Investment Rating - The report maintains an "Outperform" rating for the agricultural chemical industry [4][8]. Core Viewpoints - The agricultural chemical industry is experiencing upward price trends in potassium and glyphosate, with an expanding price gap for phosphate exports [1][3]. - The supply-demand balance for potassium fertilizer is tight, with international prices continuing to rise, while domestic production is expected to decrease slightly in 2024 [1][23]. - The phosphate chemical sector is expected to maintain a high price level due to the scarcity of resources and increasing demand from new applications such as lithium iron phosphate [2][46]. - The pesticide sector is anticipated to see a recovery as the "rectification and reform" initiative progresses, with demand increasing due to rising agricultural planting areas in South America [3][4]. Summary by Sections Potassium Fertilizer - The global potassium fertilizer market is characterized by a supply-demand imbalance, with China being the largest consumer and an import dependency exceeding 60% [1][23]. - Domestic potassium chloride production is projected to be 5.5 million tons in 2024, a decrease of 2.7% year-on-year, while imports are expected to reach a record high of 12.633 million tons, up 9.1% [1][23]. - The average price of potassium chloride in July rose from 3,239 CNY/ton to 3,399 CNY/ton, stabilizing at 3,230 CNY/ton by the end of the month [1][40]. Phosphate Chemicals - The long-term price center for phosphate rock is expected to remain high due to declining grades and increasing extraction costs, with the market price for 30% grade phosphate rock remaining above 900 CNY/ton for over two years [2][46]. - As of July 31, 2025, the price for 30% grade phosphate rock in Hubei was 1,040 CNY/ton, while in Yunnan it was 970 CNY/ton, both stable compared to the previous month [2][46]. - The price gap between domestic and international phosphate fertilizers has widened, benefiting companies with export quotas [3][46]. Pesticides - The pesticide sector is entering a recovery phase, with demand driven by increased agricultural planting areas in South America [3][4]. - The pesticide price index has seen a significant decline over the past three years, but demand is expected to strengthen as inventory levels are replenished [3][4]. - Key companies in the pesticide sector include Yangnong Chemical and Lier Chemical, which are recommended for investment [4][8].

证券之星消息，8月5日农化制品板块较上一交易日上涨0.34%，丰山集团领涨。当日上证指数报收于 3617.6，上涨0.96%。深证成指报收于11106.96，上涨0.59%。农化制品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603810 | 丰山集团 | 17.27 | 3.85% | 3.14万 | 5362.57万 | | 002734 | 利民股份 | 21.88 | 2.87% | 59.84万 | 12.96ZZI | | 000422 | 湖北宣化 | 13.54 | 2.19% | 27.13万 | 3.63亿 | | 000902 | 新洋丰 | 14.40 | 1.91% | 10.80万 | 1.55亿 | | 300387 | 富邦科技 | 9.54 | 1.81% | 9.53万 | 9061.10万 | | 002545 | 东方铁塔 | 9.86 | 1.75% | 11.65万 | 1.15亿 | | 002470 | 金正大 | 1.7 ...

金融界消息 截至2025年8月5日收盘，云天化（600096）报收于24.24元，下跌0.08%，换手率0.87%，成 交量15.87万手，成交金额3.85亿元。 来源：金融界 天眼查商业履历信息显示，云南云天化股份有限公司，成立于1997年，位于昆明市，是一家以从事化学 原料和化学制品制造业为主的企业。企业注册资本183432.8747万人民币，实缴资本183432.8747万人民 币。公司法定代表人为崔周全。 通过天眼查大数据分析，云南云天化股份有限公司共对外投资了60家企业，参与招投标项目4226次，知 识产权方面有商标信息283条，专利信息431条，此外企业还拥有行政许可64个。 资金流向方面，今日主力资金净流入3527.90万元，占比成交额9.17%。其中，超大单净流入404.76万 元、占成交额1.05%，大单净流入3123.14万元、占成交额8.12%，中单净流出流入4547.48万元、占成交 额11.82%，小单净流出8075.38万元、占成交额20.99%。 云天化最新一期业绩显示，截至2025一季报，公司营业总收入130.04亿元、同比减少6.16%，归属净利 润12.89亿元，同比减少1 ...

会议资料 云南云天化股份有限公司 YUNNAN YUNTIANHUA CO.,LTD 会议议程 一、参会股东资格审查 （二）现场表决情况汇总并宣布表决结果。 （三）将现场表决结果上传至上海证券交易所股东大会网络投票 系统。 （四）统计现场投票和网络投票的合并表决结果。 公司登记在册的所有股东或其代理人，均有权出席股东大会。股 东应当持身份证或其他能够表明其身份的有效证件或证明出席股东 大会。代理人还应当提交股东授权委托书和本人有效身份证件。 二、会议签到 三、主持人宣布会议开始 （一）介绍参加会议的公司股东和股东代表及所代表的股份总数， 介绍参加会议的公司董事、监事、高级管理人员等。 非累积投票议案 累计投票议案 五、投票表决等事宜 （一）本次会议表决方法按照公司章程规定，与会股东及股东代 表对议案进行表决。 （五）宣读股东大会决议。 （六）出席会议的董事、监事和董事会秘书在会议记录和决议上 签字。 （七）见证律师对本次股东大会发表见证意见。 六、主持人宣布会议结束 云南云天化股份有限公司 董事会 议案一 关于取消监事会并修订公司章程的议案 各位股东及股东代表： 根据《中华人民共和国公司法》、中国证监会《关于 ...

公司发布的一季报数据显示，一季度公司共实现营业收入130.04亿元，同比下降6.16%，实现净利润 12.89亿元，同比下降11.65%，基本每股收益为0.7029元，加权平均净资产收益率5.60%。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 云天化8月4日披露，截至7月31日公司股东户数为87800户，较上期（7月20日）减少8300户，环比降幅 为8.64%。这已是该公司股东户数连续第2期下降。 证券时报·数据宝统计，截至发稿，云天化收盘价为24.26元，上涨0.17%，本期筹码集中以来股价累计 上涨5.11%。具体到各交易日，4次上涨，6次下跌。 ...

云南云天化股份有限公司 YUNNAN YUNTIANHUA CO.,LTD 2025 年第五次临时股东大会会议资料 2025 年第五次临时股东大会 会议资料 目录 | | 会议议程 | 3 | | --- | --- | --- | | 议案一 | 关于取消监事会并修订公司章程的议案 | 5 | | 议案二 | 关于修订公司股东会议事规则的议案 | 24 | | 议案三 | 关于修订公司董事会议事规则的议案 | 25 | | 议案四 | 关于第十届董事会独立董事津贴标准的议案 | 26 | | 议案五 | 关于选举第十届董事会非独立董事的议案 | 27 | | 议案六 | 关于选举第十届董事会独立董事的议案 | 30 | 2 2025 年第五次临时股东大会会议资料 会议议程 一、参会股东资格审查 公司登记在册的所有股东或其代理人，均有权出席股东大会。股 东应当持身份证或其他能够表明其身份的有效证件或证明出席股东 大会。代理人还应当提交股东授权委托书和本人有效身份证件。 二、会议签到 三、主持人宣布会议开始 （一）介绍参加会议的公司股东和股东代表及所代表的股份总数， 介绍参加会议的公司董事、监事、高级管理人员等 ...

云天化最新一期业绩显示，截至2025一季报，公司营业总收入130.04亿元、同比减少6.16%，归属净利 润12.89亿元，同比减少11.65%，扣非净利润12.70亿元，同比减少11.50%，流动比率1.058、速动比率 0.744、资产负债率49.96%。 天眼查商业履历信息显示，云南云天化股份有限公司，成立于1997年，位于昆明市，是一家以从事化学 原料和化学制品制造业为主的企业。企业注册资本183432.8747万人民币，实缴资本183432.8747万人民 币。公司法定代表人为崔周全。 金融界消息 截至2025年8月4日收盘，云天化（600096）报收于24.26元，上涨0.17%，换手率0.81%，成 交量14.81万手，成交金额3.59亿元。 资金流向方面，今日主力资金净流入3289.07万元，占比成交额9.15%。其中，超大单净流入1422.36万 元、占成交额3.96%，大单净流入1866.71万元、占成交额5.2%，中单净流出流入337.67万元、占成交额 0.94%，小单净流出3626.74万元、占成交额10.09%。 通过天眼查大数据分析，云南云天化股份有限公司共对外投资了60家企业， ...

Group 1: Resource Economy Development - Yunnan has positioned resource economy as a key pillar of its economic strategy, with the value added of key resource industries accounting for approximately 45% of GDP [1] - The province is enhancing resource utilization through a comprehensive approach, including policy and financial support, to accelerate the development of key industries [1] - Major manufacturing projects are being promoted to drive industrial cluster development, with approximately 75% of large-scale industrial enterprises concentrated in resource economy industries [1] Group 2: Non-ferrous Metals Industry - Yunnan aims to become a strong province in the non-ferrous metals industry, targeting an industrial output value exceeding 400 billion yuan by 2024 [2] - The production of ten types of non-ferrous metals reached 819.45 million tons, accounting for 10.35% of the national total, ranking fourth in the country [2] - The industrial output value of the non-ferrous metals sector grew by 29% in the first half of the year, with a production increase of 17.4% [2] Group 3: Agricultural Sector - Yunnan is focusing on highland characteristic agriculture, maintaining a leading position in investment scale and production of key agricultural products [3] - The total output value of key agricultural industries reached 2.75 trillion yuan, with significant contributions from sectors like fresh-cut flowers, coffee, and tea [3] - Two agricultural clusters, namely Sanqi and dairy, have been recognized as national characteristic advantage industry clusters [3] Group 4: Tourism Industry - Yunnan is transforming its tourism industry, aiming to attract 700 million visitors and achieve a total tourism expenditure of 1.14 trillion yuan by 2024 [3] - In the first half of the year, the province received 370 million tourists, marking a 10.8% year-on-year increase, with tourism expenditure exceeding 650 billion yuan [3] - The number of residents engaged in tourism activities surged by 45.4%, indicating a robust growth trend [3]

Core Viewpoint - The Inner Mongolia Bayannur Market Supervision Administration has released the first batch of product quality supervision and spot check results for 2025, focusing on agricultural materials during the spring farming preparation period, including polyethylene blown agricultural ground cover films, drip irrigation belts, and fertilizers [3]. Group 1: Product Quality Results - A total of 170 batches of products were inspected, with 164 batches passing and 6 batches failing the quality tests [3]. - The non-compliant items included polyethylene blown agricultural ground cover films, which failed on thickness, tensile load, and tear resistance; drip irrigation belts, which failed on tensile performance and flow uniformity; and fertilizers, which failed on total nutrient content [3]. Group 2: Inspection Details - The inspection covered various products such as polyethylene blown agricultural ground cover films, single-wing labyrinth drip irrigation belts, inner embedded drip irrigation belts, urea, compound fertilizers, diammonium phosphate, potassium fertilizers, large (medium) soluble fertilizers, and microbial agents [3]. - The inspection was conducted randomly across different banners and counties in Bayannur City [3].

Industry Overview - The phosphorus pentoxide (P₂O₅) industry in China has shown a robust development trend with both supply and demand increasing significantly. In the first five months of 2025, the production of phosphorus pentoxide reached 25,000 tons, a year-on-year increase of 36.74%, while consumption was 18,600 tons, up 57.75% year-on-year [1][6] - The supply side has seen enhanced raw material security, with national phosphate rock production reaching 47.312 million tons, a 14.4% increase year-on-year. Hubei and Yunnan provinces contributed over 60% of this production, establishing a "dual-core drive" supply structure [1][6] - Demand is characterized by structural upgrades, with traditional agricultural sectors driving the demand for phosphate fertilizers, which in turn boosts the production of basic phosphorus chemical products like monoammonium phosphate and diammonium phosphate, leading to increased industrial consumption of phosphorus pentoxide [1][6] Industry Chain - The upstream of the phosphorus pentoxide industry includes raw materials such as phosphate rock, sulfuric acid, and coal, as well as production equipment like electric furnaces and extraction devices. The midstream involves the manufacturing of phosphorus pentoxide, while the downstream applications span across fertilizers, semiconductor chips, LCDs, lithium battery electrolytes, glass ceramics, pharmaceuticals, and flame retardants [4] Current Industry Status - The industry is experiencing a favorable supply-demand balance, with production and consumption both on the rise. The consumption growth rate significantly outpaces production growth, indicating a shift in downstream applications from traditional agriculture to higher value-added sectors [6][8] Key Enterprises - Major players in the phosphorus pentoxide market include Anhui Longhua Chemical, Yuntianhua Group, and Hubei Yihua. Anhui Longhua is noted for its significant export capacity and technological strength, while Yuntianhua leverages its rich phosphate rock resources for cost advantages [12][15] Development Trends 1. **Technological Innovation and Environmental Upgrades** - Future innovations in the phosphorus pentoxide industry will focus on improving production processes and applying environmental technologies. Companies will prioritize energy conservation and resource recycling, adopting cleaner production methods to reduce harmful emissions [17] 2. **Diversification and High-end Market Demand** - The application fields for phosphorus pentoxide are expanding, with increasing demand in traditional sectors like agriculture and emerging sectors such as new energy and electronics. High-purity phosphorus pentoxide is particularly sought after in semiconductor manufacturing and battery technologies [18] 3. **Industry Consolidation and Market Concentration** - The industry is expected to undergo consolidation, leading to increased market concentration. Larger companies will strengthen their market positions through innovation and expansion, while smaller firms may face greater competitive pressure [19]