云南云天化股份有限公司 审计委员会关于第九届董事会第四十三次（临时）会议 相关事项的审核意见 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海 证券交易所股票上市规则》等有关法律法规和《公司章程》的规定，公 司董事会审计委员会就公司第九届董事会第四十三次（临时）会议审议 的《2025 年第一季度报告》发表如下书面审核意见： 公司财务报表在所有重大方面公允反映了公司 2025 年 3 月 31 日的 财务状况和 2025 年一季度的现金流量，公司 2025 年第一季度报告公允 反映了公司 2025 年第一季度的财务状况和经营成果。公司 2025 年第一 季度报告所披露的信息真实、准确、完整，不存在任何虚假记载、误导 性陈述或重大遗漏，审计委员会同意该议案。 云南云天化股份有限公司 第九届董事会审计委员会 2025年4月29日 ...

证券代码：600096 证券简称：云天化 公告编号：临 2025-037 云南云天化股份有限公司 第九届监事会第三十八次会议决议公告 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。 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 三十八次会议通知于 2025 年 4 月 24 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 4 月 29 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。 二、监事会会议审议情况 （一）6 票同意、0 票反对、0 票弃权，审议通过了《关于修订 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的议 案》。 （二）6 票同意、0 票反对、0 票弃权，审议通过了《2025 年第 一季度报告》。 监事会认为：公司《2025 年第一季度报告》按照法律法规和相 关规定编制，审议程序符合法律法规和《公司章程》的规定，公允地 反映了公司报告期内的财务状况和经营成果，所披露的信 ...

证券代码：600096 证券简称：云天化 公告编号：临 2025-036 云南云天化股份有限公司 第九届董事会第四十三次（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。 重要内容提示： 全体董事参与表决 云南云天化股份有限公司（以下简称"公司"）第九届董事会第四 十三次（临时）会议通知于 2025 年 4 月 24 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 4 月 29 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》的有关规定。 二、董事会会议审议情况 （一）9 票同意、0 票反对、0 票弃权，审议通过了《关于修订 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的议 案》。 详见上海证券交易所网站（http://www.sse.com.cn）公司同日披露 的《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》。 （二）9 票同意、0 票反对、0 票弃权，审议通过了《2025 年第 一季度 ...

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 ...

Group 1 - The company, Yuntianhua (600096), reported a revenue of 13.004 billion yuan for the first quarter of 2025, representing a year-on-year decrease of 6.16% [1] - The net profit for the same period was 1.289 billion yuan, showing a year-on-year decline of 11.65% [1]

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].

Investment Rating - The report maintains a "Buy" rating for specific companies in the chemical industry, particularly in the compound fertilizer and pesticide sectors, while recommending "Hold" for others [17]. Core Insights - The chemical industry is experiencing an optimization in supply and demand dynamics, leading to a recovery in the compound fertilizer, metal chromium, and niche pesticide markets. The report highlights investment opportunities in undervalued high-growth companies [3][4]. - The report emphasizes the positive performance of listed companies in Q1 2025, particularly in the compound fertilizer sector, and suggests focusing on companies like Xin Yang Feng, Stanley, and Yun Tu Holdings for investment opportunities [3][4]. - The report notes that metal chromium prices have surged to 75,000 CNY/ton, a week-on-week increase of 7,500 CNY/ton, driven by rising demand from the stainless steel sector and new military spending in Europe [3][4]. - The agricultural chemical market is entering its traditional peak season, with stable trading volumes for seasonal crop pesticides. Specific products like Acetochlor and Avermectin are seeing price increases, with recommendations for companies like Xian Da and Li Min [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions in the chemical sector indicate a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium term [4][6]. - The chemical industry PPI data shows a gradual recovery from negative values, with March 2025 PPI at -2.8% year-on-year, indicating a potential bottoming out of the cycle [6][8]. Fertilizer and Pesticide Sector - The report highlights that the domestic urea price is currently at 1,800 CNY/ton, with a slight week-on-week decline of 0.6%. The compound fertilizer sector is experiencing a decrease in operating rates, leading to increased inventory levels [10]. - The pesticide market is witnessing a seasonal peak, with stable trading volumes and price adjustments in various pesticide products, including a price increase for Pyrazole [10][19]. Chemical Products Pricing and Inventory Changes - The report provides detailed pricing data for various chemical products, indicating fluctuations in prices for PTA, MEG, and PVC, with specific attention to the impact of raw material costs and market demand [10][11][12]. - The report notes that the market for fluorinated chemicals is facing supply constraints due to mining restrictions, while the demand remains weak, leading to price adjustments [12][19]. Company Recommendations - The report recommends several companies for investment based on their growth potential and market positioning, including Yangnong Chemical, Runfeng Co., and Yun Tianhua in the fertilizer and pesticide sectors [17][18]. - Companies in the tire and fluorochemical sectors are also highlighted for their potential benefits from recovering domestic demand and cost reductions [3][17].

Core Viewpoint - The stability of cash flow, rather than the scale of assets, is crucial for quality of life and investment success, especially in uncertain market conditions [1] Group 1: Cash Flow Index ETFs - A new batch of cash flow index ETFs has emerged, focusing on companies that generate real cash flow, serving as a strategy to navigate market volatility [1] - The China Securities Cash Flow Total Return Index has achieved a remarkable annual return of 40% in a turbulent market [2] Group 2: Investment Strategies - The free cash flow strategy is based on three winning logic points: 1. It focuses on real profitability by looking beyond financial statements, as free cash flow is based on actual cash inflows and outflows [4] 2. It combines high dividend yields with growth potential, providing a dual revenue engine [5] 3. It employs a dynamic rebalancing mechanism to capture undervalued stocks, allowing for timely adjustments to the index [9] Group 3: Performance Metrics - The index demonstrated resilience during bear markets, with a mere 2.76% decline in 2022 when the CSI 300 fell by 21.6% [6] - In bull markets, it outperformed with a 40.94% increase in 2024, achieving an excess return of 27 percentage points [6] - Since its inception in 2013, the index has accumulated a total return of 587.53% [6] Group 4: Index Composition - The index employs a "barbell strategy," including both cash-rich cyclical leaders like coal and petrochemicals, and high ROE growth sectors such as home appliances and automobiles [7] - The top ten constituent stocks, including China Shenhua and Midea Group, account for over 60% of the index, providing stable dividends while retaining growth potential [7] Group 5: Future Outlook - The market is expected to reassess value anchors, with state-owned enterprises facing value re-evaluation as cash flow assets become essential for risk-averse investments [9] - The upcoming issuance of the China Securities Cash Flow ETF may capture more certainty in the era of cash being king [9]