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]

Core Viewpoint - The legal opinion letter issued by Haiwen Law Firm confirms that Jiangsu Chengxing Phosphate Chemical Co., Ltd. has obtained the necessary approvals and authorizations for its 2025 restricted stock incentive plan adjustments and initial grants, in compliance with relevant laws and regulations [4][11][14] Group 1: Legal Compliance and Procedures - The law firm conducted due diligence and verified documents related to the company's 2025 restricted stock incentive plan, ensuring compliance with the Company Law, Securities Law, and Management Measures [3][4] - The company has followed the required legal procedures, including meetings of the remuneration and assessment committee, board of directors, supervisory board, and shareholders' meeting to approve the incentive plan [5][9][10] Group 2: Adjustments to the Incentive Plan - The initial list of incentive recipients was adjusted from 86 to 79 individuals, and the number of restricted stocks granted was reduced from 16 million shares to 14.24 million shares, with the total number of restricted stocks in the plan adjusted from 20 million to 18.24 million shares [10][11] Group 3: Granting Conditions and Details - The granting conditions for the restricted stocks include compliance with financial reporting standards and absence of disqualifying factors as outlined in the Management Measures and the incentive plan [12][14] - The initial grant date for the incentive plan is set for August 15, 2025, with a grant price of 3.21 yuan per share for the 1.424 million shares allocated to the 79 recipients [13][14]

Core Points - The company has approved the initial grant of the 2025 Restricted Stock Incentive Plan, with the grant date set for August 15, 2025 [2][3] - The incentive plan's recipients meet the eligibility criteria outlined in the plan and relevant regulations [2][3] - The committee has verified that none of the recipients fall under disqualifying conditions as specified by the regulatory framework [2][3] Summary by Sections - **Incentive Plan Approval** - The board's compensation and assessment committee has conducted a thorough review and approved the initial grant of the 2025 Restricted Stock Incentive Plan [2] - The grant date is confirmed as August 15, 2025 [3] - **Eligibility of Recipients** - All recipients of the restricted stock grants comply with the conditions set forth in the 2025 incentive plan and relevant regulations [2][3] - The recipients do not include any individuals disqualified under the specified criteria, ensuring the integrity of the incentive program [2][3] - **Regulatory Compliance** - The committee has ensured that the recipients do not fall into any of the disqualifying categories outlined by the China Securities Regulatory Commission and other relevant laws [2][3]

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].

江苏澄星磷化工股份有限公司 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"）监事会 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 监事会关于公司 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 （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； （5）法律法规规定不得参与上市公司股权激励的； 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； （6 ...

证券代码：600078 证券简称：澄星股份 公告编号：临 2025-053 江苏澄星磷化工股份有限公司 关于调整公司 2025 年限制性股票激励计划相关事项的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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。 江苏澄星磷化工股份有限公司（以下简称"公司"）于 2025 年 8 月 15 日召 开第十一届董事会第二十二次会议，审议通过了《关于调整公司 2025 年限制性 股票激励计划相关事项的议案》，现将有关事项说明如下： 一、2025 年限制性股票激励计划已履行的决策程序和信息披露情况 过了《关于 <公司 ensp="ensp" 及其摘要="及其摘要" 年限制性股票激励计划="年限制性股票激励计划" 草案="草案"> 的议案》、《关 于 <公司 ensp="ensp" 年限制性股票激励计划实施考核管理办法="年限制性股票激励计划实施考核管理 办法"> 的议案》以及《关于提 请股东大会授权董事会办理公司 2025 年限制性股票激励计划相关事宜的议案》 等议案。 同日，公司召开第十一届监事会第十七次会议，审议通过了《关于 <公司 ...

Group 1 - The company has implemented an incentive plan that includes the allocation of restricted stocks to core management, key employees, and high-potential staff, totaling 1,824,000 shares [1] - Of the total shares granted, 1,104,000 shares (60.52%) are allocated to core management and key employees, while 400,000 shares (21.93%) are reserved for future allocation [1] - The total number of shares involved in all effective incentive plans does not exceed 10% of the company's total share capital at the time of the incentive plan announcement [1] Group 2 - The company will disclose relevant information about the incentive recipients after receiving clear opinions from the supervisory board or the compensation and assessment committee, along with legal opinions from lawyers [2] - If the incentive recipients are not clearly defined within 12 months, the reserved rights will become invalid [2]

Fundraising Overview - The company raised a total of RMB 710,999,928.08 through the issuance of 50,176,424 shares at a price of RMB 14.17 per share, with a face value of RMB 1 per share [1] - The net amount raised from the stock issuance was RMB 695,059,960.26 after deducting various expenses [1] - The company adjusted the intended use of the raised funds from RMB 150 million to RMB 69.506 million due to lower-than-expected fundraising results [1] Fund Allocation and Adjustments - The company allocated RMB 205 million for working capital and RMB 44.91 million to replace pre-invested funds in projects, with the remaining funds being subject to interest income and investment returns [1] - As of June 30, 2025, the balance of the fundraising account was RMB 455,099,876.65, with specific allocations detailed [2] - The company has established a management system for the special storage and use of raised funds, ensuring compliance with relevant regulations [2][8] Project Updates and Changes - The company decided to change the use of unallocated funds from two projects to the "Kumino (Egypt) Suez Phosphate Chemical Project," which involves the construction of various chemical production facilities [7] - The decision to shift funds was made in response to changes in the competitive landscape of the new energy market, aiming to enhance the efficiency of fund utilization [7] - The company has reported that the 30,000 tons/year sulfuric acid project reached operational status in August 2023, contributing to the production of sulfuric acid for its chemical products [6] Compliance and Reporting - The company has adhered to regulatory requirements for the management and use of raised funds, ensuring timely and accurate disclosures without any violations [8] - Independent audits and verification reports have been conducted to confirm the proper use of funds and compliance with established protocols [2][8]

Summary of Key Points from the Conference Call Industry Overview - The chemical industry stock index has significantly outperformed the Shanghai Composite Index year-to-date, with notable performances in the plastics and rubber sub-sectors, achieving increases of 48% and 35% respectively, driven by small-cap effects and the popularity of industries such as robotics and AI materials [1][3][4]. Core Insights and Arguments - The divergence between chemical stock performance and commodity futures is evident, with stock prices influenced by both EPS and valuation changes, with valuation changes being more pronounced [1][6]. - The delay in US-China tariffs and anti-involution measures have positively impacted stock valuation recovery [1][6]. - Anti-involution policies have effectively balanced supply and demand by eliminating outdated production capacity and promoting industry self-discipline, leading to an increase in chemical product prices [1][9]. - The chemical sector faces challenges of overcapacity and prices below cost due to disorderly competition, which the industry typically addresses through self-discipline, extended maintenance periods, and the elimination of outdated capacity [1][11]. Sub-Sector Performance - Four sub-sectors expected to see improved performance in the second half of the year include fluorochemicals and refrigerants, phosphorus chemicals, pesticides, and sugar substitutes, benefiting from quota policies, strong downstream demand, cyclical rebounds, and enhanced export competitiveness [1][13][14]. - Mid-year reports indicate strong performance in refrigerants and phosphorus chemicals, with expectations for continued relative gains throughout the year [1][14][15]. Recommended Investment Opportunities - Key recommendations for the second half of the year include sectors such as smart devices, phosphorus chemicals, pesticides, and sugar substitutes, with specific companies highlighted: - **Juhua Co.** (Refrigerants) - Projected profit of 2 billion yuan in 2025, a year-on-year increase of approximately 150% [2][17]. - **Yuntianhua Co.** (Phosphorus Chemicals) - Last year's profit of 2.7 billion yuan, with 1.3 billion yuan achieved in Q1 2025 [2][17]. - **Yangnong Chemical** (Pesticides) - Expected slight growth in 2025 [2][17]. - **Bailong Chuangyuan** (Sugar Substitutes) - Q1 2025 profit of 80 million yuan, a year-on-year increase of over 50% [2][17]. Market Dynamics and Price Trends - The recent 10% increase in commodity prices is attributed to supply-demand imbalances exacerbated by anti-involution policies, which have led to coordinated maintenance schedules among manufacturers [1][8][9]. - The chemical industry is implementing measures to achieve supply-demand balance and enhance product prices through the elimination of outdated capacity and self-regulation [1][9][10]. Additional Insights - The chemical sector is currently in a cyclical bottoming phase, with expectations for gradual improvement starting in 2025 due to policy changes and improved liquidity [1][13]. - The performance of the recommended sectors is expected to continue contributing positively to earnings, with the logic of growth still unfolding [2][16]. Elasticity of Recommended Stocks - The stocks are ranked by elasticity from highest to lowest: Bailong Chuangyuan > Yangnong Chemical > Juhua Co. > Yuntianhua Co., reflecting higher growth potential in smaller market cap companies [2][18].