2025年第三次临时股东大会决议公告 深圳市芭田生态工程股份有限公司 2025 年第三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： 证券代码: 002170 证券简称: 芭田股份 公告编号:25-73 参加本次股东大会的股东及股东代表共 159 人，代表股份 261,749,831 股， 2、表决方式：现场书面记名投票结合网络投票 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。 3、会议召开时间： 5、主持人：黄培钊先生 现场会议时间为：2025 年 9 月 15 日（星期一）下午15:00 开始 6、会议的召集、召开符合《公司法》、《股东大会议事规则》、《股票上 市规则》及《公司章程》等有关规定。 三、会议的出席情况： （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 9 月 15 日上午 9:15—9:25，9:30—11:30，下午 1 ...

Group 1 - The agricultural chemical sector increased by 0.43% on September 12, with Yangmei Chemical leading the gains [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] - Yangmei Chemical's stock price rose by 9.96% to 2.98, with a trading volume of 1,001,700 shares and a transaction value of 289 million [1] Group 2 - The agricultural chemical sector experienced a net outflow of 12.76 million from main funds, while retail funds saw a net outflow of 126 million [2] - The sector attracted a net inflow of 139 million from speculative funds [2] - The stock of Yangmei Chemical had a main fund net inflow of 70.51 million, but retail funds saw a net outflow of 43.75 million [3]

Core Viewpoint - The report from Huaxin Securities highlights that Batian Co., Ltd. achieved a net profit attributable to shareholders of 456 million yuan in the first half of the year, representing a year-on-year increase of 203.71% [1] Financial Performance - In Q2 2025, the company recorded a net profit attributable to shareholders of 285 million yuan, which is a year-on-year increase of 192.98% and a quarter-on-quarter increase of 67.26% [1] - The phosphate rock segment contributed 998 million yuan in revenue during the first half of the year, a significant increase of 455.79% compared to 180 million yuan in the same period last year [1] - The net cash flow from operating activities for the company in the first half of the year was 754 million yuan, up 224.05% year-on-year, primarily due to a substantial increase in sales [1] Resource Development - The Xiaogaozhai phosphate mine has commenced production, which not only meets the company's integrated production needs but also delivers substantial performance results [1] - The current production capacity of the Xiaogaozhai phosphate mine is 2 million tons, with plans for expansion to 2.9 million tons, which has completed the full production design and is currently under review [1] - The expansion will further enhance the company's resource moat and profitability [1] Investment Rating - The company has been given a "Buy" investment rating based on its strong financial performance and growth prospects [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][11][50] Core Views - The company has experienced significant revenue growth, with a 63.93% year-on-year increase in revenue for the first half of 2025, reaching 2.543 billion yuan, and a 203.71% increase in net profit, amounting to 456 million yuan [3][4] - The growth in profitability is primarily attributed to a substantial increase in phosphate rock sales, which saw a revenue increase of 455.79% year-on-year [4] - The company is expected to continue its growth trajectory, with projected revenues of 5.4 billion yuan, 6.3 billion yuan, and 7.0 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 1.2 billion yuan, 1.5 billion yuan, and 1.7 billion yuan for the same years [11][48] Financial Performance - In Q2 2025, the company achieved revenue of 1.431 billion yuan, a year-on-year increase of 59.94%, and a net profit of 285 million yuan, reflecting a year-on-year growth of 192.98% [3][5] - The gross profit margin for Q2 2025 was reported at 37.72%, an increase of 15.61 percentage points year-on-year [3][5] - The company’s operating cash flow for the first half of 2025 was 754 million yuan, a significant increase of 224.05% year-on-year, driven by increased sales collections [4] Product Performance - Phosphate rock sales generated 998 million yuan in revenue in the first half of 2025, with a gross margin of 70.81% [4] - The compound fertilizer segment generated 1.497 billion yuan in revenue, with a gross margin of 14.53% [4] - The average price of phosphate rock in Q2 2025 was 1,020 yuan per ton, showing a slight increase of 1% year-on-year [5][19] Shareholder Returns - The company plans to distribute a cash dividend of 1.60 yuan per 10 shares, amounting to approximately 154.74 million yuan, which represents 33.92% of the net profit attributable to shareholders for the first half of 2025 [10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a significant increase in performance, with a revenue of 2.54 billion yuan for the first half of 2025, representing a year-on-year growth of 63.9%. The net profit attributable to shareholders reached 460 million yuan, up 203.7% year-on-year [3][4]. - In Q2 alone, the company achieved a revenue of 1.43 billion yuan, reflecting a year-on-year increase of 59.9% and a quarter-on-quarter increase of 28.8%. The net profit for Q2 was 290 million yuan, which is a 193.0% increase year-on-year and a 67.3% increase quarter-on-quarter [3][4]. - The company plans to distribute a cash dividend of 1.60 yuan per 10 shares (including tax) for the first half of 2025, totaling 150 million yuan [3][4]. Summary by Sections Financial Performance - The company’s revenue structure has changed significantly, with phosphate mining revenue reaching 1.0 billion yuan, a substantial increase of 455.8% year-on-year. This growth is attributed to the commencement of production at the Guizhou Batian phosphate mine [9]. - The phosphate mining business accounted for 39.3% of total revenue in the first half of 2025, up from 11.6% previously. The gross margin for phosphate mining was 70.8% [9]. - The compound fertilizer business remained stable, generating 1.5 billion yuan in revenue, a year-on-year increase of 11.3% [9]. Market Outlook - The high demand for phosphate rock is expected to continue, with the company holding high-grade phosphate resources. The average P2O5 content is 26.74%, and the price for phosphate rock remains strong at 860 yuan per ton [9]. - The current phosphate cycle began in 2020, driven by supply and demand dynamics, and is expected to remain tight through 2024-2025 due to limited production increases [9]. Growth Potential - The company has a production capacity of 2 million tons of phosphate rock per year and an additional 900,000 tons under construction, which will enhance its position in the phosphate chemical industry [9]. - The company has committed to a generous dividend policy, planning to distribute at least 60% of total profits as dividends from 2024 to 2026 [9].

Core Insights - The performance of listed fertilizer companies in the first half of 2025 showed a mixed trend, with 13 out of 29 companies reporting a year-on-year decline in revenue and 17 companies experiencing a decrease in net profit, including 4 companies that reported losses [1] - Notable performers included Yara International and Batian Co., with Yara's revenue increasing by 48.54% and net profit soaring by 216.64%, while Batian's revenue rose by 63.93% and net profit grew by 203.71% [1][2] - Conversely, Liuguo Chemical reported a staggering net profit decline of 608.08%, resulting in significant losses [1] Revenue and Profit Analysis - Major nitrogen fertilizer companies, including Hualu Hengsheng and Hubei Yihua, generally saw declines in both revenue and net profit, with revenue drops ranging from 0.63% to 24.03% and net profit declines between 12.77% and 97.58% [4][5] - In the urea segment, Hubei Yihua's revenue fell by 16.81% and gross margin decreased by 17.01%, while Sichuan Meifeng's revenue dropped by 26.23% with a 21.00% reduction in gross margin [4][5] Segment Performance - The potassium fertilizer sector exhibited strong profitability, with companies like Salt Lake Co. and Yara International reporting significant net profit increases between 13.69% and 216.64% [8][9] - Yara International's revenue reached 2.522 billion yuan, a 48.54% increase, with net profit at 855 million yuan, a 216.64% rise, attributed to increased sales volume and prices [8] - The phosphate sector showed mixed results, with some companies like Chuanheng Co. and Chuanjinno achieving revenue and profit growth, while others like Yuntianhua and Xingfa Group faced declines [6][7] Market Trends - The overall nitrogen fertilizer market is under pressure due to low product prices and increased production costs, with many companies citing these factors as reasons for their declining performance [5][6] - The phosphate market is experiencing cost pressures due to rising sulfur prices, impacting profitability for many producers [7] - The potassium fertilizer market is tightening due to production cuts from major international suppliers, leading to price increases in both domestic and international markets [9][10] Strategic Shifts - Companies are increasingly focusing on transitioning to new types of fertilizers, which show stronger profitability compared to traditional products [14] - New product lines, such as controlled-release fertilizers, are gaining market share and driving growth in the industry [14]

Core Viewpoint - The company reported significant revenue and profit growth in the first half of 2025, driven by strong performance in its fertilizer and phosphate mining segments [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved total revenue of 2.543 billion yuan, a year-on-year increase of 63.93%, and a net profit attributable to shareholders of 456 million yuan, up 207.98% [1]. - In Q2 2025, the company recorded a single-quarter revenue of 1.431 billion yuan, representing a year-on-year growth of 59.94% and a quarter-on-quarter increase of 28.77% [1]. - The net profit for Q2 2025 was 285 million yuan, showing a year-on-year rise of 192.98% and a quarter-on-quarter increase of 67.26% [1]. Group 2: Segment Performance - The revenue from the fertilizer manufacturing, phosphate mining, and new energy materials segments in H1 2025 was 1.517 billion yuan, 998 million yuan, and 28 million yuan, accounting for 59.65%, 39.26%, and 1.09% of total revenue, respectively [2]. - The average market prices for phosphate rock and nitric acid products in H1 2025 were 1,019.1 yuan/ton and 1,558.58 yuan/ton, with year-on-year changes of 0.97% and -19.25%, respectively [2]. - The company benefits from abundant phosphate rock resources, which supports a strong profitability outlook due to sustained high prices [2]. Group 3: Incentive Plans - The company has established a stock option and restricted stock incentive plan for 2025, proposing to grant a total of 23 million shares, representing 2.39% of the total share capital [3]. - The plan includes 20 million stock options with an exercise price of 10.63 yuan/share and 3 million restricted stocks with a grant price of 5.32 yuan/share [3]. - Performance assessment criteria for the first evaluation period require a net profit of no less than 1.2 billion yuan or sales volume of at least 3.5 million tons to achieve full points [3][4]. Group 4: Dividend Policy - The company announced a cash dividend of 2.80 yuan per 10 shares for the 2024 fiscal year, subject to adjustments due to changes in total share capital from stock option exercises [5]. - The dividend record date was set for July 3, 2025, with the ex-dividend date on July 4, 2025 [5]. - The company plans to propose a mid-term dividend scheme for 2025, contingent on positive mid-term profits and sufficient cash flow, with a minimum distribution of 10% of distributable profits [5]. Group 5: Earnings Forecast and Valuation - The company has adjusted its earnings forecast due to underperformance in the Xiaogaozai phosphate mine, projecting revenues of 4.794 billion yuan, 5.849 billion yuan, and 6.584 billion yuan for 2025-2027 [6]. - The projected net profits for the same period are 876 million yuan, 1.252 billion yuan, and 1.317 billion yuan, with corresponding EPS of 0.91 yuan, 1.29 yuan, and 1.36 yuan [7]. - The company maintains a "buy" rating, anticipating significant contributions from future phosphate mine production despite potential delays [7].

Market Overview - The agricultural chemical sector experienced a decline of 2.2% on September 2, with Sierte leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Notable gainers in the agricultural chemical sector included: - Yingtai Biological: Closed at 4.62, up 3.59% with a trading volume of 411,100 shares and a turnover of 188 million [1] - New Agricultural Shares: Closed at 19.88, up 3.11% with a trading volume of 111,800 shares and a turnover of 225 million [1] - Taihe Shares: Closed at 32.07, up 2.66% with a trading volume of 98,100 shares and a turnover of 313 million [1] - Major decliners included: - Sierte: Closed at 5.03, down 7.71% with a trading volume of 714,700 shares and a turnover of 361 million [2] - Xin'an Shares: Closed at 10.71, down 5.56% with a trading volume of 636,200 shares and a turnover of 689 million [2] - Lianhua Technology: Closed at 11.33, down 5.19% with a trading volume of 858,800 shares and a turnover of 989 million [2] Capital Flow - The agricultural chemical sector saw a net outflow of 973 million from institutional investors, while retail investors contributed a net inflow of 728 million [2][3] - Key stocks with significant capital flow included: - Xin'an Shares: Institutional net inflow of 31.48 million, retail net outflow of 37.07 million [3] - New Agricultural Shares: Institutional net inflow of 29.05 million, retail net outflow of 19.80 million [3] - Hong Sifang: Institutional net inflow of 24.48 million, retail net outflow of 29.65 million [3]

Core Viewpoint - The performance of the Zhongzheng 2000 ETF Enhanced (159556) has shown a decline of 2.20% as of the midday close on September 2, with a trading volume of 2.0863 million yuan [1] Group 1: Fund Performance - The Zhongzheng 2000 ETF Enhanced (159556) has a performance benchmark based on the Zhongzheng 2000 Index return [1] - Since its establishment on December 27, 2023, the fund has achieved a return of 18.85% [1] - The fund's return over the past month is reported at 9.45% [1] Group 2: Major Holdings - Major stocks in the fund include: - Zhenhua New Materials, down 1.72% - Hengbao Co., down 8.57% - Yongding Co., down 6.21% - Yong'an Pharmaceutical, down 2.03% - Xuguang Electronics, down 1.07% - Zhongke Technology, down 1.89% - Juguang Technology, down 3.61% - Huitong Energy, down 2.42% - Xinke Materials, down 2.41% - Batian Co., down 3.71% [1]

Core Viewpoint - The company, Batian Co., Ltd., reported significant growth in revenue and profit for the first half of 2025, driven by increased sales of phosphate rock and fertilizer products, indicating a strong performance in a high-demand industry [1][5]. Financial Performance - The company achieved operating revenue of 2.543 billion yuan, a year-on-year increase of 63.93% [1] - Total profit reached 600 million yuan, up 237.1% year-on-year [1] - Net profit attributable to shareholders was 456 million yuan, reflecting a 203.71% increase [1] - Net cash flow from operating activities was 754 million yuan, a growth of 224.05% [1] - The company announced a mid-term cash dividend of 1.6 yuan per share, totaling 155 million yuan, to reward shareholders for strong performance [1][6]. Industry Dynamics - The company is leveraging high-quality phosphate resources in Guizhou to enhance its production capabilities and expand its product offerings in the phosphate fertilizer sector [2][4]. - The small Gaozhai phosphate mine achieved a production capacity of 2 million tons in October 2024 and received a safety production license in February 2025, marking a significant increase in production capacity [2]. - The company reported a substantial increase in phosphate production, with sales revenue from phosphate mining reaching 998 million yuan, a year-on-year increase of 455.79% [2]. Competitive Advantage - The company has established an integrated industrial layout that combines upstream phosphate production with downstream high-purity phosphate chemical development, enhancing its competitive edge [4]. - The company has seen a steady increase in patent applications, with a total of 1,482 patents filed, including 815 invention patents, indicating strong R&D capabilities [4]. Shareholder Returns - The company has committed to a cash dividend policy, aiming to distribute at least 60% of cumulative distributable profits over the years 2024 to 2026 [5]. - The company’s dividend payout ratio for 2024 is projected at 65.98%, with a dividend yield of 3.21%, reflecting a strong commitment to shareholder returns [6].