证券代码：003002 证券简称：壶化股份 山西壶化集团股份有限公司 Shanxi Huhua Group Co., Ltd. （山西省长治市壶关经济开发区化工路 1 号） 方案论证分析报告 二〇二五年七月 目 录 （三）公司董事、高级管理人员关于保证公司填补即期回报措施切实履行的 （一）本次向特定对象发行的背景 民爆物品因为其易燃易爆的产品特性，其生产、流通及使用环节中的安全性 为企业及行业的"生命线"，为提升行业本质安全水平，行业主管部门工信部持续 要求民爆生产企业提升生产线的自动化生产水平，减少危险工序的操作人员数量。 的意见》 （工信部安全〔2018〕237 号），明确要求：2020 年底前，将危险等级为 生产工房现场操作人员压减至 9 人（含）以下；2022 年底前，将工业雷管生产 线装配工房内直接接触雷管的现场操作人员压减至 6 人（含）以下。生产线技术 条件不符合要求的，不再延续生产许可和安全生产许可。 进一步要求：新建（改建、扩建）单条工业炸药生产线所有危险等级为 1.1 级工 房（含中转站台）现场操作人员总数不大于 3 人。新建（改建、扩建）基础雷 管装填生产线接触危险品的现场操作人员总数不 ...

Group 1 - The report emphasizes the importance of supply shocks and is optimistic about the import substitution of new materials in the basic chemical industry [1][4] - The chemical raw materials and products industry achieved revenue and profit of 2.95 trillion and 115 billion respectively in the first four months of 2025, with a year-on-year growth of 3.1% and a profit decline of 4.4% [12][19] - The chemical industry profit margin has dropped to a historical low of 3.9% as of mid-2025 [12][52] Group 2 - The report indicates that external demand may slow down in 2025, with oil prices under downward pressure due to OPEC+ increasing production [35][39] - Domestic demand is expected to stabilize and recover due to a series of incremental policies, with GDP growth projected at around 5% for the year [43][44] - The report highlights that the chemical raw materials and products industry fixed asset investment growth has significantly slowed, with the operating rate dropping to 73.5% in Q1 2025 [24][26] Group 3 - The report identifies potential investment opportunities in the chemical industry, particularly in supply-restricted sectors such as phosphate and potassium fertilizers, and in high-concentration sub-industries like viscose staple fiber and vitamins [48][49] - The report recommends focusing on companies involved in new materials, especially those related to import substitution, such as AI high-speed resins and fluorinated liquids [48][49] - The report suggests that the valuation of the basic chemical sector is at a historical low, with the overall PE and PB ratios at 22.29 times and 1.82 times respectively as of June 16, 2025 [52][53] Group 4 - The viscose staple fiber industry has not seen new capacity additions for several years, leading to a high concentration and potential for profit recovery [60][67] - The polyester industrial yarn sector is expected to see a reversal in supply and demand dynamics, with no new capacity planned and increasing demand from the automotive sector [69][79] - The modified plastics sector is projected to grow due to the ongoing replacement policies in domestic appliances and the rise of new demands from robotics and low-altitude applications [81][90] Group 5 - The refrigerant market is expected to grow steadily, supported by the ongoing replacement policies and increasing demand from the automotive sector [92][93] - The report highlights the potential for the civil explosives industry to see demand exceed expectations due to high resource prices and ongoing large-scale infrastructure projects [95][96] - The phosphate chemical sector is projected to maintain high profitability due to sustained high prices and tight supply-demand conditions [99][100]