南京红太阳股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、股票交易异常波动的具体情况 南京红太阳股份有限公司（以下简称"公司"） （证券代码：000525， 证券简称：ST红太阳）股票连续三个交易日（2025年6月5日、6月6 日、6月9日）收盘价涨幅累计偏离13.76%，根据深圳证券交易所的相 关规定，属于股票交易异常波动情形。 二、公司关注、核实情况说明 证券代码：000525 证券简称：ST 红太阳 公告编号：2025－027 生买卖公司股票的行为。 三、是否存在应披露而未披露信息的说明 公司董事会确认，除公司已披露的信息外，公司目前没有任何根 据《股票上市规则》等有关规定应予以披露而未披露的事项或与该事 项有关的筹划、商谈、意向、协议等；董事会也未获悉公司有根据《股 票上市规则》等有关规定应予以披露而未披露的、对公司股票交易价 格产生较大影响的其他信息。 四、风险提示 公司将严格按照《股票上市规则》等有关法律法规及其规章制度 要求，及时披露相关事项的进展。公司指定的信息披露媒体为《中国 证券报》《证券时报》及巨潮资讯网，公司所有信息均 ...

证券代码：000525 证券简称：ST 红太阳 公告编号：2025－027 南京红太阳股份有限公司 3、截至目前，除已披露的信息外，公司、公司控股股东及实际 控制人不存在关于公司的应披露而未披露的重大事项。 关于股票交易异常波动暨风险提示的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、股票交易异常波动的具体情况 南京红太阳股份有限公司（以下简称"公司"）（证券代码：000525， 证券简称：ST红太阳）股票连续三个交易日（2025年6月5日、6月6 日、6月9日）收盘价涨幅累计偏离13.76%，根据深圳证券交易所的相 关规定，属于股票交易异常波动情形。 二、公司关注、核实情况说明 针对公司股票交易异常波动，公司董事会向公司、公司控股股东 云南合奥产业合伙企业（有限合伙）及实际控制人曲靖高新技术产业 开发区管理委员会就相关事项进行了核实，现就有关情况说明如下： 1、目前，公司生产经营情况正常，公司高度重视安全生产并持 续开展环保治理工作，公司内外部经营环境未发生重大变化。2024 年度，公司实现营业收入 3,007,032,836.24 元，同比下降 ...

ST红太阳：公司生产经营正常 无应披露而未披露的重大事项 智通财经6月9日电，ST红太阳(000525.SZ)公告称，公司股票连续三个交易日收盘价涨幅累计偏离 13.76%，属于股票交易异常波动情形。经核实，公司生产经营情况正常，内外部经营环境未发生重大 变化。公司未发现近期公共传媒报道可能或已经对公司股票交易价格产生较大影响的未公开重大信息。 公司控股股东及实际控制人在股票异常波动期间未发生买卖公司股票的行为。 ...

Group 1 - The agricultural pesticide sector continues its strong performance, with Changqing Co., Ltd. achieving a two-day consecutive limit-up [1] - Guangkang Biochemical surged over 15%, reaching a new historical high, while Lianhua Technology approached the limit-up [1] - Other companies such as Nuobixin, Yabenn Chemical, Hailier, and Huillong also experienced gains [1] Group 2 - On June 5, ST Hongtaiyang announced a price adjustment for its 97% chlorantraniliprole product, raising the price to 300,000 yuan per ton, with limited supply [1] - This price increase represents a more than 40% rise compared to the market's low point of 210,000 yuan per ton last year [1]

Investment Rating - The report maintains an "Overweight" rating for the chemical industry, specifically highlighting the potential in the pesticide sector due to recent price increases and supply constraints [5]. Core Insights - The pesticide industry in China is undergoing structural optimization driven by stringent environmental regulations, leading to a gradual increase in the market share of high-efficiency, low-risk pesticides while phasing out older, more toxic products [1][2]. - The recent explosion at Youdao Chemical has impacted the supply of chlorantraniliprole, which is expected to drive up prices due to supply constraints [2][3]. - The price index for pesticide raw materials has reached a low point, with a slight increase noted, indicating a potential turning point for channel inventory [1]. Summary by Sections 1. Pesticide Industry Overview - China's pesticide product structure is being optimized, with a focus on reducing the use of high-risk products and increasing the market share of new, efficient pesticides [1]. - The pesticide raw material price index as of May 30, 2025, is 73.33 points, reflecting a 0.44 point increase since the beginning of the year [1]. 2. Supply Chain Impact - The explosion at Youdao Chemical on May 27, 2025, has disrupted the supply of chlorantraniliprole, which is the largest production facility globally with a capacity of 11,000 tons [2]. - The incident is expected to lead to stricter approvals and regulations for high-risk chemical reactions, benefiting leading chemical companies with better safety protocols and production technologies [2]. 3. Price Adjustments - ST Hongtai has raised the price of chlorantraniliprole to 300,000 yuan per ton due to increased costs from upstream raw material shortages [3]. - As of May 30, 2025, the market price for chlorantraniliprole was reported at 230,000 yuan per ton, marking a 2.22% increase from the previous day [3]. 4. Investment Recommendations - The report suggests focusing on undervalued, high-dividend, and well-performing companies in the oil and gas sector, as well as those benefiting from domestic substitution trends in materials [4]. - Specific companies to watch include China Petroleum, China Petrochemical, and Wanhu Chemical, among others [4].

Core Viewpoint - The recent price increase announcement by Hongyang has sparked enthusiasm in the agricultural chemicals industry, driven by rising costs of upstream raw materials and limited supply [1][3]. Company Summary - Hongyang has adjusted the price of its 97% chlorantraniliprole product to 300,000 yuan per ton due to a sharp increase in production costs [1][3]. - The company currently has an annual production capacity of 2,000 tons of chlorantraniliprole, with an additional 1,000 tons expected to be completed by September this year [8]. - Hongyang holds a market share of approximately 35% in the chlorantraniliprole market, supported by a complete upstream supply chain and advanced production processes [7]. Industry Summary - The price surge in chlorantraniliprole is largely attributed to the explosion at Shandong Youdao Chemical on May 27, which resulted in significant supply chain disruptions and a 40% reduction in global supply [9]. - Following the explosion, the market price of chlorantraniliprole rose from 228,000 yuan per ton on May 26 to 300,000 yuan per ton by June 4, reflecting a volatile market environment [9]. - The industry is expected to undergo a period of deep integration, with leading companies leveraging their technological and scale advantages, while smaller firms may need to find niche markets for survival [10]. - Demand for chlorantraniliprole is currently strong in Southeast Asia and is expected to grow in South America, indicating a positive outlook for overseas demand [10].

Core Viewpoint - ST Hongtai (SZ000525) announced a price adjustment for its 97% chlorantraniliprole product to 300,000 yuan/ton due to upstream raw material shortages, leading to a stock price surge and increased interest in related stocks [1][3][6]. Company Summary - ST Hongtai's stock price reached a limit-up on June 5, closing at 7.79 yuan, with a market capitalization of 10.112 billion yuan [1]. - The company cited a significant increase in production costs due to limited supply of upstream raw materials, prompting the price adjustment [3][6]. - ST Hongtai holds a market share of approximately 35% in the chlorantraniliprole sector and plans to establish a circular economy industrial chain project with an annual capacity of 6,000 tons by 2025 [6]. Industry Summary - The chlorantraniliprole market is experiencing tight supply, exacerbated by an explosion at Shandong Youdao Chemical Co., which accounted for 40.4% of the industry's total production capacity [7]. - The price of chlorantraniliprole has increased by over 40% compared to last year's low, with current prices around 300,000 yuan/ton, while the original price was approximately 210,000 yuan/ton [8]. - Demand for chlorantraniliprole is expected to remain strong, particularly in Southeast Asia and South America, as the market is entering a peak demand season [8].

Investment Rating - The report maintains a "Buy" rating for specific companies in the agricultural chemicals sector, including Yangnong Chemical and Runfeng Co., while recommending "Hold" for others like Haier and Guangxin Co. [20] Core Insights - The recent explosion incident has tightened the supply-demand dynamics for K-amine and other intermediates, which is expected to accelerate the recovery of the pesticide industry and potentially drive up nitrocellulose prices [5][12] - The agricultural chemicals sector is gradually returning to rationality, with high-priced inventories being depleted and procurement demand recovering, although supply-side pressures remain [5][12] - The report highlights the potential for stricter safety and environmental regulations following the recent incidents, which could further enhance the agricultural chemicals industry's cyclical recovery [5][12] Industry Dynamics - Current macroeconomic judgments indicate that oil prices are under pressure due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium to long term [6] - The chemical industry is experiencing a gradual recovery in PPI, with April's chemical industry PPI showing a year-on-year decline of 3.2% [8] - The report notes that the recent explosion at a chemical facility has led to increased prices for K-amine and related products, with recommendations to focus on companies like Hongyang and Lier Chemical [5][12] Chemical Product Prices and Trends - The report provides detailed pricing trends for various chemical products, including a stable price for urea at 1830 RMB/ton and fluctuations in pesticide prices, with some herbicides seeing price increases [12][22] - The report indicates that the price of nitrocellulose has risen significantly, with export prices increasing from 2.06 USD/kg in October 2021 to 4.75 USD/kg in April 2025 [5][12] Company Recommendations - Specific companies are highlighted for investment based on their market positions and growth potential, including Yangnong Chemical, Runfeng Co., and others in the agricultural chemicals sector [20] - The report suggests monitoring companies with mature nitrochemical processes, such as Yangnong Chemical and Guangxin Co., due to expected regulatory changes [5][12]

法律意见书 北京观韬（南京）律师事务所 关于南京红太阳股份有限公司 法律意见书 观韬宁证红太阳字（2025）第 2 号 致：南京红太阳股份有限公司 北京观韬（南京）律师事务所（以下简称"本所"）接受南京红太阳股份有 限公司（以下简称"公司"）的委托，指派丁楠律师、刘颖律师（以下简称"本 所律师"）出席了公司 2024 年年度股东大会（以下简称"本次会议"），对本 次会议进行见证并发表法律意见。 为出具本法律意见书，本所律师审查了公司本次会议的有关文件和材料，并 得到公司如下保证：公司向本所提供的用于出具本法律意见书所必需的原始书面 材料、副本材料、电子文档或口头陈述真实、完整、有效，不存在虚假陈述、重 大遗漏或隐瞒，所有副本材料与复印件均与原件一致。 本所及本所律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则》等规定及本法律意见书出具日以前已经 发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则， 进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完整，所发 表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏，并承 担相应法 ...

法律意见书 北京观韬（南京）律师事务所 关于南京红太阳股份有限公司 2024 年年度股东大会之 法律意见书 观韬宁证红太阳字（2025）第 2 号 致：南京红太阳股份有限公司 北京观韬（南京）律师事务所（以下简称"本所"）接受南京红太阳股份有 限公司（以下简称"公司"）的委托，指派丁楠律师、刘颖律师（以下简称"本 所律师"）出席了公司 2024 年年度股东大会（以下简称"本次会议"），对本 次会议进行见证并发表法律意见。 为出具本法律意见书，本所律师审查了公司本次会议的有关文件和材料，并 得到公司如下保证：公司向本所提供的用于出具本法律意见书所必需的原始书面 材料、副本材料、电子文档或口头陈述真实、完整、有效，不存在虚假陈述、重 大遗漏或隐瞒，所有副本材料与复印件均与原件一致。 本所及本所律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则》等规定及本法律意见书出具日以前已经 发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则， 进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完整，所发 表的结论性意见合法、准确，不存在虚假记载、误导性陈述 ...