本报记者 李如是 1月7日晚间，昆明川金诺化工股份有限公司（以下简称"川金诺"）发布2025年度业绩预告，公司预计 2025年实现营收38亿元至42亿元，同比增长18.47%至30.94%；归属于上市公司股东的净利润4.3亿元至 4.8亿元，同比增长144.24%至172.64%。 川金诺相关负责人对《证券日报》记者表示："2025年上半年受硫磺、硫酸等主要原料价格上涨影响， 成本压力向中下游传导，推动下游产品价格有所上调。" 此外，鉴于磷矿资源的稀缺性，川金诺也在积极挖掘海外磷矿资源。2025年11月27日，川金诺与埃及土 地供应商签署了项目土地《用益权转让协议》。公司计划在埃及建设年产80万吨硫磺制酸、30万吨工业 湿法粗磷酸、15万吨52%磷酸、30万吨磷酸一铵、2万吨氟硅酸钠项目。项目总投资19.34亿元，建设周 期为三年。 上述川金诺负责人表示："此次合作达成的背后，是埃及的磷矿资源禀赋与川金诺的技术实力形成精准 互补。在资源方面，埃及已探明磷矿储量约30亿吨，位居全球第三，仅次于摩洛哥和中国，资源禀赋极 为优越。该项目已成为公司目前的发展重心及资源优先配置核心。" 隆众资讯磷化工分析师李霞对《证券 ...

证券研究报告 | 2025年12月12日 川恒股份（002895.SZ） 优于大市 磷酸盐主业稳根基，磷矿石资源助增长 资源为基，构建"矿化一体"全产业链壁垒。川恒股份是国内磷化工行业资 源型领军企业，核心竞争力源于优质磷矿资源。公司通过控股福麟矿业 （90%）、黔源地勘（58.5%）及参股天一矿业（40%），布局小坝、新桥、 鸡公岭、老虎洞等高品位矿山，2025 年权益磷矿石产能达 320 万吨，2027 年后将突破 850 万吨。中国以全球约 5%的磷矿储量支撑近半产量，资源禀赋 差、环保约束强，稀缺属性持续强化，为公司提供长期成本优势和战略安全。 磷酸为核心中间体，高纯工艺构筑差异化竞争力。磷酸是磷化工产业链的核 心中间产品，公司依托自有高品位磷矿与半水湿法工艺，生产出铁、铝、镁 等杂质含量显著低于行业标准的高品质磷酸，涵盖工业级、食品级等规格。 广西扶绥基地拥有商品磷酸 20 万吨/年与净化磷酸 10 万吨/年产能，受益于 下游需求刚性增长与供给趋紧，公司磷酸业务毛利率显著高于同业。 饲料级磷酸二氢钙全球龙头，供需格局向好。公司饲料级磷酸二氢钙总设计 产能达 51 万吨/年，为全球最大的生产商。当前行 ...

长江商报消息 ●长江商报记者 李璟 斩获比亚迪大单，磷化工巨头兴发集团（600141.SH）新能源转型步伐加速。 作为磷酸铁锂电池的重要供应商，比亚迪在下游需求旺盛带动下，对磷酸铁锂正极材料需求快速增长。 早在2025年4月份，比亚迪就与丰元股份签订合作协议，锁定了该公司4年的磷酸铁锂材料供应。 截至目前，比亚迪通过弗迪电池已在国内布局了12大电池基地，合计规划产能超500GWh，持续通过合 作保障材料供应链为产能扩张保驾护航。2025年前11个月，比亚迪累计装机总量约为258.282GWh，累 计同比增长50.9%。 作为国内磷化工行业龙头企业，兴发集团主营业务为精细磷化工系列产品的生产与销售，主营产品包括 磷矿石、特种化学品、农药产品、有机硅系列产品、肥料等。近年来，公司顺势切入新能源产业，陆续 建成10万吨/年磷酸铁、8万吨/年磷酸铁锂、10万吨/年磷酸二氢锂项目。2025年1—9月新能源板块的收 入占公司总收入的比重约为3%。 兴发集团日前公告称，公司全资子公司湖北兴顺新材料有限公司（下称"兴顺新材料"）与青海弗迪实业 有限公司（下称"青海弗迪"）签署《磷酸铁锂委托加工协议》。青海弗迪由弗迪电池有限公 ...

兴发集团（600141.SH）12月5日在投资者互动平台表示，谢谢您对公司的关注！宜安实业麻坪磷矿已 于2025年11月正式投产，其26%-28%的矿石品位具备较好的经济性与加工适应性。该矿山的正式投产进 一步增强了公司"矿化一体"产业布局，完善了自主、稳定、高效的原料供应体系。 每经AI快讯，有投资者在投资者互动平台提问：据悉，上市公司控股子公司湖北吉星化工集团有限责 任公参股的湖北宜安联合实业有限责任公司所属麻坪磷矿近日成功取得湖北省应急管理厅颁发的安全生 产许可证，标志着该矿全面建成并正式投产。该磷矿探明储量3.15亿吨，服务年限53年，具备年采磷矿 400万吨的生产能力。请问，该项目将来能否优先为上市公司发展所需提供大量优质磷矿资源？ （记者 曾健辉） ...

Group 1 - Public funds are implementing purchase limits on high-performing funds to ensure stable operation amid a narrow market fluctuation, while new funds are controlling their fundraising scale [2] - Private equity funds are actively conducting research in sectors like electronic components and healthcare devices, with a total of 13,000 research sessions conducted by 2,280 private equity institutions since the beginning of the fourth quarter [2] - Several banks have raised the minimum deposit threshold for large-denomination certificates of deposit (CDs), with some state-owned banks increasing the threshold to 1 million or 5 million yuan [2] Group 2 - The Chinese automotive market faces uncertainty as it transitions into the "post-subsidy era," with many car manufacturers resorting to subsidies and price reductions to meet year-end sales targets, raising concerns about profit margins [3][4] - Companies in the phosphate mining sector are accelerating their resource acquisition and capacity integration due to sustained high prices of phosphate rock, with the average market price for 30% grade phosphate rock at 1,016 yuan per ton [4] - The China Commodity Price Index has risen for seven consecutive months, with a November index of 114.1 points, reflecting a 0.8% month-on-month increase and a 1.6% year-on-year increase [4] Group 3 - LeEco, which has a debt of 23.8 billion yuan, plans to invest 180 million yuan in stock trading, clarifying that a significant portion of this investment is for "risk-free" purposes [5] - Country Garden has completed a debt restructuring that reduces its overall debt by over 90 billion yuan, enhancing confidence among buyers and suppliers [6] - Suhao Huihong plans to swap assets with its controlling shareholder, acquiring a 2.33% stake in Zijin Property Insurance for 262 million yuan [8]

杨义韬分析，获取资源最为直接的方式是"大股东支持模式"，即控股股东将优质磷矿资源注入上市公 司。如控股股东四川发展为川发龙蟒注入天瑞矿业、国拓矿业等，同时川发龙蟒还收购了天盛矿业10% 股权；新洋丰控股股东为其注入竹园沟矿业，并承诺后续将继续注入更多资源。 "另一种路径为市场化并购与合资。"杨义韬表示，企业通过控股、参股或组建合资公司快速扩大权益产 能。如兴发集团8.5亿元收购桥沟矿业50%股权，东方铁塔拟以2.8亿元收购昆明帝银72%股权等。 从政策导向来看，此前工信部等八部门发布《推进磷资源高效高值利用实施方案》，要求"构建高端 化、智能化、绿色化、融合化、集聚化的磷化工产业体系"。四川一家磷矿企业相关负责人透露，在政 策鼓励一体化和资源集中的背景下，地方政府明确支持磷矿石就地消化，配套深加工装置已成为获取矿 权和扩产的隐性前提条件。 受益于化工品持续涨价潮，作为关键原材料的磷矿石价格持续高位运行。据百川盈孚数据，12月2日， 国内30%品位磷矿石市场均价为1016元/吨，28%品位磷矿石市场均价为945元/吨，25%品位磷矿石市场 均价为758元/吨。 近期，芭田股份、兴发集团等上市公司密集披露了其在磷 ...

Core Insights - Hohhot Jin Xin Chemical Co., Ltd. achieved a record of 310 days of continuous stable operation for three BGL gasifiers, setting a new benchmark in the industry [1][4] - The success is attributed to the long-term technical collaboration and trust between Jin Xin Chemical and Shanghai ZemaKe Technology Group, focusing on continuous improvement and innovation over 17 years [1][2] Group 1: Historical Milestones - The partnership began in May 2008 with the initiation of the '50·80' project, leading to the installation of three BGL gasification units, marking the largest scale and earliest operational use in China [2] - The first gasifier was successfully ignited in September 2011, and by July 2012, the project began producing products, achieving stable operation by 2013 [2] - In January 2014, the BGL gasification unit achieved its first "hundred days of success," overcoming challenges such as gas pipeline scaling and valve leakage through continuous optimization [2][3] Group 2: Technological Advancements - In January 2018, Jin Xin Chemical achieved a "hundred days of success" across the entire production system by addressing operational bottlenecks and enhancing various systems [3] - The company implemented advanced control technologies and optimized operational parameters, which significantly improved the stability and efficiency of the gasification process [3][4] Group 3: Future Directions - Jin Xin Chemical aims to leverage the recent 310-day achievement as a new starting point to enhance operational safety, stability, and efficiency while accelerating digital transformation and technological innovation [4] - The collaboration with ZemaKe will continue to focus on optimizing energy consumption and enhancing the long-term operational capabilities of gasification units [4]

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - The company reported a significant increase in revenue and profit for the first half of 2025, achieving revenue of 3.36 billion yuan (up 35.3% year-on-year) and a net profit attributable to shareholders of 540 million yuan (up 51.5% year-on-year) [2][7]. - In Q2 2025, the company generated revenue of 1.87 billion yuan (up 29.6% year-on-year, up 25.1% quarter-on-quarter) and a net profit of 330 million yuan (up 52.5% year-on-year, up 65.3% quarter-on-quarter) [2][7]. - The company plans to distribute a cash dividend of 3.0 yuan per 10 shares (including tax) [7]. Summary by Sections Financial Performance - The company achieved a total revenue of 5.906 billion yuan for 2025E, with a projected net profit of 1.292 billion yuan [16]. - The gross profit margin for Q2 2025 was 33.1%, with a net profit margin of 18.7%, reflecting improvements in operational efficiency [11]. - The company expects net profits of 1.29 billion yuan, 1.47 billion yuan, and 1.64 billion yuan for 2025, 2026, and 2027 respectively [11]. Market Position - The company is a leading player in the domestic phosphate chemical industry, with significant phosphate rock production capacity of 3 million tons per year and additional capacity under construction of 9.3 million tons per year [11]. - The company benefits from a strong supply chain and is focused on enhancing its phosphate chemical industry chain from phosphate rock to phosphate salt products [11]. Product Performance - The company has seen notable growth in sales of its main products, including dihydrogen phosphate, industrial-grade monoammonium phosphate, and phosphoric acid, driven by increased demand and rising raw material prices [11]. - The average price changes for key products in Q2 2025 were 19.6%, 8.9%, 5.1%, and 1.4% year-on-year, indicating a positive pricing environment [11].

Core Viewpoint - Yuntianhua reported a revenue of 24.992 billion yuan for the first half of 2025, a year-on-year decrease of 21.88%, with a net profit attributable to shareholders of 2.761 billion yuan, down 2.81% year-on-year [1] Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 11.988 billion yuan, a year-on-year decrease of 33.90% and a quarter-on-quarter decrease of 7.82% [1] - The gross profit margin for H1 2025 was 19.16%, an increase of 2.55 percentage points year-on-year [1] - The company plans to produce and sell 4.92 million tons of phosphate fertilizer, 2.67 million tons of urea, and 1.64 million tons of compound fertilizer in 2025 [2] Group 2: Production and Sales - The revenue from various products in H1 2025 included 6.995 billion yuan from phosphate fertilizer, 3.126 billion yuan from compound fertilizer, and 2.569 billion yuan from urea, with year-on-year changes of -14.40%, +6.00%, and -17.12% respectively [2] - The company maintained full-load operation of its phosphate ammonium facilities to ensure stable operational performance [2] Group 3: Market Conditions - Demand for phosphate rock is gradually increasing, driven by the demand for new energy battery materials and stable growth in fertilizer use during spring and summer [3] - The market for phosphate rock remains tight, with prices continuing to operate at high levels around 1,000 yuan per ton [3] Group 4: Capacity and Financial Management - The company has a total fertilizer production capacity of 10 million tons per year, making it one of the largest fertilizer producers in China [4] - Financial management has been strengthened, with a focus on optimizing capital structure and reducing interest-bearing debt, resulting in a decrease in the debt-to-asset ratio to 51.58% [4] Group 5: Strategic Initiatives - The company is focusing on its main business and continuously optimizing its industrial layout to enhance operational efficiency [5] - The company is expected to achieve revenues of 63.316 billion yuan, 64.174 billion yuan, and 64.384 billion yuan from 2025 to 2027, with corresponding net profits of 5.620 billion yuan, 5.875 billion yuan, and 6.027 billion yuan [5]

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]