Core Viewpoint - On July 21, a total of 23 listed companies had their restricted shares unlocked, with a total market value of approximately 5.36 billion yuan [1] Summary by Category Restricted Share Unlocking - The specific details of the restricted share unlocking include: - Shandong High Energy (000803): 1.2772 million shares from equity incentive - Yueyang Xingchang (000819): 2.1525 million shares from equity incentive - Zhangyu A (000869): 2.0357 million shares from equity incentive - Sheneng Co., Ltd. (600642): 9.7161 million shares from equity incentive - Batian Co., Ltd. (002170): 1.2 million shares from equity incentive - Wanma Co., Ltd. (002276): 2.6112 million shares from equity incentive - Chuanfa Longmang (002312): 12.5 million shares from A-share issuance - Chengda Pharmaceutical (301201): 6.15594 million shares with extended lock-up period - Maoshuo Power (002660): 8.22983 million shares from A-share issuance - Laobaixing (603883): 193.6 thousand shares from equity incentive - Zhenbaodao (603567): 726.9 thousand shares from equity incentive - Lifang Pharmaceutical (003020): 234 thousand shares from equity incentive - Triangle Defense (300775): 110.4 thousand shares from equity incentive - Yidao Information (001314): 46.26 thousand shares from equity incentive - Honghe Technology (603256): 252.65 thousand shares from equity incentive - Guomao Co., Ltd. (603915): 165.8 thousand shares from equity incentive - Arrow Home (001322): 135.28 thousand shares from equity incentive - Hongying Intelligent (001266): 18 thousand shares from equity incentive - Kangpeng Technology (688602): 4.6189 million shares - Juyi Technology (688162): 108.1 thousand shares - Xidiwei (688173): 15.4 million shares - Aike Optoelectronics (688610): 68 thousand shares - Hangcai Co., Ltd. (688563): 180 thousand shares [1]

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The basic chemical sector has outperformed the market, with the industry index rising by 1.8% from July 11 to July 18, compared to a 0.7% increase in the Shanghai Composite Index [9][20] - The report highlights significant price increases in TDI, glyphosate, and glufosinate due to supply disruptions and rising demand, particularly in South America [6][31][33] Summary by Sections 1. Core Viewpoints - The basic chemical sector is expected to benefit from supply-side reforms and improved demand due to recent government policies aimed at stabilizing the economy [17] - The report emphasizes the potential for long-term investment in core assets as the profitability of chemical products has likely bottomed out, suggesting a recovery in valuations [17][18] 2. Overall Performance of the Chemical Sector - The basic chemical industry index has shown a year-to-date increase of 10.8%, outperforming both the Shanghai Composite and ChiNext indices by 5.4% and 4.5%, respectively [20][26] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the basic chemical sector, 251 stocks rose while 162 fell during the reporting week, with notable gainers including Shangwei New Materials (+148.8%) and Dongcai Technology (+33.2%) [29][30] 4. Key News and Company Announcements - A fire at Covestro's TDI plant in Germany has led to significant supply disruptions, creating opportunities for price increases in TDI [31][32] - Glyphosate prices have increased to 25,500 CNY per ton, reflecting a 7.16% month-over-month rise, driven by reduced inventory levels [33] - New regulations on glufosinate are expected to constrain supply, potentially leading to price increases as the market adjusts [34]

证券代码：002170 证券简称：芭田股份 公告编号：2025-51 深圳市芭田生态工程股份有限公司 2025年半年度业绩预告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 2025 年半年度业绩预告 | 项目 | 本报告期 | | 上年同期 | | | --- | --- | --- | --- | --- | | 归属于上市公 司股东的净利 | 盈利：45,000 万元 | 万元—52,000 | 盈利：15,020.03 | 万元 | | 润 | 比上年同期增长：199.60%—246.20% | | | | | 扣除非经常性 损益后的净利 | 盈利：44,900 万元 | 万元—51,900 | 盈利：14,808.85 | 万元 | | 润 | 比上年同期增长：203.20%—250.47% | | | | | 基本每股收益 | 盈利：0.4670 元/股 | 元/股—0.5396 | 盈利：0.1688 | 元/股 | 二、业绩预告预审计情况 本次业绩预告未经过会计师事务所审计。 三、业绩变动原因说明 2025 年半年度磷矿石及其加工的产品销售收入大幅 ...

芭田股份（002170）公告，预计2025年上半年净利润为4.5亿元—5.2亿元，比上年同期的1.5亿元增长 199.60%—246.20%。 ...

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The basic chemical sector has shown better performance than the market, with a year-to-date increase of 8.9%, outperforming the Shanghai Composite Index by 4.2 percentage points [4][16] - The global potash market is characterized by oligopoly, with major producers controlling supply and prices. Recent production cuts by key players are expected to sustain potash market conditions [5][27] - Phosphate supply remains tight, with stable prices and potential improvements in export opportunities as demand increases [5][27] Summary by Sections 1. Core Viewpoints - Policies are expected to improve supply-demand dynamics in the chemical sector, with a focus on cyclical investment opportunities [13] - The chemical industry is entering a new long-term prosperity cycle, driven by improved fundamentals and reduced risks [13][14] 2. Overall Performance of the Chemical Sector - The basic chemical industry index increased by 1.5% during the week, outperforming the Shanghai Composite Index by 0.4 percentage points [16] - Year-to-date, the basic chemical industry index has increased by 8.9%, significantly outperforming both the Shanghai Composite and ChiNext indices [16][18] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the basic chemical sector, 298 stocks rose while 123 fell during the week [25] - The top performers included companies like Shangwei New Materials (+72.9%) and Hongbo New Materials (+24.7%) [25][26] 4. Key News and Company Announcements - The autumn fertilizer preparation has begun, with a focus on investment opportunities in potash and phosphate fertilizers [27] - Major potash producers have announced production cuts, which are expected to tighten supply and support prices [5][27] - Phosphate prices remain stable, with potential for improved export conditions as demand increases [5][27] 5. Product Price Changes - The report highlights significant price increases in various chemical products, with notable gains in dimethylamine (+16.7%) and fatty alcohol (+8.2%) [6] - Conversely, urea prices have seen a significant decline (-15%) [6]

Meeting Overview - The 22nd meeting of the 8th Supervisory Board of Shenzhen Batian Ecological Engineering Co., Ltd. was held on July 9, 2025, with all three supervisors present [1][2]. Resolutions Passed - The Supervisory Board approved the adjustment of the exercise price for stock options and restricted stock in the 2022 incentive plan, confirming compliance with relevant regulations and no harm to the interests of the company and shareholders [2][3]. - The Supervisory Board also approved the adjustment of the exercise price for stock options and restricted stock in the 2025 incentive plan, affirming that the adjustment process was legal and compliant [2][3]. - The Board recognized that the conditions for the third exercise period of the stock options granted in the 2022 incentive plan had been met, allowing 104 eligible participants to exercise their options [3][4]. - The conditions for the third release of restrictions on restricted stock in the 2022 incentive plan were also deemed fulfilled, permitting 8 eligible participants to lift restrictions on their shares [4][5]. - The Board confirmed that the conditions for the second exercise period of the reserved stock options in the 2022 incentive plan had been satisfied, allowing 58 eligible participants to exercise their options [5][6].

Core Viewpoint - The company has announced adjustments to the exercise price of stock options and the grant price of restricted stock under its 2025 stock option and restricted stock incentive plan, following the approval of relevant resolutions by the board and supervisory committee [1][2][3]. Summary by Sections Approval Process - The company has completed the necessary approval procedures for the incentive plan, including multiple board meetings and supervisory committee reviews, with no objections raised during the public notice period [1][2][5]. Adjustment Details - The exercise price for stock options has been adjusted from 10.63 yuan per share to 10.35 yuan per share, and the grant price for restricted stock has been adjusted from 5.32 yuan per share to 5.04 yuan per share, due to the implementation of the 2024 annual profit distribution plan [2][3][4]. Reason for Adjustment - The adjustments are in accordance with the provisions of the incentive plan and relevant regulations, necessitated by the company's profit distribution actions, which include a cash dividend of 2.80 yuan per 10 shares [3][4]. Impact on the Company - The adjustments to the exercise and grant prices are compliant with legal regulations and will not materially affect the company's financial status or operational results, nor will they harm the interests of the company and its shareholders [4][5]. Supervisory Committee Opinion - The supervisory committee has reviewed the adjustments and concluded that they comply with relevant regulations and do not harm the interests of the company or its shareholders [5]. Legal Opinion - The legal opinion confirms that the company has obtained the necessary approvals for the adjustments and that they comply with applicable laws and regulations [5].

关于调整 2025 年股票期权与限制性股票激励计划行权价格及授予价格的公告 证券代码:002170 证券简称:芭田股份 公告编号:25-47 深圳市芭田生态工程股份有限公司 关于调整 2025 年股票期权与限制性股票激励计划 行权价格及授予价格的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 深圳市芭田生态工程股份有限公司（以下简称"公司"）于 2025 年 7 月 9 日召开 第八届董事会第二十二次会议和第八届监事会第二十二次会议，审议通过了《关于调 整2025年股票期权与限制性股票激励计划股票期权行权价格及限制性股票授予价格的 议案》。根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）等法律 法规、规范性文件以及公司 2025 年股票期权与限制性股票激励计划（以下简称"本次 激励计划"、"《激励计划（草案）》"）的规定，并根据公司 2025 年第一次临时股 东大会的授权，公司董事会对本次激励计划中授予股票期权行权价格和限制性股票授 予价格进行相应的调整。现对有关事项公告如下： 一、本次激励计划已履行的相关审批程序 1、2025 年 5 月 ...

关于 2022 年股票期权与限制性股票激励计划首次授予股票期权第三个行权期行权条件成就的公告 股票期权第三个行权期行权条件成就的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 证券代码:002170 证券简称:芭田股份 公告编号:25-48 深圳市芭田生态工程股份有限公司 关于 2022 年股票期权与限制性股票激励计划首次授予 1、2022年股票期权与限制性股票激励计划首次授予股票期权符合本次行权条件的104 名激励对象在第三个行权期可行权的股票期权数量共 2,631,600 份，行权价格为 5.255 元/ 份（调整后）。 2、本次行权采用自主行权模式。 3、本次可行权股票期权若全部行权，公司股份仍具备上市条件。 1 关于 2022 年股票期权与限制性股票激励计划首次授予股票期权第三个行权期行权条件成就的公告 会议，审议通过了《关于公司 2022 年股票期权与限制性股票激励计划(草案)及其摘要的 议案》、《关于公司 2022 年股票期权与限制性股票激励计划实施考核管理办法的议案》 和《关于提请股东大会授权董事会办理股权激励相关事宜的议案》等 ...

关于调整 2022 年股票期权与限制性股票激励计划行权价格的公告 证券代码:002170 证券简称:芭田股份 公告编号:25-46 深圳市芭田生态工程股份有限公司 关于调整 2022 年股票期权与限制性股票 激励计划行权价格的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 深圳市芭田生态工程股份有限公司（以下简称"公司"）于 2025 年 7 月 9 日召开第 八届董事会第二十二次会议和第八届监事会第二十二次会议，审议通过了《关于调整 2022 年股票期权与限制性股票激励计划行权价格的议案》。鉴于公司 2024 年度利润分配方案 已实施完毕，根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）等法 律法规、规范性文件以及公司 2022 年股票期权与限制性股票激励计划（以下简称"本次 激励计划"或"《激励计划（草案）》"）的相关规定，公司董事会依据 2022 年第一次 临时股东大会授权，决定对公司本次激励计划中首次及预留授予股票期权行权价格进行 相应调整，现将有关事项说明如下： 2、2022 年5 月25 日至2022 年6 月6 日，公司对本次激 ...