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 core viewpoint is that Tianyuan Co., Ltd. is currently experiencing low prices for PVC, resulting in a loss situation [2] - However, the company reports strong profitability in its caustic soda and hydrazine hydrate segments, leading to overall profitability in the chlor-alkali sector [2]

Group 1: Company Strategy and Support - The company's "14th Five-Year" strategic plan focuses on the "one body, two wings" strategy, emphasizing the development of chlorinated titanium dioxide and new energy battery materials, with plans to extend, supplement, and strengthen the existing industrial chain during this period [2][3] - The local state-owned assets have shown strong support for the company, with the controlling shareholder, Yibin Development Holding Group, increasing its stake by 154 million yuan in 2025 and participating in a 1 billion yuan capital increase to support the lithium iron phosphate project [3] Group 2: Production Capacity and Utilization - The current production capacity of chlorinated titanium dioxide is 100,000 tons per year, operating at full capacity, with plans to build an additional 100,000 tons project, which will double the capacity to 200,000 tons per year [3] - The lithium battery material division has a production capacity of 100,000 tons of lithium iron phosphate, currently running at high load, with expected utilization rates exceeding 90% for 2026 orders [3] Group 3: Market and Industry Outlook - The chlorinated titanium dioxide industry is expected to see a shift towards quality and cost competition, with chlorinated products being more environmentally friendly and of higher quality compared to sulfate products, indicating a positive future outlook [3] - The caustic soda and PVC segments are currently facing challenges, with PVC prices at low levels leading to losses, while caustic soda and water-soluble ammonia remain profitable, resulting in an overall profit for the chlor-alkali segment [3] Group 4: Resource Development Progress - The Changneng coal mine is currently undergoing gas management work [3] - The phosphate mine has been completed and is gradually increasing its mining capacity, with an expected output of over 400,000 tons in 2025 and further increases in 2026 [3]

Core Viewpoint - Yaxing Chemical has announced a suspension of trading as it plans to acquire control of Shandong Tianyi Chemical through a combination of share issuance and cash payment, which is expected to constitute a significant asset restructuring and related party transaction [2][3][4] Group 1: Acquisition Details - The acquisition involves purchasing control of Tianyi Chemical, which has a complex ownership structure with 24 shareholders, including Shandong Tianyi Holding Group, the largest shareholder with a 56.36% stake [5][6] - Yaxing Chemical has signed a preliminary investment cooperation agreement with Shandong Tianyi Holding Group, but the specific transaction plan is still under discussion and remains uncertain [6][4] - The company aims to raise additional funds through share issuance to support the acquisition and ongoing projects [3][4] Group 2: Financial and Operational Challenges - Yaxing Chemical is currently facing significant operational and financial pressures, with a reported revenue of 641 million yuan for the first three quarters of 2025, a decrease of 2.53% year-on-year, and a net loss of 144 million yuan [7][8] - The company has highlighted risks related to funding, particularly for its ongoing projects, which require substantial financial investment [8][9] - Key projects, including a high-end new materials project and other chemical production initiatives, are nearing completion but are contingent on securing necessary funding [8][9]

Group 1: Company Overview and Production Capacity - Yunnan Tianyuan Company has approximately 750 employees and produces calcium carbide, anthracite, and carbon anode materials, with an annual production capacity of 350,000 tons of calcium carbide and a 50,000 tons/year carbon electrode project in operation [1] - The company plans to produce 440,000 tons of caustic soda, 400,000 tons of PVC, 100,000 tons of chlorinated titanium dioxide, 64,000 tons of lithium iron phosphate, 30,000 tons of hydrazine hydrate, 837,000 tons of cement, and 29,700 tons of new material pipelines in 2025 [9] Group 2: Product Pricing and Market Conditions - The price of calcium carbide has decreased compared to the beginning of the year [1] - The company does not produce high-purity graphite, and there has been no price increase for hydrazine hydrate [2] Group 3: Business Collaborations and Future Plans - Yibin New Industry Investment Group participated in the company's 2023 private placement to support its development [2] - The company is advancing its two-year foundational plan and aims to complete capital investments as scheduled by the end of the year [2] - The company is focused on becoming a leading enterprise in the production and research of anode materials and related products, with a vision to create new power through technology [2] Group 4: Financial Performance and Market Strategy - The company is addressing declining profits by enhancing operational efficiency through precise management, "extreme manufacturing" projects, and optimizing marketing strategies [5] - The company is actively communicating with investors to convey its development strategy and enhance market confidence [7] Group 5: New Energy and Technological Development - The company is engaged in the development of lithium battery materials and aims to maintain stable growth in this sector despite market challenges [6] - The company is focusing on research and development of solid-state battery materials and has plans for future production [6] Group 6: Shareholder Engagement and Market Perception - The company has a shareholder return plan and has completed a share buyback as part of its market value enhancement efforts [7] - As of September 10, 2025, the company had approximately 51,000 shareholders [10]

证券代码：600486 证券简称：扬农化工 编号：临 2025-031 江苏扬农化工股份有限公司 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 年半年度主要经营数据披露如下： 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 | 57,751.21 | 56,707.28 | 365,520.49 | | 制剂（不折百） | 25,456.62 | 28,106.62 | 117,053.34 | 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 | | 2025 年 1-6 月 | 2024 年 1-6 月 | | | --- | --- | --- | --- | | | 平均销售价格 | 平均 ...

Core Points - The company is established as a joint-stock limited company in accordance with the Company Law of the People's Republic of China and other relevant regulations [2][3] - The registered capital of the company is RMB 387.709384 billion [2][3] - The company was approved by the China Securities Regulatory Commission to issue 80 million shares of RMB ordinary stock to the public and was listed on the Shanghai Stock Exchange on March 26, 2001 [2][3] Chapter Summaries General Provisions - The company aims to protect the legal rights of shareholders and creditors while regulating its organization and behavior [2] - The company is registered in Shandong Province and has its registered name as Weifang Yaxing Chemical Co., Ltd [2][3] Business Objectives and Scope - The company's business objectives include enhancing economic cooperation and technological exchange, improving product quality, and developing new products to enhance competitiveness in the international market [3][4] - The business scope includes the production and operation of various chemical products such as caustic soda, liquid chlorine, and hydrogen, as well as technology development and import-export business [4] Shares - The company's shares are issued in the form of stocks, with each share having equal rights [5][6] - The total number of shares issued by the company is 387.709384 million, with a par value of RMB 1 per share [6][18] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, participate in shareholder meetings, and supervise the company's operations [11][12] - Shareholders holding more than 5% of voting shares must report any pledges of their shares to the company [14] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with specific procedures for calling and conducting these meetings [16][18] - Shareholder meetings require a quorum and decisions are made based on majority or supermajority votes depending on the type of resolution [28][29] Board of Directors - The board of directors is responsible for the company's management and must report to the shareholders [35] - Directors must meet certain qualifications and cannot hold positions if they have been convicted of certain crimes or have other disqualifying factors [35]

Group 1 - The recent surge in commodity futures prices has attracted widespread market attention, with polysilicon contracts reaching over 50,000 yuan/ton, marking a more than 70% increase from late June [1] - Coking coal contracts also showed strong performance, closing at over 1,100 yuan/ton, reflecting a rebound of over 50% from early June [1] - Other commodities such as industrial silicon and coke have also seen significant price increases, with industrial silicon surpassing 10,000 yuan/ton, a nearly 50% rise since early June [2] Group 2 - The central government's recent meeting emphasized addressing key challenges, including regulating low-price competition and promoting integrated development of domestic and foreign trade [2] - Analysts attribute the commodity price surge to a combination of economic recovery expectations, supply rigidity, and liquidity premiums, with both the US and China manufacturing PMIs returning to expansion territory [2] - The chemical industry is expected to see a recovery in the second half of 2025, driven by reduced capital expenditure and a resurgence in domestic demand [3] Group 3 - Companies with market capitalizations below 10 billion yuan and institutional ratings include those in the pig farming, coal, glass, and organic silicon sectors [3] - Yaxing Chemical, with a market cap of approximately 2.644 billion yuan, specializes in chlorinated polyethylene and other chemical products [4] - Dongrui Co., a modern agricultural enterprise, operates a full industry chain in pig farming, while Beibo Co. focuses on glass deep processing equipment [4]

Group 1 - The core point of the news is that Yaxing Chemical plans to introduce strategic investors through its wholly-owned subsidiary Weifang Yaxing New Materials to optimize its industrial layout and capital structure, promoting high-quality development [1] - The introduction of strategic investors aims to enhance the construction of new projects, particularly the polyvinylidene chloride project, and to optimize the state-owned capital structure by leveraging provincial and other state-owned capital resources [1] - After the financing, Yaxing Chemical's ownership in Yaxing New Materials will decrease from 100% to 76.08%, while Yaxing New Materials will remain a controlled subsidiary [1] Group 2 - The total amount of financing is 220 million yuan, with 189 million yuan allocated to increase the registered capital of Yaxing New Materials and the remaining 31.4 million yuan added to the capital reserve [1] - The pre-investment valuation of Yaxing New Materials is set at 700 million yuan [1] - The subscription details indicate that Shandong Dongneng Jiayuan Venture Capital Fund plans to invest 100 million yuan, while other investors include Guoyun Comprehensive Reform and Shandong State-owned Capital Investment, with respective investments of 80 million yuan, 25 million yuan, and 15 million yuan [2]

Summary of Key Points Core Viewpoint - The company, Shaanxi Beiyuan Chemical Group Co., Ltd., has decided to adjust the implementation schedule of its fundraising investment projects due to objective factors such as macroeconomic conditions and industry cycle fluctuations, while ensuring that the project content, investment total, and scale remain unchanged [1][11][12]. Group 1: Fundraising Overview - The company approved the public offering of up to 361,111,112 new shares, with total fundraising amounting to 343,999.07 million yuan [1][2]. - As of December 31, 2024, the actual use of the raised funds is 102,829.73 million yuan [4][10]. Group 2: Project Delay Details - The completion dates for several projects, including the 120,000 tons/year glycine project and the intelligent factory basic platform construction, have been extended to June 2025 due to various delays [6][10]. - The company plans to further adjust the completion dates for several projects to June 2027, including the 100,000 tons/year CPE and 20,000 tons/year CPVC projects [6][10]. Group 3: Reasons for Delay - The glycine project is delayed due to the immature industrial production setup of the mixed solvent method and the need for further testing and equipment selection [7][10]. - The intelligent factory project is affected by the need for system optimization and compliance with safety standards [8][10]. - The salt production project faces market challenges due to limited demand and economic viability [9][10]. Group 4: Measures to Ensure Completion - The company is actively working on plans to utilize by-products from the glycine project and is optimizing project management to ensure timely completion [7][8]. - Detailed optimization plans and strategies are being developed to ensure the intelligent factory project progresses smoothly [8][10]. - The company is conducting thorough market analysis and technical research to validate the feasibility of the salt production project [9][10]. Group 5: Impact of Project Delay - The delay in fundraising investment projects is based on careful consideration of objective circumstances and does not involve changes to project implementation subjects, fundraising purposes, or investment scales, thus not adversely affecting the company's operations or shareholder interests [10][11].