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]

证券代码：002539 证券简称：云图控股 公告编号：2026-005 成都云图控股股份有限公司 关于参与江苏藏青新能源产业发展基金扩募的进展公告 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。 一、对外投资概述 2021 年 10 月 22 日，经成都云图控股股份有限公司（以下简称"公司"）第五 届董事会第二十八次会议审议批准，公司作为有限合伙人出资 50,000 万元人民币 参与投资江苏藏青新能源产业发展基金合伙企业（有限合伙）（以下简称"藏青基 金"），持有其 9.4162%的份额。2021 年 11 月 9 日，藏青基金完成中国证券投资 基金业协会（以下简称"基金业协会"）的私募投资基金备案手续，募集规模 531,000 万元人民币。 2025 年 12 月，公司获悉藏青基金计划扩募 140,000 万元。经公司总经理办公 会审议批准，公司决定行使优先认缴权，以自有（自筹）货币资金 13,182.6742 万元人民币追加认购藏青基金份额，所持份额比例保持 9.4162%不变。2025 年 12 月 31 日，藏青基金完成基金业协会的私募投资基金变更备案 ...

证券代码：002539 证券简称：云图控股 公告编号：2026-004 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： 近日，公司对子公司提供融资担保的进展情况如下： | 序号 | 担保方 | 被担保方 | 融资机构/债权人 | 担保金额 （万元） | 担保方式 | 担保期限 担保书生效之日起至《授信协 | | --- | --- | --- | --- | --- | --- | --- | | | | 限责任公司 | 招商银行股份有限公 司武汉分行 | 42,000 | 连带责任 保证 | 议》项下每笔贷款或其他融资 到期日另加三年。 | | 1 | | | 中国建设银行股份有 | | 连带责任 | 单笔授信业务的主合同签订 之日起至债务人在该主合同 | | 2 | | 应城市新都化工有 | 限公司应城支行 | 32,000 | 保证 | 项下的债务履行期限届满日 | | | | | | | | 后三年止。 | | 3 | 成都云图控股股 份有限公司 | | 中国农业银行股份有 | 5, ...

Investment Rating - The industry investment rating is maintained as "Overweight" [2] Core Viewpoints - The demand for yellow phosphorus is expected to improve due to growth in downstream phosphoric acid and terminal materials for new energy, electronic-grade phosphoric acid, and fine phosphates. The high prices of sulfur and sulfuric acid are enhancing the cost competitiveness of thermal phosphoric acid over wet phosphoric acid, which may further boost the demand for thermal process phosphoric acid and yellow phosphorus [5][6] - The supply of yellow phosphorus is strictly controlled in China due to high energy consumption and environmental safety concerns, with only limited new capacity being added through capacity replacement. The dual carbon policy may lead to the elimination of high-energy-consuming existing capacity, which is expected to optimize the supply side [6][7] - The average operating rate of the domestic yellow phosphorus industry is projected to reach approximately 63% in 2025, the highest level since 2017, driven by favorable supply and demand dynamics. The price of yellow phosphorus is showing an upward trend, with a reference price of around 23,000 yuan per ton as of January 19, 2025, reflecting a 2.4% increase from the end of 2025 [7][5] Summary by Sections Demand and Supply Dynamics - The demand for yellow phosphorus is projected to grow by 26% year-on-year in 2024, reaching 850,000 tons, while phosphoric acid consumption is expected to increase by 19% to 2.96 million tons. The five-year CAGR for yellow phosphorus and phosphoric acid is estimated at 5% and 12%, respectively [5][6] - The high prices of sulfur and sulfuric acid, which have reached nearly a decade high, are expected to drive the demand for thermal phosphoric acid and yellow phosphorus. The cost advantage of thermal phosphoric acid over wet phosphoric acid is becoming more pronounced, especially considering the offset from by-products [5][6] Supply Constraints - The domestic yellow phosphorus capacity has decreased from 1.9 million tons in 2013 to 1.41 million tons in 2020, with a slight recovery to 1.58 million tons by the end of 2025, primarily due to capacity replacement. Only ten companies have a capacity of 50,000 tons or more, indicating a highly concentrated industry [6][39] - The dual carbon policy is expected to continue limiting new supply, with high-energy-consuming and inefficient capacities facing elimination pressure [6][7] Price Trends and Market Outlook - The average operating rate for yellow phosphorus is expected to improve, with a projected increase in monthly operating rates throughout 2025. The price of yellow phosphorus is anticipated to be supported by potential supply disruptions and increasing demand from new energy and electronic chemical sectors [7][5] - Companies with integrated operations in the yellow phosphorus value chain, including mining, yellow phosphorus production, and phosphoric acid, are expected to benefit significantly from the favorable market conditions [5][7]

（文章来源：证券日报） 证券日报网讯 1月20日，云图控股发布公告称，公司于2025年12月22日召开的第七届董事会第五次会议 和2026年1月8日召开的2026年第一次临时股东会，审议通过了《关于变更经营范围并修订的议案》，同 意增加经营范围"塑料制品销售"并对《公司章程》中的相应条款进行修订。近日，公司完成了上述工商 变更登记和备案手续，并取得了成都市市场监督管理局换发的《营业执照》。 ...

证券代码：002539 证券简称：云图控股 公告编号：2026-003 关于完成工商变更登记的公告 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"）于 2025 年 12 月 22 日召开 的第七届董事会第五次会议和2026年1月8日召开的2026年第一次临时股东会， 审议通过了《关于变更经营范围并修订<公司章程>的议案》，同意增加经营范围 "塑料制品销售"并对《公司章程》中的相应条款进行修订，具体内容详见公司 2025 年 12 月 24 日、2026 年 1 月 9 日刊登于《中国证券报》《证券时报》《上海 证券报》和巨潮资讯网（http://www.cninfo.com.cn）上的相关公告。 近日，公司完成了上述工商变更登记和备案手续，并取得了成都市市场监督 管理局换发的《营业执照》，变更后的信息如下： 一、新取得营业执照的基本信息 公司名称：成都云图控股股份有限公司 统一社会信用代码：91510100202593801A 注册资本：壹拾贰亿零柒佰柒拾贰万叁仟柒佰陆拾贰元整 类型：股份有限公司（上市、自然人投资 ...

Core Viewpoint - The chemical industry is experiencing a significant upward trend, driven by a combination of cost support, demand recovery, and supply optimization, leading to a tighter supply-demand balance [4][12]. Group 1: Industry Performance - As of January 19, the Shenwan Basic Chemical Index rose by 2.70%, reaching 4758.50 points, with leading stocks like Xinxiang Chemical Fiber and Letong Co. hitting the daily limit [1][8]. - Multiple chemical products have seen collective price increases, including propylene, ammonium sulfate, acetone, and lithium hydroxide, driven by upstream oil price stabilization and pre-holiday stocking demand [3][11]. Group 2: Market Dynamics - The current price increase in chemical products is attributed to three main factors: cost support from stable oil prices, reduced effective capacity due to pre-holiday maintenance, and concentrated demand from downstream sectors [4][12]. - The industry is witnessing a trend of mergers and acquisitions as companies seek to expand into high-value sectors, such as integrated circuit materials and high-end electronic chemicals [5][13]. Group 3: Policy and Future Outlook - The Ministry of Industry and Information Technology and other departments have issued a plan aiming for an annual growth of over 5% in the petrochemical industry from 2025 to 2026, focusing on technological innovation and high-quality development [5][14]. - The Shandong Provincial Government has set a target for the petrochemical industry to achieve over 5% year-on-year growth by 2026, emphasizing the importance of high-end chemical products [6][14]. - The industry is transitioning from chaotic expansion to a phase of stable growth and transformation, supported by both national and local policies [7][15].