山东华鲁恒升化工股份有限公司调整回购股份价格上限公告深度解读

一、公告要点概述

• 回购价格上限大幅上调：山东华鲁恒升化工股份有限公司（以下简称“公司”）宣布，将回购股份的价格上限由原本的每股31.83元大幅上调至56.22元。此次调整后的价格上限不高于董事会决议前30个交易日公司股票均价的150%。
• 回购其他要素保持不变：除了回购价格上限调整外，回购方案的其他内容保持不变。
• 董事会审议通过，无需股东大会再次审议：本次调整已通过公司董事会审议，不需提交股东大会审议。

二、详细内容解读

1. 回购方案基本情况

公司此前已通过董事会和股东大会审议，决定自股东大会审议通过之日起12个月内，使用自有资金或自筹资金，不低于2亿元、不高于3亿元，通过集中竞价方式，以不超过32.38元/股的价格回购股份，全部回购股份将予以注销并减少注册资本。此后因分红，回购价格上限调整为31.83元/股。

2. 回购进展

截至公告披露日，公司通过上海证券交易所集中竞价方式已累计回购股份699.7081万股，占总股本的0.33%。回购成交最高价为28.00元/股，最低为20.75元/股，已支付资金总额为1.6721亿元（不含交易费用）。

3. 调整回购价格上限的原因及影响

近期公司股价已远超原回购上限，导致回购难以实施。为持续维护公司市值、提升每股收益并增强股东回报，同时表达公司对未来持续稳定发展的信心，董事会决定将回购价格上限调整为56.22元/股。调整后，公司可根据市场股票价格灵活实施回购，更充分利用回购政策。

此举符合《上市公司股份回购规则》及《上海证券交易所上市公司自律监管指引第7号》的相关法律法规，不影响公司经营、财务、研发和未来发展，也不会损害中小股东利益或影响公司控制权。

4. 程序合规性说明

调整方案已于2026年3月9日经董事会临时会议审议通过，依据相关法规及股东会授权，无需再提交股东会审议。

5. 风险提示

公司特别提醒投资者，如回购期限内股票价格持续高于回购上限，回购方案可能无法顺利实施。公司将根据市场情况择机决策并及时披露相关信息，提醒投资者注意相关风险。

三、对股东和投资者的重要影响

• 价格灵活性提升：回购价格上限的提升将大大增加公司回购的灵活性，有助于公司在当前高股价环境下顺利完成回购计划。
• 公司价值支撑及市场信心：本次大幅上调回购上限，显示管理层对公司价值和未来发展的高度认可，有助于稳定公司股价，提升市场信心。
• 可能影响股价波动：调整有助于维护公司市值，提升每股收益，对二级市场股价具有积极影响，可能成为影响股价的重要信息。
• 政策合规性强，保障中小股东利益：调整遵循相关法规及公司章程，未影响公司治理结构及上市地位，中小股东权益不会受损。

四、结论

山东华鲁恒升化工本次回购价格上限的上调，是公司应对当前市场价格变化，积极维护投资者利益和公司价值的重要举措。此举将对公司股价表现、市场信心和股东回报产生积极影响，值得投资者重点关注。

免责声明：本文内容仅供投资者参考，不构成任何投资建议。股市有风险，投资需谨慎。以上信息来自公司公告及公开资料，若有疑义请以公司正式公告为准。

English Translation

In-Depth Report: Shandong Hualu Hengsheng Chemical Co., Ltd. Substantially Raises Buyback Price Cap

1. Key Points Overview

• Buyback Price Cap Substantially Raised: The company announced that the maximum price for its share buyback program will be raised from the original RMB 31.83 per share to RMB 56.22 per share. The new cap does not exceed 150% of the average share price over the 30 trading days prior to the board resolution.
• Other terms of buyback unchanged: Except for the price cap, all other terms of the buyback program remain unchanged.
• Board approval only, no shareholder meeting required: The adjustment has been approved by the board and does not require further shareholder approval.

2. Detailed Content

1. Buyback Plan Background

The company previously resolved—by both board and shareholder meetings—to use at least RMB 200 million and up to RMB 300 million of self-owned or self-raised funds for share buybacks at no more than RMB 32.38 per share over 12 months, with all repurchased shares to be cancelled and registered capital reduced. After dividend distributions, the cap had been adjusted to RMB 31.83 per share.

2. Buyback Progress

As of the announcement date, the company had bought back 6.997081 million shares via the Shanghai Stock Exchange, representing 0.33% of its total capital. The highest and lowest buyback prices were RMB 28.00 and RMB 20.75 per share, respectively, with a total outlay of RMB 167.21 million (excluding fees).

3. Reasons and Impact for Price Cap Adjustment

The recent price surge of the company’s stock made buybacks at the original cap unfeasible. To maintain market value, enhance EPS, and boost shareholder returns—while expressing confidence in the company’s long-term prospects—the board raised the buyback cap to RMB 56.22 per share. This enables the company to buy back shares more flexibly in today’s market.

This adjustment complies with regulatory requirements and does not affect the company’s operations, financial health, R&D, or future development. It protects minority shareholders and does not impact control rights or listing status.

4. Compliance Process

The adjustment was approved at the March 9, 2026, board meeting and—per relevant regulations and prior shareholder authorization—does not require further shareholder meeting approval.

5. Risk Warning

The company warns investors that if the share price stays above the new buyback cap during the buyback period, the program may not proceed. The company will continue to disclose material developments and urges investors to consider related risks.

3. Investor Impact and Price Sensitivity

• Much Greater Price Flexibility: Raising the cap allows the company to implement the buyback program under current market conditions.
• Support for Company Valuation and Market Confidence: The substantial increase signals strong management confidence in the business, supporting the share price and market sentiment.
• Potential Share Price Driver: The move is likely to have a positive effect on the stock price and is highly price-sensitive information.
• Strong Compliance, Minority Protection: The adjustment is fully compliant, does not affect governance, and poses no risk to minority shareholders.

4. Conclusion

Shandong Hualu Hengsheng Chemical’s substantial increase in its share buyback price cap is a significant move to adapt to market changes, protect investor interests, and support the company’s value. The news is highly relevant for investors and could materially impact the share price.

Disclaimer: This article is for reference only and does not constitute investment advice. Stock markets are risky; investors should remain cautious. All information is based on official disclosures. In case of discrepancies, please refer to official company announcements.

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