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 ...

Summary of LSB Industries Conference Call Company Overview - **Company Name**: LSB Industries - **Ticker**: LXU - **Headquarters**: Oklahoma City, Oklahoma - **Industry**: Fertilizer and Chemical Manufacturing - **Facilities**: El Dorado, Arkansas; Cherokee, Alabama; Pryor, Oklahoma; Baytown, Texas (for Covestro) - **Sales**: Projected $615 million in 2025, split between industrial and agricultural markets - **Market Capitalization**: Approximately $1.1 billion - **Net Debt**: $300 million - **Enterprise Value**: $1.4 billion - **Shares Outstanding**: Approximately 72 million shares trading around $15 each - **CFO**: Cheryl Maguire, with over 20 years of experience in financial and accounting roles in the chemical manufacturing and energy industries [1][2] Core Business Insights - **Product Focus**: LSB primarily produces ammonia, which is upgraded into UAN (a fertilizer) and sold into industrial markets [3][4] - **Market Dynamics**: Strong pricing in fertilizer markets driven by geopolitical factors, particularly the war in Ukraine and Iran [5][9] - **End Markets**: - **Agricultural**: UAN primarily used for corn, with strong demand due to planting season [5][41] - **Industrial**: Products include nitric acid for polyurethane and ammonium nitrate for mining [4][5] Financial Performance - **Historical EBITDA**: - 2022 EBITDA peaked at $440 million due to high ammonia prices ($1,600-$1,700 per ton) [23][25] - EBITDA normalized in 2023 as prices decreased [30] - **Current EBITDA**: Projected at $160 million for 2025, with a goal to increase by $50 million over the next 24 months [7][10] - **Leverage**: Reduced from over 14 times to below 2 times [6][75] - **Capital Allocation**: Returned $460 million through share repurchases and debt reduction over the last four years [10][52] Future Growth Opportunities - **Value Creation**: Targeting an additional $50 million in EBITDA through: - Carbon capture project at El Dorado facility, expected to generate $15 million [13][14] - Further production and cost improvements totaling $35 million [14] - **M&A Strategy**: Looking to acquire companies with $150-$200 million EBITDA to expand footprint [62][67] - **Operational Improvements**: Focus on upgrading ammonia production to enhance margins [12][68] Market Conditions and Pricing - **Current Pricing**: Ammonia prices around $800-$900 per ton, UAN at $450 [40] - **Supply Constraints**: Geopolitical tensions affecting fertilizer supply, with 30% of global fertilizer supply potentially impacted [34][35] - **Natural Gas Advantage**: U.S. gas prices at $3 per MMBTU compared to $23 in Europe, providing a competitive edge [35][36] Risks and Considerations - **Demand Destruction**: Some buyers are hesitant due to high prices, but strong demand persists as planting season approaches [41][42] - **Tariffs Impact**: Tariffs have supported higher prices in the U.S. market, contributing to overall pricing stability [59] Conclusion LSB Industries is positioned for growth with a strong focus on operational improvements, strategic acquisitions, and capitalizing on favorable market conditions in the fertilizer and industrial sectors. The management team is confident in their ability to navigate the current geopolitical landscape while enhancing financial performance and shareholder value [63][67].

Core Insights - The chemical new materials industry is at a cyclical turning point, with growth opportunities emerging due to a recovery in PPI and a supportive supply-demand dynamic [4][9] - The report identifies two main investment themes: the cyclical sector focusing on marginal recovery and the growth sector with multiple themes rotating around key nodes [4][33] Group 1: Cyclical Sector - The cyclical sector is transitioning from broad-based gains to differentiation, with a focus on identifying marginal recovery tracks [4] - Key sectors showing strong performance include textiles, agriculture, real estate, transportation, and oil and gas, with specific companies highlighted for investment [4][28] - The report emphasizes the importance of recognizing true recovery trends within these sectors as capital flows become more selective [4][33] Group 2: Growth Sector - The growth sector has seen significant interest in commercial aerospace, energy storage, and electronic materials, with expectations for continued performance throughout the year [4][33] - Specific companies to watch include Minshida in commercial aerospace, Kunlun Technology and Deer Chemical in energy storage, and Jinhua New Materials in electronic materials [4][30] - The report suggests that investors should focus on companies with substantial progress and align investments with key timing nodes [4][33] Group 3: Capital Expenditure and Cash Flow - The capital expenditure growth rate in the chemical industry has significantly slowed, with a notable decline in construction projects [12][27] - The net cash flow situation remains under pressure, although there are signs of recovery in operational cash flow [12][27] - The report indicates that the industry is experiencing a tightening of capital expenditures, which may impact future growth prospects [12][27] Group 4: Policy and Market Dynamics - The "anti-involution" policies are being reinforced, leading to an orderly exit of outdated production capacity and promoting high-quality, low-carbon transformation in the chemical sector [16][17] - The cancellation of export tax rebates for certain chemical products is expected to drive the industry towards higher quality and lower carbon emissions [16][17] - The report highlights that European chemical production capacity is declining due to high energy costs, creating opportunities for Chinese chemical products in the global market [18][17]

Summary of Conference Call Records Industry Overview - **Industry**: Geopolitical tensions, particularly the US-Iran conflict, are impacting global markets, especially commodities and inflation risks. [1][2] - **Key Focus**: The shift in US policy towards domestic issues due to midterm election pressures may lead to external conflicts being used to alleviate internal political and economic pressures. [1][2] Core Insights and Arguments - **Oil Price Impact**: Rising oil prices are expected to elevate the Producer Price Index (PPI) and subsequently the Consumer Price Index (CPI), benefiting consumer sectors with pricing power. [1][2] - **Market Transmission Pathway**: The main transmission pathway of the US-Iran conflict is identified as "conflict escalation → oil prices → global inflation → interest rates → stock valuations." The baseline assumption is that while the conflict may persist, oil prices will remain manageable, limiting disturbances to the A-share market. [1][2] - **Military Investment Opportunities**: The military sector is viewed as an "event-driven" investment opportunity, focusing on high-end military trade, particularly in advanced fighter jets and strategic transport aircraft. [1][5][6] Additional Important Insights - **Commodity Rotation**: Historical patterns indicate a rotation from gold to copper and oil, with current trends showing increases in precious metals and industrial metals. If this rotation extends to oil, input inflation risks will rise significantly. [3][4] - **Coal Market Dynamics**: The coal market is entering a phase of value reassessment due to supply disruptions and policy shifts in Indonesia, with potential for improved profitability in coal chemical projects when oil prices exceed $50 per barrel. [2][17][18] - **Geopolitical Conflict and Metal Pricing**: The US-Iran conflict is reinforcing the narrative that geopolitical tensions and de-globalization are fundamentally altering metal pricing dynamics, particularly for precious and strategic metals. [11][12] Sector-Specific Insights - **Oil and Gas Sector**: Short-term beneficiaries include upstream oil and gas assets, with a focus on small to mid-cap exploration companies. The midstream sector is expected to manage cost pressures better than anticipated. [9][10] - **Chemical Industry**: Companies like Wanhua Chemical are positioned to benefit from rising prices in MDI and TDI, with significant production capacities in the Middle East. [16] - **Electric Utilities**: The geopolitical conflict is likely to provide indirect benefits to defensive utility sectors, particularly hydropower, with clear safety margins emerging in certain sub-sectors. [20][21] Investment Recommendations - **Resource and Transportation**: Focus on resource sectors, shipping, and precious metals, particularly gold, as potential beneficiaries of the current geopolitical climate. [4][22] - **Military and Defense**: Emphasize investments in military technology and equipment manufacturers, particularly those involved in high-end military exports. [5][6] - **Coal and Chemical Stocks**: Monitor companies like Yanzhou Coal and China Chemical for potential upside due to supply chain disruptions and rising commodity prices. [19][16] Conclusion The ongoing geopolitical tensions, particularly the US-Iran conflict, are expected to have significant implications for various sectors, including oil, coal, chemicals, and military industries. Investors are advised to focus on sectors that can leverage these dynamics for potential growth and profitability.

Financial Data and Key Metrics Changes - Full year 2025 adjusted EBITDA was $162 million, a 25% increase from $130 million in 2024 [11] - Q4 adjusted EBITDA grew 42% year-over-year from $38 million in Q4 2024 to $54 million in Q5 2025 [11] - Operating cash flow for the full year of 2025 was $96 million, with free cash flow at $44 million after sustaining capital expenditures [12] Business Line Data and Key Metrics Changes - Record production of nitric acid and ammonium nitrate solution in 2025, reflecting improvements in plant reliability and operational efficiency [5] - UAN pricing averaged $320 per ton in Q4, up 39% over Q4 2024, with strong demand for ammonium nitrate in mining and infrastructure [9][10] - Demand for ammonia remains strong, supported by reduced supply from the Middle East and Trinidad, and higher production costs in Europe [10] Market Data and Key Metrics Changes - The U.S. coal production remains resilient, supporting demand for ammonium nitrate in explosives [7][36] - The market for nitrogen fertilizers is tight, with expectations of continued strong demand due to projected corn planting [10][40] - Pricing for ammonium nitrate is above typical contract rates due to supply disruptions, particularly from CF at Yazoo City [33] Company Strategy and Development Direction - The company aims to achieve upper quartile manufacturing with a target of 95% capacity utilization for ammonia plants [43] - Focus on optimizing production and commercial operations, with plans for selective capital investments to meet demand [45] - Continued emphasis on carbon capture and sequestration projects, with expected annual EBITDA improvements from these initiatives [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capturing additional value through ongoing operational improvements and favorable market conditions [5][24] - The company anticipates a meaningful uplift in first quarter earnings compared to the first quarter of 2025, despite temporary gas cost increases [18] - Management noted that while farmer economics are under stress, demand for nitrogen products is expected to remain solid due to supply and demand dynamics [60] Other Important Information - The company ended 2025 with approximately $150 million in cash and a net leverage of 1.8 times [12] - Plans for turnarounds at El Dorado and Cherokee facilities are scheduled, with proactive measures to maintain production during these periods [14][56] - The company is exploring opportunities in the low-carbon product market, although the willingness to pay a premium is still developing [48][49] Q&A Session Summary Question: Thoughts on gross ammonia production and productivity - Management indicated confidence in increasing gross ammonia production to 875,000-880,000 tons without turnarounds, with 30%-40% of the $35 million production improvement initiatives linked to higher production rates [27][28] Question: Non-gas cost assumptions for 2026 - Management attributed expected flat or slightly reduced non-gas costs to improved efficiency and reduced maintenance costs [29][31] Question: Market response to supply disruption from CF at Yazoo City - The market is currently tight, with pricing for ammonium nitrate above typical rates, and demand from mining sectors is strong [32][33] Question: Potential tailwind from rising U.S. coal production - Management noted that coal production is steady, providing a solid demand backdrop for ammonium nitrate [36] Question: Demand evolution for fertilizers in 2027 - Management expects tight supply and demand balance to continue, with potential demand destruction from elevated pricing being limited [39][40] Question: Current farmer economics and impact on demand - Management acknowledged stress in farmer economics but emphasized that supply and demand dynamics will drive demand for nitrogen products [60]

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] - Key products with notable price increases this week include industrial-grade lithium carbonate (up 7.58%), battery-grade lithium carbonate (up 7.46%), PVC (up 6.06%), and ammonium chloride (up 5.71%) [2][4] - Conversely, products with significant price declines include liquid chlorine (down 46.95%), nitric acid (down 8.00%), and natural gas (down 5.99%) [2][4] Group 2 - 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] - The report suggests focusing on investment opportunities in glyphosate, fertilizers, and sectors benefiting from domestic demand and high dividend yields [4] - Specific recommendations include investing in glyphosate companies like Jiangshan Co., Xingfa Group, and Yangnong Chemical, as well as domestic leaders in lubricant additives and coal-to-olefins [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: Stock Price Movement - The stock price of Huatai (001217.SZ) has shown significant volatility, closing at 14.70 yuan on February 13, 2026, with a single-day drop of 5.47% and a trading volume of 424 million yuan, reflecting a turnover rate of 8.72% [1] - The stock experienced a cumulative increase of 30.18% from February 9 to 11 due to consecutive trading halts, but reversed with a decline of 6.61% on February 12, continuing the downward trend on February 13 [1] Group 2: Reasons for Stock Price Fluctuation - Divergence in funding and profit-taking pressure were noted, with a net outflow of 139 million yuan on February 12 and a further outflow of 70.87 million yuan on February 13, accounting for 16.71% of total trading volume [2] - Retail investors showed a contrary trend with a net inflow of 80.97 million yuan on February 13, indicating a battle between short-term speculative withdrawals and retail following [2] Group 3: Company Fundamentals - The company's Q3 2025 report indicated a net loss attributable to shareholders of 7.34 million yuan, a year-on-year decline of 179.94%, with a gross margin of only 5.04% [3] - An announcement on December 30, 2025, revealed a need to pay back taxes and penalties amounting to 48.90 million yuan, which will directly impact current profits and further weaken earnings expectations [3] - The company is expected to report a full-year net loss ranging from 28 million to 38 million yuan for 2025, leading to a lack of confidence in short-term performance improvement [3] Group 4: Industry Policy and Outlook - According to a UBS report, the chemical industry is expected to enter an upward cycle from 2026 to 2028, while Morgan Stanley suggests that the current rise is more reliant on liquidity than on fundamental improvements [4] - Although Huatai is investing in new materials projects like amino resin, the realization of production capacity will take time (26 months for construction), and the effectiveness of anti-involution policies on traditional chemical companies' profit recovery remains to be seen [4] Group 5: Operational Status - The company's main products, such as nitric acid and sulfuric acid, are significantly affected by commodity price cycles, with the gross margin dropping to 5.04% in Q3 2025 due to low product prices and accelerated depreciation of new projects [5] - The cost of raw materials, particularly sulfur, has increased by 137% year-on-year, compressing profit margins despite potential elasticity from rising prices of sulfuric acid and other raw materials [5] Group 6: Future Development - Stock price fluctuations are influenced by multiple factors, including funding sentiment, performance cycles, and industry policies [6] - Investors should monitor the progress of the company's new projects, changes in the supply-demand dynamics of the chemical industry, and the authenticity of financial report data [6]

Core Viewpoint - The project investment progress exceeds 80%, with over 200 workers currently on site and expected to increase to over 400 after the Spring Festival, aiming to complete the civil construction by March [1] Group 1: Project Overview - The first phase of the project by Guizhou Likao New Materials Technology Co., Ltd. has an annual production capacity of 100,000 tons of nitric acid, 40,000 tons of concentrated nitric acid, 120,000 tons of various specifications of potassium nitrate, and 20,000 tons of various nitrate products, with an expected annual output value of approximately 1 billion yuan upon reaching full capacity [1] - The second phase of the project is planned to produce 250,000 tons of industrial and food-grade phosphoric acid, 300,000 tons of phosphate products, and 20,000 tons of water-soluble fertilizers, with production expected to start in 2027, adding an estimated annual output value of 3 billion yuan [1] Group 2: Strategic Location and Supply Chain - The project is strategically located in Weng'an County due to its complete industrial cluster, which effectively reduces transportation costs and enhances collaborative efficiency [1] - The upstream company, Qixin, has a production line for synthetic ammonia with an annual capacity of 200,000 tons, which has already been put into operation, allowing Guizhou Likao to directly procure the required 40,000 tons of synthetic ammonia annually from local enterprises, significantly saving logistics costs [1] Group 3: Market Demand and Future Plans - Downstream companies such as Batian and Jinzhengda have actively engaged with Guizhou Likao, expressing strong anticipation for the project's production [1] - The company has also planned a third phase project, intending to build 600,000 tons of sulfuric acid and 300,000 tons of PPA capacity, expected to commence after the second phase is operational, further enhancing the industrial chain layout and releasing greater development efficiency [2]