Project Development - The company is advancing the "Salt Chemical Circular Economy Industry Chain Green Transformation and Product Structure Adjustment Upgrade Project" at the Yingcheng base, which includes the construction of production lines for 700,000 tons of synthetic ammonia, 600,000 tons of water-soluble compound fertilizer, 400,000 tons of slow-release compound fertilizer, and 1.5 million tons of refined salt. The main structure is fully completed, and core equipment installation is nearly finished [2][3] - The phosphorite project at the Leibo base is being prioritized, with the Aju Luogua phosphorite 2.9 million tons mining project and the Niuniuzhai East section 4 million tons mining project progressing steadily [3][4] Business Development - The company has an annual production capacity of 50,000 tons of iron phosphate, supported by upstream raw materials of 150,000 tons of refined phosphoric acid and 300,000 tons of pure wet phosphoric acid, ensuring stable supply for lithium battery cathode material [4] - The core competitive advantages include cost advantages from self-owned phosphorite resources and a complete industrial chain, as well as product and technology advantages through iron-based processes [4] Market Outlook - Phosphorite prices are expected to remain strong due to limited short-term supply and increasing demand from agricultural and new energy sectors [5] - The company is enhancing brand building and sales channels for compound fertilizers, focusing on core brands like "Jia Shili" and "Gui Hu," while optimizing the dealer system to improve market coverage [5]