证券代码：000893 证券简称：亚钾国际 公告编号：2025-032 亚钾国际投资（广州）股份有限公司 2025 年第二次临时股东大会决议公告 本公司及董事会全体成员（除董事长郭柏春先生，被实施留置）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。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、召开时间：2025 年 7 月 7 日下午 15:00 2、召开地点：广州市天河区珠江东路 6 号广州周大福金融中心 51 楼公司大 会议室 3、召开方式：现场投票与网络投票表决相结合的方式 4、召集人：公司董事会 5、主持人：公司代行董事长刘冰燕女士主持本次会议 6、会议的出席情况： （1）出席本次会议的股东及股东授权委托代表共 183 人，代表有表决权股 份 293,382,209 股，占公司有表决权股份 790,428,368 股的 37.1169%。其中： A、出席本次股东大会现场会议的股东及股东授权委托代表共 2 人，代表有 表决权股份 219,100 股，占公司有表决权股份 790,428,3 ...

Industry Investment Rating - The industry investment rating is "Outperform" and is maintained [2] Core Views - The report highlights the need to prevent disorderly competition and encourages companies to enhance product quality while promoting the orderly exit of outdated production capacity. Focus areas include silicon materials, coal chemical, and chlor-alkali chemical sectors, with price increases expected in potassium fertilizers, phosphorus fertilizers, active dyes, and pesticides [5][6] Summary by Sections Industry Overview - The closing index for the industry is at 3518.55, with a 52-week high of 3564.08 and a low of 2687.54 [2] - The basic chemical sector experienced a weekly change of +0.80%, underperforming the CSI 300 index, which had a weekly change of +1.54% [6][19] Stock Performance - Notable stock price increases include: - Kaimete Gas: +27.46% - Kete Biology: +21.90% - Jiuri New Materials: +21.01% [7][20] - Significant stock price decreases include: - Tiansheng New Materials: -15.80% - Jinji Co.: -15.34% - Xinyaqiang: -14.41% [8][21] Commodity Price Movements - Key commodities with price increases include: - Dichloropropane-white material: +8.82% - Isobutyraldehyde: +7.20% - TDI: +7.02% [9][23] - Key commodities with price decreases include: - Liquid chlorine: -86.51% - Chick seedlings: -47.31% - Meta-cresol: -9.09% [10][26] Investment Recommendations - The report suggests focusing on opportunities in silicon materials, coal chemical, and chlor-alkali chemical sectors while monitoring price trends in fertilizers and pesticides [5][6]

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Yara International in the fertilizer industry, noting its stock price increase and financial metrics [1][2] - As of July 7, Yara International's closing stock price was 30.44 CNY, reflecting a 1.06% increase, with a rolling PE ratio of 22.44 times and a total market capitalization of 28.128 billion CNY [1] - The average PE ratio for the fertilizer industry is 24.75 times, with a median of 22.15 times, positioning Yara International at the 17th rank within the industry [1][2] Group 2 - As of March 31, 2025, Yara International had 24,370 shareholders, a decrease of 1,088 from the previous count, with an average holding value of 352,800 CNY and an average shareholding of 27,600 shares [1] - The company's main business includes potassium salt mining, potassium fertilizer production, and sales, with primary products being potassium chloride and brine [1] - In the latest quarterly report for Q1 2025, Yara International reported revenue of 1.213 billion CNY, a year-on-year increase of 91.47%, and a net profit of 384 million CNY, reflecting a year-on-year increase of 373.53%, with a gross profit margin of 54.12% [1]

中信建投｜周期红利周周谈 摘要 Q&A • 房地产市场呈现复苏迹象，二手房成交量显著增长，重点城市 1-2 月同比 增长约 30%，创三年新高，上海和深圳表现尤为突出，议价空间收窄，表 明市场信心正在恢复。 • 房地产政策稳中求进，精准滴灌，优化土地供给，一二线城市优质地块溢 价率创 2022 年以来新高；专项债用于闲置土地收储，规模预计达 5,000 亿 以上；城市更新加速，多项政策推动需求。 • 房地产企业风险下降，万科通过积极偿债降低风险，新兴城市房地产资产 重估带动开发商表现，房地产板块整体估值有望提高，投资机会显现。 • 建筑业 PMI 受春节影响波动，复工复产后回升，但整体复苏偏弱，关注两 会财政政策，去年中央谷地发放 5,000 亿元，可能用于土储专项债等领域， 财政力度将决定建筑行业整体情况。 • 钾肥价格有望上涨，全球供需收紧，新增产能有限，俄罗斯与白俄罗斯限 产，需求端持续增长，供需缺口显著，A 股上市公司亚钾国际弹性最大， 成长潜力良好。 • 动力煤价格下跌增加火电度电利润，但火电整体弹性下降，建议关注年度 长协签约较好的区域，如上海、安徽等地的一些火电公司，包括南方电网、 申能股份和上 ...

Group 1 - The core viewpoint of the article highlights the performance and valuation of Yara International, noting its stock price increase and market capitalization [1] - As of July 1, Yara International's closing price was 30.93 yuan, with a rolling PE ratio of 22.80 times and a total market value of 28.581 billion yuan [1] - The average PE ratio for the fertilizer industry is 24.89 times, with a median of 22.78 times, positioning Yara International at 16th place within the industry [1][2] Group 2 - As of the first quarter of 2025, 34 institutions held shares in Yara International, including 25 funds, 8 other entities, and 1 social security fund, totaling 445.682 million shares with a market value of 10.884 billion yuan [1] - Yara International's main business involves potassium salt mining, potassium fertilizer production, and sales, with primary products including potassium chloride and brine [1] - The latest performance report for the first quarter of 2025 shows Yara International achieved an operating income of 1.213 billion yuan, a year-on-year increase of 91.47%, and a net profit of 384 million yuan, a year-on-year increase of 373.53%, with a gross profit margin of 54.12% [1]

Core Viewpoint - The Lao government has issued a special decree for the "Potash Industrial Park," providing comprehensive tax incentives for projects within the park, which is expected to accelerate the development of the potash industry in Laos [1] Group 1: Tax Incentives and Government Support - The decree includes exemptions from import/export tariffs, value-added tax, tailings resource tax, corporate income tax, and personal income tax for projects in the Potash Industrial Park [1] - This support follows earlier tax incentives granted to the potash fertilizer project, indicating a tailored policy framework to foster the development of the potash industry in Laos [1] Group 2: Industrial Chain Development - The company has shifted from a traditional "mining and selling" model to a more integrated industrial chain approach, recognizing that single mineral export is just the starting point of the value chain [2] - The potash project has achieved significant milestones, with production capacity projected to reach 500 million tons per year by 2025, expanding into downstream industries such as bromine and chlor-alkali [2][3] Group 3: Development Methodology - The company has identified three key measures for the successful development of the industrial park: initiation, expansion, and招商 (investment attraction) [4] - The company has effectively integrated resources, energy, and policy to kickstart the industrial park, including securing a 300,000 kW power station project and a 50 MW solar power project [4][5] Group 4: Economic Impact and Future Prospects - The industrial park is positioned as a model for industrialization in Laos, with the potential for replication in other developing countries to accelerate industrial growth and economic structure optimization [7] - The company's "three transformations" model (industrialization, urbanization, and modern agriculture) is expected to enhance its competitive advantage and establish it as a leader among Chinese enterprises in Laos [6][7]

Metal Sector - China Hongqiao's net profit forecast for 2024 is CNY 223.72 billion, with a PE ratio of 6.78[12] - Luoyang Molybdenum's net profit forecast for 2025 is CNY 167.43 billion, with a PE ratio of 10.42[12] Building Materials Sector - China National Materials' net profit forecast for 2025 is CNY 18.54 billion, with a PE ratio of 16.65[12] - Keda Manufacturing's net profit forecast for 2025 is CNY 17.24 billion, with a PE ratio of 10.82[12] - Three Trees' revenue compound growth rate from 2015 to 2018 was approximately 33%[40] Transportation Sector - SF Holding's net profit forecast for 2025 is CNY 117.44 billion, with a PE ratio of 20.58[12] - The company has seen a significant increase in daily package handling, reaching an average of 166 packages per courier in 2024[56] Chemical Sector - Yara International's net profit forecast for 2025 is CNY 22.52 billion, with a PE ratio of 12.30[12] - Ba Tian's net profit forecast for 2025 is CNY 12.84 billion, with a PE ratio of 7.59[12] Financial Performance - The overall net profit for Keda Manufacturing is projected to reach CNY 19.0 billion by 2026, with a significant increase in overseas revenue contributing to growth[31]

Group 1 - The core point of the news is that Yara International (亚钾国际) executed a large transaction on June 24, 2025, involving 770,000 shares at a total value of 22.8998 million yuan, with a transaction price of 29.74 yuan per share, reflecting a discount of 1.95% compared to the closing price of 30.33 yuan on that day [1] - On the same day, Yara International's stock price increased by 1.98%, opening at 29.86 yuan and reaching a high of 30.77 yuan, with a total trading volume of 3.59 billion yuan and a market capitalization of 28.026 billion yuan [1] - The company operates in the fertilizer industry and is part of the Guangdong sector, which has shown active performance recently, with a dynamic price-to-earnings ratio of 18.23 [1] Group 2 - On June 16, 2025, it was reported that the import contract price for potash fertilizer increased by 27% year-on-year, contributing to Yara International's stock price reaching a new high since September 2022 [2] - The company disclosed progress on its potash fertilizer project in Laos on June 13, stating that it would dynamically adjust its sales strategy and advance subsequent capacity expansion [2] - As of the first quarter of 2025, Yara International reported revenue of 1.213 billion yuan and a net profit attributable to shareholders of 384 million yuan [2]

Group 1 - The core viewpoint of the article highlights the performance and valuation of Yara International, noting its stock price increase and market capitalization [1] - As of June 24, Yara International's closing price was 30.33 yuan, with a PE ratio of 22.35 times, and a total market value of 28.026 billion yuan [1] - The average PE ratio in the fertilizer industry is 24.69 times, with a median of 22.52 times, placing Yara International at the 15th position in the industry ranking [1] Group 2 - As of the first quarter of 2025, 34 institutions held shares in Yara International, including 25 funds, 8 other entities, and 1 social security fund, with a total holding of 445.682 million shares valued at 10.884 billion yuan [1] - Yara International's main business includes potassium salt mining, potassium fertilizer production, and sales, with key products being potassium chloride, brine, and others [1] - The latest financial results for the first quarter of 2025 show that the company achieved an operating income of 1.213 billion yuan, a year-on-year increase of 91.47%, and a net profit of 384 million yuan, a year-on-year increase of 373.53%, with a gross profit margin of 54.12% [1]

Core Points - Asia-Potash International Investment (Guangzhou) Co., Ltd. is established as a joint-stock company in accordance with the Company Law of the People's Republic of China and other relevant regulations [2][3] - The company was approved by the Guangzhou Municipal Government and registered with the Guangdong Provincial Administration for Industry and Commerce, obtaining a business license [2] - The registered capital of the company is RMB 924.051187 million [2] - The company aims to build overseas potash salt bases to ensure food production safety in China and provide high-quality potash fertilizer products globally [4] Chapter Summaries Chapter 1: General Provisions - The company is a permanent joint-stock company with legal representation by the chairman [3] - The legal representative's civil activities bind the company, and the company bears civil liability for damages caused by the legal representative in the course of duty [3][4] Chapter 2: Business Objectives and Scope - The company's business objectives include adhering to national industry development policies and meeting customer needs through advanced technology and efficient logistics [4] - The registered business scope includes fertilizer sales, investment activities, technical services, and research and development of organic fertilizers [4] Chapter 3: Shares - The company's shares are issued in the form of stocks, with equal rights for each share of the same category [5] - The company has issued a total of 924.051187 million shares, all of which are ordinary shares [5] Chapter 4: Shareholders and Shareholders' Meeting - Shareholders have rights to dividends, request meetings, supervise company operations, and transfer their shares [10] - The company must hold an annual shareholders' meeting within six months after the end of the previous fiscal year [20] Chapter 5: Shareholder Rights and Obligations - Shareholders must comply with laws and the company's articles of association, and they cannot withdraw their capital except as legally permitted [41] - Shareholders holding more than 5% of voting shares must report any pledges of their shares to the company [42] Chapter 6: Control Shareholders and Actual Controllers - The controlling shareholders and actual controllers must exercise their rights in accordance with laws and regulations, ensuring the company's interests are maintained [44][45] - They are prohibited from using their control to harm the interests of the company or other shareholders [46] Chapter 7: Shareholders' Meeting Procedures - The shareholders' meeting is the company's authority, and it must be convened according to legal requirements [48] - Decisions made at the shareholders' meeting require a majority or two-thirds majority vote, depending on whether they are ordinary or special resolutions [82][84]