Summary of Key Points from Conference Call Records Industry Overview Aviation Industry - Boeing's aircraft delivery suspension has a limited impact on the Chinese aviation industry, with three previously suspended aircraft set to be delivered to Xiamen Airlines and China Southern Airlines. China Eastern Airlines plans to introduce 46 Boeing aircraft by 2025, with about 10 already delivered in Q1. These new aircraft represent less than 1% of the total industry fleet of 4,300 aircraft [2][4] - Market expectations suggest that tax rebates may compensate airlines for the delivery suspension, which has not significantly affected stock prices [4] - The summer 2025 aviation market is expected to see good pre-sales, with non-fuel ticket prices projected to achieve double-digit growth, although current seat occupancy rates are lower than last year [5] Express Delivery Industry - The express delivery sector is experiencing price increases, particularly in Yiwu, while intense price wars among major companies have not yielded expected results. The growth rate for Zhongtong's parcel volume in Q1 was only 19%, compared to the industry average of 22% [6] - The price war may reach a temporary bottom if price increases continue, presenting a good opportunity for investment in companies like Zhongtong, Jitu, YTO, and Shentong [6] - The application of unmanned vehicles in the last-mile delivery is rapidly advancing, with SF Express increasing its investment in unmanned vehicles, significantly reducing per-package costs [7][8] Chemical Industry - The CCPI price index has decreased due to oil price fluctuations and the seasonal decline in consumption. The index currently stands at 44,033 points, down one percentage point from the previous week [9] - U.S. inventory growth in March was 3.47%, indicating potential future demand decline, which may affect chemical product exports [10] - OPEC's decision to increase production may impact the chemical industry, with a focus on supply-constrained products [11] Fertilizer Market - Potash fertilizer contract prices have risen, with ongoing tight supply and demand conditions expected to maintain high prices. The price for potash contracts in India is $349 per ton, up $70 year-on-year [13][14] Refrigerant and Vitamin Markets - Refrigerant prices are rising due to increased downstream demand, with R32 reaching 51,000 yuan per ton. Vitamin E prices are expected to rise due to low inventory levels and production halts among leading companies [15] Precious Metals Market - Silver prices are rising due to increased tariffs on copper and aluminum, while platinum and palladium prices are influenced by industrial demand fluctuations. The gold market is currently volatile, with attention on potential risks to the U.S. dollar's credibility [18][19] Oil Market - Brent crude oil prices have risen to $66.65 per barrel, with expectations of fluctuations between $63 and $67 in June. Despite OPEC's production increase, global demand remains tight [20]

Group 1: Metal and Mining Sector - Zijin Mining's copper production is expected to increase by 7% to 115,000 tons in 2025, with gold production rising by 16% to 85 tons[15] - The company's projected net profit for 2024 is 32.05 billion CNY, increasing to 42.06 billion CNY in 2025, and 49.36 billion CNY in 2026, with a PE ratio decreasing from 14.39 to 9.34[13] Group 2: Construction Materials Sector - China National Materials Technology's net profit is forecasted to grow from 0.89 billion CNY in 2024 to 2.10 billion CNY in 2026, with a significant increase in high-end product capacity[20] - Keda Manufacturing's overseas revenue is projected to rise from 20 billion CNY in 2017 to 80 billion CNY in 2024, with overseas revenue share increasing from 36% to 64%[30] Group 3: Chemical Sector - Yara International's net profit is expected to reach 0.2 billion CNY in 2024, 3.0 billion CNY in 2025, and 7.2 billion CNY in 2026, driven by the expansion of special glass fiber production[25] - Ba Tian Co. is projected to maintain a strong profit margin due to its diverse fertilizer product offerings, with a production capacity of 200,000 tons of phosphate rock annually[79] Group 4: Aviation Sector - Juneyao Airlines is expected to achieve a net profit of 1.05 billion CNY in 2024, increasing to 2.0 billion CNY in 2025, with a PE ratio of 27.2 in 2024 and dropping to 11.4 in 2026[70] - The airline's operational efficiency is highlighted by its leading cost control, with a significant reduction in financial expenses anticipated in the coming years[70]

股权激励落地绑定核心团队与长期发展 5月28日，公司同步披露了2025年股票期权与限制性股票激励计划，以10.63元/份的行权价格向166名核 心人员授予2000万份股票期权，以5.32元/股的价格向9名高管及核心骨干授予300万股限制性股票，覆 盖董事、核心管理人员及技术业务骨干，凸显对人才的重视。 5月29日，芭田股份（002170.SZ）发布投资者交流会公告：公司在贵州瓮安生产基地举办投资者交流 会，吸引了博时基金、南华基金等头部公募，以及华西证券、信达证券、国盛证券等知名券商参与。公 司常务副总裁吴益辉、董事兼董秘郑宇等核心高管团队就小高寨磷矿扩产进程、资源禀赋等焦点问题展 开深度沟通，释放出产能加速兑现、管理效能升级的积极信号。 产能爬坡进展顺利小高寨二期打开弹性空间 近期，磷矿石市场供需紧张局面仍在延续。在建产能延期严重，在产产能衰竭和品位下降问题凸显。此 外，磷肥需求有望稳中有增，磷酸铁锂电池、净化磷酸项目，精细磷化工等下游需求快速增长。 作为国内稀缺的高品位磷矿资源，小高寨磷矿当前运行情况成为交流核心。据披露，该矿现日均产量已 达1.1万吨，井下4个采场全速运转，皮带运输系统设计运力达1.6万 ...

Group 1: Production Capacity and Operations - The current production capacity of the Xiaogaozhai phosphate mine is 1.1 million tons per day, with a production license allowing for an annual output of 200 million tons, with a potential increase of up to 20% [1] - The mine is undergoing a safety facility design review for an expansion to 2.9 million tons per year, expected to be completed in the third quarter of this year [1] - The mine operates four production areas, with a daily ore transportation capacity of 15,000 to 16,000 tons [2] Group 2: Safety and Monitoring Systems - The mine has a ventilation capacity of 16,000 cubic meters per minute, currently utilizing 13,000 cubic meters [2] - A safety monitoring system is in place with cameras connected to a dispatch center for real-time monitoring of abnormal situations [2] - The emergency refuge system allows for safe living conditions for over seven days in case of disasters [2] Group 3: Resource and Production Details - The total resource reserve of the Xiaogaozhai phosphate mine is approximately 6.932 million tons [4] - The average grade of the phosphate ore is currently between 27% and 28% [4] - The mine's production in April exceeded 300,000 tons, with a daily output of about 12,000 tons [5] Group 4: Market and Pricing - The current phosphate price is considered reasonable, with no expected government intervention [5] - The company has stable contracts with over 30 long-term clients, with some clients requiring over 70,000 tons annually [6] - The cost of raw ore is approximately 130 yuan per ton, including filling [6] Group 5: Future Plans and Expansion - The company plans to achieve an additional 900,000 tons of safety facility design approval in the third to fourth quarter of this year [4] - The company is exploring downstream expansion opportunities in industrial phosphate fertilizers and phosphoric acid [6] - The company aims to increase the recovery rate to over 95% through innovative methods [5]

Meeting Details - The 21st meeting of the 8th Supervisory Board of Shenzhen Batian Ecological Engineering Co., Ltd. was held on May 28, 2025, both in person and via communication methods [1][2] - All three supervisors attended the meeting, and the procedures complied with relevant laws and regulations [1] Resolutions Passed - The Supervisory Board approved the proposal to grant stock options and restricted stocks under the 2025 Stock Option and Restricted Stock Incentive Plan [2] - The plan includes granting 20 million stock options to 166 eligible incentive objects at an exercise price of 10.63 yuan per option, and granting 3 million restricted stocks to 9 eligible incentive objects at a grant price of 5.32 yuan per share [2]

公司监事会根据《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》（以下简称"《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、法规和规范性文件以及《深圳市芭田生态工 程股份有限公司章程》（以下简称"《公司章程》"）的规定，对获授股票期权/限制 性股票的激励对象名单进行审核，发表核查意见如下： 公司本次股票期权/限制性股票授予激励对象人员名单与公司 2025 年第一次临时 股东大会批准的 2025 年股票期权与限制性股票激励计划中规定的激励对象相符，具备 《公司法》《证券法》等法律、法规和规范性文件以及《公司章程》规定的任职资格， 符合《管理办法》规定的激励对象条件，符合《深圳市芭田生态工程股份有限公司 2025 年股票期权与限制性股票激励计划（草案）》及其摘要规定的激励对象范围，其作为 公司 2025 年股票期权与限制性股票激励计划激励对象的主体资格合法、有效。公司和 本激励计划授予的激励对象均未出现《管理办法》及本激励计划规定的不能授予或不 得成为激励对象的情形，本激励计划的激励对象获授股票期权/限制性股票的条件已成 就。 综上，监事会同意本次股票 ...

本所及经办律师依据《公司法》《证券法》《股东会规则》《网络投票实施细则》 《从业办法》和《执业规则》等规定及本法律意见书出具日以前已经发生或者存在的事 实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证， 保证本法律意见所认定的事实真实、准确、完整，所发表的结论性意见合法、准确，不 存在虚假记载、误导性陈述或者重大遗漏，并承担相应法律责任。 本法律意见书仅供公司本次股东大会之目的使用，不得被任何人用于其他任何目 的。本所同意将本法律意见书随公司本次股东大会决议一起予以公告。根据《证券法》 《股东会规则》和《从业办法》《网络投票实施细则》的相关要求，按照律师行业公认 股东大会法律意见书 的业务标准、道德规范和勤勉尽责精神，本所律师对公司提供的有关文件和有关事项进 行了核查和验证，现出具法律意见如下： 一、关于本次股东大会召集、召开的程序 北京市盈科（深圳）律师事务所 关于 深圳市芭田生态工程股份有限公司 的 法律意见书 北京市盈科（深圳）律师事务所 深圳市福田区鹏程一路广电金融中心 23/30/31/32 层 二○二五年五月 股东大会法律意见书 北京市盈科（深圳）律师事务所 关于 深圳市 ...

2025年第一次临时股东大会决议公告 证券代码: 002170 证券简称: 芭田股份 公告编号:25-36 深圳市芭田生态工程股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，公告不存在虚 假记载、误导性陈述或重大遗漏。 一、重要提示： 1、本次股东大会无否决、修改、增加提案的情况。 2、本次股东大会不涉及变更前次股东大会决议。 二、会议召开的情况： 1、召集人：公司第八届董事会 2、表决方式：现场书面记名投票结合网络投票 3、会议召开时间： 现场会议时间为：2025 年 5 月 28 日（星期三）下午15:00 开始 （1）通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 5 月 28 日上午 9:15—9:25，9:30—11:30，下午 13:00—15:00； （2）通过深圳证券交易所互联网投票系统进行网络投票的具体时间为 2025 年 5 月 28 日上午 9:15—2025 年 5 月 28 日下午 15:00 时的任意时间。 4、会议召开地点：深圳市南山区高新技术园学府路 63 号联合总部大厦 30 楼会议室。 5、主持人 ...

深圳市芭田生态工程股份有限公司第八届监事会第二十一次会议决议公告 证券代码:002170 证券简称:芭田股份 公告编号:25-39 深圳市芭田生态工程股份有限公司 第八届监事会第二十一次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏。 一、监事会会议召开情况 深圳市芭田生态工程股份有限公司（以下简称"公司"）第八届监事会第二十一次 会议于 2025 年 5 月 28 日（星期三）在公司本部会议室以现场方式和通讯方式结合召 开。本次会议的通知于 2025 年 5 月 23 日以电子邮件、微信、电话等方式送达。本届 监事会共有 3 名监事，应参加会议的监事 3 名，实际参加会议的监事 3 名。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、监事会会议审议情况 （一）审议通过《关于向 2025 年股票期权与限制性股票激励计划激励对象授予 股票期权与限制性股票的议案》。 1、本激励计划授予的激励对象与公司 2025 年第一次临时股东大会审议通过的 《2025 年股票期权与限制性股票激励计划（草案）》中确定的激励对象相符。 ...

深圳市芭田生态工程股份有限公司第八届董事会第二十一次会议决议公告 证券代码:002170 证券简称:芭田股份 公告编号:25-38 深圳市芭田生态工程股份有限公司 第八届董事会第二十一次会议决议公告 经审议，公司董事会认为 2025 年股票期权与限制性股票激励计划（以下简称"本 激励计划"）的授予条件已成就，根据公司 2025 年第一次临时股东大会的授权，董事 会同意 2025 年 5 月 28 日为本次激励计划的授权日/授予日，同意向符合条件的 166 名 激励对象授予股票期权 2,000.00 万份，行权价格为 10.63 元/份，向符合条件的 9 名激 励对象授予限制性股票 300.00 万股，授予价格为 5.32 元/股。 表决结果：同意票 4 票，反对票 0 票，弃权票 0 票。 董事林维声、冯军强、郑宇、穆光远作为拟激励对象，董事黄培钊作为拟激励对 象林维声姐夫，两人之间存在一致行动人的关系，上述董事对此议案回避表决。公司 1 深圳市芭田生态工程股份有限公司第八届董事会第二十一次会议决议公告 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 ...