| 证券代码：000902 | 证券简称：新洋丰 | 编号：2025-048 | | --- | --- | --- | | 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 关于不向下修正"洋丰转债"转股价格的公告 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、 误导性陈述或者重大遗漏。 特别提示： 1.截至2025年9月18日，公司股票价格在任意连续三十个交易日中至少有十五个交 易日的收盘价低于当期转股价格的85%，已触发"洋丰转债"转股价格向下修正条款。 2.经公司第九届董事会第十五次会议审议通过了《关于不向下修正"洋丰转债"转 股价格的议案》，公司董事会决定本次不行使"洋丰转债"的转股价格向下修正权利， 且在未来六个月内（2025 年 9 月 19 日至 2026 年 3 月 18 日），如再次触发"洋丰转债" 转股价格向下修正条款，亦不提出向下修正方案。在此之后，若再次触发"洋丰转债" 的向下修正条款，届时公司董事会将再次召开会议决定是否行使"洋丰转债"的向下修 正权利。敬请广大投资者注意投资风险。 一、可转债发行上市概况 （一）可转债发行 ...

| 证券代码：000902 | 证券简称：新洋丰 | 编号：2025-047 | | --- | --- | --- | | 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 第九届董事会第十五次会议决议公告 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、 误导性陈述或者重大遗漏。 （一）公司第九届董事会第十五次会议决议。 特此公告。 二、董事会会议审议情况 经与会董事认真讨论，会议审议并通过如下决议： （一）审议通过了《关于不向下修正"洋丰转债"转股价格的议案》 综合考虑公司的基本情况、股价走势、市场环境等诸多因素，基于对公司未来发展 潜力的信心和内在价值的判断，为维护公司股东及全体投资者的利益，公司董事会决定 本次不行使"洋丰转债"的转股价格向下修正权利，且在未来六个月内（2025 年 9 月 19 日至 2026 年 3 月 18 日），如再次触发"洋丰转债"转股价格向下修正条款，亦不提 出向下修正方案。下一触发转股价格修正条件的期间从 2026 年 3 月 19 日重新起算，若 再次触发"洋丰转债"的向下修正条款，届时公司董事会将再次召开会议 ...

Market Overview - The agricultural chemical sector experienced a decline of 1.98% on September 18, with LuHua Technology leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable gainers in the agricultural chemical sector included: - BaiAo Chemical (603360) with a closing price of 25.43, up 2.21% on a trading volume of 251,300 shares and a turnover of 644 million yuan [1] - Jinzhengda (002470) closed at 1.93, up 1.58% with a trading volume of 1,711,800 shares and a turnover of 333 million yuan [1] - Major decliners included: - LuHua Technology (600691) which fell by 5.16% to a closing price of 2.94, with a trading volume of 1,250,400 shares and a turnover of 376 million yuan [2] - Dongfang Tower (002545) decreased by 4.94% to 13.29, with a trading volume of 502,100 shares and a turnover of 673 million yuan [2] Capital Flow - The agricultural chemical sector saw a net outflow of 962 million yuan from institutional investors, while retail investors contributed a net inflow of 539 million yuan [2] - The sector's capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - BaTian Co. (002170) had a net inflow of 47.74 million yuan from institutional investors, representing 12.90% of its trading volume [3] - New安股份 (600596) experienced a net inflow of 16.36 million yuan from institutional investors, accounting for 5.54% of its trading volume [3] - In contrast, 富邦科技 (300387) saw a net outflow of 15.66 million yuan from retail investors, indicating a potential shift in investor sentiment [3]

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Xin Yang Feng, Sen Qi Lin, Rui Feng New Materials, Sinopec, Ju Hua, Yang Nong Chemical, China National Offshore Oil Corporation, Tong Kun, Dao Tong Technology, and others [10]. Core Viewpoints - The report highlights significant price increases in products such as Epoxy Chloropropane (up 10.00%), Synthetic Ammonia (up 4.35%), and others, while products like Urea and Sulfur experienced notable declines [4][5][21]. - The ongoing geopolitical tensions, particularly the Russia-Ukraine conflict, and fluctuating international oil prices are influencing market dynamics, with a recommendation to focus on import substitution, domestic demand, and high-dividend stocks [6][22]. - The chemical industry is currently in a weak performance phase, with mixed results across sub-sectors due to past capacity expansions and weak demand, although some sectors like lubricants are performing better than expected [23]. Summary by Sections Price Movements - Significant price increases were observed in Epoxy Chloropropane (10.00%), Sulfur (4.59%), and Synthetic Ammonia (4.35), while Urea saw a decrease of 8.47% [4][5][21]. - The report notes that the overall chemical industry remains weak, with varying performance across different sub-sectors [22][23]. Investment Opportunities - The report suggests focusing on sectors likely to enter a growth cycle, such as Glyphosate, and emphasizes the importance of selecting stocks with strong competitive positions and growth potential [23]. - It highlights the resilience of domestic chemical fertilizer and certain pesticide sub-products, recommending companies like Hualu Hengsheng, Xin Yang Feng, and others for their stable demand [23]. Geopolitical and Economic Context - The report discusses the impact of geopolitical tensions on oil prices, with Brent crude oil priced at $66.99 per barrel and WTI at $62.69, reflecting a slight increase from the previous week [6][24]. - It anticipates that the international oil price will stabilize between $65 and $70, suggesting a cautious outlook for the market [6][24].

Market Overview - The agricultural chemical sector experienced a slight decline of 0.06% on September 16, with Bai'ao Chemical leading the drop [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Top Performers - Dongfang Tieta (002545) saw a significant increase of 10.01%, closing at 14.84 with a trading volume of 691,900 shares and a turnover of 1.006 billion [1] - Yangmei Chemical (600691) rose by 9.94%, closing at 3.43 with a trading volume of 1,739,500 shares and a turnover of 577 million [1] - Zhongqi Co., Ltd. (300575) increased by 9.48%, closing at 7.85 with a trading volume of 833,100 shares and a turnover of 638 million [1] Underperformers - Bai'ao Chemical (603360) declined by 2.74%, closing at 24.84 with a trading volume of 172,300 shares and a turnover of 428 million [2] - Yanhua Co. (000792) fell by 1.57%, closing at 20.12 with a trading volume of 537,300 shares and a turnover of 1.084 billion [2] - Chengxing Co. (600078) decreased by 1.50%, closing at 6.58 with a trading volume of 85,500 shares and a turnover of 5.625 million [2] Capital Flow - The agricultural chemical sector saw a net outflow of 167 million from institutional investors, while retail investors contributed a net inflow of 226 million [2] - The capital flow data indicates that institutional and speculative funds experienced net outflows, while retail investors showed a positive net inflow [3] Individual Stock Capital Flow - Dongfang Tieta (002545) had a net inflow of 73.81 million from institutional investors, while it faced a net outflow of 21.21 million from retail investors [3] - Yangmei Chemical (600691) recorded a net inflow of 61.53 million from institutional investors, with a net outflow of 40.65 million from retail investors [3] - Bai'ao Chemical (603360) experienced a net outflow of 52.60 million from speculative funds, while institutional investors contributed a net inflow of 73.81 million [3]

Company Overview - Xinyangfeng Agricultural Technology Co., Ltd. is located in Jingmen City, Hubei Province, established on October 20, 1986, and listed on April 8, 1999. The company specializes in the research, production, and sales of phosphate fertilizers, iron phosphate, and phosphogypsum products, as well as providing modern agricultural industry solutions [1]. Financial Performance - As of June 30, 2025, Xinyangfeng achieved operating revenue of 9.398 billion yuan, representing a year-on-year growth of 11.63%. The net profit attributable to shareholders was 951 million yuan, reflecting a year-on-year increase of 28.98% [2]. - The company has cumulatively distributed dividends of 2.755 billion yuan since its A-share listing, with 1.004 billion yuan distributed over the past three years [3]. Stock Performance - On September 16, Xinyangfeng's stock price decreased by 2.02%, closing at 14.08 yuan per share, with a trading volume of 135 million yuan and a turnover rate of 0.83%. The total market capitalization is 17.667 billion yuan [1]. - Year-to-date, the stock price has increased by 10.52%, with a decline of 4.74% over the last five trading days, a slight increase of 0.14% over the last 20 days, and a 2.10% increase over the last 60 days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders is 29,100, a decrease of 1.11% from the previous period. The average number of circulating shares per person is 39,285, an increase of 1.12% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest shareholder with 15.624 million shares, an increase of 3.0941 million shares from the previous period [3].

Overview - The concept of precision agriculture is driving the demand for BB fertilizers, which can be tailored based on soil tests and crop needs, thus meeting modern agricultural management requirements [1][9] - In 2024, the demand for BB fertilizers in China is projected to reach 8.651 million tons, representing a year-on-year increase of 8.95%, while the production is expected to be 8.475 million tons, up 6.74% from the previous year [1][9] Industry Development - BB fertilizers, also known as bulk blending fertilizers, are characterized by their flexible formulations and targeted nutrient delivery, addressing the limitations of traditional fertilizers [2][3] - The introduction of BB fertilizer technology in China dates back to the late 1980s, with significant milestones including the establishment of industry standards and associations that have shaped the sector [5][6] Market Policies - Recent policies in China aim to promote technological innovation in fertilizer production, enhance fertilizer efficiency, and reduce environmental pollution, steering the BB fertilizer industry towards greener and more efficient practices [6][7] Industry Chain - The BB fertilizer industry consists of upstream suppliers of nitrogen, phosphorus, potassium, and trace elements, midstream production companies, and downstream application markets, with significant usage in staple crops like wheat, corn, and rice [8][9] Competitive Landscape - The BB fertilizer market is becoming increasingly competitive, with a growing number of companies entering the sector; as of mid-2025, there are 94,481 registered BB fertilizer products in China [9][10] - Major players in the BB fertilizer market include Yuntianhua, Hubei Yihua, and XinYangFeng, among others, which are expanding their product offerings and market presence [10][11] Future Trends - The future of the BB fertilizer industry is expected to focus on precision formulation using data analytics and remote sensing technologies, alongside a shift towards environmentally friendly production methods [12]

Investment Rating - The report maintains a "Positive" rating for the chemical industry [6][12]. Core Insights - The macroeconomic judgment indicates that non-OPEC countries are expected to lead an increase in oil production, with a significant overall supply growth anticipated. Global GDP growth is projected to remain at 2.8%, with stable oil demand, although the growth rate may slow due to tariff policies [6][7]. - The expectation of a Federal Reserve interest rate cut is likely to boost demand during the peak season of September and October. Additionally, the leakage incident of GFL R32 in India may enhance China's export opportunities [6][12]. - The report highlights the ongoing investigation into anti-dumping practices against imported semiconductor chips from the U.S., which may benefit domestic semiconductor materials [6][12]. Summary by Sections Macroeconomic Analysis - Oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable despite potential slowdowns due to tariffs. Geopolitical factors, including U.S.-China tariff relief and the Russia-Ukraine situation, are influencing oil prices [6][7]. - Coal prices are anticipated to stabilize at a low level, and natural gas export facilities in the U.S. may accelerate, leading to lower import costs [6][7]. Chemical Sector Configuration - The report suggests a strategic focus on four areas: textile and apparel chain, agricultural chemicals, export chain, and sectors benefiting from "de-involution" policies. Specific companies are recommended for investment based on their market positions and growth potential [6][12]. Key Material Focus - Emphasis is placed on the importance of self-sufficiency in key materials, particularly in semiconductor and panel materials, with specific companies highlighted for their potential in these sectors [6][12]. Price Trends - Recent data indicates fluctuations in various chemical prices, with PTA prices down by 0.3% and MEG down by 2.0%. The report notes that the overall industrial product PPI has shown a year-on-year decline of 2.9% [12][13][16]. Company Valuations - A detailed valuation table is provided, showcasing various companies in the agricultural chemicals and chemical sectors, with ratings ranging from "Buy" to "Increase" based on their market performance and projected earnings [20].

Core Insights - The article highlights the successful implementation of regenerative rice farming in Anqing, Anhui, driven by government policies and corporate support, leading to increased yields and farmer benefits [3][4][10] Group 1: Government Policies and Support - The Chinese government has introduced multiple policies to encourage the development of regenerative rice planting in areas with insufficient seasonal planting, emphasizing the integration of quality seeds and farming techniques [3] - Local governments provide targeted subsidies, while enterprises contribute technological support, creating a collaborative environment for farmers to expand their planting scale [3][4] Group 2: Corporate Contributions - New Yangfeng, a leading compound fertilizer company, has developed a model combining fertilizer supply and management services to address the challenges of large-scale farming [4][10] - The company offers tailored fertilization plans based on soil health assessments and crop nutrient needs, ensuring comprehensive support throughout the growth cycle [4][6] Group 3: Agricultural Practices and Results - The introduction of the "Zinc-Phosphorus Beauty" fertilizer package has significantly improved the nutrient supply for regenerative rice, enhancing growth and yield resilience against adverse weather conditions [6][8] - Farmers using this fertilizer reported substantial yield increases, with one farmer achieving a total yield of 2,286 pounds per acre across two harvests, surpassing control fields by 262 pounds [8][10] Group 4: Economic Impact on Farmers - The cost-benefit analysis shows that the investment in quality fertilizers leads to higher yields, with farmers netting an additional 120 yuan per acre after accounting for fertilizer costs [10] - The success of regenerative rice farming has encouraged more farmers to adopt these practices, leading to increased local employment opportunities and economic stability [10][12]

Company Overview - Xinyangfeng Agricultural Technology Co., Ltd. is located in Jingmen City, Hubei Province, established on October 20, 1986, and listed on April 8, 1999. The company specializes in the research, production, and sales of phosphate fertilizers, iron phosphate, and phosphogypsum products, as well as providing modern agricultural industry solutions [1][2]. Financial Performance - For the first half of 2025, Xinyangfeng achieved operating revenue of 9.398 billion yuan, representing a year-on-year growth of 11.63%. The net profit attributable to shareholders was 951 million yuan, reflecting a year-on-year increase of 28.98% [2]. - The company has cumulatively distributed 2.755 billion yuan in dividends since its A-share listing, with 1.004 billion yuan distributed over the past three years [3]. Stock Performance - As of September 11, Xinyangfeng's stock price increased by 2.05%, reaching 14.96 yuan per share, with a trading volume of 102 million yuan and a turnover rate of 0.60%. The total market capitalization is 18.771 billion yuan [1]. - Year-to-date, the stock price has risen by 17.43%, with a 4.32% increase over the last five trading days, 7.55% over the last 20 days, and 9.68% over the last 60 days [1]. Shareholder Structure - As of June 30, the number of shareholders for Xinyangfeng was 29,100, a decrease of 1.11% from the previous period. The average number of circulating shares per person increased by 1.12% to 39,285 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest, holding 15.6239 million shares, an increase of 3.0941 million shares from the previous period [3].