Market Performance - The basic chemical index increased by 1.11% from August 23 to August 29, while the CSI 300 index rose by 2.71%, indicating that the basic chemical sector underperformed the CSI 300 by 1.60 percentage points, ranking 11th among all sectors [1][2] - The top-performing sub-industries included nylon (5.68%), rubber additives (5.44%), potassium fertilizer (4.65%), food and feed additives (2.99%), and fluorochemicals (2.99%) [1][2] Chemical Product Price Trends - The top five products with the highest weekly price increases were NYMEX natural gas (11.11%), crude phenol (7.12%), niacinamide (5.78%), phenol oil (5.16%), and hydrofluoric acid (5.00%) [3] - The top five products with the largest weekly price declines included liquid chlorine (-75.00%), sodium (-6.78%), coal tar (-4.17%), anthracene oil (-4.11%), and lithium carbonate (industrial grade) (-4.09%) [3] Industry Dynamics - In the first half of 2025, the basic chemical sector achieved operating revenue of 1,123.83 billion yuan, a year-on-year increase of 3.03%, and a net profit attributable to shareholders of 69.72 billion yuan, up 4.43% year-on-year [4] - In Q2 2025, the sector reported operating revenue of 587.10 billion yuan, a year-on-year increase of 0.80% and a quarter-on-quarter increase of 9.38%, with a net profit of 35.72 billion yuan, down 2.66% year-on-year but up 5.03% quarter-on-quarter, indicating an improving trend in quarterly profitability [4] Company Performance Highlights - In the refrigerant sector, Juhua Co. reported H1 2025 operating revenue of 13.33 billion yuan, up 10.36% year-on-year, and a net profit of 2.05 billion yuan, up 145.84% year-on-year [6] - Sanmei Co. achieved H1 2025 operating revenue of 2.83 billion yuan, a 38.58% increase year-on-year, with a net profit of 999.5 million yuan, up 159.22% year-on-year [6] - In the agricultural chemicals sector, Yara International reported H1 2025 operating revenue of 2.52 billion yuan, a 48.54% increase year-on-year, and a net profit of 855 million yuan, up 216.64% year-on-year [7] - Salt Lake Co. reported H1 2025 operating revenue of 6.78 billion yuan, down 6.30% year-on-year, but a net profit of 2.52 billion yuan, up 13.69% year-on-year [7] Investment Recommendations - Current investment focus includes the refrigerant sector, with recommendations for companies like Jingshi Resources, Juhua Co., Sanmei Co., and Yonghe Co. [9] - The chemical fiber sector is also highlighted, with recommendations for Huafeng Chemical, Xin Fengming, and Taihe New Materials [9] - Other recommended companies include Wanhua Chemical, Hualu Hengsheng, Luxi Chemical, and Baofeng Energy [9] - The tire sector includes recommendations for Sailun Tire, Senqilin, and Linglong Tire [9] - In the agricultural chemicals sector, recommended companies include Yara International, Salt Lake Co., Xingfa Group, Yuntianhua, and Yangnong Chemical [9] - High-quality growth stocks to watch include Blue Sky Technology, Shengquan Group, and Shandong Heda [9] Industry Rating - The basic chemical industry maintains an "overweight" rating [10]

Industry Overview - The rare earth magnetic materials industry saw a significant increase of 15.32% last week, outperforming the benchmark (CSI 300) by 12.61 percentage points [3] - The industry valuation (TTM P/E ratio) increased by 5.29 times to 105.19 times, currently at the 98th percentile of its historical range [3] Price Trends - Last week, the prices of rare earth concentrates generally declined, with specific decreases of 2.38%, 5.41%, and 6.25% for various domestic rare earth mines [4] - The average price of praseodymium-neodymium oxide fell by 4.02%, while the metal price decreased by 2.24% [4] - Dysprosium prices experienced a slight decline of 0.62%, and terbium prices remained weak due to insufficient terminal demand [4] - The price of sintered neodymium-iron-boron remained stable, with H35 grade increasing by 1.42% [6] Investment Recommendations - The supply of rare earths is expected to remain tight, with policies strengthening control over the entire industry chain, leading to an increase in the short-term supply gap for praseodymium-neodymium [7] - Demand is anticipated to improve, particularly in emerging sectors such as new energy vehicles and wind power, with major magnetic material manufacturers operating at full capacity [7] - The report maintains an "overweight" rating for the industry, suggesting that upstream rare earth resource companies may benefit from rising prices [8] Mechanical Industry Insights - The company reported a slight revenue increase of 1.7% year-on-year, with total revenue reaching 1.29 billion yuan [10] - The net profit attributable to shareholders decreased by 27.0%, indicating pressure on profitability [10] - The company is focusing on precision reducer business, which is expected to grow due to the demand in intelligent manufacturing and automation [13] Chemical Industry Outlook - The supply-demand dynamics for spandex are expected to improve as outdated production capacities exit the market and new capacities face delays [17] - The demand for spandex is projected to grow with consumption upgrades, leading to a favorable supply-demand balance in the future [19]

Meeting Information - The company will hold its second extraordinary general meeting of shareholders for 2025 on September 18, 2025 [1] - The meeting will be convened by the company's board of directors and has been approved in the 13th meeting of the 9th board [1][8] - The meeting will take place at the administrative building, Room 205, 1688 Development Avenue, Ruian Economic Development Zone, Zhejiang Province [8] Voting Details - The meeting will combine on-site voting and online voting [3] - On-site voting will include personal attendance and proxy attendance with a power of attorney [4] - Online voting will be available through the Shenzhen Stock Exchange trading system and the internet voting system on September 18, 2025, from 9:15 AM to 3:00 PM [2][12] Registration Information - The equity registration date for the meeting is September 15, 2025 [5] - Eligible attendees include ordinary shareholders or their agents registered by the close of trading on the registration date [6] - Registration for personal shareholders requires identification and proof of shareholding, while corporate shareholders must provide additional documentation [9] Agenda and Proposals - The meeting will review proposals that have been approved by the 13th meeting of the 9th board and the 11th meeting of the 9th supervisory board [8] - Certain proposals require a two-thirds majority of the voting rights held by attending shareholders to pass [8] - Separate counting of votes for small and medium investors will be conducted [8] Contact Information - For inquiries, shareholders can contact Zhu Gewai at 0577-65178053 or via email at hfal002064@huafeng.com [10]

Group 1 - The company Huafeng Chemical (002064) announced that it will hold the second extraordinary general meeting of shareholders in 2025 on September 18, 2025 [1] - The agenda for the meeting includes the review of the proposal to amend the company's articles of association among other proposals [1]

关于召开 2025 年第二次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假 记载、误导性陈述或重大遗漏。 华峰化学股份有限公司（以下简称"公司"）定于 2025 年 9 月 18 日召开 2025 年第二次临时股东大会，有关事项通知如下： 一、召开会议的基本情况 1．股东大会届次：2025 年第二次临时股东大会 2．股东大会的召集人：公司董事会 经公司第九届董事会第十三次会议审议通过了关于召开本次股东大会的议 案。 证券代码：002064 证券简称：华峰化学 公告编号：2025-052 华峰化学股份有限公司 3. 会议召开的合法、合规性：本次股东大会会议的召开符合有关法律、行 政法规、部门规章、规范性文件和《公司章程》的有关规定。 4．会议召开的日期、时间： （1）现场会议：2025 年 9 月 18 日 15：00 （2）网络投票：通过深圳证券交易所交易系统进行网络投票的具体时间： 2025 年 9 月 18 日 9:15—9:25，9:30—11:30 和 13:00—15:00； 通过互联网投票系统（http://wltp.cninfo.com.cn）进行网络投 ...

Company Overview - Huafon Chemical Co., Ltd. is located in Ruian Economic Development Zone, Wenzhou, Zhejiang Province, established on December 15, 1999, and listed on August 23, 2006. The company specializes in the research, production, and sales of polyurethane products, including spandex fibers, polyurethane raw materials, and adipic acid [1]. Business Segmentation - The main business revenue composition is as follows: Basic chemical products account for 36.84%, chemical fibers for 34.73%, new chemical materials for 22.81%, others for 5.06%, and logistics services for 0.56% [1]. Stock Performance - On September 2, Huafon Chemical's stock fell by 5.11%, trading at 7.61 CNY per share, with a transaction volume of 241 million CNY and a turnover rate of 0.63%. The total market capitalization is 37.765 billion CNY [1]. Fund Holdings - Huafon Chemical is a significant holding in the Hengyue Research Selected Mixed A/B Fund (006049), which held 1.5085 million shares, representing 4.91% of the fund's net value, making it the sixth-largest holding. The fund has incurred an estimated floating loss of approximately 618,500 CNY today [2]. Fund Performance - The Hengyue Research Selected Mixed A/B Fund, managed by Xue Liangchen, has a total asset size of 241 million CNY. Since its inception on July 4, 2018, the fund has achieved a return of 85.27%, with a year-to-date return of 25.83% and a one-year return of 47.4% [2][3].

Core Insights - The report emphasizes that the chemical industry is entering a new phase of capital expenditure, with a focus on the rebalancing of supply and demand following the release of production capacity during the 14th Five-Year Plan period [2][6] - The report indicates that the bottom of the cycle is becoming clearer, with potential price increases for chemical products driven by demand recovery and supply stability in the second half of the year [2][6] Industry Overview - The current cycle has reached its tail end, with a total of 12 quarters of decline since Q3 2022, following a 7-quarter expansion from Q4 2020 to Q2 2022 [10][12] - The report outlines that the chemical industry has experienced three significant price fluctuation cycles since 2010, with the latest cycle characterized by a demand-driven recovery followed by a supply-side pressure [8][10] Investment Recommendations - The report suggests focusing on sectors with relatively low valuations, such as sucralose (recommended: Jinhe Industrial), pesticides (recommended: Yangnong Chemical, Runfeng Shares), and MDI (recommended: Wanhua Chemical) [3][4] - It highlights the importance of domestic demand in countering tariff impacts, recommending companies in refrigerants and fertilizers [3][4] - The report identifies investment opportunities in sectors with upcoming capacity releases, such as organic silicon (recommended: Xin'an Chemical) and spandex [3][4] Price and Profitability Trends - The report notes that many sub-industry product prices remain at historical lows, with specific prices for spandex, PA6, and other fibers at 0%, 4%, and 5% of historical levels respectively [28] - It mentions that the chemical industry has seen a slight recovery in profitability in Q1 2025, although the overall performance remains under pressure [27][25] Supply and Demand Dynamics - The report indicates that the global chemical capital expenditure is on a downward trend, with domestic companies experiencing a slowdown in investment while still facing significant pressure to convert projects into fixed assets [22][32] - It also states that both domestic and international markets are entering a replenishment phase in 2025, which may influence inventory levels and pricing strategies [35][36]

Core Viewpoint - The demand for spandex is expected to grow due to increased penetration in downstream applications and trends in functional consumption, particularly in the textile and apparel sectors [1][4]. Industry Overview - In 2024, 76% of spandex will be used for clothing production, with an apparent consumption volume of 1.0269 million tons, reflecting a compound annual growth rate (CAGR) of 9.21% from 2020 to 2024, significantly higher than other mainstream synthetic fibers [1]. - The sales of clothing, footwear, and textiles in China are projected to grow year-on-year from 2023 to 2024, with a cumulative sales increase of 3.10% in the first half of 2025 [1]. - The emergence of trendy items like yoga and sun-protective clothing since 2020 has notably boosted overall spandex demand [1]. Supply and Demand Dynamics - The spandex industry is currently facing severe overcapacity, with new production capacity of 135,000 tons in 2024, representing a year-on-year growth rate of 10.88% [3]. - The average gross profit margin for spandex was reported at -5,217 yuan/ton as of August 13, 2025, indicating continuous losses for over two years [3]. - Inventory levels are at historical highs, impacting operational willingness among companies and leading to a decline in overall industry operating rates compared to the same period in 2024 [3]. Market Outlook - The ongoing capacity clearance in the spandex industry may improve the supply-demand balance, with leading companies likely to benefit first [4]. - Major spandex producers like Huafeng Chemical and Xinxiang Chemical Fiber have a significant cost advantage, with unit costs of 22,406 yuan/ton and 25,263 yuan/ton, respectively, compared to the industry average of 29,711 yuan/ton [6]. - Despite the current low industry sentiment, leading companies are expected to maintain positive gross margins of 13.66% and 0.30% in 2024 [6]. Company Performance - Huafeng Chemical reported Q2 2025 revenue of 5.823 billion yuan, a year-on-year decline of 17.84%, with a net profit of 479 million yuan, down 42.61% [8]. - Xinxiang Chemical Fiber achieved Q2 2025 revenue of 1.828 billion yuan, a year-on-year increase of 16.74%, with a net profit of 89.2582 million yuan, up 1581.12% [11]. - Taihe New Materials reported a net profit of 92.2925 million yuan in Q2 2025, reflecting a year-on-year growth of 16.15% [9].

华峰化学股份有限公司 股东会议事规则 第一章 总则 第一条 为规范上市公司行为，保证股东会依法行使职权，根据《中华人民 共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证 券法》）及《华峰化学股份有限公司章程》（以下简称公司章程）及其它有关法律、 法规和规范性文件的规定，制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。 第三条 公司应当严格按照法律、行政法规、公司章程及本规则的相关规定 召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当 勤勉尽责，确保股东会正常召开和依法行使职权。 第四条 股东会应当在《公司法》和公司章程规定的范围内行使职权。 第五条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次， 应当于上一会计年度结束后的六个月内举行。临时股东会不定期召开，出现《公 司法》第一百一十三条规定的应当召开临时股东会的情形时，临时股东大会应当 在两个月内召开。 公司在上述期限内不能召开股东会的，应当报告公司所在地中国证券监督管 理委员会（以下简称中国证监会）派出机构和公司股票挂牌交易的证券交易 ...

第四条 有下列情形之一的，董事会应当召开临时会议： 华峰化学股份有限公司 董事会议事规则 第一条 为了进一步规范本公司董事会的议事方式和决策程序，促使董事和 董事会有效地履行其职责，提高董事会规范运作和科学决策水平，根据《中华人 民共和国公司法》《中华人民共和国证券法》《深圳证券交易所股票上市规则》《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法 律、法规和规范性文件及《华峰化学股份有限公司章程》（"《公司章程》"）的有 关规定，制订本规则。 第二条 董事会下设董事会办公室，负责公司股东会和董事会会议的筹备、 文件保管以及公司股东资料管理等董事会日常工作。 第三条 董事会会议分为定期会议和临时会议。董事会每年至少召开两次会 议，由董事长召集和主持；董事长不能履行职务或者不履行职务的，由副董事长 召集和主持；未设副董事长、副董事长不能履行职务或者不履行职务的，由半数 以上董事共同推举一名董事召集和主持。 新一届董事会第一次会议，由在股东会换届选举获取票数最多的董事（若有 多名，则推举其中一名）主持，董事长由董事会以全体董事的过半数选举产生。 在发出召开董事会定期会议的通知前，董事会 ...