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： 证券代码：600096 证券简称：云天化 公告编号：临 2026-011 云南云天化股份有限公司 关于召开2025年年度股东会的通知 股东会召开日期：2026年4月14日 本次股东会采用的网络投票系统：上海证券交易所股东会网络 投票系统 一、召开会议的基本情况 (一) 股东会类型和届次 2025年年度股东会 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网 络投票相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2026 年 4 月 14 日 09 点 00 分 召开地点：公司总部会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 4 月 14 日 至2026 年 4 月 14 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为股东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30， ...

证券代码：600096 证券简称：云天化 公告编号：临 2026-008 云南云天化股份有限公司（以下简称"公司"）第十届董事会第 十次会议通知于 2026 年 3 月 10 日分别以送达、电子邮件等方式通知 全体董事及相关人员。会议于 2026 年 3 月 20 日以现场会议的方式召 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 云南云天化股份有限公司 第十届董事会第十次会议决议公告 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 一、董事会会议召开情况 （一）9 票同意、0 票反对、0 票弃权，审议通过《2025 年度财 务决算报告》。 该议案已于 2026 年 3 月 18 日经公司第十届董事会审计委员会 2026 年第三次会议全票同意，审议通过，并同意提交公司董事会审 议。 （二）9 票同意、0 票反对、0 票弃权，审议通过《2026 年度财 务预算方案》。 该议案已于 2026 年 3 月 18 日经公司第 ...

云南云天化股份有限公司2025 年年度报告 公司代码：600096 公司简称：云天化 云南云天化股份有限公司 2025 年年度报告 1 / 272 云南云天化股份有限公司2025 年年度报告 重要提示 一、本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司全体董事出席董事会会议。 三、中审众环会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计 报告。 四、公司负责人宋立强、主管会计工作负责人钟德红及会计机构负责人（会计主管人 员）张晓燕声明：保证年度报告中财务报告的真实、准确、完整。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经中审众环会计师事务所（特殊普通合伙）审计，公司2025年实现合并净利润 5,497,710,564.30元，其中：归属于母公司所有者的净利润5,156,043,643.98元。母公司 2025年实现净利润2,278,720,899.73元，母公司的年初盈余公积余额为1,116,765,661.27 元，已超过注册资本的50%，2025年不再提取盈余公积。 ...

证券代码：600096 证券简称：云天化 公告编号：临 2026-009 云南云天化股份有限公司 关于 2025 年度利润分配预案的公告 每股分配金额：每 10 股派发现金红利 12.00 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基 数，具体日期将在权益分派实施公告中明确。在实施权益分派的股权 登记日前公司总股本发生变动的，拟维持每股分配金额不变，相应调 整分配总额，并将在相关公告中披露。 公司不触及《上海证券交易所股票上市规则》第 9.8.1 条第一 款第（八）项规定的可能被实施其他风险警示的情形。 一、利润分配方案内容 （一）利润分配方案的具体内容 经中审众环会计师事务所（特殊普通合伙）审计，公司 2025 年 实现合并净利润 5,497,710,564.30 元，其中：归属于母公司所有者的 净 利 润 5,156,043,643.98 元 。 母 公 司 2025 年 实 现 净 利 润 2,278,720,899.73 元，母公司的年初盈余公积余额为 1,116,765,661.27 元，已超过注册资本的 50%，2025 年不再提取盈余公积。母公司 2024 年末未分配利润为 ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The geopolitical situation in the Middle East continues to impact the stability of raw material supplies, which is a primary concern for the chemical industry. Despite fluctuations in stock prices, the underlying demand for certain chemical products remains strong, particularly in sectors like polyurethane, PVC, and polyester [2][8] - The sweetener industry is showing signs of marginal improvement, with a notable increase in exports of sucralose and acesulfame K, indicating a potential recovery in demand. The domestic market for sucralose as a feed additive is also expected to expand, enhancing the industry's growth prospects [8] Summary by Relevant Sections Investment Recommendations and Targets - The report highlights several key companies across various sub-industries within the chemical sector: - MDI leader: Wanhua Chemical (600309, Buy) - PVC industry players: Zhongtai Chemical (002092, Not Rated), Xinjiang Tianye (600075, Not Rated), Chlor-alkali Chemical (600618, Not Rated), Tianyuan Co., Ltd. (002386, Not Rated) - Refining industry leaders: Sinopec (600028, Buy), Rongsheng Petrochemical (002493, Buy), Hengli Petrochemical (600346, Buy) - Agricultural chemical chain: Guoguang Co., Ltd. (002749, Buy), Xinyangfeng (000902, Buy), Shidanli (002588, Not Rated), Yuntu Holdings (002539, Not Rated), Runfeng Co., Ltd. (301035, Buy) - Phosphate chemical companies benefiting from energy storage growth: Chuanheng Co., Ltd. (002895, Not Rated), Yuntianhua (600096, Not Rated) - Oxalic acid industry: Hualu Hengsheng (600426, Buy), Huayi Group (600623, Buy), Wankai New Materials (301216, Buy) - Titanium dioxide leaders: Tianyuan Co., Ltd. (002386, Not Rated), Longbai Group (002601, Increase) - Sweetener industry: Jinhui Industrial (002597, Buy), Cooch Chemical (603968, Not Rated) [3]

Investment Rating - The report maintains an "Overweight" rating for the oil and gas sector and the basic chemicals sector [7]. Core Insights - The ongoing conflict in the Middle East has disrupted the supply of natural gas, leading to significant price increases for key chemical products such as urea, LNG, methanol, and sulfur [1][2]. - The conflict has resulted in a supply shortage of urea, which is critical for global food production, potentially driving up food prices in the second half of 2026 [2][17]. - China’s domestic urea supply remains stable due to its reliance on coal-based production, which is less affected by international price fluctuations [3][25]. - The methanol supply gap in East Asia is expected to push prices higher for downstream products like acetic acid and DMF [4][32]. - A sulfur supply shortage is anticipated to impact various industries, including titanium dioxide and lithium iron phosphate production [5][39]. Summary by Sections Urea Market - The conflict has obstructed approximately one-third of global urea transport through the Strait of Hormuz, significantly affecting countries in South Asia and Southeast Asia that rely heavily on Middle Eastern natural gas [2][16]. - As of March 18, 2026, the average domestic urea price in China was 1902 RMB/ton, a modest increase of 2% since late February [3][25]. - The report recommends leading domestic urea companies such as China National Petroleum Corporation and Yuntianhua due to their strategic advantages [3][25]. Methanol Market - Iran's reduced methanol production and transport disruptions have created a supply gap in East Asia, affecting prices for methanol and its derivatives [4][30]. - The report highlights that China’s methanol supply remains resilient due to stable production costs and sufficient capacity [4][32]. - Recommended companies in the methanol sector include Huayi Group and China National Petroleum Corporation [4][32]. Sulfur Market - The report indicates a significant supply gap for sulfur due to decreased oil and gas processing, which is the primary source of sulfur production globally [5][39]. - The rising sulfur prices are expected to impact the costs of various downstream products, including phosphoric acid and titanium dioxide [5][39]. - The report suggests that companies utilizing differentiated production methods may benefit from the current market conditions [5][39].

Investment Rating - The report does not explicitly state an investment rating for the chemical industry, but it provides various investment suggestions based on the analysis of different segments within the industry [6]. Core Insights - The petrochemical industry is a pillar of the national economy, with a significant economic volume, long industrial chain, and wide product variety, impacting supply chain security, green development, and public welfare [8]. - The report identifies four major directions related to the chemical industry based on the "14th Five-Year Plan": security assurance in key areas, comprehensive rectification of "involution" competition, domestic substitution of new materials, and green low-carbon economy [8]. Summary by Sections 1. National Economic Pillar Industry - The petrochemical industry is crucial for economic stability, with projected revenues of 15.7 trillion yuan in 2025, a 3% decrease year-on-year, and total profits of 702.09 billion yuan, down 9.6% [8]. 2. Strengthening Strategic Material Supply - The "14th Five-Year Plan" aims for a grain production capacity of 1.45 trillion jin and energy production capacity of 5.8 billion tons of standard coal, emphasizing the importance of fertilizer supply stability and energy resource security [9]. - Key companies to watch include Hualu Hengsheng, Yuntianhua, and China Petroleum, focusing on fertilizer supply and oil and gas production [9][11]. 3. Comprehensive Rectification of "Involution" Competition - The report suggests that the PTA industry is expected to see an upward correction in demand due to improved supply and demand conditions, with a projected capacity of 90.35 million tons and production of 73.42 million tons by 2025 [43][44]. - The polyester filament industry is becoming more concentrated, which may lead to a more orderly market supply, with a production capacity of 53.16 million tons by 2025 [48][49]. 4. Empowering Emerging Industries and Accelerating Domestic Substitution of New Materials - The report highlights the potential for new materials such as PEEK and electronic-grade PPO to drive growth in emerging industries, with significant investment opportunities in companies like Zhongyan Co., Guo'en Co., and Watte Co. [10]. 5. Accelerating Green Low-Carbon Transition - The "14th Five-Year Plan" emphasizes achieving carbon peak targets, with a focus on clean energy systems and reducing carbon emissions by 17% per unit of GDP by 2025 [10]. - Companies like Satellite Chemical and Wanhua Chemical are noted for their competitive advantages in green low-carbon production [10].

Investment Rating - The report does not explicitly state an investment rating for the chemical industry, but it provides various investment suggestions based on the analysis of different segments within the industry [6]. Core Insights - The petrochemical industry is a pillar of the national economy, with a significant economic volume, long industrial chain, and wide product variety, impacting supply chain security, green development, and public welfare [8]. - The report identifies four major directions related to the chemical industry based on the "14th Five-Year Plan": security assurance in key areas, comprehensive rectification of "involution" competition, domestic substitution of new materials, and green low-carbon economy [8][9]. Summary by Sections 1. National Economic Pillar Industry - The petrochemical industry is crucial for economic stability, with projected revenues of 15.7 trillion yuan in 2025, a 3% decrease year-on-year, and total profits of 702.09 billion yuan, down 9.6% [8]. 2. Strengthening Strategic Material Supply - The "14th Five-Year Plan" aims for a grain production capacity of 1.45 trillion jin and energy production capacity of 5.8 billion tons of standard coal, emphasizing the importance of fertilizer supply stability and energy resource security [9]. - Key companies to watch include Hualu Hengsheng, Yuntianhua, and China Petroleum [9]. 3. Comprehensive Rectification of "Involution" Competition - The report suggests that the PTA industry is expected to see an upward correction in demand due to improved supply and demand conditions, with a focus on companies like Hengli Petrochemical and Rongsheng Petrochemical [9][10]. - The report highlights the need for industry self-discipline to combat excessive competition and improve profitability [9]. 4. Empowering Emerging Industries - The report discusses the acceleration of domestic substitution in new materials, with a focus on PEEK, electronic-grade PPO, and OLED materials, suggesting companies like Zhongyan Co., Guoen Co., and Aolaide [10][11]. 5. Accelerating Green Low-Carbon Transition - The report emphasizes the importance of achieving carbon peak targets and highlights the competitive advantages of light hydrocarbon chemicals and bio-chemicals in the green economy [10][11]. 6. Investment Recommendations - The report suggests focusing on companies with integrated advantages and strong R&D capabilities in the fertilizer sector, as well as those involved in oil and gas exploration and production [9][10].

Investment Rating - The report maintains an "Overweight" rating for the basic chemicals and oil and gas sectors [6]. Core Insights - The geopolitical tensions, particularly in the Middle East, have led to concerns over global oil and gas supply, prompting a price surge in energy and chemical products. The Brent crude oil price forecast for 2026 has been raised to $78 per barrel, with a potential extreme scenario of $95 per barrel if production facilities are severely impacted [1][2][9]. - China's energy and chemical supply chain is relatively resilient, with domestic supply disruptions expected to be less severe than those faced by overseas companies. This stability is anticipated to support a recovery in the chemical industry as global inventory replenishment occurs [1][3]. - The report highlights potential benefits for domestic amino acid companies and overseas urea producers due to rising international grain prices, recommending companies like Meihua Biological [1][3]. - Emerging demand for alternative products such as renewable energy storage, green hydrogen, and biomanufacturing is expected to create long-term growth opportunities, with recommendations for upstream phosphate chemical companies like Yuntianhua and Chuanheng [1]. Summary by Sections Oil and Gas Sector - The report indicates that the oil market is experiencing a risk premium and a global strategic inventory correction, with the Brent crude price forecast adjusted to $78 per barrel for 2026. The oil and gas extraction sectors, particularly coal-to-olefins, are expected to benefit from this situation [1][2]. - The report notes that the Middle East's oil exports through the Strait of Hormuz account for a significant portion of global trade, and ongoing geopolitical tensions could lead to production halts in the region [2][9]. Chemical Industry - China's chemical supply chain is described as robust, with significant domestic production capabilities. The report cites that in 2025, China's crude oil production, imports, and refinery processing volumes were 220 million tons, 580 million tons, and 740 million tons, respectively [3][22]. - The report emphasizes that domestic companies are likely to benefit from rising prices of MDI, methionine, and vitamin E due to supply disruptions in overseas markets [4][48]. Agricultural Chemicals - The report highlights a global tightening of urea and sulfur supplies, with international urea prices rising significantly due to geopolitical tensions. The Southeast Asian CFR urea price reached $510 per ton, reflecting a 23% increase since early 2026 [5][56]. - Recommendations include focusing on companies involved in the sulfur and fertilizer sectors, as they are expected to benefit from the current supply constraints [56].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The titanium dioxide industry has initiated its first collective price increase of the year, with domestic prices rising by 500 CNY/ton and international prices by 100 USD/ton [3] - A historic disruption in the global natural gas supply chain occurred due to an attack on Qatar's energy facilities, leading to a 50% increase in European natural gas prices and an 8% rise in Brent crude oil prices [3] - The domestic tire industry shows strong competitiveness, with recommended companies including Sailun Tire, Senqilin, General Motors, and Linglong Tire [4] - The consumer electronics sector is expected to gradually recover, with a focus on upstream material companies benefiting from the recovery in the panel supply chain [4] - The report highlights the resilience of certain cyclical industries, particularly in the phosphorous chemical sector, which is supported by environmental policies limiting supply [6] Summary by Sections Chemical Sector Market Review - The Shanghai Composite Index fell by 0.93%, with the CITIC Basic Chemical Index down by 2.27% [12] - The top-performing sub-industries included synthetic resins (6.9%) and chlor-alkali (3.53%), while electronic chemicals (-7.91%) and membrane materials (-7.5%) were the worst performers [15] Key Sub-Industry Market Review Tires - Full steel tire production load in Shandong increased to 66.41%, while semi-steel tire production load reached 73.52% [52] Fertilizers - Urea prices rose to 1853.5 CNY/ton, with a production load of 93.62% [67] - Phosphate prices for monoammonium phosphate and diammonium phosphate increased to 3892.5 CNY/ton and 4381.88 CNY/ton, respectively [70] Vitamins - Vitamin A price remained stable at 60.5 CNY/kg, while Vitamin E increased by 15.65% to 66.5 CNY/kg [82] Fluorochemicals - Fluorspar prices rose to 3475 CNY/ton, with a production load of 8.07% [84] Organic Silicon - The organic silicon market is experiencing price increases due to production cuts, with DMC prices reported at 14000-14300 CNY/ton [97]