Summary of Key Points Core Viewpoint - Guizhou Chuanheng Chemical Co., Ltd. is expected to report a significant increase in earnings for the first half of 2025 compared to the same period last year, driven by higher sales prices and increased production from its subsidiary [1][2]. Financial Performance - The company anticipates a profit of between 520 million yuan and 590 million yuan for the current reporting period, compared to a profit of 353.675 million yuan in the same period last year, representing a growth of 47.03% to 66.82% [1]. - The expected net profit after deducting non-recurring gains and losses is projected to be between 490 million yuan and 560 million yuan, up from 350.093 million yuan last year, indicating a growth of 39.96% to 59.96% [1]. - Basic earnings per share are forecasted to be between 0.9197 yuan and 1.0436 yuan, compared to 0.6545 yuan per share in the previous year [1]. Reasons for Performance Change - The increase in earnings is primarily attributed to the rise in sales prices of the company's main products and stable gross margins [1]. - The production and sales volume of the main products from the company's subsidiary, Guangxi Pengyue Ecological Technology Co., Ltd., have increased, contributing to higher operating revenue [1].

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2025-086 | | --- | --- | --- | | 转债代码：127043 | 转债简称：川恒转债 | | 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。 股份种类 持股比例变动 稀释比例（%） A 股 川恒集团持股比例由 46.75%被动稀释至 45.90% 被动稀释 0.85% 合 计 —— —— 本次权益变动 方式 通过证券交易所的集中交易 □ 通过证券交易所的大宗交易 □ 其他 ☑（因公司可转债转股，公司总股本增加致持股 比例被动稀释） 本次增持股份 的资金来源 自有资金 □ 银行贷款 □ 其他金融机构借款 □ 股东投资款 □ 其他 □ 不涉及资金来源 ☑ 3．本次变动前后，投资者及其一致行动人拥有上市公司权益的股份情况 股东名称 股份性质 本次变动前持有股份 本次变动后持有股份 股数（股） 占总股本比例 股数（股） 占总股本比例 川恒集团 合计持有股份 277,634,700 46.75% 277,634,700 45.90% 其中：无限售条件股份 277,634,700 ...

Chuanheng Stock 2025 Semi-Annual Performance Forecast [Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company expects significant growth in net profit attributable to shareholders and net profit after deducting non-recurring gains and losses for the first half of 2025, with a substantial increase in basic earnings per share - The performance forecast covers the period from January 1, 2025, to June 30, 2025[4](index=4&type=chunk) Key Financial Indicators for 2025 Semi-Annual Performance Forecast | Indicator | Current Period Forecast (10,000 RMB) | Same Period Last Year (10,000 RMB) | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | 52,000.00 – 59,000.00 | 35,367.50 | 47.03% - 66.82% | | Net Profit After Deducting Non-Recurring Gains and Losses | 49,000.00 – 56,000.00 | 35,009.32 | 39.96% - 59.96% | | Basic Earnings Per Share (RMB/share) | 0.9197 – 1.0436 | 0.6545 | - | [Communication with Accounting Firm](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) The financial data in this performance forecast has not been pre-audited by an accounting firm, and the final data will be based on the company's semi-annual report - Performance forecast data has not been pre-audited by an accounting firm[4](index=4&type=chunk) - Final financial data will be based on the company's disclosed 2025 semi-annual report[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The company's performance growth is primarily due to increased sales prices of main products, stable gross profit margins, and higher production and sales volumes from its controlling subsidiary, Guangxi Pengyue Ecological Technology Co., Ltd., leading to increased operating revenue - Sales prices of main products increased compared to the same period last year[5](index=5&type=chunk) - Gross profit margin remained stable[5](index=5&type=chunk) - Both production and sales volumes of main products from controlling subsidiary Guangxi Pengyue Ecological Technology Co., Ltd. increased, leading to higher operating revenue[5](index=5&type=chunk) [Other Related Explanations](index=1&type=section&id=%E5%9B%9B%E3%80%81%E5%85%B6%E4%BB%96%E7%9B%B8%E5%85%B3%E8%AF%B4%E6%98%8E) This performance forecast data is a preliminary estimate by the company's finance department; investors should be aware of investment risks, and final data will be based on the official semi-annual report - This performance forecast data is a preliminary estimate by the company's finance department[6](index=6&type=chunk) - Final specific financial data will be based on the company's disclosed 2025 semi-annual report[6](index=6&type=chunk) - Investors are reminded to be aware of investment risks[6](index=6&type=chunk)

川恒股份（002895）公告，2025年1月1日至2025年6月30日，预计归属于上市公司股东的净利润为5.2亿 元–5.9亿元，比上年同期的3.54亿元增长47.03%-66.82%。扣除非经常性损益后的净利润为4.9亿元–5.6亿 元，比上年同期的3.5亿元增长39.96%-59.96%。基本每股收益为0.9197元/股–1.04元/股。公司主要产品 销售价格上升，毛利率稳定，控股子公司广西鹏越生态科技有限公司产品产量提升，销售量增加，营业 收入增加，导致经营业绩同比增长。 ...

Group 1 - The core viewpoint is that the potassium fertilizer market is expected to maintain a favorable outlook due to supply disruptions and stable demand, with significant price increases observed recently [1][4]. - Global potassium fertilizer supply is characterized by oligopoly, with major reserves located in Canada, Belarus, and Russia, accounting for 69% of total reserves [2]. - Major producers in the former Soviet Union have announced production cuts totaling over 1.8 million tons, impacting overall supply [2]. Group 2 - Global potassium fertilizer demand is projected to rise to 74.3 million tons by 2025, with significant demand from Asia, Latin America, and North America [3]. - Recent price increases for potassium fertilizers at various ports in China indicate a tightening supply situation, with prices rising by 5.9% to 4.48% across different types [1][4]. - The domestic demand for phosphate fertilizers is expected to improve as the autumn fertilization season approaches, with stable prices for monoammonium phosphate and diammonium phosphate [5]. Group 3 - Phosphate rock supply remains tight due to rigid resource availability and long lead times for new capacity, with high prices for high-grade phosphate rock [5]. - The phosphate fertilizer export market may see improvements in 2025, with potential phased exports expected to enhance the export outlook [5]. - Companies to watch in the potassium fertilizer sector include Dongfang Iron Tower, Yahua International, and Salt Lake Industry, while in the phosphate sector, Ba Tian Co., Yuntianhua, and Xingfa Group are highlighted [4][5].

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2025-085 | | --- | --- | --- | | 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 提前赎回川恒转债实施暨即将停止转股的重要提示性公告 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。 重要提示： 1、最后转股日：2025 年 7 月 17 日 2025 年 7 月 17 日为"川恒转债"的最后一个转股日，2025 年 7 月 17 日收市前， 持有"川恒转债"的投资者仍可进行转股；2025 年 7 月 17 日收市后，仍未转股的 "川恒转债"将按照 101.397 元/张（含当期应计利息、含税）的价格强制赎回。 2、距离 2025 年 7 月 17 日收市，"川恒转债"可转股期限仅剩 3 个交易日。特 别提醒"川恒转债"持有人务必认真阅读本公告，充分了解相关风险，注意最后转 股时间，审慎作出投资决策。 特别提示： 自 2025 年 5 月 16 日至 2025 年 6 月 23 日，贵州川恒化工股份有限公司（以下 简称公司）股票连续 ...

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The basic chemical sector has shown better performance than the market, with a year-to-date increase of 8.9%, outperforming the Shanghai Composite Index by 4.2 percentage points [4][16] - The global potash market is characterized by oligopoly, with major producers controlling supply and prices. Recent production cuts by key players are expected to sustain potash market conditions [5][27] - Phosphate supply remains tight, with stable prices and potential improvements in export opportunities as demand increases [5][27] Summary by Sections 1. Core Viewpoints - Policies are expected to improve supply-demand dynamics in the chemical sector, with a focus on cyclical investment opportunities [13] - The chemical industry is entering a new long-term prosperity cycle, driven by improved fundamentals and reduced risks [13][14] 2. Overall Performance of the Chemical Sector - The basic chemical industry index increased by 1.5% during the week, outperforming the Shanghai Composite Index by 0.4 percentage points [16] - Year-to-date, the basic chemical industry index has increased by 8.9%, significantly outperforming both the Shanghai Composite and ChiNext indices [16][18] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the basic chemical sector, 298 stocks rose while 123 fell during the week [25] - The top performers included companies like Shangwei New Materials (+72.9%) and Hongbo New Materials (+24.7%) [25][26] 4. Key News and Company Announcements - The autumn fertilizer preparation has begun, with a focus on investment opportunities in potash and phosphate fertilizers [27] - Major potash producers have announced production cuts, which are expected to tighten supply and support prices [5][27] - Phosphate prices remain stable, with potential for improved export conditions as demand increases [5][27] 5. Product Price Changes - The report highlights significant price increases in various chemical products, with notable gains in dimethylamine (+16.7%) and fatty alcohol (+8.2%) [6] - Conversely, urea prices have seen a significant decline (-15%) [6]

Core Viewpoint - Three convertible bonds, Z南银转, Z陵转债, and Z恒转债, are facing their last trading day on July 14, with significant potential losses if not sold or converted before the redemption date [1][5][13]. Group 1: Z南银转 - Z南银转's closing price is 145.56 yuan, with a redemption price of 100.1537 yuan [2][3]. - If not sold or converted, investors could face a loss of 31.19% based on the current price [1][5]. Group 2: Z陵转债 - Z陵转债's closing price is 124.003 yuan, with a redemption price of 101.726 yuan [8][9]. - Investors could incur a loss of 18.77% if they do not act before the redemption [1]. Group 3: Z恒转债 - Z恒转债's closing price is 133.803 yuan, with a redemption price of 101.397 yuan [1]. - A potential loss of 24.97% is expected if investors do not sell or convert [1]. Group 4: Market Context - The market has seen an increase in convertible bonds triggering redemption clauses, with many companies announcing strong redemptions [13]. - Investors are advised to act promptly to avoid significant losses, as the price difference between market trading and redemption can be substantial [13].

Core Viewpoint - Three convertible bonds, Z Nan Yin (南银转债), Z Ling (陵转债), and Z Heng (恒转债), are approaching their last trading day on July 14, with significant potential losses if not sold or converted before the redemption price is enforced [2][6][17]. Summary by Sections Z Nan Yin Convertible Bond - Z Nan Yin's last trading day is July 14, with a closing price of 145.56 yuan and a redemption price of 100.1537 yuan [3][4]. - If not sold or converted, investors could face a loss of approximately 31.19% based on current prices [2]. Z Ling Convertible Bond - Z Ling's last trading day is also July 14, with a closing price of 124.003 yuan and a redemption price of 101.726 yuan [9][11]. - Investors risk a loss of about 18.77% if they do not act before the redemption [2]. Z Heng Convertible Bond - Z Heng's last trading day is July 14, with a closing price of 133.803 yuan and a redemption price of 101.397 yuan [13][14]. - The potential loss for investors not selling or converting is around 24.97% [2]. Market Context - The recent market recovery has led to an increase in convertible bonds triggering redemption clauses, with many companies announcing strong redemptions [17]. - Investors are advised to act promptly to avoid significant losses, as the redemption prices are generally lower than current market prices [17].

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2025-084 | | --- | --- | --- | | 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 提前赎回川恒转债实施暨即将停止交易的重要提示性公告 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。 重要提示： 1、最后交易日：2025 年 7 月 14 日 2025 年 7 月 14 日为"川恒转债"的最后一个交易日，当日"川恒转债"简称 为"Z 恒转债"；2025 年 7 月 14 日收市后"川恒转债"将停止交易。 2025 年 7 月 17 日为"川恒转债"的最后一个转股日，2025 年 7 月 17 日收市前， 持有"川恒转债"的投资者仍可进行转股；2025 年 7 月 17 日收市后，仍未转股的 "川恒转债"将按照 101.397 元/张（含当期应计利息、含税）的价格强制赎回。 3、因目前"川恒转债"二级市场价格与赎回价格存在较大差异，特别提醒"川 恒转债"持有人务必认真阅读本公告，充分了解相关风险，注意最后交易日和最后 转股日，审慎作出 ...