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 公司股份方案的议案》，将回购股份的资金由自有资金调整为自有资金或金融机 构借款。具体内容详见公司于 20 ...

贵州川恒化工股份有限公司（以下简称公司）于近期收到控股股东四川川恒 控股集团股份有限公司（以下简称川恒集团）函告，获悉其将所持有的本公司部 分股份办理了质押与解除质押，具体事项如下： 一、股东股份质押基本情况 1、本次股份质押的基本情况 | 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2025-048 | | --- | --- | --- | | 转债代码：127043 | 转债简称：川恒转债 | | 贵州川恒化工股份有限公司 股份质押与解除质押公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 2、川恒集团在未来半年内和一年内分别到期的质押情况 | | 质押股份累计数量 （万股） | 占其所持股份比例 | 占公司总股本比例 | 对应融资余额（万元） | | --- | --- | --- | --- | --- | | 未来半年内到期 | 2,174.50 | 7.83% | 4.04% | 14,821.00 | | 未来一年内到期 | 5,451.27 | 19.63% | 10.12% | 40,931.00 | | | 是否为 ...

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2025-047 | | --- | --- | --- | | 转债代码：127043 | 转债简称：川恒转债 | | 贵州川恒化工股份有限公司 川恒转债可能触发赎回条件的提示性公告 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： 自 2025 年 5 月 16 日至 2025 年 5 月 29 日期间，贵州川恒化工股份有限公司（以 下简称公司）股票价格已有 10 个交易日的收盘价不低于"川恒转债"当期转股价格 （即 18.73 元/股）的 130%（即 24.35 元/股）。若后续公司股票收盘价格继续不低于 当期转股价格的 130%，预计将有可能触发"川恒转债"的有条件赎回条款，届时根 据公司《公开发行可转换公司债券募集说明书》（以下简称《募集说明书》）中有条 件赎回条款的相关规定，公司有权按照债券面值加当期应计利息的价格赎回全部或 部分未转股的"川恒转债"。 敬请广大投资者详细了解可转债相关规定，并关注公司后续公告，注意投资风 险。 一、公司可转债的基本情况 1、可转债发行上市 ...

Summary of Key Points Core Viewpoint - Guizhou Chuanheng Chemical Co., Ltd. has announced that its stock price has maintained a closing price above 130% of the current conversion price of its convertible bonds, which may trigger the conditional redemption clause of the "Chuanheng Convertible Bonds" if the trend continues [1][5]. Group 1: Convertible Bond Basic Information - The company issued 11.60 billion RMB worth of convertible bonds, with a total of 11.6 million bonds issued on August 12, 2021 [1]. - The conversion period for the "Chuanheng Convertible Bonds" is from February 18, 2022, to August 11, 2027 [1]. Group 2: Conversion Price Adjustments - The initial conversion price was set at 21.02 RMB per share, which has been adjusted multiple times due to stock incentive plans and rights distributions [2][3][4]. - The current conversion price is 18.73 RMB per share, following adjustments due to various corporate actions [4][5]. Group 3: Conditional Redemption Clause - The conditional redemption clause allows the company to redeem the bonds if the stock price remains above 24.35 RMB (130% of the conversion price) for a specified period [1][5]. - The company is required to hold a board meeting to decide on the redemption if the clause is triggered and must disclose this information promptly [5].

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2025-047 | | --- | --- | --- | | 转债代码：127043 | 转债简称：川恒转债 | | 贵州川恒化工股份有限公司 2、可转债转股期限 "川恒转债"的转股期自 2022 年 2 月 18 日至 2027 年 8 月 11 日（如遇法定节 假日或休息日延至其后的第 1 个工作日；顺延期间付息款项不另计息）。 川恒转债可能触发赎回条件的提示性公告 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： 自 2025 年 5 月 16 日至 2025 年 5 月 29 日期间，贵州川恒化工股份有限公司（以 下简称公司）股票价格已有 10 个交易日的收盘价不低于"川恒转债"当期转股价格 （即 18.73 元/股）的 130%（即 24.35 元/股）。若后续公司股票收盘价格继续不低于 当期转股价格的 130%，预计将有可能触发"川恒转债"的有条件赎回条款，届时根 据公司《公开发行可转换公司债券募集说明书》（以下简称《募集说明书》）中有条件 赎回条款的相关规定，公司有权 ...

二、募集资金存放和管理情况 为规范公司募集资金管理和使用，保护中小投资者的权益，依据《深圳证券交 易所上市公司自律监管指引第 1 号——主板上市公司规范运作》《上市公司监管指 引第 2 号——上市公司募集资金管理和使用的监管要求》等相关法律法规和公司《募 集资金管理制度》的规定，公司在中国农业银行股份有限公司福泉市支行开设募集 资金专项账户（以下简称专户），并按照相关规定与开户银行、保荐机构国信证券股 份有限公司签订了《募集资金三方监管协议》，具体内容详见公司在信息披露媒体 披露的《签订募集资金三方监管协议的公告》（公告编号：2024-016）。 经中国证券监督管理委员会证监许可[2023]1392 号文同意注册，贵州川恒化工 股份有限公司（以下简称公司）于 2023 年 12 月向特定对象发行股票 40,250,000 股， 发行价格为 16.40 元/股，募集资金总额为 660,100,000.00 元，扣除各项不含税发行 费用 9,502,830.19 元，实际募集资金净额为 650,597,169.81 元（因发行费用中增值税 进项税 498,169.81 元未做进项税抵扣，实际可使用募集资金金额为 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the chemical industry, specifically recommending Minsheng Chemical's "Five Tigers": Shengquan Group, Guocera Materials, Guoguang Co., Anli Co., and Polymeric Co. [1][4] Core Insights - The chemical market is active, with growth stocks presenting a favorable allocation opportunity. The demand for phosphate fertilizers remains stable, and the high price of phosphate rock is expected to continue due to supply-demand balance. [1] - The domestic production capacity of polycarbonate (PC) is projected to grow significantly from 875,000 tons in 2018 to 3,810,000 tons by 2024, with an expected improvement in supply-demand dynamics from 2025 to 2029. [2] - The organic silicon industry is experiencing a recovery in the supply-demand balance, with a compound annual growth rate of 22.4% in production capacity from 2021 to 2024, driven by demand from emerging industries such as new energy vehicles and photovoltaics. [2] Summary by Sections Chemical Market Overview - The basic chemical industry index closed at 3,406.53 points, down 1.23% from the previous week, underperforming the CSI 300 index by 1.05%. [10] - Among 462 stocks in the chemical sector, 31% rose while 67% fell during the week. [18] Key Chemical Sub-Industries - **Polyester Filament**: The market is stable with slight price increases, and the average industry operating rate is approximately 89.96%. [26][27] - **Tires**: The operating rate for all-steel tires is 60.12%, down 2.88 percentage points from the previous week. [40] - **Refrigerants**: Prices for refrigerants like R22 and R134a are stable to strong, with R22 averaging 36,000 CNY/ton and R134a at 48,000 CNY/ton. [45][47] Price Trends - The top price increases for chemical products include cotton short velvet (up 15%), trichloromethane (up 14%), and domestic naphtha (up 13%). [24] - Conversely, the largest price drops were seen in liquid chlorine (down 71%) and TMA (down 9%). [25] Company Profit Forecasts - Guoguang Co. is projected to have an EPS of 0.78 CNY in 2024, with a PE ratio of 19, while Shengquan Group is expected to have an EPS of 1.03 CNY with a PE ratio of 25. Both companies are rated as "Recommended." [4]

国内30%品位磷矿石市场均价走势（元/吨） ◎记者 刘立 今年以来，国内磷矿石市场供需延续偏紧格局。据百川盈孚消息，截至今年5月14日，国内30%品位磷 矿石均价为1020元/吨，年内涨幅为0.2%，同比上涨1.09%。 "随着新能源、节水农业等产业链下游需求的快速增长，市场对磷矿石的需求扩张迅速。为了优化成本 结构，近年来，多家磷化工企业在积极向产业链上游布局，谋求磷矿资源，从而形成上游磷矿石生产， 下游高精磷化工协同发展的一体化产业布局，以更好地支撑业绩增长。"近日，有磷化工上市公司相关 负责人对上海证券报记者表示。 国信证券在近期研报中表示，磷化工行业的景气度取决于磷矿石价格的景气度，看好磷矿石长期价格中 枢维持较高水平。 为何近两年虽然有新增产能投产，磷矿石供需仍持续偏紧？有业内人士告诉记者，近两年来，我国可开 采磷矿品位下降，开采难度和成本提升，而新增产能投放时间周期较长。截至目前，30%品位磷矿石市 场价格在900元/吨的高价区间已运行近两年。从下游应用领域和消费构成上看，超过70%的磷矿用于生 产磷肥（包括磷酸一铵、磷酸二铵以及重过磷酸钙等）。而近年来，锂电成为磷矿石消费最大的增量需 求。中国化 ...

Group 1: Company Overview and Operations - Guizhou Chuanheng Chemical Co., Ltd. focuses on the production of food-grade purified phosphoric acid, which is sold through market-oriented sales channels [2]. - The company is currently enhancing production capacity for its key project in Guangxi, with a target to achieve full production soon [4]. Group 2: Financial Performance and Profitability - The company aims to improve net profit through several measures, including optimizing phosphate ore mining and production operations [4]. - Specific strategies to mitigate risks from raw material price fluctuations and industry competition include ongoing R&D investments and cost reduction initiatives [4]. Group 3: Market Position and Competitive Advantage - The company emphasizes its competitive advantages compared to peers like Yuntianhua and Xingfa Group, although specific details were not disclosed [4]. - The pricing strategy for phosphate chemical products is aligned with market trends, with fluctuations influenced by various factors [4]. Group 4: Future Plans and Projections - The company has not disclosed specific quantitative targets for net profit for the upcoming years, citing uncertainties in macroeconomic conditions and market demand [5]. - Future plans may include expanding into new energy sectors, although details remain under regulatory compliance [4].

Core Viewpoint - The report highlights the stability of phosphate rock prices at high levels, with orderly production across major domestic production areas and a tight supply of high-grade phosphate rock [2][4]. Group 1: Production and Supply - In 2024, China's phosphate rock production is projected to reach 113.53 million tons, an increase of 8.33 million tons or 7.8% year-on-year, with Hubei, Guizhou, Yunnan, and Sichuan accounting for 40%, 20%, 25%, and 14% of the total production respectively [2][3]. - The import of phosphate rock in 2024 is expected to be 2.07 million tons, an increase of 660,000 tons year-on-year, with an average import price of $93.9 per ton [2][3]. - Domestic production and transportation of phosphate rock are running smoothly, with specific regional conditions noted: Yunnan's rock is primarily for local consumption, Guizhou faces circulation restrictions, Sichuan has stable long-term supply, and Hubei has resumed normal production after a temporary halt [2][3]. Group 2: Price Trends - As of May 9, 2024, the average market prices for domestic phosphate rock of 30%, 28%, and 25% grades are 1,020, 947, and 771 RMB per ton respectively [2][3]. - The prices of downstream products such as monoammonium phosphate (MAP) and diammonium phosphate (DAP) are significantly lower than export prices, indicating a price disparity that may affect domestic market dynamics [3][4]. Group 3: Market Outlook - The report suggests that the increasing barriers to phosphate mining and stricter environmental regulations will limit the supply growth of phosphate rock, maintaining a high level of market stability [4]. - The profitability of integrated fertilizer companies is expected to improve, with cash dividends likely to increase due to favorable market conditions and price support from raw materials like sulfur and sulfuric acid [4].