Company Overview - Full Name: Zhongyan Anhui Hongsifang Fertilizer Co., Ltd [1] - Abbreviation: Hongsifang [1] - Stock Code: 603395.SH [1] - IPO Application Date: July 5, 2022 [1] - Listing Date: November 26, 2024 [1] - Listing Board: Shanghai Stock Exchange Main Board [1] - Industry: Chemical Raw Materials and Chemical Products Manufacturing [1] - IPO Sponsor: Guoyuan Securities [1] - Legal Advisor: Anhui Tianhe Law Firm [1] - Audit Firm: Rongcheng Accounting Firm (Special General Partnership) [1] Performance Evaluation - Disclosure Issues: Required to clarify the adequacy of checks on distributors and their terminal sales; required to disclose specific measures to reduce related party transactions with controlling shareholders; required to provide a special explanation according to regulatory guidelines [1][2] - Regulatory Penalties: No deductions [2] - Public Supervision: No deductions [2] - Listing Cycle: Scored down due to a listing cycle of 875 days, exceeding the average of 629.45 days for 2024 A-share listings [2] - Multiple Applications: Not applicable, no deductions [2] Financial Metrics - Issuance Costs: Underwriting and sponsorship fees amounted to 20.0755 million yuan, with a commission rate of 5.03%, lower than the average of 7.71% [3] - Initial Listing Performance: Stock price increased by 1917.42% on the first day compared to the issue price [4] - Three-Month Performance: Stock price increased by 497.24% within three months of listing compared to the issue price [5] - Issuance Price-Earnings Ratio: Issuance P/E ratio was 10.62 times, significantly lower than the industry average of 22.23 times, representing 47.77% of the industry average [6] - Actual Fundraising: Expected to raise 532 million yuan, but actual fundraising was 399 million yuan, a decrease of 24.93% [7] Short-Term Performance Post-Listing - Revenue and Profit Decline: In 2024, the company's operating income decreased by 10.62% year-on-year, net profit attributable to the parent company decreased by 41.16%, and non-recurring net profit attributable to the parent company decreased by 48.64% year-on-year [8] - Abandonment Rate: Abandonment rate was 0.36% [8] Overall Score - Total Score: The IPO project scored 85.5 points, classified as Grade B. Negative factors affecting the score include the need for improved disclosure quality, a listing cycle exceeding two years, reduced actual fundraising, and declines in revenue and net profit in the first accounting year [8]

Company Overview - Hong Sifang, officially known as Zhongyan Anhui Hong Sifang Fertilizer Co., Ltd., is located in Hefei, Anhui Province, and was established on March 26, 2012. The company focuses on the research, production, sales, and service of compound fertilizers and nitrogen fertilizers [1]. - The company's main business revenue composition includes: compound fertilizers (92.93%), nitrogen fertilizers (5.07%), potassium sulfate (1.22%), and others (0.79%) [1]. Stock Performance - As of September 18, Hong Sifang's stock price decreased by 2.00%, trading at 35.22 CNY per share, with a total market capitalization of 9.157 billion CNY [1]. - Year-to-date, the stock price has dropped by 12.74%, with a 2.89% decline over the last five trading days and a 3.40% decline over the last 20 days. However, there has been a 5.77% increase over the last 60 days [1]. Financial Performance - For the first half of 2025, Hong Sifang reported a revenue of 1.814 billion CNY, representing a year-on-year decrease of 8.18%. The net profit attributable to shareholders was 43.9665 million CNY, down 47.10% year-on-year [2]. Shareholder Information - As of June 30, 2025, the number of shareholders for Hong Sifang was 26,700, a decrease of 23.56% from the previous period. The average number of circulating shares per shareholder increased by 73.78% to 2,009 shares [2]. - The top circulating shareholder is the Southern CSI 1000 ETF, holding 724,600 shares as a new shareholder. Other notable shareholders include Yuanxin Yongfeng Ju You A and Huaxia CSI 1000 ETF, both of which are also new entrants in the top ten circulating shareholders [3]. Market Activity - Hong Sifang has appeared on the "Dragon and Tiger List" six times this year, with the most recent appearance on August 29, where it recorded a net buy of -55.9536 million CNY. The total buying amounted to 79.1375 million CNY, accounting for 10.39% of total trading volume, while total selling reached 135 million CNY, making up 17.74% of total trading volume [1]. Industry Classification - Hong Sifang is classified under the Shenwan industry as part of the basic chemicals sector, specifically in agricultural chemical products and compound fertilizers. The company is also associated with concepts such as margin trading, fund heavy positions, newly listed stocks, rural revitalization, and state-owned enterprise reform [2].

News Summary Core Viewpoint - The supply of soda ash is under pressure due to production reductions and new capacity coming online, which may lead to a supply-demand imbalance in the future [1][3][4]. Group 1: Supply Dynamics - On September 15, several soda ash production facilities in China, including those of Henan Haohua Junhua and Zhongyan Anhui Hongsifang, reduced output, while Chongqing Heyou Industrial's facility operated at reduced capacity [1]. - The Alashan natural soda development project is set to add 2.8 million tons of soda ash and 400,000 tons of sodium bicarbonate, potentially becoming the largest natural soda production base globally [1]. Group 2: Market Conditions - As of September 15, the Zhengzhou Commodity Exchange reported a decrease in soda ash futures warehouse receipts, down to 10,096 contracts, a reduction of 666 contracts from the previous trading day [2]. - Ningzheng Futures noted that the domestic soda ash market is stabilizing, with high production levels and steady downstream demand, leading to a low-price replenishment strategy [3]. - Donghai Futures indicated that while soda ash production increased week-on-week, the overall supply pressure remains, with new installations expected in Q4, contributing to a supply surplus that is likely to suppress prices [4].

Core Viewpoint - The company Hong Sifang has experienced a decline in stock performance and financial metrics, indicating potential challenges in its operations and market position [1][2]. Financial Performance - As of June 30, 2025, Hong Sifang reported a revenue of 1.814 billion yuan, a year-on-year decrease of 8.18% [2]. - The net profit attributable to shareholders was 43.97 million yuan, reflecting a significant year-on-year decline of 47.10% [2]. - Cumulative cash dividends since the company's A-share listing amount to 30 million yuan [3]. Stock and Shareholder Information - On September 10, 2023, Hong Sifang's stock price fell by 0.25%, with a trading volume of 111 million yuan [1]. - The number of shareholders decreased to 26,700, a reduction of 23.56% compared to the previous period [2]. - The average number of circulating shares per shareholder increased by 73.78% to 2,009 shares [2]. Financing and Margin Trading - On September 10, 2023, the financing buy-in amount was 10.87 million yuan, while the financing repayment was 14.35 million yuan, resulting in a net financing outflow of 3.48 million yuan [1]. - The total margin trading balance as of September 10, 2023, was 17.1 million yuan, accounting for 8.86% of the circulating market value [1]. - The company had a margin loan balance of 345,800 yuan with a remaining short position of 9,600 shares [1]. Shareholding Structure - As of June 30, 2025, the largest circulating shareholder was the Southern CSI 1000 ETF, holding 724,600 shares as a new shareholder [3]. - Other notable shareholders included Yuanxin Yongfeng Ju You A and Huaxia CSI 1000 ETF, with significant increases in holdings [3].

Group 1 - The third extraordinary general meeting of shareholders was held on September 10, 2025, at the Xinda Center in Hefei, Anhui Province [2] - The meeting was convened by the board of directors and chaired by Chairman Chen Yong, using a combination of on-site and online voting methods [2][3] - There were no rejected resolutions during the meeting, and all voting procedures complied with the Company Law and the company's articles of association [2][3] Group 2 - A significant resolution regarding the change of the company's business scope and the amendment of the articles of association was approved, requiring a two-thirds majority of the voting rights held by attending shareholders [3] - All nine current directors attended the meeting, along with the board secretary and other senior executives [4] - The meeting was witnessed by Anhui Tianhe Law Firm, which confirmed that the convening, procedures, and voting were in accordance with legal and regulatory requirements [5]

股票代码：603395 股票简称：红四方 公告编号：2025-044 中盐安徽红四方肥业股份有限公司 2025年第三次临时股东会决议公告 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 审议结果：通过 表决情况： | 股东类型 | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | | | 票数 | 比例（%） | 票数 | 比例 | 票数 | 比例 | | | | | | （%） | | （%） | | A 股 | 195,451,835 | 99.9453 | 97,210 | 0.0497 | 9,610 | 0.0050 | | 1、出席会议的股东和代理人人数 | 334 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 195,558,655 | | 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 | 75.2148 | | 份 ...

法律意见书 安徽天禾律师事务所 关于中盐安徽红四方肥业股份有限公司 2025 年第三次临时股东会的法律意见书 致：中盐安徽红四方肥业股份有限公司 依据《证券法》《公司法》《上市公司股东会规则》和《中盐安徽红四 方肥业股份有限公司章程》（以下简称"《公司章程》"）的有关规定，安 徽天禾律师事务所接受中盐安徽红四方肥业股份有限公司（以下简称"公 司"）的委托，指派鲍冉、阮翰林两位律师（以下简称"本所律师"）就公 司于 2025 年 9 月 10 日召开的 2025 年第三次临时股东会（以下简称"本次 股东会"）出具本法律意见书。 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责精神，参 与了本次股东会并对公司提供的有关文件和事实进行了核查和验证，现出具 法律意见如下： 一、本次股东会的召集程序 1、本次股东会于 2025 年 9 月 10 日 14：30 如期召开，会议由董事长陈 勇主持，会议召开的实际时间、地点、内容与公告内容一致。 2、公司已通过上海证券交易所股东会网络投票系统向股东提供网络形 式的投票平台。通过交易系统投票平台进行网络投票的具体时间为股东会召 法律意见书 开当日的 9:15-9:25、 ...

Core Viewpoint - The company, Hong Sifang, is experiencing a decline in stock performance and financial metrics, with significant decreases in both revenue and net profit year-on-year, indicating potential challenges ahead [1][2]. Financial Performance - As of June 30, 2025, Hong Sifang reported a revenue of 1.814 billion yuan, a year-on-year decrease of 8.18% [2]. - The net profit attributable to shareholders was 43.97 million yuan, reflecting a substantial year-on-year decline of 47.10% [2]. Stock Market Activity - On September 9, Hong Sifang's stock price fell by 2.22%, with a trading volume of 181 million yuan [1]. - The financing buy-in amount for the day was 14.72 million yuan, while the financing repayment was 19.54 million yuan, resulting in a net financing outflow of 4.82 million yuan [1]. - The total margin trading balance as of September 9 was 17.5 million yuan, with the current financing balance at 17.4 million yuan, accounting for 9.02% of the circulating market value [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 23.56% to 26,700 [2]. - The average number of circulating shares per shareholder increased by 73.78% to 2,009 shares [2]. Dividend Distribution - Since its A-share listing, Hong Sifang has distributed a total of 30 million yuan in dividends [3]. Institutional Holdings - As of June 30, 2025, the largest circulating shareholder was the Southern CSI 1000 ETF, holding 724,600 shares as a new shareholder [3]. - Other notable institutional shareholders include Yuanxin Yongfeng Ju You A and Huaxia CSI 1000 ETF, both of which have increased their holdings [3].

Company Overview - Hong Sifang, established on March 26, 2012, is located in Hefei, Anhui Province, and specializes in the research, production, sales, and service of compound fertilizers and nitrogen fertilizers [1] - The company's main revenue composition includes: compound fertilizers (92.93%), nitrogen fertilizers (5.07%), potassium sulfate (1.22%), and others (0.79%) [1] Stock Performance - As of September 9, Hong Sifang's stock price decreased by 2.00%, trading at 36.19 CNY per share, with a total market capitalization of 9.409 billion CNY [1] - Year-to-date, the stock has declined by 10.34%, with a 7.28% drop over the last five trading days, a 6.54% increase over the last 20 days, and a 6.85% increase over the last 60 days [1] Financial Performance - For the first half of 2025, Hong Sifang reported a revenue of 1.814 billion CNY, a year-on-year decrease of 8.18%, and a net profit attributable to shareholders of 43.9665 million CNY, down 47.10% year-on-year [2] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 23.56% to 26,700, with an average of 2,009 circulating shares per shareholder, an increase of 73.78% [2] - The top circulating shareholder is the Southern CSI 1000 ETF, holding 724,600 shares as a new shareholder [3] Market Activity - Hong Sifang has appeared on the "Dragon and Tiger List" six times this year, with the most recent appearance on August 29, where it recorded a net buy of -55.9536 million CNY [1]

Core Viewpoint - Hong Sifang experienced a decline of 2.02% on September 4, with a trading volume of 223 million yuan, indicating a potential concern regarding its stock performance [1] Financing Summary - On September 4, Hong Sifang had a financing buy-in amount of 24.99 million yuan and a financing repayment of 16.25 million yuan, resulting in a net financing buy of 8.75 million yuan [1] - As of September 4, the total financing and securities lending balance for Hong Sifang was 188 million yuan, with the financing balance accounting for 9.61% of the circulating market value [1] - The company had no securities lending repayment or sales on September 4, with a remaining securities lending amount of 10,600 shares and a balance of 386,400 yuan [1] Company Profile - Hong Sifang, officially known as Zhongyan Anhui Hong Sifang Fertilizer Co., Ltd., is located in Hefei, Anhui Province, and was established on March 26, 2012, with its listing date set for November 26, 2024 [1] - The company specializes in the research, production, sales, and service of compound fertilizers and nitrogen fertilizers [1] Financial Performance - For the period from January to June 2025, Hong Sifang reported an operating income of 1.814 billion yuan, a year-on-year decrease of 8.18%, and a net profit attributable to shareholders of 43.97 million yuan, down 47.10% year-on-year [1] Shareholder Information - As of June 30, 2025, Hong Sifang had 26,700 shareholders, a decrease of 23.56% from the previous period, with an average of 2,009 circulating shares per shareholder, an increase of 73.78% [1] - After its A-share listing, Hong Sifang has distributed a total of 30 million yuan in dividends [2] - The largest circulating shareholder is the Southern CSI 1000 ETF, holding 724,600 shares as a new shareholder, while other ETFs have also entered the top ten circulating shareholders [2]