调研纪要：报告期内，湖北宜化受市场需求波动影响，主导产品盈利能力减弱，上半年实现营业收入 120.05亿元，同比减少8.98%，净利润3.99亿元，同比减少43.92%。公司通过统筹开拓国际市场、完成 新疆宜化并表等措施，扩大产品规模，提升市场占有率。新疆宜化成为控股子公司，拥有丰富的煤炭资 源，产能包括216万吨尿素、165万吨磷铵等。公司磷铵产能165万吨，磷酸二铵130万吨，磷酸一铵35万 吨，磷酸二铵FOB价格800美元，国内价差约1700元/吨。季戊四醇项目预计年底前投产，单季戊四醇价 格约11000元/吨，双季戊四醇价格约70000元/吨。 机构简介： 受托资产管理、股权投资、投资管理、投资咨询、企业管理、企业管理咨询、企业营销策划。（以上均 不含限制项目） 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 根据市场公开信息及8月26日披露的机构调研信息，知名私募千合资本近期对1家上市公司进行了调研， 相关名单如下： 1）湖北宜化 （千合资本参与公司2025年中报解读电话会&线上交流） ...

证券代码：000422 证券简称：湖北宜化 湖北宜化化工股份有限公司投资者关系活动记录表 编号：2025-007 | | | | □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（2025 | | 年中报解读电话会） | | | | | | | | | 南方基金、上海明河投资、国联民生证券、汇丰晋信、中金公司、 | | | | | | | | 拾贝投资、国新证券、天戈投资、信银理财、申万宏源、国金证券、 | | | | | | | 太平基金、上海途灵资产、中欧基金、华夏基金、山西证券、千合 | | | | | | | | | 资本、上海茂典资产、平安养老、国泰基金、西部证券、前海红筹、 | | | | | | | 东方证券、上海环懿、华安证券、南方东英资管、勤辰基金、太平 | | | | | | | | | ...

贵州中毅达股份有限公司 2025 年半年度主要经营数据公告 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。 贵州中毅达股份有限公司（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》的相关要求，现将 2025 年半年度主要经营数据披露如下： | 股证券代码：600610 | 股证券简称：中毅达 | 公告编号：2025-047 | A | A | | --- | --- | --- | --- | --- | | 股证券代码：900906 | 股证券简称：中毅达 | B | B | B | 主要产品 2025 年 1-6 月产量 （吨） 2025 年 1-6 月销量 （吨） 2025 年 1-6 月营业 收入（万元） 季戊四醇 24,824.86 23,704.29 31,042.50 三羟甲基丙烷 5,530.61 6,554.30 5,493.85 酒精 22,268.88 13,427.09 5,976.35 DDGS 饲料 18,933.85 19,735.55 3,7 ...

证券研究报告 | 2025年08月23日 湖北宜化（000422.SZ） 优于大市 优质资源重组落地，搬迁项目多点开花 公司 2025 年上半年实现归母净利润 3.99 亿元，2025 年上半年公司完成了 新疆宜化并表，经 2024 年上半年业绩调整后，公司归母净利润同比减少 43.92%。公司主营业务涵盖化肥、氯碱化工、煤化工、精细化工等领域，具 备尿素产能 216 万吨，处于行业前列；磷铵产能 165 万吨，市场占有率位列 全国前列；聚氯乙烯产能 90 万吨，位列国内 PVC 产能前十；季戊四醇产能 约 6 万吨，产能排名全球第二、亚洲第一。2025 年 8 月 22 日，公司发布 2025 年半年报，报告显示，2025 年上半年公司实现销售收入 120.05 亿元，同比 减少8.98%；实现归属于上市公司股东的净利润3.99 亿元，同比减少43.92%； 每股收益 0.3684 元。2025 年 6 月 30 日，公司总资产为 443.05 亿元，同比 增长 0.12%；归属母公司所有者权益为 54.54 亿元，同比减少 35.64%；公司 加权平均净资产收益率为 7.29%，同比下降 1.58%；资产 ...

对于项目投产，湖北宜化表示，公司以落实沿江1公里化工企业"关改搬转"任务为契机，推进磷化工产 业转型升级、提质增效，促进磷矿资源梯级利用，有助于扩大公司磷化工产品规模，完善磷化工产业布 局，进一步提升公司盈利水平与市场竞争力。 除了本次磷铵、硫基复合肥项目，湖北宜化在6月27日披露，公司磷化工项目已建成220万吨/年磷矿选 矿装置、2×60万吨/年硫磺制酸装置、40万吨/年湿法磷酸装置、30万吨/年磷酸二铵装置、30万吨/年粉 状磷酸一铵装置、10万吨/年氨酸复合肥装置、20万吨/年硫基复合肥装置、10万吨/年高档阻燃剂装置及 相关配套设施。经相关主管部门审核后，磷酸二铵、粉状磷酸一铵、氨酸复合肥、硫基复合肥、高档阻 燃剂等产品已满负荷生产。 作为国内化工化肥头部企业，湖北宜化（000422）8月11日晚间发布公告，公司年产40万吨磷铵、20万 吨硫基复合肥项目已经投产。 为解决同业竞争问题，今年6月湖北宜化斥资约32亿元现金，完成收购控股股东宜化集团持有的宜昌新 发投100%股权，评估增值率250.91%。交易完成后，上市公司合计持有新疆宜化股权比例由35.597%上 升至75%；上市公司将新增煤炭开采业务 ...

Core Viewpoint - The chemical sector experienced a localized rebound on August 5, with notable performances from companies like Zhongyida and Youfu, indicating increased market interest in the sector [1] Company Summaries - Zhongyida, a producer of pentaerythritol, saw its stock hit the daily limit, leading the sector's gains. Its subsidiary, Chifeng Ruiyang, has an annual production capacity of 43,000 tons, ranking second in the domestic market [1] - Youfu specializes in the production and sales of polyester industrial yarn and has an annual production capacity of 300,000 tons, ranking third globally. Additionally, it produces 22,000 tons of coated tire fabric and 12,000 tons of coated canvas annually [1] Industry Trends - The chemical sector is currently in an adjustment phase, with companies focusing on technological upgrades and product enhancements to adapt to market changes. There is a general trend of strengthening cost control and improving operational efficiency among industry players [1] - The overall chemical sector showed signs of increased activity, with several companies like Jiangtian Chemical, Yida Co., Shandong Haihua, and Bohai Chemical also experiencing varying degrees of stock price increases [1]

Group 1 - The Uda High-tech Industrial Development Zone is focusing on technological innovation and industrial upgrading to achieve high-quality development [1][2] - Dongyuan Technology, the first BDO production enterprise in Inner Mongolia, has established a complete industrial chain from coal to biodegradable materials, showcasing the park's new development breakthroughs [2][3] - The core competitiveness of the Uda High-tech Zone is being enhanced through the promotion of new productive forces in green chemicals, information technology, and new materials [2] Group 2 - Established enterprises in Uda High-tech Zone are leveraging their resource advantages to innovate and upgrade, thereby enhancing their competitive edge [3][4] - Inner Mongolia Yihua Chemical Co., Ltd. has achieved significant advancements through continuous technological transformation and product upgrades, leading to a successful transition in the high-purity chemical field [3] - Jiarui Fine Chemical Co., Ltd. has implemented a "technological revolution" in its workshop, resulting in improved product quality and economic performance [3][4] Group 3 - The Jinhu Independent Energy Storage Project has rapidly transformed from barren land to a fully operational facility within a year, reflecting the efficiency of the park's supportive services [5][6] - Uda High-tech Zone has tailored "approval roadmaps" for key projects and established various service channels to assist enterprises, resulting in significant investment facilitation [6] - The favorable business environment in Uda High-tech Zone is attracting more companies to settle and thrive, focusing on chain cultivation, investment promotion, and collaborative innovation [6]

Group 1: Report Overview - Reported company: Hubei Yihua [16] - Industry: Chemical raw materials [16] - Research date: June 12, 2025 [16] Group 2: Research Institutions - Institutions participating in the research: Investors participating in the 2025 Online Collective Reception Day for Investors of Listed Companies in Hubei Province [19] Group 3: Main Content Business Strategy and Project Progress - The company completed the consolidation of Xinjiang Yihua, bringing its coal annual production capacity of 30 million tons, urea annual production capacity of 600,000 tons, PVC annual production capacity of 300,000 tons, caustic soda annual production capacity of 250,000 tons, and melamine annual production capacity of 80,000 tons into the consolidated statements, strengthening resource endowment and cost - advantage [23] - The capacity replacement and upgrading project relocated to Tianjiahe Chemical Industrial Park will be put into production in batches before the end of 2025 [24][27][34] - The 40,000 - ton pentaerythritol project is planned to be put into production before the end of 2025 [26] - The phosphochemical project has basically completed construction and is in the pre - production preparation stage [31] - The first - phase 100,000 - ton/year iron phosphate project of Bangpu Yihua has produced qualified products and is in the trial - production stage [32] Export and Market - The company is organizing the export of phosphate fertilizer and urea within the quota, with domestic market supply and price stability as the primary task [23] Corporate Governance and Shareholding - The acquisition of a 100% stake in Yichang Xinfa Investment by the controlling shareholder is a business combination under the same control. The company's shareholding in Xinjiang Yihua has increased from 35.597% to 75.00%, and Xinjiang Yihua has become a holding subsidiary [24] - As of now, the controlling shareholder Yihua Group holds 21% of the shares, not reaching the threshold for a mandatory tender offer. An increase of 1% in shareholding will trigger timely information disclosure [25] Financial and Dividend Policy - The company has a cash dividend of 645 million yuan in the past 3 years, accounting for 59.22% of the average annual net profit attributable to the parent in the same period [28] - The company has formulated a shareholder return plan for 2025 - 2027, increasing the cash dividend ratio to "the annual cash dividend amount is not less than 30% of the net profit attributable to the parent in the current year, and the cumulative cash dividend amount in three consecutive years is not less than 35% of the average annual net profit attributable to the parent in the same period" [29] Land Disposal and Government Policy - The company is sorting out the land vacated by the capacity relocation in Yichang and will plan and arrange subsequent plans scientifically and reasonably [31][32] - The company can enjoy preferential policies from relevant departments, and major matters will be disclosed in a timely manner [31][33][34] Other - The lawsuit mentioned by the investor has no relation to the company [28] - The semi - annual performance will be disclosed in the regular report [28]

Group 1: Company Performance and Strategy - The company has completed significant strategic initiatives, including the integration of Xinjiang Yihua's coal production capacity of 30 million tons and urea production capacity of 600,000 tons into its consolidated financial statements, enhancing profitability and core competitiveness [1] - The company aims to maintain profit levels despite declining prices of its main products, urea and PVC, by focusing on resource advantages and cost reduction [1][2] - The company has a cash dividend plan for 2025-2027, committing to a minimum of 30% of annual net profit for cash dividends, with a cumulative total of at least 35% of the average annual net profit over three years [5] Group 2: Production Capacity and Upgrades - The company is accelerating the construction and production processes of new projects, with the capacity replacement and upgrade project in Tianjiahe Chemical Park expected to be partially operational by the end of 2025 [3][4][7] - The company plans to establish a modern chemical industry cluster in Tianjiahe, focusing on high technology density and ecological economic benefits [3][6] - The company is currently organizing the export of phosphate and urea within the allocated quotas, balancing domestic supply and international market sales [2] Group 3: Shareholder Relations and Governance - The controlling shareholder, Yihua Group, currently holds 21% of the company's shares, which does not trigger mandatory takeover requirements [2] - The company emphasizes transparency and will disclose significant information regarding land use and government compensation related to the relocation of production capacity [6][7] - The company has a history of cash dividends totaling 645 million yuan over the past three years, representing 59.22% of the average annual net profit [4]

Core Viewpoint - The company has issued multiple warnings regarding stock trading risks, indicating that its stock price has significantly deviated from its fundamental value, with a notable increase in trading risk alerts this year [1][2]. Group 1: Stock Performance and Company Fundamentals - From March 10 to June 6, the company's stock price increased by 297%, while its fundamental business conditions remained unchanged, with a price-to-book ratio significantly higher than the industry average [2]. - The company reported a net loss of 14.08 million yuan for the fiscal year 2024, but turned a profit of 1.376 million yuan in the first quarter of 2025, indicating a potential recovery [2]. - The company has a cumulative undistributed profit balance of -2.098 billion yuan as of December 31, 2024, which poses a risk of long-term inability to distribute cash dividends [2]. Group 2: Product and Market Dynamics - The price of the company's main product, dipentaerythritol, has significantly increased, contributing to a substantial rise in gross profit margins and net profit [3]. - The company has a production capacity of 43,000 tons for dipentaerythritol, ranking second in the domestic industry, just behind Hubei Yihua [3]. Group 3: Regulatory and Compliance Issues - The company has faced scrutiny regarding its production capacity exceeding environmental assessment limits, raising concerns about compliance with relevant laws and regulations [4]. - The company has been subject to administrative penalties in the past, including a fine of 20,000 yuan, but claims that it has not faced significant penalties in the last 36 months [5].