证券代码：600486 证券简称：扬农化工 编号：临 2025-021 江苏扬农化工股份有限公司 股权激励限制性股票回购注销实施公告 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： 回购注销原因：江苏扬农化工股份有限公司（以下简称"公司"）1 名 激励对象现已离职，根据《上市公司股权激励管理办法》（以下简称"《管理办 法》"）、公司《2022 年限制性股票激励计划》（以下简称"《激励计划》"） 相关规定，该激励对象不再符合激励计划的条件，其持有但尚未达到解除限售条 件的 22,880 股限制性股票应由公司进行回购并注销。 本次注销股份的有关情况 | 回购股份数量（股） | 注销股份数量（股） | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | | 22,880 | 22,880 | 2025 | 年 5 | 月 | 27 日 | 一、本次限制性股票回购注销的决策与信息披露 1 的公告》（公告编号 2025-011）。在约定的申报期间内，公司未收到债权人申 报 ...

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 回购注销部分已授予限制性股票 的 法律意见书 二〇二五年三月 国浩律师(南京)事务所 法律意见书 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 回购注销部分已授予限制性股票的 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 法律意见书 致：江苏扬农化工股份有限公司 国浩律师（南京）事务所（以下简称"本所"）接受江苏扬农化工股份有限 公司（以下简称"扬农化工"或"公司"）的委托，根据《中华人民共和国公司 法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股权激励管理办法》（以下简称"《股权激励管理办法》" ...

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]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1]. Core Insights - The report highlights the potential revaluation of phosphate rock value due to ongoing supply-demand tensions, with increasing demand for phosphate fertilizers and lithium iron phosphate batteries [6][4]. - The chemical industry is expected to enter a restocking cycle in 2025, driven by low inventory levels and improving profitability among leading chemical companies [5][27]. - The report emphasizes the expansion of phosphate production capacity by Batian Co., which is set to increase its phosphate rock extraction capacity to 2 million tons per year [4][6]. Summary by Sections Core Target Tracking - The report tracks key companies in the chemical sector, including Batian Co., which is expanding its phosphate production capacity significantly [4][6]. - It also notes the performance of various chemical products, with a focus on price increases for butadiene and polyester filament due to favorable market conditions [10][14]. Market Observation - The chemical sector has shown a relative performance of 6.7% over the past month, outperforming the CSI 300 index [2]. - The report indicates that the chemical industry is experiencing a recovery phase, with several companies poised for growth due to favorable market dynamics [5][27]. Data Tracking - The report provides detailed tracking of price movements for key chemical products, including butadiene, polyester filament, and various fertilizers, indicating a general upward trend in prices [10][12][17]. - It also highlights the current chemical industry sentiment index at 93.10, reflecting a positive outlook for the sector [6][33]. Investment Recommendations - The report suggests focusing on companies with low-cost expansion capabilities, such as Wanhua Chemical and various tire manufacturers, as well as those benefiting from rising product prices [5][7]. - It emphasizes the importance of high dividend yield companies in the chemical sector, particularly state-owned enterprises with stable financials [8][29].

江苏扬农化工股份有限公司 2024 年年度股东大会会议资料 江苏扬农化工股份有限公司 二〇二四年年度股东大会 会议资料 二〇二五年五月二十六日 江苏扬农化工股份有限公司 2024 年年度股东大会会议资料 二〇二四年年度股东大会议程 ●会议召开的日期、时间： 现场会议召开时间为：2025年5月26日 下午14:00 网络投票起止时间：自2025年5月26日至2025年5月26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 票时间为股东大会召开当日的交易时间段，即9:15-9:25， 大会召开当日的9:15-15:00 ●现场会议地点：扬州市开发西路203号 扬农大厦5楼会议室 ●主持人：董事长苏赋先生 ●议程： 一、向大会报告议案 二、独立董事作《独立董事 2024 年度述职报告》 三、报告本次股东大会股东及股东代表签到情况 四、审议议案并表决 五、统计表决票 六、宣读本次股东大会决议 七、宣读法律意见书 江苏扬农化工股份有限公司 2024 年年度股东大会会议资料 目 录 江苏扬农化工股份有限公司 2024 年年度股东大会会议资料 江苏扬农化工股份有限公司 一、公司经营管理回顾 （一）2024 年 ...

江苏扬农化工股份有限公司 江苏扬农化工股份有限公司 2024 年年度股东大会会议资料 二〇二四年年度股东大会 会议资料 二〇二五年五月二十六日 江苏扬农化工股份有限公司 2024 年年度股东大会会议资料 二〇二四年年度股东大会议程 ●会议召开的日期、时间： 现场会议召开时间为：2025年5月26日 下午14:00 网络投票起止时间：自2025年5月26日至2025年5月26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 票时间为股东大会召开当日的交易时间段，即9:15-9:25， 9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为股东 大会召开当日的9:15-15:00 ●现场会议地点：扬州市开发西路203号 扬农大厦5楼会议室 ●主持人：董事长苏赋先生 ●议程： 五、统计表决票 一、向大会报告议案 二、独立董事作《独立董事 2024 年度述职报告》 三、报告本次股东大会股东及股东代表签到情况 四、审议议案并表决 六、宣读本次股东大会决议 七、宣读法律意见书 江苏扬农化工股份有限公司 2024 年年度股东大会会议资料 目 录 | 1、2024 年董事会报告 | | 1 ...

2025 年 5 月 12 日 公司研究/公司快报 公司近一年市场表现 市场数据：2025 年 5 月 12 日 执业登记编码：S0760523110004 邮箱：lixuankun@sxzq.com 研究助理： 王金源 邮箱：wangjinyuan@sxzq.com | 收盘价（元）： | 52.10 | | --- | --- | | 年内最高/最低（元）： | 68.20/46.12 | | 流通A股/总股本（亿）： | 4.03/4.07 | | 流通 A 股市值（亿）： | 209.89 | | 总市值（亿）： | 211.88 | 基础数据：2025 年 3 月 31 日 基本每股收益(元)： 1.07 摊薄每股收益(元)： 1.07 每股净资产(元)： 27.02 资料来源：最闻 李旋坤 农药 扬农化工（600486.SH） 买入-B(维持) 农化景气触底回升，葫芦岛项目放量在即 事件描述 4 月 29 日，公司发布《2025 年一季度报告》，实现营业收 32.41 亿元， 同比+2.04%，环比+33.96%，实现归母净利为 4.35 亿元，同比+1.35%，环比 +146.77%。 事件点评 ...

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating a positive outlook for its stock performance in the near term [1]. Core Views - The agricultural chemical market is showing signs of recovery, with the Huludao project set to ramp up production soon [1]. - The company reported a revenue of 3.241 billion yuan for Q1 2025, reflecting a year-on-year increase of 2.04% and a quarter-on-quarter increase of 33.96% [2]. - The net profit attributable to shareholders for the same period was 435 million yuan, up 1.35% year-on-year and 146.77% quarter-on-quarter [2]. Financial Performance - In Q1 2025, the company achieved raw material revenue of 1.806 billion yuan, a year-on-year increase of 4.8% and a quarter-on-quarter increase of 13.1%, with a sales volume of 28,670 tons, up 14.8% year-on-year and 20.5% quarter-on-quarter [4]. - The formulation revenue for Q1 2025 was 871 million yuan, showing a year-on-year increase of 1.1% and a quarter-on-quarter increase of 451.7%, with a sales volume of 15,392 tons, up 2.8% year-on-year and 642.7% quarter-on-quarter [4]. - The average selling price for raw materials was 63,000 yuan per ton, down 8.77% year-on-year, but only 2.0% lower than the average price in 2024, indicating a price recovery trend [4]. Project Development - The Huludao project is expected to fully commence production in Q3 2025, with significant investments in fixed assets and ongoing construction [5]. - The project includes the production of various innovative pesticides, which are anticipated to enhance the company's market competitiveness [6]. Profit Forecast - The company is projected to achieve net profits of 1.41 billion yuan, 1.59 billion yuan, and 1.76 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 15, 13, and 12 times [6].

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly highlighting undervalued and high-growth opportunities [1]. Core Insights - The anti-dumping duties on chlorpyrifos are expected to benefit domestic companies, with a recommendation to focus on Yangnong Chemical [3][4]. - The report emphasizes the importance of orderly exports of nitrogen fertilizers, suggesting that leading domestic companies should adopt a proactive pricing strategy to avoid excessive competition [3]. - The chemical sector is experiencing a gradual recovery in PPI, with a focus on investment opportunities in cyclical products due to low inventory levels [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a mixed outlook for oil, coal, and natural gas prices, with oil prices supported by shale oil production costs [3][4]. - The report notes a significant price increase in PTA and MEG, driven by supply constraints and optimistic market sentiment [9][10]. Fertilizer and Pesticide Market - Domestic urea prices have risen by 2.8% to 1830 CNY/ton, influenced by export policy expectations [11]. - The report highlights the stable pricing of various pesticides, with specific price points for glyphosate and other herbicides remaining unchanged [11]. Chemical Products Pricing - The report provides detailed pricing trends for various chemical products, including a 1.6% decrease in PVC prices and stable pricing for other chemicals like DMC and silicone [12][13]. - The report indicates a cautious market sentiment in the dye industry, with prices remaining stable despite cost support from raw materials [15]. Key Company Valuations - The report includes a valuation table for key companies, with recommendations for stocks such as Yangnong Chemical (buy) and Hualu Chemical (increase) based on their projected earnings and market performance [17][18].

Core Viewpoint - The company reported a slight increase in revenue and net profit for Q1 2025, indicating a stabilization in the agricultural chemical industry and improved sales performance [1][2]. Financial Performance - The company achieved a revenue of 3.241 billion yuan in Q1 2025, a year-on-year increase of 2.04% [1]. - The net profit attributable to shareholders was 435 million yuan, reflecting a minor increase of 1.35% year-on-year [1]. - The diluted earnings per share were 1.07 yuan, based on a total share capital of 407 million shares [1]. Sales and Revenue Breakdown - Revenue from various segments in Q1 2025 included: - Active ingredients: 1.806 billion yuan (up 0.82 billion yuan) - Formulations: 871 million yuan (up 0.09 billion yuan) - Trade and other businesses: 564 million yuan (down 0.26 billion yuan) [1]. - Sales volumes for active ingredients and formulations were 28,700 tons and 15,400 tons, respectively, representing increases of 14.8% and 2.8% year-on-year [1]. Pricing Trends - Average prices for active ingredients and formulations were 63,000 yuan and 56,600 yuan, respectively, showing declines of 8.8% and 1.6% year-on-year [1]. - The price decline for the company's active ingredients was less severe compared to the overall market price drops for similar products [1]. Cost Management - The company maintained effective cost control, with total expenses decreasing by approximately 4.75 million yuan compared to the previous year [2]. - Sales expenses decreased by about 1.65 million yuan, while management and R&D expenses increased by 5.1 million and 3.51 million yuan, respectively [2]. - Financial expenses saw a reduction of approximately 11.71 million yuan, positively impacting net profit [2]. Project Development - The company is progressing with the Liaoning Youchuang project, with the first phase completed and products like Kungfu Chrysanthemum being produced [2]. - The project aims to optimize product layout and create new growth points for sustainable development [2]. Profit Forecast - The company forecasts net profits for 2025, 2026, and 2027 to be 1.47 billion, 1.78 billion, and 2 billion yuan, respectively, maintaining a "buy" investment rating [2].