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 | | | | | | | | | ...

根据《上海证券交易所上市公司自律监管规则适用指引第 3 号——行 业信息披露》其《第十三号——化工》、《关于做好主板上市公司 2025 年 半年度报告披露工作的重要提醒》的要求，安徽六国化工股份有限公司现 将 2025 年上半年主要经营数据披露如下： 注：产量中磷酸一铵含自用，复合肥销量中含贴牌。 股票代码：600470 股票简称：六国化工 公告编号：2025-049 安徽六国化工股份有限公司 2025 年上半年主要经营数据公告 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。 一、 主要产品的产量、销量及收入实现情况 主要产品 2025 年1 至 6 月产量 （吨） 2025 年 1 至6 月销量 （吨） 2025 年 1 至 6 月销售 金额（万元） 磷酸二铵 266,208.80 245,017.10 82,613.42 复合肥 469,365.99 473,310.38 108,764.27 磷酸一铵 252,247.45 158,233.01 57,409.06 | 硫酸 | 外购 | 532,955.20 | 273 ...

Investment Rating - The report maintains a "Buy" recommendation for the petrochemical sector, particularly focusing on private large-scale refining companies [3][15]. Core Insights - The report highlights a transformative period in refining, suggesting a focus on private large-scale refining companies due to structural adjustments in the industry [15]. - The "anti-involution" trend is seen as a potential turning point for the chemical industry, with expectations of improved profitability and competitive dynamics in the coming quarters [16][17]. - The report emphasizes the importance of PPI turning positive, which could lead to increased market allocation towards cyclical midstream sectors, benefiting the chemical industry [17]. Industry Overview - The basic chemical industry comprises 493 listed companies with a total market capitalization of 51,121.17 billion and a circulating market value of 45,298.84 billion [3]. - The industry index for the chemical sector is reported at 71.55, reflecting a slight decrease of 0.06% week-on-week and a year-on-year decline of 22.79% [14]. - The report notes that the current operating rate in the chemical industry is around 66.53%, indicating a stable production environment [14]. Price Trends - Key price movements include an 8.0% increase in lithium carbonate and a 7.7% increase in acrylic short fibers, driven by strong demand and supply constraints [6][15]. - The report indicates that the export prices for diammonium phosphate and monoammonium phosphate have risen significantly, with year-to-date increases of 24.4% and 18.1%, respectively [18]. Recommendations - The report suggests focusing on companies with low valuations and potential for upward movement, including leading chemical firms like Wanhua Chemical and Hualu Hengsheng, as well as companies benefiting from export quotas [17][18]. - Specific companies to watch include Hengli Petrochemical, Rongsheng Petrochemical, and Yihua Chemical, which are positioned to benefit from the ongoing structural changes in the industry [15][18].

2025 年 8 月 24 日 行业研究 磷肥出口二阶段配额落地，磷矿石价格坚挺行业景气依旧 ——基础化工行业周报（20250818-20250824） 要点 6 月开始进入磷酸一铵及磷酸二铵的出口集中期。当前我国肥料级磷酸一铵 及磷酸二铵出口需要进行法检同时执行配额制，根据往年情况出口配额通常 集中在 5-9 月期间。然而，根据海关总署数据 2025 年我国磷铵出口时间整 体有所延后，2025 年自 6 月开始磷铵出口量才出现明显上升。2025 年 1-7 月，我国磷酸一铵和磷酸二铵出口总量分别为 60.1 万吨和 158.3 万吨，同比 分别减少 49.4%和 21.7%。其中，2025 年 5-7 月我国磷酸一铵和磷酸二铵 的出口总量分别为 52.6 万吨和 150.4 万吨，相较于 2024 年 5-7 月出口总量 分别变动-40.1%和+1.4%。基于此，我们认为 2025 年我国磷铵出口将集中 在 Q3 进行，但考虑到 1-7 月出口量的明显缩减，我们预计 2025 年全年磷铵 出口量将少于 2024 年水平。 2025 年磷铵出口二阶段配额基本落地，当前海外磷铵价格仍显著高于国内水 平。2025 ...

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 ...

2025 年 08 月 22 日 磷矿资源高效开发，Q2 利润同环比提升 买入(维持) 事件 | 分析师：张伟保 | S1050523110001 | | --- | --- | | zhangwb@cfsc.com.cn | | | 联系人：覃前 | S1050124070019 | | qinqian@cfsc.com.cn | | | 基本数据 | 2025-08-21 | | --- | --- | | 当前股价（元） | 26.59 | | 总市值（亿元） | 485 | | 总股本（百万股） | 1823 | | 流通股本（百万股） | 1823 | | 52 周价格范围（元） | 18.51-26.95 | | 日均成交额（百万元） | 630.4 | 市场表现 资料来源：Wind，华鑫证券研究 相关研究 1、《云天化（600096）：尿素与复 合肥产品产销量同比增长，2024 年 度业绩稳中有升》2025-03-27 —云天化（600096.SH）公司事件点评报告 云天化发布 2025 年半年度报告：2025 年上半年实现营业总 收入 249.92 亿元，同比-21.88%；实现归母净利润 2 ...

Investment Rating - The report maintains a "Recommended" rating for the basic chemical industry [1] Core Insights - The report highlights the price increases of lithium carbonate and photoinitiators, suggesting a potential recovery in the chemical industry driven by anti-involution trends [1] - The basic chemical sector has shown strong relative performance, with a 39.4% increase over the past 12 months compared to the 25.7% increase in the CSI 300 index [3] Summary by Sections Recent Trends - The report notes a decline in the Guohai Chemical Prosperity Index to 92.75 as of August 14, 2025, down 0.11 from August 7, 2025 [4] Investment Recommendations - Key opportunities identified include: 1. Low-cost expansion in companies such as Wanhua Chemical, Satellite Chemical, and others [5] 2. Improvement in industry prosperity for chromium salts, phosphate rock, and various chemical sectors [6] 3. Focus on new materials with high growth potential and low domestic substitution rates [7] 4. High dividend opportunities in state-owned enterprises like China Petroleum and Sinopec [8] Price Analysis of Key Products - Industrial-grade lithium carbonate price increased by 9.93% to 83,000 CNY/ton [10] - Photoinitiator (TPO) price rose by 5.56% to 95 CNY/kg [10] - Polyester filament price increased by 2.16% to 7,100 CNY/ton [10] Company Performance Tracking - Notable companies such as Zhenhua Co. reported a 10.17% increase in revenue for the first half of 2025 [13] - Wanhua Chemical's pure MDI price was reported at 17,900 CNY/ton, with a slight increase [11] Market Observations - The report indicates a potential inventory replenishment cycle in the chemical sector due to anticipated fiscal policy support in China and the US [29]

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]

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 ...

Group 1 - The U.S. government has implemented new tariffs on imported goods from multiple trade partners, effective August 7, impacting the fertilizer market significantly [1] - Morocco, Saudi Arabia, and Egypt, major suppliers of phosphate fertilizers to the U.S., will face a 10% tariff, while Jordan and Israel will incur a 15% tariff [1] - Saudi Arabia exported 519,000 tons of ammonium phosphate to the U.S. from January to May 2025, accounting for 54.7% of total U.S. ammonium phosphate imports [1] Group 2 - Trinidad and Tobago, the second-largest ammonia supplier to the U.S. after Canada, will face a 15% tariff, but the market impact is expected to be limited [2] - Algeria's granular urea will be subject to a 30% tariff, while Nigeria will face a 15% tariff, both being significant suppliers to the U.S. fertilizer market [1] - The price assessment for diammonium phosphate in New Orleans is between $785 and $800 per short ton, while urea is priced at $455 to $465 per short ton [2]