Investment Rating - The report maintains a "Strong Buy" rating for Hubei Yihua, with a target price of 16.05 yuan [1]. Core Views - The company is expected to complete and upgrade its industrial chain layout, awaiting a profit turning point. In 2024, the company achieved a revenue of 16.964 billion yuan, a slight decrease of 0.48% year-on-year, while the net profit attributable to shareholders increased by 44.32% to 653 million yuan [1][4]. - The company plans to distribute a cash dividend of 2.0 yuan per 10 shares, totaling 217 million yuan, which accounts for 33.2% of the net profit [1]. Financial Performance Summary - In 2024, the company's fertilizer products generated revenue of 7.653 billion yuan, accounting for 45.1% of total revenue, with a year-on-year decrease of 1.34%. Diammonium phosphate revenue was 4.879 billion yuan, up 6.87% year-on-year, while urea revenue was 2.773 billion yuan, down 13.08% year-on-year [8]. - The chemical products segment generated revenue of 7.472 billion yuan, down 5.65% year-on-year, with a gross margin of 6.93%, an increase of 1.51 percentage points year-on-year [8]. - The company has two major ongoing projects, with progress rates of 63.4% and 53% respectively by the end of 2024, aimed at optimizing and upgrading traditional chemical fertilizer sectors [8]. - The company announced plans to acquire 100% equity of Yichang Xinfatou from its major shareholder, which holds a 39.4% stake in Xinjiang Yihua, further enhancing its product scale and upstream advantages [8]. Financial Forecast Summary - The forecast for total revenue is projected to grow to 18.401 billion yuan in 2025, with a year-on-year growth rate of 8.5%. The net profit attributable to shareholders is expected to reach 964 million yuan, reflecting a growth rate of 47.7% [4][9]. - The earnings per share (EPS) is projected to increase from 0.60 yuan in 2024 to 0.89 yuan in 2025, with a price-to-earnings (P/E) ratio decreasing from 23 to 15 [4][9].

Core Viewpoint - Hubei Yihua reported a slight decline in revenue but a significant increase in net profit, indicating improved profitability and operational efficiency [1] Financial Performance - The company achieved operating revenue of 16.964 billion yuan, a year-on-year decrease of 0.48% [1] - Net profit attributable to shareholders was 653 million yuan, reflecting a year-on-year increase of 44.32% [1] - Total assets reached 26.713 billion yuan, up 24.40% year-on-year [1] - Equity attributable to the parent company was 7.362 billion yuan, an increase of 11.88% year-on-year [1] - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares (tax included) [1] Production Capacity and Market Position - Hubei Yihua's production capacities include 1.56 million tons/year for urea, 1.26 million tons/year for diammonium phosphate, and 720,000 tons/year for polyvinyl chloride (PVC) [2] - The company ranks fourth in the national market share for diammonium phosphate and is among the top ten in PVC production capacity [2] - Hubei Yihua is the largest producer of pentose alcohol in Asia and the second largest globally, with a capacity of approximately 60,000 tons/year [2] Strategic Developments - The company completed a project to upgrade its clean coal gasification technology, which is expected to lower overall costs and secure raw material supply [2] - A framework cooperation agreement was signed with Yichang High-tech Industrial Development Zone and Multi-Flor Multi-New Materials Co., Ltd. to jointly develop a fluorosilicon industrial park [2] Sales and Export Performance - Hubei Yihua established a stable sales network across the country, with significant exports of its main products to Japan, South Korea, India, Pakistan, and Southeast Asia [2] - In 2024, overseas sales amounted to 3.105 billion yuan, accounting for 18.30% of total revenue, a year-on-year increase of 12.23% [2] Research and Development - The company emphasizes technological research and development, with significant advancements in various processes and new product development [3] - The composition of R&D personnel improved, with master's and bachelor's degree holders increasing by 29.17% and 30.26%, respectively, while those with diplomas or below decreased by 8.62% [3] Future Outlook - Hubei Yihua aims to continue implementing new development concepts, focusing on safety and environmental protection, and enhancing core business operations to drive high-quality growth [3]

Investment Rating - The investment rating for Hubei Yihua is "Outperform the Market" [4][9][28] Core Views - The company is expected to achieve a net profit attributable to shareholders of 653 million yuan in 2024, representing a year-on-year increase of 44.32% [1][11] - The company is actively progressing with asset restructuring, which is anticipated to enhance profitability [3][4] - The demand for high-end products, such as dipentaerythritol, is increasing, leading to a rapid rise in product prices, which the company is well-positioned to benefit from as an industry leader [2][22] Financial Performance - In 2024, the company is projected to generate operating revenue of 16.964 billion yuan, a slight decrease of 0.48% year-on-year [1][10] - By the end of 2024, total assets are expected to reach 26.713 billion yuan, an increase of 4.40% year-on-year, while equity attributable to shareholders is projected to grow by 11.88% to 7.362 billion yuan [1][11] - The weighted average return on equity (ROE) is forecasted to be 9.18%, up by 0.96% year-on-year [1][11] Business Segments - The company has a urea production capacity of 1.56 million tons, ranking among the industry leaders, and a diammonium phosphate capacity of 1.26 million tons, holding the fourth position in market share nationally [1][11] - The company has recently completed a 460,000 tons/year synthetic ammonia project, which is expected to further secure raw material supply for diammonium phosphate and TMP, enhancing profitability [3][24] - The company is also involved in the construction of a 2×30,000 tons/year anhydrous hydrofluoric acid project, which will promote the transformation and upgrading of the phosphorus-fluorine chemical industry [3][24] Market Outlook - The acquisition of Xinjiang Yihua is expected to be completed by 2025, which will strengthen the company's advantages in the coal and coal chemical sectors [4][27] - The company plans to integrate coal resources into its operations, which is anticipated to contribute to profit growth [9][28] - The market for dipentaerythritol is expected to see significant price elasticity due to increased demand in high-end PCB ink materials, which the company is well-positioned to capitalize on [2][23]

Core Viewpoint - The audit report for Hubei Yihua Chemical Co., Ltd. for the year 2024 indicates that the financial statements fairly reflect the company's financial position and operating results in accordance with accounting standards [1][2]. Financial Statements - The financial statements include consolidated and parent company balance sheets, income statements, cash flow statements, and changes in equity statements for the year ending December 31, 2024 [1]. - The total issued share capital of the company is 1,082.914712 million shares, with a registered capital of 1,082.914712 million yuan [5]. Audit Opinion - The audit opinion states that the financial statements are prepared in accordance with accounting standards and provide a true and fair view of the company's financial status and performance [1][2]. - Key audit matters identified include revenue recognition and long-term asset impairment, which are critical due to their significant impact on the financial statements [1][2]. Key Audit Matters - Revenue recognition is a key audit matter due to the large volume of sales and the potential for management to manipulate revenue recognition to meet targets [1][2]. - Long-term asset impairment testing is also critical, with the company holding long-term assets valued at 573.0247 million yuan, which requires careful evaluation of future cash flows and discount rates [2]. Company Overview - Hubei Yihua Chemical Co., Ltd. operates in the chemical fertilizer industry, with main products including urea, diammonium phosphate, and polyvinyl chloride [5][6]. - The company was established on September 6, 1993, and has undergone several capital increases and stock issuances since its inception [5][6]. Accounting Policies - The financial statements are prepared based on the going concern assumption and comply with the relevant accounting standards issued by the Ministry of Finance [7][8]. - The company uses the Chinese yuan as its functional currency and follows specific accounting treatments for mergers, joint ventures, and financial instruments [9][10].

Core Viewpoint - The independent director of Hubei Yihua Chemical Co., Ltd. has reported on the performance of duties in 2024, emphasizing adherence to legal regulations and the importance of maintaining independence and diligence in decision-making processes [1][2][3]. Group 1: Independent Director's Basic Information - The independent director, Zhao Yang, has a strong professional background with experience in various investment and technology companies, currently serving as an independent director for multiple firms [1]. - Zhao Yang has confirmed that there are no factors affecting independence, complying with relevant regulations and not holding any other positions within the company or its subsidiaries [2]. Group 2: Annual Performance Overview - The independent director actively participated in board meetings, voting in favor of all proposals and attending shareholder meetings, demonstrating commitment to the company's governance [2]. - As the convener of the Compensation and Assessment Committee, the director organized and attended multiple meetings to review and approve the 2024 restricted stock incentive plan and related compensation proposals [3][4]. Group 3: Key Focus Areas - The independent director monitored related party transactions, ensuring that all proposals related to guarantees and asset sales were compliant and did not harm the interests of the company or its shareholders [8][9]. - The company has maintained transparency in financial reporting, timely disclosing annual and quarterly reports, which accurately reflect its financial status [9][10]. Group 4: Recommendations and Overall Evaluation - The independent director has emphasized the importance of fair and transparent related party transactions and accurate information disclosure, contributing to the company's governance and protecting shareholder interests [12].

Group 1 - The report is a special report on the fundraising storage and usage situation of Hubei Yihua Chemical Co., Ltd. for the year 2024 [1] - The board of directors of Hubei Yihua is responsible for preparing the fundraising special report in accordance with relevant regulations from the China Securities Regulatory Commission and the Shenzhen Stock Exchange [1][2] - The registered accountant's responsibility is to provide a verification conclusion on the fundraising special report based on the execution of verification work [1][2] Group 2 - The verification work was conducted following the standards set by the Chinese Certified Public Accountants for non-audit verification services [2] - The verification process requires adherence to professional ethics and planning to ensure the report meets all significant aspects of the regulatory requirements [2]

Group 1 - The core viewpoint of the article is that Huatai United Securities has conducted a systematic training program for the management and key personnel of Hubei Yihua Chemical Co., Ltd. to enhance their understanding of regulatory compliance and corporate governance [1][2]. - The training focused on the requirements for the standardized operation of listed companies, interpretation of new policies such as the "New National Nine Articles," and included case studies to illustrate these points [1][2]. - The training aimed to strengthen the legal awareness and integrity of the participants, ensuring they understand their responsibilities and obligations in terms of corporate governance and information disclosure [1][2]. Group 2 - The training was conducted by experienced professionals with expertise in securities, law, and finance, ensuring a comprehensive approach to the training of Hubei Yihua's board members, supervisors, senior management, and major shareholders [2]. - The training successfully deepened the participants' understanding of relevant laws and regulations from the China Securities Regulatory Commission and the Shenzhen Stock Exchange, achieving the expected goals and improving the operational standards of Hubei Yihua [2].

Core Viewpoint - Hubei Yihua Chemical Co., Ltd. has made retrospective adjustments to its financial statements for the year 2024, primarily due to the transfer of 100% equity of Xinjiang Chiyuan Environmental Technology Co., Ltd. from its controlling shareholder, Hubei Yihua Group Co., Ltd., which is valued at 7.8012 million yuan [1][2]. Financial Statement Adjustments - The retrospective adjustments are necessary as the equity transfer constitutes a business combination under common control, requiring adjustments to the consolidated financial statements [2][3]. - The adjustments will reflect the financial position, operating results, and cash flows of the company for the comparative periods [3]. Impact on Financial Statements - The adjustments to the consolidated balance sheet as of December 31, 2023, include: - Cash and cash equivalents increased from approximately 2.971 billion to 2.972 billion yuan - Accounts receivable increased from approximately 124.38 million to 130.83 million yuan - Total assets increased from approximately 21.434 billion to 21.475 billion yuan [3][4]. - The adjustments to the consolidated income statement for the year 2023 include: - Total operating revenue increased from approximately 17.042 billion to 17.046 billion yuan - Total operating costs increased from approximately 16.434 billion to 16.439 billion yuan - Net profit decreased from approximately 805.53 million to 804.52 million yuan [4][5]. Cash Flow Statement Adjustments - The adjustments to the consolidated cash flow statement for the year 2023 include: - Net cash generated from operating activities increased from approximately 1.626 billion to 1.630 billion yuan - Net cash used in investing activities decreased from approximately -2.165 billion to -2.173 billion yuan - Net cash used in financing activities improved from approximately -218.20 million to -216.20 million yuan [5][6].

一、保荐人及保荐代表人承诺 性陈述或重大遗漏，保荐人及保荐代表人对其真实性、准确性、完整性承担法律 责任。 会"）、深圳证券交易所对保荐总结报告书相关事项进行的任何质询和调查。 法》的有关规定采取的监管措施。 二、保荐人基本情况 华泰联合证券有限责任公司 关于湖北宜化化工股份有限公司 向特定对象发行股票之保荐总结报告书 保荐人名称 华泰联合证券有限责任公司 保荐人编号 Z26774000 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为湖北宜化化工股份有限公司（以下简称"湖北宜化"或"公司"）向特定对象 发行股票并在主板上市持续督导阶段的保荐人，履行持续督导职责期间截至 行上市保荐业务管理办法》《深圳证券交易所创业板股票上市规则》《深圳证券 交易所上市公司自律监管指引第 13 号——保荐业务》等相关法规及规范性文件 的要求，出具本保荐总结报告书。 情况 内容 保荐人名称 华泰联合证券有限责任公司 深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小 注册地址 镇 B7 栋 401 主要办公地址 北京市西城区丰盛胡同 22 号丰铭国际大厦 A 座 6 层 法定代表人 江禹 联系人 ...

湖北宜化化工股份有限公司 非经营性资金占用及其他关联资金往来情况 信会师报字2025第 ZE10070 号 湖北宜化化工股份有限公司全体股东： 我们审计了湖北宜化化工股份有限公司(以下简称"湖北宜 化")2024 年度的财务报表，包括 2024 年 12 月 31 日的合并及母公司 资产负债表、2024 年度合并及母公司利润表、合并及母公司现金流 量表、合并及母公司所有者权益变动表和相关财务报表附注，并于 保留意见审计报告。 湖北宜化管理层根据中国证券监督管理委员会《上市公司监管指 引第 8 号——上市公司资金往来、对外担保的监管要求》（证监会公 告〔2022〕26 号）和《深圳证券交易所上市公司自律监管指南第 1 号——业务办理》的相关规定编制了后附的 2024 年度非经营性资金 占用及其他关联资金往来情况汇总表（以下简称"汇总表"）。 编制汇总表并确保其真实、准确、完整是湖北宜化管理层的责任。 我们将汇总表所载信息与我们审计湖北宜化 2024 年度财务报表时所 审核的会计资料及已审计财务报表中披露的相关内容进行了核对，没 有发现在重大方面存在不一致的情况。 为了更好地理解湖北宜化 2024 年度非经营性资 ...