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 ...

Group 1 - The core viewpoint of the article highlights the significant presence of large private equity firms in the A-share market, with 21 private equity firms holding shares in 51 A-share companies, totaling a market value of 20.2 billion yuan as of April 14 [2] - In the fourth quarter, 16 new stocks were added by private equity firms, 7 stocks were increased, 17 stocks remained unchanged, and 11 stocks were reduced [2] - The distribution of heavy holdings by private equity firms shows that the basic chemical industry had the highest number of stocks at 10, followed by the electronics industry with 9, and both machinery equipment and pharmaceutical biology industries with 6 each [2] Group 2 - Gao Yi Asset held 11 stocks in the fourth quarter, with a total market value of 10.194 billion yuan, including a new investment in Yangnong Chemical of 3.932 million shares valued at 2.275 billion yuan [2] - Gao Yi Asset increased its holdings in Tong Ren Tang, Zhongju High-tech, Zijin Mining, and Ruifeng New Materials, with respective increases of 8.5 million shares, 7.7 million shares, 7.2151 million shares, and 1 million shares, valued at 954 million yuan, 694 million yuan, 5.169 billion yuan, and 619 million yuan [2] - Gao Yi Asset maintained its holdings in Shengyi Technology and Tiandi Technology, with market values of 1.203 billion yuan and 104 million yuan respectively, while reducing its holdings in Yuntianhua, Angel Yeast, Dongcheng Pharmaceutical, and Health元 by 942,400 shares, 10 million shares, 1 million shares, and 1,854,640 shares respectively [3]

从中证500相对价值指数持仓的市场板块来看，上海证券交易所占比55.14%、深圳证券交易所占比 44.86%。 金融界4月14日消息，上证指数高开高走，中证500相对价值指数 (500R价值，H30354)报6989.26点。 数据统计显示，中证500相对价值指数近一个月下跌7.13%，近三个月上涨1.59%，年至今下跌5.15%。 据了解，中证500相对价值指数综合考察中证500指数样本的价值和成长特征，选取价值风格较为突出的 证券为样本，并采用经综合价值概率调整后的自由流通市值加权，以反映中证500指数中具有价值风格 特征证券的整体表现，为市场提供更具多元化风险收益特征的投资标的。该指数以2004年12月31日为基 日，以1000.0点为基点。 从指数持仓来看，中证500相对价值指数十大权重分别为：苏州银行（1.04%）、东山精密（1.03%）、 永泰能源（0.91%）、华天科技（0.78%）、长沙银行（0.76%）、振华科技（0.75%）、东吴证券 （0.75%）、财通证券（0.72%）、云天化（0.72%）、浙江龙盛（0.7%）。 从中证500相对价值指数持仓样本的行业来看，工业占比19.84%、原材 ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the industry, including Wanhuah Chemical, Hualu Hengsheng, and Yuntianhua, among others [6]. Core Insights - The report emphasizes the acceleration of domestic substitution in new materials, particularly in semiconductor quartz sand and glass materials, driven by the ongoing trade conflicts and tariff policies [8][10]. - It highlights the importance of stable market measures being implemented to support the chemical industry, including increased investment in key sectors and support for state-owned enterprises [8][10]. - The report identifies potential investment opportunities in various segments, including AI materials, electronic gases, and nylon, suggesting a focus on companies like Lianrui New Materials and Saint Quan Group [8][10]. Summary by Sections Market Overview - The total number of listed companies in the industry is 428, with a total market value of 32,783.26 billion and a circulating market value of 29,223.51 billion [3]. - The report notes a significant decline in the indices for basic chemicals and petrochemicals, with respective decreases of 5.1% and 5.8% as of April 11, 2025 [16]. Key Industry Trends - The report discusses the impact of tariff policies on domestic demand, particularly in the mining and construction sectors, which are expected to see increased investment [8]. - It also mentions the stabilization of oil prices, which is anticipated to create cost reduction opportunities for chemical products [8]. Company Recommendations - Specific companies are recommended based on their performance and market positioning, including Wanhuah Chemical, Hualu Hengsheng, and Yuntianhua, which are expected to benefit from favorable market conditions [6][8]. - The report suggests monitoring companies involved in the production of high-purity quartz sand and AI materials, as these sectors are poised for growth [8][10]. Price Trends - The report indicates that as of April 11, 2025, the average price of domestic industrial silicon is 10,507.0 yuan/ton, reflecting a week-on-week decrease of 1.3% and a year-on-year decrease of 21.3% [9]. - It also notes fluctuations in the prices of various chemical products, with some experiencing significant price increases while others have seen declines [22][23].

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].

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： ● 被担保人名称：云南氟磷电子科技有限公司（以下简称"氟磷电子"），为公司参股公司。 一、担保情况概述 公司2025年3月为参股公司（按持股比例担保）的银行融资业务提供如下担保： ■ 公司于2025年1月3日召开的2025年第一次临时股东大会审议通过《关于公司2025年度对外担保额度的议 案》，同意公司为子公司、参股公司（按持股比例担保）提供累计担保金额不超过人民币25.5亿元，担 保额度有效期自股东大会批准之日起1年。股东大会授权公司董事长及经营管理层在上述担保限额内签 署公司2025年度融资担保事项（文件）（详见公告：临2024-083）。 2025年3月，公司为参股公司氟磷电子按照持股比例提供的担保总额为980.00万元。截至2025年3月31 日，公司为上述被担保人累计担保余额为22,619.32万元。本次担保事项在上述股东大会审议通过的担保 额度范围之内。 二、被担保方基本情况 （一）基本情况 ● 本次担保金额及已实际为其提供的担保余额：2025年3月合 ...

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].

证券代码：600096 证券简称：云天化 公告编号：临 2025-033 云南云天化股份有限公司 关于提供担保的进展公告 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： 被担保人名称：云南氟磷电子科技有限公司（以下简称"氟磷 电子"），为公司参股公司。 本次担保金额及已实际为其提供的担保余额：2025 年 3 月合 计为上述被担保人提供的担保金额为 980.00 万元，截至 2025 年 3 月 31 日，公司为上述被担保人累计担保余额为 22,619.32 万元，在股东 大会审议通过的担保额度范围之内。 本次担保事项的被担保人氟磷电子资产负债率超过 70%，敬请 广大投资者充分关注担保风险。 一、担保情况概述 1 / 3 参股公司氟磷电子各股东按持股比例提供担保，无反担保。 对外担保逾期的累计数量：无。 权公司董事长及经营管理层在上述担保限额内签署公司 2025 年度融 资担保事项（文件）（详见公告：临 2024-083）。 2025 年 3 月，公司为参股公司氟磷电子按照持股比例提供的担 保总额为 980. ...