证券代码：002539 证券简称：云图控股 成都云图控股股份有限公司 投资者关系活动记录表 编号：2025-009 投资者关系活 动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 活动参与人员 银河证券、山西证券、华安基金人员 上市公司接待 人员姓名 董事会秘书 陈银 时间 2025 年 7 月 2 日下午 15:00—17:00 地点 云图控股会议室 形式 现场调研 交流内容及具 体问答记录 1、公司复合肥的产能分布和渠道情况如何？ 答：（1）产能方面，公司以"靠近资源、靠近市场"为原则，不断完 善全国产能布局，目前生产基地覆盖湖北应城、湖北荆州、湖北宜城、 山东平原、河南宁陵、四川眉山、辽宁铁岭、黑龙江肇东、黑龙江佳木 斯、新疆昌吉等地区，并在马来西亚设有生产基地。近期，公司还在新 疆阿克苏投资新设公司，布局新型肥料项目。公司现有复合肥年产能 755 万吨，在建产能 130 万吨。未来随着产能释放，公司复合肥的规模 优势将更加突出，支撑主业长期稳定发展。 （2）渠道方面，公司营销网络遍布全国，目前拥有一级经销商近 6,000 家、镇村级零售终端网点 ...

中化新网讯 6月10日，由中国磷复肥工业协会提出并归口，中国农业科学院农业资源与农业区划研究所 牵头，联合上海化工研究院、山东农大肥业、云图控股等10余家权威机构和龙头企业共同起草的《新型 肥料命名与分类管理规范》团体标准正式发布。 这一历时3年制定的行业规范，将通过科学分类与规范命名，破解市场乱象，为新型肥料产业高质量发 展注入标准化动能。 此团标在命名规则方面也明确禁止使用误导性词汇，要求名称需真实反映技术特征或添加物成分；同时 要求企业提供技术途径、材料/添加物、材料+技术3种命名方式，既能保障科学性又能兼顾市场辨识 度。 "该团标将为企业厘清新型肥料技术和产品体系，降低研发与营销成本；助力市场减少消费误导，提升 消费者信任度，促进新型肥料普及。长远来看，该团标还有望升级为行业标准甚至是国家标准，助力我 国肥料产业向高端化、绿色化迈进。"冯尚善表示，该团标实施后，一个产品名称规范、分类清晰、监 管有序的新型肥料市场将加速形成，为保障粮食安全、推动农业绿色低碳发展提供坚实支撑。 据中国磷复肥工业协会复合肥部主任、新型肥料分会秘书长冯尚善介绍，伴随"双碳"战略的推进和农业 绿色转型的需要，新型肥料凭借提升肥 ...

Core Viewpoint - Luzhou Tianhua plans to acquire 100% equity of Luzhou Hongsheng Chemical Park Operation Service Co., Ltd. from its affiliate, Luzhou Jintianhong Development Co., Ltd., to secure land assets for the implementation of chemical projects [1][2]. Group 1: Acquisition Details - The acquisition aims to obtain land assets to facilitate both short-term and long-term chemical projects [1]. - Luzhou Hongsheng was established in November 2022 with a registered capital of 360 million yuan, focusing on park management services, heat production and supply, and wastewater treatment [1]. - As of the end of 2024, Luzhou Hongsheng's total assets are valued at 336 million yuan, with net assets of 335.8 million yuan, and the assessed value of shareholders' equity is 676 million yuan, reflecting a 101.29% appreciation [1]. Group 2: Financial Aspects - Luzhou Jintianhong will acquire related equipment for a boiler and coal supply system, estimated at 79.7251 million yuan, which will be paid before the remaining 40% transfer payment of 270 million yuan is made by Luzhou Tianhua [2]. - The 10,000-ton/year green fine chemical project is located within the Luzhou Tianhua Chemical Park, covering approximately 325 acres, and aims to expedite project construction and reduce initial investment [2]. - The project is expected to yield a post-tax internal rate of return of 9.41%, with average annual sales revenue of 999.3 million yuan and average annual profit of 104 million yuan [2]. Group 3: Future Development Plans - Luzhou Tianhua plans to utilize Luzhou Hongsheng's land for developing green fine chemical and new fertilizer industries, as well as establishing a research and development base [3]. - The strategy aims to create a synergistic effect by integrating research, experimentation, and production, thereby establishing new profit growth points [3]. - This initiative supports a resource foundation for a cyclical industry model involving new efficient fertilizers, crop processing, fine chemical production, potassium mining, and new efficient fertilizers [3].

红四方（603395）公告，公司控股子公司中盐红色劲典生态科技有限公司于2025年5月20日与随州高新 技术产业开发区管理委员会签署了《项目投资框架协议书》。项目计划总投资约14.9亿元，项目建设用 地面积约350亩，旨在新建化工新材料及新型肥料产业园。项目投资资金来源为中盐红色劲典自有或自 筹资金，目前尚无明确的详细投资安排。项目处于初期阶段，具体投资金额、实施时间、步骤及范围存 在变动可能性。协议的签订不会对公司2025年度经营业绩产生重大影响。 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5]. Core Insights - The company achieved a revenue of 4.668 billion yuan in Q1 2025, representing a year-over-year increase of 39.98%, with a net profit of 515 million yuan, up 49.61% year-over-year [3]. - The sales volume of compound fertilizers grew by approximately 35% year-over-year, marking the highest sales volume for the same period in the company's history, laying a solid foundation for achieving annual sales targets [3]. - The overall gross margin improved by 0.19 percentage points to 18.17% in Q1, indicating potential for further recovery in gross margins for compound fertilizers [3]. - The company has focused on expanding the market for new fertilizers, with sales increasing from 548,500 tons in 2018 to 1.38 million tons in 2024, reflecting a compound annual growth rate of 16.63% [4]. - The proportion of new fertilizers in total compound fertilizer sales rose from 16.56% in 2018 to 31.67% in 2024, contributing to an increase in overall gross margins [4]. Financial Performance Summary - The company is projected to achieve net profits of 1.47 billion yuan, 1.68 billion yuan, and 1.91 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding earnings per share (EPS) of 1.15 yuan, 1.31 yuan, and 1.49 yuan [5][6]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 12, 10, and 9 times, respectively [5][10]. - Revenue is expected to grow from 15.10 billion yuan in 2023 to 20.51 billion yuan in 2027, with a compound annual growth rate of approximately 10.11% [6][11]. Company Overview - The company is a leading producer of phosphate fertilizers in China, with a production capacity of 10.28 million tons per year for various high-concentration phosphate fertilizers and 900,000 tons per year for phosphate rock [7]. - The company has expanded its business into related fields such as new materials and phosphogypsum building materials [7].

Financial Performance - In Q1 2025, the company achieved revenue of 5.712 billion yuan, a year-on-year increase of 15.28% [1] - Net profit attributable to shareholders was 254 million yuan, up 18.99% year-on-year [1] - Net profit excluding non-recurring gains and losses reached 250 million yuan, reflecting a significant growth of 61.44% [1] - Basic earnings per share were 0.21 yuan, an increase of 16.67% compared to the previous year [1] Industry Chain Development - The nitrogen industry chain includes a 700,000-ton ammonia project in the Yicheng base, which has completed structural construction and is now in the equipment installation phase [2] - The company is developing a project in Guangxi with a planned capacity of 1.2 million tons of high-efficiency compound fertilizer, 2 million tons of ammonia, and 3 million tons of urea [2] - The phosphorus industry chain includes a 2.9 million tons/year mining project in Leibo, which commenced construction in March 2025 [2] Market Outlook - The demand for fertilizers in regions like Guangxi, Hainan, and Southeast Asia is continuously growing, with the Guangxi project expected to fill capacity gaps in South China [3] - The company aims to enhance its complete nitrogen fertilizer chain and the new energy material chain, thereby optimizing its industry structure and expanding its scale [3] Future Growth Potential - The company is optimistic about the future of the compound fertilizer industry, anticipating a market reshuffle as smaller firms exit due to stricter regulations and raw material price fluctuations [4] - The demand for monoammonium phosphate is expected to grow, driven by national policies and the rapid development of the electric vehicle market [4] Sales and Product Development - In Q1 2025, the company achieved record sales of compound fertilizers, benefiting from cost advantages and strong marketing efforts [4] - The company is focusing on developing new types of fertilizers, including high-efficiency compound fertilizers and various nutrient-enhanced products [4] Project Progress - The Guangxi project is in the preparatory stage, with approvals underway for environmental and safety assessments [7] - The Leibo phosphorus mining project is being expedited, with plans to prioritize internal supply for yellow phosphorus production [7] Strategic Advantages - The company's future performance growth is expected to stem from its complete nitrogen and phosphorus industry chain, which provides resource ownership, industrial synergy, and cost advantages [9]

Investment Rating - The report does not explicitly state an investment rating for the industry or companies involved [1]. Core Insights - The Beijing Stock Exchange (BSE) has optimized its new stock issuance process, reducing the overall time by approximately 20% [3][8]. - The average first-day price fluctuation for companies listed on the BSE in 2024 reached 218% [17][32]. - Among the companies accepted by the BSE, 59% are classified as national-level specialized and innovative "little giants" [35][37]. Summary by Sections 1. Clarified Rules - The BSE has implemented new rules that allow investors to participate in new stock subscriptions without needing to prepare a holding market value, thus lowering the entry barrier [3][13]. - The funds for new stock subscriptions are frozen for 2 trading days, and if not allocated, they are released on T+2 [16] [20]. 2. Data Insights - The number of companies listed on the BSE reached 265 by the end of 2024, with only 23 new listings that year [17][18]. - The average issuance price-to-earnings ratio for companies listed on the BSE decreased from 22.33 times in 2022 to 15.45 times in 2024 [18][19]. - The average amount of frozen funds for online issuance increased significantly from 369.43 billion in 2023 to 2128.97 billion in 2024, marking a growth rate of 476.3% [20][21]. - The average effective subscription multiple for companies listed on the BSE rose from 218.27 times in 2022 to 1478.95 times in 2024 [22][29]. - The average winning rate for subscriptions decreased from 3.28% in 2022 to 0.1% in 2024 [25][26]. 3. Forward-Looking Insights - Among the 98 companies accepted by the BSE, 31 hold a high industry position, with 5 recognized as national-level manufacturing champions [35][37]. - The report identifies 8 high-quality companies based on scale, growth, profitability, and research and development capabilities [35][37].