贵州川恒化工股份有限公司 2025 年半年度利润分配实施公告 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、贵州川恒化工股份有限公司（以下简称公司）回购专用证券账户持有的 1,760,300 股公司股份不参与本次利润分配。公司 2025 年半年度利润分配方案为： 以公司现有总股本 607,666,683 股剔除已回购股份 1,760,300 股后的 605,906,383 股为基数，向全体股东每 10 股派发现金股利 3.00 元，实际现金分红总额为 181,771,914.90 元（含税）。 证券代码：002895 证券简称：川恒股份 公告编号：2025-112 二、本次实施的利润分配方案 公司 2025 年半年度利润分配方案为：以公司现有总股本剔除已回购股份 1,760,300 股后的 605,906,383 股为基数，向全体股东每 10 股派 3.00 元人民币现 金（含税；扣税后，QFII、RQFII 以及持有首发前限售股的个人和证券投资基金 每 10 股派 2.70 元；持有首发后限售股、股权激励限售股及无限售流通股的个人 股息红利 ...

证券代码：002895 证券简称：川恒股份 公告编号：2025-113 贵州川恒化工股份有限公司 贵州川恒化工股份有限公司（以下简称"公司"）于 2025 年 2 月 25 日召开第 四届董事会第六次会议，2025 年 3 月 14 日召开 2025 年第一次临时股东大会，审 议通过了《回购公司股份的议案》，同意公司以集中竞价交易方式回购部分公司股 份用于注销并减少注册资本，回购金额不低于人民币 4,000 万元（含）且不超过人 民币 8,000 万元（含），回购价格不超过 24.33 元/股（未超过董事会通过回购决议 前 30 个交易日均价的 150%），回购资金为自有资金，实施期限为股东大会审议通 过回购方案之日起 12 个月内。具体回购数量、回购资金总额以回购期限届满时实 际回购股份使用的资金总额、回购股份数量为准。具体内容详见公司于 2025 年 2 月 26 日及 3 月 15 日在信息披露媒体披露的《回购公司股份方案的公告》（公告编 号：2025-011）及《回购报告书》（公告编号：2025-018）。公司于 2025 年 4 月 9 日召开第四届董事会第七次会议，审议通过了《调整回购公司股份方案 ...

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - The company reported a significant increase in revenue and profit for the first half of 2025, achieving revenue of 3.36 billion yuan (up 35.3% year-on-year) and a net profit attributable to shareholders of 540 million yuan (up 51.5% year-on-year) [2][7]. - In Q2 2025, the company generated revenue of 1.87 billion yuan (up 29.6% year-on-year, up 25.1% quarter-on-quarter) and a net profit of 330 million yuan (up 52.5% year-on-year, up 65.3% quarter-on-quarter) [2][7]. - The company plans to distribute a cash dividend of 3.0 yuan per 10 shares (including tax) [7]. Summary by Sections Financial Performance - The company achieved a total revenue of 5.906 billion yuan for 2025E, with a projected net profit of 1.292 billion yuan [16]. - The gross profit margin for Q2 2025 was 33.1%, with a net profit margin of 18.7%, reflecting improvements in operational efficiency [11]. - The company expects net profits of 1.29 billion yuan, 1.47 billion yuan, and 1.64 billion yuan for 2025, 2026, and 2027 respectively [11]. Market Position - The company is a leading player in the domestic phosphate chemical industry, with significant phosphate rock production capacity of 3 million tons per year and additional capacity under construction of 9.3 million tons per year [11]. - The company benefits from a strong supply chain and is focused on enhancing its phosphate chemical industry chain from phosphate rock to phosphate salt products [11]. Product Performance - The company has seen notable growth in sales of its main products, including dihydrogen phosphate, industrial-grade monoammonium phosphate, and phosphoric acid, driven by increased demand and rising raw material prices [11]. - The average price changes for key products in Q2 2025 were 19.6%, 8.9%, 5.1%, and 1.4% year-on-year, indicating a positive pricing environment [11].

经贵州川恒化工股份有限公司（以下简称公司）第四届董事会第五次会议、 2024 年第七次临时股东大会审议通过，公司 2025 年度为合并报表范围内资产负 债率为 70%以下的子公司川恒生态科技有限公司、贵州福麟矿业有限公司（以下 简称福麟矿业）、贵州川恒营销有限责任公司的融资提供合计不超过 6.00 亿元的 担保额度，具体内容详见本公司在信息披露媒体披露的相关公告(公告编号： 2024-166、2024-168、2024-174)。 近日，福麟矿业与中国农业银行股份有限公司福泉市支行（以下简称农行福 泉支行）签订《流动资金借款合同》，借款金额 5,000.00 万元，借款期限壹年。 该笔借款申请由本公司提供连带责任保证担保。本公司与债权人农行福泉支行已 于 2025 年 8 月 27 日签订《保证合同》，由本公司为该笔借款提供连带责任保证， 担保的借款本金数额为 5,000.00 万元。 证券代码：002895 证券简称：川恒股份 公告编号：2025-111 二、《保证合同》的主要内容 贵州川恒化工股份有限公司 2025 年度为子公司提供担保的进展公告（二） 本公司及董事会全体成员保证信息披露的内容真实、准确、 ...

Group 1 - The stock price of Chuanheng Co., Ltd. is 26.19 yuan as of August 27, 2025, down 1.27 yuan or 4.62% from the previous trading day's closing price [1] - Chuanheng Co., Ltd. operates in the chemical raw materials sector, focusing on the research, production, and sales of wet-process phosphoric acid and phosphate products, with a complete industrial chain from phosphate mining to wet-process phosphoric acid and phosphate salts [1] - The company controls multiple phosphate mines with a total reserve of over 580 million tons and an annual production capacity exceeding 3.2 million tons [1] Group 2 - In the first half of 2025, Chuanheng Co., Ltd. achieved operating revenue of 3.36 billion yuan, a year-on-year increase of 35.28%, and a net profit attributable to shareholders of 536 million yuan, up 51.54% year-on-year [1] - The company plans to distribute a cash dividend of 3.00 yuan (including tax) for every 10 shares to all shareholders [1] - The main product, feed-grade dicalcium phosphate, generated revenue of 844 million yuan, a year-on-year increase of 33.22%, while iron phosphate achieved revenue of 318 million yuan, a significant year-on-year increase of 103.99% [1] Group 3 - On August 27, 2025, the net outflow of main funds for Chuanheng Co., Ltd. was 13.83 million yuan, accounting for 0.09% of the circulating market value [1] - Over the past five days, the net inflow of main funds was 20.99 million yuan, representing 0.13% of the circulating market value [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a total revenue of 3.36 billion yuan for the first half of 2025, representing a year-on-year growth of 35.28%, and a net profit attributable to shareholders of 513 million yuan, up 46.50% year-on-year [1] - The phosphochemical product prices have increased, leading to continuous improvement in the company's performance [2] - The company is advancing share repurchase plans to optimize its capital structure [3] - A stock incentive plan has been proposed to demonstrate the company's confidence in its development [4] - The company has approved a mid-term dividend plan, actively returning profits to investors [5] - The company is expected to see strong growth with revenue projections of 6.93 billion yuan, 8.07 billion yuan, and 8.36 billion yuan for 2025, 2026, and 2027 respectively [10] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 1.87 billion yuan, a year-on-year increase of 29.63% and a quarter-on-quarter increase of 25.06% [1] - The net profit for Q2 was 334 million yuan, up 52.48% year-on-year and 65.34% quarter-on-quarter [1] Business Segments - The phosphochemical segment generated 3.13 billion yuan in revenue, accounting for 93.07% of total revenue, with a year-on-year growth of 37.50% [2] - The revenue from ammonium phosphate and iron phosphate increased by 38.91% and 103.99% respectively [2] Shareholder Returns - The mid-term dividend plan includes a distribution of 3 yuan per 10 shares, totaling approximately 182.3 million yuan [5] Future Outlook - The company is expected to maintain a strong growth trajectory with significant revenue and profit increases projected for the next three years [10]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved significant revenue growth in its phosphate chemical products, with a 35.28% year-on-year increase in revenue to 3.36 billion yuan in the first half of 2025 [1] - The company plans to distribute a cash dividend of 3 yuan per 10 shares, totaling 182 million yuan, reflecting a payout ratio of 34.0% [3] - The company has a strong phosphate resource advantage, with total phosphate reserves exceeding 580 million tons and an annual production capacity of over 3.2 million tons [3] - The company’s subsidiary in Guangxi achieved a revenue of 1.285 billion yuan, a year-on-year increase of 70.9%, and significantly reduced its net loss by 47.5% [2] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 3.36 billion yuan, a 35.28% increase year-on-year, and a net profit of 536 million yuan, up 51.54% [1] - The second quarter of 2025 saw a revenue of 1.867 billion yuan, a 29.63% year-on-year increase, and a net profit of 334 million yuan, reflecting a 52.48% increase [1] Product Performance - Key products such as feed-grade dicalcium phosphate, monoammonium phosphate, and phosphoric acid saw revenue increases of 33.2%, 38.9%, and 27.7% respectively in the first half of 2025 [2] - The company’s iron phosphate business achieved a revenue of 318 million yuan, a substantial increase of 104% year-on-year [2] Dividend Policy - The company has consistently maintained a high cash dividend payout, with cumulative cash dividends of 1.55 billion yuan from 2022 to 2024, resulting in a payout ratio of 62.4% [3] Profit Forecast and Valuation - The company’s projected net profits for 2025, 2026, and 2027 are 1.289 billion yuan, 1.573 billion yuan, and 1.847 billion yuan respectively, with a maintained "Buy" rating [3][4]

Core Viewpoint - Guizhou Chuanheng Chemical Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by increased sales volume and prices of its main products [2] Group 1: Financial Performance - The company achieved an operating income of 3.36 billion yuan, representing a year-on-year increase of 35.28% [2] - The net profit attributable to shareholders reached 536 million yuan, up 51.54% year-on-year [2] - A cash dividend of 3.00 yuan per 10 shares (including tax) is proposed for all shareholders [2] Group 2: Industry Position and Product Development - The company has established a complete industrial chain in phosphate chemicals, focusing on the research, production, and sales of wet-process phosphoric acid and phosphate products [2] - Key products include feed-grade dicalcium phosphate, ammonium phosphate for fire protection, and various phosphoric acids, with significant market shares domestically and internationally [3] Group 3: Resource Management and Capacity Expansion - The company has secured over 580 million tons of phosphate ore reserves and an annual production capacity exceeding 3.2 million tons, ensuring stable raw material supply [2] - Ongoing projects aim to increase production capacity by over 4 million tons in the next four years, enhancing the foundation for future phosphate product production [2] Group 4: Strategic Direction and Future Outlook - Since its listing in 2017, the company has seen its revenue grow from 1.184 billion yuan to 5.906 billion yuan by 2024, with a compound annual growth rate of 25.81% [4] - The net profit increased from 133 million yuan in 2017 to 958 million yuan in 2024, with a compound annual growth rate of 32.59% [4] - The company aims to focus on advanced phosphate chemicals and develop a "phosphorus-fluorine" circular industry cluster while expanding into the new energy materials sector [4]

Core Insights - The company reported a total revenue of 3.36 billion yuan for the first half of 2025, marking a year-on-year increase of 35.28% and achieving five consecutive years of growth [1] - The net profit attributable to shareholders reached 536 million yuan, reflecting a year-on-year increase of 51.54% and two consecutive years of growth [1] - The company experienced a negative net cash flow from operating activities amounting to -147 million yuan [1] Financial Metrics - The latest debt-to-asset ratio stands at 41.66%, ranking 20th among disclosed peers, with a decrease of 1.11 percentage points from the previous quarter and a reduction of 5.03 percentage points year-on-year [3] - The gross profit margin is reported at 31.16%, ranking 5th among peers, with an increase of 2.40 percentage points from the previous quarter [3] - The return on equity (ROE) is 7.92%, ranking 7th among peers, with an increase of 1.57 percentage points year-on-year [3] - The diluted earnings per share (EPS) is 0.99 yuan, ranking 4th among peers, with a year-on-year increase of 51.11% [3] - The total asset turnover ratio is 0.26 times, reflecting a year-on-year increase of 20.43% [3] - The inventory turnover ratio is 2.27 times, with a year-on-year increase of 3.93% [3] Shareholder Structure - The number of shareholders is 26,200, with the top ten shareholders holding 344 million shares, accounting for 58.36% of the total share capital [3] - The largest shareholder is Sichuan Chuanheng Holding Group Co., Ltd., holding 47.1% of the shares [3]

Group 1 - The core viewpoint of the news is that Chuanheng Co., Ltd. (002895.SZ) reported a decrease in institutional holdings in its A-shares, with a total of 3.48 billion shares held by 26 institutional investors, accounting for 59.18% of the total share capital as of August 26, 2025 [1] - The top ten institutional investors hold a combined 58.36% of the shares, which is a decrease of 6.62 percentage points compared to the previous quarter [1] - Among public funds, there was a reduction in holdings by one fund, namely the Jiashi New Energy and New Materials Stock A, with a decrease of 0.26% [1] Group 2 - One new public fund disclosed its holdings in Chuanheng Co., Ltd., which is the Zhonggeng Small Cap Value Stock [1] - A total of 15 public funds that previously disclosed their holdings did not do so this quarter, including several funds from Huazhong and Jiashi [1] - The only new disclosure from social security funds is the National Social Security Fund 406 Combination [2]