证券代码：002539 证券简称：云图控股 公告编号：2025-036 成都云图控股股份有限公司 第七届董事会第一次会议决议公告 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 2025 年 5 月 6 日下午 16:00，成都云图控股股份有限公司（以下简称"公司" 或"本公司"）在成都市新都区蓉都大道南二段 98 号云图控股办公楼 9 楼会议 室，以现场方式召开第七届董事会第一次会议。会议通知及会议资料于 2025 年 4 月 30 日以直接送达或电子邮件方式送达。本次会议应出席董事 7 人，实际出 席董事 7 人，公司高级管理人员列席了本次会议，全体董事推举牟嘉云女士主持 会议。本次会议的召开符合《中华人民共和国公司法》等法律、行政法规、部门 规章、规范性文件和《成都云图控股股份有限公司章程》等有关规定，作出的决 议合法有效。 表决结果：7票同意，0票反对，0票弃权。 同意牟嘉云女士（简历附后）担任公司第七届董事会董事长，任期自本次董 事会审议通过之日起至本届董事会任期届满之日止。 （二）审议通过《关于选举公司第七届董事会副董事长的 ...

Group 1: Company Insights - 博实股份 reported a gross margin increase to 40% in Q1, driven by product structure adjustments and plans to enhance high-profit product promotion in overseas markets [1] - 云图控股 achieved record high sales of phosphate fertilizers in Q1, with significant recovery in profitability and ongoing projects for new fertilizer production [2] - 捷邦科技 acquired 49.90% of赛诺高德, integrating it into consolidated financials, and is focusing on carbon nanotube products for solid-state batteries [3] - 可孚医疗 is enhancing its core product strategy, with a focus on hearing aids and health monitoring, and plans to launch a new generation of ventilators in 2025 [4] - 三峰环境 expects a 65% increase in equipment sales revenue to 1.57 billion yuan in 2024, with international business revenue exceeding 100% growth [5] - 传音控股 reported a 25.45% decline in Q1 revenue to 13.004 billion yuan, primarily due to market competition and supply chain costs [6] - 宏发股份 indicated limited impact from the US-China tariff war, with plans to enhance profitability through product structure optimization and increased efficiency [7] - 完美世界's game titles are performing well, with ongoing development and plans for esports events to enhance its ecosystem [8] - 哈药股份 achieved significant sales growth in key products, with a focus on optimizing business models and enhancing cash flow management [9] - 香飘飘's milk tea business faced challenges, but new product trials received positive feedback, and the company is focusing on customized products and marketing strategies [10] Group 2: Industry Trends - The automation and digitalization trends in the chemical industry are expected to drive growth opportunities for companies like 博实股份 [1] - The fertilizer industry is seeing a shift towards new types of fertilizers, with companies like 云图控股 expanding their product offerings [2] - The solid-state battery market is gaining traction, with companies like 捷邦科技 investing in advanced materials [3] - The healthcare sector is increasingly integrating AI technology into medical devices, as seen in 可孚医疗's product development [4] - The environmental sector is witnessing significant growth in equipment sales and international business, particularly in waste management [5] - The smartphone market in emerging regions presents opportunities for growth, despite competitive pressures faced by companies like 传音控股 [6] - The electronics and automation sectors are experiencing robust demand, particularly in renewable energy and smart home applications [7] - The gaming industry continues to evolve with new titles and esports events, indicating a strong market presence for companies like 完美世界 [8] - The pharmaceutical industry is focusing on optimizing product strategies and enhancing operational efficiency to drive sales growth [9] - The beverage industry is adapting to market changes with innovative product offerings and targeted marketing strategies [10]

Group 1 - The company reported record high sales of phosphate fertilizers in the first quarter, indicating a significant recovery in profitability [1] - The company expresses confidence in the development of phosphate fertilizers, particularly in compound fertilizers, driven by stricter environmental regulations and the trend of reducing fertilizer usage while increasing efficiency [1] - The exit of small and medium-sized enterprises from the market is expected to lead to a continuous increase in industry concentration [1] Group 2 - In terms of monoammonium phosphate, the ongoing promotion of integrated water and fertilizer policies and the rapid development of the new energy vehicle sector are expected to support demand growth in multiple areas [1] - The industrial-grade monoammonium phosphate sector is highlighted as having a broad market outlook [1]

Financial Performance - In Q1 2025, the company achieved revenue of 5.712 billion yuan, a year-on-year increase of 15.28% [1] - Net profit attributable to shareholders was 254 million yuan, up 18.99% year-on-year [1] - Net profit excluding non-recurring gains and losses reached 250 million yuan, reflecting a significant growth of 61.44% [1] - Basic earnings per share were 0.21 yuan, an increase of 16.67% compared to the previous year [1] Industry Chain Development - The nitrogen industry chain includes a 700,000-ton ammonia project in the Yicheng base, which has completed structural construction and is now in the equipment installation phase [2] - The company is developing a project in Guangxi with a planned capacity of 1.2 million tons of high-efficiency compound fertilizer, 2 million tons of ammonia, and 3 million tons of urea [2] - The phosphorus industry chain includes a 2.9 million tons/year mining project in Leibo, which commenced construction in March 2025 [2] Market Outlook - The demand for fertilizers in regions like Guangxi, Hainan, and Southeast Asia is continuously growing, with the Guangxi project expected to fill capacity gaps in South China [3] - The company aims to enhance its complete nitrogen fertilizer chain and the new energy material chain, thereby optimizing its industry structure and expanding its scale [3] Future Growth Potential - The company is optimistic about the future of the compound fertilizer industry, anticipating a market reshuffle as smaller firms exit due to stricter regulations and raw material price fluctuations [4] - The demand for monoammonium phosphate is expected to grow, driven by national policies and the rapid development of the electric vehicle market [4] Sales and Product Development - In Q1 2025, the company achieved record sales of compound fertilizers, benefiting from cost advantages and strong marketing efforts [4] - The company is focusing on developing new types of fertilizers, including high-efficiency compound fertilizers and various nutrient-enhanced products [4] Project Progress - The Guangxi project is in the preparatory stage, with approvals underway for environmental and safety assessments [7] - The Leibo phosphorus mining project is being expedited, with plans to prioritize internal supply for yellow phosphorus production [7] Strategic Advantages - The company's future performance growth is expected to stem from its complete nitrogen and phosphorus industry chain, which provides resource ownership, industrial synergy, and cost advantages [9]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's Q1 2025 performance met expectations, with a significant year-on-year increase in revenue and net profit driven by rising compound fertilizer sales [5] - The company is enhancing its integrated layout, with new production capacities coming online and a strong focus on overseas market expansion [5] - The pricing of raw materials is stabilizing, which may improve profitability in the future [5] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 20,381 million, with a slight decline of 6.4% year-on-year, while Q1 2025 revenue is expected to be 5,712 million, reflecting a 15.3% increase [2] - The net profit attributable to the parent company is forecasted to be 804 million in 2024, with a year-on-year growth of 19% in Q1 2025, reaching 254 million [2] - Earnings per share (EPS) is expected to grow from 0.67 in 2024 to 0.77 in 2025 [2] Market Data - The closing price of the stock is 7.90 yuan, with a market capitalization of 6,977 million [3] - The price-to-earnings (P/E) ratio is projected to decrease from 12 in 2024 to 10 in 2025, indicating potential value [2][3] Company Performance Insights - The company achieved a gross margin of 11.69% in Q1 2025, an increase of 2.10 percentage points year-on-year [5] - The company is expected to benefit from the completion of several production projects, increasing its annual capacity to over 7.8 million tons of phosphate fertilizers [5] - The company is also investing in new projects, including a significant investment in green chemical materials, which will enhance its production capabilities [5]

Investment Rating - The report maintains a "Buy" rating for specific companies in the chemical industry, particularly in the compound fertilizer and pesticide sectors, while recommending "Hold" for others [17]. Core Insights - The chemical industry is experiencing an optimization in supply and demand dynamics, leading to a recovery in the compound fertilizer, metal chromium, and niche pesticide markets. The report highlights investment opportunities in undervalued high-growth companies [3][4]. - The report emphasizes the positive performance of listed companies in Q1 2025, particularly in the compound fertilizer sector, and suggests focusing on companies like Xin Yang Feng, Stanley, and Yun Tu Holdings for investment opportunities [3][4]. - The report notes that metal chromium prices have surged to 75,000 CNY/ton, a week-on-week increase of 7,500 CNY/ton, driven by rising demand from the stainless steel sector and new military spending in Europe [3][4]. - The agricultural chemical market is entering its traditional peak season, with stable trading volumes for seasonal crop pesticides. Specific products like Acetochlor and Avermectin are seeing price increases, with recommendations for companies like Xian Da and Li Min [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions in the chemical sector indicate a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium term [4][6]. - The chemical industry PPI data shows a gradual recovery from negative values, with March 2025 PPI at -2.8% year-on-year, indicating a potential bottoming out of the cycle [6][8]. Fertilizer and Pesticide Sector - The report highlights that the domestic urea price is currently at 1,800 CNY/ton, with a slight week-on-week decline of 0.6%. The compound fertilizer sector is experiencing a decrease in operating rates, leading to increased inventory levels [10]. - The pesticide market is witnessing a seasonal peak, with stable trading volumes and price adjustments in various pesticide products, including a price increase for Pyrazole [10][19]. Chemical Products Pricing and Inventory Changes - The report provides detailed pricing data for various chemical products, indicating fluctuations in prices for PTA, MEG, and PVC, with specific attention to the impact of raw material costs and market demand [10][11][12]. - The report notes that the market for fluorinated chemicals is facing supply constraints due to mining restrictions, while the demand remains weak, leading to price adjustments [12][19]. Company Recommendations - The report recommends several companies for investment based on their growth potential and market positioning, including Yangnong Chemical, Runfeng Co., and Yun Tianhua in the fertilizer and pesticide sectors [17][18]. - Companies in the tire and fluorochemical sectors are also highlighted for their potential benefits from recovering domestic demand and cost reductions [3][17].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][27][32] Core Views - The company reported significant growth in revenue and net profit for Q1 2025, with revenue reaching 5.712 billion yuan (up 15.28% year-on-year) and net profit of 254 million yuan (up 18.99 year-on-year) [1][8] - The company plans to invest in a green chemical new energy materials project in Guigang, Guangxi, to fill the capacity gap in South China, which is expected to enhance profitability and risk resistance [2][26] - The prices of key products such as compound fertilizers, monoammonium phosphate, and yellow phosphorus have increased, contributing to the company's performance, with expectations for a slight price increase trend in Q2 2025 [2][19] Summary by Sections Financial Performance - In Q1 2025, the company's gross margin and net margin were 11.69% and 4.56%, respectively, both showing year-on-year increases [1][8] - The company’s non-recurring net profit was 250 million yuan, a substantial increase of 61.44% year-on-year [1][8] - The company’s revenue and net profit forecasts for 2025-2027 are 8.53 billion yuan, 9.72 billion yuan, and 11.19 billion yuan, with corresponding EPS of 0.71 yuan, 0.80 yuan, and 0.93 yuan [3][27] Market Trends - The average market price for chloride-based compound fertilizers was 2,394 yuan/ton in Q1 2025, reflecting a 2.48% increase from the previous quarter [2][19] - The average price for monoammonium phosphate was 3,126 yuan/ton, with a slight increase of 0.94% [2][13] - Yellow phosphorus prices averaged 23,283 yuan/ton in Q1 2025, with a 0.84% increase [2][24] Project Development - The planned project in Guigang will include the construction of various facilities with a total capacity of 1.2 million tons of high-efficiency compound fertilizers, 2 million tons of synthetic ammonia, and other chemical products [2][26] - This project aims to expand the company's production scale and improve its competitive position in the market [2][26] Industry Outlook - The phosphate chemical industry is expected to maintain a high price level due to the scarcity of resources and increasing demand in new sectors [12] - The company has established a complete industrial chain from upstream phosphate resources to downstream nitrogen fertilizers, enhancing its market position [3][27]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][27]. Core Views - The company reported significant growth in revenue and net profit for Q1 2025, with revenue reaching 5.712 billion yuan (up 15.28% year-on-year) and net profit of 254 million yuan (up 18.99 year-on-year) [1][8]. - The company plans to invest in a green chemical new energy materials project in Guigang, Guangxi, to fill the capacity gap in South China, which is expected to enhance profitability and risk resistance [2][26]. Summary by Sections Financial Performance - In Q1 2025, the company's gross margin and net margin were 11.69% and 4.56%, respectively, both showing year-on-year increases of 2.1 percentage points and 0.23 percentage points [1][8]. - The company's non-recurring net profit was 250 million yuan, a substantial increase of 61.44% year-on-year [1][8]. Market Trends - Prices for compound fertilizers, monoammonium phosphate, and yellow phosphorus increased in Q1 2025, contributing to the company's performance [2][19]. - The average market price for chloride-based compound fertilizers was 2394 yuan/ton, up 2.48% month-on-month, while the price for sulfur-based compound fertilizers was 2813 yuan/ton, up 2.89% month-on-month [2][19]. Future Outlook - The company has a compound fertilizer capacity of 7.45 million tons and is actively building an integrated nitrogen fertilizer supply chain, which is expected to support continuous growth in production and sales [3][27]. - Profit forecasts for 2025-2027 are 853 million yuan, 972 million yuan, and 1.119 billion yuan, respectively, with expected year-on-year growth rates of 6.0%, 14.0%, and 15.1% [3][27].

Core Viewpoint - Chengdu Yuntu Holdings Co., Ltd. is preparing for its 2024 annual shareholders' meeting, where several important proposals will be discussed, including changes to the board of directors and capital increase for its subsidiary [21][22][63]. Financial Data - The company has confirmed that its quarterly report is accurate and complete, with no need for restatement of previous financial data [2][3]. - The first quarter report has not been audited [6]. Board Meeting and Resolutions - The 31st meeting of the sixth board of directors was held on April 25, 2025, where several resolutions were passed, including the approval of the first quarter report and a capital increase for its subsidiary [10][11]. - The board has proposed changes to the company's operational scope and governance documents, which will be submitted for approval at the upcoming shareholders' meeting [12][13]. Shareholder Information - The company will hold its 2024 annual shareholders' meeting on May 6, 2025, where shareholders will vote on various proposals, including the election of new board members [21][23]. - The meeting will include a combination of on-site and online voting options for shareholders [25][26]. Capital Increase and Project Development - The company plans to increase the registered capital of its wholly-owned subsidiary, Guangxi Yuntu New Materials Co., Ltd., from 50 million yuan to 300 million yuan to support the Guangxi project [64][65]. - This capital increase is part of a broader investment cooperation agreement with local governments in Guangxi [64].

成都云图控股股份有限公司 ☑ 是 □ 否 如否，请详细说明：______________________________ 三、本人符合中国证监会《上市公司独立董事管理办法》和深圳证券交易 所业务规则规定的独立董事任职资格和条件。 独立董事候选人声明与承诺 声明人郭孝东作为成都云图控股股份有限公司第七届董事会独立董事候 选人，已充分了解并同意由提名人成都云图控股股份有限公司董事会提名为成 都云图控股股份有限公司（以下简称该公司）第七届董事会独立董事候选人。 现公开声明和保证，本人与该公司之间不存在任何影响本人独立性的关系，且 符合相关法律、行政法规、部门规章、规范性文件和深圳证券交易所业务规则 对独立董事候选人任职资格及独立性的要求，具体声明并承诺如下事项： 一、本人已经通过成都云图控股股份有限公司第六届董事会提名委员会资 格审查，提名人与本人不存在利害关系或者其他可能影响独立履职情形的密切 关系。 ☑ 是 □ 否 如否，请详细说明：_____________________________ 二、本人不存在《中华人民共和国公司法》第一百七十八条等规定不得担 任公司董事的情形。 ☑ 是 □ 否 如否，请详细说明： ...