江苏扬农化工股份有限公司 2025 年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。 本公司根据上海证券交易所《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》《上市公司行业信息披露指引第十三号——化工》要求， 现将 2025 年年度主要经营数据披露如下： 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 证券代码：600486 证券简称：扬农化工 编号：临 2026-011 1 一、主要产品的产量、销量及收入实现情况 主要产品 产量（吨） 销量（吨） 营业收入（万元） 原药 113,776.72 113,475.18 731,528.72 制剂（不折百） 36,713.15 36,828.54 149,761.45 | | 2025 年度 | 2024 年度 | | | --- | --- | --- | --- | | | 平均采购价格 | 平均采购价格 | 价格变动情况 | | | （元/吨） | （元/吨） | | | 甲醛 | 1,061 | 1,087 | -2.4 ...

Group 1 - The stock price of Shilong Industrial (002748) has shown a fluctuating upward trend in the past 7 days, reaching 12.57 yuan as of February 12, 2026, with a cumulative increase of 1.95% over five days [1] - Despite a net outflow of 2.6831 million yuan in main funds, the turnover rate remains above 2.14%, indicating active trading [1] - On February 9, the stock price increased by 1.83%, and products under CITIC Prudential Fund reported a floating profit of 631,200 yuan, reflecting heightened short-term capital interest [1] Group 2 - The company released its 2025 annual performance forecast on January 28, 2026, expecting a net profit growth of over 50% year-on-year, driven by increased sales of AC blowing agents and thionyl chloride, along with a decrease in raw material costs [2] - The confirmed net profit attributable to shareholders for the first quarter of 2025 is 24.1741 million yuan, representing a year-on-year increase of 342.56%, with a gross margin rising to 15.3% [2] - The latest financial data shows a non-recurring net profit of 453,900 yuan for the third quarter of 2025, indicating a clear trend of profit recovery for the year [2] Group 3 - The chemical industry is experiencing multiple favorable factors, including price increases for disperse dyes (e.g., Zhejiang Longsheng (600352) reported a cumulative price increase of 5,000 yuan/ton for black dyes on February 8) and the implementation of pesticide export tax rebate policies, which are boosting sector sentiment [3] - UBS Securities notes a fundamental improvement in the supply-demand dynamics of the chemical industry, predicting an upward cycle from 2026 to 2028 [3] - As a fine chemical enterprise, Shilong Industrial's products such as AC blowing agents and thionyl chloride may indirectly benefit from industry-driven price increases due to cost factors [3]

Performance Forecast - The company expects a positive net profit for the year 2025, with an increase of over 50% compared to the previous year [2] - The performance forecast is based on preliminary calculations by the company's finance department and has not been audited [2] Reasons for Performance Changes - During the reporting period, the sales prices of various products showed a mixed trend, with slight increases in the prices of caustic soda and thionyl chloride, while prices for AC foaming agents and hydrogen peroxide decreased compared to the previous year [3] - The procurement prices of bulk raw materials also decreased year-on-year, leading to a stable overall gross profit margin [3] - The company has intensified its marketing efforts both domestically and internationally, resulting in year-on-year sales growth for key products such as AC foaming agents, caustic soda, thionyl chloride, and propionic acid [3] Asset Impairment Provision - The company has reduced the amount of asset impairment provisions compared to the previous year, contributing to the increase in profit [4] - For the year 2025, the company plans to recognize an asset impairment provision and credit impairment provision totaling 8.944 million yuan, with 7.7072 million yuan for asset impairment and 1.2368 million yuan for credit impairment [8][11] Impact of Impairment Provisions - The recognition of these provisions is expected to reduce the total profit for 2025 by 8.944 million yuan, which translates to a decrease of approximately 7.6024 million yuan in net profit attributable to shareholders, accounting for 29.05% of the audited net profit for 2024 [11]

Group 1 - The core point of the article is that Kaisheng New Materials (301069.SZ) has confirmed that its thionyl chloride products are currently in normal production with a high capacity utilization rate [1]

Core Viewpoint - The company has established a production capacity of 10,000 tons per year for lithium bis(trifluoromethanesulfonyl)imide and plans to expand total capacity to 30,000 tons per year, actively engaging in the lithium battery materials supply chain and customer collaborations [2]. Group 1 - The company has successfully built a production capacity of 10,000 tons per year for lithium bis(trifluoromethanesulfonyl)imide [2]. - The company is planning to expand its total production capacity to 30,000 tons per year [2]. - The company has initiated product validation and joint development with multiple industry clients, establishing a corresponding quality control system [2]. Group 2 - The company has recently achieved some sales of its products [2]. - The company will continue to steadily advance the research and industrialization of related products [2]. - The company is actively following up on customer collaborations and market feedback [2].

Core Viewpoint - The company prioritizes the production capacity of chlorosulfonic acid to meet the needs of its own production of sucralose and downstream production of bis(chlorosulfonyl)imide, while also considering sales to the new energy industry based on market demand and industry trends [1] Group 1 - The company is currently focusing on ensuring stable supply of raw materials for sucralose and other products [1] - Remaining production capacity will be allocated to sales in the downstream new energy sector [1] - Future capacity distribution and sales strategies will be adjusted according to market supply and demand changes [1]

Summary of Industry Conference Call on Calcium Carbide and Chlor-alkali Industry Industry Overview - The conference discussed the calcium carbide, chlor-alkali, and PVC industries, focusing on recent policy changes and market dynamics in China, particularly in Shaanxi and Inner Mongolia regions [1][3][4]. Key Points and Arguments Policy Changes - Shaanxi Province has introduced a differentiated electricity pricing policy targeting "restricted" and "eliminated" enterprises, aiming to drive industrial restructuring and technological upgrades. The impact on the national market is expected to be limited due to the low capacity share (approximately 10%) and low operating rates [1][4]. - The policy classifies "restricted" enterprises as those with outdated technology or non-compliance with safety and environmental standards, while "eliminated" enterprises are those hindering carbon neutrality goals [5][6]. - Inner Mongolia has implemented a policy to phase out calcium carbide furnaces below 30,000 kVA, with existing furnaces being medium to large-sized, thus having a lower impact on energy consumption and pollution [7]. Industry Performance - The calcium carbide industry has a total capacity of 40.58 million tons in 2025, with an operating rate of 72%-73%. New capacity additions are limited, reducing the likelihood of supply tightness [3][9]. - The PVC industry has a total capacity of 29.93 million tons, with an operating load rate of nearly 78%. Although 1.1 million tons of capacity is expected to exit, new capacity additions are anticipated to exceed this figure [2][9]. - The chlor-alkali industry has a total capacity of 49.88 million tons, with an operating rate of about 88%. Significant new capacity is expected in 2026, estimated at around 4.2 million tons [10]. Market Dynamics - PVC exports are benefiting from domestic oversupply, increased international demand, and supportive policies such as the Belt and Road Initiative. The suspension of India's anti-dumping policies also supports exports [13]. - The relationship between PVC and real estate remains strong, with emerging applications having limited impact on overall demand [13]. - The chlor-alkali sector is performing well, with minimal impact from market exits due to its overall profitability [8]. Technological Developments - The development of mercury-free PVC production methods is ongoing, with costs increasing by approximately 150 RMB compared to traditional methods. The future of this technology depends on its economic feasibility and international agreements [14]. Additional Important Insights - The differentiated pricing policy is not a new requirement but an adjustment based on local conditions, with limited external impact due to the small share of total capacity [4]. - The long-term impact of the policy on market sentiment may be significant, but the actual fundamental effects are expected to be limited [4]. - The industry is more reliant on market-driven mechanisms for optimization rather than forced government interventions, allowing for a natural process of elimination and upgrade [8].

Group 1 - The core viewpoint of the article is that Kaisheng New Materials is a globally recognized producer of thionyl chloride, with a large production scale and high market awareness [2] - The company’s thionyl chloride products are widely used in various fields, including pesticides, pharmaceuticals, dyes, food additives, and lithium batteries [2]

Group 1 - The core viewpoint of the article is that the price increase of chlorosulfonic acid, which is a raw material for VC additives and difluoro compounds, may impact the chlorosulfonic acid sector [1] - The company, Kaisheng New Materials, confirmed that it possesses the necessary qualifications to produce chlorosulfonic acid products [1] - The applications of chlorosulfonic acid products have been widely adopted in various fields, including pesticides, pharmaceuticals, dyes, food additives, and lithium batteries [1]

Core Viewpoint - The company has confirmed its capability to produce thionyl chloride, which is widely used in various industries including agriculture, pharmaceuticals, dyes, food additives, and lithium batteries [2] Group 1 - The company possesses the necessary qualifications to manufacture thionyl chloride products [2] - Thionyl chloride products are utilized across multiple sectors such as agriculture, pharmaceuticals, dyes, food additives, and lithium batteries [2]