证券代码：600096 证券简称：云天化 公告编号：临 2025-083 云南云天化股份有限公司 关于公司全资子公司存续分立的公告 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。 2025 年 12 月 10 日，公司第十届董事会第七次（临时）会议审 议通过了《关于公司全资子公司存续分立的议案》，同意公司全资子 公司云南磷化集团有限公司（以下简称"磷化集团"）实施存续分立。 现将有关情况公告如下： 企业名称：云南磷化集团有限公司 统一社会信用代码：91530000216524401J 1 成立时间：1991年9月6日 注册地：云南省昆明市晋宁区昆阳街道永乐大街403号 注册资本：人民币249,644.89万元 一、分立情况概述 磷化集团作为公司核心子公司，其下属云南磷化集团有限公司晋 宁选矿分公司、云南磷化集团有限公司安宁矿业分公司、磷化工事业 部是选矿及磷酸盐业务的核心承载主体，拥有完整的生产运营体系、 稳定的市场合作基础及良好持续的盈利能力。 为优化公司治理架构、释放业务协同效能，推动磷矿采选及精细 磷化工板块高质量发展， ...

本次交易额未达股东会审议标准，无需提交公司股东会审议。 证券代码：600096 证券简称：云天化 公告编号：临 2025-081 云南云天化股份有限公司 关于收购云南天耀化工有限公司股权暨关联交易的公 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： 交易简要内容：云南云天化股份有限公司（以下简称"公司"） 以协议转让的方式收购云天化集团有限责任公司（以下简称"云天化 集团"）持有的云南天耀化工有限公司（以下简称"天耀化工"）61.13% 股权和云南鑫煌投资开发有限公司持有的天耀化工 38.87%股权。本 次收购以 2025 年 6 月 30 日为评估基准日的评估价值为定价依据，收 购股权评估价格为 3,688.58 万元（以经有权国有资产管理机构备案价 格为准）。收购完成后，公司持有天耀化工 100%股权，天耀化工成 为公司的全资子公司。 本次交易构成关联交易。 本次交易不构成重大资产重组。 过去 12 个月内公司与同一控制下关联人发生关联交易累计 5 次、累计金额 46,209.255 万元（含本次），未 ...

证券代码：600096 证券简称：云天化 公告编号：临 2025-082 云南云天化股份有限公司 关于 2026 年度对外担保预计的公告 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： 公司于 2025 年 12 月 10 日召开第十届董事会第七次（临时）会 议审议通过《关于公司 2026 年度对外担保额度的议案》，9 票同意， 0 票反对，0 票弃权。 被担保方云南氟磷电子科技有限公司最近一期资产负债率（未经 审计）超过70%。 担保对象及基本情况 | | 被担保人名称 | | 云南天安化工有限公司 | | | | --- | --- | --- | --- | --- | --- | | | | 本次担保金额 | 万元 45,800.00 | | | | 担 保 | 对 | 实际为其提供的担保余额 | 48,031.85 万元 | | | | 象一 | | 是否在前期预计额度内 | 是 □否 | 不适用：2026 年度 | | | | | | 预计额度 | | | | | | 本次担保是否有反担保 | ...

证券代码：600096 证券简称：云天化 公告编号：临 2025-084 云南云天化股份有限公司 关于召开2025年第八次临时股东会的通知 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： 股东会召开日期：2025年12月26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年第八次临时股东会 (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：2025 年 12 月 26 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。 1 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的 投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通 投资者的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号—规范运作》等有关规定执行。 (七) ...

证券代码：600096 证券简称：云天化 公告编号：临 2025-080 云南云天化股份有限公司 第十届董事会第七次（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。 一、董事会会议召开情况 云南云天化股份有限公司（以下简称"公司"）第十届董事会第七 次（临时）会议通知于 2025 年 12 月 5 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 12 月 10 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》等有关法律、法规和规章的规定。 根据《上海证券交易所股票上市规则》的相关规定，本次交易构 成关联交易；关联董事付少学先生、彭明飞先生对该议案回避表决。 该议案已于 2025 年 12 月 9 日经公司独立董事专门会议全票通 过，并同意提交董事会审议。 详见上海证券交易所网站（http://www.sse.com.cn）公司临 2025-081 号《关于收购云南天耀化工有限公司股权暨关联交易的公 告》。 （二）9 票同意、0 ...

每经头条（nbdtoutiao）——白金信用卡权益大缩水：贵宾厅限次、酒店减量⋯⋯银行吐槽没赚头，"羊 毛党"薅了个寂寞 （记者 王晓波） 每经AI快讯，云天化（SH 600096，收盘价：30.61元）12月10日晚间发布公告称，公司第十届第七次董 事会临时会议于2025年12月10日以通讯表决的方式召开。会议审议了《关于申请公司及子公司2026年度 综合授信额度的议案》等文件。 2025年1至6月份，云天化的营业收入构成为：化肥占比50.88%，商贸占比32.25%，磷化工占比5.73%， 其他占比3.41%，工程材料行业占比2.81%。 截至发稿，云天化市值为558亿元。 ...

格隆汇12月10日丨云天化(600096.SH)公布，公司以协议转让的方式收购云天化集团持有的天耀化工 61.13%股权和云南鑫煌投资开发有限公司持有的天耀化工38.87%股权。本次收购以2025年6月30日为评 估基准日的评估价值为定价依据，收购股权评估价格为3688.58万元（以经有权国有资产管理机构备案 价格为准）。收购完成后，公司持有天耀化工100%股权，天耀化工成为公司的全资子公司。本次交易 构成关联交易。 ...

Core Viewpoint - The company, Yuntianhua, plans to acquire a 100% stake in Tianyao Chemical by purchasing shares from its controlling shareholder and another investor for a total valuation of 36.8858 million yuan, enhancing its position in the fine phosphorus chemical industry [1] Group 1: Acquisition Details - The company intends to acquire 61.13% of Tianyao Chemical from its controlling shareholder, Yuntianhua Group, and 38.87% from Yunnan Xinhang Investment Development Co., Ltd. [1] - The total assessed price for the acquisition is 36.8858 million yuan [1] Group 2: Strategic Implications - Upon completion of the acquisition, Tianyao Chemical will become a wholly-owned subsidiary of the company [1] - The acquisition is expected to create synergies with the company's existing fine phosphorus chemical products, forming a complete industrial chain from yellow phosphorus and thermal phosphoric acid to polyphosphate, ammonium polyphosphate, and phosphorus-based flame retardants [1] - This strategic move aims to enhance the scale effect and completeness of the company's fine phosphorus chemical industry, expand product sales and market share, and improve phosphorus resource utilization efficiency and overall competitiveness [1]

Demand Side - The demand for phosphate rock in China is projected to be 11,320 million tons in 2024, with expectations of 11,802 million tons and 12,414 million tons in 2025 and 2026 respectively, resulting in an actual incremental demand of 482 million tons and 612 million tons [2] - Emerging demand from the energy storage sector is expected to drive the phosphate chemical industry, with the incremental demand for phosphate rock from energy storage batteries estimated at 393 million tons and 431 million tons for 2025 and 2026 respectively [2] - Traditional demand for phosphate fertilizers is expected to remain weak due to rising raw material prices, with a low likelihood of recovery in phosphate fertilizer demand in 2025 and 2026 [2] Supply Side - In 2024, China's phosphate rock capacity, effective capacity, and output are projected to be 19,447 million tons, 11,916 million tons, and 11,353 million tons respectively, with expected capacities of 21,732 million tons and 24,762 million tons in 2025 and 2026 [3] - The supply of phosphate rock is significantly affected by environmental safety incidents, leading to a large gap between planned and actual production capacities [3] - The phosphate iron industry is experiencing long-term overcapacity, with effective capacity and output for phosphate iron in 2024 estimated at 426 million tons and 205 million tons respectively, and expected to increase to 499 million tons and 540 million tons in 2025 and 2026 [3] Price Outlook - The operating rate for phosphate rock capacity in 2024 is expected to be 58%, with effective capacity operating at 95%, and projected to balance supply and demand in 2025 and 2026 [4] - Low-grade phosphate rock prices may face slight pressure, while high-grade phosphate rock prices are expected to remain elevated [4] - The phosphate iron market is anticipated to experience tight supply, with effective capacity operating rates expected to improve from 48% in 2024 to 60% and 80% in 2025 and 2026 respectively [4] Investment Recommendations - Companies with integrated phosphate rock and phosphate iron production capabilities are recommended, including Tianqi Materials, Hunan YN, and Zhongwei Co [5] - Companies with phosphate iron production and rich phosphate rock resources are expected to benefit significantly from rising phosphate iron prices, including Chuanheng Co, Xingfa Group, and Batian Co [5]

Core Viewpoint - The report from Dongwu Securities highlights the expected growth in demand for phosphate rock driven by emerging sectors, while traditional demand is projected to decline. The overall supply and demand dynamics for phosphate rock and iron phosphate are analyzed for the years 2024 to 2026 [1][2][3]. Demand Side - Phosphate rock demand in China is projected to be 11,320 million tons in 2024, with expectations of 11,802 million tons and 12,414 million tons in 2025 and 2026 respectively. The actual increase in demand is estimated at 482 million tons and 612 million tons [1]. - Emerging sectors, particularly energy storage and power batteries, are expected to drive demand for phosphate rock, with an increase of 393 million tons and 431 million tons in 2025 and 2026 respectively. Iron phosphate is anticipated to contribute significantly to this demand [1]. - Traditional demand for phosphate fertilizers is expected to weaken due to rising raw material prices, with a forecasted decline in phosphate fertilizer production in early 2025 [1]. - Iron phosphate demand is projected to reach 214 million tons in 2024, increasing to 325 million tons and 449 million tons in 2025 and 2026, respectively, with significant contributions from energy storage [1]. Supply Side - Phosphate rock production capacity in China is expected to be 19,447 million tons in 2024, with projections of 21,732 million tons and 24,762 million tons for 2025 and 2026. Effective capacity and production are also expected to increase correspondingly [2]. - The supply of phosphate rock is significantly impacted by environmental safety incidents, leading to a gap between planned and actual production capacity [2]. - The iron phosphate industry is characterized by long-term overcapacity, with effective capacity and production expected to rise from 426 million tons and 205 million tons in 2024 to 499 million tons and 540 million tons in 2025 and 2026, respectively [2]. Price Outlook - The operating rate for phosphate rock capacity is projected to be 58% in 2024, with expectations of 57% and 54% in 2025 and 2026. High-grade phosphate rock prices are expected to remain elevated, while low-grade prices may face slight pressure [3]. - The iron phosphate market is anticipated to experience tight supply conditions, with operating rates expected to improve significantly in 2025 and 2026, indicating a potential supply gap [3]. Recommended Companies - Companies with phosphate iron and phosphate rock layouts are recommended, including Tianci Materials, Hunan YN, and Zhongwei Co. [4]. - Integrated chemical companies with phosphate iron production and phosphate rock resources are expected to benefit from rising phosphate iron prices, with suggested companies including Chuanheng Co., Xingfa Group, and others [4].