证券代码：600096 证券简称：云天化 公告编号：临 2025-067 云南云天化股份有限公司 第十届董事会第三次（临时）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法律责任。 一、董事会会议召开情况 云南云天化股份有限公司（以下简称"公司"）第十届董事会第三 次（临时）会议通知于 2025 年 8 月 29 日以送达、邮件等方式通知全 体董事及相关人员。会议于 2025 年 9 月 5 日以通讯表决的方式召开。 应当参与表决董事 9 人，实际参加表决董事 9 人，符合《公司法》和 《公司章程》等有关法律、法规和规章的规定。 二、董事会会议审议情况 （一）7 票同意、0 票反对、0 票弃权，审议通过《关于拟通过 公开摘牌方式收购云南天能矿业有限公司股权暨关联交易的议案》。 为进一步整合产业资源，提升公司未来资源保障能力，公司拟通 过公开摘牌方式参与收购云南省煤田地质局（以下简称"煤田地质 局"）持有的云南天能矿业有限公司（以下简称"天能矿业"）30%股权。 天能矿业于 2007 年由公司控股股东云天化集团有限责任公司 ...

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]

Group 1 - The company held its sixth extraordinary general meeting of shareholders on September 4, 2025, at the company headquarters [3][4] - All nine current directors attended the meeting, along with the board secretary and several other executives [2] - The meeting adopted the 2025 semi-annual profit distribution plan without any dissenting votes [3][4] Group 2 - The meeting was conducted in compliance with the Company Law and the company's articles of association, utilizing both on-site and online voting methods [3][4] - The legal firm Beijing Deheng (Kunming) Law Firm provided witness services, confirming that the meeting's procedures and resolutions were lawful and valid [5]

证券代码：600096 证券简称：云天化 公告编号：临 2025-066 云南云天化股份有限公司 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）股东会召开的时间：2025 年 09 月 04 日 （二）股东会召开的地点：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： 份总数的比例（%） （四）表决方式是否符合《公司法》及《公司章程》的规定，股 东会主持情况等。 本次股东会由公司董事会召集，现场会议由董事长宋立强先生主 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》及公司章程的规定。 （五）公司董事和董事会秘书的出席情况 宗勇先生，党委副书记、工会主席胡耀坤先生，副总经理、财务总监 钟德红先生，纪委书记李建昌先生，副总经理翟树新先生、副总经理 兰洪刚先生列席了本次会议。 二、 议案审议情况 (一) 非累积投票议案 审议结果：通过 表决情况： 股东 同意 反对 弃权 类型 ...

Group 1 - The company announced the convening of its sixth extraordinary general meeting for 2025 on September 4, 2025 [2] - The meeting approved the "2025 Half-Year Profit Distribution Plan" [2]

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 2025 年第六次临时股东会的 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 2025年第六次临时股东会的法律意见 北京德恒(昆明)律师事务所 关于云南云天化股份有限公司 2025年第六次临时股东会的 法律意见 北京德恒(昆明)律师事务所 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 2025年第六次临时股东会(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 ...

证券代码：600096 证券简称：云天化 公告编号：临 2025-066 云南云天化股份有限公司 2025年第六次临时股东会决议公告 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）股东会召开的时间：2025 年 09 月 04 日 （二）股东会召开的地点：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 1. 公司在任董事9人，出席9人； 2. 董事会秘书苏云先生出席了本次会议；党委副书记、总经理王 宗勇先生，党委副书记、工会主席胡耀坤先生，副总经理、财务总监 钟德红先生，纪委书记李建昌先生，副总经理翟树新先生、副总经理 兰洪刚先生列席了本次会议。 二、 议案审议情况 (一) 非累积投票议案 持有股份情况： | 1. | 出席会议的股东和代理人人数 | 874 | | --- | --- | --- | | 2. | 出席会议的股东所持有表决权的股份总数（股） | 922,617,785 | | 3. | 出席会议的股东所持有表 ...

Core Insights - The performance of listed fertilizer companies in the first half of 2025 showed a mixed trend, with 13 out of 29 companies reporting a year-on-year decline in revenue and 17 companies experiencing a decrease in net profit, including 4 companies that reported losses [1] - Notable performers included Yara International and Batian Co., with Yara's revenue increasing by 48.54% and net profit soaring by 216.64%, while Batian's revenue rose by 63.93% and net profit grew by 203.71% [1][2] - Conversely, Liuguo Chemical reported a staggering net profit decline of 608.08%, resulting in significant losses [1] Revenue and Profit Analysis - Major nitrogen fertilizer companies, including Hualu Hengsheng and Hubei Yihua, generally saw declines in both revenue and net profit, with revenue drops ranging from 0.63% to 24.03% and net profit declines between 12.77% and 97.58% [4][5] - In the urea segment, Hubei Yihua's revenue fell by 16.81% and gross margin decreased by 17.01%, while Sichuan Meifeng's revenue dropped by 26.23% with a 21.00% reduction in gross margin [4][5] Segment Performance - The potassium fertilizer sector exhibited strong profitability, with companies like Salt Lake Co. and Yara International reporting significant net profit increases between 13.69% and 216.64% [8][9] - Yara International's revenue reached 2.522 billion yuan, a 48.54% increase, with net profit at 855 million yuan, a 216.64% rise, attributed to increased sales volume and prices [8] - The phosphate sector showed mixed results, with some companies like Chuanheng Co. and Chuanjinno achieving revenue and profit growth, while others like Yuntianhua and Xingfa Group faced declines [6][7] Market Trends - The overall nitrogen fertilizer market is under pressure due to low product prices and increased production costs, with many companies citing these factors as reasons for their declining performance [5][6] - The phosphate market is experiencing cost pressures due to rising sulfur prices, impacting profitability for many producers [7] - The potassium fertilizer market is tightening due to production cuts from major international suppliers, leading to price increases in both domestic and international markets [9][10] Strategic Shifts - Companies are increasingly focusing on transitioning to new types of fertilizers, which show stronger profitability compared to traditional products [14] - New product lines, such as controlled-release fertilizers, are gaining market share and driving growth in the industry [14]

Core Viewpoint - Yuntianhua's stock price has shown fluctuations, with a year-to-date increase of 26.55%, but a recent decline of 2.68% over the last five trading days [1] Company Overview - Yuntianhua Co., Ltd. is located in Kunming, Yunnan Province, established on July 2, 1997, and listed on July 9, 1997. The company specializes in fertilizers, phosphate mining, and organic chemicals [1] - The main business revenue composition includes: phosphate fertilizer (27.99%), commodity grain (19.87%), compound fertilizer (12.51%), urea (10.28%), trading fertilizers (10.03%), and others [1] Financial Performance - For the first half of 2025, Yuntianhua reported operating revenue of 24.992 billion yuan, a year-on-year decrease of 21.88%, and a net profit attributable to shareholders of 2.761 billion yuan, a decrease of 2.81% [2] - Cumulative cash dividends since the A-share listing amount to 8.525 billion yuan, with 6.210 billion yuan distributed in the last three years [3] Shareholder Information - As of June 30, 2025, Yuntianhua had 86,000 shareholders, a decrease of 2.05% from the previous period, with an average of 21,197 circulating shares per person, an increase of 2.09% [2] - Major shareholders include Hong Kong Central Clearing Limited, holding 230 million shares, and Southern CSI 500 ETF, holding 18.96 million shares, both showing increases in holdings [3] Market Activity - On September 3, Yuntianhua's stock price fell by 2.00% to 26.46 yuan per share, with a trading volume of 266 million yuan and a turnover rate of 0.55% [1] - The net outflow of main funds was 19.0685 million yuan, with significant buying and selling activity observed [1]

Core Viewpoint - The A-share market has shown strong performance, leading to significant revenue and profit growth for listed securities firms in the first half of the year, primarily driven by proprietary trading income. Group 1: Financial Performance - In the first half of the year, 42 listed securities firms achieved a total operating income of 251.87 billion yuan and a net profit of 104.02 billion yuan, representing year-on-year growth of 11.37% and 65.08% respectively [1] - Proprietary trading contributed significantly, with total proprietary income reaching 112.35 billion yuan, a year-on-year increase of 53.53%, accounting for over 40% of total revenue [1][2] - Among these firms, CITIC Securities was the only one to exceed 10 billion yuan in proprietary income, achieving 19.05 billion yuan, which constituted approximately 57% of its total revenue [2] Group 2: Major Shareholdings - As of the end of June, the top three heavily held stocks by securities firms were Jiangsu Bank, Yong'an Futures, and CITIC Construction Investment, with holdings of 923 million shares, 439 million shares, and 383 million shares respectively [5] - The market value of these holdings was approximately 11.03 billion yuan for Jiangsu Bank, 6.51 billion yuan for Yong'an Futures, and 9.21 billion yuan for CITIC Construction Investment [5] - Other notable stocks included Sinopec, Shanghai Laishi, and Yuheng Pharmaceutical, with significant holdings by various securities firms [5] Group 3: Changes in Holdings - In the second quarter, securities firms significantly increased their positions in stocks such as Sichuan Chengyu, Hongchuang Holdings, and Yuntianhua, with increases of 9.89 million shares, 5.76 million shares, and 5 million shares respectively [6] - Conversely, stocks like Huangshi Group, Shanghai Mechanical, and Northeast Securities saw substantial reductions in holdings, with Huangshi Group experiencing a decrease of over 14 million shares [7][8] - Regulatory issues led to a sharp decline in holdings for certain stocks, with securities firms reducing their positions in Huangshi Group following investigations and penalties [8][9]