宜宾天原集团股份有限公司 第九届董事会第二十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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 宜宾天原集团股份有限公司（以下简称"公司"）第九届董事会 第二十次会议于 2025 年 12 月 30 日以通讯方式召开。本次会议应出 席董事 11 人，实际出席董事 11 人。 公司董事对提交本次会议的议案进行了认真审议，会议以记名投 票方式进行了表决，会议程序符合《公司法》及本公司章程的规定， 会议合法有效。 | 证券代码：002386 | 证券简称：天原股份 | | | 公告编号：2025-079 | | --- | --- | --- | --- | --- | | 债券代码:524174.SZ | 债券简称：25 | 天原 | K1 | | 生、魏红英女士回避表决情况下，审议通过《关于向宜发展申请提供 拟办理 7500 万新型政策性金融工具贷款服务担保并提供反担保暨关 联交易的议案》 同意公司向国家开发银行四川省分行申请 7500 万元新型政策性 金融工具贷款。 公司控股股东宜宾发展控股集团有限公司提供全额无条件不可 撤 ...

证券日报网讯 12月29日，天原股份发布公告称，公司2025年12月29日召开2025年第四次临时股东会， 审议通过《关于向控股股东提供反担保并支付担保费用暨关联交易的议案》《关于变更独立董事的议 案》《关于修订＜对外担保管理制度＞的议案》等多项议案。 （编辑 丛可心） ...

证券代码：002386 证券简称：天原股份 公告编号：2025-078 债券代码:524174.SZ 债券简称：25 天原 K1 宜宾天原集团股份有限公司 2025 年第四次临时股东会决议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 3、召开方式：现场投票和网络投票相结合 特别提示： 1、本次股东会无增加、否决或变更提案的情况。 2、本次股东会不涉及变更前次股东会决议。 一、会议的召开情况 1、会议召开时间： （1）现场会议：2025 年 12 月 29 日（星期一）14:00 （2）网络投票：2025 年 12 月 29 日 其中，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 12 月 29 日上午 9:15—9:25,9:30—11:30 和下午 13:00 —15:00；通过深圳证券交易所互联网投票系统投票的具体时间为： 2025 年 12 月 29 日 9:15-15:00 期间的任意时间。 2、现场会议召开地点：四川宜宾临港经济技术开发区港园路西 段 61 号公司会议室。 4、召集人：公司董事会 5、股权登记日：202 ...

北京市天元（成都）律师事务所 关于宜宾天原集团股份有限公司 2025 年第四次临时股东会的法律意见 （2025）天（蓉）意字第 45 号 致：宜宾天原集团股份有限公司 宜宾天原集团股份有限公司（以下简称"公司"）2025 年第四次临时股东会 （以下简称"本次股东会"）采取现场投票与网络投票相结合的方式，现场会议于 2025 年 12 月 29 日（星期一）下午 14:00 在四川宜宾临港经济技术开发区港园路西 段 61 号宜宾天原集团股份有限公司会议室召开。北京市天元（成都）律师事务所 （以下简称"本所"）接受公司聘任，指派本所律师参加本次股东会现场会议，并 根据《中华人民共和国公司法》《中华人民共和国证券法》（以下简称"《证券法》"） 《上市公司股东会规则》（以下简称"《股东会规则》"）以及《宜宾天原集团股 份有限公司章程》（以下简称"《公司章程》"）等有关规定，就本次股东会的召 集、召开程序、出席现场会议人员的资格、召集人资格、会议表决程序及表决结果 等事项出具本法律意见。 为出具本法律意见，本所律师审查了《宜宾天原集团股份有限公司第九届董 事会第十九次会议决议公告》《宜宾天原集团股份有限公司关于召开 2 ...

Group 1 - The titanium dioxide sector is leading the market with an increase of 1.93% [1] - Jinpu Titanium Industry saw a significant rise of 8.39% [1] - Anada and Guocheng Mining also experienced notable gains, rising by 5.19% and 4.98% respectively [1] - Tianyuan Co. and Huiyun Titanium Industry both increased by over 2% [1]

Core Viewpoint - The titanium dioxide market is experiencing a collective price increase as companies like Longbai, Tianyuan, and Huiyun Titanium Industry announce price hikes due to high production costs and ongoing market challenges [1][14]. Price Increases - On December 19, Tianyuan Group initiated a price increase of 700 CNY/ton for domestic chlorinated titanium dioxide and 100 USD/ton for international markets, effective immediately [1][15]. - On the same day, Guangdong Huiyun Titanium Industry followed suit, raising prices by 500 CNY/ton domestically and 70 USD/ton for exports [1][15]. - On December 22, Longbai Group and Shandong Jinhai Titanium Industry also raised prices by 500 CNY/ton domestically and 70 USD/ton internationally [3][18]. - Other companies, including Inner Mongolia Guocheng Titanium Industry and Guangxi Bluestar Dahua Chemical, implemented similar price increases of 500 CNY/ton domestically and 70 USD/ton internationally [7][21]. Cost Pressures - The titanium dioxide industry has faced significant cost pressures due to soaring prices of key raw materials, particularly sulfur and sulfuric acid [9][14]. - Solid sulfur prices in East China have surged to over 4000 CNY/ton, marking a 160% increase compared to the same period in 2024 and a 446% increase from the 2023 low of 735 CNY/ton [10][24]. - The price of 98% sulfuric acid has also exceeded 980 CNY/ton, driven by high sulfur prices and other compounding factors [12][26]. Market Conditions - Despite the recent price increases, the titanium dioxide market remains under pressure, with many companies reporting losses and facing challenges from anti-dumping measures abroad [14][28]. - The real estate sector has not shown significant recovery, leading to weak end-user demand, with downstream companies primarily engaging in essential purchases [14][28]. - The average market price for rutile titanium dioxide is currently between 12,300 and 13,700 CNY/ton, while anatase titanium dioxide is priced between 12,000 and 12,500 CNY/ton, reflecting a decline of over 30% from the 2021 peak of 20,400 CNY/ton [14][28].

Group 1 - Tianyuan Co., Ltd. experienced a stock price increase of 3.80% on December 19, with a trading volume of 115 million yuan [1] - The company had a financing buy amount of 11.05 million yuan and a financing repayment of 11.01 million yuan on the same day, resulting in a net financing buy of 36,300 yuan [1] - As of December 19, the total financing and securities lending balance for Tianyuan Co., Ltd. was 277 million yuan, which is 3.90% of its circulating market value, indicating a low financing balance compared to the past year [1] Group 2 - As of November 10, the number of shareholders for Tianyuan Co., Ltd. was 58,100, an increase of 13.92% from the previous period, while the average circulating shares per person decreased by 12.22% to 22,399 shares [2] - For the period from January to September 2025, Tianyuan Co., Ltd. reported an operating income of 8.49 billion yuan, a year-on-year decrease of 14.89%, while the net profit attributable to shareholders increased by 132.63% to 31.69 million yuan [2] Group 3 - Since its A-share listing, Tianyuan Co., Ltd. has distributed a total of 699 million yuan in dividends, with 202 million yuan distributed over the past three years [3] - As of September 30, 2025, Hong Kong Central Clearing Limited was the seventh largest circulating shareholder of Tianyuan Co., Ltd., holding 10.82 million shares, an increase of 564,900 shares from the previous period [3]

债券代码：524174.SZ 债券简称：25 天原 K1 中信证券股份有限公司关于 宜宾天原集团股份有限公司子公司无穷矿业 黄磷产能指标转让的临时受托管理事务报告 中信证券股份有限公司作为宜宾天原集团股份有限公司"25 天 原 K1"的受托管理人，严格按照以上债券《受托管理协议》的约定履 行受托管理人职责，持续密切关注对债券持有人权益有重大影响的事 项。根据《公司债券发行与交易管理办法》、《公司债券受托管理人执 业行为准则》等相关规定及以上债券《受托管理协议》的约定，现就 相关重大事项报告如下： 一、交易概述 债券受托管理人 2025 年 12 月 1 重要声明 本报告依据《公司债券发行与交易管理办法》、《公司债券受托管 理人执业行为准则》、《宜宾天原集团股份有限公司 2024 年面向专业 投资者公开发行科技创新公司债券受托管理协议》（以下简称"《受托 管理协议》"）等相关规定和约束、公开信息披露文件、宜宾天原集团 股份有限公司（以下简称"发行人"、"公司"）出具的相关说明文件以 及提供的相关资料等，由本次公司债券受托管理人中信证券股份有限 公司（以下简称"中信证券"）编制。 本报告仅对公司债券受托的有关事项 ...

Group 1 - The chlor-alkali sector is experiencing a strong performance, with multiple companies showing significant gains [1] - Shandong Shihua Industrial has reached the daily limit increase, indicating strong market interest [1] - Other companies such as Xinjin Road, Yaxing Chemical, Salt Lake Shares, Tianyuan Shares, Hengguang Shares, Hu塑 Shares, and Yingli Special Materials are also seeing upward movement in their stock prices [1]

Core Viewpoint - The global yellow phosphorus (P4) supply is dominated by China, Vietnam, and Kazakhstan, with China contributing 82.6% of the total production capacity in 2024, amounting to 1.45 million tons [2][9]. Group 1: Yellow Phosphorus Production - Yellow phosphorus is primarily produced using electric furnace and blast furnace methods, with electric furnace being the dominant method in China due to its high yield and product purity [2][4]. - In 2024, global yellow phosphorus production capacity is projected to reach 1.755 million tons, with China accounting for 1.45 million tons [2][9]. - China's yellow phosphorus production has seen significant growth since the reform and opening up, reaching a production peak of 1.025 million tons in 2014 [2][9]. - Environmental policies have led to a decline in China's yellow phosphorus production since 2016, with production expected to fluctuate between 2020 and 2025 [2][9]. Group 2: Regional Production and Demand - The main production regions in China are Yunnan, Guizhou, Sichuan, and Hubei, with Yunnan being the largest producer, contributing 44.4% of the global total in 2024 [2][9]. - In 2024, China's yellow phosphorus production is expected to reach 857,100 tons, a 16.5% increase from the previous year [2][9]. - The domestic demand for yellow phosphorus is relatively stable, with a projected apparent demand of 741,000 tons in 2024, indicating a self-sufficient state [2][9]. Group 3: Application and Industry Structure - The primary applications of yellow phosphorus include phosphoric acid and glyphosate, which account for 35% and 31% of the total usage, respectively [2][9]. - The top five yellow phosphorus producers in China contribute to 29% of the national capacity, including companies like Guizhou Wengfu and Yunnan Xuanwei Phosphate [2][3]. - The yellow phosphorus industry is crucial for various sectors, including agriculture, industrial manufacturing, and new energy, impacting global supply chain stability [6][9].