Group 1 - The core point of the article is that Chuanheng Co., Ltd. has received a patent for a concentrated process of fluorosilicic acid, which may enhance its competitive edge in the chemical industry [1] - As of January to June 2025, the revenue composition of Chuanheng Co., Ltd. is 93.07% from the chemical industry and 6.93% from phosphate rock mining [1] - The current market capitalization of Chuanheng Co., Ltd. is 16.8 billion yuan [1]

Group 1 - Guizhou Chuanheng Chemical Co., Ltd. and its subsidiary Guangxi Pengyue Ecological Technology Co., Ltd. received a patent certificate from the National Intellectual Property Administration [1] - The patent number is ZL202310782879.9, titled "A Concentration Process of Fluorosilicic Acid," classified as an invention [1] - The patent application date was June 29, 2023, and the authorization announcement date is September 2, 2025, with the patent rights effective from the announcement date [1] Group 2 - The acquisition of this patent helps the company improve its intellectual property protection system and establish an innovation mechanism [1] - This development is expected to maintain the company's technological leadership and enhance its core competitiveness [1] - The announcement was made by the board of directors of Chuanheng Co. on September 13, 2025 [1]

证券代码：002895 证券简称：川恒股份 公告编号：2025-115 贵州川恒化工股份有限公司 2025 年 9 月 13 日 贵州川恒化工股份有限公司（以下简称公司或川恒股份）和控股子公司广西鹏 越生态科技有限公司（以下简称广西鹏越）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 | | 授权公告日 | | 专利权生效 日期 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ZL 2023 1 | 一种氟硅酸的浓缩工 | 川恒股份、 | 发明 | 年 2023 06 | | 年 2025 | 09 | 自授权公告 | | 0782879.9 | 艺 | 广西鹏越 | | 月 29 | 日 | 月 02 | 日 | 之日起生效 | 以上专利的取得有利于进一步完善公司的知识产权保护体系，形成持续创新机 制，保持技术领先地位，不断提升公司的核心竞争力。 特此公告。 贵州川恒化工股份有限公司 董事会 获得专利证书的公告 本公司及董事会全体成员保证信 ...

Group 1 - The core viewpoint of the article highlights that Chuanheng Co., Ltd. achieved a net profit attributable to shareholders of 536 million yuan in the first half of the year, representing a year-on-year increase of 51.54% [1] - In Q2 2025, the company realized a net profit of 334 million yuan, which is a year-on-year increase of 52.48% and a quarter-on-quarter increase of 65.34% [1] - The significant revenue growth in the first half of the year is attributed to the rise in core product prices and the release of production capacity from subsidiaries [1] Group 2 - The average prices of the company's core products, calcium dihydrogen phosphate and monoammonium phosphate, were 4,405 yuan and 3,212 yuan respectively, reflecting year-on-year increases of 22.16% and 5.13% [1] - The company possesses multiple upstream phosphate mines, securing scarce resources and gradually realizing its integrated advantages [1] - The company is continuously advancing its "phosphate mining - wet phosphoric acid - phosphate salt" integrated layout, achieving large-scale production of wet phosphoric acid and iron phosphate through subsidiaries like Guangxi Pengyue and Hengxuan New Energy, further expanding applications in the new energy materials sector [1] Group 3 - The production capacity of phosphate rock is gradually expanding, and new projects are being advanced in an orderly manner [1] - The investment rating for the company is set at "Buy" [1]

Core Viewpoint - The article highlights the significant changes in the holdings of brokerage firms in the second quarter, indicating potential investment opportunities and trends in the A-share market, with a total holding value of 64.712 billion yuan, an increase of 8.243 billion yuan from the previous quarter [1]. Group 1: Brokerage Holdings Overview - As of the end of Q2, 44 brokerage firms had significant holdings in 307 A-share companies, with a total holding value of 64.712 billion yuan, reflecting an increase of 8.243 billion yuan compared to the end of Q1 [1]. - The number of companies newly added to brokerage holdings reached 97, while 98 companies saw increased holdings, and 93 companies experienced reductions in holdings [2]. - A total of 105 companies had holdings of 10 million yuan or more, with 61 companies exceeding 20 million yuan, and 34 companies surpassing 30 million yuan in holdings [3]. Group 2: Performance of Key Stocks - Among the 34 companies with holdings exceeding 30 million yuan, their combined holding value reached 44.442 billion yuan, accounting for 68.67% of the total holdings, with 14 companies experiencing reductions in holdings [3]. - From April onwards, only 2 companies saw a decline of less than 10% in stock price, while the rest experienced increases, with 10 companies showing a rise of over 40% [3]. - Jiangsu Bank, CITIC Construction Investment, and Yong'an Futures were the top three heavily held stocks, each with over 10% increase since April, with holding values of 11.026 billion yuan, 9.208 billion yuan, and 6.507 billion yuan respectively [4]. Group 3: Sector Analysis - The article notes that the financial sector, particularly Jiangsu Bank, CITIC Construction Investment, and Yong'an Futures, has been heavily favored by brokerage firms, with significant stock price increases [4]. - In the small metal sector, 20 companies saw stock price increases of over 40%, with 5 new additions to brokerage holdings [6]. - The article emphasizes the strong performance of the energy metal sector, with companies like Zhongkuang Resources showing a holding value of approximately 627 million yuan and a stock price increase of 40.36% since April [8]. Group 4: Institutional Holdings - A total of 29 companies were held by at least 2 brokerage firms, with 4 companies, including Chuanheng Co., being held by 3 firms [10]. - Among these, 21 companies saw increased holdings, while 7 experienced reductions, with 27 companies showing stock price increases, 16 of which exceeded 30% [10]. - Chuanheng Co. reported a holding value of approximately 496 million yuan, with a stock price increase of 24.8% since April [12].

Investment Rating - The report maintains a "Buy" investment rating for Chuanheng Co., Ltd. (002895.SZ) [1][9] Core Views - The company's revenue growth in the first half of 2025 is driven by product price increases and capacity expansion, with total revenue reaching 3.36 billion yuan, a year-on-year increase of 35.28% [1][2] - The core products, calcium dihydrogen phosphate and monoammonium phosphate, saw average prices increase by 22.16% and 5.13% respectively, contributing to the overall revenue growth [2] - The company benefits from owning upstream phosphate resources, enhancing its integrated supply chain advantages [2][8] Summary by Sections Revenue and Profitability - In Q2 2025, the company achieved a revenue of 1.867 billion yuan, a year-on-year increase of 29.63% and a quarter-on-quarter increase of 25.06% [1] - The net profit attributable to shareholders for the first half of 2025 was 536 million yuan, up 51.54% year-on-year [1] Cost Control and Cash Flow - The company managed to slightly reduce its sales, management, and financial expense ratios, while R&D expenses increased due to more projects [3] - The net cash flow from operating activities was -147 million yuan, a significant decline of 199.53% year-on-year, primarily due to increased cash payments for raw materials [3] Resource and Capacity Expansion - The company owns several phosphate mines with a total production capacity expected to reach 5.5 million tons by the second half of 2027, enhancing self-sufficiency and reducing procurement costs [8] - The integrated layout of the phosphate industry chain is being advanced through subsidiaries, which will further expand into new energy materials [8] Profit Forecast - The forecasted net profits for 2025, 2026, and 2027 are 1.217 billion yuan, 1.407 billion yuan, and 1.688 billion yuan respectively, with corresponding PE ratios of 13.8, 11.9, and 9.9 times [9][11]

Group 1 - On September 8, a total of 96 stocks received ratings from brokerages, with 46 stocks rated as "Buy" [1] - The stocks with the highest expected price increases based on the latest closing prices are Chuanheng Co., Ltd. (002895.SZ) and Jiangshan Co., Ltd. (600389.SH), with expected increases of 27.56% and 17.58% respectively [1][2] - The brokerage with the highest target price for Chuanheng Co., Ltd. is Southwest Securities, with a target price of 35.36 yuan [2] Group 2 - The industries with the highest number of stocks receiving attention from brokerages are chemicals, pharmaceuticals and biotechnology, and electronics [7] - Two stocks, Yingke Medical (300677.SZ) and Tongkun Co., Ltd. (601233.SH), received attention from multiple brokerages, indicating strong interest [5]

事件：川恒股份发布 2025 年半年报，2025 年上半年公司实现营业收入 33.60亿元，同比增长35.28%， 实现归母净利润5.36 亿元，同比增长51.54%；2025年二季度实现营业收入18.67 亿元，同比增长 29.63%，环比增长25.06%，实现归母净利润3.34 亿元，同比增长53.48%，环比增长65.34%。 多基地产能协同布局，传统磷化工向新能源材料延伸。磷矿石是磷化工产业的核心原材料，公司磷矿资 源禀赋，拥有小坝磷矿、新桥磷矿及鸡公岭磷矿，参股公司天一矿业拥有老虎洞磷矿，磷矿资源巩固成 本优势。公司自主研发能力强，磷矿浮选技术的磷收率高于93%，可以充分利用本地P2O5含量 20%-27%的中低品位磷矿石。随着广西项目的投产，公司磷化工产品结构持续优化，现有磷酸二氢钙产 能51 万吨/年，磷酸一铵产能26 万吨/年，净化磷酸产能10 万吨/年，无水氟化氢产能3 万吨/年，商品磷 酸产能20 万吨/年，磷酸铁产能10万吨/年。 营收与利润双升，发展势头强劲。公司市场份额在不断扩大，产品需求持续攀升，在磷化工及相关领域 的业务拓展成效显著。多年来公司营收呈现稳健增长态势，2021-20 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][11]. Core Views - The company has experienced significant revenue growth in the first half of 2025, with a year-on-year increase of 35.28%, reaching 3.36 billion yuan, and a net profit increase of 51.54%, amounting to 536 million yuan [3][4]. - The growth in revenue and profit is primarily attributed to the sales of feed-grade dicalcium phosphate and monoammonium phosphate [4]. - The company is expected to continue its growth trajectory, with projected revenues of 7 billion yuan, 7.7 billion yuan, and 8.4 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 1.26 billion yuan, 1.52 billion yuan, and 1.82 billion yuan for the same years [11][43]. Financial Performance - In Q2 2025, the company achieved revenue of 1.87 billion yuan, a year-on-year increase of 29.63% and a quarter-on-quarter increase of 25.06% [3][5]. - The gross profit margin for Q2 2025 was 33.08%, showing a year-on-year increase of 0.31 percentage points [3]. - The company’s average return on equity (ROE) for Q2 2025 was 5.08%, reflecting a year-on-year increase of 1.24 percentage points [3]. Product Performance - The revenue from phosphate rock reached 233 million yuan in the first half of 2025, with a gross margin of 81.21% [4]. - Feed-grade dicalcium phosphate generated revenue of 844 million yuan, with a gross margin of 32.60%, while monoammonium phosphate revenue was 715 million yuan, with a gross margin of 44.57% [4]. - The average price of phosphate rock in Q3 2025 was 1,020 yuan per ton, maintaining a high level compared to previous periods [9]. Market Position and Capacity Expansion - The company has a production capacity of over 3.2 million tons of phosphate rock per year and is expanding its capacity with ongoing projects [10]. - The company is expected to benefit from the stable operation of its phosphate projects and high phosphate rock prices, which will enhance its performance in the upcoming quarters [9][10].

Core Viewpoint - Guizhou Chuanheng Chemical Co., Ltd. has approved a share repurchase plan to buy back shares for cancellation and capital reduction, with a budget between RMB 40 million and RMB 80 million, and a maximum repurchase price of RMB 24.33 per share [2][3]. Summary by Sections Share Repurchase Plan - The company held its fourth board meeting on February 25, 2025, and approved a share repurchase plan, with a total amount not less than RMB 40 million and not exceeding RMB 80 million [2]. - The repurchase price is capped at RMB 24.33 per share, which is 150% of the average price over the previous 30 trading days [2]. Progress of Share Repurchase - As of August 31, 2025, the company has repurchased 1,760,300 shares, accounting for 0.29% of the total share capital, with a total expenditure of RMB 40,139,399, excluding transaction fees [3]. - The highest transaction price was RMB 23.90 per share, and the lowest was RMB 22.00 per share [3]. Adjustments to Repurchase Plan - The company adjusted the funding source for the repurchase from solely self-owned funds to include financing from financial institutions [2]. - The maximum repurchase price was subsequently adjusted to RMB 23.13 per share and later to RMB 22.83 per share following profit distribution [4][5]. Compliance and Regulations - The share repurchase is conducted in accordance with relevant laws and regulations, ensuring compliance with the rules set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange [5].