Core Viewpoint - The article emphasizes the critical role of Yunnan Yuntianhua Co., Ltd. in ensuring stable supply and quality improvement of fertilizers, which are essential for national food security, through technological innovation and service system development [1] Group 1: Supply Chain Resilience - Yuntianhua has established a robust logistics network and efficient supply chain to meet agricultural fertilizer demands, ensuring uninterrupted supply during key agricultural periods [2] - The company plans to produce approximately 4.98 million tons of major fertilizer products in the first half of 2025, with over 2.3 million tons of phosphate and ammonium products supplied during the winter-spring season [2] - The company's "mining and chemical integration" strategy creates a closed-loop operation system, ensuring stable supply regardless of market conditions [2] Group 2: Technological Empowerment - Yuntianhua has shifted from merely selling products to providing comprehensive agricultural solutions, resulting in significant yield increases for farmers, such as a 60+ jin increase per mu for a specific crop [3] - The company invested 550 million yuan in R&D in 2023, with plans to maintain 580 million yuan in 2024, supported by a network of 38 technology centers and 200 service stations [3] - Digital tools are utilized to enhance service processes, enabling real-time interaction between farmers' needs and backend systems [3][4] Group 3: Collaborative Development - Yuntianhua promotes a cooperative model, ensuring long-term partnerships with distributors through a regional brand authorization system [5] - The company integrates "industry chain + supply chain" strategies to create a green operational model, enhancing efficiency and resilience in the global supply chain [6] - Yuntianhua is actively participating in the Belt and Road Initiative, collaborating with over 70 countries to promote agricultural technology [6]

截至发稿，云图控股市值为123亿元。 每经AI快讯，云图控股（SZ 002539，收盘价：10.19元）10月27日晚间发布公告称，公司第七届第四次 董事会会议于2025年10月27日以通讯方式召开。会议审议了《关于公司<2025年第三季度报告>的议 案》等文件。 2025年1至6月份，云图控股的营业收入构成为：化肥行业占比63.35%，贸易占比18.85%，化工行业占 比12.57%，其他行业占比5.23%。 每经头条（nbdtoutiao）——独家丨民营船王入主杉杉集团横生枝节 重整联合体浮现神秘组局人 （记者 王晓波） ...

Financial Performance - In Q3 2025, the company achieved a revenue of CNY 4.077 billion, representing a year-on-year growth of 3.25% [2] - The net profit attributable to shareholders reached CNY 415 million, with a year-on-year increase of 15.40%, indicating strong performance despite challenges [2] Market Conditions - The decline in urea prices and increased rainfall in northern regions led to a delay in fertilization plans and a postponement of winter wheat sowing by approximately 20 days [2] - Despite these challenges, the company demonstrated resilience with growth in both revenue and net profit [2] Product Performance - Sales of conventional fertilizers decreased due to delayed demand caused by weather conditions, but the volume is expected to be reflected in Q4 [4] - New-type fertilizers saw a 24% increase in sales volume, continuing a trend of strong growth over several years [4] Raw Material Impact - Fluctuations in raw material prices, particularly the recent decline in urea and increase in sulfur, have affected procurement and dealer purchasing behavior [4] - The company maintains a strong sales growth and stable gross margin, attributed to its integrated supply chain and diverse procurement strategies [4] Industry Trends - The integration of leading compound fertilizer companies has contributed to increased market share, driven by accelerated land transfer and the exit of smaller manufacturers due to stringent environmental regulations [6] - The market for new-type fertilizers is expanding, with low penetration rates in a vast area of over 700 million mu of economic crops, supported by government policies [8] Export Performance - The company received export quotas for two batches of phosphate fertilizers, with significant contributions to Q3 revenue and profit from the first batch [7] - The second batch is expected to contribute to Q4 results following the completion of inspections and customs procedures [7]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - Affected by the improvement of macro - sentiment and marginal positive factors in supply and demand, urea prices rebounded from the low level. The short - term price center of urea moved up, and the reference range of the 01 contract was 1600 - 1700. The increase in urea maintenance devices led to a decline in daily output. Agricultural fertilizer demand gradually expanded, the increase in the start - up of compound fertilizers boosted the demand for urea, and the obvious destocking of port inventory alleviated the overall supply pressure [3]. 3. Summary According to the Directory Market Changes - Price: On October 24, the closing price of the urea 2601 contract was 1642 yuan/ton, up 40 yuan/ton from the previous week, a rise of 1.05%. The daily average price of urea in the Henan spot market was 1565 yuan/ton, up 24 yuan/ton from the previous week, a rise of 1.56% [3][6]. - Basis: The main basis of urea weakened. On October 24, the main basis in the Henan market was - 77 yuan/ton, and the weekly basis operating range was (- 93) - (- 65) yuan/ton [3][9]. - Spread: The 1 - 5 spread of urea weakened. On October 24, the 1 - 5 spread was - 77 yuan/ton, and the weekly operating range was (- 77) - (- 70) yuan/ton [3][9]. Fundamental Changes Supply - The operating load rate of Chinese urea plants was 78.56%, down 1.67 percentage points from the previous week. Among them, the operating load rate of gas - based enterprises was 67.76%, down 3.57 percentage points from the previous week, and the daily urea output was 18.26 tons. Next week, the maintenance devices in Shanxi, Shaanxi and other places are expected to resume production, and the domestic urea spot supply is still relatively sufficient [3][11]. Cost - The anthracite lump coal market was mainly stable, and the anthracite slack coal was slightly stronger. As of October 23, the tax - included price of washed small anthracite blocks with S0.4 - 0.5 in Jincheng, Shanxi was 820 - 900 yuan/ton, with the same closing price center as the previous week [3][15]. Profit - The gross profit margin of coal - based urea was - 7.39%, and that of gas - based urea was - 15.11%. Affected by the rising urea price, the urea gross profit margin rebounded slightly [15]. Demand - The average advance collection of major urea production enterprises was 3.9 days, and the weekly production - sales rate of urea enterprises was 95.8%. With the progress of autumn harvest and sowing, agricultural demand increased moderately, and off - season storage enterprises made appropriate purchases at low prices, resulting in a marginal improvement in urea production and sales [19]. Industrial Demand - The capacity utilization rate of compound fertilizer enterprises was 27.71%, up 3.53 percentage points from the previous week. The compound fertilizer inventory was 70.44 tons, down 0.47 tons from the previous week. The inventory pressure of domestic compound fertilizers was slightly relieved, and the destocking trend began [23]. - The operating load rate of melamine enterprises was 47.44%, down 2.24 percentage points from the previous week, and the weekly output was 2.338 tons. With the resumption of production of shutdown and maintenance devices, it is expected that the average operating load rate of domestic melamine enterprises will gradually increase to about 60% next week [26]. - The national building materials and home furnishing prosperity index and the sales volume of large - scale building materials and home furnishing stores increased, and the demand support in the panel market was enhanced [27]. Inventory - The inventory of urea enterprises was 143.3 tons, an increase of 1.2 tons from the previous week, with a narrowing increase. The urea port inventory was 37 tons, a decrease of 37 tons from the previous week. There were 5407 registered urea warehouse receipts, totaling 10.8140 tons, a decrease of 887 from the previous week. October is the centralized cancellation period for urea warehouse receipts [30].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - Last week's view was that demand was sporadically released, and the ex - factory price stopped falling and rebounded; this week's view is that demand is released periodically, and the ex - factory price is mainly stable with an upward trend [5] - Short - term domestic demand is still limited, agricultural demand has ended, compound fertilizer has not started on a large scale, and the spot market sentiment is still low. The price difference between domestic and international markets is still large, but the export window is about to close, and the impact of the international market on the domestic market is greatly weakened. In the short term, it is slightly stronger, and in the medium - to - long term, it is still weak [5] - The trading strategy is to be slightly stronger in the short term and weaker in the medium - to - long term for unilateral trading, and to wait and see for arbitrage and over - the - counter trading [5] Group 3: Summary According to the Table of Contents 1. Comprehensive Analysis and Trading Strategy - Due to partial device maintenance, the daily output has dropped to around 187,000 tons. The Indian tender price has dropped to around $400 CFR, and the price difference between domestic and international markets is large, but the export window is about to close [5] - The compound fertilizer production in central and northern China has basically ended, the grass - roots stockpiling is coming to an end, the operating rate of compound fertilizer plants has declined, and the inventory of urea can be used for more than half a month, so the procurement sentiment for raw materials is not high [5] - The inventory of urea production enterprises has increased by 14,700 tons to around 1.63 million tons, which is at a high level overall [5] - With the firm rise of futures, downstream agricultural follow - up, and better weather, the shipment of compound fertilizer products in the central plains has accelerated, and raw material procurement at low prices for rigid demand has improved the order receipt of manufacturers, and the ex - factory price has been raised [5] - The ex - factory price in the mainstream delivery area has rebounded to around 1,540 - 1,570 yuan/ton, and the downstream acceptance has decreased. After the meeting, there is no stimulus policy, and the demand sustainability needs to be observed [5] 2. Fundamental Data - **Supply - National**: In the 42nd week of 2025 (October 16 - 22, 2025), the capacity utilization rate of coal - based urea was 81.23%, a week - on - week decrease of 2.42%; the capacity utilization rate of gas - based urea was 67.56%, a week - on - week decrease of 3.19% [6] - **Supply - Shandong**: In the 42nd week of 2025 (October 16 - 22, 2025), the capacity utilization rate of Shandong urea was 83.82%, unchanged from the previous week [6] - **Demand - Melamine**: In the 43rd week of 2025 (October 17 - 23, 2025), the weekly average capacity utilization rate of Chinese melamine was 48.30%, a decrease of 6.88 percentage points from the previous week [6] - **Demand - Compound Fertilizer**: In the 43rd week of 2025 (October 17 - 23, 2025), the capacity utilization rate of compound fertilizer was 27.71%, a week - on - week increase of 3.53 percentage points [6] - **Demand - Compound Fertilizer Urea Demand**: As of October 24, 2025, the urea demand of sample compound fertilizer production enterprises in Linyi, Shandong was 850 tons, an increase of 450 tons from the previous week, a week - on - week increase of 112.5% [6] - **Demand - Northeast Arrival Volume**: This week (October 17 - 24, 2025), the arrival volume of urea in the Northeast was 110,000 tons, a decrease of 5,000 tons from the previous week [6] - **Demand - Advance Receipts**: As of October 22, 2025, the advance order days of Chinese urea enterprises were 7.41 days, an increase of 0.7 days from the previous period [6] - **Inventory - Enterprise**: On October 22, 2025, the total inventory of Chinese urea enterprises was 1.6302 million tons, an increase of 14,800 tons from the previous week [6] - **Inventory - Port**: In the 43rd week, the sample inventory of urea ports was 210,000 tons, a week - on - week decrease of 236,000 tons [6] - **Valuation**: In terms of profit, the price of Jincheng anthracite lump coal was firm, the price of Yulin pulverized coal increased, the spot price of urea rebounded, the fixed - bed production had a loss of 125 yuan/ton, the coal - water slurry production had a loss of 110 yuan/ton, and the entrained - flow bed production had a profit of 124 yuan/ton. The futures fluctuated, the basis was - 100 yuan/ton, and the 1 - 5 spread was - 70 yuan/ton [6]

Core Insights - The expert group highly praised the effectiveness of the project on "Nitrogen-efficient and long-lasting agricultural non-point source pollution reduction mechanisms and technologies" during the corn yield measurement event held by Henan Xinlianxin Group [1] - The innovative products "Super Control Soil" and "Water Touch Membrane 3.0" developed by Xinlianxin Group have shown significant results in achieving "reduced fertilizer, increased yield, and reduced pollution" [1][2] Summary by Categories Project Evaluation - The measurement covered four core experimental fields, thoroughly testing the integrated effects from products to technical models [1] - The results from the sub-project led by the chief agronomist of Xinlianxin Group, Yue Yanjun, were particularly impressive, with a 15% reduction in fertilizer leading to a yield of 644.63 kg per mu, an increase of 49.27 kg (8.2%) compared to conventional fertilization [1] - The "Super Control Soil" treatment achieved a yield of 657.88 kg per mu, surpassing conventional fertilization by 62.52 kg (10.5%) [1] Product Impact - The measurement serves as a critical verification of the core products "Super Control Soil" and "Water Touch Membrane 3.0" in practical field applications [2] - The scientific and rigorous data collected will not only serve as a core basis for project acceptance but also provide a replicable and promotable "Xinlianxin solution" for controlling agricultural non-point source pollution [2]

Group 1 - The company, Si Er Te (002538), reported a revenue of 1.043 billion yuan for the third quarter of 2025, representing a year-on-year increase of 1.55% [1] - The net profit for the third quarter was 60.1149 million yuan, showing a year-on-year decline of 26.04% [1]

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [6][19]. Core Insights - The "14th Five-Year Plan" is expected to support high-quality development in the chemical industry, with an estimated market space of around 10 trillion yuan over the next five years [6][7]. - The introduction of the 2026 refrigerant quota plan is anticipated to lead to a contraction in R22 supply, while demand in the maintenance market remains [6][7]. - The semiconductor materials sector is expected to benefit from rising storage demand, with companies like Yake Technology and Anji Technology recommended for investment [6][7]. Summary by Sections Industry Dynamics - Oil supply is expected to increase significantly, driven by non-OPEC production, while global GDP growth is projected at 2.8%, stabilizing oil demand [6][7]. - Coal prices are expected to stabilize at a low level, and natural gas export facilities in the U.S. may accelerate, reducing import costs [6][7]. Chemical Sector Configuration - The report highlights a recovery in manufacturing, with the manufacturing PMI rising to 49.8% [9]. - The investment analysis suggests focusing on sectors benefiting from the "anti-involution" policy, including textiles, agriculture, and export-related chemicals [6][7]. Key Material Focus - Emphasis is placed on self-sufficiency in key materials, particularly in semiconductor and panel materials, with specific companies recommended for investment [6][7]. Price Movements - Recent price movements include a 5.8% increase in Brent crude oil prices and a 2.7% rise in PTA prices [12][13].

国泰君安期货·能源化工 尿素周度报告 国泰君安期货研究所 杨鈜汉 投资咨询从业资格号：Z0021541 日期：2025年10月26日 Guotai Junan Futures all rights reserved, please do not reprint 资料来源：钢联，隆众资讯，国泰君安期货研究 本周尿素观点：震荡运行，上方空间收窄 | 供应 | • | 本周(20251016-1022)，中国尿素生产企业产量：127.79万吨，较上期跌4.26万吨，环比跌3.23%。周期内新增2家企业装置停车，3家停车装置恢复生产，同 | | --- | --- | --- | | | | 时延续上周期的装置变化，本周产量小幅下跌。下周，中国尿素周产量预计133万吨附近，较本期小幅增加。下个周期暂无企业装置计划停车，4-5家停 | | | | 车企业装置可能恢复生产，考虑到短时的企业故障发生，延续上周期的变化，预期下个周期产量增加的概率较大。（隆众资讯） | | 需求 | • • | 内需方面，内需持续偏弱。北方地区农业追肥需求基本结束，在今年农业需求总量有需求前置的背景下，追肥需求的同比增速出现明显下滑。此外，复 ...

Core Insights - The company reported a revenue of 13.475 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 8.96% [1] - The net profit attributable to shareholders of the listed company reached 1.374 billion yuan, showing a year-on-year increase of 23.43% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.326 billion yuan, reflecting a year-on-year growth of 23.87% [1]