Core Viewpoint - Sichuan Development Longmang Co., Ltd. held an online earnings briefing on September 12, 2025, addressing investor inquiries regarding company operations and future plans [1] Group 1: Shareholding and Assets - The company holds a 49% stake in Chongqing Steel Group Mining Co., Ltd., indirectly acquiring part of the rights to Chongqing Steel Xichang Mining Co., Ltd. [1] - Recent acquisitions include 100% of Tianrui Mining, 51% of Guotuo Mining, 49% of Chongqing Steel Mining, 10% of Tiansheng Mining, and 60% of Tianbao Company [1] - The company has not disclosed information regarding the potential injection of the Lijiagou North Lithium Mine into the listed company [1] - The controlling shareholder, Sichuan Advanced Materials, holds the Tiger Cave Phosphate Mine (3.7 billion tons) and the Xiaogou Phosphate Mine (4 billion tons), with future asset injection plans subject to disclosure obligations [1] Group 2: Business Layout - The company currently does not produce lithium batteries but manufactures industrial-grade monoammonium phosphate, which can be used as a precursor for new energy battery cathode materials [1] - The De'a project with a capacity of 60,000 tons/year for lithium iron phosphate has been fully completed and put into production, while the 100,000 tons/year phosphate project is nearing completion [1] - The company primarily engages in the production and sales of industrial-grade monoammonium phosphate and fertilizer-grade monoammonium phosphate, with Tianbao Company producing feed-grade dicalcium phosphate for livestock nutrition [1] - The jointly held Sichuan Ganmei New Energy Resources Co., Ltd. is in the process of deregistration [1] - The implementation of the cooperation framework agreement with Fulim Precision Engineering has uncertainties, and the company will disclose progress in a timely manner [1] Group 3: Market and Customers - In the first half of 2025, revenue from industrial-grade monoammonium phosphate reached 1.063 billion yuan, a year-on-year increase of 13.55% [1] - The company is cautiously advancing the construction of the De'a and Panzhihua projects, with some projects in production and others still under construction, continuously optimizing the supply chain and customer structure [1] Group 4: Market Capitalization and Stock Price - The company's stock price is influenced by macroeconomic and industry factors [1] - A market value management system has been established, clarifying responsibilities and ongoing efforts, with no temporary hiring of market value management personnel [1] - Plans regarding chairman shareholding increases, company buybacks, and stock incentive optimization will be disclosed as required [1] Group 5: On-site Inspection - Individual investors can contact the company's investor hotline to verify shareholder identity for potential on-site inspections at the Deyang New Materials Base and Panzhihua New Materials Base [1]

证券代码：002312 证券简称：川发龙蟒 公告编号：2025-049 四川发展龙蟒股份有限公司 关于参加四川辖区 2025 年投资者网上集体接待日 及半年度报告业绩说明会情况的公告 本公司及董事会全体成员保证公告信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或者重大遗漏。 四川发展龙蟒股份有限公司（以下简称为"公司"）2025 年 9 月 9 日披露 了《关于参加四川辖区 2025 年投资者网上集体接待日及半年度报告业绩说明会 的公告》，具体内容详见《中国证券报》《上海证券报》《证券时报》《证券日 报》以及巨潮资讯网（www.cninfo.com.cn）相关公告。本次业绩说明会参会人员 有公司董事长朱全芳先生，独立董事张怀岭先生，董事、董事会秘书宋华梅女士 及财务总监朱光辉先生。公司广泛听取投资者的意见和建议，参会人员对投资者 关注的问题进行详细解答。现将本次业绩说明会主要问题及回复公告如下： 1.公司参股重庆钢铁了吗？ 答：尊敬的投资者您好！感谢您的关注！公司持有重庆钢铁集团矿业有限公 司 49%股权，从而间接获得其核心资产重钢西昌矿业有限公司（太和铁矿钒钛磁 铁矿资源）部分权益。 2.202 ...

Group 1: Company Investments and Acquisitions - The company holds a 49% stake in Chongqing Iron and Steel Group Mining Co., which indirectly provides access to its core assets, including the Taihe Iron Mine [2] - The company has completed acquisitions including 100% of Tianrui Mining, 51% of Guotuo Mining, 49% of Chongqing Iron and Steel Mining, 10% of Tiensheng Mining, and 60% of Tianbao Company [4] - The last phosphate mine, Laohudong, has a reserve of 370 million tons, and the company is focused on acquiring quality resources to enhance its integrated advantages [22] Group 2: Financial Performance and Market Strategy - In the first half of 2025, the company achieved revenue of 1.063 billion yuan from industrial-grade monoammonium phosphate, a year-on-year increase of 13.55% [21] - The company aims to achieve a revenue target of 8.38 billion yuan in 2025 [20] - The company is committed to a development strategy based on "scarce resources + core technology + industrial integration + advanced mechanisms" to drive both internal growth and external mergers [4][9] Group 3: Production Capacity and Projects - The De'a project has a production capacity of 60,000 tons/year for lithium iron phosphate, which is fully operational, while the 100,000 tons/year phosphate project is nearing completion [8][19] - The company is actively advancing the construction of new energy material projects, including the De'a and Panzhihua projects, to meet market demands [21] - The company is focused on optimizing its supply chain and customer structure as part of its project development strategy [17] Group 4: Market Challenges and Management - The company's stock price has been affected by macroeconomic and industry factors, leading to concerns about market performance [4][11] - The company has established a value management system to enhance operational efficiency and shareholder returns [5][11] - There are no current plans for stock buybacks, but the company will disclose any future plans as required [11][10]

及半年度报告业绩说明会的公告 证券代码：002312 证券简称：川发龙蟒 公告编号：2025-048 四川发展龙蟒股份有限公司 关于参加四川辖区 2025 年投资者网上集体接待日 本公司及董事会全体成员保证公告信息披露的内容真实、准确和完整，没 有虚假记载、误导性陈述或者重大遗漏。 二〇二五年九月八日 为进一步加强与投资者的互动交流，四川发展龙蟒股份有限公司（以下简称 "公司"）将参加由四川省上市公司协会、深圳市全景网络有限公司联合举办的 "四川辖区 2025 年投资者网上集体接待日及半年度报告业绩说明会"活动，现 将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" （https://rs.p5w.net）参与本次互动交流，活动时间为 2025 年 9 月 12 日（周五） 14:00—17:00。届时公司董事长朱全芳先生，独立董事张怀岭先生，董事、董事 会秘书宋华梅女士及财务总监朱光辉先生（如遇特殊情况，人员可能会有调整） 将在线就公司 2025 年半年度业绩、公司治理、发展战略、经营状况、融资计划 和股权激励等投资者关心的问题进行回复，与投资者进行沟通与交流，欢迎广大 投资者 ...

Group 1 - The stock price of Chuanfa Longmang has declined by 0.45% to 11.10 CNY per share, with a total market capitalization of 20.972 billion CNY and a trading volume of 585 million CNY, reflecting a cumulative drop of 5.45% over the last three days [1] - Chuanfa Longmang's main business segments include financial service outsourcing (45.58% of revenue), industrial-grade monoammonium phosphate (22.61%), feed-grade dicalcium phosphate (12.62%), and other products [1] - The company was established on May 20, 1997, and went public on December 3, 2009, located in Chengdu, Sichuan Province [1] Group 2 - The top circulating shareholder of Chuanfa Longmang is the Bosera Chengyu Economic Circle ETF (159623), which entered the top ten shareholders in the second quarter, holding 2.6171 million shares, representing 0.15% of circulating shares [2] - The Bosera Chengyu Economic Circle ETF has experienced a floating loss of approximately 130,900 CNY today and a total floating loss of 1.6749 million CNY during the three-day decline [2] - The ETF was established on August 15, 2022, with a current size of 3.365 billion CNY, and has achieved a year-to-date return of 31.45% [2]

Company Overview - Sichuan Development Longmang Co., Ltd. is located in Chengdu, Sichuan Province, and was established on May 20, 1997, with its listing date on December 3, 2009 [2] - The company's main business includes financial service outsourcing, express delivery services, and phosphate fertilizers, with revenue composition as follows: fertilizer products 45.58%, industrial-grade monoammonium phosphate 22.61%, feed-grade dicalcium phosphate 12.62%, others 9.04%, trading products 8.44%, and new energy materials 1.71% [2] - The company belongs to the basic chemicals industry, specifically in agricultural chemical products, focusing on phosphate fertilizers and phosphate chemicals [2] Financial Performance - For the first half of 2025, the company achieved operating revenue of 4.7 billion yuan, representing a year-on-year growth of 16.77%, while the net profit attributable to shareholders decreased by 18.69% to 239 million yuan [2] - Since its A-share listing, the company has distributed a total of 1.027 billion yuan in dividends, with 853 million yuan distributed over the past three years [3] Stock Performance - As of September 3, the stock price of Sichuan Development Longmang fell by 2.00% to 11.25 yuan per share, with a trading volume of 294 million yuan and a turnover rate of 1.47%, resulting in a total market capitalization of 21.255 billion yuan [1] - Year-to-date, the stock has declined by 21.49%, with a slight decrease of 1.40% over the last five trading days and a marginal increase of 0.55% over the last 60 days [1] - The company has appeared on the trading leaderboard once this year, with the most recent occurrence on January 17, where it recorded a net purchase of 60.16 million yuan [1] Shareholder Structure - As of August 20, the number of shareholders decreased to 190,700, with an average of 9,226 circulating shares per person, which increased by 9.81% [2] - Notable institutional holdings include Southern CSI 500 ETF as the fourth largest shareholder with 16.8266 million shares, and Hong Kong Central Clearing Limited as the fifth largest shareholder with 10.5520 million shares, which increased by 2.0743 million shares compared to the previous period [3]

Group 1 - The company, Chuanfa Longmang, stated that its main products include industrial-grade monoammonium phosphate, fertilizer series products, feed-grade dicalcium phosphate, lithium iron phosphate, and iron phosphate [2] - Industrial-grade monoammonium phosphate can be used in the production of lithium iron phosphate, which is utilized in the manufacturing of solid-state batteries [2]

Core Viewpoint - The report from Huazhong Securities indicates that Chuanfa Longmang achieved a net profit attributable to shareholders of 239 million yuan in the first half of the year, representing a year-on-year decrease of 18.69%, while the net profit after deducting non-recurring items also stood at 239 million yuan, down 16.17%, which aligns with expectations [1] Financial Performance - The main products experienced a slight price increase, but a decrease in phosphate ore production led to a decline in profits [1] - The company's phosphate chemical revenue showed good growth; however, the phosphate ore production declined year-on-year due to factors such as the technological transformation of its subsidiary Tianrui Mining, resulting in increased reliance on purchased phosphate ore and consequently higher overall operating costs [1] - The gross profit margin of the company's main products slightly decreased year-on-year [1] Industry Dynamics - The phosphate ammonium industry is experiencing a favorable shift driven by policy changes [1] - The company has completed acquisitions and secured shares in related enterprises [1] Strategic Focus - The company adheres to a development strategy centered on "scarce resources + core technology + industrial integration + advanced mechanisms," focusing on the development of its core phosphate chemical business [1] - Core products continue to maintain a leading position in the industry [1] - The company is actively building a multi-resource green circular economy industrial chain, leveraging its advantages in the circular economy [1] - There is a focus on addressing technical challenges in the phosphate chemical and new energy materials industries, with an emphasis on promoting technological innovation [1] Rating - The company maintains an "overweight" rating [1]

Core Viewpoint - The report indicates that Chuanfa Longmang's performance in the first half of 2025 met expectations, with ongoing integration in the industrial chain, leading to an "Accumulate" rating for the company [1] Financial Performance - In the first half of 2025, Chuanfa Longmang achieved operating revenue of 4.7 billion yuan, a year-on-year increase of 16.77%, while operating costs were 4.08 billion yuan, up 19.17%. The net profit attributable to shareholders was 239 million yuan, down 18.69% year-on-year [1] - For Q2 2025, the company reported revenue of 2.616 billion yuan, a year-on-year increase of 11.15% and a quarter-on-quarter increase of 25.49%. Operating costs were 2.247 billion yuan, up 13.35% year-on-year and 22.54% quarter-on-quarter. The net profit attributable to shareholders was 135 million yuan, down 28.73% year-on-year but up 31.20% quarter-on-quarter [2] Product Pricing and Production - The price of industrial-grade monoammonium phosphate rose due to high raw material costs and strong market demand, with an average market price of 6,437.75 yuan/ton in Q2 2025, a 6.67% increase quarter-on-quarter. The production volume for industrial-grade monoammonium phosphate was 216,600 tons, a year-on-year increase of 0.51% [3] - The average market price for fertilizer-grade monoammonium phosphate in Q2 2025 was 3,297.74 yuan/ton, up 5.48% quarter-on-quarter, while production volume decreased by 1.68% year-on-year to 5.04 million tons [3] Industry Dynamics - The phosphoric acid and ammonium industry is experiencing a favorable shift due to policy-driven changes, with Chuanfa Longmang completing acquisitions that enhance its competitive position. The company acquired 60% of Tianbao Company and 10% of Tiansheng Mining, which will improve its market standing [4] - Recent policies aimed at energy conservation and emissions reduction are leading to the exit of inefficient production capacities, which is expected to enhance industry concentration and competitiveness [4] Strategic Development - Chuanfa Longmang is focused on building a green circular economy industrial chain, leveraging scarce resources and core technologies. The company produced 1.1741 million tons of various phosphochemical products in the first half of 2025 [5] - The company is advancing its lithium battery materials projects and has completed the construction of a 6,000-ton/year lithium iron phosphate facility, with ongoing projects to enhance its resource reserves [5][6] Investment Outlook - The projected net profits for Chuanfa Longmang for 2025, 2026, and 2027 are 653 million yuan, 810 million yuan, and 945 million yuan respectively, with corresponding price-to-earnings ratios of 34, 27, and 23 times [7]

Investment Rating - Investment Rating: "Accumulate" (Maintain) [1] Core Views - The company reported a revenue of 4.7 billion yuan in the first half of 2025, representing a year-on-year increase of 16.77%. However, the net profit attributable to shareholders decreased by 18.69% to 239 million yuan [3][4] - The main products' prices have slightly increased, but a decline in phosphate ore production has negatively impacted overall profitability [4][6] - The company has completed acquisitions to enhance its market position, including a 60% stake in Tianbao Company and a 10% stake in Tiensheng Mining [6][7] - The company is focusing on building a green circular economy industrial chain and maintaining its leading position in the phosphate chemical industry [8] Financial Performance - In Q2 2025, the company achieved a revenue of 2.616 billion yuan, up 11.15% year-on-year, but the net profit decreased by 28.73% to 135 million yuan [4] - The company expects net profits for 2025-2027 to be 653 million, 810 million, and 945 million yuan respectively, with corresponding P/E ratios of 34, 27, and 23 times [9][10] - The gross profit margin is projected to improve from 14.3% in 2024 to 16.7% in 2027 [10] Industry Outlook - The phosphate industry is expected to benefit from policy-driven improvements in competition and efficiency, with strict controls on new capacity [6] - The company is actively pursuing technological innovations and expanding its resource base, including lithium and calcium mining projects [8]