重要内容提示： 每股分配比例 证券代码：600389 证券简称：江山股份 公告编号：临 2025-030 南通江山农药化工股份有限公司2024年年度权益分派实施公告 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。 A 股每股现金红利0.10元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/5 | － | 2025/6/6 | 2025/6/6 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 13 日的2024年年度股东大会审议通过。 二、 分配方案中 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 1. 实施办法 （1）无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统向股权登记 日上海证券交易所收市 ...

Core Insights - The glyphosate concept sector saw an increase of 1.44%, ranking 8th among concept sectors, with 11 stocks rising, including Zhongnong Lihua which hit the daily limit, and notable gains from Nuobixin, Jiangshan Co., and Runfeng Co. [1] Market Performance - The top-performing concept sectors today included graphite electrodes (+2.57%), recombinant proteins (+2.52%), and gold concepts (+2.06%), while sectors like PEEK materials (-1.79%) and camping economy (-1.56%) experienced declines [2] - The glyphosate concept sector attracted a net inflow of 0.68 billion yuan, with seven stocks receiving net inflows, led by Nuobixin with a net inflow of 36.78 million yuan [2] Fund Flow Analysis - The leading stocks in terms of net inflow ratios included Zhongnong Lihua (19.28%), Yangnong Chemical (6.79%), and Jiangshan Co. (4.80%) [3] - The glyphosate concept fund inflow rankings showed Nuobixin with a daily increase of 6.80% and a turnover rate of 10.75%, followed by Zhongnong Lihua with a 10.00% increase and a turnover rate of 4.30% [3]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [9]. Core Insights - The company reported significant growth in Q1 2025, with revenue reaching 1.746 billion yuan, a year-on-year increase of 10.15% and a quarter-on-quarter increase of 53.34%. The net profit attributable to shareholders was 156 million yuan, reflecting a year-on-year growth of 89.10% and a quarter-on-quarter growth of 194.06% [4][5]. - The increase in profit is attributed to rising sales volumes and prices of certain pesticide and chlor-alkali products, along with a decrease in costs leading to improved gross margins [5]. - The company aims to expedite the production and effectiveness of incremental projects, driving strategic transformation and high-quality development [7][8]. Financial Performance - The company’s financial metrics for Q1 2025 include a sales expense ratio of 0.98%, a management expense ratio of 5.80%, and a research and development expense ratio of 2.84% [6]. - The company has initiated 11 new R&D projects in 2024, with a total of 17 projects currently under research, and has successfully launched 6 new pesticide formulations [6]. Production Capacity and Strategic Goals - The company is one of the major domestic producers of glyphosate, with an annual production capacity of 70,000 tons, including 30,000 tons from the glycine method and 40,000 tons from the IDAN method. An additional 50,000 tons of capacity is under construction, expected to be completed by the end of 2025 [7]. - The company plans to push for the early production and effectiveness of projects in branches such as Jijiang and Guizhou, and is considering mergers and acquisitions to cultivate new core competencies [7]. Profit Forecast - The company is expected to see continued growth in net profit, with projections of 442 million yuan, 669 million yuan, and 901 million yuan for the years 2025, 2026, and 2027 respectively. The corresponding price-to-earnings ratios are forecasted to be 17.6, 11.6, and 8.6 times [9][11].

Investment Rating - The investment rating for the basic chemical industry is "Positive" (maintained) [1] Core Viewpoints - The report highlights the stability of the phosphate rock market and the significant price difference between domestic and international phosphate fertilizers, indicating a positive outlook for integrated phosphate chemical companies in terms of profitability and dividend increases [3] - The report emphasizes the supply-side disturbances in glyphosate, with current product prices and profit margins under pressure due to historical lows. It suggests that overseas supply disruptions combined with domestic industry adjustments could improve competitive dynamics and enhance the bargaining power of leading companies [5][24] Summary by Sections Industry Trends - The chemical industry index outperformed the CSI 300 index by 0.7% this week, with 63.9% of chemical stocks showing weekly gains [10][18] - The CCPI (China Chemical Product Price Index) increased by 3.78% to 4175 points as of May 15 [21] Key Product Tracking - The report notes a decrease in inventory days for polyester filament, with prices for POY, FDY, and DTY rising significantly [34][35] - Domestic urea prices have also increased, driven by export policy expectations [34] Recommended and Beneficiary Stocks - Recommended stocks include leading companies such as Xingfa Group, Yangnong Chemical, and Hebang Biotechnology in the glyphosate sector [5][24] - Beneficiary stocks include Jiangshan Co., New安股份, and Guangxin Co. [5][24] Glyphosate Supply and Pricing - Global glyphosate production capacity is 1.18 million tons per year, with China accounting for 68.6% of this capacity. Major domestic producers include Xingfa Group, Fuhua Chemical, and Xin'an Co. [26][30] - Glyphosate prices have been declining, with current prices and price differentials at historically low levels [30][32]

证券代码：600389 证券简称：江山股份 公告编号：临 2025-029 南通江山农药化工股份有限公司 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 05 月 13 日 (二)股东大会召开的地点：南通江山农药化工股份有限公司会议室（江苏省南通 经济技术开发区江山路 998 号） (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 | 1、出席会议的股东和代理人人数 | 191 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 181,402,588 | | 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 | 42.1229 | | 份总数的比例（%） | | (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。 (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： 本次股东大会由公司董事会召集， ...

北京炜㶖喕上海喖律师事务所 关于南䕏江山农㢤化工㗖份有䮅公司 2024 年年度㗖东大会的法律意㻶书 㜩喧南䕏江山农㢤化工㗖份有䮅公司 1 一、关于本次㗖东大会的召䯻和召开程序 喕一喖本次㗖东大会的召䯻 㐄本所律师查俁喙公司本次㗖东大会由公司㦘事会召䯻召开。2025 年 4 月 22 日喙 公司㦘事会在《中国䃶券报》《上海䃶券报》和上海䃶券交易所㒆站喕www.sse.com.cn喖 上公告了《南䕏江山农㢤化工㗖份有䮅公司关于召开 2024 年年度㗖东大会的䕏知》喙 䄚䕏知䒲明了会䃣召开的时䬩、地点、㒆㐑投票的时䬩喙䄩明了㗖东有权出席并可 委托代理人出席和㶁使㶝决权、有权出席㗖东大会的㗖东的㗖权登䃥日、出席会䃣 㗖东的登䃥办法等内容喙同时列明了本次㗖东大会的审䃣事䶮并对有关䃣案的内容 䔐㶁了充分披䱧。 喕二喖本次㗖东大会的召开 公司本次㗖东大会所䛼用的㶝决方式是现场投票和㒆㐑投票相㐈合的方式。现 场会䃣于 2025 年 5 月 13 日下午 14 时在公司会䃣室如期召开。本次㒆㐑投票䛼用上 海䃶券交易所㒆㐑投票㈰㐔喙䕏䓼交易㈰㐔投票平台的投票时䬩为㗖东大会召开当 日的交易时䬩段喙即 9:15-9:25喙9:30- ...

Investment Rating - The report indicates a positive outlook for the chemical industry, suggesting a new cycle may begin due to improved domestic supply and demand, increased global market share, and declining crude oil prices [3][4]. Core Viewpoints - The chemical industry is expected to enter a new cycle driven by domestic supply-demand improvements and global market share growth, despite potential short-term impacts from overseas demand [3][5]. - The report highlights that the supply side is gradually improving due to reduced fixed asset investment growth and government policies aimed at curbing excessive competition [5][10]. - On the demand side, domestic consumption is anticipated to recover steadily, supported by government initiatives to boost consumption and stabilize the economy [26][33]. - Cost factors are favorable, with significant declines in international crude oil and domestic coal prices, which will support the profitability of chemical products [42][49]. - The report recommends specific companies within various segments of the chemical industry, including refrigerants, amino acids, military and new materials, and fertilizers, indicating potential investment opportunities [5][57]. Summary by Sections Supply Side - The report notes that the chemical industry has faced profitability pressures since 2022, but the current production cycle is nearing its end, which may lead to gradual improvement in profitability as capacity is digested [11][12]. - China's global market share in chemical products has been steadily increasing, with 2023 figures showing a 43.1% share of global sales [25][20]. Demand Side - The report emphasizes that domestic demand is expected to recover, aided by government policies aimed at stimulating consumption and investment [26][33]. - The real estate sector shows signs of stabilization, which could further support demand for chemical products [33]. Cost Side - The report highlights a significant decline in crude oil prices, with Brent crude falling by 14.71% since the beginning of 2025, which is expected to positively impact the cost structure of the chemical industry [42][38]. - Domestic coal and natural gas prices have also shown a downward trend, enhancing the cost competitiveness of chemical products [49][47]. Valuation - The report indicates that the valuation of the basic chemical and petrochemical sectors is at historical lows, suggesting substantial room for recovery as market conditions improve [54][50].

Group 1 - Major shareholders of *ST WanFang plan to reduce their holdings by up to 9,341,596 shares, accounting for 3% of the company's total share capital from May 27 to August 25, 2025 [1] - Shareholders of Airo Energy intend to reduce their holdings by up to 800,000 shares, 800,000 shares, and 1,600,000 shares, representing 0.50%, 0.50%, and 1% of the company's total share capital respectively during the same period [1] - Anner plans to reduce its holdings by up to 3,186,159 shares, which is 1.5% of the company's total share capital, from May 27 to August 26, 2025 [1] Group 2 - Shareholders of Chuhuan Technology plan to reduce their holdings by up to 2,395,605 shares, accounting for 3% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [1] - Major shareholder of Dalian Technology intends to reduce their holdings by up to 4,189,336 shares, which is 0.99% of the company's total share capital from May 27 to August 26, 2025 [2] - Dongwei Technology's board members plan to reduce their holdings by a total of 2,574,857 shares, representing 0.8629% of the company's total share capital during the same period [2] Group 3 - Gann Li Pharmaceutical's shareholder has completed a reduction of 6,010,622 shares, which is 1% of the company's total share capital from April 22 to April 30, 2025 [2] - Guanshi Technology's board members plan to reduce their holdings by up to 359,375 shares, accounting for 0.4891% of the company's total share capital from May 27 to August 26, 2025 [2] - Guoguang Electric's shareholder has completed a reduction of 1,625,751 shares, which is 1.5% of the company's total share capital from April 25 to April 30, 2025 [2] Group 4 - Haili Biological's major shareholder has completed a reduction of 13,113,244 shares, representing 2% of the company's total share capital from April 15 to April 22, 2025 [3] - Hengfeng Information's board member has completed a reduction of 198,717 shares, which is 0.1207% of the company's total share capital on April 28, 2025 [3] - Hongwei Technology's shareholder plans to reduce their holdings by up to 820,000 shares, accounting for 0.39% of the company's total share capital from May 12 to August 11, 2025 [3] Group 5 - Huatai Medical's vice president has completed a reduction of 29,943 shares, which is 0.0308% of the company's total share capital from April 28 to April 29, 2025 [4] - Jilin Carbon Valley's major shareholder has completed a reduction of 4,989,160 shares, representing 0.8490% of the company's total share capital from April 25 to April 29, 2025 [4] - Jiahua Technology's shareholder plans to reduce their holdings by up to 1,160,000 shares, accounting for 1.50% of the company's total share capital from May 28 to August 25, 2025 [4] Group 6 - Jiangbo Long's shareholder plans to reduce their holdings by up to 4,159,815 shares, which is 1% of the company's total share capital from May 27 to August 26, 2025 [5] - Jiangshan Co. plans to reduce its holdings in Jiangtian Chemical by 4,330,800 shares, accounting for 3% of its total share capital from May 27 to August 26, 2025 [5] - Kairun Co.'s major shareholder plans to reduce their holdings by up to 9,000,000 shares, representing 2.43% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [5] Group 7 - Lianqi Technology's shareholders plan to reduce their holdings by a total of 18,717,374 shares, which is 2.96% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [9] - Zhongke Information's board members have completed a reduction of 698,914 shares, representing 0.2358% of the company's total share capital [9] - Zhongshi Co.'s major shareholder plans to reduce their holdings by up to 1,800,000 shares, accounting for 1.1527% of the company's total share capital from May 27 to August 26, 2025 [10]

证券代码：600389 证券简称：江山股份 公告编号：临 2025—028 南通江山农药化工股份有限公司 关于授权减持参股公司股票的公告 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 4 月 30 日以通讯表决的方式召开了第九届董事会第十九次会 议，本次会议经全体董事同意豁免提前发出会议通知时限要求。本次会议应参与 表决董事 9 人，实际参与表决董事 9 人，符合《公司法》和《公司章程》的有关 规定。与会董事经书面表决，以 9 票同意、0 票反对、0 票弃权，审议通过了《关 于授权减持参股公司股票的议案》。具体情况如下： 一、交易概述 截至 2025 年 4 月 30 日，公司持有江天化学（股票代码 300927）2,169 万股， 占江天化学总股本比例为 15.02%，股份来源为 IPO 前取得及资本公积金转赠股 本方式取得。 为了满足公司项目建设、日常经营的部分资金需求，董事会同意授权公司经 营层通过证券交易所集中竞价、大宗交易方式择机减持江天化学 433.08 万股， 1 交易简要 ...

Core Viewpoint - Jiangshan Co., Ltd. (600389.SH) announced a plan to reduce its holdings in Jiangtian Chemical by 433.08 million shares, representing 3% of the total share capital, to meet project construction and operational funding needs [1] Summary by Relevant Sections - **Company Holdings** Jiangshan Co. holds 21.69 million shares of Jiangtian Chemical, accounting for 15.02% of its total share capital [1] - **Reduction Plan** The board of directors has authorized the management to reduce the holdings through centralized bidding and block trading on the stock exchange, with the reduction price determined by market trading prices [1] - **Authorization Period** The authorization is effective from the date of board approval until the completion of the share reduction [1] - **Transaction Classification** The transaction does not constitute a related party transaction or a major asset restructuring, and does not require approval from the shareholders' meeting [1]