贵州川恒化工股份有限公司 内部审计制度 第一章 总 则 第一条 为了完善贵州川恒化工股份有限公司（以下简称公司）治理结构， 规范公司经济行为，维护股东合法权益，提高内部审计工作质量，加大审计监督 力度，明确内部审计工作职责及规范审计工作程序，确保公司各项内部控制制度 得以有效实施，根据《中华人民共和国审计法》《审计署关于内部审计工作的规 定》《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》 等有关法律、行政法规、部门规章、规范性文件以及《公司章程》的相关规定， 结合公司实际情况，特制定本制度。 第二条 本制度所称内部审计，是指由公司内部设立的审计部门和内部审计 人员对公司业务活动、风险管理、内部控制、财务信息等实施独立、客观的监督、 评价和建议，以促进公司完善治理、实现经营目标的活动。 第三条 本制度规定是公司开展内部审计工作的标准。 第二章 内部审计机构和人员 第五条 公司设置审计部作为公司内部审计机构，配备专职审计人员应当不 少于3人，对公司及参控股企业的业务活动、风险管理、内部控制、财务信息等 事项进行监督检查。审计部应当保持独立性，不得置于财务部门的领导之下，或 者与财务部门合 ...

川恒股份公告，2025年上半年营业收入33.6亿元，同比增长35.28%。净利润5.36亿元，同比增长 51.54%。公司经本次董事会审议通过的利润分配预案为：以利润分配实施公告确定的股权登记日当日 的总股本为基数，向全体股东每10股派发现金红利3元（含税），送红股0股（含税），不以公积金转增 股本。 ...

贵州川恒化工股份有限公司 2025 年半年度报告全文 贵州川恒化工股份有限公司 2025 年半年度报告 2025 年 8 月 1 贵州川恒化工股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人吴海斌、主管会计工作负责人何永辉及会计机构负责人(会计 主管人员)郭芳芳声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本公司请投资者认真阅读本报告，公司在本报告"第三节管理层讨论与分 析"中"十、公司面临的风险及应对措施"部分，描述了公司未来经营可能面 临的风险及应对措施，敬请广大投资者注意风险。 公司经本次董事会审议通过的利润分配预案为：以利润分配实施公告确定 的股权登记日当日的总股本为基数，向全体股东每 10 股派发现金红利 3.00 元 （含税），送红股 0 股（含税），不以公积金转增股本。 2 | 目录 | | --- | | 第一节 | 重要提示、目录和释义 | 2 | ...

Core Viewpoint - The phosphoric chemical sector has shown a positive performance with a 1.67% increase, ranking 9th among various concept sectors, indicating a favorable market sentiment towards this industry [1][2]. Group 1: Market Performance - As of August 26, the phosphoric chemical sector saw 38 stocks rise, with notable performers including Yuntu Holdings and China Nuclear Titanium Dioxide reaching their daily limit up, while companies like Jushi Chemical and Huayou Cobalt experienced declines [1]. - The leading gainers in the sector included Luxi Chemical, Jiangshan Co., and Taihe Technology, with increases of 6.93%, 5.70%, and 4.00% respectively [1]. - Conversely, the largest declines were observed in Jushi Chemical, Huayou Cobalt, and Jinpu Titanium Industry, with decreases of 4.64%, 2.01%, and 1.83% respectively [1]. Group 2: Capital Flow - The phosphoric chemical sector attracted a net inflow of 206 million yuan from main funds, with 24 stocks receiving net inflows, and 6 stocks exceeding 30 million yuan in net inflow [2]. - China Nuclear Titanium Dioxide led the sector with a net inflow of 326 million yuan, followed by Luxi Chemical and Jincheng Holdings with net inflows of 122 million yuan and 63.85 million yuan respectively [2][3]. - The net inflow ratios for leading stocks were 23.87% for China Nuclear Titanium Dioxide, 13.85% for Luxi Chemical, and 11.96% for Chuanheng Co. [3]. Group 3: Stock Performance Metrics - The top stocks in terms of daily performance included China Nuclear Titanium Dioxide with a 10.02% increase and a turnover rate of 7.12%, and Luxi Chemical with a 6.93% increase and a turnover rate of 3.33% [3][4]. - Other notable performers included Jincheng Holdings and Chuanheng Co., with increases of 3.39% and 2.73% respectively [3][4]. - Stocks such as Jushi Chemical and Huayou Cobalt showed significant declines, with Jushi Chemical down by 4.64% and Huayou Cobalt down by 2.01% [5].

Group 1 - The stock price of Chuanheng Co., Ltd. closed at 26.73 yuan on August 25, 2025, reflecting a 1.29% increase from the previous trading day [1] - The trading volume on that day was 105,538 lots, with a total transaction amount of 281 million yuan [1] - Chuanheng Co., Ltd. specializes in the research, production, and sales of phosphate chemical products, including monoammonium phosphate and diammonium phosphate [1] Group 2 - The company is headquartered in Guizhou Province and operates within the chemical raw materials industry [1] - Chuanheng Co., Ltd. has been included in the 2025 mid-term report pre-increase concept sector and appears on the pension fund holding list [1] - The current price-to-earnings ratio of the company is 20.10 times, and the price-to-book ratio is 2.47 times [1] Group 3 - On August 25, the net outflow of main funds was 4.66 million yuan, with a cumulative net outflow of 923,900 yuan over the past five trading days [1]

Core Viewpoint - Jiangsu Guotai has officially halted its lithium-ion battery electrolyte project, which was planned for four years with an investment of 1.538 billion yuan and an expected annual production of 400,000 tons, reflecting the challenges and transformation within the lithium battery electrolyte industry [2] Group 1: Project Background and Expectations - In 2021, during the lithium battery industry's "golden growth period," Jiangsu Guotai announced the project, expecting an annual sales revenue of 15.08 billion yuan and a net profit of approximately 790 million yuan, with a payback period of only 5.17 years [2] - The project was planned with a clear capacity release schedule, aiming for a 45% utilization rate in the first year, 75% in the second year, 90% in the third year, and full capacity from the fourth year [2] Group 2: Challenges Faced - The project faced significant delays, remaining at the land coordination stage without formal commencement, primarily due to issues with land acquisition [3] - The industry environment has drastically changed, with an oversupply in the lithium battery electrolyte sector due to rapid capacity expansion outpacing demand from the downstream electric vehicle and energy storage markets [4] - Price declines have been severe, with electrolyte prices dropping over 80% compared to 2021 highs, and key raw material prices falling to about 10% of their previous levels [4] Group 3: Financial Reassessment and Decision to Halt - Due to falling prices and fluctuating costs, the profitability of the project was significantly compromised, leading Jiangsu Guotai to reassess and find that the expected net profit of 790 million yuan was nearly unattainable [5] - The decision to terminate the project was made to optimize resource allocation and enhance capital efficiency, reflecting a broader trend in the industry where companies are halting projects to protect shareholder interests [6] Group 4: Industry Trends and Future Outlook - The electrolyte industry is experiencing a "Matthew effect," where smaller firms are being squeezed out, leading to increased concentration among leading companies [6] - By mid-2025, the top five companies in the electrolyte market are expected to hold over 70% market share, with one leading company exceeding 36% [6] - Despite predictions of a slight price recovery for certain materials, the overall industry is likely to continue operating at low margins, with "micro-profit operations" becoming the norm [6] Group 5: New Growth Opportunities - Leading companies are exploring new growth avenues, including international market expansion and the development of solid-state batteries, particularly focusing on sulfide solid electrolytes [7] - Companies like Tianqi Materials and New Zobang are advancing in the production of solid-state electrolytes, with plans for large-scale production by 2025 [7]

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [5] Core Views - The export quotas for phosphate fertilizers have been implemented, and the price of phosphate rock remains strong, indicating continued industry prosperity [1][2][3] - The export volume of monoammonium phosphate and diammonium phosphate from China is expected to concentrate in Q3 2025, with a forecasted decrease in total export volume compared to 2024 [1][22] - Domestic phosphate rock prices have remained above 1000 RMB/ton since the end of 2023, with no growth in effective production capacity compared to 2024 [3][29] Summary by Sections Export Quotas and Pricing - The second phase of phosphate fertilizer export quotas for 2025 has been largely established, with specific shipping times and details pending further policy guidance [2][27] - As of August 22, 2025, overseas prices for monoammonium phosphate and diammonium phosphate have increased by 28.2% and 33.0% respectively since the beginning of the year, significantly higher than domestic prices [2][28] Production Capacity and Market Dynamics - The effective production capacity of domestic phosphate rock is 119 million tons/year, with no increase from 2024 levels [3][29] - New production capacity for phosphate rock is expected to be delayed, with only 2.5 million tons/year planned to be operational in 2025, indicating potential supply constraints [3][29] Investment Recommendations - The report suggests focusing on companies such as Yuntianhua, Chuanheng Co., Xingfa Group, and others in the phosphate fertilizer sector for potential investment opportunities [31]

Core Insights - The company, Guizhou Chuanheng Chemical Co., Ltd., was founded in 2002 with an initial investment of 8 million and has become a leading producer of feed-grade dicalcium phosphate in China within six years [1] - The company aims to achieve three goals: assets exceeding 10 billion, market capitalization over 10 billion, and production value reaching 10 billion, with current figures at 13 billion, 15 billion, and projected production of 5.906 billion in 2024 and 7.5 billion in 2025 [1] Resource Advantage - Phosphate resources are scarce and serve as the fundamental guarantee for the company [3] - The company owns several phosphate mines with a total high-quality phosphate ore reserve of 176 million tons, including production capabilities of 3 million tons per year from two mines and a projected 5.5 million tons per year from a new mine [3] - The company also has significant resources in its controlling subsidiary, with total phosphate ore resources of 58.1718 million tons and associated resources of molybdenum and vanadium [4] Talent Development - The company emphasizes the importance of talent as a core resource and has established partnerships with local universities to foster talent development [4] - The company has received multiple awards for its technical personnel, highlighting its commitment to building a strong talent pipeline [4] Technological Innovation - The company views technology as the key driver for innovation and competitiveness, with a focus on patent technology and R&D capabilities [5] - It has developed advanced technologies such as the "semi-hydrated wet method" for phosphoric acid production, which is recognized as internationally advanced [5] - The company has invested over 300 million in R&D over the past three years and holds more than 120 invention patents [5][6] Circular Economy - The company adopts a circular economy model, integrating mining, processing, and deep processing of phosphate rock, along with the utilization of phosphogypsum [8] - It aims to create a sustainable development model through resource-based technology [8] Vertical and Horizontal Integration - The company extends its vertical industry chain from phosphate rock resources to downstream sectors like phosphate chemicals and new energy materials, ensuring long-term resource supply and reducing raw material cost volatility [10] - Horizontally, the company diversifies into new energy materials and fluorine chemicals, enhancing resource utilization efficiency [10] Environmental Responsibility - The company has achieved a comprehensive utilization rate of 139% for industrial solid waste, primarily through various recycling methods [11] - It actively responds to environmental initiatives, achieving significant results in pollution control and maintaining emissions below national standards [11]

1、行业估值指标、景气度指标：化工行业综合景气指数；工业增加值 2、价格指标：PPI\PPIRM\CCPI、价格价差（化工品价格走势及最新历史分位） 天风证券近日发布化学制品2025年6月数据：从需求端看，24年基建、出口较为坚挺， 地产周期下行持续，出口2023年较差状态下2024年完成修复，消费连续两年完成修复依然坚 挺。从供给端看，全球化工资本2024年增速转负；国内来看，上市公司在建工程增速快速下 行并在2024Q2接近见底，而固定资产则保持超过15%的增长速度。 以下为研究报告摘要： 摘要 3、供给端指标：产能利用率、能耗、固定资产投资、存货、在建工程情况 4、进出口指标：进出口价值贡献度拆分 5、下游行业运行指标：PMI、地产、家电、汽车、纺服 6、行业经济效益指标：三大行业经济效益指标 7、全球宏观和终端市场指标：采购经理指数、GDP同比、民用建筑开工、消费者信心 指数、汽车销售 8、全球化工产品价格及价差：化学原料价格及价差、中间产品价格及价差、树脂/纤维 子行业价格及价差 9、全球行业经济效益指标：销售额变动、盈利能力、成长能力、偿债能力、营运能 力、每股指标 10、欧美地区化工产品价格及生 ...

Investment Rating - The industry investment rating is maintained at "Neutral" [2] Core Viewpoints - The current cycle may be nearing its end, with expectations for demand recovery. Infrastructure and export demand are expected to remain robust in 2024, while the real estate cycle continues to decline. The consumer market has shown resilience after two years of recovery [4][5] - Supply-side pressures remain significant, with global chemical capital growth expected to turn negative in 2024. Domestic construction projects are seeing a rapid decline, but fixed asset investment continues to grow at over 15% [4] - The chemical industry is entering a replenishment phase after a year of destocking, with inventory growth turning positive by Q3 2024. However, the overall price and profit levels in the chemical industry are expected to face pressure throughout the year [4] Summary by Sections Industry Valuation and Economic Indicators - The report tracks various indicators including the chemical industry's comprehensive prosperity index and industrial added value [3] - Price indicators such as PPI, PPIRM, and CCPI are monitored, along with supply-side metrics like capacity utilization and fixed asset investment [3] Demand and Supply Dynamics - Demand stability is sought in industries led by supply logic, such as refrigerants and phosphates, with specific companies recommended for investment [7] - Conversely, industries with stable supply but driven by demand logic include MDI and explosives, with key companies highlighted [7] Global Market Trends - The report notes a shift in global investment and trade patterns due to rising protectionism and geopolitical tensions, emphasizing the need for regional cooperation and stability [7] - Investment opportunities are identified in both domestic and international markets, focusing on new production capabilities and breakthroughs in material science [7] Price Trends and Economic Performance - The chemical product price index (CCPI) has shown fluctuations, with a notable decline of approximately 6.9% from January to April 2025 [14] - The PPI for chemical raw materials and products has also experienced a downward trend, with June 2025 figures showing a year-on-year decrease of 6.1% [16]