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]

深圳市芭田生态工程股份有限公司投资者关系活动记录表 证券代码：002170 证券简称： 芭田股份 深圳市芭田生态工程股份有限公司投资者关系活动记录表 编号：2025-03 | | | □分析师会议 | | | ☑特定对象调研 | | --- | --- | --- | --- | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | | | | | □路演活动 新闻发布会 | | | | | | 类别 | □现场参观 | | | | | | | □其他 | | | | | | 参与单位名称及 | 大家资产管理有限责任公司、申万宏源证券有限公司、华泰资 | | | | | | 人员姓名 | 产管理有限公司、上海开思私募基金管理有限公司、上海煜德 | | | | | | | 投资管理中心（有限合伙） | | | | | | 时间 | 2025 年 6 月 18 日上午 10:00-11:00 | | | | | | 地点 | 贵州省黔南布依族苗族自治州瓮安县工业园区 | | | | | | | 常务副总裁吴益辉先生 | | | | | | | | | | 副总裁黄德明先生 | | ...

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].

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]

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 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》。 形。 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 权与限制性股票激励计划（草案）》的有关规定。 综上，公司 2025 年股票期权与限制性股票激励计划规定的授予条件已成 ...

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 ...