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 of the report highlights significant price increases in industrial-grade and battery-grade lithium carbonate, while other products like liquid chlorine and nitric acid experienced substantial declines [2][4] - The report indicates that industrial-grade lithium carbonate rose by 7.58%, and battery-grade lithium carbonate increased by 7.46%, with PVC and ammonium chloride also showing notable gains [2][4] - Conversely, products such as liquefied gas and liquid chlorine saw significant price drops, with liquid chlorine decreasing by 46.95% [2][4] Group 2 - The chemical industry is currently facing a weak overall performance, with mixed results across different sub-sectors due to past capacity expansions and weak demand [4] - The report suggests focusing on investment opportunities in glyphosate, fertilizers, and sectors benefiting from domestic demand and high dividend yields [4] - Specific recommendations include companies like Jiangshan Co., Xingfa Group, and Yangnong Chemical in the glyphosate sector, and China National Chemical Fertilizer as a key recommendation in the fertilizer industry [4]

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Xin Yang Feng, Sen Qi Lin, Rui Feng New Material, Sinopec, Ju Hua Co., Yang Nong Chemical, China National Offshore Oil Corporation, Tong Kun Co., and Dao Tong Technology [11]. Core Insights - The report highlights significant price increases for industrial-grade lithium carbonate (up 7.58%) and battery-grade lithium carbonate (up 7.46%), while liquid chlorine and nitric acid experienced substantial declines [4][18]. - The report suggests focusing on investment opportunities in areas such as import substitution, domestic demand, and high-dividend stocks, particularly in light of fluctuating international oil prices [6][18]. - The chemical industry is currently facing a mixed performance, with some sectors showing resilience while others struggle due to overcapacity and weak demand [21]. Summary by Sections Chemical Industry Investment Recommendations - The report emphasizes the importance of monitoring price trends in key chemical products, noting both significant increases and decreases in various sectors [4][18]. - It recommends focusing on sectors like glyphosate, fertilizers, and companies with strong domestic demand and import substitution potential [21]. Price Trends - Key products that saw price increases include industrial-grade lithium carbonate, battery-grade lithium carbonate, PVC, and ammonium chloride, while products like liquid chlorine and nitric acid saw significant price drops [4][5][18]. - The report indicates that the overall chemical industry remains weak, with performance varying across sub-sectors due to past capacity expansions and weak demand [21]. Market Outlook - The report predicts that international oil prices will stabilize around $65 per barrel, influenced by geopolitical uncertainties and expectations of price declines [6][18]. - It highlights the potential for certain sectors, such as the lubricants and chemical fertilizers, to benefit from domestic demand and import substitution strategies [21].

Group 1: Chemical Industry Performance - The chemical raw materials index decreased by 2.02%, and the chemical machinery index fell by 2.22%. In contrast, the chemical pharmaceuticals index increased by 0.64%. The pesticide and fertilizer index dropped by 3.51% [1] - The oil processing index declined by 1.52%, the oil extraction index decreased by 2.60%, and the oil trading index fell by 1.33% [1] Group 2: Oil Prices - As of February 6, the settlement price for West Texas Intermediate crude oil was $63.55 per barrel, down 2.55% from January 30. The settlement price for Brent crude oil was $68.05 per barrel, down 3.73% from January 30 [1] Group 3: Petrochemical Products - The top five petrochemical products with price increases were isobutyraldehyde (up 4.12%), copper sulfate pentahydrate (up 4.00%), formic acid (up 3.83%), trimethylolpropane (up 3.82%), and coke (up 3.77%). The top five products with price decreases were hydrochloric acid (down 11.63%), industrial-grade lithium hydroxide (down 8.28%), battery-grade lithium hydroxide (down 7.05%), industrial-grade lithium carbonate (down 6.29%), and battery-grade lithium carbonate (down 6.21%) [1] Group 4: Capital Market Performance - The top five listed chemical companies with the highest stock price increases were Shenjian Co. (up 28.07%), Kuncai Technology (up 19.05%), Haixiang Pharmaceutical (up 18.64%), Fumiao Technology (up 17.94%), and Runbei Aerospace (up 16.35%). The top five companies with the largest stock price declines were Sidike (down 16.68%), Longgao Co. (down 15.19%), Chlor-alkali Chemical (down 13.45%), Kexin Innovation Source (down 13.43%), and Guoen Co. (down 12.97%) [2]

Group 1: Oil and Chemical Indices Performance - The oil indices showed an overall increase, with all three oil indices rising, while all four chemical indices experienced declines [1] - The chemical raw materials index fell by 1.98%, the chemical machinery index decreased by 1.73%, the chemical pharmaceuticals index dropped by 3.11%, and the pesticide and fertilizer index declined by 2.06% [1] - In contrast, the oil processing index increased by 4.01%, the oil extraction index rose by 12.08%, and the oil trading index went up by 5.87% [1] Group 2: International Oil Prices - International crude oil prices saw a significant increase, with WTI crude oil futures settling at $65.21 per barrel, up 6.78% from January 23 [1] - Brent crude oil futures settled at $70.69 per barrel, reflecting a 7.30% increase from January 23 [1] Group 3: Petrochemical Product Price Changes - The top five petrochemical products with the highest price increases included octanol (up 8.42%), adipic acid (up 7.95%), carbon black (up 7.94%), Brent (up 7.30%), and butadiene (up 6.98%) [1] - The five petrochemical products with the largest price declines were hydrogen peroxide (down 7.66%), lithium battery electrolyte (down 7.04%), battery-grade lithium carbonate (down 5.91%), paraquat 42% mother liquor (down 5.56%), and hydrochloric acid (down 3.70%) [1] Group 4: Capital Market Performance of Listed Chemical Companies - The top five listed chemical companies with the highest stock price increases were Tongyuan Petroleum (up 63.03%), Sidike (up 60.03%), Runtu Co. (up 34.08%), Qianeng Hengxin (up 33.43%), and Sinopec Oilfield Service (up 29.66%) [2] - The five listed chemical companies with the largest stock price declines included Gaomeng New Materials (down 21.06%), Guofeng New Materials (down 19.37%), Jianghua Micro (down 19.01%), Lafang Jiahua (down 18.74%), and Shuangwei New Materials (down 16.26%) [2]

Core Viewpoint - In 2026, the company aims to transition towards high-quality development by focusing on technological innovation and aligning with the trends of high-end, intelligent, and green development in the petrochemical industry [1] Group 1: Strategic Focus - The strategic focus will shift from "stabilizing growth" in 2025 to "strong breakthroughs" in 2026, targeting "technological leadership, high-end products, and prominent branding" [2] - The company will concentrate on three core sectors: hydrogen energy, fine chemicals, and traditional chemicals, with specific strategies for each [2] Group 2: Hydrogen Energy Sector - The hydrogen energy sector will aim for "full-chain acceleration," expanding beyond production to storage, transportation, and application, focusing on high-purity hydrogen for industrial and new energy applications [2] Group 3: Fine Chemicals Sector - In the fine chemicals sector, the company will focus on high-end breakthroughs, particularly in the production of ethyl silicate, enhancing capacity and quality, and targeting high-end applications like aerogels and electronic materials [2] Group 4: Traditional Chemicals Sector - The traditional chemicals sector will undergo "green renewal," implementing energy-saving modifications and digital empowerment on production lines for core products like caustic soda and hydrochloric acid [2] Group 5: Talent Development - The company will establish a comprehensive talent ecosystem, targeting the recruitment of top experts in hydrogen energy and fine chemicals, while promoting internal growth through mentorship and skills competitions [4] - A new incentive mechanism will link innovation outcomes directly to compensation and promotions, encouraging a culture of innovation [4] Group 6: Safety and Environmental Protection - The company will enhance its safety and environmental protection measures, upgrading safety systems and investing in waste treatment facilities to achieve zero excess emissions [5] - A focus on lean management will be implemented to optimize costs, processes, and efficiency across operations [5] Group 7: Marketing Strategy - The company will develop an "online + offline" marketing network, utilizing new media for direct customer engagement and establishing high-end customer service mechanisms in key markets [6] - There will be efforts to explore export paths for high-value products by collaborating with quality trade partners [6] Group 8: Overall Vision - 2026 is seen as a year of opportunities and challenges, with the company committed to advancing in technological innovation and high-quality development [7]

Core Viewpoint - The domestic solid polyaluminum chloride market experienced a price decline of 3.75% in 2025, with the average price dropping from 1778.33 CNY/ton at the beginning of the year to 1711.67 CNY/ton by year-end [1][3]. Price Trends - The highest price for polyaluminum chloride was recorded at 1778.33 CNY/ton on January 1, while the lowest was 1695.00 CNY/ton on September 21, resulting in a maximum fluctuation of 4.69% throughout the year [1][3]. - From February to July, prices showed a stepwise decline, reaching a low of 1695 CNY/ton by July 20, marking a cumulative drop of 4.69% from the beginning of the year [3]. Market Conditions - In the second half of the year, prices stabilized at the low point of 1695 CNY/ton during August and September. After October, prices slightly rebounded to 1711.67 CNY/ton due to support from raw material costs and a marginal recovery in downstream demand [3]. Supply Side - The production capacity of polyaluminum chloride is primarily concentrated in Henan, Shandong, and Jiangsu provinces, with Henan accounting for over 40% of the national capacity. The average industry capacity utilization rate was around 55%-60%, with smaller manufacturers facing challenges leading to utilization rates below 40% [6]. Demand Side - The implementation of the "14th Five-Year" water ecological environment protection plan is expected to significantly boost demand in the water treatment sector, particularly through projects like urban sewage treatment upgrades and black-odor water body remediation [6]. - As domestic consumption recovers and overseas orders return, industries such as paper and dyeing are anticipated to increase their operational rates, thereby driving up the demand for polyaluminum chloride [6]. Future Outlook - The domestic polyaluminum chloride market is projected to experience a weak balance with a fluctuating recovery pattern in 2026, with prices expected to remain within the current low range but with limited upward potential compared to the second half of 2025 [4][6].

Market Performance - The basic chemical index increased by 0.90% from January 10 to January 16, outperforming the CSI 300 index, which decreased by 0.57%, by 1.47 percentage points, ranking 8th among all sectors [1][2] - The top-performing sub-industries included rubber additives (5.80%), synthetic resins (4.90%), potassium fertilizers (4.85%), textile chemicals (3.03%), and carbon black (2.91%) [1][2] Chemical Price Trends - The top five products with the highest weekly price increases were liquid chlorine (133.33%), industrial-grade lithium carbonate (12.69%), battery-grade lithium carbonate (12.33%), propylene oxide (8.86%), and coal tar (Shanxi Dongyi) (8.53%) [3] - The top five products with the largest weekly price declines were hydrochloric acid (Jiangsu) (-25.00%), concentrated nitric acid (Jinhe Industry) (-8.82%), crude phenol (-7.97%), hydrochloric acid (Shandong) (-7.69%), and hydrogen peroxide (-6.25%) [3] Industry Dynamics - Some refrigerant companies announced profit growth forecasts for 2025, with Sanmei Co. expecting a net profit of 1.99 to 2.15 billion yuan, a year-on-year increase of 155.66% to 176.11%, and Yonghe Co. forecasting a net profit of 530 to 630 million yuan, a year-on-year increase of 110.87% to 150.66% [4] - The competitive landscape for third-generation refrigerants (HFCs) is expected to continue improving, with price increases being a major factor for profit growth [4] - As of January 16, the market prices for mainstream third-generation refrigerants R32, R125, and R134a in East China were 62,500, 48,000, and 56,000 yuan per ton, respectively, with increases of 0%, 7%, and 7% since Q4 2025, and year-to-date increases of 44%, 22%, and 37% [4] Investment Recommendations - Current investment focus areas include the refrigerant sector, with recommendations for Jinshi Resources, Juhua Co., Sanmei Co., and Yonghe Co. [6] - The chemical fiber sector is also highlighted, with suggested companies including Huafeng Chemical, Xin Fengming, and Taihe New Materials [6] - Other recommended companies include Wanhua Chemical, Hualu Hengsheng, Luxi Chemical, and Baofeng Energy [6] - The tire sector recommendations include Sailun Tire, Senqilin, and Linglong Tire [6] - In the agricultural chemicals sector, recommended companies are Yara International, Salt Lake Co., Xingfa Group, Yuntianhua, and Yangnong Chemical [6] - High-quality growth targets include Blue Sky Technology, Shengquan Group, and Shandong Heda [6] - The basic chemical industry maintains an "overweight" rating [6]

Group 1 - The core viewpoint of the report highlights significant price increases in domestic gasoline and natural gas, while products like sulfur and hydrochloric acid have seen substantial declines [1][2][4] - Major products with notable price increases this week include domestic gasoline (Shanghai Sinopec 93, +11.38%), natural gas (NYMEX futures, +8.68%), TDI (East China, +7.03%), and xylene (East China, +6.61%) [1][4] - Conversely, products with significant price declines include urea (Yunnan Yunwei, -9.95%), sulfuric acid (Zhejiang Heding 98%, -10.00%), and hydrochloric acid (East China hydrochloric acid (31%), -13.79%) [2][4] Group 2 - The report suggests that the chemical industry is currently in a weak overall performance phase, with mixed results across different sub-sectors due to past capacity expansions and weak demand [4] - It recommends focusing on investment opportunities in glyphosate, fertilizers, and high-dividend assets, particularly highlighting the potential recovery in the glyphosate sector as inventory decreases and prices begin to rise [4] - The report emphasizes the importance of selecting stocks with strong competitive positions and growth potential, such as Ruifeng New Materials in the lubricant additive sector and Baofeng Energy in the coal-to-olefins industry [4]

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, Jiangshan Co., and others [10]. Core Insights - Domestic gasoline and natural gas prices have seen significant increases, while products like hydrochloric acid and liquid chlorine have experienced substantial declines. The report suggests focusing on import substitution, pure domestic demand, and high-dividend opportunities [6][19]. - The international oil prices are expected to stabilize around $65 per barrel in 2026, influenced by geopolitical uncertainties. Companies with high dividend characteristics, such as Sinopec, are expected to benefit from declining raw material costs [6][19]. - The chemical industry is currently in a weak state, with mixed performance across sub-sectors. However, certain sectors like lubricants are performing better than expected, indicating potential investment opportunities [22]. Summary by Sections Chemical Industry Investment Recommendations - The report highlights significant price increases for domestic gasoline (11.38%) and natural gas (8.68%), while products like liquid chlorine (-18.02%) and hydrochloric acid (-13.79%) have seen notable declines [19][20]. - It emphasizes the importance of focusing on sectors that may enter a recovery phase, such as glyphosate, and suggests specific companies for investment [22]. Market Performance - The report notes that the chemical industry is currently facing a weak overall performance, with varying results across different sub-sectors due to past capacity expansions and weak demand [22]. - It recommends monitoring companies with strong competitive positions and growth potential, particularly in the lubricant additives and coal-to-olefins sectors [22]. Price Trends - The report provides insights into the price trends of various chemical products, indicating a mixed performance with some products rebounding while others continue to decline [20][22]. - It also discusses the impact of geopolitical factors on oil prices, which in turn affect the chemical industry [23][24]. Key Companies and Earnings Forecast - The report lists several companies with strong earnings forecasts, including Sinopec, Jiangshan Co., and others, all rated as "Buy" [10][11].