Market Performance - A-shares experienced a significant rally, with the Shanghai Composite Index reaching a 10-year high, closing up 0.85% at 3728 points [1] - The Shenzhen Component Index rose 1.73%, marking its highest level since April 2023, while the ChiNext Index increased by 2.84%, the highest since February 2023 [1] - The North Stock Exchange 50 Index surged by 6.79%, achieving a historical peak [1] Trading Volume - The total trading volume for the day was 2.81 trillion yuan, an increase of 536.3 billion yuan compared to the previous trading day, setting a new high since October 9, 2024 [1] - Over 4000 stocks in the market recorded gains [1] Sector Performance - The liquid cooling concept stocks saw a significant surge, with companies like Shuguang Technology and Qiangrui Technology hitting the daily limit [1] - The CPO concept also rose, with stocks such as Dekeli and Ruijie Network reaching the daily limit [1] - The military and shipbuilding sectors experienced substantial gains, with companies like Great Wall Military Industry and Zhongtian Rocket seeing multiple stocks hit the daily limit [1] - Short drama concept stocks rallied, with Huace Film & TV hitting the daily limit [1] - Huawei HiSilicon concept stocks strengthened, with Jinsai Technology rising by 30% to hit the daily limit [1] - Other sectors with notable gains included F5G, consumer electronics, and AI corpus, while coal, precious metals, and phosphate chemicals saw declines [1]

Summary of the Conference Call for Chuanjinnuo Company Overview - Chuanjinnuo's total assets as of the first half of 2025 are 3.669 billion, with total liabilities of 1.029 billion and equity attributable to shareholders of 2.640 billion, resulting in a debt-to-asset ratio of 28.5% [2][3] Revenue Breakdown - Revenue composition for the first half of 2025: - Phosphoric acid: 52% - Feed-grade calcium salt: 24% - Phosphate fertilizer: 22% - Contribution to gross profit: - Phosphate fertilizer: 1.16 billion, 43% - Phosphoric acid: 870 million, 31% - Calcium salt: 730 million, 26% [2][4] Production and Sales Performance - Production and sales figures for the first half of 2025: - Repeated heavy calcium: 163,000 tons produced, 141,000 tons sold - Feed-grade calcium salt: 108,000 tons produced, 106,000 tons sold - Purified phosphoric acid (PPA): 83,000 tons produced, 79,000 tons sold - Crude phosphoric acid: 150,000 tons produced, 139,000 tons sold [2][6] Project Developments - A 300,000-ton phosphorus pentoxide project in Egypt with a total investment of 2 billion is progressing smoothly [2][7] - The East River temporary high solid waste treatment project has a total investment of 300 million [2][7] - The domestic approval for the Egypt project has been completed, with construction expected to start in the first half of 2026 [5][16] Financial Performance - Revenue for the first half of 2025 reached 1.744 billion, a year-on-year increase of 27.9% - Net profit attributable to shareholders was 177 million, a year-on-year increase of 166% [3] Cost and Profitability Analysis - The East River base operates at approximately 70% capacity, while the Guangxi base is running at full capacity [8] - The income and profit ratio between the two bases is approximately 2:1, with East River having a lower comprehensive cost by about 600 per ton compared to Guangxi, but higher transportation costs prevent it from exporting commodity-grade products [8] Export and Market Dynamics - The export ratio is approximately 60%, with domestic sales being minimal [5][9] - The company aims to avoid signing orders that require inspection due to new regulations [9] Market Conditions - Sulfur prices have risen significantly due to international supply-demand imbalances, with speculation also contributing to price increases [18] - The company sources about 80% of its sulfuric acid needs from self-produced sulfur and external procurement [19] Future Outlook - The company does not plan significant changes in domestic capacity but will focus on IP projects for future growth [20] - There are no immediate plans for overseas phosphorus resource acquisition, but future considerations may arise [29] Additional Insights - The company’s feed additive performance is stable, with expectations for consistent annual results [22] - The construction cycle in Egypt is expected to be 1.2 to 1.5 times longer than in China, but the simpler design of the first phase may allow for completion within two years [34] This summary encapsulates the key points from the conference call, providing a comprehensive overview of Chuanjinnuo's current status, performance, and future plans.

Group 1 - The latest stock price of Chengxing Co., Ltd. is 6.12 yuan, an increase of 0.09 yuan from the previous trading day, with a highest intraday price of 6.20 yuan and a lowest of 6.05 yuan, and a trading volume of 97,565 hands, amounting to 0.60 billion yuan [1] - The company primarily operates in the chemical industry, with a business proportion of 96.26%, and its concept sectors include fertilizer and phosphorus chemical industries [1] - The 2024 financial report indicates that the company's revenue mainly comes from its chemical business [1] Group 2 - On August 15, Chengxing Co., Ltd. held the 11th session of the 22nd board meeting, reviewing documents including the proposal to adjust the 2025 restricted stock incentive plan [1] - The meeting was conducted in a hybrid format, combining in-person and communication methods [1] - In terms of capital flow, there was a net outflow of 551,700 yuan on that day, with a cumulative net outflow of 7,000,800 yuan over the past five trading days [1]

Group 1 - The board meeting of Jiangsu Chengxing Phosphate Chemical Co., Ltd. was held on August 15, 2025, with 9 directors present, including 8 participating via remote voting [1][2] - The meeting was chaired by Chairman Li Xingxing and complied with the relevant provisions of the Company Law and the Articles of Association [1] - A resolution was unanimously passed regarding the proposal for incentive stock, with 7 non-associated directors voting in favor, and no votes against or abstentions [1][2] Group 2 - The proposal was reviewed and approved by the company's remuneration and assessment committee prior to the board meeting [2]

Meeting Overview - The shareholders' meeting was held on August 15, 2025, at the company's conference room in Jiangyin, Jiangsu Province [1] - The meeting was presided over by the company's president, Jiang Guolin, due to the absence of the chairman and vice-chairman [1] - A total of 47.0178% of the shares were represented at the meeting [1] Voting Results - All proposed resolutions were passed with significant support from shareholders [2] - For the first resolution, 91.6591% of A-shareholders voted in favor, while 8.1764% opposed, and 0.1645% abstained [2] - The second resolution also received 91.6448% approval from A-shareholders, with 8.3209% against and 0.0343% abstaining [2] Related Proposals - The meeting included discussions on the 2025 Restricted Stock Incentive Plan and its management measures, all of which were approved [3] - Shareholders associated with the incentive plan abstained from voting on all related proposals [3] Legal Confirmation - The meeting's procedures and voting were confirmed to comply with legal and company regulations by the attending lawyers [3]

Group 1 - The company held the 18th meeting of the 11th Supervisory Board on August 15, 2025, with a total of 5 supervisors present, including 3 in person and 2 via telecommunication [1][2] - The Supervisory Board unanimously approved the adjustment of the list of incentive objects and the number of restricted stock grants under the 2025 Restricted Stock Incentive Plan, confirming compliance with relevant laws and regulations [1][2] - The adjusted incentive objects meet the conditions set forth in the "Management Measures for Equity Incentives of Listed Companies" and the company's incentive plan, ensuring the legality and validity of their qualifications [1][2] Group 2 - The board of directors determined the grant date in accordance with relevant regulations, and both the company and the incentive objects have not encountered any disqualifying circumstances [2] - The Supervisory Board agreed to grant 14.24 million shares of restricted stock at a price of 3.21 yuan per share, with all votes in favor [2]

北京市海问律师事务所 关于江苏澄星磷化工股份有限公司 法律意见书 海问律师事务所 HAIWEN&PARTNERS 北京市海问律师事务所 地址：北京市朝阳区东三环中路 5 号财富金融中心 20 层（邮编 100020） Address：20/F,FortuneFinancialCenter,5DongSanHuanCentralRoad,ChaoyangDistrict,Beijing100020,China 电话(Tel)：(+8610)85606888 传真(Fax)：(+8610)85606999www.haiwen-law.com 北京 BEIJING 丨上海 SHANGHAI 丨深圳 SHENZHEN 丨香港 HONGKONG 丨成都 CHENGDU 北京市海问律师事务所 事项的 关于江苏澄星磷化工股份有限公司 法律意见书 致：江苏澄星磷化工股份有限公司 北京市海问律师事务所（以下简称"本所"）是具有中华人民共和国（以下简 称"中国"）法律执业资格的律师事务所。本所受江苏澄星磷化工股份有限公司（以 下简称"公司"）的委托，担任公司的法律顾问，就公司 2025 年限制性股票激励 计划（以下简称"本次股权 ...

江苏澄星磷化工股份有限公司董事会薪酬与考核委员会 关于公司 2025 年限制性股票激励计划首次授予激励对象的 核查意见（授予日） 根据《公司法》 《证券法》 《上市公司股权激励管理办法》 （以下简称"《管理 办法》"）等法律、法规及《江苏澄星磷化工股份有限公司章程》 （以下简称"《公 司章程》"）的规定，江苏澄星磷化工股份有限公司（以下简称"公司"） 董事会 薪酬与考核委员会对公司 2025 年限制性股票激励计划（以下简称"本次激励计 划"）首次授予激励对象认真核实后，发表如下意见： 部限制性股票外，本次获授限制性股票的其他首次授予激励对象与公司 2025 年 第三次临时股东大会审议通过的公司《2025 年限制性股票激励计划（草案）》 （以 下简称"《激励计划》"）中确定的激励对象条件相符； 象的情形： （1）最近 12 个月内被证券交易所认定为不适当人选； （2）最近 12 个月内被中国证监会及其派出机构认定为不适当人选； （3）最近 12 个月内因重大违法违规行为被中国证监会及其派出机构行政处 罚或者采取市场禁入措施； （4）具有《公司法》规定的不得担任公司董事、高级管理人员的情形的； 江苏澄星磷化工股份 ...

Core Viewpoint - The company conducted a self-examination regarding insider trading related to its 2025 Restricted Stock Incentive Plan, confirming that no insider trading occurred during the specified period [1][2][3] Group 1: Insider Trading Examination - The company held meetings on July 29, 2025, to approve the draft of the 2025 Restricted Stock Incentive Plan and publicly disclosed it on July 31, 2025 [1] - The examination covered the period from January 30, 2025, to July 30, 2025, focusing on insider trading activities by individuals aware of the plan [2] - All individuals subject to the examination did not engage in any trading of the company's stock during the self-examination period [2][3] Group 2: Confidentiality Measures - The company implemented necessary confidentiality measures and registered all insider information holders involved in the planning of the incentive plan [2] - The company maintained strict control over insider information, ensuring that only registered individuals had access to it, and no information leaks were reported prior to the public disclosure [3] - The company confirmed that there were no incidents of insider trading or information leakage related to the incentive plan during the examination period [3]

Core Viewpoint - Jiangsu Chengxing Phosphate Chemical Co., Ltd. has announced the first grant of restricted stock under its 2025 Restricted Stock Incentive Plan, with a total of 14.24 million shares granted to 79 individuals at a price of 3.21 yuan per share, effective from August 15, 2025 [1][5][11]. Group 1: Incentive Plan Details - The first grant date is set for August 15, 2025, with a total of 14.24 million shares to be granted [1][5]. - The number of individuals receiving the grant is 79, with a grant price of 3.21 yuan per share [1][5]. - The plan includes a vesting schedule where the restricted stocks will have a lock-up period of 12, 24, and 36 months, with specific percentages of shares becoming available for sale after each period [6][7]. Group 2: Compliance and Approval Process - The board of directors and the supervisory board have confirmed that all necessary procedures and disclosures have been completed for the incentive plan [2][3]. - The supervisory board has verified the eligibility of the incentive recipients, ensuring compliance with relevant regulations [10][12]. - The plan has been approved by the third extraordinary general meeting of shareholders in 2025, and adjustments to the recipient list were made due to voluntary withdrawals by 7 individuals [9][15]. Group 3: Financial Impact and Valuation - The fair value of the restricted stocks will be determined based on the market value on the grant date, considering the impact of lock-up clauses [13][14]. - The estimated share-based payment expenses will be amortized over the years 2025 to 2028, with a projected impact on net profit, although the overall effect is expected to be minimal [14][15]. - The incentive plan is anticipated to enhance company performance by motivating management and improving operational efficiency [14].