（ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：509） (1)復牌季度更新； (2)延遲刊發2025年度業績 及寄發2025年度報告； (3)董事會會議延期； 及 (4)持續暫停交易 本公告由世紀陽光集團控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據《證 券及期貨條例》（香港法例第571章）第XIVA部的內部信息條文及香港聯合交易所有限 公司（「聯交所」）《證券上市規則》（「上市規則」）第13.09(2)條之規定刊發。 茲提述本公司於(a) 2025年3月28日、2025年6月30日、2025年8月29日、2025年9月30日、 2025年11月12日及2025年12月31日（「12月31日公告」）（統稱「復牌公告」）所刊發之公告， 內容涉及（其中包括）：(i)延遲刊發2024年度業績及寄發2024年度報告；(ii)本公司股份 之暫停買賣；(iii)聯交所就本公司股份復牌所訂下之復牌指引；(iv)延遲刊發2025年中 期業績及寄發2025年中期報告；及(v)復牌進展更新；以及(b) 2025年2月12日、2025年8 月29日、2025年11月18日及2026年2月 ...

Group 1 - The core business of the company is the production and sales of fertilizers, with no involvement in the production and sales of pesticides or their raw materials [1]

Group 1 - The core business of the company is the production and sales of fertilizers, and it does not involve the production and sales of pesticides and raw materials such as Baijunqing [1]

Core Insights - New Yangfeng's innovative products "Yangfeng Dual Control" and "Gaofu Special ARC" have been officially recognized in Hubei Province's scientific fertilization product directory, contributing to the goal of reducing fertilizer use while increasing efficiency in agriculture [1][5][12] Group 1: Scientific Fertilization and Technology - The Ministry of Agriculture and Rural Affairs has been promoting the reduction and efficiency of chemical fertilizers since the 14th Five-Year Plan, aiming for over 95% coverage of soil testing and formula fertilization technology for major grain crops by 2025, with a chemical fertilizer utilization rate of 43.3%, an increase of 3.1 percentage points from 2020 [2] - New Yangfeng focuses on "high efficiency, specialization, environmental protection, and functionality" in its scientific fertilization technology, addressing traditional agricultural challenges through innovative solutions [5][12] Group 2: Product Innovations - The "Yangfeng Dual Control" fertilizer utilizes DCR dual control technology to extend nutrient effectiveness and meet the balanced nutritional needs of crops throughout their growth cycle, while the "Gaofu Special ARC" fertilizer, developed in collaboration with the Chinese Academy of Agricultural Sciences, effectively combines microbial agents with high-quality compound fertilizers to enhance oilseed crop yields [7][12] - The "Yangfeng Dual Control" fertilizer has demonstrated significant results in various regions, with rice yields increasing by 60 kg per mu in Heilongjiang and corn yields increasing by 98 kg per mu in Inner Mongolia, showcasing its effectiveness in improving nutrient utilization and crop resilience [11] Group 3: Agricultural Impact and Future Directions - New Yangfeng's innovative technologies have led to an average yield increase of 8%-10% for field crops and over 10% for economic crops, with new fertilizers improving utilization rates by 10-20% [13] - The company aims to continue its "innovation-driven, green development" strategy, focusing on the promotion and application of green fertilizers to enhance soil health and agricultural productivity, contributing to food security and rural revitalization [13]

Group 1 - The "2026 Capital Market Liaoning Action" event was successfully held from February 3 to 5, featuring discussions, training, enterprise connections, and on-site visits, marking the first high-profile financial event in the new five-year plan for Liaoning Province [1] - Over 80 listed companies and more than 100 potential listed companies from Liaoning participated in the event, highlighting the province's focus on capital market development [1] - Liaoning Province aims to leverage opportunities for comprehensive revitalization and deepening capital market reforms, with a notable increase in direct financing, reaching 92.78 billion yuan in 2025, a ten-year high [1] Group 2 - The provincial government emphasizes the importance of capital market work and aims to enhance the financial ecosystem, providing comprehensive services to enterprises in the listing process [2] - The focus is on high-quality development of listed companies, with a strong emphasis on equipment manufacturing and advanced materials research, which are seen as key strengths for Liaoning [2] - Local financial authorities are actively engaging with potential listed companies to address financing challenges and explore capital market opportunities for industrial upgrades [2] Group 3 - Cold Chip Technology plans to use financing for product R&D, capacity expansion, establishing branches for sales and R&D, and attracting high-end talent [3] - Liaoning Province is utilizing diversified financing tools, including the first knowledge property asset-backed securities in Northeast China and various innovative financial products to support the real economy [3] - A series of "firsts" in financial products, such as green technology innovation bonds and public REITs, have been launched, injecting significant capital into Liaoning's high-quality economic development [3]

Core Viewpoint - CF Industries and POET have launched a pilot project in the U.S. to produce low-carbon ethanol using low-carbon fertilizers, aiming to reduce carbon intensity in corn farming and enhance sustainability in the biofuel industry [1] Group 1: Project Overview - The pilot project involves multiple agricultural cooperatives to create a low-carbon fertilizer supply chain from production to farmers [1] - The project covers states including Iowa, Minnesota, Missouri, and Nebraska [1] Group 2: Production Capacity and Goals - CF Industries' Donaldsonville plant can produce up to 1.9 million tons of low-carbon ammonia annually, sufficient for fertilizing 19 to 22 million acres of corn [1] - The first sales and application of low-carbon ammonia fertilizers are expected by fall 2025 [1] - POET plans to use corn grown with these low-carbon fertilizers to produce 5 to 6 million gallons of low-carbon intensity ethanol at its biofuel plants in Minnesota, Iowa, and Nebraska [1] Group 3: Strategic Implications - CF Industries' President Bert Frost highlighted that low-carbon fertilizers provide a quantifiable and certifiable path for decarbonizing bioethanol feedstock [1] - POET's President Christian McIlvain stated that this initiative opens new avenues for reducing ethanol carbon intensity, promising both environmental and economic benefits [1] - The collaboration signifies a deep partnership between agriculture and energy sectors in the low-carbon value chain, aiming to promote sustainable development in the biofuel industry [1]

Core Viewpoint - The fertilizer industry in China is experiencing significant performance disparities across different segments due to fluctuating raw material prices, ongoing policy adjustments, and structural changes in downstream demand. Nitrogen fertilizer companies are under pressure from low prices, while potash fertilizer companies are seeing both volume and price increases, and phosphate compound fertilizer companies are facing performance divergence based on resource endowments, cost control, and product structure [1][8]. Group 1: Nitrogen Fertilizer Companies - The nitrogen fertilizer market remains depressed in 2025, with the average ex-factory price of urea in Shandong at 1694 yuan/ton, down 352 yuan/ton from 2024, leading to widespread operational pressure on nitrogen fertilizer companies [2][8]. - Lu Hua Technology expects a net profit attributable to shareholders of -863 million to -638 million yuan in 2025, citing low prices for urea and PVC, along with asset impairment provisions as contributing factors [2][8]. - Sichuan Meifeng anticipates a net profit of -129 million to -98 million yuan in 2025, affected by declining market prices for key products and rising costs of raw materials [9][8]. - Luzhou Chemical, while still profitable, expects a significant drop in net profit to 25 million to 35 million yuan, a decrease of 54.10% to 67.22% year-on-year, primarily due to falling urea prices [3][9]. Group 2: Potash Fertilizer Companies - In 2025, potash fertilizer companies are experiencing a surge in performance driven by recovering prices, steady production and sales, and resource endowment advantages [4][10]. - Leading company Salt Lake Co. is projected to achieve a net profit of 8.29 billion to 8.89 billion yuan, a year-on-year increase of 77.78% to 90.65%, maintaining its position at the top of the sector [11][10]. - Zangge Mining expects a net profit of 3.7 billion to 3.95 billion yuan in 2025, reflecting a growth of 43.41% to 53.10% due to improved profitability from product price increases and cost optimization [11][10]. - Yaji International anticipates a net profit of 1.66 billion to 1.97 billion yuan, a significant increase of 75% to 107%, aided by improved gross margins from rising domestic and international potash prices [11][10]. - Dongfang Iron Tower is expected to achieve a net profit of 1.08 billion to 1.27 billion yuan, reflecting a growth of 91.4% to 125.07% [5][10]. Group 3: Phosphate Compound Fertilizer Companies - In 2025, phosphate prices remain high, and rising international sulfur prices are significantly increasing domestic procurement costs for sulfur and sulfuric acid, leading to notable performance divergence among compound fertilizer companies [6][12]. - Chuanjinnuo is expected to achieve a net profit of 430 million to 480 million yuan, a year-on-year increase of 144.24% to 172.64%, by optimizing production plans and enhancing the proportion of high-margin products [12][6]. - Batian Co. anticipates a record net profit of 890 million to 980 million yuan, reflecting a growth of 117.53% to 139.53%, driven by increased sales revenue from phosphate rock and its processed products [12][6]. - Tianhe Co. expects a net profit of 41 million to 60 million yuan, an increase of 84.35% to 169.78%, by enhancing operational efficiency and effectively managing market opportunities [12][7]. - Six Nations Chemical forecasts a net profit of -480 million to -410 million yuan, impacted by rising prices of major raw materials and macroeconomic conditions [13][7].

Group 1 - The core viewpoint of the article emphasizes that going public not only provides financing advantages for companies but also enhances their brand awareness and promotes industry standards through innovation and technology [2][5] - Agricultural University Technology has focused on the new fertilizer sector since its establishment, developing core technologies such as humic acid activation and controlled-release coating, and has led or participated in drafting over ten national and industry standards [2] - The company successfully launched its IPO with 16 million shares at a price of 25 yuan per share, and the opening price on the 28th was 49.90 yuan per share, marking a significant increase of 99.60% [2] Group 2 - The local government of Tai'an has prioritized the listing of companies as a key measure to drive high-quality development, creating a favorable environment for businesses to go public [5][7] - Currently, Tai'an has 11 listed companies, with additional firms in various stages of the listing process, including 2 under review by exchanges and 18 on the New Third Board [5] - The city has implemented a series of service mechanisms to support companies in their listing efforts, resulting in the successful listing of 5 companies and breaking a 12-year absence of A-share listed companies [7]

Core Insights - The article highlights the recent surge in new stock performances in the A-share market, particularly focusing on the new stock Hengyun Chang, which saw a closing price increase of 302.8% on its first trading day, with a peak price of 390 yuan, leading to a maximum potential profit of 148,900 yuan for investors who successfully subscribed to the stock [1][4]. Group 1: New Stock Performance - Hengyun Chang and Nongda Technology were newly listed on January 28, 2026, with significant price increases of 302.8% and 111.56% respectively [4]. - The overall performance of new stocks in the A-share market has been strong, with several stocks, including Hengyun Chang, showing substantial gains on their debut [5]. - Recent data indicates that 10 new stocks have achieved a maximum profit exceeding 100,000 yuan on their first trading day since the implementation of the full registration system in the A-share market [5]. Group 2: Subscription Rates - The subscription rate for Hengyun Chang was recorded at a historical low of 0.02184853%, indicating that it is becoming increasingly difficult for investors to secure shares in new stock offerings [2][8]. - Prior to Hengyun Chang, the lowest subscription rate for a new stock on the Sci-Tech Innovation Board was 0.02248970% for Youxun Shares, which was listed on December 19, 2025 [9]. - Recent trends show that several new stocks, including Hengyun Chang and Youxun Shares, have among the lowest subscription rates in the history of the Sci-Tech Innovation Board [9].

Core Viewpoint - Shandong Agricultural University Fertilizer Technology Co., Ltd. (Nongda Technology) was listed on the Beijing Stock Exchange, with a closing price of 52.89 yuan, marking a 111.56% increase from its opening price of 49.90 yuan, and a total market capitalization of 4.02 billion yuan [1]. Group 1: Company Overview - Nongda Technology specializes in the research, production, sales, and technical services of new fertilizers and intermediate products [1]. - The company is controlled by Mingquan Investment, with Ma Xuewen and his associate Mark holding a combined 76.10% of the shares prior to the issuance [1]. - After the issuance, Ma Xuewen and Mark still control 60.08% of the shares, with Ma serving as Chairman and General Manager, and Mark as a Director and Secretary of the Board [1]. Group 2: Financial Performance - The company reported a total revenue of 149,454.60 million yuan for the first half of 2025, a decline from previous years: 236,319.15 million yuan in 2024, 263,742.14 million yuan in 2023, and 267,560.38 million yuan in 2022 [5]. - Net profit for the first half of 2025 was 12,564.94 million yuan, compared to 14,528.27 million yuan in 2023 and 10,122.45 million yuan in 2022 [5]. - The company’s cash flow from operating activities showed a net cash flow of 10,599.80 million yuan in 2022, which decreased to 2,499.37 million yuan in the first nine months of 2025 [7][8]. Group 3: Future Projections - For the fiscal year 2025, Nongda Technology expects to achieve revenue between 220,000.00 million yuan and 240,000.00 million yuan, reflecting a potential decrease of 6.91% to an increase of 1.56% compared to 2024 [9][10]. - The projected net profit for 2025 is estimated to be between 14,000 million yuan and 16,000 million yuan, indicating a possible decline of 3.64% to an increase of 10.13% from the previous year [9][10].