债券简称:洋丰转债 债券代码：127031 新洋丰农业科技股份有限公司 公开发行可转换公司债券 2024 年度受托管理事务报告 发行人 新洋丰农业科技股份有限公司 ( 注册地址： 湖北省荆门市月亮湖北路附 7 号 ) 债券受托管理人 工证券股份有限公司 RTHEAST SECURITIES CO.,LTD ( 注册地址: 长春市生态大街 6666 号 ) 二〇二五年六月 声 明 本报告依据《公司债券发行与交易管理办法》（以下简称"管理办法"）、 《公司债券受托管理人执业行为准则》(以下简称"行为准则")、《新洋丰农 业科技股份有限公司公开发行可转换公司债券募集说明书》(以下简称"募集说 明书"）、《新洋丰农业科技股份有限公司 2021 年公开发行可转换公司债券受 托管理协议》（以下简称"受托管理协议"）、《2024 年年度报告》（以下简 称"年报")等相关规定、公开信息披露文件、第三方中介机构出具的专业意见 以及新洋丰农业科技股份有限公司(以下简称"发行人"或"公司"）出具的相 关说明文件以及提供的相关资料等,由受托管理人东北证券股份有限公司(以下 简称"东北证券"）编制。 本报告不构成对投资者进行或不进行某 ...

Group 1: Financial Performance - The company's operating cash flow in Q1 2025 was 1.042 billion, a significant decrease from -1.151 billion in the same period last year [1] - The dividend payout ratio for 2024 was 28.63% of the net profit attributable to the parent company [2] - The company's revenue has remained stable at around 15 billion over the past three years, with no significant growth [2] Group 2: Market Position and Growth Potential - The compound fertilizer sales increased from 3.83 million tons in 2022 to 4.35 million tons in 2024, indicating growth in volume despite revenue stagnation due to raw material price adjustments [2] - The company aims to enhance its market share by deepening integration advantages and expanding sales channels [2] - Compared to competitors with revenues around 10 billion, the company has not demonstrated the expected market scale benefits of a leading enterprise [2] Group 3: Future Outlook and Projects - The company has not yet met the conditions to inject the Lianhua Mountain phosphate mine into the listed company [2] - The Zhuyuan Gully phosphate mine is still under construction and does not currently produce phosphate ore [2] - Investors are advised to monitor future announcements regarding the company's performance and project developments [1][2]

精准培训，能力提升分层次。新洋丰实施分层分类精准培训。高管领学，强化安全战略领导力;法规普 学，全员深入学习《中华人民共和国安全生产法》;岗位精学，各生产单位结合自身实际，组织学习 《化工生产禁令》《岗位风险卡》，针对性提升岗位风险辨识与规范操作能力。 中化新网讯 在全国第24个"安全生产月"到来之际，新洋丰农业科技股份有限公司协同推进"六举措"， 全方位压实安全责任，精准消除事故隐患，全力构筑高质量发展的安全屏障。 文化浸润，氛围营造全覆盖。新洋丰充分利用宣传栏、电子屏、微信群等载体，构建"线上+线下"全媒 体宣传矩阵，密集推送安全生产法规、应急要点及警示案例，让安全理念深入人心。 庄严宣誓，安全承诺凝共识。新洋丰各单位组织全体员工诵读安全誓词，强化安全责任意识，将"我要 安全"理念内化于心、外化于行，凝聚全员守护安全的强大合力。 技能比武，实战练兵强本领。新洋丰开展多样化应急技能比武，包括消防器材使用、正压式空气呼吸器 穿戴、受限空间逃生、岗位应急处置、看图找隐患等，以"赛"促学、以"练"提能，提升员工个人安全技 能与应急处置实战能力。 深查彻改，隐患治理零容忍。新洋丰组织开展对工艺设备、危化品管理、消防 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, PetroChina, and CNOOC, highlighting their high dividend characteristics [10]. Core Views - The report emphasizes the importance of focusing on domestic demand, high dividend stocks, and import substitution in the chemical industry, especially in light of the recent stabilization of international oil prices [6][17]. - It notes that the international oil price is expected to stabilize around $70 per barrel in 2025, which supports the outlook for companies with strong asset quality and high dividend yields [6][17]. Summary by Sections Industry Investment Recommendations - The report suggests that the chemical industry is currently in a weak performance phase, with mixed results across different sub-sectors due to past capacity expansions and weak demand [20]. - It highlights specific sectors such as the tire industry, which is expected to perform well due to global positioning and tariff experiences [20]. - The report also identifies opportunities in import substitution for chemical products like lubricant additives and special coatings [20]. Price Movements - Significant price increases were observed in natural gas (up 14.76%), hydrochloric acid (up 9.39%), and synthetic ammonia (up 5.24%) [17][18]. - Conversely, products like adipic acid and coal tar saw notable declines, with adipic acid down 7.53% [17][18]. Key Companies and Earnings Forecasts - The report provides earnings per share (EPS) forecasts for various companies, indicating a positive outlook for firms like Xinyangfeng and Senqilin, with projected EPS growth [10]. - It lists several companies with strong dividend yields, such as Yuntianhua and Xingfa Group, which are expected to attract investor interest [20].

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, PetroChina, and CNOOC, highlighting their high dividend characteristics [10]. Core Viewpoints - The report emphasizes the importance of focusing on domestic demand, high dividend stocks, and import substitution in the chemical industry, especially in light of the recent stabilization of international oil prices [6][17]. - It notes that the international oil prices have shown a slight increase, with WTI crude oil priced at $64.58 per barrel and Brent crude at $66.47 per barrel as of June 6, 2025, indicating a positive outlook for companies with high dividend yields [6][17]. - The report suggests that the chemical industry is currently experiencing mixed performance across different sub-sectors, with some areas like the tire industry showing better-than-expected results [20]. Summary by Sections Chemical Industry Investment Suggestions - The report highlights significant price increases in products such as natural gas (up 14.76%) and hydrochloric acid (up 9.39%), while products like adipic acid and coal tar have seen notable declines [17][18]. - It recommends focusing on sectors that can benefit from import substitution, such as lubricating oil additives and special coatings, as well as companies involved in chemical fertilizers and coal chemical industries [8][20]. Price Movements - The report details the fluctuations in chemical product prices, noting that while some products have rebounded, others continue to decline, reflecting the overall weak performance of the industry [20][28]. - It mentions that the overall market sentiment remains cautious due to high supply pressures and weak demand, particularly in the urea and compound fertilizer markets [30][31]. Key Companies and Earnings Forecasts - The report provides a detailed earnings forecast for key companies, indicating expected EPS growth for companies like Xinyangfeng and Senqilin, with respective PE ratios suggesting attractive valuations [10]. - It emphasizes the strong dividend yields of leading companies in the chemical sector, making them appealing investment opportunities in the current market environment [8][10].

证券代码：000902 证券简称：新洋丰 编号：2025-032 债券代码：127031 债券简称：洋丰转债 新洋丰农业科技股份有限公司 特此公告！ 新洋丰农业科技股份有限公司董事会 2025 年 6 月 6 日 — 1 — 网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或者重大遗漏。 为进一步加强与投资者的互动交流，新洋丰农业科技股份有限公司（以下简称"公 司"）将参加由湖北证监局、湖北省上市公司协会与深圳市全景网络有限公司联合举办 的"2025 年湖北辖区上市公司投资者集体接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与本 次互动交流，活动时间为 2025 年 6 月 12 日（周四） 14:00-16:40。届时公司高管将在 线就公司 2024 年度业绩、公司治理、发展战略、经营状况、融资计划、股权激励和可持 续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 关于参 ...

Core Viewpoint - The article emphasizes the importance of agriculture in ecological protection and green development, highlighting the role of New Yangfeng as a leader in the phosphate fertilizer industry in China, actively responding to national strategies for green transformation and environmental protection [1][6]. Group 1: Environmental Challenges and National Strategies - Global food systems contribute over one-third of total anthropogenic greenhouse gas emissions, with food production accounting for the highest share at 39% [1]. - In China, approximately 40% of arable land is experiencing varying degrees of soil degradation, indicating significant challenges in agricultural non-point source pollution management [1]. - The Chinese government has integrated climate change response into its national strategy, promoting policies for comprehensive green transformation in agriculture [1]. Group 2: Technological Innovation and Research - New Yangfeng has increased its investment in technological research, undertaking over 20 national and provincial key research projects, focusing on green slow-release fertilizers and agricultural pollution prevention technologies [2]. - The company has developed four new functional slow-release fertilizer products and nine specialized products for crops like corn and peanuts, covering approximately 1.35 million acres to enhance fertilizer efficiency and reduce environmental burdens [2]. Group 3: Standards and Industry Leadership - New Yangfeng actively participates in the establishment of green product and factory standards, contributing to seven national and industry standards, setting a replicable model for the industry's green transformation [3]. Group 4: Product and Service Integration - The company has developed a diverse product matrix of over 100 types of fertilizers, focusing on high efficiency, specialization, and environmental protection to meet various agricultural needs [4]. - New Yangfeng has conducted over 10,000 technical training sessions and established more than 600 high-standard demonstration fields to promote green planting and improve soil health [4]. Group 5: Resource Utilization and Eco-restoration - New Yangfeng leads in the comprehensive utilization of phosphogypsum, processing over 700 million tons annually, with a resource utilization rate continuously improving [5]. - The company collaborates with research institutions to develop soil conditioners and organic fertilizers, conducting trials for saline-alkali land improvement in various provinces [5]. Group 6: Future Outlook - New Yangfeng aims to further integrate green production with ecological protection, striving for a harmonious coexistence of agriculture and the environment while enhancing sustainable agricultural practices [6].

Investment Rating - The report maintains a "Buy" rating for several companies including Xinyangfeng, Senqilin, Ruifeng New Materials, Sinopec, and others [10]. Core Viewpoints - The report highlights significant price increases in phosphate rock (10.00%) and glyphosate (6.79%), while products like butadiene and aniline saw substantial declines [3][4]. - It suggests focusing on import substitution, domestic demand, and high dividend opportunities in the current market environment [5][21]. - The international oil prices are stabilizing, with WTI at $60.79 per barrel and Brent at $63.90 per barrel, indicating a projected average of $70 for 2025 [5][20]. Summary by Sections Industry Tracking - International oil prices are fluctuating within a narrow range, with market assessments indicating a stable supply outlook [22]. - The domestic propane market experienced a decline after an initial stabilization, with average prices at 4988 CNY/ton [25]. - The domestic coal market showed mixed price movements, averaging 532 CNY/ton, with expectations of increased demand as summer approaches [26]. Price Movements - Significant price increases were noted in phosphate rock and glyphosate, while butadiene and aniline experienced notable declines [19]. - The report indicates a weak overall performance in the chemical industry, with mixed results across sub-sectors due to past capacity expansions and weak demand [21]. Investment Opportunities - The report emphasizes the potential for investment in sectors benefiting from import substitution, such as lubricating oil additives and special coatings [21]. - It also highlights the resilience of the tire industry, suggesting companies like Senqilin and Sailun Tire as potential investment targets [21]. - The report recommends focusing on high-quality assets with strong dividend yields, particularly in the oil sector, including Sinopec and China National Offshore Oil Corporation [21].

Core Viewpoint - The oil and chemical industry must focus on breaking through key core technologies and laying out cutting-edge technologies to seize future growth points, which is essential for high-quality development [1] Group 1: Focus on Key Core Technologies - Chemical enterprises should enhance technological innovation efficiency through equipment upgrades and process optimization, improving resource utilization [1] - Establishing a collaborative mechanism across departments to eliminate information barriers in R&D, production, sales, and marketing is crucial [1] - The partnership between Xinyangfeng and the Chinese Academy of Sciences aims to evaluate the safety of phosphogypsum soil conditioners, providing a reference for comprehensive utilization and soil improvement [1] Group 2: Integrated "Industry-Academia-Research-Application" System - Chemical companies need to collaborate with universities and research institutions to focus on new product development and process upgrades, driving effective transformation of research results [2] - Establishing communication platforms and training programs with universities to cultivate high-tech talent is essential [2] - Xinyangfeng has engaged in continuous cooperation with various universities to foster professional technical talent through skill training programs [2] Group 3: Exploring Innovation Development Potential - Chemical enterprises should coordinate resource allocation across the entire industry chain, focusing on high value-added products and pollution conversion technologies [2] - Utilizing digital platforms and artificial intelligence to transition more technological achievements from laboratories to production lines is vital [2] - Xinyangfeng has established various awards to stimulate innovation among research and technical personnel, emphasizing the importance of recognizing and rewarding R&D achievements [2]

Investment Rating - The report maintains a "Positive" outlook on the chemical industry, particularly focusing on the recovery of the textile and home appliance chains, as well as the potential boost in corporate profits from the relaxation of urea and phosphate fertilizer export policies [3][4]. Core Insights - The report highlights a positive trend in the chemical sector driven by easing tariffs between China and the US, which is expected to benefit companies in the textile and home appliance supply chains [3][4]. - The ongoing Bayer litigation regarding glyphosate may lead to a significant restructuring in the glyphosate industry, potentially improving market conditions for alternative products [3][4]. - The report anticipates that the relaxation of export policies for urea and phosphate fertilizers will significantly enhance the profitability of related companies due to the current price differentials between domestic and international markets [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions in the chemical sector indicate a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium to long term [4][6]. - The report notes that the chemical industry PPI has shown a gradual recovery from negative values, with April's PPI at -3.2% year-on-year, primarily affected by weaker energy prices [6][8]. Investment Analysis - The report suggests focusing on traditional cyclical stocks and specific companies within the chemical sector, including Wanhua Chemical, Hualu Hengsheng, and others, which are expected to benefit from the current market conditions [3][4]. - It emphasizes the importance of identifying growth stocks with recovery potential in sectors such as semiconductor materials and OLED display materials, highlighting companies like Yake Technology and Lait Light [3][4]. Price Movements and Market Trends - The report provides detailed price movements for various chemical products, indicating a general upward trend in prices for PTA, MEG, and other key materials, driven by supply-demand dynamics and cost pressures [10][12]. - Fertilizer prices, including urea and phosphate, are expected to rise due to favorable export policies and market conditions, with current prices reported at 1830 CNY/ton for urea and 3400 CNY/ton for monoammonium phosphate [10][12].