湖北宜化化工股份有限公司投资者关系活动记录表 编号：2025-009 | 特定对象调研 | □分析师会议 | ☑ | 投 | 资 | 者 | 关 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | □媒体采访 | □业绩说明会 | 系 | 活 | 动 | 类 | □新闻发布会 | □路演活动 | | | | 别 | □现场参观 | | | | | | | | | | □其他 | 天风证券、君和资本、阳光资产、华商基金、鹏华基金、东方证券 | | | | | | | | | | 活 | 动 | 参 | 与 | 公司董事、董事会秘书 | 王凤琴 | 人员 | | | | | 公司规划发展部 | 于多光 | 公司证券部 | 胡志翔 | | | | | | | | 时间 | 年 | 月 | 日 | 2025 | 11 | 21 | 地点 | 宜昌 | | | 现场交流 | 形式 | 1.公司"十五五"发展规划能给大家描述一下吗？ | | | | | | | | | 答："十五五"期间，宜化立足矿产资源禀赋，聚焦宜昌、新 | 疆 ...

长江商报消息湖北宜化（000422）(000422.SZ)控股股东增持计划完成。 11月18日晚间，湖北宜化发布公告，2025年5月19日至2025年11月18日期间，公司控股股东宜化集团使 用自有资金通过深交所交易系统以集中竞价方式累计增持公司股份约1602万股，占目前公司总股本的 1.47%，增持股份金额约为2.11亿元，相关增持计划已实施完毕。 对于本次增持计划的目的，湖北宜化在公告中指出，系控股股东宜化集团秉持对中国经济长期平稳向好 的坚定信心，积极响应国务院国有资产监督管理委员会有关推动央国企加大增持回购力度、巩固市场信 心的号召，基于对湖北宜化未来持续稳定发展及长期投资价值的认可，为提振资本市场投资者信心，切 实维护湖北宜化股价稳定和广大股东利益，促进湖北宜化高质量发展。 长江商报记者注意到，这已经是宜化集团近两年来第3次增持湖北宜化股份，累计金额已超4亿元。加之 宜化集团此前认购的5亿元定增，湖北宜化已获控股股东超9亿元资金支持。 湖北宜化在日前接受机构调研时表示，本次增持主要系控股股东宜化集团对湖北宜化未来持续稳定发展 及长期投资价值的认可，提振资本市场投资者信心，切实维护湖北宜化股价稳定和广 ...

Core Viewpoint - The Shanghai Stock Exchange has decided to terminate the review of Guizhou Zhongyida Co., Ltd.'s application for a specific issuance of shares, following the company's decision to withdraw its application due to ongoing high debt levels and financial instability [2][2][2] Group 1: Company Actions - On November 7, 2025, the company held board meetings to approve the proposal to terminate the issuance of A-shares to specific investors [2] - On November 11, 2025, the company and its sponsors submitted withdrawal applications to the Shanghai Stock Exchange [2] - The company originally planned to issue up to 68.4039 million shares, raising a total of no more than 210 million yuan, intended for working capital and debt repayment [2][2] Group 2: Financial Health - The company's debt-to-asset ratios for the years 2021 to 2024 were reported at 90.32%, 88.89%, 97.88%, and 93.47%, with a ratio of 89.08% reported at the end of Q3 2025 [2] - The consistently high debt levels indicate significant repayment pressure and potential financial instability for the company [2][2] Group 3: Market Reaction - On November 12, 2025, the company's stock price fell by 5.07%, closing at 12.17 yuan per share [2] - Earlier in 2025, the company's stock price surged from 3.78 yuan per share to a peak of 18.96 yuan per share due to rising prices of its main product, pentaerythritol [2][2]

| A B | | | | | | | --- | --- | --- | --- | --- | --- | | | 股证券代码：600610 股证券代码：900906 | | | | | | | | A B | | | | | | | | 股证券简称：中毅达 股证券简称：中毅达 | | | | | | | | B | 公告编号：2025-055 | | 主要原材料 | 2025 年 1-9 | 月平均 | 2024 年 | 1-9 | 月平均 | 变动比例（%） | | --- | --- | --- | --- | --- | --- | --- | | | 采购价（元/吨） | | 采购价（元/吨） | | | | | 液碱 | 920.83 | | 886.34 | | | 3.89 | | 甲醇 | 2,112.36 | | 2,195.09 | | | -3.77 | | 正丁醛 | 5,655.34 | | 7,104.74 | | | -20.40 | | 玉米 | 2,068.59 | | 2,181.15 | | | -5.16 | | 原煤 | 373.84 | | 406.68 | ...

Group 1 - The company Hubei Yihua (000422.SZ) confirmed that its production capacity for pentamethylol is currently operational in Inner Mongolia, with an annual output of 20,000 tons [2] - The company plans to launch an additional production capacity of 40,000 tons of pentamethylol in the Yichang region by the end of the year [2]

Group 1 - The core viewpoint of the report indicates that Hubei Yihua is one of the leading fertilizer companies in China, with a projected revenue of 4.794 billion yuan in the fertilizer sector for the first half of 2025, reflecting a year-on-year growth of 0.99%, accounting for 39.93% of total revenue [1] - The gross margin for the fertilizer segment has decreased by 7.10 percentage points year-on-year due to structural oversupply in nitrogen and phosphate fertilizers, combined with macroeconomic impacts leading to low prices and weakened profitability [1] - The chemical industry revenue for the first half of 2025 is expected to be 4.331 billion yuan, showing a year-on-year decline of 12.54%, while the gross margin is projected to be 13.89%, an increase of 5.65 percentage points year-on-year [1] Group 2 - The demand for core product PVC in the construction sector has rebounded due to multiple large infrastructure projects, which has improved profitability in the chemical sector [1] - The company has integrated chlor-alkali production to reduce raw material costs, enhancing the profitability of PVC [1] - The revenue from coal products is projected to be 1.43 billion yuan, accounting for 11.92% of total revenue, marking it as a new growth driver for the company [1]

Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Views - The company has experienced a significant quarter-on-quarter revenue increase in Q2 2025, with a 104.22% growth compared to the previous quarter, despite a year-on-year decline of 10.25% [4] - The fertilizer sector is under pressure, while the chemical and coal sectors are emerging as new growth drivers for the company [5] - The company is focusing on green low-carbon initiatives and innovation-driven strategies, particularly in the fields of new energy and materials [9] Summary by Sections Financial Performance - In H1 2025, the company achieved total revenue of 120.05 billion yuan, a year-on-year decrease of 8.98%, and a net profit attributable to shareholders of 3.99 billion yuan, down 43.92% year-on-year [4] - The chemical sector generated revenue of 43.31 billion yuan, a year-on-year decline of 12.54%, but with an improved gross margin of 13.89%, up 5.65 percentage points [5] - The coal segment reported revenue of 1.43 billion yuan, accounting for 11.92% of total revenue, marking it as a new growth area [5] Cost and Cash Flow - The overall expense ratios for sales, management, finance, and R&D remained stable, with slight variations [6] - The net cash flow from operating activities was 1.287 billion yuan, a decrease of 40.35% year-on-year, primarily due to increased cash payments for goods and services [6] Growth Strategy - The company is collaborating with a subsidiary of CATL to establish a 300,000-ton phosphate iron project, aiming to extend its phosphate chemical industry chain into the new energy battery materials sector [9] Profit Forecast - The forecasted net profits for 2025, 2026, and 2027 are 10.68 billion yuan, 12.27 billion yuan, and 13.50 billion yuan respectively, with corresponding P/E ratios of 15.3, 13.3, and 12.1 [10]

Group 1 - The core viewpoint of the article highlights that Hubei Yihua has successfully relocated its phosphate ammonium production capacity to the Tianjiahe Industrial Park, achieving full production capacity in June and August of this year [2] - The company plans to launch the production of caustic soda, sodium bicarbonate, and trimethylolpropane by the end of this year, which will enhance the synergistic advantages of the Tianjiahe Industrial Park [2] - The Xinjiang Yihua coal mine, with an annual capacity of 30 million tons, is characterized by shallow coal deposits, stable geological structures, and favorable resource endowments, which will improve the company's asset structure and profitability upon consolidation [2]

Investment Rating - The report maintains a "Buy" rating for Hubei Yihua, with expected net profits for 2025-2027 at 10.65 billion, 12.18 billion, and 13.09 billion respectively, indicating a year-on-year growth rate of 63.2%, 14.3%, and 7.5% [11] Core Views - Hubei Yihua's Q2 performance showed significant quarter-on-quarter growth, driven by the increase in prices of phosphate fertilizers and other main products [6][7] - The company has successfully completed capacity relocation and upgrades, enhancing its product structure and competitiveness [8][9] - The integration of upstream resources through acquisitions has strengthened the company's cost competitiveness and operational synergy [10] Financial Performance Summary - For H1 2025, Hubei Yihua reported revenue of 120.05 billion, a year-on-year decrease of 8.98%, and a net profit attributable to shareholders of 3.99 billion, down 43.92% year-on-year [5] - Q2 2025 revenue reached 80.59 billion, a year-on-year decline of 10.25% but a quarter-on-quarter increase of 104.22% [5] - The company’s main products, including urea and polyvinyl chloride, faced significant price pressure, while the export price gap for ammonium phosphate widened, which is expected to contribute to performance growth in the second half of 2025 [6] Product Performance - In H1 2025, revenue from phosphate fertilizers, urea, polyvinyl chloride, and other products were 31.30 billion, 16.64 billion, and 22.71 billion respectively, with year-on-year changes of +13.95%, -16.81%, and -22.55% [6] - The average price of diammonium phosphate in Q2 was 3527.51 yuan/ton, reflecting a quarter-on-quarter increase of 3.85% [7] Capacity and Resource Integration - The company has successfully relocated and upgraded its production capacity, with significant projects already in operation, including 200,000 tons of refined phosphoric acid and 650,000 tons of ammonium phosphate [8][9] - Hubei Yihua has expanded its upstream resource integration by acquiring equity in Yichang Xinfatou, enhancing its coal, salt, and limestone resource capabilities [10]

Group 1 - The core viewpoint of the article highlights the recent research conducted by Qianhe Capital on Hubei Yihua, indicating a decline in profitability due to market demand fluctuations [1] - Hubei Yihua reported a revenue of 12.005 billion yuan for the first half of the year, a year-on-year decrease of 8.98%, and a net profit of 399 million yuan, down 43.92% year-on-year [1] - The company is expanding its product scale and market share through measures such as developing international markets and consolidating Xinjiang Yihua as a subsidiary, which has significant coal resources [1] Group 2 - Xinjiang Yihua has a production capacity of 2.16 million tons of urea and 1.65 million tons of ammonium phosphate, contributing to Hubei Yihua's overall capacity [1] - The prices for ammonium phosphate are reported at 800 USD FOB, with a domestic price difference of approximately 1,700 yuan per ton [1] - The expected production launch of the pentose project by the end of the year will see prices around 11,000 yuan per ton for single pentose and approximately 70,000 yuan per ton for double pentose [1]