Core Viewpoint - The company Sierte (002538) has received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation into alleged violations of information disclosure laws, which may impact its financial reporting and operations [1][2]. Group 1: Regulatory Actions - On September 1, the company announced it received a "Notice of Investigation" from the CSRC due to suspected violations of information disclosure regulations [1]. - In April, the company received a corrective action decision from the Anhui Securities Regulatory Bureau, citing issues related to its subsidiary's labor engineering business and accounting practices from 2021 to 2023 [4]. Group 2: Financial Performance - For the first half of the year, the company reported total revenue of 2.183 billion yuan, a year-on-year increase of 7.15% [6]. - The company experienced a significant decline in profitability, with operating profit down 40.92% to 126 million yuan and net profit down 43.60% to 95 million yuan compared to the same period last year [6]. - Total assets at the end of the reporting period were 6.326 billion yuan, a decrease of 0.92% from the beginning of the year [6]. Group 3: Management and Internal Controls - The company's board members expressed concerns regarding the accuracy and completeness of the financial report due to ongoing investigations into potential fraudulent activities by former management [6]. - The company has initiated corrective measures, including adjustments to financial data and improvements to internal controls following the findings of the regulatory authorities [5].

司尔特突发！ 9月1日晚间，司尔特（002538）公告称，公司当日收到中国证监会对公司送达的《立案告知书》，公司 因涉嫌信息披露违法违规，根据相关法律法规，中国证监会决定对公司进行立案。 公司表示，目前公司生产经营活动正常，该事项不会对公司生产经营产生重大影响。 今年4月，公司曾收到安徽证监局出具的《关于对安徽省司尔特肥业股份有限公司采取责令改正措施的决 定》（以下简称《决定书》）。 《决定书》显示，公司存在以下违规问题：2021年至2023年，司尔特全资子公司贵州路发实业有限公司 与贵州开阳某劳务有限公司、贵州开阳某劳务服务有限公司、贵州某劳务有限公司、浙江某建工有限公 司、温州某建设工程有限公司、福建某建设集团有限公司的劳务工程业务及陕西某建设集团有限公司的台 车掘进业务不真实，成本费用核算不符合企业会计准则，导致公司定期报告披露不准确，违反了《上市公 司信息披露管理办法》第三条第一款的规定。 据悉，2023年底，公司管理层在日常管理过程中发现金某辉、黄某利等部分原管理人员存在虚构成本、费 用套取公司资金的情况并向宁国市公安局以涉嫌职务侵占犯罪报案，公司已于2024年1月18日进行相关信 息披露。2025 ...

Group 1 - The core point of the article is that Sierte (002538.SZ) has received a notice from the China Securities Regulatory Commission (CSRC) regarding a formal investigation for suspected violations of information disclosure, with potential implications for the company's financial reporting [1][3] - As of the announcement date, Sierte reported that there are no other undisclosed significant matters, and its production and operational activities are normal, indicating that the investigation is not expected to have a major impact on its operations [3][4] - In the first half of 2025, Sierte achieved total operating revenue of 2.183 billion yuan, representing a year-on-year increase of 7.15%, while the net profit attributable to shareholders decreased by 43.60% to 95 million yuan [4] Group 2 - On September 1, Sierte's stock price fell by 1.98%, closing at 5.45 yuan per share, reflecting market reactions to the investigation news [5][6] - The company's market capitalization is reported at 4.652 billion yuan, with a price-to-earnings ratio of 19.56 [6]

Core Viewpoint - The company Sierte (002538) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may impact its financial statements and operations in the future [1][2]. Company Overview - Sierte is a modern high-tech listed company based in the Ningguo Economic and Technological Development Zone, specializing in the research, production, and sales of various fertilizers, including phosphate fertilizers and ecological fertilizers [2]. - The company has developed a strong industrial structure over more than 30 years, focusing on agricultural support and new emerging industries, ranking among the top in China's fertilizer and phosphate fertilizer sectors [2]. Financial Performance - For the first half of 2025, Sierte reported revenue of 2.183 billion yuan, a year-on-year increase of 7.15%, while net profit was 95.18 million yuan, reflecting a significant decline of 43.6% compared to the previous year [2]. - The increase in costs was attributed to rising international sulfur prices and significant increases in domestic sulfur, sulfuric acid, and potassium fertilizer procurement prices, leading to a decrease in gross profit margin [2]. Market Position - As of September 1, Sierte's stock price was 5.45 yuan per share, with a total market capitalization of 4.652 billion yuan [3].

Core Viewpoint - Anhui Sierte Fertilizer Co., Ltd. has been placed under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws, although the company has indicated that its production and operations remain normal and the matter has not yet had a significant impact on its business [1] Group 1 - The company received a notice of investigation from the China Securities Regulatory Commission on September 1, 2025, due to alleged information disclosure violations [1] - The company had previously disclosed related risks in its annual and semi-annual reports [1] - Current production and operations of the company are reported to be normal [1]

Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Core View of the Report - The report suggests paying attention to the 15 reverse spread opportunity in the urea market. The current domestic supply - demand situation of urea remains weak, but there are positive expectations after the parade and due to the Indian tender. The second - batch of urea exports will support the demand side, and there may be a phased rebound. However, the agricultural demand is weakening, and the fundamentals will continue to face pressure in the second half of the year. The 01 contract of urea is expected to fluctuate between 1650 and 1850 [2][5]. Summary by Relevant Catalogs Supply - Some enterprises such as Shaanxi Aowei Qianyuan Chemical, Henan Jinkai Chemical, and Hulunbuir Jinxin Chemical carried out maintenance this period. Enterprises that resumed production include Shaanxi Shanhua Coal Chemical, Henan Jinkai Chemical, and Jingyuan Coal Industry Group. The daily urea output next week will be around 200,000 tons [4]. Inventory - As of August 27, 2025, the inventory of Chinese urea production enterprises was 1085,800 tons, an increase of 61,900 tons from last week, a 6.05% increase month - on - month. The total inventory at Chinese ports was 600,000 tons, an increase of 99,000 tons month - on - month, a 19.76% increase [4]. Demand - Domestic demand remains weak. The agricultural top - dressing demand in the northern region has basically ended. The compound fertilizer industry has a large sales pressure on finished products recently, with a low operating rate, limited demand for urea raw materials, and low acceptance of high - priced urea supplies [4]. Spot - On Sunday this week, the price in Shandong was 1660 (01 basis - 86), and in Henan was 1670 (01 basis - 76) [5]. Strategy - The short - term supply - demand weakness persists, but there are positive expectations. Pay attention to the 15 reverse spread opportunity during the Indian tender on September 2. In the medium term, the second - batch of exports will support demand, and there may be a phased rebound. However, the agricultural demand is weakening, and the 01 contract is expected to fluctuate between 1650 and 1850 [5].

中化新网讯 8月28日，埃塞俄比亚政府战略投资机构埃塞俄比亚投资控股公司(EIH)与尼日利亚丹格特 集团宣布，将合作在埃塞俄比亚戈德市投资25亿美元，建设一座尿素肥料综合体。 该项目还包括建设一条从Calub和Hilala气田输送天然气的管道。EIH预计建设周期为40个月，但未透露 具体开工时间和计划完工日期。 EIH首席执行官布鲁克·塔耶表示："该项目完全契合埃塞俄比亚发展优先方向，将大幅提升农业生产 力，同时推动埃塞俄比亚成为区域化肥生产中心。通过专用管道基础设施利用国内Hilala和Calub天然气 资源，可确保未来数十年的能源安全和成本竞争力。" EIH表示，其将持有该合资企业40%的股份，丹格特集团持有剩余60%股份。根据新签署的全面股东协 议，EIH与丹格特将共同出资、建设和运营该设施。EIH称，协议还规划了未来在氨基肥料生产领域的 潜在扩建、升级及新项目计划。 ...

Report Overview - Report Title: Urea September 2025 Monthly Report: Supply-Demand Shift, Price Range May Widen [1] - Report Date: September 1, 2025 [1] - Report Author: Zhang Ying from the Energy and Chemical Industry Service Center of the Industrial Service Headquarters of Yangtze River Futures Co., Ltd. [1] 1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoints - The supply and demand of urea are both changing. The supply is expected to increase with capacity expansion and increased daily production in September, while demand will also gradually show an increasing trend. It is necessary to pay attention to the rhythm changes, and the price fluctuation range is expected to expand [41]. 3. Summary by Directory 3.1 Urea Market Review - In August, the urea futures price oscillated, briefly surging before falling back. On August 29, the Urea 01 contract closed at 1,746 yuan/ton, up 29 yuan/ton from the end of July. The spot price was firm but actual trading was weak. On August 29, the Henan market price was 1,727 yuan/ton, down 38 yuan/ton from the end of July [5]. 3.2 Urea Capacity and Production Analysis - In August, the number of urea production device overhauls increased, and the operating rate first rose and then fell. By the end of the month, the operating rate was 81.73%, down 3.2 percentage points from the end of last month. The operating rate of natural gas - based urea continued to decline, reaching 71.8% at the end of the month, down 6.82 percentage points from the end of last month [9]. - In August, three new production capacities were put into operation, with a total of 200,000 tons from Shandong Jinkong Riyue New Materials Co., Ltd., 1 million tons from Xinjiang Xinji Energy Chemical Co., Ltd., and 800,000 tons from Anhui Jinmei Zhongneng Chemical Co., Ltd. From January to August 2025, the total new urea production capacity put into operation was about 4.4 million tons [9]. - In August, the daily average urea output was still higher than the historical value, ranging from a minimum of 189,800 tons to a maximum of 194,400 tons, and currently maintaining at the level of 190,000 - 200,000 tons. The estimated urea output in August was 6.0605 million tons, a decrease of 27,500 tons month - on - month and an increase of 829,500 tons year - on - year. From January to August, the estimated urea output was 48.154 million tons, an increase of nearly 5.68 million tons year - on - year, with a supply growth rate of 13.37% [12]. 3.3 Urea Cost and Profit Analysis - In August, the market price of anthracite first rose and then stabilized. The average monthly gross profit margin of coal - based urea was estimated to be 2.58%, a decrease of 5.68 percentage points month - on - month and 3.66 percentage points year - on - year. The estimated average monthly gross profit margin of gas - based urea in July was - 10.03%, a decrease of 1.97 percentage points month - on - month and 14.05 percentage points year - on - year [16]. 3.4 Urea Demand Analysis - From January to July 2025, the apparent consumption of urea was 41.455 million tons, an increase of about 4.428 million tons year - on - year, with a year - on - year increase of 11.96%. In August 2025, the urea production - sales ratio was maintained at 95.4% - 96.6%, at a relatively high level [19]. 3.5 Urea Agricultural Demand Analysis - In 2024, the national grain sown area was 1.79 billion mu, an increase of 5.258 million mu from the previous year, a growth of 0.3%, and it has been increasing for five consecutive years. With the construction of high - standard farmland, the single - yield level of grain is expected to be effectively improved. The demand for summer fertilizers such as rice and corn is being released [21]. 3.6 Urea Compound Fertilizer and Industrial Demand Analysis - In August, the operating rate of compound fertilizers first rose and then fell. The estimated output of compound fertilizers in August was 4.76 million tons, an increase of 1.48 million tons month - on - month and a decrease of 770,000 tons year - on - year. From January to August, the estimated output of compound fertilizers was 33.62 million tons, an increase of 180,000 tons year - on - year, with a year - on - year increase of 0.54%. In September, it is expected to gradually enter the peak sales season, and the probability of dealers' centralized pick - up will increase [27]. - In August, the average operating rate of melamine enterprises in China was 54.36%, a decrease of 7.06 percentage points from the previous month. The monthly output was 115,200 tons, a decrease of 18,800 tons from the previous month [30]. 3.7 Urea and Fertilizer Export Analysis - From January to July 2025, the total fertilizer exports in China were 22.83 million tons, an increase of 7.156 million tons year - on - year, with a year - on - year increase of 45.65%. The export volume of mineral nitrogen fertilizers and chemical nitrogen fertilizers was 12.33 million tons, an increase of 3.767 million tons year - on - year, with a year - on - year increase of 43.99%. The urea export volume was 644,000 tons, an increase of 426,700 tons year - on - year [33]. 3.8 Urea Inventory Level Analysis - At the end of August, the urea enterprise inventory was 1.003 million tons, an increase of 246,000 tons from the beginning of the month, changing from destocking to inventory accumulation. At the end of August, the urea port inventory was 790,000 tons, an increase of 270,000 tons from the end of last month. The number of registered urea warehouse receipts was 6,473, equivalent to 129,460 tons of urea, an increase of 64,800 tons from the end of last month [35][38]. 3.9 Urea Market Outlook - Supply: There is still an expectation of continuous urea capacity release. The concentrated overhaul period of coal - based urea devices has passed. Although the overall operating rate of gas - based devices is lower than in previous years, the overall urea supply may maintain a year - on - year growth rate of 8 - 12%, and the daily average urea output will maintain at the level of 190,000 - 200,000 tons. - Demand: (1) Agricultural demand: The concentrated fertilization period for summer harvest and sowing is over, and other agricultural fertilization is sporadic. (2) Industrial demand: Compound fertilizers are in the pre - sale stage of autumn fertilizers. As the pre - sale progresses, the operating rate of fertilizer enterprises will gradually increase in the second half of the month, and the production of autumn fertilizers will start. In September, it is the traditional sales stage of compound fertilizers. In the middle and late ten days, the pick - up volume of dealers will increase, and the production of fertilizer enterprises will also increase simultaneously. The industrial demand for melamine, urea - formaldehyde resin, desulfurization and denitrification will fluctuate slightly. (3) Export demand: The urea export volume in July was lower than expected, while the urea port inventory exceeded the previous export peak level. It is expected that the export volume will be concentrated in August - September. - Market outlook: Recently, the number of urea device overhauls has decreased, and the supply has recovered month - on - month, with the daily output running at 190,000 - 200,000 tons. The agricultural fertilization demand is sporadic. After the continuous increase in the operating rate of compound fertilizers, it began to decline. The peak operating rate of compound fertilizers is lower than in previous years. It is expected that the progress of compound fertilizers this year will be delayed, and other industrial demand will remain stable. The downstream of urea continues to hold a wait - and - see attitude, and the limited actual transactions have led to continuous inventory accumulation of enterprises. In September, with capacity release and expected increase in daily output, the demand will also gradually show an increasing trend. Both supply and demand are changing, and attention should be paid to the rhythm changes. It is expected that the price fluctuation range may expand. Key points to focus on include urea capacity release, urea device production cuts and overhauls, compound fertilizer operating rate, export policies, coal prices, and the macro - environment [41].

Core Insights - The company, Si Er Te (002538.SZ), reported a revenue of 2.183 billion yuan for the first half of 2025, reflecting a year-on-year growth of 7.15%, primarily driven by increased sales of phosphate fertilizers [1] - However, net profit saw a significant decline of 43.60%, dropping to 95.18 million yuan, with net cash flow from operating activities decreasing by 62.04% to 94.35 million yuan [1] - The profit decline is attributed to soaring international sulfur prices, which have led to a substantial increase in raw material costs, including sulfur and sulfuric acid, as well as significant price hikes in potash fertilizers, thereby squeezing gross margins [1] Financial Performance - Revenue: 2.183 billion yuan, up 7.15% year-on-year [1] - Net Profit: 95.18 million yuan, down 43.60% year-on-year [1] - Operating Cash Flow: 94.35 million yuan, down 62.04% [1] Corporate Governance Concerns - The authenticity of the financial report has been questioned by independent directors, who abstained from voting, citing concerns over the potential impact of an ongoing criminal investigation involving a former executive of a wholly-owned subsidiary [1] - The independent director highlighted that there may be other fictitious transactions affecting the financial statements beyond the scope identified in the administrative regulatory measures [1] - The company has previously faced corrective measures from the Anhui Securities Regulatory Bureau due to issues related to fictitious business operations from 2021 to 2023, with potential for further expansion of the amounts involved [1]

Core Viewpoint - The company, Batian Co., Ltd., reported significant growth in revenue and profit for the first half of 2025, driven by increased sales of phosphate rock and fertilizer products, indicating a strong performance in a high-demand industry [1][5]. Financial Performance - The company achieved operating revenue of 2.543 billion yuan, a year-on-year increase of 63.93% [1] - Total profit reached 600 million yuan, up 237.1% year-on-year [1] - Net profit attributable to shareholders was 456 million yuan, reflecting a 203.71% increase [1] - Net cash flow from operating activities was 754 million yuan, a growth of 224.05% [1] - The company announced a mid-term cash dividend of 1.6 yuan per share, totaling 155 million yuan, to reward shareholders for strong performance [1][6]. Industry Dynamics - The company is leveraging high-quality phosphate resources in Guizhou to enhance its production capabilities and expand its product offerings in the phosphate fertilizer sector [2][4]. - The small Gaozhai phosphate mine achieved a production capacity of 2 million tons in October 2024 and received a safety production license in February 2025, marking a significant increase in production capacity [2]. - The company reported a substantial increase in phosphate production, with sales revenue from phosphate mining reaching 998 million yuan, a year-on-year increase of 455.79% [2]. Competitive Advantage - The company has established an integrated industrial layout that combines upstream phosphate production with downstream high-purity phosphate chemical development, enhancing its competitive edge [4]. - The company has seen a steady increase in patent applications, with a total of 1,482 patents filed, including 815 invention patents, indicating strong R&D capabilities [4]. Shareholder Returns - The company has committed to a cash dividend policy, aiming to distribute at least 60% of cumulative distributable profits over the years 2024 to 2026 [5]. - The company’s dividend payout ratio for 2024 is projected at 65.98%, with a dividend yield of 3.21%, reflecting a strong commitment to shareholder returns [6].