北京炜衡（上海）律师事务所 关于南通江山农药化工股份有限公司 2025 年第二次临时股东大会的法律意见书 致：南通江山农药化工股份有限公司 北京炜衡（上海）律师事务所（以下简称"本所"）接受南通江山农药化工股份 有限公司（以下简称"公司"）的委托，就公司召开的 2025 年第二次临时股东大会 （以下简称"本次股东大会"）的有关事宜，根据《中华人民共和国证券法》（以下 简称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东大会规则》等法律、法规、规章及规范性文件以及《南通江山农药化 工股份有限公司章程》（以下简称"《公司章程》"）的规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务管理 办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行了法定职 责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相关事项进行了必要 的核查和验证，核查了本所认为出具本法律意见书所需的相关文件、资料，并参加了 公司本次股东大会的全过程。 本所保证本法律意见书所认定的事实真实、准确、完整，所发表的结论性意见合 法、准确，不存在虚假记载、 ...

Group 1 - The core viewpoint of the articles highlights the recent performance and financial metrics of Jiangshan Co., Ltd, including stock price movements and trading volumes [1][2] - As of August 22, Jiangshan's stock price decreased by 2.01% to 23.86 CNY per share, with a total market capitalization of 10.275 billion CNY [1] - Year-to-date, Jiangshan's stock price has increased by 66.27%, with a 6.23% rise over the last five trading days and a 23.63% increase over the last 60 days [1] Group 2 - As of March 31, Jiangshan had 21,800 shareholders, an increase of 4.61% from the previous period, with an average of 19,717 circulating shares per shareholder, down by 4.40% [2] - For the first quarter of 2025, Jiangshan reported a revenue of 1.746 billion CNY, reflecting a year-on-year growth of 10.15% [2] - Since its A-share listing, Jiangshan has distributed a total of 2.499 billion CNY in dividends, with 1.106 billion CNY distributed over the past three years [2] Group 3 - Jiangshan Co., Ltd specializes in agricultural chemicals, primarily focusing on herbicides and insecticides, and is categorized under the basic chemical industry [1] - The company is involved in several concept sectors, including ecological agriculture, glyphosate, rural revitalization, biopesticides, and phosphorus chemicals [1]

Group 1 - Glyphosate concept stocks increased by 2.03%, ranking 4th among concept sectors, with 15 stocks rising, led by Jiangtian Chemical, Yangnong Chemical, and Yingtai Biological, which rose by 10.47%, 5.33%, and 3.40% respectively [1] - The main funds net inflow into the glyphosate concept sector was 47 million yuan, with 8 stocks receiving net inflows, and 5 stocks seeing inflows exceeding 10 million yuan, led by Noposion with a net inflow of 38.12 million yuan [2] - The top three stocks by net inflow ratio were Taihe Co., Ltd., Lier Chemical, and Noposion, with net inflow ratios of 8.33%, 5.80%, and 5.40% respectively [3] Group 2 - The glyphosate concept stocks' performance included Noposion with a 2.61% increase, Jiangtian Chemical with a 10.47% increase, and Lier Chemical with a 2.12% increase, among others [3] - The overall market performance showed that the glyphosate concept was among the top gainers, indicating positive market sentiment towards this sector [2]

Investment Rating - The report maintains an "Outperform" rating for the chemical industry [2] Core Insights - The chemical industry is expected to benefit from anti-involution policies aimed at curbing disorderly competition and eliminating outdated production capacity, which may lead to a recovery in industrial product prices and positively impact PPI and CPI [6][11][17] - The report highlights the significant influence of the energy and chemical sectors on PPI, with their price fluctuations directly affecting overall industrial inflation levels [16] - The industry is under pressure from declining product prices and reduced capacity utilization, leading to a strong demand for anti-involution measures [17] - The current valuation of the chemical industry is at a historical low, providing substantial upside potential as the sector is expected to recover from its cyclical bottom [17][19] Summary by Sections 1. Importance of Inflation Recovery - The report emphasizes that the chemical sector is a crucial lever for inflation recovery, as evidenced by the PPI's continuous decline and the need for policy intervention to combat deflationary pressures [6][11] 2. Reasons to Focus on Chemicals - The energy and chemical sectors account for 25%-30% of PPI, making their price recovery vital for overall inflation [16] - The industry faces significant profitability challenges, with nearly 25% of chemical companies reporting losses in 2024 [17] 3. Paths for Anti-Involution in Chemicals 3.1. Active Approach: Industry Self-Regulation - Certain sub-industries, such as polyester filament and sucralose, are attempting to improve profitability through supply-side collaboration, benefiting from high concentration and low profitability [27][29] - The report identifies key chemical products likely to benefit from self-regulation, including polyester filament, polyester bottle chips, and organic silicon [29][31] 3.2. Passive Approach: Policy-Driven Industry Improvement - The report outlines a dual-track policy framework focusing on optimizing existing capacity and strictly controlling new projects to enhance the competitive landscape [27][31] - Historical experiences suggest that effective policy measures will include phasing out outdated facilities and enforcing stricter environmental regulations [27][31]

证券之星消息，8月20日农化制品板块较上一交易日上涨1.83%，江山股份领涨。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。农化制品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600389 | 江山股份 | 24.66 | 5.61% | 14.12万 | | 3.42亿 | | 600096 | 云天化 | 26.95 | 5.27% | 49.09万 | | 13.18亿 | | 600596 | 新安股份 | 10.71 | 4.18% | 46.13万 | | 4.83亿 | | 002170 | 芭田股份 | 10.49 | 3.96% | 68.31万 | | 7.17亿 | | 000422 | 湖北宣化 | 13.75 | 3.38% | 46.92万 | | 6.37亿 | | 603086 | 先达股份 | 10.57 | 3.12% | 85.11万 | | 9.07亿 | | ...

Investment Rating - The report provides a standard investment rating for the chemical industry, indicating a positive outlook for specific sectors within the industry [5]. Core Insights - The report highlights the impact of the explosion at Kanto Denka's facility in Japan, which is expected to create opportunities for domestic electronic gas suppliers as Kanto Denka holds a 90% market share in nitrogen trifluoride production in Japan [6][13]. - The first World Humanoid Robot Games held in Beijing is seen as a catalyst for the robotics industry's development, showcasing technological innovation and attracting talent [6][14]. - The report emphasizes the structural optimization of supply in the chemical sector, suggesting a focus on sectors with significant elasticity and competitive advantages, such as organic silicon and membrane materials [6][15]. Industry Performance - The report notes that during the week of August 11 to August 15, 2025, the CSI 300 index rose by 2.37%, while the Shenwan Basic Chemical Index increased by 2.46%, outperforming the market slightly [6][18]. - The top-performing sub-sectors included modified plastics (up 12.29%) and fluorochemicals (up 5.81%), while the worst performers were civil explosives (down 3.02%) and compound fertilizers (down 1.81%) [6][19]. Price Trends - Key products that saw price increases included hydrochloric acid (up 15.38%) and propylene (up 4.00%), while notable declines were observed in butanone (down 7.16%) and liquid ammonia (down 5.89%) [6][26]. - The report tracks price differentials, with significant increases in the propylene-propane differential (up 33.47%) and decreases in the bisphenol A-phenol differential (down 26.57%) [6][28]. Investment Recommendations - The report suggests focusing on sectors that may benefit from supply-side reforms, particularly organic silicon, membrane materials, and dye sectors, with recommended companies including Hoshine Silicon Industry and Zhejiang Longsheng [6][15]. - It also highlights the growing demand for health additives and sugar substitutes driven by new consumer trends, recommending companies that emphasize technological and product differentiation [6][16][17].

Group 1 - The company has confirmed that its new pesticide product, JS-T205, is currently in the trial production phase, focusing on process improvement and cost optimization [2] - The company is actively engaging with regulatory authorities to expedite the registration process for the new pesticide, which is required for market launch [2] - According to the project's feasibility report, the expected post-tax internal rate of return is 25.84%, with a post-tax static investment payback period of 6.08 years [2]

证券之星消息，8月15日农化制品板块较上一交易日上涨1.42%，贝斯美领涨。当日上证指数报收于 3696.77，上涨0.83%。深证成指报收于11634.67，上涨1.6%。农化制品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300796 | 贝斯美 | 11.78 | 5.27% | 40.31万 | 4.68亿 | | 600331 | 宏达股份 | 10.48 | 4.59% | 50.39万 | 5.19亿 | | 600141 | 兴发集团 | 25.08 | 4.50% | 21.03万 | 5.20亿 | | 000422 | 湖北宣化 | 13.65 | 4.20% | - 41.37万 | 5.63亿 | | 600389 | 江山股份 | 22.46 | 4.08% | 8.73万 | 1.92亿 | | 600731 | 湖南海利 | 8.23 | 3.78% | 34.96万 | 2.86亿 | | 600596 | 新安股份 | 10.02 | ...

Core Viewpoint - The glyphosate sector is experiencing unexpected price increases during the traditional off-season, driven by strong foreign trade orders and limited supply [1] Industry Summary - As of August 20, the glyphosate sector saw an overall increase of 0.91%, with notable performances from Jiangshan Co. and *ST Hanyue, which hit the daily limit, and Xin'an Chemical and Xingfa Group, which rose by 7.26% and 5.98% respectively [1] - Analyst Yang Lin from Southwest Securities noted that July is typically a demand off-season for glyphosate in China, yet prices have shown resilience, indicating a second wave of price increases [1] - The current supply situation is tight due to a high volume of pre-sold orders and maintenance plans from some manufacturers, leading to reduced supply capacity [1] - The overall supply capability in the industry remains constrained, with expectations for continued tightness in the short term, suggesting a bullish outlook for glyphosate prices [1] Company Summary - Companies to watch in the glyphosate sector include Yangnong Chemical, Jiangshan Co., Xingfa Group, Xin'an Chemical, and Guangxin Co., as they are expected to benefit from the rising prices [1]

通过天眼查大数据分析，南通江山农药化工股份有限公司共对外投资了18家企业，参与招投标项目397 次，知识产权方面有商标信息463条，专利信息244条，此外企业还拥有行政许可251个。 来源：金融界 江山股份最新一期业绩显示，截至2025一季报，公司营业总收入17.46亿元、同比增长10.15%，归属净 利润1.56亿元，同比增长89.10%，扣非净利润1.50亿元，同比增长88.29%，流动比率1.357、速动比率 1.095、资产负债率52.11%。 天眼查商业履历信息显示，南通江山农药化工股份有限公司，成立于1990年，位于南通市，是一家以从 事化学原料和化学制品制造业为主的企业。企业注册资本43065万人民币，实缴资本11877.13万人民 币。公司法定代表人为王利。 金融界消息 截至2025年8月12日收盘，江山股份（600389）报收于21.71元，下跌0.73%，换手率 1.24%，成交量5.34万手，成交金额1.15亿元。 资金流向方面，今日主力资金净流出1707.33万元，占比成交额14.81%。其中，超大单净流出1492.63万 元、占成交额12.95%，大单净流出214.70万元、占成交额 ...