监事会关于 2022 年股票期权与限制性股票激励计划相关事项的核查意见 深圳市芭田生态工程股份有限公司 监事会关于 2022 年股票期权与限制性股票 1 激励计划相关事项的核查意见 深圳市芭田生态工程股份有限公司（以下简称"公司"）监事会依据《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》《上市公司 股权激励管理办法》（以下简称"《管理办法》"）等有关法律、法规、规范性文件 和《深圳市芭田生态工程股份有限公司章程》的规定，对公司 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"）相关事项进行核查，发表核查意见如 下 一、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核查意见 经审查，监事会认为： 公司此次调整2022年股票期权与限制性股票激励计划中首次及预留授予股票期权 行权价格符合《上市公司股权激励管理办法》《2022 年股票期权与限制性股票激励计 划（草案）》（以下简称"激励计划（草案）"）等的相关规定，调整程序合法合规， 不存在损害公司及全体股东利益的情形。 因此，监事会同意公司对本次激励计划中首次及预留授予股票期权行权价格进行 调整。 二、 ...

深圳市芭田生态工程股份有限公司第八届董事会第二十二次会议决议公告 证券代码:002170 证券简称:芭田股份 公告编号:25-44 深圳市芭田生态工程股份有限公司 第八届董事会第二十二次会议决议公告 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。 一、董事会会议召开情况 深圳市芭田生态工程股份有限公司（以下简称"公司"）第八届董事会第二十二 次会议于 2025 年 7 月 9 日（星期三）在公司本部 V1 会议室以现场和通讯方式结合召 开。本次会议的通知已于 2025 年 7 月 4 日以电子邮件、电话、微信等方式送达。本次 会议由董事长黄培钊先生主持，应出席会议的董事 9 名，实际出席会议的董事 9 名， 公司监事、高级管理人员列席了会议。本次会议的召开程序符合《公司法》《证券法》 及《公司章程》等有关法律法规的规定。 二、董事会会议审议情况 （一）审议通过《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 年年度权益分派方案已获 2025 年 5 月 8 日召开的 2024 年年度股东 大会审议通过，具体分派方案为 ...

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]

关于向特定对象发行 A 股股票限售股解禁上市流通的提示性公告 证券代码:002170 证券简称:芭田股份 公告编号:25-42 深圳市芭田生态工程股份有限公司 关于向特定对象发行 A 股股票限售股解禁上市流通的 提示性公告 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。 一、本次解除限售股份的基本情况 根据中国证券监督管理委员会于 2023 年 12 月 4 日出具的《关于同意深圳市芭田 生态工程股份有限公司向特定对象发行股票注册的批复》（证监许可〔2023〕2724 号）， 同意公司向特定对象发行 A 股股票的注册申请。公司本次向 11 名特定对象发行人民 币普通股（A 股）股票 70,224,719 股，新增股份已于 2024 年 12 月 31 日在深圳证券交 易所上市。 本次发行股份为有限售条件股份，发行对象认购的本次向特定对象发行的股票自 发行结束之日起 6 个月内不得转让。 二、公司向特定对象发行股票上市后股本变化情况 特别提示： 1、深圳市芭田生态工程股份有限公司（以下简称"公司"）本次向特定对象发行 股票解除限售股份的数量为 70,224,71 ...

中天国富证券有限公司 关于深圳市芭田生态工程股份有限公司 根据中国证券监督管理委员会于 2023 年 12 月 4 日出具的《关于同意深圳 市芭田生态工程股份有限公司向特定对象发行股票注册的批复》（证监许可〔2023〕 2724 号），同意公司向特定对象发行 A 股股票的注册申请。公司本次向 11 名 特定对象发行人民币普通股（A 股）股票 70,224,719 股，新增股份已于 2024 年 12 月 31 日在深圳证券交易所上市。 本次发行股份为有限售条件股份，发行对象认购的本次向特定对象发行的股 票自发行结束之日起 6 个月内不得转让。 二、公司向特定对象发行股票上市后股本变化情况 因公司 2022 年股票期权与限制性股票激励计划首次与预留授予的股票期权 正在自主行权期间，2024 年 12 月 31 日至本核查意见出具日期间，公司授予股 票期权的激励对象股票期权共行权 2,550,700 股，公司股份总数相应增加了 2,550,700 股。 公司以 2.80 元/股的回购价格对 2022 年股票期权与限制性股票激励计划 1 名已离职激励对象获授的 105,000 股限制性股票以及 8 名限制性股票激励 ...

关于2024年年度分红派息的实施公告 证券代码:002170 证券简称:芭田股份 公告编号:25-43 深圳市芭田生态工程股份有限公司 关于 2024 年年度分红派息的实施公告 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。 一、股东大会审议通过利润分配方案等情况 深圳市芭田生态工程股份有限公司（以下简称"公司"）2024 年年度权益分派方 案已获 2025 年 4 月 14 日召开的第八届董事会第十八次会议和 2025 年 5 月 8 日召开的 2024 年年度股东大会审议通过，具体分派方案为以"未来实施分配方案时股权登记日 的总股本"为基数，向全体股东每 10 股派发现金红利 2.80 元（含税），不送红股，不 以资本公积转增股本。本次利润分配方案实施时，若公司董事会、股东大会审议通过利 润分配方案后到方案实施前公司的股本发生变动的，则以实施方案时股权登记日的总 股本为基数，公司将按照"现金分红比例固定不变"的原则对分配金额进行调整。 本次分配方案自披露之日起至实施期间，公司因部分股票期权行权登记导致公司 总股本变化，根据公司 2024 年度利润分配预案，按 ...

Group 1 - The core viewpoint of the news is that YuDe Investment has conducted research on BaTian Co., focusing on its phosphate mining operations and market performance [1] - BaTian Co. primarily mines at the XiaoGaoZhai phosphate mine, with current mining activities in the B layer, specifically at elevations 760 and 770 [1] - The phosphate ore grade is approximately 27%-29%, with low-grade phosphate being sent for beneficiation [1] Group 2 - Monthly phosphate sales are around 300,000 tons, with an average price of 820-860 yuan per ton including tax [1] - The profit for phosphate ore with a grade above 28% is approximately 400 yuan per ton [1] - The sales target for the second quarter is set at 900,000 to 1,000,000 tons, while the first quarter sales were around 450,000 tons [1] Group 3 - The approval for the second phase of the mine expansion is expected in the third quarter, managed by the emergency management department [1] - Phosphate prices are considered reasonable, and surrounding mines are facing delays in production due to construction difficulties [1] - The company primarily engages directly with large users, leveraging the quality advantage of its phosphate ore, and most shareholders are optimistic about the company's long-term development with no short-term plans for share reduction [1]

Group 1: Mining Operations - The Xiaogaozhai Phosphate Mine currently has a production capacity of 200,000 tons per year, with an allowable increase of up to 20% [1] - The mine's daily ore transportation capacity can reach 15,000 to 16,000 tons [2] - The mine operates four production areas and employs a fully mechanized filling mining method [1][2] Group 2: Resource and Production Details - Total reserves of A layer and B layer phosphate are approximately 40 million tons and 20 million tons, respectively, with a ratio of 2:1 [2] - The average grade of the mined phosphate is between 27% and 29% [3][4] - The company plans to produce over 300,000 tons of phosphate monthly, with a second-quarter target of 900,000 to 1 million tons [5] Group 3: Financial Aspects - The average selling price of phosphate is around 820 RMB per ton, including tax [4] - The profit margin for phosphate with a grade above 28% is approximately 400 RMB per ton [4] - The company's first-quarter direct cost of phosphate mining was about 130 RMB per ton [4] Group 4: Market and Sales Strategy - The company directly sells about 15% of its phosphate without processing, while the rest undergoes selection [4] - The company aims to leverage its unique phosphate quality to connect directly with major users [6] - The current phosphate market is characterized by a significant supply gap, particularly in Hubei, with a shortfall of around 10 million tons [6]

Group 1 - The fundamentals of Batian Co., Ltd. (002170) have been continuously improving, attracting attention from numerous investors and institutions due to its strong fundamentals and expected upward performance [1] - In the past six months, a total of 9 institutions have published research reports on Batian Co., with an average target price of 12.90 yuan for 2025 and a projected net profit ranging from 8.38 billion to 14.09 billion yuan, averaging 11.49 billion yuan, representing a year-on-year growth of 180.86% [1] - Ratings from institutions indicate a positive outlook, with 5 institutions recommending "buy," 2 recommending "recommend," and 2 recommending "increase holdings" [1] Group 2 - Batian Co. primarily engages in the research, production, and sales of compound fertilizers, and has developed a synergistic industrial pattern with phosphoric chemicals [2] - The company obtained mining rights for the Xiaogaozai phosphate mine in 2020, marking a significant milestone in its development, with an annual production capacity of 2 million tons of phosphate rock and an additional 900,000 tons under construction [2] - The company has a generous dividend commitment, planning to distribute at least 60% of total profits as dividends from 2024 to 2026, with a total dividend of 270 million yuan in 2024 and a payout ratio of 65.9% [2] Group 3 - Institutions predict a tight balance in global phosphate rock supply and demand from 2024 to 2025 due to declining ore grades and potential project delays, with market conditions expected to remain favorable [3] - Despite some planned domestic production capacities coming online in 2026-2027, stricter safety management policies may delay project construction and permit acquisition [3] - Batian Co. is recognized as a high-quality phosphoric chemical enterprise, with stable compound fertilizer operations and expected increases in phosphate production from the Xiaogaozai mine, which could drive performance growth [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][8]. Core Viewpoints - The company is a high-quality phosphate chemical enterprise with a stable compound fertilizer business and rapid expansion of phosphate mining capacity, which is expected to drive performance growth [3][8]. - The projected net profits for 2025-2027 are estimated at 1.28 billion, 1.44 billion, and 1.56 billion yuan respectively [3][8]. Company Overview - The company has over 30 years of experience in compound fertilizer and is the first listed company in this sector. It focuses on the research, production, and sales of compound fertilizers, forming a synergistic development pattern with phosphate chemicals [5][18]. - The company has obtained mining rights for the Xiaogaozhai phosphate mine, with an annual production capacity of 2 million tons of phosphate ore and an additional 900,000 tons under construction [5][18]. - The company has a clear shareholding structure, and its revenue has been steadily increasing, with the contribution from phosphate mining continuing to rise [5][26]. Phosphate Mining - Phosphate ore is a strategic resource and is essential for the phosphate chemical industry, primarily used in fertilizers and various industrial applications [6][43]. - The global distribution of phosphate resources is uneven, and China has a relatively low phosphate ore reserve-to-production ratio, leading to its classification as a strategic mineral resource [6][49]. - The value of phosphate ore has been steadily increasing, with the price per ton rising from approximately 0.2 tons of corn in the 1960s to about 1.0 ton of corn in recent years [6][62]. Compound Fertilizer Business - The compound fertilizer industry in China has a stable demand, with annual consumption fluctuating around 50 million tons [7][18]. - The industry is experiencing consolidation, with leading companies expanding their competitive advantages through technology and supply chain integration [7][18]. - The company is one of the major producers of compound fertilizers in China, leveraging its high-quality phosphate resources to enhance its competitive position [7][18]. Financial Performance - The company's revenue for 2024 is projected to be 3.31 billion yuan, with a year-on-year growth of 2.1%, and a net profit of 410 million yuan, reflecting a significant increase of 57.7% [26][40]. - The contribution from phosphate mining has been substantial, with gross profit from this segment reaching 590 million yuan in 2024, accounting for 64.4% of total gross profit [26][40]. - The company has a generous dividend policy, planning to distribute at least 60% of its cumulative profits as dividends from 2024 to 2026, with a projected dividend of 270 million yuan for 2024 [26][40].