证券代码：600141 证券简称：兴发集团 公告编号：临2025-062 转债代码：110089 转债简称：兴发转债 湖北兴发化工集团股份有限公司 关于预计2026年度与宜昌兴发集团有限责任公司及其子公司 日常关联交易的公告 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个别及连带责任。 重要内容提示： ●湖北兴发化工集团股份有限公司（以下简称"公司"）与宜昌兴发集团 有限责任公司（以下简称"宜昌兴发"）及其子公司发生的日常关联交易系公 司生产经营及项目建设需要，交易遵循了市场化定价原则，不存在损害公司及 其他股东特别是中小股东利益的情形，相关业务的开展不影响公司的独立性， 公司主要业务没有因上述关联交易而对关联方形成依赖。 ●本次关于公司与宜昌兴发及其子公司2026年度日常关联交易预计事项需 要提交公司股东会审议。 一、日常关联交易基本情况 2.董事会审计委员会审议情况 2025 年12 月27 日，公司第十一届董事会审计委员会审议通过了《关于预 计2026 年度与宜昌兴发集团有限责任公司及其子公司日常关联交易的议案》。 董事会审计委 ...

证券代码：600141 证券简称：兴发集团 公告编号：临2025-063 转债代码：110089 转债简称：兴发转债 湖北兴发化工集团股份有限公司 关于预计2026年度与浙江金帆达及其关联方、三峡实验室 日常关联交易的公告 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个别及连带责任。 重要内容提示： ●湖北兴发化工集团股份有限公司（以下简称"公司"）与浙江金帆达生 化股份有限公司（以下简称"浙江金帆达"）及其关联方、湖北三峡实验室（以 下简称"三峡实验室"）发生的日常关联交易系公司生产经营及技术创新工作 需要，交易遵循了市场化定价原则，不存在损害公司及其他股东特别是中小股 东利益的情形，相关业务的开展不影响公司的独立性，公司主要业务没有因上 述关联交易而对关联方形成依赖。 ●本次关于公司与浙江金帆达及其关联方、三峡实验室2026年度日常关联 交易预计事项需要提交公司股东会审议。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1.独立董事专门会议审议情况 2025年12月27日，公司独立董事召开2025年第五次专门会议，审 ...

根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易 所股票上市规则》《上市公司独立董事管理办法》《上海证券交易所上市公司自 律监管指引第1 号-- 规范运作》等有关法律法规、规范性文件以及《公司章程》 《董事会审计委员会实施细则》规定,我们作为湖北兴发化工集团股份有限公 司(以下简称"公司")董事会审计委员会委员,对公司第十一届董事会第十 二次会议审议的以下议案进行了审阅,并发表如下审核意见: 湖北兴发化工集团股份有限公司董事会审计委员会 对关联交易事项的书面审核意见 2025年12月27日 （本页无正文,为《湖北兴发化工集团股份有限公司董事会审计委员会对关联 交易事项的书面审核意见》之签字页) 在大手 崔大桥 俞少俊 蒋春黔 曹先军 杨光亮 e and the see ter and the state 一、关于预计 2026 年度与宜昌兴发集团有限责任公司及其子公司日常关 联交易的议案。 经审核,我们认为:本次目常关联交易预计事项是基于公司实际经营的需 要，具有合理性与必要性;各项关联交易以市场公允价格为依据,遵循公平、 公正、公允的定价原则,不存在损害公司和中小股东利益的情形。我们同意将 ...

湖北兴发化工集团股份有限公司 关于召开2026年度第一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、 召开会议的基本情况 (一) 股东会类型和届次 2026年度第一次临时股东会 | 证券代码：600141 | 证券简称：兴发集团 | 公告编号：临 2025-064 | | --- | --- | --- | | 转债代码：110089 | 转债简称：兴发转债 | | 股东会召开日期：2026年1月14日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (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：2026 年 1 月 14 日 14 点 30 分 召开地点：湖北省宜昌市伍家岗区沿江大道 188-9 号兴发大厦会议室 (五) 网络投票的系统、起止日期和投票时间。 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2026 年 1 月 14 日 至20 ...

证券代码：600141 证券简称：兴发集团 公告编号：临2025-061 转债代码：110089 转债简称：兴发转债 湖北兴发化工集团股份有限公司 十一届十二次董事会决议公告 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个别及连带责任。 湖北兴发化工集团股份有限公司（以下简称"公司"）于2025 年12 月29 日在宜昌市兴山县昭君山庄召开了第十一届董事会第十二次会议。会议通知于 2025 年12 月19 日以电子通讯方式发出。会议由董事长李国璋主持，应参会董 事13 名，实际参会董事13 名。公司高管列席了会议，符合《公司法》及《公 司章程》的有关规定。经与会董事认真审议，形成如下决议公告： 一、审议通过了关于2026 年度生产经营计划的议案 二、审议通过了关于调整公司组织架构的议案 为适应战略发展新阶段的要求，推动公司更高质量发展，增强产业对市场 变化的快速响应能力，全面提升管理效能，董事会同意对公司组织架构进行优 化调整。 表决结果：13 票同意，0 票反对，0 票弃权。 三、审议通过了关于预计 2026 年度与宜昌兴发集团有限 ...

每经头条（nbdtoutiao）——直击茅台经销商大会：2000多人周末齐聚！重大变革公布：涉及茅台酒价 格、分销等，董事长陈华：经销商不能再"躺着赚钱" （记者 曾健辉） 每经AI快讯，兴发集团（SH 600141，收盘价：34.29元）12月29日晚间发布公告称，公司第十一届第十 二次董事会会议于2025年12月29日在宜昌市兴山县昭君山庄召开。会议审议了《关于预计2026年度与宜 昌兴发集团有限责任公司及其子公司日常关联交易的议案》等文件。 截至发稿，兴发集团市值为378亿元。 ...

Market Overview - The agricultural chemical sector experienced a decline of 1.48% on December 29, with Runfeng Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Stock Performance - Notable gainers in the agricultural chemical sector included: - Beisimei (300796) with a closing price of 8.76, up 1.39% on a trading volume of 54,300 shares and a turnover of 47.32 million yuan [1] - Nongxin Technology (001231) at 22.72, up 1.38% with a trading volume of 25,600 shares and a turnover of 57.69 million yuan [1] - Baiao Chemical (603360) at 31.68, up 1.38% with a trading volume of 120,500 shares and a turnover of 381 million yuan [1] - Conversely, significant decliners included: - Runfeng Co., Ltd. (301035) at 66.10, down 5.58% with a trading volume of 34,100 shares and a turnover of 228 million yuan [2] - Yanhai Co., Ltd. (000792) at 27.69, down 4.48% with a trading volume of 1,063,600 shares and a turnover of 2.994 billion yuan [2] - Zhejiang Agricultural Co., Ltd. (002758) at 9.83, down 3.91% with a trading volume of 170,200 shares [2] Capital Flow - The agricultural chemical sector saw a net outflow of 637 million yuan from institutional investors, while retail investors contributed a net inflow of 407 million yuan [2] - Key stocks with notable capital flows included: - Yuntianhua (600096) with a net inflow of 12.8 million yuan from institutional investors [3] - Baiao Chemical (603360) with a net inflow of 18.96 million yuan from institutional investors [3] - Runfeng Co., Ltd. (301035) had a net outflow of 30.6 million yuan from institutional investors but a net inflow of 20.74 million yuan from retail investors [3]

Investment Rating - The report initiates coverage with a rating of "Buy" for the company [2]. Core Insights - The company is positioned as a leading enterprise in wet chemical products, focusing on semiconductor applications and expanding its international and diversified strategies to become a world-class electronic materials company [7][19]. - The semiconductor industry is entering a prosperous cycle, with significant capacity expansion in wafer fabs, which is expected to benefit material suppliers like the company [7][41]. - The company has a robust product matrix, including electronic-grade phosphoric acid and sulfuric acid, which are pivotal for its growth, especially in functional wet chemical products [8][9]. Summary by Sections 1. Company Overview - The company, established in 2008, specializes in the research, production, and sales of wet electronic chemicals, with a focus on semiconductor applications [16]. - It has developed a comprehensive product system, including electronic-grade phosphoric acid, sulfuric acid, and hydrogen peroxide, achieving high standards recognized by major semiconductor manufacturers [16][18]. 2. Industry Outlook - The semiconductor industry is experiencing a "super cycle," with rising demand for storage chips and increased wafer fab utilization, leading to a favorable environment for material suppliers [41][43]. - The report highlights that domestic semiconductor companies are ramping up production, which will further enhance the demand for the company's products [46]. 3. Financial Performance - The company has shown steady revenue growth, with total revenue projected to reach 1,459 million yuan in 2025, reflecting a year-on-year growth rate of 28.3% [6]. - The net profit attributable to the parent company is expected to grow significantly, reaching 227 million yuan in 2025, with a projected PE ratio of 59 [6][8]. 4. Product Development - The company is expanding its product offerings in functional wet chemicals, with a focus on electronic gases and advanced electronic materials, which are expected to contribute to long-term growth [19][20]. - The report indicates that the company has a strong pipeline of new products, with 35 products successfully tested by advanced process customers [19]. 5. Market Position - The company benefits from its affiliation with Xingfa Group, a leading player in the phosphorus chemical industry, providing a strong supply chain advantage [22]. - The company’s market share in electronic-grade phosphoric acid is the highest in China, with significant production capacity planned for the coming years [20][24].

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [2][3] Core Insights - The macroeconomic outlook for the chemical industry indicates a stable increase in oil demand due to global economic recovery and tariff adjustments, with Brent crude oil expected to trade between $55 and $70 per barrel [2][3] - The report highlights the continued rise in long-term contracts for refrigerants and anticipates price increases for organic silicon, suggesting a focus on commercial aerospace and storage sectors [2][3] - The demand for R134a refrigerant is projected to increase significantly due to the growing penetration of electric vehicles, while the import demand for high GWP varieties like R125 may rise as India approaches the final year of its quota baseline [2][3] Summary by Sections Industry Dynamics - Oil supply is constrained by delayed OPEC+ production increases and peak shale oil output, while demand is stabilizing with improved global economic conditions [3] - Coal prices are expected to oscillate at a long-term bottom, with easing pressures on mid and downstream sectors [3] - The U.S. is likely to accelerate natural gas export facility construction, potentially lowering import costs [3] Chemical Sector Analysis - The report suggests a focus on four key areas for investment: 1. Textile and apparel chain, benefiting from high demand and improved supply conditions [2] 2. Agricultural chemicals, with steady growth in fertilizer demand supported by increasing planting areas [2] 3. Export-related chemical products, as global inventories are at historical lows and interest rates are expected to decline [2] 4. "Anti-involution" policies leading to accelerated elimination of outdated capacities [2] Key Companies to Watch - Companies such as Juhua Co., Sanmei Co., Dongyangguang, Yonghe Co., and Haohua Technology are recommended for their potential in the refrigerant market [2] - In the organic silicon sector, companies like Xingfa Group, Luxi Chemical, Dongyue Silicon Material, and Xin'an Chemical are highlighted for their expected price increases [2] - For new materials, attention is drawn to Guocer Materials, Ruihuatai, and calcium titanate materials due to the growing commercial aerospace market [2] Market Trends - The report notes that the overall industrial product PPI decreased by 2.2% year-on-year but increased by 0.1% month-on-month, indicating a recovery in manufacturing demand [5] - The manufacturing PMI for November recorded at 49.2, showing a slight improvement, with overall demand recovering and inventory depletion accelerating [5]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the organic silicon industry [3] Core Insights - The organic silicon industry is experiencing a transformation characterized by supply-side optimization and unexpected demand growth in emerging sectors. The report highlights the industry's response to traditional market slowdowns and the potential for structural changes in supply dynamics [1][2][7] - The demand structure for organic silicon is shifting, with traditional sectors like construction declining in share, while emerging sectors such as photovoltaics and electric vehicles are expected to drive significant demand growth [24][27][30] Summary by Sections 1. Overview of Organic Silicon - Organic silicon, primarily polysiloxane, is a versatile chemical compound used across various industries due to its unique properties such as thermal stability and electrical insulation [10][11] 2. Supply Expansion Cycle and Industry Dynamics - China's organic silicon production capacity increased from 1.515 million tons in 2019 to 3.44 million tons in 2024, with a CAGR of 17.8%. The report notes that the supply expansion cycle is nearing its end, with limited new capacity expected to come online [15][16] - The industry is consolidating, with the top four companies projected to control 54.7% of the market by 2025, fostering a more orderly competitive environment [16][17] 3. Demand Structure Optimization - The apparent consumption of organic silicon in China grew at a CAGR of 11.3% from 2019 to 2024. The share of traditional construction applications is expected to decline from 33.1% in 2021 to 25.2% in 2024, while sectors like manufacturing and transportation are gaining share [24][27] 4. Emerging Demand Drivers - Significant demand increases are anticipated from three key emerging sectors: photovoltaics, electric vehicles, and composite insulators. For instance, the photovoltaic sector is expected to contribute an additional 140,000 tons of organic silicon demand in 2025 due to a 30% increase in solar cell production [30][35] - The report estimates that the electric vehicle sector will add approximately 66,000 tons of organic silicon demand in 2025, driven by the rising production of electric vehicles [30][35] 5. Investment Recommendations - The report suggests focusing on companies with upstream self-sufficiency in industrial silicon and energy advantages, as well as those with strong positions in high-value downstream products. Specific companies highlighted include: - Hoshine Silicon Industry (合盛硅业) with significant production capacity and market presence [38] - Xin'an Chemical (新安股份) known for its comprehensive product range and strong market position [38] - Dongyue Silicon Materials (东岳硅材) with integrated production capabilities across the silicon value chain [38]