Core Viewpoint - Despite significant revenue growth driven by high phosphate rock prices, the company faces serious challenges in its green development path due to environmental violations by its subsidiaries [1][4]. Group 1: Environmental Violations - The company's subsidiary, Guizhou Batian New Energy Materials Co., Ltd., was fined 390,000 yuan for operating its 50,000 tons/year phosphoric acid project without completing necessary environmental protection facilities [2]. - The total manager of the subsidiary was also fined 78,000 yuan, resulting in a "double penalty" for the same incident [2]. - This marks the second administrative penalty for the company this year, with previous fines related to significant safety hazards at its phosphate mining project [1][3]. Group 2: Financial Performance - The company anticipates a net profit attributable to shareholders between 450 million yuan and 520 million yuan for the first half of 2025, representing a substantial year-on-year increase of 199.60% to 246.20% [3]. - For the first three quarters of 2025, the company reported revenue of 3.809 billion yuan, a year-on-year increase of 56.50%, and a net profit of 687 million yuan, up 236.13% [3]. - In Q3 2025, the company achieved revenue of 1.266 billion yuan, a year-on-year increase of 43.45%, but a quarter-on-quarter decline of 11.59% [3]. Group 3: ESG Considerations - The company's environmental compliance issues come at a time when investors are increasingly focused on sustainable development and ESG (Environmental, Social, and Governance) principles [4]. - The approaching deadline for rectifying the environmental issues at the phosphoric acid project raises questions about the company's ability to balance growth and environmental responsibility [4].

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 公司本次向特定对象发行 A 股股票募集资金扣除发行费用后，投资于以下项目： 单位：万元 | 序号 | 项目名称 | 项目总投资 | 拟投入募集资金 | | --- | --- | --- | --- | | 1 | 硝酸法生产高纯磷酸项目 | 171,776.59 | 35,000.00 | | 2 | 补充流动资金及偿还银行贷款 | 30,000.00 | 15,000.00 | | | 合计 | 201,776.59 | 50,000.00 | （二）募集资金投资项目变更情况 再次使用部分闲置募集资金暂时补充流动资金的核查意见 中天国富证券有限公司（以下简称"中天国富、"保荐人"）作为深圳市芭田生态 工程股份有限公司（以下简称"芭田股份"、"公司"）向特定对象发行股票（以下简称 "本次发行"）的保荐人，根据 《证券发行上市保荐业务管理办法》《上市公司募集 资金监管规则》《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范 运作》等有关规定，对芭田股份使用部分闲置募集资金暂时补充流动资金的事项进行 了审慎的核查，具体核查情况如下： 一、募集 ...

关于再次使用部分闲置募集资金暂时补充流动资金的公告 深圳市芭田生态工程股份有限公司（以下简称"公司"）于 2025 年 11 月 24 日召开 第九届董事会第三次会议，审议通过了《关于再次使用部分闲置募集资金暂时补充流 动资金的议案》，为提高公司募集资金使用效率，降低财务费用，同意公司在确保不 影响募投项目建设的前提下，使用不超过 24,700.00 万元的闲置募集资金暂时补充流动 资金，该资金仅限使用于与子公司主营业务相关的生产经营，补充流动资金的期限自 董事会审议通过之日起不超过 12 个月，到期前或募投项目需要时及时归还至募集资金 专户。该事项在董事会审批权限范围内，无需提交股东会审议。现将具体事项公告如 下： 证券代码:002170 证券简称:芭田股份 公告编号:25-92 深圳市芭田生态工程股份有限公司 关于再次使用部分闲置募集资金暂时 补充流动资金的公告 一、募集资金的基本情况 经 2023 年 12 月 4 日中国证券监督管理委员会《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）核准，本公 司向特定对象发行 A 股股票，由中天国富证券有 ...

深圳市芭田生态工程股份有限公司 第九届董事会第三次会议决议公告 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"）第九届董事会第三次会 议于 2025 年 11 月 24 日（星期一）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 11 月 17 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。 深圳市芭田生态工程股份有限公司第九届董事会第三次会议决议公告 二、董事会会议审议情况 证券代码:002170 证券简称:芭田股份 公告编号:25-91 深圳市芭田生态工程股份有限公司董事会 三、备查文件 2025 年 11 月 24 日 （一）第九届董事会第三次会议决议； （二）深交所要求的其他文件。 特此公告。 1 深圳市芭田生态工程股份有限公司第九届董事会第三次会议决议公告 ...

Core Viewpoint - The expansion project of the Xiaogaozhai phosphate mine under Batian Co., Ltd. has made significant progress, increasing its annual production capacity from 2 million tons to 2.9 million tons, which is expected to enhance the company's competitiveness and economic benefits in the phosphate market [1][2][3] Group 1: Project Details - The Xiaogaozhai phosphate mine expansion project has received approval for safety facility design, allowing for an increase in production capacity to 2.9 million tons per year [1][3] - The second phase of the Xiaogaozhai phosphate mine construction project is estimated to cost no more than 150 million yuan, with a construction scale of 900,000 tons per year [2] - The physical selection phase II project at Xiaogaozhai phosphate mine is planned with an investment of no more than 80 million yuan, aiming for a total capacity of 1.2 million tons per year [2] Group 2: Market Context - Phosphate rock is a crucial upstream raw material for various sectors, including water-soluble fertilizers and new energy [2] - The price of domestic 30% grade phosphate rock has remained above 1,000 yuan per ton since the end of 2023, showing a slow upward trend [2] - Analysts believe that the pace of new phosphate rock production capacity will be delayed, maintaining a high level of demand for high-grade phosphate rock in the short to medium term [2]

Group 1: Industry Highlights - The domestic first large-capacity all-solid-state battery production line has been completed and is currently in small-batch testing, with reports indicating that it will be installed in vehicles by 2027, making 1000 km range for electric vehicles a possibility [4] - The Federal Reserve is managing interest rate cut expectations, with two officials calming the market after a significant drop, indicating a 69% probability of a rate cut in December, leading to a rebound in US stocks [5] - The lithium carbonate futures price has surged recently, prompting CATL to plan the earliest restart of an important lithium mine in Yichun next month, with significant gains in related market concept stocks [5] Group 2: Company Developments - Baillie Tianheng's self-developed dual-antibody ADC drug, iza-bren, has had its market application accepted, aimed at treating locally advanced or metastatic nasopharyngeal carcinoma [7] - Huawei has released Flex:ai AI container software, which utilizes computing power slicing technology to divide a single GPU/NPU computing power card into multiple virtual computing units, enabling simultaneous support for multiple AI workloads [8] - Longxin Storage has launched DDR5 and LPDDR5X memory products, with both product series reportedly ranking at the top tier in terms of speed and capacity in the industry [8] - JinkoSolar's Tiger 3 modules have officially entered mass production, with global orders reaching 15 GW [8] - Chang'an Automobile plans to gradually release prototype vehicles starting next year and will launch its first vehicle-mounted component robot in the first quarter of next year [8] - The company Nenghui Technology signed a contract with Company X for a total estimated price of 10 million yuan for new energy power battery assembly [8] - Guotai Microelectronics' major shareholder and its concerted actors plan to reduce their holdings by no more than 2.24% [8]

Core Viewpoint - The approval of the safety facility design for the expansion of the Xiaogaozhai phosphate mine by Batian Co., Ltd. is expected to enhance the company's phosphate production capacity and optimize its upstream and downstream industrial integration strategy, amidst a backdrop of high phosphate prices and increasing demand in the market [1][2]. Group 1: Company Developments - Batian Co., Ltd. received approval for the safety facility design of its Xiaogaozhai phosphate mine expansion project, increasing the production capacity from 2 million tons to 2.9 million tons per year [1]. - The company invested 343 million yuan to acquire exploration rights for the Xiaogaozhai phosphate mine, marking its transition from construction to production phase after receiving the safety production license in February [2]. - The company's revenue for the first three quarters reached 3.809 billion yuan, a year-on-year increase of 56.50%, with net profit attributable to shareholders at 687 million yuan, up 236.13% year-on-year, driven by significant growth in phosphate rock and fertilizer sales [2]. Group 2: Industry Insights - The average price of phosphate rock has remained high since 2025, supported by a tight supply-demand balance, with an expected total production of 12.99 million tons in China, a year-on-year increase of 11% [2]. - The downstream consumption capacity for phosphate rock is growing faster than the supply, with an increase of 611,000 tons this year, driven by the expanding demand in the new energy sector, particularly for lithium iron phosphate and related industries [3]. - Batian Co., Ltd. anticipates that the rising shipment volume of lithium iron phosphate batteries will positively impact phosphate rock prices, leveraging its high-quality phosphate resources in Guizhou to enhance its industrial chain advantages [3].

关于公司小高寨磷矿290万吨/年扩建项目安全设施设计审查获批复的公告 证券代码:002170 证券简称:芭田股份 公告编号:25-90 深圳市芭田生态工程股份有限公司 关于公司小高寨磷矿 290 万吨/年扩建项目安全设施设计 审查获批复的公告 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。 2014 年 4 月 25 日，深圳市芭田生态工程股份有限公司（以下简称"公司"）全资子公 司贵州芭田生态工程有限公司（简称"贵州芭田"）与贵州省矿权储备交易局签订了《贵州 省瓮安县小高寨磷矿勘探探矿权挂牌成交确认书》及《贵州省瓮安县小高寨磷矿勘探探矿 权出让合同》，具体内容详见 2014 年 4 月 26 日《巨潮资讯网》刊登的《对外投资进展公 告》（公告编号：14-21）。2020 年 5 月 26 日，公司全资子公司贵州芭田取得贵州省瓮安县 小高寨磷矿的《采矿许可证》。2025 年 2 月 10 日，贵州芭田收到了由贵州省应急管理厅 下发的小高寨磷矿《安全生产许可证》，开采规模 200 万吨/年。 一、小高寨磷矿建设项目简介 贵州芭田于 2025 年 7 月 3 日向 ...

Core Points - The company Ba Tian Co., Ltd. announced that its wholly-owned subsidiary, Guizhou Ba Tian, submitted an application for safety facility design review for a non-coal mining project, increasing the design capacity from 2 million tons to 2.9 million tons [1] - On November 21, Guizhou Ba Tian received approval from the Provincial Emergency Management Department for the safety facility design review of the 2.9 million tons per year expansion project [1] - The approval to increase production capacity from 2 million tons per year to 2.9 million tons is beneficial for the company to expand its phosphate rock production capacity and achieve its integrated phosphate chemical strategy [1]

公司实际使用闲置募集资金 241,706,767.02 元临时补充流动资金，公司在使用闲置 募集资金临时补充流动资金期间，严格遵守相关法律、法规和规范性文件的规定，对 资金进行了合理的安排与使用，没有影响募集资金投资计划的正常进行，没有变相改 变募集资金用途。 2025 年 11 月 19 日，公司已将上述用于暂时补充流动资金的闲置募集资金共计 241,706,767.02 元全部归还至募集资金专用账户，使用期限未超过 12 个月，并及时将 相关募集资金的归还情况告知保荐人及保荐代表人。 特此公告。 关于归还前次暂时补充流动资金的部分闲置募集资金的公告 证券代码:002170 证券简称:芭田股份 公告编号:25-89 深圳市芭田生态工程股份有限公司 关于归还前次暂时补充流动资金的部分 闲置募集资金的公告 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。 深圳市芭田生态工程股份有限公司（以下简称"公司"）于 2024 年 11 月 29 日分 别召开了第八届董事会第十六次会议和第八届监事会第十六次会议，审议通过了《关 于使用部分闲置募集资金暂时补充流动资金的议案》， ...