格隆汇7月29日丨澄星股份(600078.SH)公布2025年半年度报告，报告期实现营业收入11.76亿元，同比增 长9.85%；归属于上市公司股东的净利润1856.12万元，同比扭亏为盈；基本每股收益0.028元。 ...

证券代码：600078 证券简称：澄星股份 公告编号：临 2025-039 江苏澄星磷化工股份有限公司 2025 年半年度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》、 《关于做好主板上市公司 2025 年半年度报告披露工作的重要提醒》的要求，江 苏澄星磷化工股份有限公司（以下简称"公司"）现将 2025 年半年度主要经营数 据公告如下： 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 2025 年 1-6 | 月产量 | 2025 | 年 1-6 | 月销量 | 2025 | 年 1-6 | 月销售 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | （万吨） | | | （万吨） | | | 金额（万元） | | | 黄磷 | | 7.07 | | | 4.27 | | | 87,964.00 | | 磷酸 | | 12.54 | | | 12.16 | | ...

磷石膏是磷化工产业的副产品。由于技术瓶颈，磷石膏只能露天堆存，严重污染环境，成为化肥产业的 发展瓶颈。 近来，四川、贵州等省已出台政策"以渣定产"，将磷肥企业消纳磷石膏情况与生产挂钩，导致诸多化肥 厂因无法消纳而被迫停产。正如一位专家所说，能否化解这一瓶颈，已成为关乎越来越多磷肥企业生死 存亡的问题。 金正大通过技术攻关，掌握了磷石膏综合利用技术。2020年8月26日，金正大集团与贵州中能、北京奇 典、施可丰等众多投资公司和磷化工企业共达成三项合作并正式签约，不仅标志着磷石膏综合利用技术 进入产业实操阶段，也标志着化肥产业链条的发展瓶颈被彻底打通。 技术突破 打通产业发展瓶颈 8月26日上午，金正大集团旗下贵州正磷科技有限公司(以下简称"正磷科技")与贵州中能高新材料有限 公司(以下简称"贵州中能")、北京奇典阳光科技有限公司(以下简称"北京奇典")签订合作协议，正磷科 技技术入股，其他两家为投资方，三方约定共同参与投资1200万㎡/a石膏精密防潮砌块加工项目，项目 总投资额2.4亿元，产品广泛应用于建材领域，将大大缓解建筑石膏的市场缺口。 同时，正磷科技与贵州(龙里)贵诚道路设施有限公司(以下简称"贵诚公司 ...

Investment Rating - The report maintains a positive outlook on the chemical industry, suggesting that leading companies will benefit from economic recovery and demand resurgence [4][8]. Core Insights - The chemical sector has shown significant growth, with the CITIC Basic Chemical Index rising by 3.65% and the Shenwan Chemical Index increasing by 4.03% this week [14][17]. - Key sub-industries such as soda ash, modified plastics, and organic silicon have experienced notable price increases, indicating strong market performance [17][18]. - The report highlights several investment themes, including the competitiveness of domestic tire manufacturers, the potential recovery in consumer electronics, and the resilience of certain cyclical industries [4][5][8]. Summary by Sections Market Overview - The Shanghai Composite Index increased by 1.67%, while the ChiNext Index rose by 2.76% this week [14]. - The basic chemical sector outperformed, with significant gains in various sub-industries, particularly soda ash, which saw a 12.49% increase [17][18]. Key Industry Developments - The Yarlung Tsangpo River downstream hydropower project has commenced, with a total investment of approximately 1.2 trillion yuan [3]. - A new coal-to-natural gas project in Xinjiang has been announced, with a total investment of 15.488 billion yuan, expected to commence production by the end of 2027 [3]. Investment Themes - **Tire Industry**: Domestic tire manufacturers are becoming increasingly competitive, with recommended stocks including Sailun Tire and Linglong Tire [4]. - **Consumer Electronics**: A gradual recovery is anticipated, with upstream material companies expected to benefit from increased demand in the panel supply chain [4]. - **Phosphate and Fluorine Chemicals**: The report suggests that supply constraints and rising demand in the new energy sector will tighten the supply-demand balance, making companies like Yuntianhua and Juhua attractive [5]. - **Vitamin Supply Disruptions**: BASF's announcement regarding supply issues for vitamins A and E is expected to create market imbalances, presenting investment opportunities in companies like Zhejiang Medicine [8].

Core Viewpoint - The article emphasizes the necessity for chemical companies to implement energy-saving and carbon-reduction actions in response to the "2024-2025 Energy Saving and Carbon Reduction Action Plan," highlighting New Yangfeng's innovative strategies to achieve these goals. Group 1: Technological Innovation - New Yangfeng has invested 1.73 billion yuan in upgrading its ammonia synthesis plant by introducing advanced water-coal slurry gasification technology, which fundamentally changes the traditional high-energy consumption model of ammonia synthesis. After the project launch, the electricity consumption per ton of ammonia decreased from 1,650 kWh to 400 kWh, while production capacity increased threefold, achieving a breakthrough of "increased production without increased carbon" [1]. Group 2: Resource Reutilization - New Yangfeng has innovatively utilized phosphogypsum, a byproduct of the phosphorus chemical industry, by transforming it into various applications such as roadbed materials and building gypsum boards, which replace traditional high-carbon footprint materials. This approach not only mitigates the environmental risks associated with phosphogypsum storage but also contributes to indirect carbon reduction [2]. Group 3: Digital Empowerment - The company emphasizes the importance of digitalization in accurately calculating and controlling carbon emissions. By developing self-control technology in the sulfuric acid roasting process, New Yangfeng has optimized production parameters, reducing temperature fluctuations from ±15°C to ±2.5°C. This enhancement leads to more efficient raw material combustion, reducing sulfur dioxide emissions and lowering raw material and energy consumption [3].

Summary of Phosphate Fertilizer Industry Conference Call Industry Overview - The phosphate fertilizer industry is currently facing supply constraints due to limited export quotas from China, with only 3.5 million tons allocated for the first phase in 2024, leading to a significant supply gap in the international market, particularly for diammonium phosphate (DAP) [1][2] - International phosphate fertilizer prices are expected to remain high due to tight supply, despite production increases planned by companies like OCP and Saudi Arabia, which are progressing slowly [1][2] - The cost of producing phosphate fertilizers has risen significantly due to increased sulfur prices, with the minimum cost line for monoammonium phosphate (MAP) reaching 3,300 RMB per ton [1][8] Domestic Market Insights - Domestic phosphate fertilizer prices have remained relatively stable, with MAP prices ranging from 3,300 to 3,500 RMB and DAP prices between 3,800 and 3,850 RMB [2] - Domestic demand for phosphate fertilizers is expected to grow by 3% to 5% due to standardized farmland construction [1][10] - The domestic phosphate rock supply is tight, particularly for high-grade ores, with expectations for stable prices through 2025 [1][9] International Market Dynamics - The international market is experiencing significant changes, with DAP primarily targeting South America and Australia, influenced by global grain prices [3][4] - India's low inventory levels (160 million tons compared to a normal of 400 million tons) are exacerbating the supply-demand imbalance, leading to increased prices for DAP [4][10] - The FOB price for Chinese DAP has risen from $600 to $760 per ton since the beginning of the year [4] Export Policies and Trends - China's export policies are becoming more stringent, with a flexible quota system that has led to early exhaustion of the first phase quotas by many companies [2][12] - The second phase of quotas will depend on supply security, with specific numbers yet to be determined [2] - The export of binary fertilizers is currently suspended, but there is a push within the industry to relax these restrictions [22] Future Outlook - The global demand for phosphate fertilizers is projected to grow at approximately 5%, with significant increases expected in Africa and Southeast Asia due to agricultural modernization [29][34] - The supply of phosphate rock is expected to remain tight, with new capacities not translating into significant increases in output due to operational inefficiencies [19][24] - The overall market for phosphate fertilizers is anticipated to maintain a tight balance between supply and demand, with prices likely to remain elevated in the near term [25][26] Key Risks and Considerations - The ongoing increase in sulfur prices due to new energy demands is a critical risk factor for the phosphate fertilizer industry, potentially impacting profitability [6][8] - The slow pace of production increases from international suppliers like OCP and Saudi Arabia poses a risk to meeting global demand, particularly as China reduces its export volumes [5][20] - The potential for further regulatory changes in export policies could impact market dynamics and pricing strategies for domestic producers [12][30]

Core Viewpoint - Jingmen City is focusing on high-end, intelligent, and green transformation in its manufacturing sector, supported by national and provincial pilot demonstrations, leading to a modern industrial system characterized by high-quality development [1] Group 1: High-end Development - Jingmen has established a clear industrial cluster matrix, with 2 national-level and 15 provincial-level key growth industrial clusters, leading the province [2] - The city has 504 provincial-level innovative SMEs, 367 specialized and innovative SMEs, and 29 national-level "little giant" enterprises, providing a solid foundation for industrial upgrading [2] Group 2: Intelligent Transformation - The integration of 5G technology and industrial internet in manufacturing processes has led to fully automated operations, marking a significant breakthrough for Jingmen [3] - Jingmen has added 17 advanced intelligent factories, ranking first in the province, bringing the total to 93 [3] - The city has established 7 provincial-level industrial internet platforms and 28 national-level DCMM standard enterprises, enhancing the digital capabilities of its manufacturing sector [3] Group 3: Green Development - Jingmen has implemented a green manufacturing system with 19 national-level green factories and 2 green industrial parks, showcasing its commitment to sustainable practices [4] - The city has achieved an 8.6% year-on-year reduction in energy consumption for industrial units above a designated size, emphasizing its focus on low-carbon development [4] - New industries such as hydrogen energy and low-altitude manufacturing are rapidly developing, with significant projects like a 10 billion yuan hydrogen fuel cell project and the deployment of 300 hydrogen-powered heavy trucks [4]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the global phosphate fertilizer market and the phosphate chemical industry, particularly in China and its international implications [1][3][40]. Core Insights and Arguments - **Export Quota Management**: In 2025, the export quota management for phosphate fertilizers has become more refined, with a first-phase quota of approximately 3.5 million tons released in May, and about 700,000 tons exported by June. The remaining quota is expected to be utilized in Q3 and Q4 to avoid policy risks [1][5][11]. - **Phosphate Prices**: Domestic prices for monoammonium phosphate (MAP) are around 3,300-3,400 CNY/ton, while diammonium phosphate (DAP) prices range from 3,900 to 4,000 CNY/ton. High sulfur prices and limited phosphate rock supply are supporting these price levels [1][4][16]. - **International Supply Tightness**: A significant reduction in Chinese phosphate exports has led to tight global supply, particularly affecting countries like India and Southeast Asia. The international demand for MAP is primarily from Australia and Brazil, while DAP is mainly exported to Southeast Asia and the Indian subcontinent [3][14][41]. - **Future Price Trends**: International phosphate prices are expected to rise due to severe shortages in India and limited production increases in Morocco and Saudi Arabia. DAP prices are likely to remain stable, while MAP may face transaction volume pressures [1][16][27]. Additional Important Content - **Regulatory Changes**: Since October 2021, China has implemented a legal inspection policy for phosphate exports, which has extended the inspection period significantly. This policy aims to ensure winter reserves and supply security [2][6]. - **Demand Growth**: The demand for phosphate fertilizers is projected to grow by 3%-5% annually, driven by increased standardized farmland and changing agricultural practices [3][13][17]. - **Production Capacity**: The phosphate fertilizer industry has completed capacity reduction adjustments, with little difference in operational rates between large and small producers. State-owned enterprises dominate DAP production, maintaining high operational rates [1][15]. - **Impact of Climate Change**: Climate change has influenced phosphate fertilizer demand, but the primary issue remains the supply-demand gap. For instance, early monsoon seasons in India have not significantly increased demand due to low inventory levels [3][42]. - **Investment Opportunities**: Investors are advised to monitor market dynamics closely in Q3 and be aware of policy changes and international developments that could impact the phosphate chemical industry [43]. Conclusion The phosphate fertilizer market is characterized by tight supply, regulatory changes, and evolving demand dynamics. The industry is expected to maintain high price levels due to limited exports from China and increasing international demand, particularly from India. Investors should remain vigilant regarding market trends and policy shifts that could present both opportunities and risks.

Group 1 - The article discusses the rising trend in health beverage consumption, particularly highlighting the coconut water market as a golden opportunity for investment [1] - It emphasizes the importance of understanding consumer preferences and market dynamics in the health beverage sector [1] - The report suggests that companies involved in coconut water production are well-positioned to capitalize on this growing trend [1] Group 2 - The article outlines a series of upcoming webinars focusing on various sectors, including food and beverage, petrochemicals, and electric vehicles, indicating a broad interest in industry analysis [1] - Each webinar features expert analysts who will provide insights and updates on their respective fields, showcasing the company's commitment to delivering in-depth research [1] - The scheduled topics include the latest developments in electric vehicles and investment opportunities in the chemical industry, reflecting current market interests [1]

Core Insights - Guizhou Province's electricity consumption reached 1004.28 billion kWh in the first half of the year, marking a year-on-year increase of 9.03%, indicating strong economic vitality and development trends [1] Industrial Electricity Consumption - Industrial electricity consumption grew by 9.35%, significantly supporting Guizhou's economic development as traditional industries transform and new industries emerge [2] - The aluminum smelting industry saw a 16.33% increase in electricity consumption, with Guizhou Aluminum New Materials Co., Ltd. operating at full capacity [2] - The electricity consumption in the aluminum industry chain in Qingzhen City reached 37.03 billion kWh, up 2.18% year-on-year [2] - The phosphate chemical industry experienced a 9.29% increase in electricity consumption, while the new energy battery materials sector surged by 47.63% [2] Textile Industry Performance - Tongren Fujian Tianxiang Textile Co., Ltd. reported a remarkable 257% year-on-year increase in electricity consumption, with an average daily consumption of 33,000 kWh [3] Internet Data Services - Electricity consumption for internet data services increased by 51.68%, driven by the exponential growth in computing power demand at data centers [4] - Guizhou Electric Power invested in a 500 kV substation to ensure reliable power supply for major data centers, achieving a power supply reliability rate of 99.999% [4] - The data center electricity load has tripled over five years, with no recorded power outages [4] Big Data Industry - In the first half of the year, the electricity consumption of the big data industry in Gui'an New Area reached 12.57 billion kWh, contributing to rapid development in related sectors [5] - Guizhou Electric Power is implementing a power supply plan to support the national integrated computing network [5] Accommodation and Catering Industry - The accommodation and catering sector's electricity consumption increased by 6.75%, with significant contributions from tourism-related activities [6] - The tourism sector in Zhaoxing received 1.027 million visitors, generating a total revenue of 1.02 billion yuan [6] Charging Service Industry - The charging service industry has seen a 49.92% increase in electricity consumption, with 2,476 charging stations and 12,782 charging guns established by the end of June [7] - This development supports the growth of the new energy vehicle industry and promotes green travel [7]