A 股每股现金红利0.680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 | 2025/7/24 | － | 2025/7/25 | 2025/7/25 | 差异化分红送转： 否 江苏扬农化工股份有限公司 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。 重要内容提示： 每股分配比例 证券代码：600486 证券简称：扬农化工 公告编号：2025-025 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 26 日的2024年年度股东大会审议通过。 二、 分配方案 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： 本次利润分配以方案实施前的公司总股本405,398,884股为基数，每股派发现 金红利0.680元（含税），共计派发 ...

10 July 2025 Equity Research Report China Chemicals Equities 2Q25 preview: Argochem up; phosphate leads China Phosphate names lead the way amid sector-wide strength in argochem. We expect argochem companies to deliver solid interim earnings growth, supported by resilient agricultural demand and rising prices. NHU's (002001 CH, RMB21.93, Buy) 1H25 profit guidance (up 50-70%) reflects the overall strength of the sector. Within the sector, we maintain our preference for Chanhen (002895 CH, RMB23.06, Buy) and Y ...

基础化工 化工周报（7/7-7/13）： 百草枯、草甘膦等农药产品价格上涨 ◼ 走势比较 (10%) (2%) 6% 14% 22% 30% 24/7/8 24/9/18 24/11/29 25/2/9 25/4/22 25/7/3 基础化工 沪深300 相关研究报告 << 化 工 新 材 料 周 报 （ 20250630- 20250706）：生物航煤、制冷剂、多 晶硅价格上涨，炭黑、维 E 等价格下 滑>>--2025-07-06 <<云南磷化工产业：资源优势明显， 积极推进高效高值利用>>--2025- 07-06 <<化工周报（6/23-6/29）： 草甘膦 价格大幅上涨，三代制冷剂价格维持 高位>>--2025-06-30 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 报告摘要 1.重点行业和产品情况跟踪 百草枯、草甘膦等农药产品价格上涨。草甘膦下游询单良好， 工厂水剂、颗粒剂订单充足。华中、华东部分工厂低负荷运行， 现货供 ...

Investment Rating - The report maintains a positive outlook on the chemical industry, with specific buy and hold recommendations for various companies [2][20]. Core Insights - The report highlights the closure of Dow's organic silicon production capacity in Barry, UK, which is expected to increase domestic export demand and support the upstream industrial silicon costs, indicating a potential reversal in the organic silicon industry [4][5]. - The demand for high-end AI PCBs is projected to surge due to the continuous growth in computing power requirements, driven by GPU, ASIC, and 800G switch technologies [4]. - The report notes that the recent tariff announcements from the US on imports from Southeast Asia are lower than expected, stabilizing pessimistic market sentiments [4]. Industry Dynamics - The macroeconomic outlook for the chemical industry indicates a significant increase in oil supply led by non-OPEC countries, with a stable global GDP growth rate of 2.8% [5]. - The report mentions that coal prices are expected to decline in the medium to long term, alleviating pressure on downstream sectors [5]. - Natural gas exports from the US are anticipated to accelerate, potentially lowering import costs [5]. Company Recommendations - Companies to watch in the organic silicon sector include Dongyue Silicon Materials, Xin'an Chemical, and Xingfa Group [4]. - In the PCB sector, recommended companies include Shengquan Group, Dongcai Technology, Lianrui New Materials, Yake Technology, Tiancheng Technology, and Jiuri New Materials [4]. - For traditional cyclical stocks, the report suggests focusing on leading companies in various segments such as Wanhu Chemical, Hualu Hengsheng, and Baofeng Energy [4]. Price Trends - The report provides specific price movements for various chemical products, such as PTA prices decreasing by 2.8% to 4715 RMB/ton, while MEG prices increased by 0.7% to 4409 RMB/ton [11]. - Urea prices rose by 2.9% to 1800 RMB/ton, while phosphate prices remained stable [12]. - The report notes that the price of DMC increased by 1.9% to 11000 RMB/ton, indicating a recovery in the organic silicon market [15].

Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, and others [10]. Core Viewpoints - The report suggests focusing on import substitution, pure domestic demand, and high dividend opportunities in the chemical industry [6][20]. - The international oil price is expected to stabilize between $65 and $70 per barrel in 2025, influenced by geopolitical factors and trade agreements [6][21]. - The chemical industry is currently experiencing a mixed performance, with some sectors like lubricants showing better-than-expected results, while others remain weak due to overcapacity and weak demand [20][21]. Summary by Sections Chemical Industry Investment Suggestions - Key products with significant price increases include butanone (up 13.55%), urea (up 13.16%), and TDI (up 6.73%) [17]. - Products with notable price declines include methanol (down 9.84%), PS (down 9.62%), and pure MDI (down 8.89%) [17][20]. - The report emphasizes the importance of focusing on sectors like glyphosate, fertilizers, and companies with strong domestic demand [20][21]. Market Performance - The basic chemical sector has shown a performance of 20.4% over the past 12 months, outperforming the Shanghai Composite Index [2]. - The report highlights the volatility in international oil prices, with Brent crude at $68.30 per barrel and WTI at $66.50 per barrel as of July 4 [6][21]. Company Focus and Earnings Forecast - Specific companies recommended for investment include Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, and others, with projected earnings per share (EPS) growth and favorable price-to-earnings (PE) ratios [10]. - The report suggests that companies like China National Petroleum and China National Offshore Oil Corporation are attractive due to their high dividend yields [6][20].

Investment Rating - The report maintains an "Outperform" rating for the agricultural chemical industry [7][10]. Core Views - The agricultural chemical industry is expected to benefit from rising prices of potassium fertilizer and glyphosate, with supply constraints for the insecticide "Kangkuan" [2][5]. - The potassium fertilizer market is characterized by tight supply and demand, with a significant reliance on imports, which is projected to increase due to food security concerns [2][27]. - The phosphoric chemical sector is anticipated to maintain high price levels due to the scarcity of phosphate rock resources and increasing demand from new applications [3][51]. Summary by Sections Potassium Fertilizer - Global potassium fertilizer prices are expected to recover as demand increases, with China being the largest consumer and heavily reliant on imports [2][27]. - Domestic production of potassium chloride is projected to decrease slightly in 2024, while imports are expected to reach a historical high [27]. - The domestic potassium chloride price is forecasted to rise by approximately 100 yuan/ton in July due to increased port prices [2][45]. Phosphoric Chemicals - The price of phosphate rock is expected to remain high due to declining grades and increasing extraction costs, with a tight supply-demand balance [3][51]. - As of June 30, 2025, the market price for 30% grade phosphate rock in Hubei is 1,040 yuan/ton, while in Yunnan it is 970 yuan/ton, both stable compared to the previous month [3][51]. - The export policy for phosphoric fertilizers emphasizes domestic priority, with reduced export quotas expected to alleviate downward pressure in the domestic market [4]. Pesticides - The supply of "Kangkuan" has been unexpectedly restricted, leading to a potential price increase for the product [5]. - Glyphosate prices have risen by 1,300 yuan/ton in June, driven by increased demand from South America as planting areas for soybeans and corn expand [5][9]. - The report recommends focusing on leading companies in the glyphosate sector, such as "Xingfa Group," which has a significant production capacity [9]. Key Company Recommendations - The report recommends "Yaji International" for potassium fertilizer, projecting production of 2.8 million tons in 2025 and 4 million tons in 2026 [5][49]. - For phosphoric chemicals, "Yuntianhua" and "Xingfa Group" are highlighted as key players due to their rich phosphate reserves [6]. - In the pesticide sector, "Xingfa Group" is recommended for its leading position in glyphosate production [9].

Core Insights - The report maintains a "recommended" rating for the agricultural chemical industry, highlighting the recovery potential in the pesticide market due to rising glyphosate prices [1][8] - Glyphosate prices have shown a significant recovery, with the raw material price reaching 24,800 CNY per ton as of July 1, 2025, an increase of 1,800 CNY per ton since early April [6][8] Industry Performance - The basic chemical industry has outperformed the CSI 300 index over various time frames, with a 1-month performance of 5.0%, 3-month performance of 3.2%, and a 12-month performance of 16.4% compared to the CSI 300's 2.7%, 1.5%, and 13.6% respectively [4] Investment Highlights - The glyphosate industry is experiencing inventory depletion and demand recovery, leading to a price rebound from its bottom. As of June 27, 2025, glyphosate industry inventory was 40,000 tons, down 43,000 tons since early April [6] - The global largest glyphosate producer, Bayer, faces potential bankruptcy due to ongoing lawsuits related to its glyphosate product "Roundup," which could benefit domestic competitors in the glyphosate market [7] Company Focus - Key companies in the glyphosate sector include: - Jiangshan Chemical, with a production capacity of 70,000 tons/year [9] - Xingfa Group, the leading domestic glyphosate producer with a capacity of 230,000 tons/year [9] - Xin'an Chemical, with a capacity of 80,000 tons/year [10] - Yangnong Chemical, a major player with a capacity of 30,000 tons/year [10] - Guoxin Co., with a capacity of 20,000 tons/year [10] - Hebang Bio, with a capacity of 50,000 tons/year [10] - Lier Chemical, with a capacity of 18,500 tons/year [10] - Limin Co., with a capacity of 5,000 tons of glyphosate and 2,000 tons of refined glyphosate [10] Earnings Forecast - The report provides earnings per share (EPS) estimates for key companies, indicating potential growth in profitability: - Jiangshan Chemical: EPS of 1.10 CNY in 2025E [11] - Xingfa Group: EPS of 1.85 CNY in 2025E [11] - Yangnong Chemical: EPS of 3.44 CNY in 2025E [11] - Guoxin Co.: EPS of 1.12 CNY in 2025E [11] - Lier Chemical: EPS of 0.53 CNY in 2025E [11] - Limin Co.: EPS of 1.05 CNY in 2025E [11]

证券代码：600486 证券简称：扬农化工 公告编号：2025-024 江苏扬农化工股份有限公司 关于2022 年限制性股票激励计划首次授予限制 性股票第一个解除限售期解锁暨上市公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 1,120,075股。 本次股票上市流通总数为1,120,075股。 本次股票上市流通日期为2025 年 7 月 7 日。 江苏扬农化工股份有限公司（以下简称"公司"）第八届董事会第二十七次 会议，于二〇二五年六月二十三日以书面方式发出通知，于二〇二五年六月三十 日以专人送达及传真方式召开。经 9 名董事签署，以 8 票同意，0 票反对、0 票弃 权，1 票回避，审议通过《关于 2022 年限制性股票激励计划首次授予限制性股票 第一个解锁期解除限售条件成就的议案》。董事吴孝举作为本次激励计划的激励 对象，对本议案予以回避表决。 公司 2022 年限制性股票激励计划首次授予限制性股票第一个解锁期解除限售 条件已经成就， ...

国浩律师（南京）事务所 关 于 江苏扬农化工股份有限公司 2022 年限制性股票激励计划 第一个解除限售期解除限售条件成就 相关事项的法律意见书 中国江苏省南京市汉中门大街 309 号 B 座 5、7-8 层 邮编：210036 5、7-8/F, Block B, 309 Hanzhongmen Street, Nanjing, China, 210036 电话/Tel: +86 25 8966 0900 传真/Fax: +86 2589660966 网址/Website: http://www.grandall.com.cn 二〇二五年六月 | 第一节 律师声明的事项 3 | | --- | | 第二节 正 文 5 | | 一、 本次解除限售条件成就的授权与批准 5 | | （一）本次激励计划的实施情况 5 | | （二）本次解除限售条件成就已履行的决策程序 7 | | 二、 本次解除限售条件成就的具体情况 8 | | （一）本次解除限售的限售期即将届满 8 | | （二）本次解除限售条件已成就 8 | | （三）本次解除限售的人数及股票数量 10 | | 三、 结论意见 11 | | 第三节 签署页 12 ...

公司和激励对象均未发生限制性股票不得解除限售的情况，公司 2022 年限 制性股票激励计划首次授予限制性股票第一个解锁期解除限售条件已经成就，参 与本次解锁的激励对象主体资格合法、有效，结合首次授予的激励对象个人业绩 考核条件，本次符合解除限售条件的激励对象共 217 人，解除限售的限制性股票 为 1,120,075 股。 监事会同意公司董事会根据 2022 年年度股东大会的授权和本次激励计划相 关规定为符合解除限售条件的217名激励对象持有1,120,075股限制性股票办理 解锁的相关事宜。董事会审议相关议案时，关联董事回避表决，审议程序符合相 关法律法规的规定，不存在损害公司及全体股东特别是中小股东利益的情形。 江苏扬农化工股份有限公司（以下简称"公司"）监事会依据《公司法》《证 券法》《上海证券交易所股票上市规则》《上市公司股权激励管理办法》和公司 《2022 年限制性股票激励计划》等有关规定，对公司 2022 年限制性股票激励计 划首次授予限制性股票第一个解锁期解除限售条件成就相关事项进行了核查，发 表核查意见如下： 江苏扬农化工股份有限公司监事会 关于 2022 年限制性股票激励计划首次授予 限制性 ...