根据《上海证券交易所上市公司自律监管规则适用指引第 3 号——行 业信息披露》其《第十三号——化工》、《关于做好主板上市公司 2025 年 半年度报告披露工作的重要提醒》的要求，安徽六国化工股份有限公司现 将 2025 年上半年主要经营数据披露如下： 注：产量中磷酸一铵含自用，复合肥销量中含贴牌。 股票代码：600470 股票简称：六国化工 公告编号：2025-049 安徽六国化工股份有限公司 2025 年上半年主要经营数据公告 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。 一、 主要产品的产量、销量及收入实现情况 主要产品 2025 年1 至 6 月产量 （吨） 2025 年 1 至6 月销量 （吨） 2025 年 1 至 6 月销售 金额（万元） 磷酸二铵 266,208.80 245,017.10 82,613.42 复合肥 469,365.99 473,310.38 108,764.27 磷酸一铵 252,247.45 158,233.01 57,409.06 | 硫酸 | 外购 | 532,955.20 | 273 ...

股票代码：603395 股票简称：红四方 公告编号：2025-041 中盐安徽红四方肥业股份有限公司 2025 年半年度主要经营数据的公告 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。 根据上海证券交易所《上市公司自律监管规则适用指引第 3 号——行业信息 披露》其《第十三号——化工》的要求，中盐安徽红四方肥业股份有限公司（以 下简称"公司"）2025 年半年度主要经营数据如下： 注：为与公司定期报告中产品收入分类保持一致，并结合公司硫酸钾生产装置投产，本 次产销数据统计中的主要产品分类发生变化，前期按照"尿素、复合肥（含脲铵氮肥、水溶 肥、硫酸铵）"进行分类列示，本次按照"氮肥产品（包括尿素、脲铵氮肥和农用硫酸铵）、 复合肥（含水溶肥）、硫酸钾"进行分类列示，同期数同口径调整（下同）。 二、主要产品及原材料的价格变动情况 （一）主要产品的价格变动情况（不含税销售均价） | 主要产品 | 2025年半年度销 | 2024年半年度销售价 | 变动比率 | | --- | --- | --- | --- | | | 售价（元/吨 ...

证券代码：002588 证券简称：史丹利 史丹利上市公司投资者关系活动记录表 编号：2025-004 上半年公司复合肥总销量 200.41 万吨，同比增长 9.68%，其中一季 度因东北春季肥集中发货增速较高，二季度销量略降但毛利稳定。公司 全年目标 360 万-370 万吨，达成路径是坚持"销量+利润"双考核，不盲 目降价冲量，聚焦高毛利产品，通过渠道下沉和终端价格管控保障增量。 5.复合肥在哪些区域增速较快？通过什么方式实现这些区域的销量 增长？ 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 ☑ 电话会议 □其他：（请文字说明其他活动内容） 参与单位名称 及人员姓名 申万宏源证券 马昕晔 李绍程；上海原泽私募 王家晨；上海度势投资 顾宝成；鹏华基金 范晶伟；工银瑞信基金 易帆；上海宽远资产 舒启 航；长江证券 魏邈；交银施罗德基金 何雄；南方基金 王芝文；汇丰 晋信 姬静远；宝盈基金 侯星宇；银河基金 陈凯茜；富国基金 张啸伟； 泰康资管 王卓夫；人寿资产 赵文龙；太平基金 夏文奇；兴业资管 徐 莹莹；中信证券 孙臣兴；华安基金 王晨； ...

Investment Rating - The report maintains a "Buy" recommendation for the petrochemical sector, particularly focusing on private large-scale refining companies [3][15]. Core Insights - The report highlights a transformative period in refining, suggesting a focus on private large-scale refining companies due to structural adjustments in the industry [15]. - The "anti-involution" trend is seen as a potential turning point for the chemical industry, with expectations of improved profitability and competitive dynamics in the coming quarters [16][17]. - The report emphasizes the importance of PPI turning positive, which could lead to increased market allocation towards cyclical midstream sectors, benefiting the chemical industry [17]. Industry Overview - The basic chemical industry comprises 493 listed companies with a total market capitalization of 51,121.17 billion and a circulating market value of 45,298.84 billion [3]. - The industry index for the chemical sector is reported at 71.55, reflecting a slight decrease of 0.06% week-on-week and a year-on-year decline of 22.79% [14]. - The report notes that the current operating rate in the chemical industry is around 66.53%, indicating a stable production environment [14]. Price Trends - Key price movements include an 8.0% increase in lithium carbonate and a 7.7% increase in acrylic short fibers, driven by strong demand and supply constraints [6][15]. - The report indicates that the export prices for diammonium phosphate and monoammonium phosphate have risen significantly, with year-to-date increases of 24.4% and 18.1%, respectively [18]. Recommendations - The report suggests focusing on companies with low valuations and potential for upward movement, including leading chemical firms like Wanhua Chemical and Hualu Hengsheng, as well as companies benefiting from export quotas [17][18]. - Specific companies to watch include Hengli Petrochemical, Rongsheng Petrochemical, and Yihua Chemical, which are positioned to benefit from the ongoing structural changes in the industry [15][18].

2025 年 8 月 24 日 行业研究 磷肥出口二阶段配额落地，磷矿石价格坚挺行业景气依旧 ——基础化工行业周报（20250818-20250824） 要点 6 月开始进入磷酸一铵及磷酸二铵的出口集中期。当前我国肥料级磷酸一铵 及磷酸二铵出口需要进行法检同时执行配额制，根据往年情况出口配额通常 集中在 5-9 月期间。然而，根据海关总署数据 2025 年我国磷铵出口时间整 体有所延后，2025 年自 6 月开始磷铵出口量才出现明显上升。2025 年 1-7 月，我国磷酸一铵和磷酸二铵出口总量分别为 60.1 万吨和 158.3 万吨，同比 分别减少 49.4%和 21.7%。其中，2025 年 5-7 月我国磷酸一铵和磷酸二铵 的出口总量分别为 52.6 万吨和 150.4 万吨，相较于 2024 年 5-7 月出口总量 分别变动-40.1%和+1.4%。基于此，我们认为 2025 年我国磷铵出口将集中 在 Q3 进行，但考虑到 1-7 月出口量的明显缩减，我们预计 2025 年全年磷铵 出口量将少于 2024 年水平。 2025 年磷铵出口二阶段配额基本落地，当前海外磷铵价格仍显著高于国内水 平。2025 ...

2025 年 08 月 22 日 磷矿资源高效开发，Q2 利润同环比提升 买入(维持) 事件 | 分析师：张伟保 | S1050523110001 | | --- | --- | | zhangwb@cfsc.com.cn | | | 联系人：覃前 | S1050124070019 | | qinqian@cfsc.com.cn | | | 基本数据 | 2025-08-21 | | --- | --- | | 当前股价（元） | 26.59 | | 总市值（亿元） | 485 | | 总股本（百万股） | 1823 | | 流通股本（百万股） | 1823 | | 52 周价格范围（元） | 18.51-26.95 | | 日均成交额（百万元） | 630.4 | 市场表现 资料来源：Wind，华鑫证券研究 相关研究 1、《云天化（600096）：尿素与复 合肥产品产销量同比增长，2024 年 度业绩稳中有升》2025-03-27 —云天化（600096.SH）公司事件点评报告 云天化发布 2025 年半年度报告：2025 年上半年实现营业总 收入 249.92 亿元，同比-21.88%；实现归母净利润 2 ...

Summary of the Conference Call for Chuanjinnuo Company Overview - Chuanjinnuo's total assets as of the first half of 2025 are 3.669 billion, with total liabilities of 1.029 billion and equity attributable to shareholders of 2.640 billion, resulting in a debt-to-asset ratio of 28.5% [2][3] Revenue Breakdown - Revenue composition for the first half of 2025: - Phosphoric acid: 52% - Feed-grade calcium salt: 24% - Phosphate fertilizer: 22% - Contribution to gross profit: - Phosphate fertilizer: 1.16 billion, 43% - Phosphoric acid: 870 million, 31% - Calcium salt: 730 million, 26% [2][4] Production and Sales Performance - Production and sales figures for the first half of 2025: - Repeated heavy calcium: 163,000 tons produced, 141,000 tons sold - Feed-grade calcium salt: 108,000 tons produced, 106,000 tons sold - Purified phosphoric acid (PPA): 83,000 tons produced, 79,000 tons sold - Crude phosphoric acid: 150,000 tons produced, 139,000 tons sold [2][6] Project Developments - A 300,000-ton phosphorus pentoxide project in Egypt with a total investment of 2 billion is progressing smoothly [2][7] - The East River temporary high solid waste treatment project has a total investment of 300 million [2][7] - The domestic approval for the Egypt project has been completed, with construction expected to start in the first half of 2026 [5][16] Financial Performance - Revenue for the first half of 2025 reached 1.744 billion, a year-on-year increase of 27.9% - Net profit attributable to shareholders was 177 million, a year-on-year increase of 166% [3] Cost and Profitability Analysis - The East River base operates at approximately 70% capacity, while the Guangxi base is running at full capacity [8] - The income and profit ratio between the two bases is approximately 2:1, with East River having a lower comprehensive cost by about 600 per ton compared to Guangxi, but higher transportation costs prevent it from exporting commodity-grade products [8] Export and Market Dynamics - The export ratio is approximately 60%, with domestic sales being minimal [5][9] - The company aims to avoid signing orders that require inspection due to new regulations [9] Market Conditions - Sulfur prices have risen significantly due to international supply-demand imbalances, with speculation also contributing to price increases [18] - The company sources about 80% of its sulfuric acid needs from self-produced sulfur and external procurement [19] Future Outlook - The company does not plan significant changes in domestic capacity but will focus on IP projects for future growth [20] - There are no immediate plans for overseas phosphorus resource acquisition, but future considerations may arise [29] Additional Insights - The company’s feed additive performance is stable, with expectations for consistent annual results [22] - The construction cycle in Egypt is expected to be 1.2 to 1.5 times longer than in China, but the simpler design of the first phase may allow for completion within two years [34] This summary encapsulates the key points from the conference call, providing a comprehensive overview of Chuanjinnuo's current status, performance, and future plans.

Investment Rating - The report maintains a "Recommended" rating for the basic chemical industry [1] Core Insights - The report highlights the price increases of lithium carbonate and photoinitiators, suggesting a potential recovery in the chemical industry driven by anti-involution trends [1] - The basic chemical sector has shown strong relative performance, with a 39.4% increase over the past 12 months compared to the 25.7% increase in the CSI 300 index [3] Summary by Sections Recent Trends - The report notes a decline in the Guohai Chemical Prosperity Index to 92.75 as of August 14, 2025, down 0.11 from August 7, 2025 [4] Investment Recommendations - Key opportunities identified include: 1. Low-cost expansion in companies such as Wanhua Chemical, Satellite Chemical, and others [5] 2. Improvement in industry prosperity for chromium salts, phosphate rock, and various chemical sectors [6] 3. Focus on new materials with high growth potential and low domestic substitution rates [7] 4. High dividend opportunities in state-owned enterprises like China Petroleum and Sinopec [8] Price Analysis of Key Products - Industrial-grade lithium carbonate price increased by 9.93% to 83,000 CNY/ton [10] - Photoinitiator (TPO) price rose by 5.56% to 95 CNY/kg [10] - Polyester filament price increased by 2.16% to 7,100 CNY/ton [10] Company Performance Tracking - Notable companies such as Zhenhua Co. reported a 10.17% increase in revenue for the first half of 2025 [13] - Wanhua Chemical's pure MDI price was reported at 17,900 CNY/ton, with a slight increase [11] Market Observations - The report indicates a potential inventory replenishment cycle in the chemical sector due to anticipated fiscal policy support in China and the US [29]

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Views - The chemical sector is experiencing a recovery in both prices and demand, benefiting leading companies with significant scale advantages and cost efficiencies [8] - The domestic tire industry shows strong competitiveness, with scarce growth targets worth attention [3] - The consumption electronics sector is expected to gradually recover, with upstream material companies likely to benefit [4] - The phosphorous chemical sector is tightening due to environmental policies and increasing demand from the new energy sector [5] - The vitamin market is facing supply disruptions, particularly for Vitamin A and E, due to BASF's force majeure [8] Summary by Sections Market Overview - The Shanghai Composite Index rose by 1.7%, the ChiNext Index increased by 8.58%, and the CSI 300 Index went up by 2.37% [14] - The CITIC Basic Chemical Index increased by 3.16%, while the Shenwan Chemical Index rose by 2.46% [15] Key Industry Dynamics - Covestro has cut its TDI supply to the Chinese market by 15%, exacerbating supply tightness [3] - Hengli Petrochemical's subsidiaries are merging to optimize management and improve operational efficiency [3] Investment Themes - **Tire Sector**: Domestic companies are becoming increasingly competitive, with recommended stocks including Sailun Tire, Senqcia, General Motors, and Linglong Tire [3] - **Consumer Electronics**: Recovery in demand is anticipated, with a focus on upstream material companies like Dongcai Technology and Stik [4] - **Phosphorous Chemicals**: Supply constraints due to environmental regulations and rising demand from new energy sectors suggest a tightening market [5] - **Fluorine Chemicals**: The reduction of production quotas for second-generation refrigerants supports stable profitability [5] - **Textile Sector**: Polyester filament inventory depletion is expected to benefit companies like Tongkun and New Fengming [5] Sub-industry Performance - The polyurethane sector is seeing stable prices for pure MDI and a slight decline for polymer MDI [27][32] - The tire industry shows a mixed performance with full steel tire production increasing while semi-steel tire production is declining [47][50] - The pesticide market is experiencing price fluctuations, with glyphosate prices rising slightly [52] Price Trends - The average price of urea is reported at 1762.6 RMB/ton, showing a decrease of 1.74% [60] - The price of phosphoric acid remains stable, with diammonium phosphate at 3999.38 RMB/ton [64] - The price of vitamins A and E remains unchanged at 64 RMB/kg and 67.5 RMB/kg respectively [76][77]

Core Viewpoint - The integrated advantages of the industrial chain continue to manifest, leading to a steady improvement in the performance of the domestic phosphate fertilizer leader, Xin Yang Feng (000902) [1][2] Financial Performance - In the first half of 2025, Xin Yang Feng achieved an operating income of 9.398 billion yuan, a year-on-year increase of 11.63%; net profit attributable to shareholders was 951 million yuan, up 28.98%; and net cash flow reached 1.004 billion yuan [1][2] - Total assets amounted to 18.348 billion yuan, a growth of 0.64% compared to the end of the previous year; net assets attributable to shareholders increased by 5.58% to 11.166 billion yuan [2] Quarterly Analysis - In Q1 2025, Xin Yang Feng's operating income and net profit attributable to shareholders were 4.668 billion yuan and 515 million yuan, respectively; in Q2, these figures were 4.730 billion yuan and 437 million yuan [3] - Q1 saw significant growth with operating income and net profit increasing by 39.98% and 49.61% year-on-year, while Q2 experienced a revenue decline of 6.97% but a net profit increase of 10.96% [3] Product Performance - In the first half of 2025, sales revenue for phosphate fertilizers and new compound fertilizers grew by 39.34% and 26.83%, respectively, with gross margins increasing by 4.27 and 2.58 percentage points [3] - Conventional compound fertilizer sales revenue decreased by 6.66%, but gross margin increased by 0.14 percentage points [3] Strategic Development - Xin Yang Feng has established a competitive advantage through integrated industrial chain development, with 12 production bases and a total capacity of 10.28 million tons/year for high-concentration phosphate fertilizers [6][7] - The company has enhanced its self-sufficiency in key raw materials, which strengthens its ability to withstand fluctuations in upstream material prices [7] Market Positioning - Xin Yang Feng is the largest compound fertilizer enterprise in China, with a unique position as the only large compound fertilizer company with potassium fertilizer import rights, contributing to its resilience against price fluctuations [7] - The company has focused on high-quality development and stable operations, achieving a compound annual growth rate of 5.87% in compound fertilizer sales from 2015 to 2024 [4] Future Outlook - The company anticipates that delayed sales in the compound fertilizer sector will be concentrated in the third quarter, as the industry is a necessity [8] - The price gap for domestic and international monoammonium phosphate is significant, with most exports expected to be realized in the third quarter [8]