云南云天化股份有限公司与云南云天化集团财务有 限公司关联交易的风险控制制度 （2025 年 4 月修订） 第一章 总则 第一条 为进一步规范云南云天化股份有限公司（下称"公司"） 与云南云天化集团财务有限公司（下称"财务公司"）的关联交易，切 实保证公司在财务公司存款的安全性、流动性，结合证券监管机构的 相关要求，制定本制度。 第三条 公司不得通过与财务公司签署委托贷款协议的方式，将 公司资金提供给控股股东、实际控制人及其他关联方使用。 第二章 信息披露 第六条 公司与集团财务公司进行存款、贷款、票据承兑贴现、 委托贷款、委托理财、结算等金融业务时，应严格遵守国家法律法规 和中国证券监督管理委员会、上海证券交易所等监管机构的各项要求， 审慎决策，并严格按照《上海证券交易所股票上市规则》对于关联交 易的规定履行决策程序和信息披露义务。 第三章 风险控制措施 第七条 在公司存款存放在财务公司期间，公司应每半年取得并 审阅财务公司的财务报告，对财务公司的经营资质、业务和风险状况 进行评估，出具风险评估报告，并作为单独议案提交董事会审议并披 露。 风险评估报告应当至少包括财务公司及其业务的合法合规情况、 是否存在违反 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 13,004,056,041.85, a decrease of 6.16% compared to CNY 13,857,152,945.35 in the same period last year[4] - Net profit attributable to shareholders was CNY 1,289,351,053.97, down 11.65% from CNY 1,459,344,889.14 year-on-year[4] - Basic and diluted earnings per share were both CNY 0.7029, reflecting an 11.65% decrease from CNY 0.7956 in the previous year[4] - Operating profit for Q1 2025 was CNY 1,647,381,525.28, a decline of 21.06% from CNY 2,088,447,010.36 in Q1 2024[15] - Net profit for Q1 2025 was CNY 1,396,326,468.90, down 18.01% from CNY 1,704,284,779.48 in Q1 2024[15] - The total comprehensive income attributable to the parent company owners for Q1 2025 was CNY 1,289,267,798.02, down from CNY 1,476,322,100.57 in Q1 2024, reflecting a decline of 12.7%[16] Cash Flow - The net cash flow from operating activities increased by 14.34% to CNY 2,847,893,623.79, compared to CNY 2,490,831,668.58 in the previous year[4] - The net cash flow from operating activities for Q1 2025 was CNY 2,847,893,623.79, an increase of 14.4% from CNY 2,490,831,668.58 in Q1 2024[18] - The net cash flow from investing activities for Q1 2025 was -CNY 529,672,036.87, compared to -CNY 303,894,325.63 in Q1 2024, indicating a higher outflow[20] - The net cash flow from financing activities for Q1 2025 was -CNY 812,331,411.86, a significant increase in outflow compared to -CNY 338,609,866.51 in Q1 2024[20] Assets and Liabilities - Total assets at the end of the reporting period were CNY 51,716,372,723.42, a slight increase of 0.46% from CNY 51,479,518,495.71 at the end of the previous year[4] - Total liabilities decreased to CNY 25,837,788,754.08 from CNY 26,903,024,960.59, a reduction of 3.96%[12] - Non-current liabilities decreased to CNY 9,887,486,325.55 from CNY 11,217,905,490.13, a decline of 11.85%[12] - Cash and cash equivalents increased to CNY 8,398,105,536.62 as of March 31, 2025, compared to CNY 6,936,853,349.28 at the end of 2024, representing a growth of 20.97%[10] - Total cash and cash equivalents at the end of Q1 2025 amounted to CNY 8,059,608,105.31, an increase from CNY 7,865,398,042.23 at the end of Q1 2024[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 111,597[8] - The largest shareholder, Yuntianhua Group Co., Ltd., holds 38.12% of the shares, totaling 699,254,292 shares[8] Inventory and Investments - Inventory as of March 31, 2025, was CNY 5,007,995,086.66, down from CNY 6,069,773,988.62, a decrease of 17.49%[10] - Long-term equity investments increased to CNY 3,840,797,809.15 from CNY 3,648,855,596.99, reflecting a growth of 5.26%[11] Government Subsidies - The company received government subsidies amounting to CNY 22,635,147.73, which are closely related to its normal business operations[6]

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。 | 一、主要产品的产量、销量及收入实现情况 | | --- | | 主要产品 | 产量（万吨） | 销量（万吨） | 营业收入（万元） | | --- | --- | --- | --- | | 磷肥 | 122.06 | 127.73 | 392,321.79 | | 复合（混）肥 | 51.13 | 52.53 | 150,086.88 | | 尿素 | 75.70 | 75.35 | 129,875.42 | | 聚甲醛 | 3.13 | 2.49 | 28,824.18 | | 黄磷 | 0.81 | 0.62 | 12,865.20 | | 饲料级磷酸氢钙 | 15.01 | 12.68 | 49,320.10 | 备注：以上主要产品数据为公司自产产品数据，未包含本期商贸收入及其他 业务收入和其他零星产品收入。 根据上海证券交易所《上市公司自律监管指引第 3 号——行业信 息披露》相关规定，将公司 2025 年第一季度主要经营数据披露如下： 证券代码：600096 证券 ...

云天化（600096）公告，2025年第一季度营收为130.04亿元，同比下降6.16%；净利润为12.89亿元，同 比下降11.65%。 ...

Core Viewpoint - Yunnan Yuntianhua is revolutionizing agricultural practices by integrating advanced industrial technologies into farming, exemplified by their modern flower cultivation techniques and smart greenhouse systems [2][7]. Group 1: Technological Innovations in Agriculture - The smart greenhouse at Yunnan Yuntianhua's modern agricultural demonstration park allows for precise environmental control, maintaining temperature fluctuations within ±0.5℃ and adjusting light intensity minute by minute [2]. - The application of soilless cultivation technology has led to a remarkable 300% increase in yield per unit area, while water recycling techniques have reduced costs and contributed to local ecological management [3]. - The integration of infrared imaging systems enables the precise grading of flowers based on their blooming status, streamlining the packaging process [3]. Group 2: Economic Impact and Production Capacity - The demonstration park spans 1,450 acres and produces approximately 500,000 fresh-cut roses daily, generating an annual output value close to 100 million yuan [3]. - Yunnan Yuntianhua has successfully cultivated 32 proprietary flower varieties, with 8 varieties already making a mark in the market, breaking the long-standing foreign monopoly [3]. Group 3: Workforce Development and Training - Since the park's inception, 1,023 local farmers have been trained to transition from traditional farming to modern agricultural practices, enhancing their skills in advanced agricultural techniques and management [4]. - The company has provided professional services to over 1,700 farmers, resulting in an average increase of over 20% in the proportion of high-quality flowers produced [4]. Group 4: Research and Development Initiatives - Yunnan Yuntianhua is exploring new pathways for agricultural transformation through its "laboratory-farm" integration model, focusing on seedling research, planting technology innovation, and pest control [6]. - The establishment of 36 technology small courtyards across 12 provinces has led to the development of over 1,221 planting schemes and a comprehensive database for pest management, supporting the agricultural industry across 30 million acres [6].

证券代码：600096 证券简称：云天化 公告编号：临 2025-034 云南云天化股份有限公司 2024 年年度股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2025 年 04 月 15 日 (二) 股东大会召开的地点：公司总部会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持 有股份情况： | 1. 出席会议的股东和代理人人数 | 1,103 | | --- | --- | | 2. 出席会议的股东所持有表决权的股份总数（股） | 834,463,132 | | 3. 出席会议的股东所持有表决权股份数占公司有表决权股份总 | 45.4914 | | 数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会 主持情况等。 本次股东大会由公司董事会召集，现场会议由董事长崔周全先生 主持，会议采取现场投票和网络投票相结合的方式。会议的召集、召 开、表决方式符合《公司法》 ...

北京德恒（昆明）律师事务所 Beijing DeHeng Law Offices (KunMing) 云南省昆明市西山区西园路 126 号"融城优郡"B5 幢 3、4 层 电话（传真）: 0871-63172192 邮编: 650032 北京德恒(昆明)律师事务所 关于云南云天化股份有限公司 2024 年年度股东会的法律意见 北京德恒（昆明）律师事务所 关于云南云天化股份有限公司 2024 年年度股东会的 法律意见 北京德恒（昆明）律师事务所 关于云南云天化股份有限公司 2024 年年度股东会的 法律意见 云南云天化股份有限公司: 北京德恒(昆明)律师事务所(下称"本所")作为贵公司的常年法律顾问, 本次指派杨杰群律师、杨敏律师出席贵公司 2024年年度股东会(以下简称"本 次股东会"),并按照律师行业公认的业务标准、道德规范及勤勉尽责精神,对 贵公司提供的与本次股东会有关的文件资料进行了审查,现根据《公司法》《证 券法》《上市公司股东会规则》及贵公司《章程》的规定,就贵公司本次股东会 的相关事项出具如下法律意见: 一、关于本次股东会的召集和召开程序 根据贵公司提供的有关资料及公开披露的信息,表明贵公司董事会 ...

云南云天化股份有限公司 关于变更回购股份用途为注销暨减少注册资本通知 债权人的公告 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法律责任。 一、通知债权人的原由 证券代码：600096 证券简称：云天化 公告编号：临 2025-035 （二）债权申报登记地点：云南省昆明市西山区滇池路 1417 号； （三）邮编：650228； （四）联系人：云南云天化股份有限公司证券部； （五）联系电话：0871-64327177； （六）传真：0871-64327155。 云南云天化股份有限公司（以下简称"公司"）分别于 2025 年 3 月 21 日召开第九届董事会第四十二次会议和 2025 年 4 月 15 日召开 2024 年年度股东大会，审议通过了《关于变更回购股份用途并注销的 议案》。同意将回购专户持有的公司股份用途由"用于公司未来员工 持股计划或股权激励"变更为"用于注销并减少注册资本"，即同意 公司将回购专用账户中 11,338,016 股库存股进行注销并减少注册资 本。 本次注销完成后，公司注册资本将由 1,834,328,747 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2][9]. Core Views - The company's recurring net profit increased by 15.12% year-on-year, with a planned cash dividend distribution of 2.552 billion yuan, accounting for 47.86% of the net profit attributable to the parent company [1][6]. - The company achieved an operating revenue of 61.537 billion yuan in 2024, a year-on-year decrease of 10.89% [6][9]. - The report forecasts net profits for 2025-2027 to be 5.616 billion yuan (+18.83%), 5.883 billion yuan (+22.59%), and 6.172 billion yuan, respectively, with corresponding EPS of 3.06, 3.21, and 3.36 yuan per share [9]. Financial Performance Summary - In 2024, the company reported a net profit of 5.190 billion yuan, with a significant increase in recurring net profit [6][9]. - The fourth quarter of 2024 saw an operating revenue of 14.813 billion yuan, a sequential increase of 0.55% but a year-on-year decrease of 6.00% [6][9]. - Major products showed varied performance: - Phosphate fertilizer production was 5.0542 million tons, with a gross profit margin increase to 37.93% [7]. - Compound fertilizer production increased by 13.17%, with a revenue increase of 16.62% [7]. - Urea production increased by 9.87%, but revenue decreased by 2.71% [7]. - Polyoxymethylene production increased by 4.65%, with a slight revenue increase [7]. Production and Resource Advantages - The company has significant phosphate rock and coal resources, with phosphate rock reserves of nearly 800 million tons and a mining capacity of 14.5 million tons per year [8]. - The synthetic ammonia production capacity is 2.48 million tons per year, with a self-sufficiency rate exceeding 95% [8]. - The total fertilizer production capacity is 10 million tons per year, with additional capacities in feed-grade calcium phosphate salts and polyoxymethylene [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][21]. Core Views - The company is expected to see improved profitability in 2024, with a projected revenue of 61.54 billion yuan, a year-on-year decrease of 10.89%, while net profit is expected to rise by 17.93% to 5.33 billion yuan [1][2]. - The company has successfully optimized cost control, leading to an overall improvement in profitability, with a gross margin of 17.50%, up 2.32 percentage points year-on-year [2]. - The company benefits from a strong position in the phosphate fertilizer market, supported by domestic policies aimed at stabilizing prices amid global uncertainties [3][8]. Financial Summary - Revenue and Profitability: - 2023 revenue was 69.06 billion yuan, projected to decrease to 61.54 billion yuan in 2024, with a gradual recovery expected in subsequent years [1]. - Net profit for 2024 is projected at 5.33 billion yuan, a 17.93% increase from 2023 [1][11]. - The company’s return on equity (ROE) is expected to decline from 25.0% in 2023 to 24.6% in 2024 [1]. - Cash Flow and Expenses: - Operating cash flow is expected to increase by 13.93% to 10.75 billion yuan in 2024, driven by higher net profit [2]. - Financial expenses are projected to decrease by 30.52%, while management expenses are expected to rise by 12.38% [2]. - Dividend Policy: - The company plans to maintain a high dividend payout ratio, with a cash dividend of 14 yuan per 10 shares for 2024, amounting to 2.55 billion yuan, which is 47.86% of the net profit attributable to shareholders [3]. Industry Context - The phosphate fertilizer industry is experiencing a favorable environment due to policy support and a reduction in the number of less competitive firms, leading to increased market concentration [3][8]. - The company’s phosphate production capacity is significant, with a total phosphate rock reserve of nearly 800 million tons and a production capacity of 14.5 million tons per year [9][10]. - The company’s main products, including ammonium phosphate and compound fertilizers, have shown production and sales growth, contributing positively to overall performance [8][9].