北京德恒（昆明）律师事务所 Beijing DeHeng Law Offices (KunMing) 云南省昆明市西山区西园路 126 号"融城优郡"B5 幢 3、4 层 电话（传真）: 0871-63172192 邮编: 650032 北京德恒(昆明)律师事务所 关于云南云天化股份有限公司 2024 年年度股东会的法律意见 北京德恒（昆明）律师事务所 关于云南云天化股份有限公司 2024 年年度股东会的 法律意见 北京德恒（昆明）律师事务所 关于云南云天化股份有限公司 2024 年年度股东会的 法律意见 云南云天化股份有限公司: 北京德恒(昆明)律师事务所(下称"本所")作为贵公司的常年法律顾问, 本次指派杨杰群律师、杨敏律师出席贵公司 2024年年度股东会(以下简称"本 次股东会"),并按照律师行业公认的业务标准、道德规范及勤勉尽责精神,对 贵公司提供的与本次股东会有关的文件资料进行了审查,现根据《公司法》《证 券法》《上市公司股东会规则》及贵公司《章程》的规定,就贵公司本次股东会 的相关事项出具如下法律意见: 一、关于本次股东会的召集和召开程序 根据贵公司提供的有关资料及公开披露的信息,表明贵公司董事会 ...

云南云天化股份有限公司 关于变更回购股份用途为注销暨减少注册资本通知 债权人的公告 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。 一、通知债权人的原由 证券代码：600096 证券简称：云天化 公告编号：临 2025-035 （二）债权申报登记地点：云南省昆明市西山区滇池路 1417 号； （三）邮编：650228； （四）联系人：云南云天化股份有限公司证券部； （五）联系电话：0871-64327177； （六）传真：0871-64327155。 云南云天化股份有限公司（以下简称"公司"）分别于 2025 年 3 月 21 日召开第九届董事会第四十二次会议和 2025 年 4 月 15 日召开 2024 年年度股东大会，审议通过了《关于变更回购股份用途并注销的 议案》。同意将回购专户持有的公司股份用途由"用于公司未来员工 持股计划或股权激励"变更为"用于注销并减少注册资本"，即同意 公司将回购专用账户中 11,338,016 股库存股进行注销并减少注册资 本。 本次注销完成后，公司注册资本将由 1,834,328,747 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2][9]. Core Views - The company's recurring net profit increased by 15.12% year-on-year, with a planned cash dividend distribution of 2.552 billion yuan, accounting for 47.86% of the net profit attributable to the parent company [1][6]. - The company achieved an operating revenue of 61.537 billion yuan in 2024, a year-on-year decrease of 10.89% [6][9]. - The report forecasts net profits for 2025-2027 to be 5.616 billion yuan (+18.83%), 5.883 billion yuan (+22.59%), and 6.172 billion yuan, respectively, with corresponding EPS of 3.06, 3.21, and 3.36 yuan per share [9]. Financial Performance Summary - In 2024, the company reported a net profit of 5.190 billion yuan, with a significant increase in recurring net profit [6][9]. - The fourth quarter of 2024 saw an operating revenue of 14.813 billion yuan, a sequential increase of 0.55% but a year-on-year decrease of 6.00% [6][9]. - Major products showed varied performance: - Phosphate fertilizer production was 5.0542 million tons, with a gross profit margin increase to 37.93% [7]. - Compound fertilizer production increased by 13.17%, with a revenue increase of 16.62% [7]. - Urea production increased by 9.87%, but revenue decreased by 2.71% [7]. - Polyoxymethylene production increased by 4.65%, with a slight revenue increase [7]. Production and Resource Advantages - The company has significant phosphate rock and coal resources, with phosphate rock reserves of nearly 800 million tons and a mining capacity of 14.5 million tons per year [8]. - The synthetic ammonia production capacity is 2.48 million tons per year, with a self-sufficiency rate exceeding 95% [8]. - The total fertilizer production capacity is 10 million tons per year, with additional capacities in feed-grade calcium phosphate salts and polyoxymethylene [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][21]. Core Views - The company is expected to see improved profitability in 2024, with a projected revenue of 61.54 billion yuan, a year-on-year decrease of 10.89%, while net profit is expected to rise by 17.93% to 5.33 billion yuan [1][2]. - The company has successfully optimized cost control, leading to an overall improvement in profitability, with a gross margin of 17.50%, up 2.32 percentage points year-on-year [2]. - The company benefits from a strong position in the phosphate fertilizer market, supported by domestic policies aimed at stabilizing prices amid global uncertainties [3][8]. Financial Summary - Revenue and Profitability: - 2023 revenue was 69.06 billion yuan, projected to decrease to 61.54 billion yuan in 2024, with a gradual recovery expected in subsequent years [1]. - Net profit for 2024 is projected at 5.33 billion yuan, a 17.93% increase from 2023 [1][11]. - The company’s return on equity (ROE) is expected to decline from 25.0% in 2023 to 24.6% in 2024 [1]. - Cash Flow and Expenses: - Operating cash flow is expected to increase by 13.93% to 10.75 billion yuan in 2024, driven by higher net profit [2]. - Financial expenses are projected to decrease by 30.52%, while management expenses are expected to rise by 12.38% [2]. - Dividend Policy: - The company plans to maintain a high dividend payout ratio, with a cash dividend of 14 yuan per 10 shares for 2024, amounting to 2.55 billion yuan, which is 47.86% of the net profit attributable to shareholders [3]. Industry Context - The phosphate fertilizer industry is experiencing a favorable environment due to policy support and a reduction in the number of less competitive firms, leading to increased market concentration [3][8]. - The company’s phosphate production capacity is significant, with a total phosphate rock reserve of nearly 800 million tons and a production capacity of 14.5 million tons per year [9][10]. - The company’s main products, including ammonium phosphate and compound fertilizers, have shown production and sales growth, contributing positively to overall performance [8][9].

证券代码：600096 证券简称：云天化 公告编号：临 2025-033 云南云天化股份有限公司 关于提供担保的进展公告 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。 重要内容提示： 被担保人名称：云南氟磷电子科技有限公司（以下简称"氟磷 电子"），为公司参股公司。 本次担保金额及已实际为其提供的担保余额：2025 年 3 月合 计为上述被担保人提供的担保金额为 980.00 万元，截至 2025 年 3 月 31 日，公司为上述被担保人累计担保余额为 22,619.32 万元，在股东 大会审议通过的担保额度范围之内。 本次担保事项的被担保人氟磷电子资产负债率超过 70%，敬请 广大投资者充分关注担保风险。 一、担保情况概述 1 / 3 参股公司氟磷电子各股东按持股比例提供担保，无反担保。 对外担保逾期的累计数量：无。 权公司董事长及经营管理层在上述担保限额内签署公司 2025 年度融 资担保事项（文件）（详见公告：临 2024-083）。 2025 年 3 月，公司为参股公司氟磷电子按照持股比例提供的担 保总额为 980. ...

2024 年年度股东大会 会议资料 云南云天化股份有限公司 YUNNAN YUNTIANHUA CO.,LTD 2024 年年度股东大会会议资料 会议议程 一、参会股东资格审查 公司登记在册的所有股东或其代理人，均有权出席股东大会。股 东应当持身份证或其他能够表明其身份的有效证件或证明出席股东 大会。代理人还应当提交股东授权委托书和本人有效身份证件。 二、会议签到 三、主持人宣布会议开始 （一）介绍参加会议的公司股东和股东代表及所代表的股份总数， 介绍参加会议的公司董事、监事、高管人员等。 | | | 会议议程 | 3 | | --- | --- | --- | --- | | 议案一 | 2024 | 年度财务决算报告 | 5 | | 议案二 | 2025 | 年度财务预算方案 | 8 | | 议案三 | 2024 | 年度利润分配预案 | 11 | | 议案四 | | 关于变更回购股份用途并注销的议案 | 14 | | 议案五 | 2024 | 年度独立董事述职报告 | 16 | | 议案六 | 2024 | 年度监事会工作报告 | 45 | | 议案七 | 2024 | 年度董事会工作报告 | 51 | ...

证券代码：600096 证券简称：云天化 公告编号：临 2025-032 云南云天化股份有限公司 关于参股公司磷矿勘探进展的公告 1 模提升和产业结构调整。 特此公告。 云南云天化股份有限公司 董事会 2025 年 4 月 8 日 2 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。 2023年3月，公司与云天化集团有限责任公司、昭通发展集团有 限责任公司和镇雄工业投资开发有限责任公司共同出资设立云南云 天化聚磷新材料有限公司（以下简称"合资公司"），对云南省镇雄县 碗厂磷矿进行矿产资源勘查，申请办理采矿权许可证等相关工作（详 见公司临2023-039号公告）。截至目前，合资公司已提前完成镇雄磷 矿的勘探野外工作，并顺利通过"勘探野外工作"验收，工作进展快 于预期。 在地方政府的支持下，合资公司快速推进该项目探转采的相关工 作。在磷矿普查工作的基础上，通过地面地质工作，深部矿产钻探、 水文地质及工程地质钻探及采样分析测试、试验等，完成矿区磷矿勘 探等相关工作，并在此基础上编制磷矿勘探报告，完成了探转采所必 要的主要条件和关键节点 ...

Core Viewpoint - The announcement details the completion of the pledge release of shares by the controlling shareholder, Yunnan Yuntianhua Group Co., Ltd., related to the non-public issuance of exchangeable corporate bonds [2][4]. Group 1: Shareholding and Pledge Details - As of the announcement date, Yunnan Yuntianhua Group holds 699,254,292 shares of Yunnan Yuntianhua Co., Ltd., accounting for 38.12% of the total share capital [2]. - After the release of the pledge, Yunnan Yuntianhua Group has no remaining pledged shares [2]. - The group had previously issued exchangeable corporate bonds on March 28, 2022, with a scale of RMB 1 billion and a term of 3 years, using 65,000,000 shares as collateral [2][3]. Group 2: Pledge Release Process - On April 3, 2025, Yunnan Yuntianhua Group completed the release of the pledge for 75,000,000 shares at the Shanghai branch of China Securities Depository and Clearing Co., Ltd. [4]. - The shares were transferred from the pledge account to the group's securities account [4]. - There are currently no plans for subsequent pledges of the shares held by Yunnan Yuntianhua Group [4].

Core Viewpoint - The announcement details the completion of the pledge release of shares by the controlling shareholder, Yunnan Yuntianhua Group Co., Ltd., following the expiration of a non-public issuance of exchangeable bonds [1][2]. Group 1: Shareholding and Pledge Details - As of the announcement date, Yunnan Yuntianhua Group holds 699,254,292 shares of Yunnan Yuntianhua Co., Ltd., accounting for 38.12% of the total share capital [1]. - After the release of the pledge, Yunnan Yuntianhua Group has no remaining pledged shares [1][2]. - The group completed the release of 75,000,000 shares from the pledge, which represents 10.73% of its holdings and 4.09% of the company's total share capital [2]. Group 2: Bond Issuance and Pledge Management - Yunnan Yuntianhua Group issued non-public exchangeable bonds on March 28, 2022, with a total scale of RMB 1 billion and a term of 3 years [1]. - The pledged shares were used to secure the exchange of bonds and the repayment of principal and interest [1]. - The bond's principal and interest were fully paid off by March 28, 2025, with no shares exchanged during the bond's term [2].

证券代码：600096 证券简称：云天化 公告编号：临 2025-031 2024年1月4日，云天化集团将其持有的公司10,000,000股无限售 流通股补充质押给云天化集团非公开发行可交换公司债券的受托管 理人国投证券股份有限公司，并将该部分股份划转至云天化集团与受 托管理人在中国证券登记结算有限责任公司上海分公司开立的"云天 化集团有限责任公司—2021年非公开发行可交换公司债券质押专 云南云天化股份有限公司 关于控股股东非公开发行可交换公司债券质押股份 解除质押的公告 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。 重要内容提示： 截至本公告发布之日，公司控股股东云天化集团有限责任公司 （以下简称"云天化集团"）持有云南云天化股份有限公司（以下简称 "公司"）股份 699,254,292 股，占公司总股本的 38.12%； 本次股份解除质押后，云天化集团剩余质押股份 0 股。 近日，公司接到控股股东云天化集团通知，云天化集团办理完成 "云天化集团有限责任公司—2021年非公开发行可交换公司债券质 押专户"解除质押手续。现 ...