证券代码：600378 证券简称：昊华科技 公告编号：临2025-080 昊华化工科技集团股份有限公司 关于召开2025年第五次临时股东会的通知 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。 重要内容提示： (一)股东会类型和届次 2025年第五次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025年12月26日 14点00分 召开地点：北京市朝阳区小营路19号财富嘉园A座昊华大厦19层会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025年12月26日 至2025年12月26日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东会召开当日的交易时间 段，即9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为股东会召开当日的9:15- 15:00。 (六)融资融券、转 ...

格隆汇12月10日丨昊华科技(600378.SH)公布，经公司审慎研究，公司拟终止实施新建2万吨/年PVDF项 目（简称"原项目"），并将原项目尚未使用的募集资金122,955.02万元变更投向，用于实施涉及中化蓝 天集团有限公司（简称"中化蓝天"或"标的公司"）四个核心氟化工领域的建设项目（简称"本次变 更"），包括2.6万吨/年高性能有机氟材料项目、年产4000吨含氟高端精细化学品项目、新型能源材料产 业化项目、环境友好型含氟材料建设项目，合计总投资金额为334,676.21万元。 ...

南财智讯12月10日电，昊华科技公告，公司原计划将123,000.00万元募集资金用于新建2万吨/年PVDF项 目，实施地点为陕西省渭南市蒲城县渭北煤化工产业园区，项目原预计于2026年7月达到预定可使用状 态。因PVDF市场持续低迷、技术迭代加快及项目进展不及预期，该项目建设开工存在较大不确定性， 投入进度仅为0.04%。为提高募集资金使用效率，公司拟变更原项目尚未使用的募集资金122,955.02万 元，投向"2.6万吨/年高性能有机氟材料项目"（已投产）、"年产4000吨含氟高端精细化学品项目"、"新 型能源材料产业化项目"和"环境友好型含氟材料建设项目"，新项目总投资334,676.21万元，实施地点分 别位于四川自贡、浙江绍兴和湖北荆州，预计最晚于2028年12月完成。本次变更事项已通过公司董事会 及战略委员会审议，尚需提交股东大会批准，独立财务顾问中信证券无异议。此次调整有利于优化资源 配置、推动产品结构升级、提升公司在高端氟材料领域的核心竞争力，对公司长期发展具有积极影响。 ...

昊华科技公告，公司拟终止实施新建2万吨/年PVDF项目，并将原项目尚未使用的募集资金12.3亿元变 更投向，用于实施涉及中化蓝天集团有限公司四个核心氟化工领域的建设项目。新项目包括2.6万吨/年 高性能有机氟材料项目、年产4000吨含氟高端精细化学品项目、新型能源材料产业化项目、环境友好型 含氟材料建设项目，合计总投资金额为33.47亿元。其中，2.6万吨/年高性能有机氟材料项目2025年3月 主体装置已建设完成并投产；年产4000吨含氟高端精细化学品项目预计2026年11月建设完成并达到预定 可使用状态；新型能源材料产业化项目和环境友好型含氟材料建设项目预计2028年12月建设完成并达到 预定可使用状态。 ...

Investment Rating - The report maintains an "Overweight" rating for the company with a target price of RMB 38.08 [7][8]. Core Insights - The company achieved a revenue of RMB 7.76 billion in H1 2025, representing a year-over-year increase of 19.45%, and a net profit attributable to shareholders of RMB 645 million, up 20.85% year-over-year [1][2]. - The performance in Q2 2025 was particularly strong, with revenue reaching RMB 4.60 billion, a year-over-year increase of 25.56% and a quarter-over-quarter increase of 148.88% [1][2]. - The report highlights the ongoing improvement in the fluorochemical product market, which is expected to continue benefiting the company's performance [3][5]. Summary by Sections Financial Performance - In H1 2025, the fluorochemical segment saw a revenue increase of 25% to RMB 4.65 billion, with a gross margin improvement of 2 percentage points [2]. - The electronic chemicals segment experienced a revenue growth of 17% to RMB 580 million, maintaining stable gross margins despite competitive pressures [2]. - The high-end manufacturing chemical materials segment grew by 7% to RMB 1.51 billion, while the carbon reduction and engineering services segment grew by 30% to RMB 900 million [2]. Product Performance - Significant growth was observed in the sales of various products in Q2 2025, including fluorocarbon chemicals (53% increase), lithium-containing materials (108% increase), and specialty coatings (32% increase) [3][4]. - The report notes that the price differentials for key fluorochemical products have shown positive trends in July and August 2025, indicating continued market strength [3]. Project Development - Key projects are progressing as planned, including the 26,000 tons/year high-performance organic fluorine materials project and the 46,600 tons/year specialized new materials project, which have started production [4][5]. - The company is also advancing its electronic specialty gases project and a new high-performance specialty coatings project, which is currently in the preliminary design phase [4]. Earnings Forecast and Valuation - The earnings forecast for 2025-2027 has been revised upwards, with net profits projected at RMB 1.75 billion, RMB 2.07 billion, and RMB 2.47 billion respectively, reflecting increases of 66.06%, 18.48%, and 19.15% year-over-year [5][10]. - The report assigns a price-to-earnings ratio of 28x for 2025, based on the company's competitive advantages in refrigerants and high-end manufacturing [5][10].

Group 1 - The company achieved operating revenue of 7.76 billion yuan in the first half of 2025, a year-on-year increase of 19.45% [1] - The net profit attributable to the parent company was 645 million yuan, reflecting a year-on-year growth of 20.85% [1] - All business segments experienced good growth, with the fluorochemical segment seeing a revenue increase of 24.99% and a gross profit increase of 40.73% [1] - The electronic chemicals segment achieved a revenue growth of 17.49% and maintained stable gross profit margins despite intense market competition [1] - The high-end manufacturing chemical materials segment reported a revenue increase of 7.22% due to price declines in some products [1] - The carbon reduction and engineering technology service segment grew by 29.58% in revenue, with average prices for copper and nickel catalysts increasing by 9.9% and 7.6% respectively [1] Group 2 - The company is a new materials technology platform under China Sinochem, with a rich product system developed from over 10 national research institutes [2] - Key projects are progressing as planned, including the commissioning of several major projects such as the 26,000 tons/year high-performance organic fluorine materials project [2] - The company is advancing its "14th Five-Year" overall plan and six special plans for technological innovation, which are expected to gradually implement the company's development strategy [2] - Profit forecasts for the company are maintained, with net profits projected at 1.145 billion, 1.284 billion, and 1.418 billion yuan for 2025 to 2027, corresponding to EPS of 0.89, 1.00, and 1.10 yuan [2] - The current stock price corresponds to P/E ratios of 34, 31, and 28 times for the years 2025, 2026, and 2027 respectively, with a strong buy rating maintained [2]