Core Viewpoint - The price of urea in China has been declining, with the average price for small granular urea at 1616.50 yuan/ton as of October 11, 2025, representing a 16.19% decrease compared to 2024, and is now below the average price of the past decade [2] Supply and Demand - Both supply and demand for urea are expected to grow in 2025, but the growth rate of demand is significantly lower than that of supply, leading to a persistent supply-demand imbalance [2][4] - Urea production capacity in China has increased to 79.15 million tons in 2025, a 2.51% increase year-on-year, with an average daily output of 197,000 tons, which is higher than the previous years' levels of 150,000 to 170,000 tons [4][5] - The domestic urea inventory reached 1.338 million tons as of October 9, 2025, a 101.8% increase from the year's low, with an average annual inventory of 1.073 million tons, marking a 70.6% increase from 2024 [5] Price Trends - The urea market has shown a trend of first rising and then falling throughout 2025, with significant price drops in the third quarter. Prices fell from over 1800 yuan/ton in June to as low as 1560 yuan/ton in early October [4] - The decline in urea prices is primarily attributed to oversupply, as new production capacities have been added over the past three years, while domestic consumption growth has not kept pace [4][6] Industry Performance - Companies in the urea sector are experiencing significant financial difficulties due to falling prices. For instance, Lu Hua Technology reported a net loss of 229 million yuan in the first half of 2025, while Sichuan Meifeng's net profit dropped by 95.17% to 803,130 yuan [3][10] - The overall performance of the urea industry has been impacted by high operating rates and adverse weather conditions, leading to a sustained oversupply and downward pressure on prices [11] Future Outlook - The market is currently under pressure, but there may be opportunities for price rebounds in the fourth quarter as domestic storage efforts begin and some production facilities undergo maintenance [7] - The focus will be on export dynamics and changes in domestic production capacity, as the market continues to navigate the challenges of high supply levels [7]

Core Viewpoint - Sichuan Meifeng announced that shares in the repurchase account will not have profit distribution rights, and the mid-2025 dividend plan will distribute cash dividends based on the adjusted total shares after excluding approximately 9.02 million repurchased shares [1] Group 1: Dividend Distribution - The total number of shares participating in profit distribution will be approximately 550 million shares after excluding the repurchased shares [1] - The cash dividend will be 1 yuan (including tax) for every 10 shares [1] - The record date for the dividend is set for October 17, 2025, and the ex-dividend date is October 20, 2025 [1] Group 2: Revenue Composition - For the first half of 2025, the revenue composition of Sichuan Meifeng is as follows: chemical fertilizer manufacturing accounts for 51.24%, natural gas supply for 22.13%, other industries for 19.91%, and real estate development for 6.72% [1] Group 3: Market Capitalization - As of the report date, Sichuan Meifeng has a market capitalization of 3.9 billion yuan [1]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 证券代码：000731 证券简称：四川美丰 公告编号：2025-55 四川美丰化工股份有限公司 2025 年中期分红派息实施公告 特别提示： 1.根据《公司法》规定，上市公司回购专用账户中的股份 不享有利润分配权利，按照现金分红比例不变的原则，2025年 中期分红方案以公司现有总股本剔除已回购股份9,018,931股 后参与利润分配的总股数549,810,200股为基数，向全体股东每 10股派发现金红利1.00元（含税）。 2.鉴于公司回购专用证券账户中的股份不参与2025年中期 分红派息，公司本次实际现金分红的总金额=实际参与分配的总 股 本 × 分 配 比 例 ， 即 549,810,200 股 ×0.1000000 元 / 股 =54,981,020元。本次分红派息实施后，根据股票市值不变原则， 实施分红派息前后公司总股本保持不变，现金分红总额分摊到 每一股的比例将减小。因此，本次分红派息实施后除权除息价 格计算时，按股权登记日的总股本折算每10股现金红利=实际现 金 分红 总 额÷ 股 权登 记 日的 总 ...

四川美丰公告，公司2025年中期分红方案以现有总股本剔除已回购股份后的5.5亿股为基数，向全体股 东每10股派发现金红利1元（含税）。本次分红派息实施后，公司2025年中期分红派息实施后的除权除 息价格=股权登记日收盘价-0.098386元/股。股权登记日为2025年10月17日，除权除息日为2025年10月20 日。 ...

Core Viewpoint - Sichuan Meifeng Chemical Co., Ltd. has made significant progress in its share repurchase plan, with details disclosed as of September 30, 2025, indicating a commitment to reducing registered capital through the buyback of public A-shares [1][3]. Summary by Sections Share Repurchase Plan Overview - On May 8, 2025, the company approved a share repurchase plan, which was subsequently ratified by the shareholders' meeting on May 23, 2025. The plan involves using self-owned funds to repurchase shares through centralized bidding, with a total repurchase amount set between 50 million yuan and 70 million yuan, and a maximum repurchase price initially set at 10.07 yuan per share, later adjusted to 9.90 yuan per share due to the 2024 annual equity distribution [2]. Latest Repurchase Progress - As of September 30, 2025, the company has repurchased a total of 9,018,931 shares, representing 1.6139% of the total share capital. The highest transaction price was 7.38 yuan per share, while the lowest was 6.72 yuan per share, with a total expenditure of approximately 63.28 million yuan (excluding transaction fees). The total amount spent has reached the lower limit of the repurchase plan but has not yet reached the upper limit [3]. Compliance Information - The company's share repurchase activities have adhered to relevant regulations regarding timing, quantity, and commission periods. The repurchase was conducted without any major events that could significantly impact the stock price prior to legal disclosure, and it complied with the requirements for centralized bidding transactions. The company plans to continue the repurchase in accordance with market conditions and will fulfill its information disclosure obligations as required [4].

格隆汇10月9日丨四川美丰(000731.SZ)公布，截至2025年9月30日,公司通过股份回购专用证券账户以集 中竞价方式累计回购股份9,018,931股,占公司总股本的比例1.6139%，最高成交价7.38元/股，最低成交价 6.72元/股，支付的总金额为63,284,012.17元（不含交易费用）。 ...

证券代码：000731 证券简称：四川美丰 公告编号：2025-54 四川美丰化工股份有限公司 关于回购股份进展情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、回购股份事项概述 四川美丰化工股份有限公司（以下简称"公司"）于 2025 年 5 月 8 日召开第十届董事会第二十四次会议，审议通过了《关 于回购股份方案的议案》。该议案经公司于 2025 年 5 月 23 日召 开的 2024 年度股东会以特别决议形式审议通过。经公司股东会 决议，同意公司使用自有资金以集中竞价交易方式回购公司部分 社会公众 A 股股份，用于注销减少注册资本。本次回购资金总额 不低于人民币 5,000 万元（含）且不超过人民币 7,000 万元（含）， 回购价格不超过人民币 10.07 元/股。具体回购股份的数量以回 购期满时实际回购的股份数量为准。回购期限自公司股东会审议 通过本次回购股份方案之日起不超过十二个月。具体内容详见公 司于 2025 年 5 月 9 日、5 月 13 日、5 月 21 日、5 月 24 日、5 月 27 日、6 月 4 日、6 月 19 ...

Market Overview - The agricultural chemical sector experienced a decline of 0.93% on September 17, with LuHua Technology leading the drop [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Notable gainers in the agricultural chemical sector included: - BeisiMei (300796) with a closing price of 10.52, up 1.15% on a trading volume of 100,600 shares and a turnover of 106 million yuan [1] - HongTaiYang (000525) closed at 6.73, up 1.05% with a trading volume of 299,900 shares and a turnover of 203 million yuan [1] - Conversely, LuHua Technology (600691) saw a significant decline of 9.62%, closing at 3.10 with a trading volume of 1,651,300 shares and a turnover of 520 million yuan [2] Capital Flow - The agricultural chemical sector experienced a net outflow of 276 million yuan from institutional investors, while retail investors saw a net inflow of 325 million yuan [2] - Key stocks with notable capital flows included: - Dongfang Iron Tower (002545) with a net inflow of 39.42 million yuan from institutional investors [3] - Xingfa Group (600141) had a net inflow of 37.37 million yuan from institutional investors [3]

Meeting Details - The third extraordinary general meeting of shareholders for Sichuan Meifeng Chemical Co., Ltd. was held on September 12, 2025, at 14:30 [2] - The meeting combined on-site voting and online voting, with the on-site location at the company's headquarters in Deyang, Sichuan [2] - A total of 342 shareholders and authorized representatives attended the meeting, representing 119,403,798 shares, which is 21.3668% of the total voting shares [4] Voting Participation - Out of the total attendees, 2 shareholders attended the meeting in person, representing 98,378,912 shares (17.6045% of voting shares) [5] - 340 shareholders participated via online voting, representing 21,024,886 shares (3.7623% of voting shares) [6] - Among the small and medium-sized investors, 341 participated, representing 47,350,246 shares (8.4731% of voting shares) [6] Proposal Review and Voting Results - Two proposals were submitted for review at the meeting, including a mid-year dividend plan and the reappointment of the accounting firm [9][11] - Both proposals were approved by more than half of the voting rights held by the attending shareholders [12] Legal Opinion - The meeting was witnessed by Guohao Law Firm (Chengdu), which confirmed that the meeting's notice, convening, and voting procedures complied with relevant laws and regulations [13]

Tel：86 28 86119970 Fax：86 28 86119827 E-mail：grandallcd@grandall.com.cn http://www. grandall.com.cn 四川省成都市高新区天府二街 269 号无国界商务 中心 26 号楼 9 层 邮编：610095 Floor 9,Building 26,Boundary-Free Land Center,269 Tianfu 2 Street,Hi-Tech Zone,Chengdu, China 国浩律师（成都）事务所 关于四川美丰化工股份有限公司 2025 年第三次临时股东会 法律意见书 国浩蓉（2025）律见字第 22957 号 致：四川美丰化工股份有限公司 根据国浩律师（成都）事务所（以下简称"本所"）与四川美丰化工股份有限 公司（以下简称"四川美丰"或"公司"）签订的《聘请法律顾问合同》，本所指 派杨波、何瑞律师出席了四川美丰 2025 年第三次临时股东会（以下简称"本次股 东会"）。 本所律师根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民 共和国证券法》（以下简称《证券法》）、《上市公司股东会规则》（ ...