenue was 71.348 billion yuan (down 2.3% year - on - year), and net profit was 2.322 billion yuan (up 1.47% year - on - year). In Q1 2025, revenue was 9.764 billion yuan (up 1.95% year - on - year), and net profit was 249 million yuan (up 1.89% year - on - year) [29]. - Key points: It has the concept of "China - specific valuation" due to state - owned control, has potential for improvement in its balance sheet and order volume, can benefit from infrastructure construction in Shandong Province, and is exploring the Belt and Road Initiative markets [30]. Hebang Convertible Bond (AA) - Company has advantages in resource reserves and has diversified into the chemical, agricultural, and photovoltaic industries, with a four - sector business layout [42]. - In 2024, revenue was 8.547 billion yuan (down 3.13% year - on - year), and net profit was 31 million yuan (down 97.55% year - on - year). In Q1 2025, revenue was 1.726 billion yuan (down 13.68% year - on - year), and net profit was 13 million yuan (down 57.99% year - on - year) [42]. - Key points: Its phosphate mines and salt mines are profitable, and its liquid methionine production is a major profit contributor [43]. Aima Convertible Bond (AA) - Company is a leading enterprise in the electric two - wheeler industry, with self - developed products sold through dealers [59]. - In 2024, revenue was 21.606 billion yuan (up 2.71% year - on - year), and net profit was 1.988 billion yuan (up 5.68% year - on - year). In Q1 2025, revenue was 6.232 billion yuan (up 25.82% year - on - year), and net profit was 605 million yuan (up 25.12% year - on - year) [59]. - Key points: The "trade - in" subsidy may continue, the implementation of the new national standard may bring policy dividends, and there is room for improvement in gross margin [60]. Xingye Convertible Bond (AAA) - Company is one of the first joint - stock commercial banks in China and has evolved into a modern financial service group [73]. - In 2024, revenue was 212.226 billion yuan (up 0.66% year - on - year), and net profit was 77.205 billion yuan (up 0.12% year - on - year). In Q1 2025, revenue was 55.683 billion yuan (down 3.58% year - on - year), and net profit was 23.796 billion yuan (down 2.22% year - on - year) [73]. - Key points: Net interest income is growing steadily, asset quality is stable, and the company's scale and customer base are expanding [74]. Youfa Convertible Bond (AA) - Company is the largest welded steel pipe enterprise in China, with a wide range of products used in multiple fields [87]. - In 2024, revenue was 54.822 billion yuan (down 10.01% year - on - year), and net profit was 425 million yuan (down 25.46% year - on - year). In Q1 2025, revenue was 11.402 billion yuan (up 6.06% year - on - year), and net profit was 133 million yuan (up 9680.17% year - on - year) [87]. - Key points: It has a national layout, is expanding overseas, and maintains a high dividend rate [88]. Chongyin Convertible Bond (AAA) - Company is a local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [102]. - In 2024, revenue was 13.679 billion yuan (up 3.54% year - on - year), and net profit was 5.117 billion yuan (up 3.8% year - on - year). In Q1 2025, revenue was 3.581 billion yuan (up 5.3% year - on - year), and net profit was 1.624 billion yuan (up 5.33% year - on - year) [102]. - Key points: It can benefit from the development of the Chengdu - Chongqing economic circle, its asset scale is growing, and it is actively marketing key industries [103]. Tianye Convertible Bond (AA+) - Company is a leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [116]. - In 2024, revenue was 11.156 billion yuan (down 2.7% year - on - year), and net profit was 68 million yuan (up 108.83% year - on - year). In Q1 2025, revenue was 2.417 billion yuan (up 8.17% year - on - year), and net profit was - 17 million yuan (up 89.97% year - on - year) [116]. - Key points: The cost of caustic soda production is relatively fixed, and the company plans to increase dividend frequency and has coal mine projects in progress [117]. Huayuan Convertible Bond (AA -) - Company focuses on building a complete vitamin D3 industrial chain and has expanded into other vitamin products [131]. - In 2024, revenue was 1.243 billion yuan (up 13.58% year - on - year), and net profit was 309 million yuan (up 60.76% year - on - year). In Q1 2025, revenue was 326 million yuan (down 1.18% year - on - year), and net profit was 97 million yuan (up 5.5% year - on - year) [131]. - Key points: Its NF - grade cholesterol and 25 - hydroxyvitamin D3 products are industry leaders, and it is expanding its product portfolio and has achievements in the pharmaceutical field [132]. Yushui Convertible Bond (AAA) - Company is the largest water supply and drainage enterprise in Chongqing, with a monopoly position in the local market [147]. - In 2024, revenue was 6.999 billion yuan (down 3.52% year - on - year), and net profit was 785 million yuan (down 27.88% year - on - year). In Q1 2025, revenue was 1.652 billion yuan (up 8.66% year - on - year), and net profit was 237 million yuan (up 28.91% year - on - year) [147]. - Key points: It has a high market share, is expanding its business outside Chongqing, and has achieved cost control through intelligent applications [148].

Core Points - The company aims to become a world-class comprehensive solution provider in the chlor-alkali chemical new materials industry, focusing on sustainable development and innovation [4][5] - The registered capital of the company is RMB 819,514,395 [3][21] - The company operates under a governance structure that emphasizes the importance of party leadership and compliance with relevant laws [2][4] Company Structure - The company is established as a joint-stock limited company in accordance with the Company Law of the People's Republic of China [2][3] - The company has a legal representative, either the chairman or the general manager, who is responsible for civil activities conducted in the company's name [3][4] - The company has a board of directors and senior management, which includes the general manager, deputy general managers, financial supervisor, and board secretary [4][5] Business Scope - The company’s business scope includes the production and storage of hazardous chemicals, manufacturing of chemical products, and various technical services [4][5] - The company is committed to upgrading from a single product focus to a comprehensive solution provider, emphasizing digitalization and intelligent operations [4][5] Share Structure - The company has issued a total of 819,514,395 shares, all of which are ordinary shares [21] - The company’s shares are subject to regulations regarding transfer and ownership, ensuring equal rights among shareholders [21][30] Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends, participate in shareholder meetings, and access company documents [12][34] - Shareholders are obligated to comply with laws and the company’s articles of association, and they cannot withdraw their capital except as legally permitted [41][42] Governance and Decision-Making - The company’s governance structure includes provisions for shareholder meetings, decision-making processes, and the responsibilities of the board of directors [19][22] - Major decisions, such as capital increases or significant asset transactions, require approval from the shareholders [19][33] Compliance and Legal Framework - The company adheres to the Company Law, Securities Law, and other relevant regulations to ensure lawful operations [2][4] - The articles of association serve as a binding document for the company, shareholders, and management, outlining rights and obligations [11][12]