10 July 2025 Equity Research Report China Chemicals Equities 2Q25 preview: Argochem up; phosphate leads China Phosphate names lead the way amid sector-wide strength in argochem. We expect argochem companies to deliver solid interim earnings growth, supported by resilient agricultural demand and rising prices. NHU's (002001 CH, RMB21.93, Buy) 1H25 profit guidance (up 50-70%) reflects the overall strength of the sector. Within the sector, we maintain our preference for Chanhen (002895 CH, RMB23.06, Buy) and Y ...

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The basic chemical sector has shown better performance than the market, with a year-to-date increase of 8.9%, outperforming the Shanghai Composite Index by 4.2 percentage points [4][16] - The global potash market is characterized by oligopoly, with major producers controlling supply and prices. Recent production cuts by key players are expected to sustain potash market conditions [5][27] - Phosphate supply remains tight, with stable prices and potential improvements in export opportunities as demand increases [5][27] Summary by Sections 1. Core Viewpoints - Policies are expected to improve supply-demand dynamics in the chemical sector, with a focus on cyclical investment opportunities [13] - The chemical industry is entering a new long-term prosperity cycle, driven by improved fundamentals and reduced risks [13][14] 2. Overall Performance of the Chemical Sector - The basic chemical industry index increased by 1.5% during the week, outperforming the Shanghai Composite Index by 0.4 percentage points [16] - Year-to-date, the basic chemical industry index has increased by 8.9%, significantly outperforming both the Shanghai Composite and ChiNext indices [16][18] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the basic chemical sector, 298 stocks rose while 123 fell during the week [25] - The top performers included companies like Shangwei New Materials (+72.9%) and Hongbo New Materials (+24.7%) [25][26] 4. Key News and Company Announcements - The autumn fertilizer preparation has begun, with a focus on investment opportunities in potash and phosphate fertilizers [27] - Major potash producers have announced production cuts, which are expected to tighten supply and support prices [5][27] - Phosphate prices remain stable, with potential for improved export conditions as demand increases [5][27] 5. Product Price Changes - The report highlights significant price increases in various chemical products, with notable gains in dimethylamine (+16.7%) and fatty alcohol (+8.2%) [6] - Conversely, urea prices have seen a significant decline (-15%) [6]

证券代码：002601 证券简称：龙佰集团 公告编号：2025-032 龙佰集团股份有限公司 关于首次回购公司股份暨回购股份的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 龙佰集团股份有限公司（以下简称"公司"）于2025年6月6日召开的第八届董 事会第十九次会议，审议通过了《关于回购公司股份方案的议案》，同意公司使 用自有资金以集中竞价的方式回购公司股份，回购股份的种类为公司已发行的人 民币普通股（A股）股票，将用于股权激励或员工持股计划。本次回购股份的资 金总额不低于人民币50,000万元（含）且不超过人民币100,000万元（含），回购 股份的价格为不超过人民币24.32元/股（含），具体回购股份的数量以回购期满 时实际回购的股份数量为准。本次回购股份的实施期限自公司董事会审议通过本 次回购股份方案之日起12个月内。具体内容详见公司于2025年6月7日、2025年6 月11日刊载于《中国证券报》《证券时报》《上海证券报》及巨潮资讯网 (http://www.cninfo.com.cn）的相关公告。 根据《上市公司股份回购规则》《深圳证券交易所 ...

金十数据6月30日讯，龙佰集团公告，拟以集中竞价交易方式回购公司股份，回购总金额不低于人民币5 亿元（含）且不超过人民币10亿元（含），回购价格不超过人民币24.32元/股（含）。回购股份将用于 实施股权激励或员工持股计划。回购期限为自董事会审议通过本次回购股份方案之日起12个月内。 龙佰集团：拟以5亿元-10亿元回购公司股份，回购价不超24.32元/股 ...

证券代码：002601 证券简称：龙佰集团 公告编号：2025-031 龙佰集团股份有限公司 回购股份报告书 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 1、龙佰集团股份有限公司（以下简称"公司"）于2025年6月6日召开的第八 届董事会第十九次会议审议通过了《关于回购公司股份方案的议案》。具体内容 详见公司于2025年6月7日刊载于《中国证券报》《证券时报》《上海证券报》及 巨潮资讯网(http://www.cninfo.com.cn）的《关于回购公司股份方案的公告》。 2、回购方案的主要内容 （1）拟回购股份的种类：公司发行的人民币普通股（A股）； （2）拟回购股份的用途：用于实施股权激励或员工持股计划； （3）拟回购股份的价格上限：本次回购股份的价格为不超过人民币 24.82 元/股（含）； 因公司实施 2025 年第一季度权益分派，自 2025 年 6 月 11 日起，本次回购 股份的价格上限由不超过人民币 24.82 元/股（含）调整为不超过人民币 24.32 元 /股（含）。具体内容详见公司分别于 2025 年 6 月 4 日、 ...

证券代码：002601 证券简称：龙佰集团 公告编号：2025-030 龙佰集团股份有限公司 关于公司股东股份质押及解除质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 近日，龙佰集团股份有限公司（以下简称"公司"）接到公司控股股东、实 际控制人、副董事长许冉女士的通知，获悉其所持有的本公司部分股份办理了质 押及解除质押。具体事项如下： 备注：上述质押股份不负担重大资产重组等业绩补偿义务。 备注：1、王霞女士将其代未成年人许某某先生行使权利的公司股份 126,515,969股所对应的身份性权利，包括（但不限于）参会权、提名权、提案权、 表决权等身份性权利全部委托许冉女士行使。委托期限至2028年10月23日（即未 成年人许某某先生十八周岁生日之日止）。 - 1 - 股东 名称 是否为控股股 东或第一大股 东及其一致行 动人 本次质押数 量（股） 占其所 持股份 比例 (%) 占公 司总 股本 比例 (%) 是否为 限售股 是否 为补 充质 押 质押起始 日 质押到期 日 质权人 质押 用途 许冉 是 41,520,000 8.30 1.74 高管锁 ...

截至2025年6月13日收盘，龙佰集团（002601）报收于16.4元，较上周的16.53元下跌0.79%。本周，龙 佰集团6月10日盘中最高价报16.85元。6月11日盘中最低价报16.25元。龙佰集团当前最新总市值391.35 亿元，在化学原料板块市值排名4/56，在两市A股市值排名344/5150。 本周关注点 公司公告汇总：龙佰集团调整股份回购价格上限至不超过人民币24.32元/股 公司公告汇总 龙佰集团股份有限公司于2025年6月6日召开第八届董事会第十九次会议，审议通过了关于回购公司股份 方案的议案，并公布了前十名股东和前十名无限售条件股东的持股详情。许冉持股500,000,000股，占总 股本20.95%，为第一大股东；谭瑞清持股197,384,705股，占8.27%，位列第二。此外，公司还宣布了因 实施2025年第一季度权益分派方案而调整股份回购价格上限的消息，回购价格上限由不超过人民币 24.82元/股调整为不超过人民币24.32元/股，调整后的价格自2025年6月11日起生效。回购股份的资金总 额不低于人民币50,000.00万元且不超过人民币100,000.00万元，回购期限为自董事会审 ...

Core Viewpoint - Yunnan Province, known as the "Kingdom of Nonferrous Metals," is leveraging its rich titanium resources to develop a robust titanium industry cluster in Chuxiong Prefecture, aiming for a trillion-yuan industry scale through resource utilization, industrial agglomeration, and technological innovation [1][2]. Industry Overview - Chuxiong Prefecture has established a complete titanium industry chain, from titanium ore mining and high-titanium slag smelting to the production of titanium dioxide, sponge titanium, and titanium materials, benefiting from favorable transportation and location conditions that reduce logistics costs [2]. - The region has over 30 titanium enterprises, with capacities of 500,000 tons for high-titanium slag, 300,000 tons for chlorination titanium dioxide, 50,000 tons for sponge titanium, and 20,000 tons for titanium materials [3]. Technological Advancements - The titanium industry in Chuxiong faced challenges such as outdated production processes and low efficiency, but significant improvements have been made since the restructuring initiated in 2019, which included the introduction of Longbai Group's advanced technology [4]. - Longbai Group invested 774 million yuan to upgrade production lines, achieving full production recovery within 180 days, with significant increases in output and revenue from 40,000 tons and 1 billion yuan in 2020 to 121,000 tons and 2.44 billion yuan by 2024 [4]. Environmental Initiatives - Chuxiong's titanium industry is committed to ecological sustainability, implementing measures to ensure pollution control and exploring resource recycling paths, with a focus on reducing energy consumption and increasing resource utilization rates [8][9]. - The introduction of advanced technologies, such as the MVR evaporation system, has led to a 60% reduction in energy consumption per ton of titanium liquid, while the comprehensive utilization rate of industrial solid waste has reached 85% [8]. Economic Impact - The restructuring and technological upgrades have revitalized the titanium industry in Chuxiong, attracting innovative and growth-oriented enterprises, thereby injecting vitality into industrial upgrades and economic development [3][4].

Core Viewpoint - Longbai Group, a leading global titanium dioxide and titanium products company, is facing increased pressure following the succession of the second generation of leadership, with significant cash dividends and share buybacks raising market skepticism about its financial health [1][3]. Financial Performance - Longbai Group announced a share buyback plan with a total expenditure of up to 1.086 billion yuan, alongside a cash dividend distribution of 1.186 billion yuan, resulting in a combined maximum expenditure of 2.186 billion yuan [2][5]. - As of the end of Q1 this year, the company reported monetary funds of 8.726 billion yuan against interest-bearing liabilities of approximately 26.3 billion yuan, indicating significant debt pressure [2][7]. - The company's net profit attributable to shareholders has been declining for three consecutive years, with Q1 2024 showing a further decrease [2][12]. Share Buyback and Dividend Strategy - The share buyback plan involves repurchasing shares at a maximum price of 24.82 yuan per share, which is approximately 50.15% higher than the market price of 16.53 yuan on the announcement date [3][4]. - The cash dividend for Q1 2024 is set at 5 yuan per 10 shares, totaling approximately 1.186 billion yuan, with a dividend payout ratio of 172.88% [4][5]. - For the entire year of 2024, the company plans to distribute cash dividends totaling 2.144 billion yuan, with a payout ratio nearing 98.89% of its annual profit [6]. Operational Challenges - Longbai Group's revenue and net profit have both declined in Q1 2024, with revenue at 7.06 billion yuan and net profit at 686 million yuan, representing year-on-year decreases of 3.21% and 27.86%, respectively [13]. - The company has faced operational pressures due to falling iron ore prices and underperformance in its new energy sector, contributing to the decline in net profit [2][12]. - The company has also recorded significant asset impairments, including a 342 million yuan impairment for goodwill related to previous acquisitions [12]. Company Background and Market Position - Longbai Group, originally known as Baili Union, has grown into a global leader in the titanium industry through a series of acquisitions and expansions, with a production capacity of 1.51 million tons per year for titanium dioxide and 80,000 tons for sponge titanium [10][12]. - The company holds over 1,270 patents in China, with a research and development investment of 1.175 billion yuan in 2024, maintaining a consistent R&D expenditure exceeding 1 billion yuan annually from 2021 to 2023 [11].

证券代码：002601 证券简称：龙佰集团 公告编号：2025-028 龙佰集团股份有限公司 关于回购股份事项前十名股东和前十名无限售条件股东 持股情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 龙佰集团股份有限公司（以下简称"公司"）于2025年6月6日召开的第八届 董事会第十九次会议审议通过了《关于回购公司股份方案的议案》，具体内容详 见公司于2025年6月7日披露于《中国证券报》《证券时报》《上海证券报》及巨 潮资讯网（www.cninfo.com.cn）的《关于回购公司股份方案的公告》。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 的前一个交易日（即2025年6月6日）登记在册的前十名股东和前十名无限售条件 股东的名称及持股数量、比例情况公告如下： -1- 注：以上股东的持股数量为合并普通账户和融资融券信用账户后的持股数量。 二、前十名无限售条件股东的名称及持股数量、比例 占无限售条件 持股数量 一、前十名股东的名称及持股数量、比例 持股数量 占总股本比例 序号 股东名称 （股） （%） 上海高毅资产管理合伙企业（有 ...