| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2025-039 | | --- | --- | --- | | 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 回购公司股份进展情况的公告（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、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"）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 2 ...

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。 为加强上市公司与投资者的交流互动，便于投资者进一步了解公司 2024 年 度经营情况及其他关切问题，在贵州证监局指导下，贵州证券业协会联合深圳市 全景网络有限公司举办2025年贵州辖区上市公司投资者集体接待日暨2024年度 业绩说明会并征集相关问题，具体安排如下： 一、业绩说明会的安排 1、召开时间：2025 年 5 月 12 日 15:40—17:40 | 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2025-040 | | --- | --- | --- | | 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 举办投资者集体接待日暨 2024 年度业绩说明会的公告 贵州川恒化工股份有限公司 4、参与方式：投资者可登录 http://rs.p5w.net 进入专区页面参与交流 二、投资者问题提前征集 董事会 为广泛听取投资者的意见和建议、提升交流效率及针对性，本次业绩说明会 公司将提前向广大投资者开展问题征集，提问通道自本公告发出之日起开放至 2025 年 5 ...

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2025-038 | | --- | --- | --- | | 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 截至 2025 年 4 月 25 日公示期满，公司董事会秘书及薪酬与考核委员会未收 到任何个人或组织针对上述激励对象提出的异议。 二、核查方式说明 公司薪酬与考核委员会核查了上述激励对象的姓名、身份证件、激励对象在 公司担任的职务、激励对象与公司签订的劳动合同、劳务协议等。 三、薪酬与考核委员会审核意见 公司第四届董事会薪酬与考核委员会第三次会议对《2025 年股权激励计划 授予对象名单》进行了审核，形成审核意见如下： 薪酬与考核委员会对 2025 年股权激励计划激励对象名单的 审核意见及公示情况说明 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。 贵州川恒化工股份有限公司（以下简称公司）（证券简称：川恒股份，证券 代码：002895）依据《上市公司股权激励管理办法》（以下简称《管理办法》）、 《深交所上市公司自律监管指南第 1 号—业务办理》的相关 ...

Core Insights - The company has abundant phosphate resources and advanced wet-process phosphoric acid production technology [1][2] - The company is a market leader in feed-grade dicalcium phosphate [3] - The company has strong performance growth, with significant revenue and profit increases [6] Phosphate Resource and Production - The company is primarily engaged in the mining of phosphate rock and the production and sale of phosphate chemical products, with a focus on a vertically integrated phosphate chemical industry chain [1] - In 2024, the company’s subsidiary, Fulin Mining, achieved a total phosphate rock mining volume of 3.1484 million tons, with 679,300 tons sold externally [1] - The company has developed its own flotation technology, achieving a phosphate recovery rate of over 93% [1] Wet-Process Phosphoric Acid Technology - The company utilizes a self-developed semi-hydrate wet-process phosphoric acid production technology, which is characterized by a short process flow, advanced reliability, high product quality, low energy consumption, and low production costs [2] - The purification technology for wet-process phosphoric acid improves phosphate recovery by over 15% compared to traditional methods [2] Feed-Grade Dicalcium Phosphate - The company’s feed-grade dicalcium phosphate is a high-efficiency feed additive, with a market share that has consistently ranked first in the industry [3] - The company has an annual production capacity of 510,000 tons for feed-grade dicalcium phosphate [3] Diammonium Phosphate Production - The company’s diammonium phosphate is primarily used in high-concentration compound fertilizers and ABC dry powder fire extinguishing agents, with an annual production capacity of 260,000 tons [4] - The company’s products represent a high standard in the domestic market for powdered diammonium phosphate [4] Financial Performance - In 2024, the company achieved a revenue of 5.91 billion yuan, a year-on-year increase of 36.72%, and a net profit of 956 million yuan, up 24.80% from the previous year [6] - For Q1 2025, the company reported a revenue of 1.493 billion yuan, a 43.07% increase year-on-year, and a net profit of 202 million yuan, up 50.02% [6] - The company has a high dividend payout ratio, with a proposed cash dividend of 12.00 yuan per 10 shares, amounting to approximately 646.4 million yuan, which is 67.6% of the net profit [6] Future Product Expansion - The company aims to expand its product offerings to include food-grade phosphoric acid, polyphosphate, and building gypsum, enhancing its product structure and exploring new profit growth points [5]

Group 1: Industry Outlook - The domestic phosphate rock mining resources are depleting, leading to a noticeable decline in overall ore quality and reduced mining rates due to increased environmental pressures [1] - The demand for phosphate chemicals is expected to grow stronger due to the emphasis on "food security" and the impact of tariffs on imported agricultural products [1][2] Group 2: Project Updates - The Xiaoba phosphate mine's 300,000-ton technical renovation project is on schedule, expected to be operational by June 30, 2027 [2] - The Jigongling phosphate mine, with an annual production capacity of 2.5 million tons, is over 50% complete and is projected to produce engineering ore by 2026, with full production expected in the second half of 2027 [2] - The Laozhaizi phosphate mine, with a capacity of 1.8 million tons, aims to start construction in June 2024 and is expected to produce engineering ore by the second half of 2026, with full production by the end of 2027 [2] Group 3: Financial Performance - In 2024, the company achieved an operating revenue of 5.906 billion, a net profit attributable to shareholders of 0.956 billion, and basic earnings per share of 1.76, all showing a certain degree of growth compared to 2023 [3] - The Guangxi base reported a loss of 207 million in 2024, with efforts ongoing to improve production order and internal management for a turnaround in 2025 [2][3] - The Hengxuan New Energy segment reported a loss of 121 million in 2024, with ongoing efforts to enhance capacity, reduce costs, and expand the market [3] Group 4: Environmental and Resource Management - The company has maintained a phosphorus gypsum utilization rate of over 100% for the past three years, with a reported utilization rate of 139.05% for 2024 [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a strong performance in Q1 2025, achieving revenue of 1.49 billion yuan, a year-on-year increase of 43.1%, and a net profit attributable to shareholders of 200 million yuan, up 50.0% year-on-year [6][12]. - The company is a leading player in the domestic phosphate chemical industry, with significant increases in phosphate rock production capacity [12]. - The company has implemented a "mining integration" industrial model to enhance the utilization of low-grade phosphate rock and ensure stable supply of raw materials [12]. - The company plans to continue expanding its phosphate production capacity, with projected net profits of 1.33 billion yuan, 1.54 billion yuan, and 1.70 billion yuan for 2025, 2026, and 2027 respectively [12]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 28.8% and a net margin of 14.1%, with a year-on-year change of -5.1 percentage points and +2.2 percentage points respectively [12]. - The company’s revenue and profit growth were driven by increased sales volumes and higher prices of key products, including dihydrogen phosphate and ammonium phosphate [12]. Production Capacity - The company currently has a phosphate rock production capacity of 3 million tons per year and is constructing additional capacity of 9.3 million tons per year [12]. - New projects, such as the 200,000 tons/year semi-hydrated and dihydrated wet-process phosphoric acid project, have started production, contributing to sales growth [12]. Market Outlook - The company expects continued strong demand for its core products in Q2 2025, driven by domestic spring farming needs and stable demand for iron phosphate [12]. - The company’s pricing for key products is projected to increase in Q2 2025, further enhancing profitability [12].

Investment Rating - The report assigns a "Buy" rating for Chuanheng Co., Ltd. (002895.SZ) for the first time [1][10]. Core Views - The significant increase in phosphoric acid production and sales has driven the company's high growth in performance, with a total revenue of 5.906 billion yuan in 2024, up 36.72% year-on-year, and a net profit attributable to shareholders of 956 million yuan, up 24.80% year-on-year [1][2]. Summary by Sections Revenue Growth - The company's revenue increased by 1.586 billion yuan year-on-year, primarily due to the production launch of the 200,000 tons/year semi-hydrated and dihydrate phosphoric acid and deep processing project by its subsidiary, Guangxi Pengyue. This new capacity significantly boosted product sales [2]. - Phosphoric acid production and sales grew by 96.57% and 107.89% year-on-year, contributing 1.872 billion yuan to revenue, a year-on-year increase of 120.63% [2]. - Feed-grade dicalcium phosphate production and sales increased by 23.11% and 15.81%, contributing 1.445 billion yuan to revenue, a year-on-year growth of 20.16% [2]. - Monoammonium phosphate production and sales rose by 23.57% and 15.68%, contributing 1.176 billion yuan to revenue, a year-on-year increase of 26.21% [2]. Cost and Cash Flow - The overall expense ratio decreased, with sales, management, and financial expense ratios down by 0.11%, 1.42%, and 1.36% respectively, while R&D expenses increased slightly [3]. - The net cash flow from operating activities for 2024 was 859 million yuan, an increase of 331 million yuan year-on-year, mainly due to increased sales profits and government subsidies [3]. Shareholder Returns and R&D Investment - The company maintained a stable dividend policy, distributing 12.00 yuan (including tax) per 10 shares, with a payout ratio of 67.58% and a dividend yield of 4.88% [4]. - R&D expenses increased by 37.37% year-on-year, focusing on projects such as the stability research of semi-hydrated phosphogypsum filling bodies and new crystallization processes [4]. Profit Forecast - The company is expected to gradually expand its phosphate rock production capacity, with projected net profits attributable to shareholders of 1.217 billion yuan, 1.407 billion yuan, and 1.688 billion yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 10.2, 8.8, and 7.3 times [10][12].

Investment Rating - The report assigns a "Buy" rating for Chuanheng Co., Ltd. (002895.SZ) for the first time [1][10]. Core Views - The significant increase in phosphoric acid production and sales has driven the company's high growth in performance, with a total revenue of 5.906 billion yuan in 2024, up 36.72% year-on-year, and a net profit attributable to shareholders of 956 million yuan, up 24.80% year-on-year [1][2]. Summary by Sections Revenue Growth - The company's revenue increased by 1.586 billion yuan year-on-year, primarily due to the production launch of the 200,000 tons/year semi-hydrated and dihydrate phosphoric acid and deep processing project by its subsidiary, Guangxi Pengyue. This new capacity significantly boosted product sales [2]. - Phosphoric acid production and sales grew by 96.57% and 107.89% year-on-year, contributing 1.872 billion yuan to revenue, a year-on-year increase of 120.63% [2]. - Feed-grade dicalcium phosphate production and sales increased by 23.11% and 15.81%, contributing 1.445 billion yuan to revenue, a year-on-year growth of 20.16% [2]. - Monoammonium phosphate production and sales rose by 23.57% and 15.68%, contributing 1.176 billion yuan to revenue, a year-on-year increase of 26.21% [2]. Cost and Cash Flow - The overall expense ratio decreased, with sales, management, and financial expense ratios down by 0.11%, 1.42%, and 1.36% respectively, while R&D expenses remained stable [3]. - The net cash flow from operating activities for 2024 was 859 million yuan, an increase of 331 million yuan year-on-year, mainly due to increased sales profits and government subsidies [3]. Shareholder Returns and R&D Investment - The company maintained a stable dividend policy, distributing 12.00 yuan (including tax) per 10 shares, with a payout ratio of 67.58% and a dividend yield of 4.88% [4]. - R&D expenses increased by 37.37% year-on-year, focusing on projects such as the stability research of semi-hydrated phosphogypsum filling bodies and new crystallization processes [4]. Profit Forecast - The company is expected to gradually expand its phosphate rock production capacity, with projected net profits attributable to shareholders of 1.217 billion yuan, 1.407 billion yuan, and 1.688 billion yuan for 2025-2027, corresponding to PE ratios of 10.2, 8.8, and 7.3 times respectively [10][12].

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2025-037 | | --- | --- | --- | | 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 举办 2024 年度业绩说明会的公告 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"）于 2025 年 4 月 10 日在巨 潮资讯网（http://www.cninfo.com.cn）披露了公司 2024 年年度报告全文及其摘要。 为便于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司将 于 2025 年 4 月 25 日（星期五）15:00——17:00 采用网络方式通过深圳证券交易 所提供的"互动易"平台举办"川恒股份 2024 年度业绩说明会"。投资者可登 录"互动易"平台（http://irm.cninfo.com.cn）进入"云访谈"栏目参加本次业绩说明 会。 本公司出席本次活动的人员有：公司董事长段浩然先生、总裁兼副董事长吴 海斌先生、财务总监何永辉先生、董事会秘书李建先生、独立 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a potential upside of over 15% relative to the CSI 300 index [19]. Core Views - The company achieved a 23.01% year-on-year growth in net profit after deducting non-recurring items for 2024, primarily driven by the release of new project capacities and increased product sales [2][12]. - The company plans to distribute a minimum cash dividend of 646 million yuan for 2024, with a proposed dividend of 12 yuan per 10 shares [12]. - The company has launched a stock incentive plan for 2025, proposing to grant 9.309 million restricted shares at a price of 11.40 yuan per share [12]. Financial Summary - The company reported revenues of 5,906 million yuan in 2024, a 36.72% increase year-on-year, with a net profit of 956 million yuan, reflecting a 24.80% growth [12]. - The projected revenues for 2025, 2026, and 2027 are 7,088 million yuan, 7,713 million yuan, and 8,450 million yuan, respectively, with corresponding net profits of 1,284 million yuan, 1,537 million yuan, and 1,763 million yuan [4][12]. - The earnings per share (EPS) are expected to be 2.38 yuan for 2025, 2.85 yuan for 2026, and 3.27 yuan for 2027 [12]. Market Data - The company's stock price has ranged between 15.92 yuan and 24.90 yuan over the past 52 weeks, with a total market capitalization of 12,287 million yuan [7]. - The company has a net asset value per share of 11.46 yuan, with a price-to-book ratio of 2.0 [8]. Dividend and Share Buyback - The company has initiated a share buyback program, repurchasing 3,318,406 shares, which were successfully canceled [12]. - The board has proposed a mid-term dividend plan, contingent on meeting specific profitability and cash flow criteria [12].