Core Viewpoint - The company plans to increase its investment in Zhongyan (Inner Mongolia) Soda Industry Co., Ltd. and sign a joint venture agreement to support the development of a natural soda project, aiming to optimize capital structure and reduce financial costs [6][7][8]. Group 1: Meeting and Resolutions - The company's ninth board meeting was held on August 5, 2025, with all nine directors present, and the proposal for investment in Zhongyan Soda was unanimously approved [1][3]. - The board authorized the management to implement the external investment matters [9]. Group 2: Investment Details - Zhongyan Soda, a subsidiary of the company, will have its registered capital increased to 8 billion yuan, with the company planning to invest up to 4.88 billion yuan and introduce strategic investors for up to 3.92 billion yuan [6][8]. - Shandong Haohua Co., Ltd. and Inner Mongolia Mengyan Salt Industry Group Co., Ltd. have agreed to invest in Zhongyan Soda, with specific amounts of 2.32 billion yuan and 800 million yuan respectively [7][9]. Group 3: Project Background - Zhongyan Soda successfully acquired mining rights for natural soda in the Daqintala area of Inner Mongolia for 6.80866 billion yuan [8][10]. - The company initiated a major asset restructuring process to facilitate the transition of Zhongyan Soda into a wholly-owned subsidiary [6][18]. Group 4: Financial and Strategic Implications - The introduction of strategic investors is expected to lower financial costs and optimize the capital structure of Zhongyan Soda, ensuring the rapid development of the natural soda project [16][17]. - The investment plan does not alter the company's control over Zhongyan Soda, maintaining a minimum ownership of 51% [8][9].

Core Insights - The "Large-Scale Salt Cavern Hydrogen Storage" project marks a significant step in China's hydrogen storage capabilities, initiated by China Salt Group and Tsinghua University in Changzhou [1][3][4] - The project aims to develop a complete technology system for salt cavern hydrogen storage, enhancing the hydrogen energy industry's safety, integrity, and autonomy [2][3][9] Project Overview - The project is part of a national key research and development plan, involving multiple institutions including China University of Geosciences and the Chinese Academy of Sciences [2] - Salt caverns are man-made underground cavities formed by dissolving rock salt, providing ideal conditions for storing gases like hydrogen due to their excellent sealing and stability [2][3] Technical Aspects - The project will create two new salt caverns with hydrogen injection and extraction wells, focusing on testing hydrogen storage performance [4] - Salt cavern hydrogen storage is considered the best method for large-scale underground hydrogen storage, with individual caverns capable of storing between 200,000 to 400,000 cubic meters of hydrogen [3][4] Regional Advantages - Jiangsu province, particularly Changzhou, has a rich history in salt cavern utilization, making it an ideal location for this project due to its abundant salt resources and established infrastructure [4][5][6] - The salt layer in Changzhou is thick and of high quality, providing a stable environment for hydrogen storage [5][6] Safety Measures - The project incorporates a unique constant pressure storage method to mitigate risks associated with hydrogen's flammability and explosiveness, ensuring safe storage conditions [7][8] - A multi-dimensional safety defense system is being established throughout the project's design, construction, and operational phases [7] Future Implications - As technology advances, salt cavern hydrogen storage is expected to lower storage costs and facilitate the expansion of hydrogen energy systems across China [8] - The project aims to create a comprehensive technology standard for hydrogen storage, providing a model for other regions in the country [9]

Core Viewpoint - The construction and development of the Tongliao Naiman natural soda project, which holds the largest natural soda reserves in China, is advancing with new investments, representing a high-quality development direction for the soda ash industry in the context of an oversupplied market [1][2]. Investment and Capital Increase - China Salt Chemical announced on August 5 that it plans to increase the registered capital of China Salt (Inner Mongolia) Soda Industry Co., Ltd. from 40 million yuan to 8 billion yuan, with a maximum capital increase of 4.88 billion yuan [2][3]. - Strategic investors, including Shandong Haihua and Inner Mongolia Mengsalt Group, have agreed to participate in the capital increase, with Shandong Haihua contributing up to 2.32 billion yuan and Mengsalt Group up to 800 million yuan [2][3]. Project Details and Financials - The Tongliao Naiman natural soda project has a mining area of 28.85 square kilometers and a mineral volume of 1.447 billion tons, with a resource amount of 521 million tons containing ≤9.54% salt [2]. - The total investment for the project is estimated at 26.1 billion yuan, with 8 billion yuan from the current capital increase and the remaining 18.1 billion yuan to be raised through bank loans [5]. - The project is expected to produce 1.11 billion tons over 23 years, generating total revenue of 132.32 billion yuan and a net profit of 38.24 billion yuan [6]. Industry Context and Trends - The soda ash industry is experiencing a supply-demand imbalance, with supply growth outpacing demand, leading to increased market volatility [7]. - The introduction of the Tongliao Naiman project is anticipated to significantly impact the industry landscape, potentially disrupting existing companies' operations due to its cost advantages [7][8]. - The project aligns with the trend of phasing out high-energy-consuming chemical synthesis methods, as natural soda production is more cost-effective and environmentally friendly [4][8].

Core Viewpoint - The announcement of capital increase for the Tongliao Naiman natural soda ash project by Zhongyan Chemical indicates a significant investment opportunity in the natural soda ash sector, which is expected to drive high-quality development in the industry [1][2][4]. Group 1: Investment and Capital Structure - Zhongyan Chemical plans to increase the registered capital of Zhongyan (Inner Mongolia) Soda Industry Co., Ltd. from 40 million to 8 billion yuan, with strategic investors like Shandong Haohua and Inner Mongolia Mengyan Salt Industry Group expressing intent to participate in the capital increase [1][2]. - The total investment for the Tongliao Naiman natural soda ash project is projected to reach 26.1 billion yuan, with 8 billion yuan from the current capital increase and the remaining 18.1 billion yuan to be raised through bank loans [4][5]. - The project aims to deploy 730 wells and achieve an annual production capacity of 5 million tons of soda ash by 2028, significantly expanding the low-cost production capacity in the industry [4][6]. Group 2: Cost and Production Efficiency - The cost of producing natural soda ash is approximately 817 yuan per ton, which is significantly lower than the costs associated with chemical synthesis methods, which can reach up to 2,087 yuan per ton [3][7]. - The project is expected to generate substantial economic returns, with a projected total profit of 50.15 billion yuan over its operational period and a financial internal rate of return of 12.84% [5][6]. Group 3: Market Dynamics and Strategic Positioning - The natural soda ash project is anticipated to impact the existing market structure, as it will introduce significant low-cost production capacity amidst a backdrop of oversupply in the soda ash industry [6][7]. - Companies like Shandong Haohua view participation in the natural soda ash project as essential to maintaining competitiveness and mitigating risks associated with market fluctuations and reliance on single production methods [6][7].

Core Viewpoint - The company plans to increase the registered capital of its subsidiary, Zhongyan (Inner Mongolia) Soda Industry Co., Ltd., to 8 billion yuan to support the development of a natural soda project and optimize its capital structure [2][6][12]. Group 1: Investment and Capital Structure - Zhongyan Soda Industry is a subsidiary of Zhongyan Inner Mongolia Chemical Co., Ltd. The company intends to invest up to 4.88 billion yuan in this subsidiary, while also seeking to introduce strategic investors to raise up to 3.92 billion yuan [2][6][12]. - The registered capital of Zhongyan Soda Industry will be increased to 8 billion yuan to meet the funding needs for the natural soda project [2][6][12]. - The company has signed a framework agreement with Shandong Haohua Co., Ltd. and Inner Mongolia Mengyan Salt Industry Group Co., Ltd. for their respective investments of up to 2.32 billion yuan and 800 million yuan [3][12]. Group 2: Project Development and Financial Implications - Zhongyan Soda Industry successfully acquired a natural soda mining right for 6.80866 billion yuan, which is crucial for the development of the natural soda project [5][8]. - The investment plan includes a phased funding approach, with the first phase requiring 6.80866 billion yuan and the second phase requiring 1.19134 billion yuan [12][13]. - The company aims to maintain control over Zhongyan Soda Industry, ensuring that its ownership remains above 51% after the capital increase [6][12]. Group 3: Strategic Importance and Market Context - The investment in the natural soda project aligns with the company's long-term strategy to enhance its competitiveness in the soda ash market, especially as the industry shifts towards more sustainable production methods [19][26][28]. - The natural soda production method is expected to have a cost advantage over synthetic methods, which is significant given the current downward trend in soda ash prices [19][27][28]. - The company anticipates that the natural soda project will contribute to a production capacity of 5 million tons per year, reinforcing its market position [19][26][28].

证券代码：600328 证券简称：中盐化工 公告编号： （临）2025-082 中盐内蒙古化工股份有限公司 第九届董事会第四次会议决议公告 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。 中盐内蒙古化工股份有限公司（以下简称"公司"）第九届董事会 第四次会议于2025年7月25日将会议通知以电子邮件或书面的方式送 达与会人员，2025年8月5日在公司会议室以现场与视频相结合方式召 开，应出席会议董事9名，董事长周杰，董事王广斌，职工董事马占玉 现场参加会议；董事乔雪莲、杨廷文、王吉锁，独立董事胡书亚、赵 艳灵、李强以视频方式参加会议。公司高管人员列席了会议，符合《公 司法》和《公司章程》的有关规定。会议由董事长周杰先生主持。 经与会董事审议并表决通过了以下议案： 一、《关于拟对中盐(内蒙古)碱业有限公司增资并签署合资协议的 议案》 详见同日刊登于《中国证券报》 《上海证券报》和上海证券交易所 网站（www.sse.com.cn）的《中盐内蒙古化工股份有限公司关于拟对 中盐(内蒙古)碱业有限公司增资并签署合资协议的公告》。 ...

Group 1 - The company, Zhongyan Inner Mongolia Chemical Co., Ltd., is undergoing a significant asset restructuring involving a capital reduction of its subsidiary, Zhongyan (Inner Mongolia) Soda Industry Co., Ltd., which will become a wholly-owned subsidiary after the transaction [1][22]. - The transaction amount is set at 6.80866 billion RMB, which is related to the acquisition of natural soda mining rights [8][22]. - The restructuring aims to strengthen the company's position in the soda ash industry and support the development of natural soda resources, aligning with national economic development requirements and industry policies [22][23]. Group 2 - The company has a current soda ash production capacity of 3.9 million tons, making it the third-largest soda ash producer in China [22][23]. - The acquisition of the natural soda mining rights is expected to enhance the company's competitive edge in the soda ash market, particularly as natural soda production has cost advantages over synthetic methods [23]. - The restructuring is part of the company's strategy to optimize its product structure and promote high-quality development in the soda ash industry [23]. Group 3 - The company has committed to ensuring the accuracy and completeness of the information provided during the restructuring process, taking legal responsibility for any misleading statements or omissions [2][5]. - The independent financial and legal advisors have confirmed the fairness and reasonableness of the transaction pricing, ensuring that the interests of all shareholders are protected [12][15]. - The company plans to implement measures to protect the rights of minority investors during the restructuring process, including strict adherence to information disclosure obligations and fair voting procedures [11][12].

证券代码：600328 证券简称：中盐化工 公告编号：（临）2025-079 中盐内蒙古化工股份有限公司 关于上海证券交易所《关于对中盐内蒙古化工 股份有限公司重大资产重组草案的问询函》 之回复公告 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。 根据上海证券交易所于2025年7月30日下发的《关于对中盐内蒙古化 工股份有限公司重大资产重组草案的问询函》（上证公函[2025]1154号） 的相关要求，中盐内蒙古化工股份有限公司（以下简称"公司"、"上市 公司"或"中盐化工"）及相关中介机构对有关问题进行了认真分析及回 复，具体答复如下（如无特别说明，本回复公告中所涉及的简称与《中 盐内蒙古化工股份有限公司参股公司减资之重大资产重组报告书（草案） （修订稿）》中一致）： 一、关于交易目的 草案披露，公司主营盐化工业务，纯碱为公司的主要产品，公司目 前生产纯碱的方法为合成法，包括氨碱法和联碱法，天然碱法较合成法 纯碱生产在成本方面具有明显优势，公司拟通过本次交易控股标的公司 并投资天然碱项目，预计纯碱产能为500万吨/年。公 ...

证券代码：600328 证券简称：中盐化工 公告编号：（临）2025-078 中盐内蒙古化工股份有限公司 关于拟对中盐(内蒙古)碱业有限公司增资并签署合资协议 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： ●事项概述：中盐(内蒙古)碱业有限公司（以下简称"中盐碱业"） 系中盐内蒙古化工股份有限公司(以下简称"公司"或"中盐化工")参股 公司。2025 年 6 月 20 日，公司披露了《关于拟同意中石油中盐(内蒙古) 碱业有限公司股东减资暨成为公司全资子公司暨构成重大资产重组的提示 性公告》，公司已启动重大资产重组程序，2025 年 7 月 22 日召开第九届董 事会第三次会议并披露《关于〈中盐内蒙古化工股份有限公司参股公司减 资之重大资产重组报告书（草案）〉及其摘要的议案》的公告，将于 2025 年 8 月 8 日召开股东会审议，获得通过后，方可进行工商变更。届时，中 盐碱业将成为中盐化工全资子公司。 为保证中盐碱业开发建设天然碱项目资金需要，公司拟对中盐碱业投 资，增加中盐碱业注册资本至 80 ...

证券代码：600328 证券简称：中盐化工 公告编号：（临）2025-081 中盐内蒙古化工股份有限公司 关于参股公司减资之重大资产重组 报告书（草案）（修订稿）及其摘要 （修订稿）》 （以下简称"重组报告书"）及其摘要。公司于2025年7月30日收到上海证 券交易所《关于对中盐内蒙古化工股份有限公司重大资产重组草案的问询 函》（上证公函[2025]1154号）（以下简称"《问询函》"）。 公司已完成《问询函》回复并对外披露。根据《问询函》的相关要求， 以及本次交易的内幕信息知情人股票买卖自查情况，公司对重组报告书进 行了相应修订、补充和完善。本次修订、补充和完善的主要内容如下： 的风险"、"第十一章 风险因素分析"之"一、与本次交易相关的风险" 更新披露"资金筹集及财务风险"，在"重大风险提示"之"二、与标的 公司相关的风险"、"第十一章 风险因素分析"之"二、与标的公司相关 的风险"补充披露"标的公司引入战略投资者不及预期的风险"。 风险"补充披露"建设项目手续审批风险"，并相应更新"第十一章 风险 因素分析"之"二、与标的公司相关的风险"之"建设项目手续审批风险"。 他重要事项"补充披露"（七）标的公司 ...