国浩律师（天津）事务所关于 贵州川恒化工股份有限公司 2025 年第二次临时 股东大会的法律意见书 致：贵州川恒化工股份有限公司 根据贵州川恒化工股份有限公司（以下简称"川恒股份"或"公司"）的委托， 国浩律师（天津）事务所（以下简称"本所"）就公司 2025 年第二次临时股东大 会（以下简称"本次股东大会"）所涉及的召集、召开程序、召集人资格和出席会 议人员的资格、本次股东大会的提案、表决程序及表决结果等相关问题发表法律 意见。 本法律意见书系根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》《上市公司股东大会规则》《律师事务所从事证券法 律业务管理办法》及《贵州川恒化工股份有限公司章程》（以下简称"《公司章 程》"）的有关规定出具。 为出具本法律意见书之目的，本所经办律师（以下简称"本所律师"）列席了 本次股东大会，并依照现行有效的中国法律、法规以及中国证券监督管理委员会 （以下简称"中国证监会"）相关规章、规范性文件的要求和规定，对川恒股份提 供的与题述事宜有关的法律文件及其他文件、资料进行了审查、验证。同时，本 所律师还审查、验证了本所律师认为出具本法律意见书所必需审查 ...

证券代码：002895 证券简称：川恒股份 公告编号：2025-118 贵州川恒化工股份有限公司 2025 年第二次临时股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席的时间 1、会议召开的时间： 现场会议召开的时间为：2025 年 9 月 18 日（星期四）15:30。 网络投票的时间为：2025 年 9 月 18 日。其中，通过深圳证券交易所互联网 投票系统投票的时间为：2025 年 9 月 18 日 09:15-15:00；通过深圳证券交易所交 易系统进行网络投票的具体时间为：2025 年 9 月 18 日 9:15-9:25、9:30-11:30 和 13:00-15:00。 2、现场会议召开地点：贵州省贵阳市南明区宝山南路 64 号蟠桃大厦 5 楼 5-4 号。 3、会议召开的方式：本次会议采用现场投票、网络投票相结合的方式召开。 4、会议召集人：贵州川恒化工股份有限公司董事会。 5、会议主持人：董事长段浩然。 ...

Core Points - The company Chuanheng Co., Ltd. announced that its subsidiary Guizhou Hengchang New Energy Materials Co., Ltd. and Weng'an County Tianyi Mining Co., Ltd. have successfully acquired the state-owned land use rights [2] - The total area of the acquired land is 55,587.00 square meters, with a total price of 19,177,515.00 yuan [2] - The acquisition has been approved by the company's board and the necessary contracts will be signed with the Weng'an County Natural Resources Bureau [2]

Investment Rating - The investment rating for the company is "Buy" with expectations of a stock price increase of over 15% relative to the industry index in the next six months [5][19]. Core Views - The company's performance in the first half of 2025 showed significant growth, with revenue reaching 3.36 billion and a year-on-year increase of 35.28%. The net profit attributable to shareholders was 536 million, up 51.54% year-on-year [1][2]. - The increase in net profit is attributed to the rise in both volume and price of key products such as calcium dihydrogen phosphate and monoammonium phosphate [2]. - The company is expanding its phosphate mining capacity, which is expected to enhance its resource advantages and support future growth [4][11]. Financial Performance Summary - Revenue projections for 2025-2027 are 69.57 billion, 79.59 billion, and 86.88 billion respectively, with net profits of 12.23 billion, 14.96 billion, and 17.59 billion [11]. - The company reported a gross margin of 31.16% in the first half of 2025, a decrease of 2.06 percentage points compared to the same period in 2024 [2]. - The company’s return on equity (ROE) is projected to increase from 12.5% in 2023 to 17.5% by 2027 [12]. Product Performance Summary - The revenue from phosphate products in the first half of 2025 was as follows: 955 million from phosphoric acid, 844 million from feed-grade calcium dihydrogen phosphate, and 715 million from monoammonium phosphate, with year-on-year increases of 27.66%, 33.22%, and 38.91% respectively [4]. - The gross margins for these products were 18.88%, 32.60%, and 44.57%, with changes of -9.53 percentage points, +4.89 percentage points, and +3.76 percentage points year-on-year [4]. Cash Flow and Financial Health Summary - The net cash flow from operating activities was -147 million in the first half of 2025, a decline of 199.53% year-on-year, primarily due to increased cash payments for raw materials [3]. - The company’s cash and cash equivalents at the end of the period were 1.631 billion, down 6.03% year-on-year [3]. - Accounts receivable increased by 44.88% year-on-year, with a turnover rate improvement from 9.54 times in 2024 to 10.10 times [3]. Technological and Competitive Advantages - The company has developed several proprietary technologies in phosphate mining and production, which are now applied in industrial production, enhancing its competitive edge [10]. - Collaborations with universities have led to advancements in environmentally friendly technologies, aligning with current environmental policies [10].

证券代码：002895 证券简称：川恒股份 公告编号：2025-117 贵州川恒化工股份有限公司 恒昌新能源与关联方天一矿业共同摘牌国有建设用地使用权 取得成交确认书的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 《国有建设用地使用权挂牌出让成交确认书》。 特此公告。 贵州川恒化工股份有限公司 董事会 2025 年 9 月 18 日 贵州川恒化工股份有限公司（以下简称公司）控股子公司贵州恒昌新能源材 料有限公司（以下简称恒昌新能源）及瓮安县天一矿业有限公司（以下简称天一 矿业）共同摘牌国有建设用地使用权事项，已经公司第四届董事会第十一次会议 审议通过，具体内容详见公司在信息披露媒体披露的相关公告（公告编号： 2025-096、2025-097）。 恒昌新能源、天一矿业已成功摘牌宗地，并于近日与瓮安县自然资源局完成 签署《国有建设用地使用权挂牌出让成交确认书》，出让的宗地面积为 55,587.00 ㎡，总价款为 19,177,515.00 元。后续恒昌新能源、天一矿业将与瓮安县自然资 源局签订相关合同并支付价款，完成相关手续。 备查文件 ...

Market Overview - The agricultural chemical sector experienced a slight decline of 0.06% on September 16, with Bai'ao Chemical leading the drop [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Top Performers - Dongfang Tieta (002545) saw a significant increase of 10.01%, closing at 14.84 with a trading volume of 691,900 shares and a turnover of 1.006 billion [1] - Yangmei Chemical (600691) rose by 9.94%, closing at 3.43 with a trading volume of 1,739,500 shares and a turnover of 577 million [1] - Zhongqi Co., Ltd. (300575) increased by 9.48%, closing at 7.85 with a trading volume of 833,100 shares and a turnover of 638 million [1] Underperformers - Bai'ao Chemical (603360) declined by 2.74%, closing at 24.84 with a trading volume of 172,300 shares and a turnover of 428 million [2] - Yanhua Co. (000792) fell by 1.57%, closing at 20.12 with a trading volume of 537,300 shares and a turnover of 1.084 billion [2] - Chengxing Co. (600078) decreased by 1.50%, closing at 6.58 with a trading volume of 85,500 shares and a turnover of 5.625 million [2] Capital Flow - The agricultural chemical sector saw a net outflow of 167 million from institutional investors, while retail investors contributed a net inflow of 226 million [2] - The capital flow data indicates that institutional and speculative funds experienced net outflows, while retail investors showed a positive net inflow [3] Individual Stock Capital Flow - Dongfang Tieta (002545) had a net inflow of 73.81 million from institutional investors, while it faced a net outflow of 21.21 million from retail investors [3] - Yangmei Chemical (600691) recorded a net inflow of 61.53 million from institutional investors, with a net outflow of 40.65 million from retail investors [3] - Bai'ao Chemical (603360) experienced a net outflow of 52.60 million from speculative funds, while institutional investors contributed a net inflow of 73.81 million [3]

Group 1 - Yihau New Materials plans to reduce its shareholding by up to 1% of the company's total shares, amounting to 165,500 shares, due to personal funding needs [1] - Fuxing Pharmaceutical's subsidiary has received approval for a new indication for its drug, which is used in the treatment of certain types of breast cancer [1][2] - Shantui Co. has submitted its H-share issuance application to the China Securities Regulatory Commission, which has been accepted [3] Group 2 - Sierte's chairman plans to increase his shareholding by an amount between 3 million to 6 million yuan [4] - Borui Pharmaceutical's BGM0504 tablet has received approval for clinical trials in overweight and obese adults [5] - Ganyue Expressway reported vehicle toll service revenue of 349 million yuan for August [6] Group 3 - Chip Microelectronics has submitted its H-share issuance application to the China Securities Regulatory Commission, which has been accepted [7] - Lingrui Pharmaceutical's director plans to reduce his shareholding by up to 200,000 shares, representing 0.0353% of the total shares [8] - Jiahu Energy has adjusted its share repurchase price limit to 11.63 yuan per share [10] Group 4 - Spring Airlines reported a year-on-year increase of 12.23% in passenger turnover for August [11] - Kaida has received an invention patent for a self-calibrating sensor technology [12] - Chuanheng Co. has obtained a new utility model patent aimed at improving industrial waste utilization [14] Group 5 - Huashi Technology received a government subsidy of 2.21 million yuan, accounting for 22.71% of its latest audited net profit [15] - Shanghai Pharmaceuticals' controlling shareholder plans to increase its H-share holdings by up to 74 million shares [16] - Hongrun Construction has won a bid for a significant segment of the Shanghai Metro Line 21 project, valued at 126 million yuan [18] Group 6 - Sanfangxiang plans to invest 100 million yuan to establish a wholly-owned subsidiary focused on green technology [19] - Lao Fengxiang's subsidiaries plan to jointly invest in luxury goods sales and gold refining companies [20][21] - China Eastern Airlines reported an 8.72% year-on-year increase in passenger turnover for August [22] Group 7 - Inner Mongolia First Machinery has signed a railway freight car procurement contract worth 186 million yuan [22] - Jiuqiang Bio has received five invention patents related to diagnostic reagents [24] - Longmag Technology plans to invest 210 million yuan in its second phase project in Vietnam [25] Group 8 - Galaxy Magnetics plans to acquire 100% equity of Kyoto Longtai, with its stock suspended for trading [26] - Jinlong Co.'s controlling shareholder will have 30 million shares auctioned [27] - Haishi Co.'s controlling shareholder has released the pledge on 29.97 million shares [28] Group 9 - Qiu Tianwei plans to reduce its shareholding by up to 1.17% of the total shares [29] - Xiaocheng Technology's directors plan to reduce their shareholding by a total of 0.08% [30] - Victory Co. reported that Sunshine Life Insurance has reduced its shareholding by 4.4 million shares [31] Group 10 - Xindong Technology plans to distribute a cash dividend of 0.156 yuan per share [32] - Huaqin Technology plans to distribute a cash dividend of 0.13 yuan per share [33] - Kexing Pharmaceutical's controlling shareholder intends to transfer 5% of the company's shares [35] Group 11 - Guojin Securities has completed the repayment of its second short-term financing bond for 1.0205 billion yuan [38] - Chunhui Intelligent Control's application for asset acquisition has been accepted by the Shenzhen Stock Exchange [39] - Chaohongji has submitted its H-share issuance application to the Hong Kong Stock Exchange [40] Group 12 - Tianyue Advanced has fully exercised its over-allotment option, involving 716,180 H-shares [40] - Chengfeng Technology's vice president has resigned due to internal adjustments [41] - Yingpais plans to establish a 100 million yuan technology sports industry investment fund [43]

证券代码：002895 证券简称：川恒股份 公告编号：2025-116 贵州川恒化工股份有限公司 获得专利证书的公告 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。 贵州川恒化工股份有限公司（以下简称公司或川恒股份）于近日收到中华人 民共和国国家知识产权局颁发的专利证书 1 项，具体情况如下： | 专利号 | 专利名称 | 专利权人 | 类型 | 专利申请日 | | 授权公告 | | 专利权生效 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 日 | | 日期 | | ZL 2024 2 | 一种地聚物人造集料 | 川恒股份 | 实用 | 年 2024 | 10 | 年 2025 09 | | 自授权公告 | | 2652018.1 | 生产系统 | | 新型 | 月 31 | 日 | 月 12 | 日 | 之日起生效 | 本实用新型是一种地聚物人造集料生产系统，旨在解决工业废弃物利用率低、 制备过程不连续等技术问题，可大幅提升工业固态废弃物利用率。该技术暂未投 入 ...

Core Viewpoint - Chuanheng Co., Ltd. has experienced fluctuations in stock price and trading volume, with a notable increase in revenue and net profit for the first half of 2025, indicating strong financial performance despite recent stock price declines [1][2]. Financial Performance - For the first half of 2025, Chuanheng Co., Ltd. achieved operating revenue of 3.36 billion yuan, representing a year-on-year growth of 35.28% [2]. - The net profit attributable to shareholders reached 536 million yuan, marking a year-on-year increase of 51.54% [2]. Stock Market Activity - As of September 15, the stock price of Chuanheng Co., Ltd. was 27.03 yuan per share, with a market capitalization of 16.425 billion yuan [1]. - The stock has increased by 16.99% year-to-date, but has seen a decline of 2.49% over the last five trading days [1]. Shareholder Information - As of August 8, the number of shareholders for Chuanheng Co., Ltd. was 26,100, a decrease of 2.17% from the previous period [2]. - The average number of circulating shares per shareholder increased by 2.22% to 22,825 shares [2]. Dividend Distribution - Chuanheng Co., Ltd. has distributed a total of 2.133 billion yuan in dividends since its A-share listing, with 1.729 billion yuan distributed over the past three years [3]. Major Shareholders - As of June 30, 2025, major shareholders include Shenwan Hongyuan Securities Co., Ltd. and Guotou Securities Co., Ltd., with the former reducing its holdings by 1.4308 million shares [3].

Core Viewpoint - The company, Chuanheng Co., Ltd., announced the receipt of a patent certificate for a concentrated process of fluorosilicic acid from the National Intellectual Property Administration of the People's Republic of China [2] Group 1 - The patent is for a process related to fluorosilicic acid, indicating potential advancements in the company's product offerings [2] - The patent was granted to both Chuanheng Co., Ltd. and its subsidiary, Guangxi Pengyue Ecological Technology Co., Ltd., highlighting collaboration within the company [2]