一、监事会会议召开情况 云南云天化股份有限公司（以下简称"公司"）第九届监事会第 三十九次会议通知于 2025 年 6 月 12 日分别以送达、电子邮件等方式 通知全体监事及相关人员。会议于 2025 年 6 月 17 日以通讯表决的方 式召开。应当参与表决监事 6 人，实际参加表决监事 6 人，符合《公 司法》和《公司章程》的有关规定。 证券代码：600096 证券简称：云天化 公告编号：临 2025-045 云南云天化股份有限公司 第九届监事会第三十九次会议决议公告 本公司监事会及全体监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。 二、监事会会议审议情况 特此公告。 云南云天化股份有限公司监事会 。 （一）6 票同意、0 票反对、0 票弃权，审议通过了《关于与控 股股东签署关联交易框架协议的议案》 （二）6 票同意、0 票反对、0 票弃权，审议通过了《关于公司 与云南云天化集团财务有限公司续签〈金融服务协议〉暨关联交易的 议案》。 （三）6 票同意、0 票反对、0 票弃权，审议通过了《关于对外 捐赠的议案》。 为切实履行好国有企业的社会责任 ...

Meeting Information - The fourth extraordinary general meeting of shareholders will be held on July 3, 2025 [1] - The meeting will utilize a combination of on-site and online voting methods [1] - The on-site meeting will take place at the company's headquarters starting at 9:00 AM [1] - Online voting will be conducted through the Shanghai Stock Exchange system from 9:15 AM to 11:30 AM on the same day [1] Voting Procedures - Shareholders can vote via the Shanghai Stock Exchange online voting system or through designated trading terminals [3][4] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts [4] - Duplicate votes through different methods will be counted based on the first voting result [4] Attendance and Registration - Only shareholders registered by the close of trading on June 25, 2025, are eligible to attend the meeting [5] - Shareholders can appoint proxies to attend and vote on their behalf [5] - Personal identification is required for both attending shareholders and their proxies [5] Agenda Items - The meeting will review the proposal for renewing the financial services agreement with Yunnan Yuntianhua Group Finance Co., Ltd., which is a related party transaction [3] - The proposal has already been approved by the company's board of directors [3]

Industry Overview - China is the largest producer and consumer of liquid ammonia, with an estimated production of approximately 62.1 million tons in 2024, representing a year-on-year growth of 2.39% [1][13] - The stable agricultural demand is a key factor supporting the growth of liquid ammonia production, as it is a core raw material for nitrogen fertilizer [1][13] - China's total grain production is expected to reach a new high of over 1.4 trillion jin in 2024, which directly drives the demand for nitrogen fertilizers and subsequently boosts liquid ammonia production [1][13] - The recovery of industrial demand, particularly in the chemical and refrigeration sectors, is also contributing to the growth of liquid ammonia production [1][13] Industry Development History - The development of China's liquid ammonia industry has gone through four stages, starting from the establishment of the first synthetic ammonia production workshop in 1935 [4][5] - The industry expanded significantly from the 1950s to the 1970s, with applications extending to lawn maintenance and greenhouse planting [5] - From the 1970s to 2015, the industry faced strict environmental regulations, leading to technological innovations and the development of more environmentally friendly production methods [5][6] - Since 2015, the industry has been undergoing a transformation towards green ammonia production, utilizing renewable energy sources [6][7] Industry Chain - The upstream of the liquid ammonia industry includes raw materials such as coal, natural gas, and production equipment [9] - The midstream involves the manufacturing process of liquid ammonia, while the downstream applications span agriculture, industry, and new energy sectors [9] Market Size - The stable growth in grain production and the recovery of industrial demand are expected to drive liquid ammonia production in 2024 [1][13] - The price of liquid ammonia in April 2025 was reported at 2,650 yuan per ton, reflecting a month-on-month increase of 3.52% but a year-on-year decrease of 13.96% [15] Key Enterprises - The competitive landscape of the liquid ammonia industry is characterized by a concentration of leading companies such as Yuntianhua, Hubei Yihua, and Hualu Hengsheng, which dominate the market [17] - These leading enterprises are extending their operations upstream to raw material production and downstream to fertilizer and chemical markets, forming a closed loop from raw materials to production and application [17] Industry Development Trends - The industry is accelerating its transition to green and low-carbon production methods, with green ammonia technology becoming a key breakthrough [23][25] - There is a trend towards deeper capacity integration, with leading companies expanding their market share through mergers and acquisitions [24][25] - The demand for liquid ammonia in the new energy sector is rising, with its potential applications in energy storage and shipping becoming increasingly significant [26]

Core Viewpoint - The China Securities Index for Small and Medium-sized State-owned Enterprise Reforms has shown mixed performance, with a recent increase of 1.86% over the past month but a decline of 2.71% over the last three months and a year-to-date drop of 1.68% [2] Group 1: Index Performance - The China Securities Index for Small and Medium-sized State-owned Enterprise Reforms closed at 2005.81 points [1] - The index has been selected based on companies undergoing or planning state-owned enterprise reforms, reflecting the overall performance of this theme [2] Group 2: Index Composition - The top ten weighted companies in the index include Jianghuai Automobile (4.0%), Yuntianhua (3.23%), China Rare Earth (3.08%), and others, with a total of 10 companies listed [2] - The index is composed of 54.40% from the Shanghai Stock Exchange and 45.60% from the Shenzhen Stock Exchange [2] Group 3: Industry Breakdown - The industry composition of the index shows that 43.18% is in the industrial sector, 18.92% in materials, and 16.84% in information technology, among others [3] - The index samples are adjusted quarterly, with changes implemented in March, June, September, and December [3]

证券代码：600096 证券简称：云天化 公告编号：临 2025-043 云南云天化股份有限公司 关于回购股份注销完成暨股份变动的公告 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。 重要内容提示： 云南云天化股份有限公司（以下简称"公司"）本次注销已回 购股份 11,338,016 股，占本次注销前公司总股本的 0.6181%。本次注 销完成后，公司总股本由 1,834,328,747 股变更为 1,822,990,731 股。 本次回购股份注销事宜计划于 2025 年 6 月 11 日办理完成，本 次回购股份注销手续符合法律法规相关要求。 一、回购股份情况 2023 年 8 月 2 日，公司召开第九届董事会第十八次（临时）会 议，审议通过了《关于以集中竞价交易方式回购公司股份的议案》， 同意公司拟以不低于人民币 1.5 亿元（含），不超过人民币 2 亿元（含） 的自有资金回购公司股票，用于公司未来员工持股计划或股权激励， 回购期限为自公司董事会审议通过回购方案之日起不超过 4 个月。详 见公司于 2023 年 8 月 3 ...

Core Viewpoint - Yunnan Yuntianhua Co., Ltd. has completed the cancellation of repurchased shares, reducing its total share capital and enhancing shareholder value through this strategic move [1][2][3]. Share Repurchase Situation - The company has repurchased 11,338,016 shares, accounting for 0.6181% of the total shares before cancellation, resulting in a new total of 1,822,990,731 shares after the cancellation [1][3]. - The repurchase was conducted with a budget of between RMB 1.5 billion and RMB 2 billion, aimed at future employee stock ownership plans or equity incentives, with a completion deadline of four months from the board's approval [1][2]. Approval Process for Share Cancellation - The company has changed the purpose of the repurchased shares from employee stock ownership plans to cancellation and reduction of registered capital, following the necessary legal procedures [2][3]. - A 45-day notice period for creditors was completed without any claims, allowing the company to proceed with the share cancellation [2][3]. Changes in Share Capital Structure - Post-cancellation, the share structure will reflect a total of 1,822,990,731 shares, with no change in the proportion of unrestricted circulating shares [3][4]. Impact of Share Cancellation - The cancellation of shares will not affect the controlling shareholder or actual controller, nor will it have a significant adverse impact on the company's operations, finances, research and development, or future growth [3][4]. - The company's listing status remains unchanged, and there are no detrimental effects on the interests of shareholders, particularly minority shareholders [3][4]. Follow-up Arrangements - The company will complete the necessary business registration and filing procedures in accordance with relevant laws and regulations following the share cancellation [4].

证券代码：600096 证券简称：云天化 公告编号：临 2025-043 云南云天化股份有限公司 关于回购股份注销完成暨股份变动的公告 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。 重要内容提示： 云南云天化股份有限公司（以下简称"公司"）本次注销已回 购股份 11,338,016 股，占本次注销前公司总股本的 0.6181%。本次注 销完成后，公司总股本由 1,834,328,747 股变更为 1,822,990,731 股。 本次回购股份注销事宜计划于 2025 年 6 月 11 日办理完成，本 次回购股份注销手续符合法律法规相关要求。 一、回购股份情况 2023 年 8 月 2 日，公司召开第九届董事会第十八次（临时）会 议，审议通过了《关于以集中竞价交易方式回购公司股份的议案》， 同意公司拟以不低于人民币 1.5 亿元（含），不超过人民币 2 亿元（含） 的自有资金回购公司股票，用于公司未来员工持股计划或股权激励， 回购期限为自公司董事会审议通过回购方案之日起不超过 4 个月。详 见公司于 2023 年 8 月 3 ...

Summary of Key Points from Conference Call Records Industry Overview Aviation Industry - Boeing's aircraft delivery suspension has a limited impact on the Chinese aviation industry, with three previously suspended aircraft set to be delivered to Xiamen Airlines and China Southern Airlines. China Eastern Airlines plans to introduce 46 Boeing aircraft by 2025, with about 10 already delivered in Q1. These new aircraft represent less than 1% of the total industry fleet of 4,300 aircraft [2][4] - Market expectations suggest that tax rebates may compensate airlines for the delivery suspension, which has not significantly affected stock prices [4] - The summer 2025 aviation market is expected to see good pre-sales, with non-fuel ticket prices projected to achieve double-digit growth, although current seat occupancy rates are lower than last year [5] Express Delivery Industry - The express delivery sector is experiencing price increases, particularly in Yiwu, while intense price wars among major companies have not yielded expected results. The growth rate for Zhongtong's parcel volume in Q1 was only 19%, compared to the industry average of 22% [6] - The price war may reach a temporary bottom if price increases continue, presenting a good opportunity for investment in companies like Zhongtong, Jitu, YTO, and Shentong [6] - The application of unmanned vehicles in the last-mile delivery is rapidly advancing, with SF Express increasing its investment in unmanned vehicles, significantly reducing per-package costs [7][8] Chemical Industry - The CCPI price index has decreased due to oil price fluctuations and the seasonal decline in consumption. The index currently stands at 44,033 points, down one percentage point from the previous week [9] - U.S. inventory growth in March was 3.47%, indicating potential future demand decline, which may affect chemical product exports [10] - OPEC's decision to increase production may impact the chemical industry, with a focus on supply-constrained products [11] Fertilizer Market - Potash fertilizer contract prices have risen, with ongoing tight supply and demand conditions expected to maintain high prices. The price for potash contracts in India is $349 per ton, up $70 year-on-year [13][14] Refrigerant and Vitamin Markets - Refrigerant prices are rising due to increased downstream demand, with R32 reaching 51,000 yuan per ton. Vitamin E prices are expected to rise due to low inventory levels and production halts among leading companies [15] Precious Metals Market - Silver prices are rising due to increased tariffs on copper and aluminum, while platinum and palladium prices are influenced by industrial demand fluctuations. The gold market is currently volatile, with attention on potential risks to the U.S. dollar's credibility [18][19] Oil Market - Brent crude oil prices have risen to $66.65 per barrel, with expectations of fluctuations between $63 and $67 in June. Despite OPEC's production increase, global demand remains tight [20]

Investment Rating - The report maintains an "Outperform" rating for the fertilizer and pesticide industry [2][3]. Core Views - The international potash prices continue to rise, influenced by supply disruptions in pesticides [2]. - The domestic potash supply remains tight, with a significant reliance on imports, exceeding 60% [4][31]. - The long-term price stability of phosphate rock is expected due to increasing demand and declining quality of domestic resources [5][54]. Summary by Sections 1. Potash: Resource Scarcity and Price Recovery - Potash is essential for crop growth, with chloride potash being the dominant type used in agriculture, accounting for over 95% of usage [19]. - Global potash resources are concentrated in a few countries, with Canada, Belarus, and Russia holding approximately 69.4% of the total proven reserves [20][21]. - China's potash consumption is significant, making it the largest consumer globally, with a projected increase in demand [24][31]. 2. Phosphate Chemicals: High Prices and Export Guidance - The phosphate chemical industry's performance is closely tied to phosphate rock prices, which are expected to remain high due to supply constraints and increasing demand from new applications [5][54]. - As of May 2025, the market price for 30% grade phosphate rock in Hubei is 1,040 CNY/ton, while in Yunnan, it is 970 CNY/ton, both stable compared to the previous month [54]. - Phosphate fertilizer export policies are expected to alleviate domestic market pressures during the off-season [6]. 3. Pesticides: Supply Disruptions and Price Increases - The supply of chlorantraniliprole (Kangkuan) has been disrupted due to an explosion, leading to a price increase [7]. - The price of glyphosate has risen, with expectations for increased exports to South America during the peak demand season [7][10]. - Companies like Lier Chemical, which have established production capabilities for chlorantraniliprole, are highlighted as key players in the market [8][10]. 4. Key Company Profit Forecasts and Investment Ratings - Key companies in the industry, such as Yaqi International, Yuntianhua, and Xingfa Group, are rated as "Outperform" with projected earnings per share (EPS) growth [11]. - Yaqi International is expected to produce 2.8 million tons of potassium chloride in 2025, with a significant increase in production capacity anticipated [52].

Core Viewpoint - Yunnan Yuntianhua Co., Ltd. aims to become a flagship leading listed company by focusing on internal management to address external uncertainties and implementing strategies to manage production and market operations effectively [1][2] Financial Performance - In 2024, the company achieved a net profit attributable to shareholders of 5.333 billion yuan, while in the first quarter of 2025, the net profit reached 1.289 billion yuan [1] Operational Strategy - The company adheres to a strategy of "full load, quick turnover, low inventory, and risk prevention" to overcome challenges such as fluctuations in raw material and product prices [1] - The company is actively advancing the preliminary development of the Zhenxiong phosphate mine and progressing with the construction of the Kunyang No. 2 mining project and a 4.5 million tons/year phosphate flotation project [1] Resource Utilization - The phosphate flotation recovery rate has exceeded 95%, and the tailings grade has been reduced to below 6%, enhancing resource utilization capabilities [1] - The company has established a research institute to integrate internal R&D resources, focusing on efficient development of phosphate resources and cost reduction in fertilizer production [2]