证券代码：600078 证券简称：澄星股份 公告编号：临 2025-039 江苏澄星磷化工股份有限公司 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指引第 3 号——行业信息披露》、 《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，江 苏澄星磷化工股份有限公司（以下简称"公司"）现将 2025 年半年度主要经营数 据公告如下： 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 2025 年 1-6 | 月产量 | 2025 | 年 1-6 | 月销量 | 2025 | 年 1-6 | 月销售 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | （万吨） | | | （万吨） | | | 金额（万元） | | | 黄磷 | | 7.07 | | | 4.27 | | | 87,964.00 | | 磷酸 | | 12.54 | | | 12.16 | | ...

Core Insights - The ongoing tensions in the Middle East, particularly between Israel and Iran, have led to significant disruptions in the global fertilizer market, with over 20% of global urea production capacity reportedly offline due to conflict and supply interruptions [4][6] - The price of urea has surged from under $400 per ton to approximately $435 per ton, nearing a 52-week high, indicating the interconnectedness of geopolitical events and market dynamics [2][4] - The closure of Israeli natural gas fields has severely impacted fertilizer production in Egypt, further exacerbating supply chain issues in the region [2][4] Fertilizer Market Dynamics - The global fertilizer market has experienced extreme volatility in the past two weeks, with significant price fluctuations following military actions in the region [2] - The conflict has led to the shutdown of Iranian urea and ammonia plants, which were not directly attacked but affected by the broader geopolitical situation [4] - The Middle East plays a crucial role in global fertilizer production, accounting for nearly one-third of urea exports and significant portions of sulfur and ammonia exports [4][6] Impact on Agriculture - The tensions in the Middle East are likely to increase agricultural input costs for farmers globally, particularly in the U.S., where a substantial portion of fertilizer is imported [6][7] - The Gulf region is a major importer of agricultural products, and any disruption in the Strait of Hormuz could severely impact food security in the area [7][8] - Rising shipping insurance costs and potential supply chain disruptions are causing concern among exporters, particularly those dealing with key agricultural commodities like corn and rice [7][8] Geopolitical Considerations - While Iran has previously threatened to close the Strait of Hormuz, the likelihood of such an action remains low due to political and economic considerations [8] - The CEO of a major fertilizer company has indicated that the industry is closely monitoring risks in the region, as any disruption could have far-reaching effects on global food production [8]

Core Viewpoint - Xingfa Group has experienced significant growth since its listing in 1999, with its market value increasing from 1.824 billion to 23.687 billion, reflecting deep industry chain layout despite noticeable performance fluctuations in recent years [1][3]. Business Overview - Xingfa Group's main business includes the mining and sales of phosphate rock, production and sales of phosphate, phosphate fertilizers, glyphosate, and organic silicon. The core products are mainly special chemicals and pesticides, with special chemicals accounting for 18.59% and pesticides for 18.33% of revenue [3]. Financial Performance - Since its listing, Xingfa Group has achieved a cumulative profit growth of 5982.55%, with net profit increasing from 0.026 billion in 1999 to 1.601 billion in 2024. The company has not reported a loss in any year, with 19 years of profit growth, representing 73.08% of the time [3]. - Revenue analysis shows that Xingfa Group's revenue grew from 18.39 billion in 2020 to 28.396 billion in 2024, with a pattern of initial growth followed by a decline and then recovery. The company experienced high growth in 2021 and 2022, a decline in 2023, and stability in 2024 [3]. - Profit analysis indicates that net profit rose from 0.618 billion in 2020 to 1.601 billion in 2024, with significant fluctuations, including a 582.05% increase in 2021 and a 76.44% decrease in 2023, followed by a return to growth in 2024 [3]. Market Capitalization - Since its listing, Xingfa Group's market value has increased by 11.99 times, demonstrating strong growth potential. The peak market value reached 65.321 billion on September 23, 2021, with a corresponding stock price of 58.38. As of June 13, the market value was 23.687 billion, reflecting a decrease of 41.634 billion, or 63.74%, from its peak [5].

Core Insights - South Africa's government has officially approved the "Critical Minerals and Metals Strategy" and is seeking public input on the "Mineral Resources Development Bill (MRDB) 2025," marking a significant step towards enhancing policy and regulatory certainty in the global minerals market [1][2] Group 1: Strategic Framework - The strategy evaluates the "criticality" of minerals based on eight indicators, including export potential, employment generation, supply risk, sales performance, and substitutability, focusing on 21 minerals [1] - The strategy identifies platinum, manganese, iron ore, coal, and chrome as high-criticality minerals, while gold, vanadium, palladium, rhodium, and rare earths are classified as medium-high criticality [1] - Medium criticality minerals include copper, cobalt, lithium, graphite, nickel, titanium, phosphates, fluorite, zircon, uranium, and aluminum [1] Group 2: Implementation and Governance - The list of critical minerals will be continuously reviewed and updated based on market conditions, exploration progress, technological advancements, substitutability, recycling, and geopolitical factors [1] - The strategy will be advanced through six pillars: geological exploration, localization and value chain extension, R&D investment and skills development, infrastructure and energy security, financial tools and support, and coordinated policy and regulation [1] - The MRDB aims to streamline licensing processes, align with environmental and water resource regulations, and introduce a licensing system for small-scale and artisanal mining to enhance governance and combat illegal mining [2]

Group 1 - The US has canceled 91% of additional tariffs, and China has reciprocated with a 91% cancellation of counter-tariffs, benefiting both producers and consumers in both countries [2][3] - The petrochemical industry is expected to see significant benefits from the tariff adjustments, as costs for importing crude oil, LNG, and other chemical raw materials from the US will decrease, leading to lower production costs [3] - The reduction in tariffs is likely to enhance the price competitiveness of Chinese petrochemical products in the US market, potentially increasing exports and alleviating production pressure on certain chemical products [3] Group 2 - A "rush to ship" is anticipated as foreign trade companies compete for a 90-day buffer period to stock up on goods, leading to a potential increase in shipping rates from May to July [4] - The total export value of China's chemical products is projected to be approximately $370.7 billion in 2024, with exports to the US accounting for about $44.6 billion, representing 12.03% of total exports [4] - The easing of tariffs is expected to stabilize agricultural input prices in the US, which have been negatively impacted by previous tariff policies [4] Group 3 - Companies are actively seizing the opportunity presented by the tariff adjustments, with specific mentions of increased export potential for certain products like acetamiprid and lithium batteries [5] - The tariff adjustments are seen as providing a relatively stable overseas trade environment for solar and energy storage products, with ongoing projects in the Middle East expected to enhance global supply capabilities [5] - The recent tariff changes are viewed as a temporary relief for the Chinese chemical industry, with companies advised to monitor future negotiations and adapt their strategies accordingly [5]

证券代码：600078 证券简称：澄星股份 编号：临 2025-026 江苏澄星磷化工股份有限公司 2025 年第一季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。 三、主要原材料的价格变动情况（不含税） | 主要原料 | 2025 年 1-3 购价（元/吨） | 月平均采 | 2024 年 | 1-3 月平均采 购价（元/吨） | 变动幅度（%） | | --- | --- | --- | --- | --- | --- | | 磷矿 | | 701.33 | | 625.22 | 12.17 | | 焦丁 | | 1,727.75 | | 1,974.70 | -12.51 | | 电极 | | 13,260.16 | | 14,100.26 | -5.96 | | 煤 | | 673.04 | | 711.27 | -5.37 | | 电力（元/千瓦时） | | 0.4556 | | 0.4486 | 1.56 | 根据《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》、 《关于做好主板上市 ...