Group 1 - The core business of Fengshan Group's subsidiary, Fengshan Quannuo, is the research, production, and sales of electrolytes, specifically lithium-ion electrolytes [1] - Fengshan Quannuo sources lithium hexafluorophosphate, VC, and EC as external raw materials for its lithium-ion electrolyte production [1] - Currently, Fengshan Quannuo is conducting research and verification work regarding lithium hexafluorophosphate and other electronic chemical materials, and it does not produce these raw materials at present [1]

Core Viewpoint - Sodium-ion batteries are seen as a promising alternative to lead-acid batteries, with significant market potential. The company has developed proprietary technology for sodium-ion battery electrolytes and claims to have a technological advantage in the industry [1]. Group 1: Company Developments - The company, Fengshan Group, is actively engaged in the research and development of sodium-ion battery electrolytes, focusing on various application scenarios [1]. - The company has achieved multiple research outcomes and patents related to sodium-ion battery technology, particularly in electrolytes that match sodium iron sulfate cathode materials, which are considered to have a leading technological advantage in the industry [1]. - The company is currently supplying sodium-ion electrolytes in small batches, which has a minimal impact on its overall performance [1].

Group 1 - The core point of the article highlights the recent decline in the stock price of Fengshan Group, which has dropped 0.25% to 15.93 yuan per share, with a total market value of 2.634 billion yuan and a cumulative decline of 5.01% over the last four days [1] - Fengshan Group, established on September 12, 1996, and listed on September 17, 2018, specializes in the research, production, and sales of efficient, low-toxicity, low-residue, and environmentally friendly pesticide raw materials, formulations, and intermediates [1] Group 2 - From the perspective of fund holdings, only one fund under Wan Jia Fund has a significant position in Fengshan Group, with the Wan Jia Yuansheng Quantitative Stock Mixed Fund A holding 3,300 shares, accounting for 0.57% of the fund's net value, making it the second-largest holding [2] - The Wan Jia Yuansheng Quantitative Stock Mixed Fund A has experienced a floating loss of approximately 132 yuan today and a total floating loss of 2,772 yuan during the four-day decline [2] - The fund manager, Li Zilong, has been in position for 236 days, with the fund's total asset size at 576 million yuan, achieving a best return of 45.29% and a worst return of -7.2% during his tenure [2]

Core Viewpoint - The announcement highlights that Hubei Fengshan New Materials Technology Co., Ltd. has entered the trial production phase for its "Annual Production of 24,500 Tons of Parachlorobenzene and Other Fine Chemical Products" project, which has received the necessary safety production license, marking a significant step in the company's operational capabilities [1][2]. Group 1: Project Progress - The project has officially entered the trial production phase as of January 2025, following the completion of safety facility acceptance [1]. - Hubei Fengshan has obtained a safety production license from the Hubei Provincial Emergency Management Department, valid from December 29, 2025, to December 28, 2028 [1]. Group 2: Production Capacity and Product Details - The safety production license allows for the production of various chemicals, including 24,500 tons/year of para-chlorobenzene, 25,500 tons/year of ortho-chlorobenzene, and several other chlorinated compounds, along with by-products such as hydrochloric acid and sodium hypochlorite solution [1]. - The project aims to enhance the company's product diversification and competitiveness, laying a solid foundation for developing high-value downstream products in the future [1]. Group 3: Strategic Impact - The integration of para-chlorobenzene as a raw material for the company's Fluazifop-P-butyl product improves the supply chain and increases the self-sufficiency of raw materials, thereby enhancing product competitiveness [2].

| 证券代码：603810 | 证券简称：丰山集团 | 公告编号：2026-002 | | --- | --- | --- | | 转债代码：113649 | 转债简称：丰山转债 | | 关于可转债转股结果暨股份变动的公告 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： 累计转股情况：自"丰山转债"2023 年 1 月 3 日进入转股期，截至 2025 年 12 月 31 日，累计已有 422,020 张"丰山转债"转为公司股份，累计转 股金额 42,202,000 元，累计转股股数 3,073,040 股，累计转股股数占"丰山转债" 转股前公司已发行股份总额 162,293,880 股的 1.89%。 未转股可转债情况：截至 2025 年 12 月 31 日，尚未转股的"丰山转债" 金额为人民币 457,798,000 元，占"丰山转债"发行总额的 91.56%。 本季度转股情况：本季度，"丰山转债"转股金额为 407,000 元，因转 股形成的股份数量为 29,634 股。 一、可转债发行上市概况 经中国证 ...

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].

| 证券代码：603810 | 证券简称：丰山集团 | 公告编号：2026-001 | | --- | --- | --- | | 转债代码：113649 | 转债简称：丰山转债 | | 关于募投项目试生产完成并取得安全生产许可证的公告 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。 江苏丰山集团股份有限公司（以下简称"公司"）于 2025 年 1 月 9 日披露 了《关于募投项目建设进展的公告》（公告编号：2025-004），由公司全资子公 司湖北丰山新材料科技有限公司（以下简称"湖北丰山"）实施的"年产 24,500 吨对氯甲苯等精细化工产品建设项目"于 2025 年 1 月进入试生产阶段。目前， 该项目已通过安全设施竣工验收，湖北丰山于近日取得由湖北省应急管理厅颁发 的《安全生产许可证》，现将相关情况公告如下： 一、《安全生产许可证》主要内容 有效期：2025 年 12 月 29 日至 2028 年 12 月 28 日 江苏丰山集团股份有限公司 证书编号：（鄂）WH 安许证〔2025〕1323 号 企业名称：湖北丰山新材 ...

Core Viewpoint - Fengshan Group (603810.SH) has announced that its subsidiary, Hubei Fengshan New Materials Technology Co., Ltd., has entered the trial production phase for its project to produce 24,500 tons of para-chlorotoluene and other fine chemical products, marking a significant step in its production capabilities [1] Group 1 - The project has passed safety facility completion acceptance and has obtained a production safety license from the Hubei Provincial Emergency Management Department, indicating readiness for formal production [1] - The commencement of this project is expected to optimize the company's industrial layout and create a diversified product system, enhancing competitiveness and profitability [1] - The para-chlorotoluene products are already being used as raw materials for the company's Fluazifop-P-butyl product, improving the supply chain and increasing product competitiveness through higher raw material self-sufficiency [1]

Core Viewpoint - Fengshan Group's subsidiary, Hubei Fengshan New Materials Technology Co., Ltd., has successfully passed the safety facility completion acceptance for its project to produce 24,500 tons of para-chlorotoluene and other fine chemical products, marking the official commencement of production [1] Group 1: Project Details - The project includes the production of 4-chlorotoluene (24,500 tons/year), 2-chlorotoluene (25,500 tons/year), 24-dichlorotoluene (6,000 tons/year), 34-dichlorotoluene (1,500 tons/year), and 26-dichlorotoluene (7,600 tons/year) [1] - The project will also produce by-products including hydrochloric acid (79,977 tons/year) and sodium hypochlorite solution (7,800 tons/year) [1] Group 2: Regulatory Approval - The company has obtained a safety production license from the Hubei Provincial Emergency Management Department, valid from December 29, 2025, to December 28, 2028 [1] Group 3: Strategic Implications - The acquisition of the safety production license signifies the project's entry into the production phase, which is expected to optimize the company's industrial layout and enhance its competitiveness and profitability [1]

| 证券代码：603810 | 证券简称：丰山集团 | 公告编号：2025-077 | | --- | --- | --- | | 转债代码：113649 | 转债简称：丰山转债 | | 江苏丰山集团股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回的公告 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。 注：账户 1 为使用募集资金专户（中信银行股份有限公司盐城大丰支行：8110501012502219883）购买现金 管理产品时银行自动生成账户，用于现金管理，产品到期后将自动注销。 根据《上市公司募集资金监管规则》《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》等相关规定，上述账户将专用于暂时闲置募集资金现金 管理的结算，不会用于存放非募集资金或用作其他用途，公司将在现金管理到期 且无下一步购买计划时及时注销该账户。 二、公司使用闲置募集资金进行现金管理到期赎回的情况 2025 年 12 月 30 日，公司使用闲置募集资金购买的部分现金管理产品已到 期赎回并归还至募集资金专户，具体情况如下： 单位：万元 ...