Production Capacity and Distribution - The company has a total compound fertilizer production capacity of 7.55 million tons, with an additional 1.3 million tons under construction [2][3] - The production bases are strategically located across various regions in China and Malaysia, including Hubei, Shandong, Henan, Sichuan, and Xinjiang [2][3] - The company has nearly 6,000 primary distributors and over 100,000 retail outlets nationwide, with ongoing expansion into Southeast Asian markets [2][3] New Fertilizer Demand and Development - The new fertilizer segment is becoming a key growth driver, supported by agricultural green transformation and policy backing [3][4] - The company is developing 1.3 million tons of new fertilizer capacity in Hubei and Shandong, expected to enhance production scale and profit margins [3][4] - Recent innovations include new products such as water-soluble monoammonium phosphate and high-concentration liquid potassium-phosphorus fertilizers [3][4] Phosphate Fertilizer Composition and Profitability - The phosphate fertilizer products mainly consist of fertilizer-grade and industrial-grade monoammonium phosphate, with the latter entirely sold externally [4] - The company’s phosphate fertilizer business is projected to grow significantly due to increasing demand in agriculture, fire safety, and new energy materials [4] Phosphate Mining Progress and Impact - The company owns three phosphate mines in Sichuan, with ongoing construction of a 2.9 million tons/year mining project [5] - The mining projects aim to ensure stable raw material supply and reduce production costs, enhancing market competitiveness [5] Synthetic Ammonia Project Development - The company is constructing a 700,000 tons synthetic ammonia project, which is expected to meet nitrogen fertilizer raw material needs and lower overall costs [5] - The project will also expand production capacity and optimize the industrial structure, providing strong support for sustainable development [5]

Core Viewpoint - The article emphasizes the role of futures in supporting high-quality development within the agricultural sector, particularly through the innovative models adopted by enterprises in the futures market to stabilize operations and enhance supply chain security [1]. Group 1: Company Insights - Yuntu Holdings, a leading compound fertilizer company, has established a comprehensive risk management system that integrates futures trading into its procurement, production, and sales processes, allowing it to stabilize costs and ensure supply during price fluctuations [2][3]. - Sichuan Agricultural Fertilizer has seen its urea trading volume increase from 1.2 million tons in 2021 to approximately 2.45 million tons in 2024, demonstrating its proactive approach to risk management through futures [3][4]. - Huailong Group has actively participated in the urea futures market since its launch in 2019, recognizing the importance of futures tools for managing price volatility and enhancing operational efficiency [4][5]. Group 2: Risk Management Strategies - Yuntu Holdings employs a risk management matrix that includes buying hedges to lock in costs, production guidance based on futures prices, and selling hedges to mitigate inventory devaluation risks [3]. - Sichuan Agricultural Fertilizer has innovated its business model by utilizing urea options and implementing strategies such as selling options to enhance sales profits and control procurement costs [4]. - Huailong Group has utilized futures to create virtual inventories, effectively managing procurement costs during periods of price fluctuations [5]. Group 3: Industry Collaboration - The article highlights the increasing adoption of basis trading models among enterprises, which not only stabilizes their operations but also supports upstream and downstream partners in managing costs and securing supply [6][7]. - Sichuan Agricultural Fertilizer has successfully assisted downstream clients in locking in raw material costs through basis pricing, resulting in significant cost savings [6][7]. - The collaboration among enterprises in the futures market has led to the establishment of a new ecosystem that integrates futures trading with operational strategies, enhancing overall industry resilience [8][10]. Group 4: Future Directions - The Zhengzhou Commodity Exchange continues to support the development of production and finance bases, aiming to enhance the understanding and utilization of futures among industry players [8][9]. - Yuntu Holdings plans to further promote the application of urea futures and assist clients in designing risk management strategies, fostering long-term cooperative ecosystems [8][10]. - Sichuan Agricultural Fertilizer aims to improve service quality by collecting feedback from upstream and downstream enterprises, enhancing the customization of risk management solutions [10].

证券代码：002539 证券简称：云图控股 公告编号：2025-039 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 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。 特别风险提示： 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 142.97%，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。 单位：万元 | | | 1 | 1 | 应城市新都化工有限 | 693,000 | 593,100 | 31,000 | 624,100 | 68,900 | | --- | --- | --- | --- | --- | --- | --- | | | 责任公司 | | | | | | | 2 | 嘉施利（宜城）化肥有 | 80,000 | 45,000 | 17,000 | 62,000 | 18,000 | | | 限公司 | | | | | | | 3 | 嘉施利（平原）化肥有 限公司 | 9,500 | 0.00 | 4,500 | 4, ...

Investment Rating - Investment rating for the basic chemical industry is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes that the price of phosphate rock remains high, and the supply-demand dynamics are expected to continue to support this trend. The performance of listed companies in the phosphate chemical sector, such as Yuntianhua and Chuanheng Co., has been strong, with significant dividends expected [4][14] - The report maintains the view that barriers to phosphate mining and selection are increasing, which may lead to lower-than-expected supply growth, keeping price levels elevated. The optimization of the product structure in the phosphate chemical sector is expected to help companies maintain stable operations and enhance cash dividend capabilities [4][14] Resource Side - In 2024, China's phosphate rock reserves are approximately 3.7 billion tons, a decrease of 1 million tons year-on-year, representing a decline of 2.6%. The domestic phosphate rock production in 2024 is projected to be 113.52 million tons, an increase of 8.2% year-on-year [5][16] - The report forecasts limited new supply of phosphate rock from 2025 to 2026, with domestic production expected to reach 120.38 million tons in 2025, 136.33 million tons in 2026, and 151.73 million tons in 2027 [5][32] Product Side - The supply of phosphate ammonium and feed-grade calcium phosphate is optimizing, with wet-process phosphoric acid production continuing to increase. The demand for wet-process phosphoric acid is expected to rise steadily, reaching a 17.3% share of phosphate rock demand in 2024, up from previous years [5][36] - The report highlights that the domestic phosphate ammonium market is experiencing limited new capacity, with the CR5 capacity shares for various types of phosphate ammonium being 71%, 30%, and 44% respectively [5][35] Supply-Demand Matching - The report anticipates that the supply-demand balance for phosphate rock will remain tight in 2025, with consumption expected to be 98.3% of production. The supply-demand situation is expected to ease slightly in 2026 and 2027 [6][32] Profit Forecast and Investment Recommendations - The report recommends companies with integrated mining and processing capabilities, such as Xingfa Group and Yuntianhua, as potential investment targets due to their strong operational performance and dividend potential [4][14]

证券代码：002539 证券简称：云图控股 公告编号：2025-038 成都云图控股股份有限公司 2024 年年度权益分派实施公告 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"或"本公司"）2024 年年度 权益分派方案已获 2025 年 5 月 6 日召开的 2024 年年度股东大会审议通过，现将 权益分派事宜公告如下： 一、股东大会审议通过利润分配方案等情况 （一）经公司 2024 年年度股东大会审议通过的利润分配方案为：以公司现 有总股本 1,207,723,762 股为基数，向全体股东每 10 股派发现金红利 1.00 元（含 税），本年度不送红股，不以公积金转增股本，剩余未分配利润结转下一年度。 若利润分配预案披露至实施前，公司总股本或可参与分配的股本基数发生变动的， 则以未来实施分配方案时股权登记日享有利润分配权的总股本为基数，按照分配 比例不变的原则调整分配总额。 （二）自本次分配方案披露至实施期间公司股本总额未发生变化。 （三）本次实施的分配方案与股东大会审议通过的分配方案及其调整原则一 致。 （四 ...

Summary of Key Points from Conference Call Records Industry Overview Aviation Industry - Boeing's aircraft delivery suspension has a limited impact on the Chinese aviation industry, with three previously suspended aircraft set to be delivered to Xiamen Airlines and China Southern Airlines. China Eastern Airlines plans to introduce 46 Boeing aircraft by 2025, with about 10 already delivered in Q1. These new aircraft represent less than 1% of the total industry fleet of 4,300 aircraft [2][4] - Market expectations suggest that tax rebates may compensate airlines for the delivery suspension, which has not significantly affected stock prices [4] - The summer 2025 aviation market is expected to see good pre-sales, with non-fuel ticket prices projected to achieve double-digit growth, although current seat occupancy rates are lower than last year [5] Express Delivery Industry - The express delivery sector is experiencing price increases, particularly in Yiwu, while intense price wars among major companies have not yielded expected results. The growth rate for Zhongtong's parcel volume in Q1 was only 19%, compared to the industry average of 22% [6] - The price war may reach a temporary bottom if price increases continue, presenting a good opportunity for investment in companies like Zhongtong, Jitu, YTO, and Shentong [6] - The application of unmanned vehicles in the last-mile delivery is rapidly advancing, with SF Express increasing its investment in unmanned vehicles, significantly reducing per-package costs [7][8] Chemical Industry - The CCPI price index has decreased due to oil price fluctuations and the seasonal decline in consumption. The index currently stands at 44,033 points, down one percentage point from the previous week [9] - U.S. inventory growth in March was 3.47%, indicating potential future demand decline, which may affect chemical product exports [10] - OPEC's decision to increase production may impact the chemical industry, with a focus on supply-constrained products [11] Fertilizer Market - Potash fertilizer contract prices have risen, with ongoing tight supply and demand conditions expected to maintain high prices. The price for potash contracts in India is $349 per ton, up $70 year-on-year [13][14] Refrigerant and Vitamin Markets - Refrigerant prices are rising due to increased downstream demand, with R32 reaching 51,000 yuan per ton. Vitamin E prices are expected to rise due to low inventory levels and production halts among leading companies [15] Precious Metals Market - Silver prices are rising due to increased tariffs on copper and aluminum, while platinum and palladium prices are influenced by industrial demand fluctuations. The gold market is currently volatile, with attention on potential risks to the U.S. dollar's credibility [18][19] Oil Market - Brent crude oil prices have risen to $66.65 per barrel, with expectations of fluctuations between $63 and $67 in June. Despite OPEC's production increase, global demand remains tight [20]

Group 1: Industry Chain Layout and Core Advantages - The company focuses on compound fertilizer business, with an integrated industry chain that includes upstream nitrogen and phosphorus resources, enhancing cost control and resource ownership [1] - Nitrogen fertilizer chain includes a "salt-alkali-fertilizer" integration, with projects in Hubei and Guangxi totaling 2.7 million tons of synthetic ammonia, aiming for self-sufficiency in nitrogen raw materials [1][2] - Phosphorus fertilizer chain utilizes graded phosphorus acid technology, with a future mining project in Leibo expected to produce 6.9 million tons/year, ensuring stable supply of phosphate rock [2] Group 2: Future Development Outlook - The company is optimistic about the future of compound fertilizers, supported by national food security strategies and a projected grain output of 1.4 trillion jin in 2024 [3] - Agricultural modernization and scientific fertilization techniques are expected to drive demand for compound fertilizers, enhancing market competitiveness [3] Group 3: Production Capacity and Market Dynamics - The company currently has an annual production capacity of 350,000 tons for industrial-grade monoammonium phosphate, fully sold externally [3] - The demand for industrial phosphates is anticipated to grow due to the booming new energy sector and increasing penetration of water-soluble fertilizers [3] Group 4: Project Developments in Synthetic Ammonia - The Hubei base is constructing a capacity of 700,000 tons of synthetic ammonia, with additional production lines for various fertilizers and refined salt [4][5] - The Guangxi base plans to build a capacity of 2 million tons of synthetic ammonia and 3 million tons of urea, filling production gaps in southern China and enhancing market responsiveness [5] Group 5: Phosphate Mining Resources - The company owns three phosphate mines in Leibo, with a total resource reserve of approximately 549 million tons [5] - The mining projects are progressing, with the Aju Luo Xia mine starting construction for a capacity of 2.9 million tons/year, while optimization designs are underway for the Niu Niu Zhai East mine [5]

Investment Rating - The report maintains an "Outperform" rating for the fertilizer and pesticide industry [2][3]. Core Views - The international potash prices continue to rise, influenced by supply disruptions in pesticides [2]. - The domestic potash supply remains tight, with a significant reliance on imports, exceeding 60% [4][31]. - The long-term price stability of phosphate rock is expected due to increasing demand and declining quality of domestic resources [5][54]. Summary by Sections 1. Potash: Resource Scarcity and Price Recovery - Potash is essential for crop growth, with chloride potash being the dominant type used in agriculture, accounting for over 95% of usage [19]. - Global potash resources are concentrated in a few countries, with Canada, Belarus, and Russia holding approximately 69.4% of the total proven reserves [20][21]. - China's potash consumption is significant, making it the largest consumer globally, with a projected increase in demand [24][31]. 2. Phosphate Chemicals: High Prices and Export Guidance - The phosphate chemical industry's performance is closely tied to phosphate rock prices, which are expected to remain high due to supply constraints and increasing demand from new applications [5][54]. - As of May 2025, the market price for 30% grade phosphate rock in Hubei is 1,040 CNY/ton, while in Yunnan, it is 970 CNY/ton, both stable compared to the previous month [54]. - Phosphate fertilizer export policies are expected to alleviate domestic market pressures during the off-season [6]. 3. Pesticides: Supply Disruptions and Price Increases - The supply of chlorantraniliprole (Kangkuan) has been disrupted due to an explosion, leading to a price increase [7]. - The price of glyphosate has risen, with expectations for increased exports to South America during the peak demand season [7][10]. - Companies like Lier Chemical, which have established production capabilities for chlorantraniliprole, are highlighted as key players in the market [8][10]. 4. Key Company Profit Forecasts and Investment Ratings - Key companies in the industry, such as Yaqi International, Yuntianhua, and Xingfa Group, are rated as "Outperform" with projected earnings per share (EPS) growth [11]. - Yaqi International is expected to produce 2.8 million tons of potassium chloride in 2025, with a significant increase in production capacity anticipated [52].

Sales Performance - The sales volume of compound fertilizers reached 4.1797 million tons in 2024, representing a year-on-year increase of 10.59% [1] - The company is experiencing a continuous growth trend in sales during the spring fertilization season of Q1 2025 [1] Market Outlook - The market for monoammonium phosphate (MAP) is broad due to its applications in agriculture, fire safety, and new energy sectors [2] - The demand for industrial-grade MAP is increasing, supported by national policies and rising needs for new energy materials [2] Phosphate Mining Progress - The company’s phosphate mining project in Leibo County, Sichuan, commenced construction in March 2025, with a planned capacity of 2.9 million tons per year [3] - The mining development is influenced by geographical and geological conditions, and the company is working to accelerate project completion [3] Nitrogen Fertilizer Raw Material Layout - The company is enhancing its nitrogen fertilizer supply chain by establishing ammonia projects in Hubei and Guangxi [4] - The Hubei base has a 700,000-ton ammonia project that is progressing as planned, while the Guangxi base aims to fill the production gap in southern China [4] Future Growth Drivers - The core growth drivers stem from the company's "industry chain + resources" strategic layout, which enhances internal growth potential [4] - The integration of nitrogen and phosphate supply chains will significantly improve raw material self-sufficiency and cost advantages, boosting market competitiveness [4]

Group 1: Company Overview - The company focuses on the compound fertilizer business, strategically developing the nitrogen and phosphorus industry chains [1][2] - The nitrogen fertilizer industry chain is built on upstream salt resources, creating a complete chain excluding urea, and extending to industrial salt and sodium nitrate products [2] - The phosphorus fertilizer industry chain utilizes abundant phosphorus ore reserves, achieving a comprehensive layout of various phosphate products [2] Group 2: Strategic Progress - The company is advancing its nitrogen and phosphorus industry chains, with a focus on low-cost advantages and strengthening its core compound fertilizer business [2] - The 700,000-ton ammonia synthesis project is under construction, with the main structure completed and equipment orders finalized, entering the installation phase [3] - The company aims to fill the urea production capacity gap and achieve self-sufficiency in nitrogen fertilizer raw materials upon project completion [3] Group 3: Resource and Production Capacity - The company has 549 million tons of phosphorus ore reserves, with a designed mining capacity of 6.9 million tons per year [3] - The mining project at the Leibo Aju Luo Xia phosphorus mine has commenced, with a capacity of 2.9 million tons per year [3] - The company is optimizing the mining plan for the Leibo Niuzhaiz East section to enhance phosphorus ore utilization efficiency [3] Group 4: Sales and Marketing - In Q1 2025, the company capitalized on the spring farming season, achieving stable growth in compound fertilizer sales due to resource and industry chain advantages [4] - The company has nearly 6,000 primary distributors, focusing on channel development and brand enhancement to support distributor growth [4] Group 5: Product Applications and Profitability - The company produces various phosphate products beneficial for soil and crop growth, with a growing trend in ammonium phosphate products since 2024 [4] - Agricultural ammonium phosphate is used directly as fertilizer and as a raw material for compound fertilizers, while industrial ammonium phosphate has broader applications [4] Group 6: Future Outlook - The ammonia synthesis project will enhance the company's nitrogen fertilizer capacity by 1 million tons and improve cost efficiency through reduced energy consumption and emissions [4] - The timeline for the Leibo phosphorus mine project is subject to various factors, with efforts to expedite construction for early production [4]