| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2025-069 | | --- | --- | --- | | 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 提前赎回川恒转债的第五次提示性公告 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： 1、转债代码：127043；转债简称：川恒转债 2、赎回价格：101.397 元/张（含当期应计利息、含税，当期年利率为 1.5%） 3、赎回条件满足日：2025 年 6 月 23 日 4、停止交易日：2025 年 7 月 15 日 5、赎回登记日：2025 年 7 月 17 日 6、赎回日：2025 年 7 月 18 日 7、停止转股日：2025 年 7 月 18 日 8、发行人赎回资金到账日（到达中国结算账户）：2025 年 7 月 23 日 9、投资者赎回款到账日：2025 年 7 月 25 日 10、最后一个交易日可转换公司债券简称：Z 恒转债 11、赎回类别：全部赎回 12、根据安排，截至 2025 年 7 月 17 日收市后仍未转股的"川恒转债 ...

Core Viewpoint - Guizhou Chuanheng Chemical Co., Ltd. has triggered the conditional redemption clause for its convertible bonds "Chuanheng Convertible Bonds" due to the stock price meeting specific criteria, leading to an early redemption process [1][6]. Convertible Bond Issuance and Redemption - The company issued 11.60 billion RMB worth of convertible bonds on August 12, 2021, with an initial conversion price of 21.02 RMB per share [1][2]. - The conversion price has been adjusted multiple times, currently standing at 17.41 RMB per share after various corporate actions [5][4]. - The redemption price for the bonds is set at 101.397 RMB per bond, which includes the face value and accrued interest [7][8]. Conditional Redemption Clause - The conditional redemption clause allows the company to redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 out of 30 consecutive trading days [6][9]. - The stock price reached 24.35 RMB, which is above the threshold of 130% of the conversion price [6]. Redemption Implementation Schedule - The redemption process includes several key dates: trading will stop on July 15, 2025, with the redemption registration date on July 17, 2025, and the actual redemption occurring on July 18, 2025 [8][9]. - After the redemption is completed, the "Chuanheng Convertible Bonds" will be delisted from the Shenzhen Stock Exchange [9][10]. Shareholder Information - The company confirms that no major shareholders or executives traded the bonds in the six months leading up to the redemption conditions being met [9].

Investment Rating - The report maintains a rating of "Outperform" for the chemical industry, indicating a positive outlook compared to the broader market [6]. Core Insights - The report highlights the successful completion of China's largest offshore gas field, "Deep Sea No. 1," which is expected to produce over 4.5 billion cubic meters of gas annually, enhancing energy supply to the Guangdong-Hong Kong-Macao Greater Bay Area [3]. - A significant coal comprehensive utilization project in Xinjiang has commenced, with an investment of 27.4 billion yuan, projected to generate an annual revenue of 15.4 billion yuan and create approximately 2,000 jobs [3]. - The report identifies several investment themes, including the competitiveness of domestic tire manufacturers, the potential recovery in consumer electronics, and the resilience of certain chemical sectors [4][5][10]. Summary by Sections Chemical Sector Market Overview - The Shanghai Composite Index rose by 1.91%, while the CSI 300 increased by 1.95%. The CITIC Basic Chemical Index and the Shenwan Chemical Index saw gains of 4.15% and 3.11%, respectively [16]. - The top-performing sub-industries included membrane materials (11.79%), other plastic products (6.72%), and nylon (6.51%) [19]. Key Industry Dynamics - The report emphasizes the strong competitive position of domestic tire companies, suggesting a focus on companies like Sailun Tire and Linglong Tire due to their growth potential in a global market [4]. - In the consumer electronics sector, a gradual recovery is anticipated, benefiting upstream material companies involved in the panel supply chain [4]. - The phosphoric chemical sector is highlighted for its tightening supply-demand dynamics due to environmental regulations and increasing demand from the new energy sector [5]. - The fluorochemical sector is expected to stabilize as production quotas for refrigerants are reduced, supporting profitability [5]. Investment Themes - Investment Theme One: Domestic tire manufacturers are positioned strongly, with recommended stocks including Sailun Tire and Linglong Tire [4]. - Investment Theme Two: The consumer electronics sector is expected to recover, with a focus on upstream material companies like Dongcai Technology and Stik [4]. - Investment Theme Three: Resilient sectors such as phosphoric and fluorochemical industries are recommended for investment due to favorable supply-demand conditions [5]. - Investment Theme Four: The recovery of leading chemical companies is anticipated as economic conditions improve, with recommendations for companies like Wanhua Chemical and Hualu Chemical [10]. - Investment Theme Five: Attention is drawn to vitamin products due to supply disruptions, with companies like Zhejiang Medicine and New Heavens being highlighted [10].

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2025-068 | | --- | --- | --- | | 转债代码：127043 | 转债简称：川恒转债 | | 提前赎回川恒转债的第四次提示性公告 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： 1、转债代码：127043；转债简称：川恒转债 2、赎回价格：101.397 元/张（含当期应计利息、含税，当期年利率为 1.5%） 3、赎回条件满足日：2025 年 6 月 23 日 4、停止交易日：2025 年 7 月 15 日 5、赎回登记日：2025 年 7 月 17 日 6、赎回日：2025 年 7 月 18 日 贵州川恒化工股份有限公司 7、停止转股日：2025 年 7 月 18 日 8、发行人赎回资金到账日（到达中国结算账户）：2025 年 7 月 23 日 9、投资者赎回款到账日：2025 年 7 月 25 日 10、最后一个交易日可转换公司债券简称：Z 恒转债 11、赎回类别：全部赎回 12、根据安排，截至 2025 年 7 月 17 日收市后仍未转股的"川恒转债 ...

Investment Rating - Investment rating for the basic chemical industry is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes that the price of phosphate rock remains high, and the supply-demand dynamics are expected to continue to support this trend. The performance of listed companies in the phosphate chemical sector, such as Yuntianhua and Chuanheng Co., has been strong, with significant dividends expected [4][14] - The report maintains the view that barriers to phosphate mining and selection are increasing, which may lead to lower-than-expected supply growth, keeping price levels elevated. The optimization of the product structure in the phosphate chemical sector is expected to help companies maintain stable operations and enhance cash dividend capabilities [4][14] Resource Side - In 2024, China's phosphate rock reserves are approximately 3.7 billion tons, a decrease of 1 million tons year-on-year, representing a decline of 2.6%. The domestic phosphate rock production in 2024 is projected to be 113.52 million tons, an increase of 8.2% year-on-year [5][16] - The report forecasts limited new supply of phosphate rock from 2025 to 2026, with domestic production expected to reach 120.38 million tons in 2025, 136.33 million tons in 2026, and 151.73 million tons in 2027 [5][32] Product Side - The supply of phosphate ammonium and feed-grade calcium phosphate is optimizing, with wet-process phosphoric acid production continuing to increase. The demand for wet-process phosphoric acid is expected to rise steadily, reaching a 17.3% share of phosphate rock demand in 2024, up from previous years [5][36] - The report highlights that the domestic phosphate ammonium market is experiencing limited new capacity, with the CR5 capacity shares for various types of phosphate ammonium being 71%, 30%, and 44% respectively [5][35] Supply-Demand Matching - The report anticipates that the supply-demand balance for phosphate rock will remain tight in 2025, with consumption expected to be 98.3% of production. The supply-demand situation is expected to ease slightly in 2026 and 2027 [6][32] Profit Forecast and Investment Recommendations - The report recommends companies with integrated mining and processing capabilities, such as Xingfa Group and Yuntianhua, as potential investment targets due to their strong operational performance and dividend potential [4][14]

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2025-067 | | --- | --- | --- | | 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 控股股东及其一致行动人持股比例被动稀释触及 1%整数倍 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。 特别提示： 本次权益变动系贵州川恒化工股份有限公司（以下简称公司）可转债转股， 导致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）及其一致行 动人的持股比例被动稀释，权益变动前后川恒集团持股数量无变化，其仍为公司 控股股东，李进、李光明仍为本公司实际控制人，公司控股股东、实际控制人未 发生变化。 | 1．基本情况 | | | | | | --- | --- | --- | --- | --- | | 信息披露义务人 | 贵州川恒化工股份有限公司 | | | | | 住所 | 贵州省福泉市龙昌镇 | | | | | 权益变动时间 | 年 月 2025 6 25 | 日至 2025 | 年 月 日 6 26 | | | 582,856 ...

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2025-066 | | --- | --- | --- | | 转债代码：127043 | 转债简称：川恒转债 | | 提前赎回川恒转债的第三次提示性公告 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： 1、转债代码：127043；转债简称：川恒转债 2、赎回价格：101.397 元/张（含当期应计利息、含税，当期年利率为 1.5%） 3、赎回条件满足日：2025 年 6 月 23 日 4、停止交易日：2025 年 7 月 15 日 5、赎回登记日：2025 年 7 月 17 日 6、赎回日：2025 年 7 月 18 日 贵州川恒化工股份有限公司 7、停止转股日：2025 年 7 月 18 日 8、发行人赎回资金到账日（到达中国结算账户）：2025 年 7 月 23 日 9、投资者赎回款到账日：2025 年 7 月 25 日 10、最后一个交易日可转换公司债券简称：Z 恒转债 11、赎回类别：全部赎回 12、根据安排，截至 2025 年 7 月 17 日收市后仍未转股的"川恒转债 ...

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2025-065 | | --- | --- | --- | | 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 控股股东及其一致行动人持股比例被动稀释触及 1%及 5% 整数倍的公告 本次权益变动系贵州川恒化工股份有限公司（以下简称公司）可转债转股， 导致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）及其一致行 动人的持股比例被动稀释，权益变动前后川恒集团持股数量无变化，其仍为公司 控股股东，李进、李光明仍为本公司实际控制人，公司控股股东、实际控制人未 发生变化。 | 1．基本情况 | | | --- | --- | | 信息披露义务人 | 贵州川恒化工股份有限公司 | | 住所 | 贵州省福泉市龙昌镇 | | 权益变动时间 | 年 月 日至 年 月 日 2025 6 14 2025 6 24 | | 572,183,028 权益变动过程 | 在前述权益变动期间，公司可转债累计转股 股导致公司总股本从前次 23,006,177 权益变动公告（公告编号：2025-054）披露的总股本 股增加至 549 ...

Core Viewpoint - The announcement details a passive dilution of the shareholding ratio of the controlling shareholder, Sichuan Chuanheng Holding Group Co., Ltd., due to the conversion of convertible bonds into shares, resulting in a decrease in their ownership percentage while maintaining their status as the controlling shareholder [1][2]. Summary by Relevant Sections Shareholding Changes - The controlling shareholder's ownership ratio decreased from 50.55% to 49.23% due to the conversion of 23,006,177 shares from convertible bonds, increasing the total share capital from 549,176,851 shares to a new total [1]. - The shareholding ratio of Chuanheng Group and its concerted actors decreased from 51.30% to 49.23%, indicating a passive dilution of 2.07% [1][2]. Shareholder Information - Chuanheng Group's total shares held remained unchanged at 277,634,700, but the ownership percentage decreased from 50.55% to 48.52% [1]. - The actual controllers, Li Jin and Li Guangming, remain unchanged despite the dilution in shareholding percentage [1]. Timing and Method of Change - The equity change occurred between June 14, 2025, and June 24, 2025, as a result of the conversion of convertible bonds into shares [1].

| 证券代码：002895 | 证券简称：川恒股份 | 公告编号：2025-065 | | --- | --- | --- | | 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 控股股东及其一致行动人持股比例被动稀释触及 1%及 5% 整数倍的公告 特别提示： 本次权益变动系贵州川恒化工股份有限公司（以下简称公司）可转债转股， 导致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）及其一致行 动人的持股比例被动稀释，权益变动前后川恒集团持股数量无变化，其仍为公司 控股股东，李进、李光明仍为本公司实际控制人，公司控股股东、实际控制人未 发生变化。 | 1．基本情况 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 信息披露义务人 | 贵州川恒化工股份有限公司 | | | | | | | 住所 | 贵州省福泉市龙昌镇 | | | | | | | 权益变动时间 | 年 月 日至 2025 6 14 | 年 2025 | 月 6 24 | 日 | | | | 权益变动过程 | 在前述权益变动期间，公司可转债 ...