证券代码：600486 证券简称：扬农化工 编号：临 2025-042 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 江苏扬农化工股份有限公司（以下简称"公司"）第九届董事会第三次会议， 于二〇二五年十一月十四日以书面方式发出通知，于二〇二五年十一月二十一日 以专人送达及传真方式召开。本次会议的召开符合《公司法》及《公司章程》的 有关规定，会议合法有效。 二、董事会会议审议情况 公司本次董事会会议所有议案均获得通过，具体表决情况如下： 1、审议通过关于聘任高级管理人员的议案。 表决结果：9 票同意、0 票反对、0 票弃权。 该议案经本公司董事会提名委员会审议通过，并同意提交董事会审议。 江苏扬农化工股份有限公司 第九届董事会第三次会议决议公告 李安明先生，中国公民，1967 年 4 月出生，大专学历，工商管理硕士，高 级工程师。1988 年参加工作，曾任扬州农药厂车间工艺技术员、工段长、菊酯 分厂副厂长，公司副总经理、安全总监。现任公司 QHSE 总监。 2、审议通过关于增加 2025 年度日常关联交 ...

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Views - The chemical industry is expected to benefit from the ongoing "anti-involution" measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift is anticipated to enhance cash flow and dividend yields for companies in the sector, transforming them from cash-consuming entities to cash-generating ones [7][27] - The report highlights the potential for domestic substitutes for Japanese semiconductor materials due to rising tensions in Sino-Japanese relations, which could accelerate the domestic market's growth in this area [6] Summary by Sections Recent Trends - The chemical industry has shown a relative performance increase of 16.1% over the past 12 months, outperforming the CSI 300 index, which increased by 11.6% [4] Key Price Movements - DMC (Dimethyl Carbonate) prices rose to 4400 CNY/ton, up 14.29% week-on-week, driven by strong demand from the electrolyte sector [14] - Lithium battery electrolyte prices increased to 27000 CNY/ton, up 8.00% week-on-week, although profit margins for manufacturers are under pressure due to rising raw material costs [14] - Diammonium phosphate prices in East China reached 3850 CNY/ton, up 5.48% week-on-week, amid rising production costs [14] Investment Opportunities - The report identifies four key opportunities in the chemical sector: 1. Low-cost expansion, focusing on companies like Wanhua Chemical and Hualu Hengsheng [9] 2. Improved industry conditions, particularly in chromium salts and phosphate rock [10] 3. New materials with high growth potential, such as electronic chemicals and aerospace materials [11] 4. High dividend yields from state-owned enterprises in the chemical sector, including China Petroleum and China National Chemical [11] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for several firms in the chemical sector, with many rated as "Buy" [28]

Group 1: Oil and Gas - The oil supply-demand situation is under short-term pressure due to OPEC+ production increases, but medium to long-term oil prices are expected to have bottom support, with Brent crude oil price forecasts for 2025 and 2026 at $68 and $62 per barrel respectively [2][46] - The demand for natural gas in China is expected to continue growing, supported by low import costs, which will enhance profitability in the domestic industry chain [49] Group 2: Bulk Chemicals - A turning point in capital expenditure growth in the chemical raw materials and products industry has been observed since the second half of 2025, with expectations for a new round of recovery in 2026 driven by domestic demand improvements and export support [3][54] - The supply-demand situation for bulk chemical products is expected to improve, with policies supporting supply optimization and demand recovery anticipated to lead to a new round of prosperity [9][54] Group 3: Chemical Products and Fine Chemicals - The recovery in demand for chemical products and fine chemicals is expected to continue, driven by growth in sectors such as automotive, home appliances, military, and electronics, alongside cost improvements in raw materials [4][54] - The chemical industry is likely to see ongoing development in new materials and technologies, with a focus on high-end supply enhancement as emphasized in national policies [4][24] Group 4: Recommended Companies - The report recommends several companies for investment, including China Petroleum (A/H), China National Offshore Oil Corporation (A/H), and various chemical companies such as LUXI Chemical, Hualu Hengsheng, and Wanhua Chemical, indicating their potential for value reassessment and growth [7][23][24]

Core Viewpoint - Yangnong Chemical achieved a net profit attributable to shareholders of 1.055 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 2.88% [1] Financial Performance - In Q3 2025, the net profit attributable to shareholders was 250 million yuan, showing a year-on-year decrease of 5.01% and a quarter-on-quarter decrease of 32.72% [1] Business Development - The company is advancing the construction of dual bases in both northern and southern regions [1] - The raw material business continues to grow, with price increases in certain pesticide products [1] Project Updates - The Huludao base's first phase, with an annual production capacity of 15,700 tons of raw materials and 7,000 tons of intermediates, officially commenced construction in June 2023, with production expected to start in December 2025 [1] - The first phase has begun trial production as of July 2024, with all products meeting design capacity [1] - The second phase of the first phase is scheduled for equipment and electrical installation completion by June 2025 [1] Product Coverage - Upon full production, the facility will cover the entire chain of insecticides, fungicides, herbicides, and plant growth regulators [1] Capacity Expansion - Subsidiary Jiangsu Youjia is advancing a project to expand production of 3,000 tons of Pyrazole and 22,665 tons of by-products, which will further enhance the company's capacity advantages upon full production [1] Investment Rating - The company maintains a "Buy" rating [1]

Core Viewpoint - Yangzhou's enterprises showcased strong performance in the recently concluded 10th "Science and Innovation Jiangsu" Innovation and Entrepreneurship Competition, highlighting the city's vitality in technological innovation and industrial integration [1][2] Group 1: Competition Overview - The competition was co-hosted by multiple provincial departments, focusing on the theme of "technological self-reliance and innovation-driven development" [1] - Yangzhou had 5 projects advance to the finals, winning 3 second prizes and 1 third prize [1] Group 2: Project Details - Notable winners included Jiangsu Yangnong Chemical Group Co., Ltd. and Yangzhou Tengfei Cable and Electrical Materials Co., Ltd., both receiving second prizes in the new materials category [1] - Haidewei Energy Technology (Yangzhou) Co., Ltd. won a second prize in the equipment manufacturing category, while Yangzhou Yangtze River Seed Industry Co., Ltd. secured a third prize in the modern agriculture category [1] Group 3: Future Plans - The Yangzhou Science and Technology Association actively organized participation, with 12 projects submitted across key sectors such as information technology, new materials, modern agriculture, and equipment manufacturing [2] - The association plans to continue enhancing the innovation and entrepreneurship ecosystem, focusing on technology enterprise cultivation and accelerating the transformation of scientific achievements for regional high-quality development [2]

Core Viewpoint - Yangnong Chemical's stock price has experienced fluctuations, with a current price of 67.97 yuan per share and a market capitalization of 27.555 billion yuan, reflecting a year-to-date increase of 19.35% [1] Financial Performance - For the period from January to September 2025, Yangnong Chemical achieved a revenue of 9.156 billion yuan, representing a year-on-year growth of 14.23%, while the net profit attributable to shareholders was 1.055 billion yuan, up by 2.88% [2] - The company has distributed a total of 2.833 billion yuan in dividends since its A-share listing, with 1.137 billion yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Yangnong Chemical was 16,900, a decrease of 6.49% from the previous period, with an average of 23,883 circulating shares per shareholder, an increase of 7.24% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 14.2374 million shares, a decrease of 2.0554 million shares from the previous period, and new entrant Penghua CSI Sub-Sector Chemical Industry Theme ETF [3]

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [4]. Core Insights - The overall allocation of public funds in the chemical sector has decreased, reaching a historical low, with a national ratio of 1.67% in Q3 2025, down 0.13 percentage points from the previous quarter [10]. - The top ten heavy-holding stocks in the chemical sector have seen a decline in their market value proportion, indicating a more diversified holding structure. Traditional blue-chip stocks like Wanhua Chemical and Hualu Hengsheng have regained prominence, suggesting that pessimism in the chemical industry may have bottomed out [16][17]. - The total market value of chemical holdings among the top 30 funds increased by 14.99% to 55.008 billion yuan in Q3 2025, although the concentration of holdings decreased [31]. Summary by Sections 1. Changes in Chemical Public Fund Holdings in Q3 2025 - The national allocation of heavy chemical stocks has decreased, with regional variations noted. For instance, the East China region saw a decline of 0.22 percentage points to 1.70% [10]. - The number of funds holding chemical stocks has increased, primarily driven by blue-chip stocks. Notable increases were seen in Wanhua Chemical and Hualu Hengsheng, with respective increases of 18 and 30 funds [21]. 2. Total Market Value and Concentration of Chemical Holdings - The total market value of the top 30 funds' chemical stocks reached 55.008 billion yuan, reflecting a significant increase, while the concentration of these holdings decreased by 4.60 percentage points [31]. - The top three stocks by market value were Wanhua Chemical, Juhua Co., and Hualu Hengsheng, with respective market values of 6.12756 billion yuan, 6.11239 billion yuan, and 5.12956 billion yuan [31]. 3. Investment Analysis Recommendations - The report suggests focusing on cyclical sectors, including textiles, agriculture, and export-related chemicals, as well as companies benefiting from "anti-involution" policies. Specific stocks to watch include Lushi Chemical, Yunnan Tin, and Juhua Co. [4].

Core Insights - The agricultural chemical sector experienced a decline of 0.94% on November 12, with Chengxing Co. leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance Summary - Baiao Chemical (603360) saw a closing price of 34.59, with an increase of 4.22% and a trading volume of 182,100 shares, totaling a transaction value of 613 million yuan [1] - Chengxing Co. (600078) reported a significant decline of 10.00%, closing at 12.06 with a trading volume of 807,000 shares and a transaction value of 979 million yuan [2] - The overall agricultural chemical sector had a net outflow of 1.573 billion yuan from major funds, while retail investors contributed a net inflow of 1.245 billion yuan [2][3] Fund Flow Analysis - Major funds showed a net inflow of 34.63 million yuan into Luohua Technology (600691), while retail investors had a net outflow of 28.86 million yuan [3] - Li Min Co. (002734) experienced a net inflow of 26.16 million yuan from major funds, but a net outflow of 34.85 million yuan from retail investors [3] - Baiao Chemical (603360) had a net inflow of 11.19 million yuan from major funds, with retail investors showing a net outflow of 8.34 million yuan [3]

Core Viewpoint - Yangnong Chemical's stock has shown a significant increase this year, with a 20.51% rise, reflecting positive market sentiment and performance in the agricultural chemical sector [1][2]. Financial Performance - For the period from January to September 2025, Yangnong Chemical achieved a revenue of 9.156 billion yuan, representing a year-on-year growth of 14.23%. The net profit attributable to shareholders was 1.055 billion yuan, with a growth of 2.88% [2]. - Cumulative cash dividends since the company's A-share listing amount to 2.833 billion yuan, with 1.137 billion yuan distributed over the past three years [3]. Stock Market Activity - As of November 11, the stock price of Yangnong Chemical reached 68.63 yuan per share, with a trading volume of 226 million yuan and a market capitalization of 27.823 billion yuan [1]. - The stock has experienced a net outflow of 5.8697 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 6.49% to 16,900, while the average number of circulating shares per person increased by 7.24% to 23,883 shares [2][3]. - Notable changes in the top ten circulating shareholders include a decrease in holdings by Hong Kong Central Clearing Limited and E Fund Yufeng Return Bond A, while Penghua CSI Subdivision Chemical Industry Theme ETF Link A entered the list as a new shareholder [3]. Business Overview - Yangnong Chemical, established on December 10, 1999, and listed on April 25, 2002, specializes in the research, production, and sales of pesticide products. The main revenue sources are raw materials (58.64%), trade (20.65%), and formulations (18.78%) [1]. - The company operates within the basic chemical industry, specifically in agricultural chemical products, and is associated with various concepts such as Sinochem Group and ecological agriculture [1].

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [4][5]. Core Insights - The report highlights a collaborative production cut in the caprolactam industry, with a 20% reduction agreed upon by participating factories, alongside a price increase of 100 CNY per ton [4][5]. - The report notes the implementation of a 600,000-ton urea export quota, with rising costs for urea producers due to increased coal and natural gas prices, suggesting a strong cost support for urea prices [4][5]. - The report emphasizes the upward price trend in the pyrethroid industry, driven by recent price increases for various products, indicating potential for further price elasticity as the agricultural season approaches [4][5]. Industry Dynamics - Current macroeconomic judgments indicate a stable increase in global oil demand, with Brent crude oil expected to maintain a price range of 60-70 USD per barrel [5][6]. - The report discusses the long-term stabilization of coal prices and the potential decrease in natural gas import costs due to accelerated export facility construction in the U.S. [5][6]. - The report provides insights into the chemical cycle's operational phase, noting a decrease in the PPI for industrial products and a slight recovery in manufacturing activity as indicated by the PMI [6][10]. Chemical Sector Configuration - The report suggests investment strategies focusing on the textile chain, agricultural chemicals, export-related chemicals, and companies benefiting from "anti-involution" policies [4][5]. - Specific companies to watch include Luxi Chemical and Hualu Hengsheng in the caprolactam sector, and Xinlianxin and Hualu Hengsheng in the urea sector [4][5]. - The report identifies key materials for growth, emphasizing the importance of self-sufficiency in semiconductor materials and other critical components [4][5]. Key Company Valuations - The report includes a valuation table for key companies, indicating ratings such as "Buy" and "Increase" for various firms in the agricultural chemicals and chemical sectors, with specific market capitalizations and profit forecasts [18].