| 证券代码：603585 | 证券简称：苏利股份 | 公告编号：2026-001 | | --- | --- | --- | | 转债代码：113640 | 转债简称：苏利转债 | | 江苏苏利精细化工股份有限公司 可转债转股结果暨股份变动公告 累计转股情况："苏利转债"的转股起止日期为 2022 年 8 月 22 日至 2028 年 2 月 15 日。截至 2025 年 12 月 31 日，累计共有 47,081,000 元"苏利转债" 转换为江苏苏利精细化工股份有限公司（以下简称"公司"）A 股股票，累计转 股数量为 2,736,727 股，占可转债转股前公司已发行股份总额的 1.5204%。 未转股可转债情况：截至 2025 年 12 月 31 日，尚未转股的可转债金额为 910,121,000 元，占"苏利转债"发行总额的 95.0805%。 本季度转股情况：2025 年第四季度共有 820 张"苏利转债"转换为公司 股票，转股数为 4,765 股。 一、可转债发行上市概况 经中国证券监督管理委员会证监许可[2021]3928 号文核准，公司于 2022 年 2 月 16 日公开发行了 9,572, ...

Group 1 - The core viewpoint of the news is that Su Li Co., Ltd. has shown a positive stock performance with a 2.01% increase in price as of January 5, 2025, and has a market capitalization of 3.596 billion yuan [1] - The company reported a revenue of 2.064 billion yuan for the first nine months of 2025, representing a year-on-year growth of 25.39%, and a net profit attributable to shareholders of 139 million yuan, which is a significant increase of 1522.38% compared to the previous year [2] - Su Li Co., Ltd. has a diversified business model with its main revenue sources being pesticides and pesticide intermediates (59.86%), flame retardants and intermediates (30.84%), and other fine chemical products (8.19%) [1] Group 2 - As of September 30, 2025, the number of shareholders for Su Li Co., Ltd. decreased by 16.74% to 12,100, while the average circulating shares per person increased by 20.11% to 15,101 shares [2] - The company has distributed a total of 585 million yuan in dividends since its A-share listing, with 108 million yuan distributed in the last three years [3] - Among the top ten circulating shareholders, a new institutional shareholder, China Merchants Quantitative Selected Stock Fund (001917), holds 853,200 shares, ranking as the ninth largest circulating shareholder [3]

Report Summary 1. Industry Investment Rating The report does not provide an investment rating for the agrochemical products industry. 2. Core Viewpoints The agrochemical products industry has stable demand supported by the "stable grain supply" policy and the growth of fertilizer and pesticide exports. The supply - side ecosystem is expected to optimize under the "anti - involution" policy, and the industry's profitability is expected to increase. Policy support for food security has strengthened the demand for agrochemical products, and multi - dimensional factors such as domestic consumption and exports have further boosted the demand. Meanwhile, the supply - side reform in the fertilizer and pesticide sectors is promoting industry concentration and high - quality development [1][12]. 3. Summary by Directory 3.1 Agrochemical Products Industry Overview - **Policy Support and Demand Foundation**: The government has continuously strengthened food security policies. In 2025, the national grain output reached 14297.5 billion jin, an increase of 1.2% year - on - year, providing core support for agrochemical product demand. Domestic food consumption is rigid, and the demand for agrochemical products is driven by multiple factors such as domestic food, feed consumption, and exports. In 2025, from January to November, the export volume of fertilizers increased by 45.52% year - on - year, and the export volume of pesticides also increased significantly [12][13]. - **Supply - side Optimization**: The government and the industry are jointly promoting "anti - involution." The Chinese Pesticide Industry Association launched a three - year "Rectifying Involution" action, and the Chinese Phosphate and Compound Fertilizer Industry Association issued an initiative to strengthen industry self - discipline. As backward production capacity exits and new capacity is limited, the industry ecosystem is expected to improve [14]. 3.2 Fertilizer Industry - **Industry Chain and Supply - side Reform**: The fertilizer industry includes phosphate fertilizers, nitrogen fertilizers, potassium fertilizers, and compound fertilizers. In recent years, the supply - side reform has advanced, with an increase in fertilizer production but a decrease in application and an improvement in utilization efficiency. In 2025, from January to November, the export volume of fertilizers increased by 45.52% year - on - year, mainly driven by nitrogen fertilizers and compound fertilizers, while the import volume decreased by 1.22% year - on - year [15][20]. - **Phosphate Fertilizer Sub - sector**: The supply of phosphate fertilizers is restricted by phosphate rock resources. In 2025, from January to November, the production of monoammonium phosphate and diammonium phosphate decreased year - on - year. The price of phosphate fertilizers has been rising due to the tight balance of phosphate rock supply and demand and strict policies on new phosphate ammonium capacity [32][54]. 3.3 Pesticide Industry - **Industry Structure and Policy - driven Supply Improvement**: Pesticides are used for pest control and plant growth regulation. China is the world's largest producer of pesticide technicals, but there is a problem of over - capacity. In 2025, the Chinese Pesticide Industry Association proposed a three - year "Rectifying Involution" action plan, and new policies such as the revised "Pesticide Registration Management Method" will optimize the industry's competition pattern [61][62]. - **Production, Demand, and Price Trends**: In 2025, from January to November, the growth rate of China's pesticide technical production decreased, but the export volume increased. The global demand for pesticides is rigid, and pesticide prices are expected to recover as over - capacity is alleviated [63][71]. - **Glyphosate Sub - sector**: Glyphosate is the most widely used single - product pesticide globally. Policy restricts new capacity, and the inventory has been decreasing since 2025. The growth of global transgenic crop planting area drives the demand and export of glyphosate, and the price is expected to rise, and the industry's prosperity is expected to increase [75][90]. 3.4 Agrochemical Products Industry Convertible Bonds Basic Situation - **General Information**: As of December 26, 2025, the outstanding balance of convertible bonds in the agrochemical products industry totaled 9.767 billion yuan, accounting for 25.27% of the convertible bond balance in the basic chemical industry. The un - converted ratio of all convertible bonds is over 90%, and the credit ratings range from AA - to AA + [91][94]. - **Trading and Valuation**: The trading volume of Hebang Convertible Bonds is the highest, with an annual trading volume exceeding 24 billion yuan. Since 2025, both the prices of agrochemical convertible bonds and their underlying stocks have risen, and the price increase of underlying stocks is generally stronger than that of convertible bonds. All agrochemical convertible bonds are balanced - type, with Yangfeng Convertible Bonds having a relatively high conversion premium rate of over 40% [95][99]. - **Financial Performance**: From Q1 to Q3 in 2025, the profitability of most issuers of agrochemical convertible bonds has recovered. The operating net cash flow of most issuers has shown continuous inflow or improvement, and the asset - liability ratio at the end of Q3 in 2025 is generally controllable [3][103]. 3.5 Individual Bond Situations - **Xingfa Convertible Bonds**: The issuer, Xingfa Group, is a leading enterprise in the phosphate chemical industry, with advantages in phosphate rock mining rights and power costs. It has a complete phosphate chemical industry chain, and its new energy materials business is advancing. In 2025, from Q1 to Q3, its profitability was stable, and the net profit increased year - on - year [108][110]. - **Suli Convertible Bonds**: The issuer, Suli Co., Ltd., is engaged in pesticides, flame retardants, and other fine chemical products. In 2025, the demand in the agrochemical market recovered, and the quantity and price of its products such as chlorothalonil and decabromodiphenylethane increased, driving the growth of the company's performance [111][112]. - **Fengshan Convertible Bonds**: The issuer, Fengshan Group, is involved in pesticides, new energy electronic chemicals, and fine chemical new materials. In 2025, the company's net profit turned from loss to profit in the first three quarters, and its operating performance improved [113][115]. - **Hebang Convertible Bonds**: The issuer, Hebang Biotech, is engaged in mining, chemicals, photovoltaic glass, etc. The company has strengthened its mining layout, and the phosphate rock business has been prosperous. Since the second quarter of 2025, the quantity and price of glyphosate have increased [116][117]. - **Yangfeng Convertible Bonds**: The issuer, New Yangfeng, is a leading enterprise in phosphate compound fertilizers. It has a complete industrial chain layout, and its new fertilizer business is developing. In 2025, from Q1 to Q3, its profitability was stable, and the net profit increased year - on - year [118][119].

Group 1: Industry Performance - The majority of indices in the petroleum and chemical sectors increased last week, with only the petroleum trade index declining [1] - The chemical raw materials index rose by 5.09%, the chemical machinery index by 5.46%, the chemical pharmaceuticals index by 0.14%, and the pesticide and fertilizer index by 3.86% [1] - In the petroleum sector, the petroleum processing index increased by 0.87%, and the petroleum extraction index by 1.96%, while the petroleum trade index fell by 1.60% [1] Group 2: Commodity Prices - International crude oil prices showed a strong performance, with WTI settling at $56.74 per barrel, up 0.14% from December 19, and Brent at $60.64 per barrel, up 0.28% [1] - The top five petrochemical products with price increases included battery-grade lithium carbonate up 15.29%, purified terephthalic acid up 8.32%, paraxylene (CFR China) up 7.26%, polyester FDY up 5.04%, and shale oil up 4.98% [1] - The top five petrochemical products with price declines included liquid chlorine down 37.72%, liquefied natural gas down 6.69%, pure MDI down 4.23%, sulfur down 3.96%, and vitamin D3 down 3.85% [1] Group 3: Capital Market Performance - The top five listed chemical companies with the highest stock price increases were Shenjian Co. up 61.20%, Jiuding New Materials up 48.75%, Jinlitai up 33.12%, Zaiseng Technology up 28.39%, and Dongcai Technology up 28.34% [2] - The top five listed chemical companies with the largest stock price declines were Bohai Chemical down 28.32%, Suli Co. down 13.71%, Tiantie Co. down 13.06%, Bofei Electric down 11.76%, and Kesi Co. down 10.22% [2]

Core Viewpoint - Su Li Co., Ltd. announced the approval of two significant proposals during the eighth meeting of its fifth board of directors, focusing on enhancing quality and efficiency while returning value to shareholders [2] Group 1: Action Plans - The company approved the "Quality Improvement and Efficiency Enhancement Return Action Plan" aimed at boosting operational performance and shareholder returns [2] - The board also approved a proposal for capital increase in its controlling subsidiary, indicating a strategic move to strengthen its financial position and support growth initiatives [2]

Group 1 - Guangdong Construction signed an EPC contract worth 416 million yuan, with a total construction area of 99,595.6 square meters and a construction period of 640 calendar days [1] - Hekang New Energy's subsidiary received a government subsidy of 6 million yuan, accounting for 58.27% of the company's latest audited net profit attributable to shareholders [2] - Jinbei Automotive signed a memorandum of understanding with E-Works to establish a research and development center for electric light commercial vehicles [3] Group 2 - Hongsheng Huayuan is expected to win approximately 569 million yuan in procurement projects from the State Grid, which represents about 5.61% of the company's projected revenue for 2024 [4] - Zhongding Co. plans to establish a joint venture for humanoid robot manufacturing with a registered capital of 50 million yuan [5] - Kede CNC's new factory in Shenyang is expected to achieve an annual production capacity of about 60 units [6] Group 3 - Hongbo Pharmaceutical's share transfer price is set at 25.27 yuan per share [7] - ST Jinglan plans to sign a letter of intent for the acquisition of Xinlian Environmental Technology Co., enhancing its core technology competitiveness [8][9] - Hato Co. announced the resignation of its general manager due to job relocation [10] Group 4 - Meibang Co. plans to apply for a new bank credit line of up to 160 million yuan [11] - Southern Media's general manager resigned due to job relocation [12] - Dalian Electric Porcelain's subsidiary is expected to win procurement projects from the State Grid worth approximately 70.7 million yuan [13] Group 5 - Sinopharm Modern's subsidiary received a drug registration certificate for a new medication [14] - ST Meigu plans to implement a capital reserve transfer to increase share capital, leading to a one-day stock suspension [15] - Ruisheng Intelligent confirmed a transaction of 152 million yuan for domestic computing equipment procurement [16] Group 6 - Jinguang Electric won three procurement packages from the State Grid, totaling 37.43 million yuan [17] - Guangju Energy increased its stake in Mawan Power to 14.42% by acquiring an 8% share for 680 million yuan [18][19] - ST Lingda announced a stock suspension due to capital reserve transfer related to its restructuring plan [20] Group 7 - Suli Co. plans to increase its investment in Suli Ningxia by 76.63 million yuan [21] - Dalian Shengya's subsidiary plans to reduce its registered capital by 32.37 million yuan [22] - Yinxin Technology received a cash dividend of 11.05 million yuan from its subsidiary [23] Group 8 - Haike New Source signed a three-year supply agreement for 270,000 tons of electrolyte materials [24] - Xinhua Medical received registration certificates for several medical devices [25] - Wantai Bio received a registration certificate for an HIV antibody testing kit [26] Group 9 - Beilu Pharmaceutical obtained a drug registration certificate for a new erectile dysfunction treatment [31] - Zhongwei Company is planning to issue shares to acquire assets, leading to a stock suspension [32] - Zhejiang Haideman plans to purchase land for strategic development, with a budget of up to 260 million yuan [33] Group 10 - Ningbo Ocean announced the resignation of its deputy general manager due to job adjustments [34] - Tongguang Cable is expected to win procurement projects from the State Grid worth over 139 million yuan [35]

本公司董事会、全体董事及相关股东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： 股东持股的基本情况 本次减持计划实施前，江苏苏利精细化工股份有限公司（以下简称"公司"） 股东江苏沽盛投资有限公司（以下简称"沽盛投资"）持有公司 1,800 万股无限 售条件流通股（占总股本的 9.6312%），前述股份来源于公司首次公开发行前取 得的股份及上市后以资本公积金转增股本方式取得的股份。 | 证券代码：603585 | 证券简称：苏利股份 公告编号：2025-091 | | --- | --- | | 转债代码：113640 | 转债简称：苏利转债 | 江苏苏利精细化工股份有限公司 关于持股 5%以上股东减持股份结果公告 减持计划的实施结果情况 公司于 2025 年 11 月 5 日在上海证券交易所网站（www.sse.com.cn）披露了 《江苏苏利精细化工股份有限公司关于持股 5%以上股东减持股份计划公告》（公 告编号：2025-084），沽盛投资因自身资金需求，拟于 2025 年 11 月 27 日至 2026 年 2 月 26 日 ...

Core Viewpoint - Su Li Co., Ltd. announced its board meeting to discuss the "Quality Improvement and Efficiency Enhancement" action plan, indicating a strategic focus on operational efficiency and value return [1] Group 1: Company Overview - Su Li Co., Ltd. (SH 603585) closed at a price of 19.59 yuan on December 25 [1] - The company's market capitalization is currently 3.7 billion yuan [1] Group 2: Financial Performance - For the year 2024, the revenue composition of Su Li Co., Ltd. is as follows: 97.95% from the manufacturing of chemical raw materials and chemical products, and 2.05% from other businesses [1]

证券代码：603585 证券简称：苏利股份 公告编号：2025-089 转债代码：113640 转债简称：苏利转债 江苏苏利精细化工股份有限公司 关于对控股子公司增资的公告 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： 投资标的名称：苏利（宁夏）新材料科技有限公司（以下简称"苏利宁 夏"） 投资金额：76,633,333.33 元人民币 交易实施尚需履行的审批及其他相关程序：本次交易在公司董事会审批 权限范围内，未达到股东会审议标准，无需提交公司股东会审议。本次增资事项 不涉及关联交易，也不构成《上市公司重大资产重组管理办法》规定的重大资产 重组。 相关风险提示：本次增资事项尚需履行相关管理部门的变更登记手续， 公司将按照相关法律、法规及规范性文件的要求，根据事项后续进展情况履行相 应的信息披露义务。敬请广大投资者注意投资风险。 一、对外投资概述 （一）本次交易概况 1、本次交易概况 （三）根据《上海证券交易所股票上市规则》，本次对控股子公司增资事项 不涉及关联交易，亦不构成《上市公司重大资产重组管理办法》规 ...

| 证券代码：603585 | 证券简称：苏利股份 | 公告编号：2025-090 | | --- | --- | --- | | 转债代码：113640 | 转债简称：苏利转债 | | 江苏苏利精细化工股份有限公司 关于"提质增效重回报"行动方案的公告 三、重视股东回报，维护股东权益 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个别及连带责任。 为深入贯彻落实国务院《关于进一步提高上市公司质量的意见》要求，积极响应 上海证券交易所《关于开展沪市公司"提质增效重回报"专项行动的倡议》，切实履 行上市公司主体责任，推动提升公司经营质量、公司治理水平和投资者回报，江苏苏 利精细化工股份有限公司（以下简称"公司"）结合公司实际经营情况和发展战略， 特制定"提质增效重回报"行动方案，并在今后的工作中坚定实施，以持续推动公司 高质量发展和投资价值提升，保护投资者合法权益，切实履行上市公司责任。本议案 已经公司第五届董事会第八次会议审议通过，具体内容如下： 一、聚焦主营业务，提升发展质量与市场竞争力 公司成立 30 余年来，始终坚持"诚信务实、聚 ...