Summary of Key Points from the Conference Call Industry: Yellow Phosphorus Sector Core Insights and Arguments 1. Current high prices of sulfur/sulfuric acid are impacting the cost of wet-process phosphoric acid, leading to wet-process phosphoric acid costs exceeding those of thermal phosphoric acid. This may result in some wet-process phosphoric acid companies temporarily shifting to the lower-cost thermal phosphoric acid, thereby increasing the usage of yellow phosphorus [1][3] 2. Following the Spring Festival, the demand for phosphoric acid is expected to surge due to the seasonal peak, but the production of yellow phosphorus may not keep pace with the increased demand, leading to a supply-demand mismatch [2][4] 3. The supply of yellow phosphorus has been constrained in recent years due to high energy consumption and safety concerns, making significant capacity expansion difficult in the short term [5] 4. The combination of a slight increase in demand and limited supply may lead to a price increase for yellow phosphorus after the Spring Festival [6] Notable Companies in the Yellow Phosphorus Sector 1. Recommended companies include: - Chengxing Co., Ltd. (the purest yellow phosphorus stock) - Yuntu Holdings - Yuntianhua - Xingfa Group [7]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The agricultural chemical industry is entering a period of layout opportunities, driven by the increasing importance of food security amid geopolitical fluctuations. The focus is on enhancing planting efficiency through technological empowerment [8] - The report emphasizes the growth potential of leading companies in the agricultural chemical sector, particularly those focused on technology services, including plant growth regulators, compound fertilizers, and pesticide formulations [3][8] - The report highlights the recovery opportunities in various sub-sectors of the chemical industry, including MDI, PVC, and refining, with specific companies recommended for investment [3][8] Summary by Relevant Sections Agricultural Chemical Sector - The report identifies growth opportunities in the agricultural chemical sector, particularly for companies that provide technology-driven services. Key areas include: 1. Plant growth regulators, which are characterized by low usage, high effectiveness, and cost efficiency, are seen as essential for modern agriculture [8] 2. Compound fertilizers are crucial for providing precise nutrient ratios to crops, with room for growth in China's compound fertilizer application rates compared to developed countries [8] 3. The potential for Chinese pesticide formulation companies to expand internationally, breaking the monopoly of traditional multinational corporations [8] Chemical Industry Recovery - The report notes a positive outlook for the recovery of various chemical sub-sectors, including: - MDI leader Wanhua Chemical (600309, Buy) [3] - PVC industry players such as Zhongtai Chemical (002092, Not Rated) and Xinjiang Tianye (600075, Not Rated) [3] - Refining sector leaders like Sinopec (600028, Buy) and Rongsheng Petrochemical (002493, Buy) [3] - The report anticipates continued price increases for high-energy products, particularly in the PVC sector, due to supply constraints and structural demand shifts [8]

Investment Rating - The report maintains an "Outperform" rating for the phosphate chemical industry [1][4][5] Core Insights - The phosphate rock supply and demand are in a tight balance, with new energy contributing to incremental growth [1][2] - The wet-process phosphoric acid is the core preparation route in the phosphate chemical industry, gradually replacing the high-energy-consuming thermal process due to its lower energy consumption and simpler equipment [1][16] - Stricter safety and environmental policies are accelerating the exit of outdated production capacity, leading to a continuous optimization of the supply-demand structure in the industry [1][18] - The domestic supply of phosphate rock is tightening due to limited resources and strong environmental constraints, with the price expected to remain high in the long term [1][26][33] Summary by Sections Phosphate Chemical Industry Overview - The phosphate chemical industry includes both wet and thermal processes, with wet-process phosphoric acid being favored due to its lower energy consumption and cost advantages [1][13][16] - The industry is facing increasing pressure from environmental regulations, leading to the closure of many outdated production facilities [1][18] Supply and Demand Dynamics - China's phosphate rock resources are characterized by scarcity and low quality, with the country holding about 5% of global reserves while contributing nearly half of the world's production [1][26] - The demand for phosphate rock is expected to increase, particularly driven by the growth in new energy applications, which is projected to account for a significant portion of phosphate consumption by 2024 [2][31] Key Companies and Investment Recommendations - Recommended companies include: - Chuanheng Co., a leading integrated phosphate chemical company with high profit margins supported by self-sufficient high-grade phosphate rock [3][4] - Yuntianhua, a dual leader in phosphate rock and fertilizer with significant resource reserves and stable growth [3][4] - Xingfa Group, a leader in fine phosphate chemicals with a diversified business model [3][4] - Yuntu Holdings, a leader in the phosphate compound fertilizer industry benefiting from tight sulfur supply [3][4] Profit Forecast and Valuation - The report provides profit forecasts and investment ratings for key companies, indicating a favorable outlook for their earnings per share (EPS) and price-to-earnings (PE) ratios [4][5]

南财智讯1月30日电，云图控股在投资者关系活动中表示，公司应城基地改扩建70万吨合成氨项目装置 进入调试阶段。该项目采用先进的水煤浆气化技术，在碳转化率、综合能效、环保等方面具有优势，不 仅能保障复合肥氮肥原料的自给能力，还能通过技术升级与产业协同，提升公司氮产业链的成本竞争力 和抗风险能力，驱动复合肥主业稳健发展。 ...

Core Viewpoint - Yuntu Holdings has established a comprehensive phosphate utilization industrial chain, enhancing resource efficiency and product structure while extending the phosphate industry towards higher value-added products [1] Group 1 - The company has developed a phosphate utilization chain that includes wet-process phosphoric acid, refined phosphoric acid, water-soluble monoammonium phosphate, industrial-grade monoammonium phosphate, iron phosphate, and compound fertilizers [1] - Through multi-path conversion of wet-process phosphoric acid and efficient utilization of by-product resources, the company has improved phosphate resource utilization [1] - The optimization of product structure is aimed at promoting the phosphate industry chain towards high value-added extensions [1]

Group 1: Nitrogen Industry Chain - The company has established a "salt-alkali-fertilizer" industry chain, focusing on synthetic ammonia, ammonium chloride, and ammonium nitrate, enhancing its product offerings in compound fertilizers and other end products [2][3] - The 700,000-ton synthetic ammonia project at the Yingcheng base aims to improve self-sufficiency in nitrogen fertilizer raw materials, strengthening upstream raw material security [3][5] Group 2: Phosphorus Utilization Chain - The company has developed a phosphorus utilization chain from wet-process phosphoric acid to refined phosphoric acid, water-soluble monoammonium phosphate, industrial-grade monoammonium phosphate, iron phosphate, and compound fertilizers, optimizing product structure and increasing resource utilization [4] - The company is enhancing its phosphorus resource self-sufficiency through ongoing projects, which will lower production costs and improve operational resilience [6] Group 3: Compound Fertilizer Business Strategies - The company is implementing a "Five Forces Marketing" strategy to expand its compound fertilizer market share, focusing on product formulation improvements and technical upgrades [4] - The launch of the "Yuntu" brand, along with enhanced service support for primary distributors and expanded coverage for secondary distributors, aims to strengthen channel competitiveness and brand recognition [4] Group 4: Production Technology and Project Progress - The synthetic ammonia project utilizes advanced water-coal slurry gasification technology, which offers advantages in carbon conversion rate, overall energy efficiency, and environmental protection [5] - The company is progressing with the construction of the Aju Luogua phosphorus mine and the Niuniuzhai East section mine, which are crucial for the supply of raw materials for its phosphorus and new energy materials businesses [6]

Summary of Company and Industry Insights Company Overview - **Company Name**: 云图控股 (Yuntu Holdings) - **Industry**: Compound Fertilizer Key Points Company Positioning - Yuntu Holdings is a leading enterprise in the compound fertilizer sector, with an annual production capacity of 7.45 million tons of compound fertilizer and ongoing capacity expansion in Guangxi and Xinjiang [1] - The company is projected to achieve a compound fertilizer sales volume of 3.46 million tons in 2024, reinforcing its position as a market leader in the compound fertilizer industry [1][2] Market Dynamics - The company has significant channel and brand advantages, which are expected to drive rapid growth in compound fertilizer production and sales as market share consolidates among leading companies [2] - The construction of urea production capacity includes a 700,000-ton ammonia synthesis facility and a 1 million-ton urea facility in Hubei, with all urea produced being used internally [2] Cost Management and Pricing Outlook - Urea prices are anticipated to rise from their bottom levels by 2026, which could lead to substantial cost savings for the company [2] - Excess ammonia can be utilized for the production of soda ash, thereby reducing production costs for soda ash [3] Resource Development - The company owns three phosphate mines, with the Aju Luo Xia phosphate mine having a capacity of 2.9 million tons per year. Production is steadily increasing, and once fully operational, self-sourced phosphate is expected to grow at a higher rate [4] - The company has developed technology for the extraction and purification of wet phosphoric acid, allowing for graded utilization based on different concentrations, which can lead to low-cost production of high-value products [4] - The cost advantages of iron phosphate and monoammonium phosphate are highlighted, along with the company being a leader in sulfuric acid production from iron sulfide with a capacity of 1.2 million tons per year [4] Current Market Conditions - High sulfur prices currently favor the company's sulfuric acid production from iron sulfide, providing significant cost savings [5]

现有生产基地涵盖湖北应城、荆州、宜城，四川眉山，河南宁陵，山东平原，辽宁铁岭，黑龙江肇东、佳木斯， 新疆 【东财化工】云图控股：看好复合肥业务稳定增长，单质肥、磷矿放量在即， #公司是复合肥行业领先企业，全国产能布局体现规模优势。 公司磷复肥产能近 800 万吨，2024 年磷复肥销量 417.97 万吨，上半年公司磷复肥业务实现营收72.22亿元，同比 增长21.55%，销量保持稳定增长。 现有生产基地涵盖湖北应城、荆州、宜城，四川眉山，河南宁陵，山东平原，辽宁铁岭，黑龙江肇东、佳木斯， 新疆昌吉等地。 同时，湖北应城、湖北荆州、广西贵港、新疆阿克苏四地，在建复合肥产能合计 190 万吨。 未来，随着在建产能的逐步释放，公司磷复肥主业的规模优势将进一步显现，增强公司整体盈利能力。 【东财化工】云图控股：看好复合肥业务稳定增长，单质肥、磷矿放量在即， #公司是复合肥行业领先企业，全国产能布局体现规模优势。 公司磷复肥产能近 800 万吨，2024 年磷复肥销量 417.97 万吨，上半年公司磷复肥业务实现营收72.22亿元，同比 增长21.55%，销量保持稳定增长。 此外，公司贵港基地将分三期建设年产200万 ...

Core Insights - The agricultural chemical sector experienced a decline of 1.46% on January 27, with Xinda Co., Ltd. leading the losses [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Sector Performance - Notable gainers in the agricultural chemical sector included: - Zhongnong United (003042) with a closing price of 23.10, up 10.00% and a trading volume of 315,900 shares, totaling a transaction value of 674 million [1] - Yuntu Holdings (002539) closed at 14.98, up 6.70% with a trading volume of 692,800 shares, totaling 1.018 billion [1] - Limin Co., Ltd. (002734) closed at 19.10, up 1.76% with a trading volume of 597,400 shares, totaling 1.126 billion [1] - Major decliners included: - Xinda Co., Ltd. (603086) closed at 8.35, down 7.22% with a trading volume of 332,800 shares, totaling 277 million [2] - Dongfang Iron Tower (002545) closed at 27.87, down 5.56% with a trading volume of 375,100 shares, totaling 1.041 billion [2] - Lanfeng Biochemical (002513) closed at 7.42, down 3.76% with a trading volume of 218,500 shares, totaling 160 million [2] Capital Flow - The agricultural chemical sector saw a net outflow of 1.481 billion from major funds, while retail investors contributed a net inflow of 1.482 billion [2][3] - Specific stock capital flows indicated: - Yuntu Holdings (002539) had a net inflow of 10.49% from major funds, while retail investors had a net outflow of 9.67% [3] - Zhongnong United (003042) experienced a net inflow of 12.51% from major funds, with retail investors seeing a net outflow of 4.35% [3] - Limin Co., Ltd. (002734) had a net inflow of 5.02% from major funds, while retail investors had a net outflow of 2.12% [3]

Group 1 - Chengdu Yuntu Holdings Co., Ltd. announced the winning bid for the diesel procurement project from the Western Base Xinjiang Company on January 22, 2026 [1][2] - The winning supplier for the project is Sinopec Sales Co., Ltd. Urumqi Petroleum Branch [2] - The company has made investments in 43 enterprises and participated in 94,782 bidding projects [1] Group 2 - Chengdu Yuntu Holdings has a total of 819 trademark registrations, 190 patents, and 64 copyrights [1] - The company holds 29 administrative licenses [1]