Core Points - The company, Batian Co., announced a repurchase and cancellation of 456,000 restricted stocks due to performance assessment reasons, which accounts for approximately 0.0471% of the total share capital before the repurchase [2] - The total repurchase amount is 1,187,156.10 yuan, funded by the company's own resources [2] - Following the completion of the repurchase, the company's total share capital will decrease from 968,125,957 shares to 967,669,957 shares [2]

尿素日报 | 2025-10-16 厂内库存继续累积，印标投标数量公布 市场分析 价格与基差：2025-10-15，尿素主力收盘1600元/吨（+3）；河南小颗粒出厂价报价：1540 元/吨（0）；山东地区小 颗粒报价：1550元/吨（+0）；江苏地区小颗粒报价：1560元/吨（+0）；小块无烟煤750元/吨（+0），山东基差：-50 元/吨（-3）；河南基差：-60元/吨（-3）；江苏基差：-40元/吨（-3）；尿素生产利润20元/吨（+0），出口利润986元/ 吨（-30）。 供应端：截至2025-10-15，企业产能利用率85.67%（0.08%）。样本企业总库存量为161.54 万吨（+17.15），港口样 本库存量为41.50 万吨（-3.80）。 需求端：截至2025-10-15，复合肥产能利用率25.50%（-6.96%）；三聚氰胺产能利用率为65.47%（+3.95%）；尿素 企业预收订单天数6.71日（-0.29）。 企业近期下调报价，低价成交好转，主流区域成交好转，部分厂家小幅上调报价后成交降温，山西及内蒙低价成 交延续。目前部分地区农业秋季肥进行中，复合肥开工率下降，冬小麦所需的复合肥以 ...

大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我 司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 • 尿素概述： • 1. 基本面：当前日产及开工率略有回落仍处于偏高位置，企业库存累积，甘肃、河北等多省 库存增加。需求端，工业及农业需求均偏弱，农需秋季用量零散，复合肥企业产能利用率低，未 大规模开工，处于需求真空期。出口内外价差较大，虽有第三批配额落地，对国内价格支撑有限。 国内尿素整体供过于求仍明显。交割品现货1540（+20），基本面整体偏空； • 2. 基差： UR2601合约基差-57，升贴水比例-3.7%，偏空； • 3. 库存：UR综合库存185.9万吨（+17.4），偏空； • 4. 盘面： UR主力合约20日均线向下，收盘价位于20日线下，偏空； • 5. 主力持仓：UR主力持仓净空，增空，偏空； • 6. 预期：尿素主力合约盘面震荡偏弱，国际尿素价格偏强但对国内价格支撑有限 ...

Core Viewpoint - The company Hong Sifang has experienced a decline in stock price and financial performance, with significant changes in shareholder structure and trading activity [1][2][3]. Group 1: Financial Performance - As of June 30, 2025, Hong Sifang reported a revenue of 1.814 billion yuan, a year-on-year decrease of 8.18% [2]. - The net profit attributable to shareholders was 43.97 million yuan, reflecting a year-on-year decline of 47.10% [2]. - Cumulative cash dividends since the A-share listing amount to 30 million yuan [3]. Group 2: Trading Activity - On October 15, Hong Sifang's stock price fell by 0.72%, with a trading volume of 85.25 million yuan [1]. - The financing buy-in amount for Hong Sifang on the same day was 10.35 million yuan, while the financing repayment was 9.41 million yuan, resulting in a net financing buy-in of 0.94 million yuan [1]. - The total margin trading balance for Hong Sifang reached 14.7 million yuan, with the financing balance accounting for 7.92% of the circulating market value [1]. Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders for Hong Sifang was 26,700, a decrease of 23.56% from the previous period [2]. - The average number of circulating shares per shareholder increased by 73.78% to 2,009 shares [2]. - Notable changes in institutional holdings include the entry of new shareholders such as Southern CSI 1000 ETF and Huaxia CSI 1000 ETF, while Yuanxin Yongfeng Xingyuan A exited the top ten circulating shareholders [3].

Core Insights - Stanley's stock price increased by 0.22% on October 15, with a trading volume of 91.8 million yuan, indicating stable market activity [1] - The company reported a financing net buy of -638,500 yuan on the same day, with a total financing and margin balance of 192 million yuan, which is low compared to historical levels [1] - As of June 30, Stanley achieved a revenue of 6.391 billion yuan, reflecting a year-on-year growth of 12.66%, and a net profit of 607 million yuan, up 18.90% [2] Financing and Margin Data - On October 15, Stanley had a financing buy of 10.23 million yuan and a financing repayment of 10.87 million yuan, resulting in a net financing outflow of 638,500 yuan [1] - The current financing balance of 192 million yuan represents 1.79% of the circulating market value, which is below the 30th percentile of the past year [1] - In terms of margin trading, Stanley repaid 3,400 shares and sold 900 shares on October 15, with a margin balance of 27,590 yuan, also below the 40th percentile of the past year [1] Shareholder and Dividend Information - As of June 30, the number of shareholders for Stanley decreased by 19.26% to 35,700, while the average circulating shares per person increased by 23.86% to 24,082 shares [2] - Since its A-share listing, Stanley has distributed a total of 1.373 billion yuan in dividends, with 559 million yuan distributed over the last three years [3] - Notable new institutional shareholders include GF Stable Growth Mixed A, holding 28.08 million shares, and Hong Kong Central Clearing Limited, holding 22.37 million shares [3]

图为日产量（单位：万吨） 国庆假期后，尿素期货主力合约价格创出年内新低，盘面总持仓量较节前激增近8万手，引发市场关注。当前，尿素 市场正处于需求延迟释放、供给收缩有限、政策悬而未决的博弈阶段。首先，华北降雨结束后，秋季用肥需求初现回 暖迹象，但下游储备积极性不足，工业需求分化，需求的持续性有待观察。其次，产量维持高位运行，短期收缩有 限，气头企业检修预期升温，但可能12月才会有所兑现。最后，印度招标情况与国内出口政策，成为决定期现价格方 向的核心变量。 需求延迟释放与结构分化并存 图为山东市场价格（单位：元／吨） 华北地区连续降雨已于近日落幕，但本月内间断降雨仍将持续。受降雨影响，冬小麦播种进度较常年滞后10~15天。 中国农科院调研显示，黄淮主产区小麦播种进度滞后，将导致小麦底肥施用顺延2~3周。受此影响，国内小颗粒尿素 出厂价近日跌至1500元／吨左右，较去年同期下跌14.53%。部分地区现货价甚至跌至1460元／吨，创年内新低。随 着价格进一步下跌，低价效应正在逐步显现。山东、河南等主流产区企业反馈，自10月10日开始，单日接单量环比明 显提升，个别大厂日内接单量甚至突破万吨。但这多为贸易商短期补库行为 ...

Core Viewpoint - After the National Day holiday, the price of urea futures has reached a new low for the year, with total open interest increasing significantly, indicating a market in a phase of delayed demand release, limited supply contraction, and undecided policies [1] Demand Dynamics - The demand for urea is currently characterized by delayed release and structural differentiation, with initial signs of recovery in autumn fertilizer demand following the end of rainfall in North China, but downstream stocking enthusiasm remains low [2][4] - The price of small granular urea has recently dropped to around 1500 yuan/ton, a 14.53% decrease compared to the same period last year, with some regions seeing spot prices fall to 1460 yuan/ton, marking a yearly low [4] Industrial Demand - Industrial demand for urea shows a differentiated pattern, with compound fertilizer companies holding 735,000 tons of finished product inventory and a low operating rate of 25.5% year-on-year [5] - The decline in urea prices has led to increased profits for melamine, with theoretical gross margins rising to 400 yuan/ton, while the board industry faces reduced production due to persistent humid weather [5] Supply Situation - Short-term supply contraction is limited, with urea daily production dropping from around 200,000 tons to nearly 190,000 tons due to maintenance, but still at a high level compared to the past five years [6][8] - The impact of maintenance on production is expected to be minimal, with only a few companies announcing specific maintenance schedules [9] Policy and Export Outlook - In September, China's urea exports reached 1 million tons, but the cumulative export volume from January to September was only 2.44 million tons, far below the annual quota of 4.2 million tons [10] - The upcoming tender from India for 2 million tons of urea presents a significant opportunity for domestic companies to reduce inventory, contingent on the extension of the export window and potential adjustments to export pricing policies [10] Price Guidance - The China Nitrogen Fertilizer Industry Association has issued a quarterly guidance price for urea, indicating a clear intention to support prices, although practical implementation remains questionable [11] - Urea inventory has risen to a high of 1.4439 million tons, which is expected to suppress upward price movement in the short term [11][13] Market Sentiment - The emergence of low prices has led to marginal improvements in the urea fundamentals, with futures prices finding support around 1600 yuan/ton, but the market still faces significant supply-demand pressures [13]

Core Insights - The domestic fertilizer industry is facing intensified competition, leading to a decline in product prices and increased losses for companies [2][3][5] - Urea prices have dropped significantly, with prices in key production areas falling below cost levels, exacerbating financial difficulties for producers [2][5] - The supply-demand imbalance is expected to persist, with significant new production capacity coming online while agricultural demand remains weak [3][4][7] Group 1: Market Conditions - Urea prices in September fell below 1600 yuan per ton, with further declines observed in October, reaching as low as 1490-1570 yuan in Shandong and Shanxi [2][3] - The total urea production capacity is projected to reach 7900 million tons by the end of the year, with a surplus of 500-600 million tons expected [3][7] - Agricultural demand is limited, with a decrease in summer grain planting area and reduced demand from the industrial sector, particularly in melamine production [3][4] Group 2: Production and Inventory - The operating rate of urea enterprises is approximately 82.39%, down 3.64 percentage points year-on-year, with coal-based urea plants operating at 81.73% [5][6] - National urea inventory has remained above 1 million tons, with a reported inventory of 145.98 million tons as of October 5, nearly double compared to the same period last year [5][6] - The production of melamine has been affected by the sluggish real estate market, leading to reduced orders and further pressure on urea demand [3][4] Group 3: Export Policies - The National Development and Reform Commission has adjusted fertilizer export policies, allowing for limited exports while prioritizing domestic supply [7][8] - Despite a significant price gap between domestic and international urea prices, the export quotas allocated to production enterprises are insufficient to alleviate losses [7][8] - Recommendations have been made to optimize export quota distribution, suggesting an increase in export volumes to 8-9 million tons by 2026 and a higher allocation for production enterprises [8]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report views the urea market as oscillating, with macro and cost factors being positive, while weak domestic demand is negative. The current supply - demand situation in the domestic market remains loose, and the recent market trend is still downward [1] 3. Summary by Relevant Catalogs Cost - The prices of coking coal, anthracite small pieces, and natural gas on October 14, 2025, remained unchanged from the previous day at $465.00, $920.00, and $3680.00 respectively [1] Price - On October 14, 2025, prices in regions like Henan, Hebei, Anhui, Shandong, and Shanxi increased by $30.00, $10.00, $10.00, $30.00, and $10.00 respectively compared to the previous day. The FOB prices in China and the Middle East, as well as CFR prices in Southeast Asia and Brazil, remained unchanged [1] Inventory - On October 14, 2025, factory inventory, port inventory, and downstream sample inventory remained unchanged at 144.39, 41.50, and 4050.00 respectively [1] Supply - On October 14, 2025, the 5 - day output, overall开工率, coal - based开工率, and gas - based开工率 remained unchanged. The 5 - day output was 199400.00, the overall开工率 was 85.24, the coal - based开工率 was 89.41, and the gas - based开工率 was 73.39 [1] Demand - On October 14, 2025, the开工 rates of compound fertilizer, melamine, and formaldehyde remained unchanged at 25.50, 65.47, and 34.49 respectively [1] Profit - On October 14, 2025, the profits of fixed - bed, water - coal slurry, and natural gas remained unchanged at - 327.00, 142.00, and - 225.00 respectively. The price of compound fertilizer decreased by $50.00 to $2050.00 [1] Related Products - On October 14, 2025, the prices of melamine and compound fertilizer remained unchanged at $5050.00 and $2450.00 respectively. The price of methanol increased by $10.00 to $2170.00 [1] Futures - On October 14, 2025, the settlement price decreased by $3.00 to $1602.00, the basis increased by $33.00 to - 57.00, the price change rate decreased by 0.44 to - 0.19, the trading volume decreased by 49382.00 to 614111.00, the open interest decreased by 4162.00 to 321992.00, and the number of warehouse receipts decreased by 347.00 to 6570.00 [1]

Report Industry Investment Rating - Unilateral: Neutral - Inter - period: UR01 - 05 short at high prices - Inter - variety: None [3] Core Viewpoints - Spot prices are weakly stable, and attention should be paid to the bidding situation of Indian tenders - Enterprises have recently lowered their quotes, and low - price transactions have improved. The transactions in the mainstream regions have improved, but after some manufacturers slightly raised their quotes, the transactions cooled down. Low - price transactions in Shanxi and Inner Mongolia continued - Some areas are in the process of autumn fertilization for agriculture. The operating rate of compound fertilizers has decreased. The compound fertilizers required for winter wheat are mainly for inventory clearance. Due to more autumn rains, the fertilizer demand for winter wheat this year may be postponed to mid - to late October. Recently, the weather in the autumn harvest areas has improved, and the shipment of compound fertilizers is expected to improve. Attention should be paid to the sustainability of the improvement in spot sentiment - The operating rate of melamine has rebounded, with rigid demand for procurement. With the release of new production capacity, the supply - demand of urea remains relatively loose in the medium - to long - term - The current inventory accumulation is mainly in Inner Mongolia. In late October, compound fertilizer plants in Northeast China will gradually start production. Attention should be paid to the procurement rhythm in Northeast China - Urea is still affected by export sentiment. September and October are still the export window periods. India's RCF announced a urea import tender on October 1st, with the tender closing on October 15th, the offer validity period until October 30th, and the latest shipping date on December 10th. The urea export policy may still change, and attention should be paid to the subsequent dynamics of urea exports [1][2] Summary by Directory Urea Basis Structure - Include figures such as Shandong urea small - particle market price, Henan urea small - particle market price, Shandong main - continuous basis, Henan main - continuous basis, urea main - continuous contract price, 1 - 5 spread, 5 - 9 spread, and 9 - 1 spread [6][7][17] Urea Production - Include figures such as urea weekly production and urea plant maintenance loss [20][25] Urea Production Profit and Operating Rate - Include figures such as production cost, spot production profit, disk production profit, national capacity utilization rate, coal - based capacity utilization rate, and gas - based capacity utilization rate [23][32][35] Urea Outer - Market Price and Export Profit - Include figures such as urea small - particle FOB in the Baltic Sea, urea large - particle CFR in Southeast Asia, urea small - particle FOB in China, urea large - particle CFR in China, the difference between urea small - particle FOB in the Baltic Sea and China's FOB minus 30, the difference between urea large - particle CFR in Southeast Asia and China's FOB, urea export profit, and disk export profit [34][39][42] Urea Downstream Operating Rate and Orders - Include figures such as compound fertilizer operating rate, melamine operating rate, and days of orders to be delivered [49][50][51] Urea Inventory and Warehouse Receipts - Include figures such as upstream in - plant inventory, port inventory, raw material inventory days of downstream urea manufacturers in Hebei, futures warehouse receipts, main - contract holding volume, and main - contract trading volume [54][57][61]