证券代码：002539 证券简称：云图控股 公告编号：2025-041 成都云图控股股份有限公司 关于控股股东部分股份质押的公告 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。 成都云图控股股份有限公司（以下简称"公司"）近日接到控股股东宋睿先生 通知，获悉宋睿先生将其持有的部分公司股份办理了质押业务，具体事项如下： 一、 股东股份质押的基本情况 （一）本次股份质押的基本情况 | | | | | | 是 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 是否为控股 | 本次质 | 占其所 | 占公 | 否 | 是否 | | | | | | 股东 | 股东或第一 | 押数量 | 持股份 | 司总 | 为 | 为补 | 质押 | 质押 | 质权人 | 质押 | | 名称 | 大股东及其 | （万 | 比例 | 股本 | 限 | 充质 | 起始日 | 到期日 | | 用途 | | | 一致行动人 | 股） | | 比例 | 售 | 押 | | | | ...

Investment Rating - The report maintains a positive outlook on the pesticide industry, suggesting a "Buy" rating for key companies such as Yangnong Chemical, Lier Chemical, and Runfeng Shares [3][20]. Core Insights - The pesticide industry is experiencing a recovery due to the "Zhengfeng Zhijuan" initiative aimed at regulating the market, which has led to price increases for key products like fluorocarbon herbicides [3][4]. - The report highlights the impact of maintenance shutdowns at major production facilities, such as Wanhua's Hungarian plant, which may lead to supply shortages and price increases in the TDI market [3][4]. - The report emphasizes the potential for improved industry dynamics through the elimination of outdated production capacity, as indicated by government initiatives targeting key sectors [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a stable global GDP growth of 2.8%, with oil demand expected to rise despite some slowdown due to tariffs [4]. - The report notes that coal prices are expected to decline in the medium to long term, alleviating pressure on downstream industries [4]. Chemical Prices - Recent price movements include a 15% increase in the price of Lier Chemical's fluorocarbon herbicide and a similar rise for Zhongqi Shares [3][11]. - The report mentions that the price of TDI is expected to rise due to low global inventory levels and potential supply disruptions from maintenance activities [3][4]. Investment Recommendations - The report suggests focusing on traditional cyclical stocks and specific sectors such as coal chemical, real estate chain, and agricultural chemicals, highlighting companies like Wanhua Chemical and Hualu Hengsheng [3][20]. - Growth stocks with recovery potential are identified, including semiconductor materials and OLED panel materials, with specific companies recommended for investment [3][20].

Sales Performance and Market Demand - The company has maintained stable growth in phosphate fertilizer sales over the past three years, driven by integrated advantages across the entire industry chain and increasing market demand for efficient and environmentally friendly fertilizers [2] - The market for monoammonium phosphate (MAP) is robust, with strong demand from both agricultural and industrial sectors, leading to a promising outlook for the phosphate market [3] Project Developments - The company is advancing its 700,000-ton ammonia project in Hubei, which is expected to enhance self-sufficiency in nitrogen fertilizer raw materials and improve production efficiency [4] - In Guangxi, the company plans to invest in a green chemical new energy materials project, with a total planned capacity of 1.2 million tons of high-efficiency compound fertilizer and 2 million tons of ammonia [5] Resource Management - The company has significant phosphate resources in Leibo, Sichuan, with a total reserve of approximately 549 million tons and an annual mining capacity planned at 6.9 million tons [6] - The Leibo base will support the supply of raw materials for various products, enhancing overall profitability and market competitiveness [7] Future Growth Potential - Future growth is expected from industry chain collaboration, product structure optimization, and market expansion, with a notable increase in raw material self-sufficiency and improved product structure [7] - The company has implemented cash dividends totaling approximately 242 million yuan, accounting for 30.03% of the net profit attributable to shareholders for 2024, indicating a commitment to shareholder returns [7]

Investment Rating - The report maintains a "Positive" investment rating for the urea industry [12]. Core Insights - The urea industry is expected to continue its prosperous operation under a balanced supply and demand growth scenario in the coming years, despite strict export policies in China leading to price differentiation between domestic and international markets [3][9]. Summary by Sections Urea: Core Nutrient for Crop Growth - Urea is an organic compound composed of carbon, nitrogen, oxygen, and hydrogen, primarily used as nitrogen fertilizer for plants and in various industrial applications [6][20]. Supply and Demand Steady Growth, Industry Prosperity Expected - Global nitrogen fertilizer consumption is projected to grow at a compound annual growth rate (CAGR) of 3.7% from 1961 to 2024, reaching 118 million tons in 2024, driven by population growth and food demand [7][37]. - The global nitrogen fertilizer production is also expected to grow at a CAGR of 3.7%, reaching 123 million tons in 2024, with supply and demand growth remaining balanced [8][56]. Domestic and International Urea Price Trends - Urea prices have shown significant fluctuations, with a reversal in 2025. The price gap between domestic and international markets has exceeded 1400 RMB/ton as of July 11, 2025, indicating a synchronized upward trend despite strict export policies [9][78]. Key Companies: Hualu Hengsheng & Yuntu Holdings - Hualu Hengsheng is leveraging its flexible industrial chain advantages and ongoing project expansions to enhance its growth potential. The company has a urea production capacity of 3.07 million tons per year [10][84]. - Yuntu Holdings focuses on the research, production, and sales of compound fertilizers, with significant urea capacity expansion planned, aiming to benefit from the industry's high prosperity [10][89].

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The report highlights that policy changes are expected to drive medium to long-term recovery in the industry, with a continued positive outlook on resource sector performance exceeding expectations [2][9] - The petrochemical sector is anticipated to stabilize growth, with the retirement of outdated facilities likely to enhance industry recovery [9][17] - The report emphasizes the sustained optimism regarding the agricultural resource chain, particularly in the phosphate and potassium sectors, which are expected to maintain a relatively balanced supply-demand situation despite concerns over new capacity releases [9][17] Summary by Sections Price and Price Spread Changes - The report monitors 188 chemical products, noting that the top three price increases were for liquid chlorine (up 21.8%), TDI 80/20 (up 18.8%), and natural gas (up 6.3%), while the largest declines were for D4 (down 9.6%), butane (down 6.7%), and acrylic acid (down 5.0%) [14][18] - The top three price spreads that increased were PTA (up 1103.7%), TDI spread (up 30.1%), and acrylic acid butyl ester spread (up 25.6%), with the largest declines in styrene (down 36.5%), oil head propylene spread (down 36.1%), and polyethylene spread (down 20.8%) [19][18] Industry Recovery Expectations - There is a continuous expectation for industry bottom recovery, driven by policy changes and market dynamics [12] - The report indicates that the petrochemical sector has been in a prolonged low phase, and recent policy adjustments are likely to enhance market expectations for recovery [9][17] Agricultural Resource Sector Outlook - The agricultural resource sector, particularly phosphate and potassium, is expected to remain in a relatively tight supply-demand balance, with traditional agricultural needs and emerging demands contributing to this stability [9][17]

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The basic chemical sector has outperformed the market, with the industry index rising by 1.8% from July 11 to July 18, compared to a 0.7% increase in the Shanghai Composite Index [9][20] - The report highlights significant price increases in TDI, glyphosate, and glufosinate due to supply disruptions and rising demand, particularly in South America [6][31][33] Summary by Sections 1. Core Viewpoints - The basic chemical sector is expected to benefit from supply-side reforms and improved demand due to recent government policies aimed at stabilizing the economy [17] - The report emphasizes the potential for long-term investment in core assets as the profitability of chemical products has likely bottomed out, suggesting a recovery in valuations [17][18] 2. Overall Performance of the Chemical Sector - The basic chemical industry index has shown a year-to-date increase of 10.8%, outperforming both the Shanghai Composite and ChiNext indices by 5.4% and 4.5%, respectively [20][26] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the basic chemical sector, 251 stocks rose while 162 fell during the reporting week, with notable gainers including Shangwei New Materials (+148.8%) and Dongcai Technology (+33.2%) [29][30] 4. Key News and Company Announcements - A fire at Covestro's TDI plant in Germany has led to significant supply disruptions, creating opportunities for price increases in TDI [31][32] - Glyphosate prices have increased to 25,500 CNY per ton, reflecting a 7.16% month-over-month rise, driven by reduced inventory levels [33] - New regulations on glufosinate are expected to constrain supply, potentially leading to price increases as the market adjusts [34]

证券代码：002539 证券简称：云图控股 公告编号：2025-040 成都云图控股股份有限公司 关于公司提供担保的进展公告 截至本公告日，成都云图控股股份有限公司（以下简称"公司"）及子公司对 外担保余额占 2024 年度经审计净资产的 146.94%，均为公司及子公司之间相互 提供的融资担保，财务风险处于公司可控范围内，敬请投资者充分关注担保风险。 一、担保情况概述 （一）担保事项基本情况 公司于 2025 年 3 月 7 日召开的第六届董事会第二十九次会议和 2025 年 3 月 24 日召开的 2025 年第二次临时股东大会，审议通过了《关于 2025 年融资担保 额度预计的议案》，同意公司及子公司之间（包括公司与子公司之间、子公司与 子公司之间）相互提供不超过 150 亿元融资担保，担保方式包括但不限于保证担 保（含一般保证、连带责任保证等）、股权质押、资产抵押或其他符合法律法规 要求的担保。 在担保总额度范围内，公司 2025 年第二次临时股东大会授权公司及子公司 管理层实施担保事宜，并签署具体的担保协议及相关法律文件，上述担保额度自 该次股东大会批准之日起 12 个月内可循环使用。公司董事会对上 ...

Core Viewpoint - Company focuses on integrated development of nitrogen and phosphorus fertilizer industries, aiming to strengthen its competitive edge and expand market presence through resource utilization and strategic projects [2][6]. Group 1: Company Strategy and Industry Position - Company adheres to a "resource + industry chain" strategy, emphasizing the integration of nitrogen and phosphorus fertilizer production to create sustainable competitive barriers [2]. - The nitrogen fertilizer chain is built around salt mine resources, establishing a complete "salt-alkali-fertilizer" industry chain, with projects in Hubei and Guangxi expected to enhance self-sufficiency in raw materials [2]. - The phosphorus fertilizer chain leverages phosphate resources, focusing on both wet and thermal processes to produce various phosphate products, including those for new energy materials [2]. Group 2: Production Capacity and Competitive Advantages - Company has established production bases across China, including regions like Hubei, Sichuan, and Northeast China, ensuring stable raw material supply and market responsiveness [3]. - Ongoing projects in Guangxi and Xinjiang aim to enhance production capabilities and market reach, particularly in Southeast Asia [3]. Group 3: Project Developments and Impacts - The 700,000-ton ammonia project in Hubei is progressing well, with completion of main structures and equipment installation, expected to enhance resource efficiency and reduce costs [4]. - The project will also optimize production capacity and improve profitability through advanced technology [4]. Group 4: Phosphate Mining and Market Outlook - Company owns three phosphate mines in Sichuan, with ongoing construction of a 2.9 million tons/year mining project, expected to meet internal demand and stabilize raw material supply [5]. - The phosphate market is tightening due to increasing demand and environmental regulations, positioning the company favorably for future growth [5]. Group 5: Financial Performance - In Q1 2025, company reported revenue of 5.712 billion yuan, a year-on-year increase of 15.28%, and a net profit of 254 million yuan, up 18.99% [7]. - The company maintains a debt ratio of 61.73%, indicating a stable financial position amidst growth [7]. Group 6: Future Growth and Market Strategy - Company plans to enhance its fertilizer business through improved supply chain management, product upgrades, and expanded marketing efforts, aiming for steady market share growth [6]. - The focus on agricultural needs and food security policies supports a robust demand for compound fertilizers, with expectations for continued industry growth [6].

证券代码：002539 证券简称：云图控股 成都云图控股股份有限公司 投资者关系活动记录表 编号：2025-011 3、公司应城合成氨项目的建设内容和最新进展，投产后会给公司带 来的综合影响？ 答：公司应城基地 70 万吨合成氨项目，配套建设 60 万吨水溶性复合 肥、40 万吨缓控释复合肥、150 万吨精制盐等产线。目前，本项目已进入 加速落地阶段，主体结构已经完工，设备采购全部到位，正在有序开展 设备安装及配套设施建设。 本项目采用业内先进的工艺技术，升级打造"盐—碱—肥"全产业 链。降本增效方面，不仅解决了氮肥原料缺口问题，还能够实现资源的 高效利用和循环回收，降低各项能耗和综合成本，提升公司产品的盈利 水平和市场竞争力。产业链方面，可扩大公司产业规模，优化产能结 构，增强公司产业链之间的协同效应，为公司注入持续增长动能。 投资者关系活 动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 活动参与人员 中信证券、中泰证券、国金证券、兴全基金、申万菱信基金、海创基 金、富国基金、天弘基金、大成基金、国寿安保基金、银华基金、德邦 基金、工银瑞信基金、华 ...

Group 1 - The total investment of 570 billion yuan in the coal-phosphate chemical "big project" in the Yicheng Chemical Park indicates a significant influx of major enterprises such as Furun Technology, Hubei Lian Investment, and Yuntu Holdings [2] - The Yicheng Chemical Park has undergone a comprehensive upgrade with an investment of 1.5 billion yuan from the local government, enhancing safety and management standards, which has increased investor confidence [3] - Yuntu Holdings announced an additional investment of 12 billion yuan to build a green circular phosphate chemical industrial park in Yicheng [3] Group 2 - The introduction of a 1.2 billion yuan investment for technical upgrades in the new Eoxi Chemical's ammonia and ammonium nitrate production lines reflects ongoing efforts to enhance production capabilities [4] - The first phase of the coal storage base in the Xiaokai Port Economic Zone has been completed with a total investment of 143 million yuan, capable of static coal storage of 120,000 tons [4] - The second phase of the dedicated railway line for the Xiaokai Port Economic Zone, with a total investment of approximately 790 million yuan, is a key project to facilitate coal transportation and reduce regional energy costs [5] Group 3 - The completion of the dedicated railway line will enable high-quality coal from Inner Mongolia and Shaanxi to reach Xiaokai Port within 20 hours, significantly improving delivery speed and reducing transportation costs by 30% [5] - Yicheng aims to become a crucial part of the coal-phosphate chemical industry "golden triangle" in Xiangyang, focusing on strengthening and expanding the industrial chain [5]