Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][26] Core Views - The company's revenue for Q3 2025 was 12.61 billion yuan, a year-on-year decrease of 14.4% but a quarter-on-quarter increase of 5.2%. The net profit attributable to the parent company was 1.97 billion yuan, reflecting a year-on-year increase of 24.3% and a quarter-on-quarter increase of 33.7% [1][9] - The core business of the company is the fertilizer sector, with significant contributions from phosphate fertilizers, which accounted for 43% of total revenue in Q3 2025. The average selling price of phosphate fertilizers increased by 16% year-on-year, driven by expanding price differentials in international markets [2][16] - The supply-demand dynamics for phosphate rock remain tight, maintaining high price levels. The company achieved a production of 2.86 million tons of phosphate rock in Q3 2025, ensuring complete self-sufficiency [3][21] Summary by Sections Financial Performance - In Q3 2025, the company's gross margin was 24.2%, and the net margin was 16.5%, both showing improvements compared to the previous quarter. The total expense ratio was 5.4%, also reflecting a quarter-on-quarter increase [1][9] - The company forecasts net profits for 2025, 2026, and 2027 to be 5.523 billion, 5.574 billion, and 5.709 billion yuan respectively, with corresponding EPS of 3.01, 3.04, and 3.11 yuan [4][26] Business Segments - The revenue breakdown for Q3 2025 shows phosphate fertilizers, urea, and compound fertilizers generating 5.482 billion, 1.134 billion, and 0.942 billion yuan respectively. Phosphate fertilizers are the largest revenue contributor [2][16] - The company is leveraging its production bases to capitalize on export opportunities, which has significantly contributed to profit growth [2][16] Market Conditions - The domestic phosphate rock market is characterized by tight supply and high prices, with the price for 30% grade phosphate rock remaining stable at around 1,040 yuan per ton in Hubei [21] - The company is expected to maintain its competitive edge in the phosphate chemical and new materials sectors, with ongoing capacity expansions and technological improvements [23][21]

Group 1 - The core point of the article is that Yuntianhua (SH 600096) held its 10th session of the 5th board meeting on October 28, 2025, via telecommunication voting, discussing the internal control evaluation work plan for 2025 [1] - For the first half of 2025, Yuntianhua's revenue composition is as follows: fertilizers account for 50.88%, trade accounts for 32.25%, phosphate chemicals account for 5.73%, others account for 3.41%, and engineering materials account for 2.81% [1] - As of the report date, Yuntianhua's market capitalization is 50.8 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after ten years of stagnation, with technology leading the market and a new "slow bull" pattern emerging [1]

Core Viewpoint - Yuntianhua (600096.SH) reported a decline in total operating revenue for the first three quarters of 2025, while net profit attributable to shareholders increased year-on-year [1] Financial Performance - Total operating revenue for the first three quarters reached 37.599 billion yuan, a year-on-year decrease of 19.53% [1] - Net profit attributable to shareholders was 4.729 billion yuan, reflecting a year-on-year growth of 6.89% [1] - Basic earnings per share stood at 2.5833 yuan [1]

云南云天化股份有限公司董事会审计委员会 关于第十届董事会第五次会议 相关事项的审核意见 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海 证券交易所股票上市规则》等有关法律法规和《公司章程》的规定，公 司董事会审计委员会就公司第十届董事会第五次会议审议的《2025 年三 季度报告》发表如下书面审核意见： 公司财务报表在所有重大方面公允反映了公司 2025 年 9 月 30 日的 财务状况、2025 年前三季度的经营成果和现金流量。公司 2025 年三季 度报告所披露的信息真实、准确、完整，不存在任何虚假记载、误导性 陈述或重大遗漏。同意将该议案提交董事会审议。 云南云天化股份有限公司 第十届董事会审计委员会 2025年10月28日 ...

证券代码：600096 证券简称：云天化 公告编号：临 2025-076 会议召开时间：2025 年 11 月 7 日（星期五）16:00-17:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 31 日（星期五）至 11 月 6 日（星期 四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 zqb@yth.cn 进行提问。公司将在说明会上对投资者普 遍关注的问题进行回答。 云南云天化股份有限公司（以下简称"公司"）已于 2025 年 10 月 29 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深 入地了解公司 2025 年前三季度经营成果、财务状况，公司计划于 2025 年 11 月 7 日（星期五）16:00-17:00 举行 2025 年第三季度业绩说明会， 就投资者关心的问题进行交流。 一、说明会类型 云南云天化股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何 ...

云南云天化股份有限公司 2025 年前三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指引第 3 号—行业信息 披露》相关规定，将公司 2025 年前三季度主要经营数据披露如下： | 一、主要产品的产量、销量及收入实现情况 | | --- | | 主要产品 | 产量（万吨） | 销量（万吨） | 营业收入（万元） | | --- | --- | --- | --- | | 磷肥 | 369.97 | 367.55 | 1,247,615.18 | | 复合（混）肥 | 141.87 | 131.55 | 406,849.27 | | 尿素 | 219.36 | 212.42 | 370,360.38 | | 聚甲醛 | 8.53 | 8.43 | 85,183.19 | | 黄磷 | 2.38 | 1.50 | 30,588.97 | | 饲料级磷酸氢钙 | 43.22 | 41.09 | 172,588.41 | 备注：以上主要产品数据为公司自产产品数据，未包含本期 ...

证券代码：600096 证券简称：云天化 公告编号：临 2025-074 云南云天化股份有限公司 第十届董事会第五次会议决议公告 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、董事会会议召开情况 云南云天化股份有限公司（以下简称"公司"）第十届董事会第五 次会议通知于 2025 年 10 月 17 日以送达、邮件等方式通知全体董事 及相关人员。会议于 2025 年 10 月 28 日以通讯表决的方式召开。应 当参与表决董事 9 人，实际参加表决董事 9 人，符合《公司法》和《公 司章程》等有关法律、法规和规章的规定。 二、董事会会议审议情况 （一）9 票同意、0 票反对、0 票弃权，审议通过《关于制定、 修订部分公司治理制度的议案》。 为进一步提升公司规范运作水平，不断完善公司法人治理机制， 根据《公司法》《上市公司章程指引》《上海证券交易所股票上市规 则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 等法律、法规、规范性文件的相关规定，以及新修订的《公司章程》， 并结合公司实际情况，制定、修订部分公司治 ...

Financial Performance - Operating revenue for Q3 2025 was CNY 12,607,367,019.13, a decrease of 14.42% compared to the same period last year[2] - Total profit for Q3 2025 reached CNY 2,397,188,582.09, an increase of 22.78% year-on-year[2] - Net profit attributable to shareholders was CNY 1,967,677,779.89, reflecting a growth of 24.30% compared to the previous year[2] - Basic earnings per share for Q3 2025 were CNY 1.0780, up 24.91% from the same quarter last year[3] - Total operating revenue for the first three quarters of 2025 was CNY 37.60 billion, a decrease of 19.5% compared to CNY 46.72 billion in the same period of 2024[16] - Net profit for the first three quarters of 2025 reached CNY 5.12 billion, slightly up from CNY 5.10 billion in 2024, representing a 0.4% increase[17] - Basic earnings per share for the first three quarters of 2025 were CNY 2.58, compared to CNY 2.41 in the same period of 2024, reflecting a 6.9% increase[17] Assets and Liabilities - Total assets at the end of the reporting period were CNY 49,969,662,558.95, a decrease of 2.93% from the end of the previous year[3] - The company's current assets totaled RMB 15,107,828,073.79, down from RMB 16,663,963,050.92 in the previous period[12] - Total liabilities decreased to RMB 23,677,322,737.94 from RMB 26,903,024,960.59, showing a reduction in financial obligations[14] - The company's long-term borrowings decreased to RMB 6,101,056,401.53 from RMB 9,449,155,505.37, indicating a reduction in debt levels[14] Shareholder Information - Shareholder equity attributable to the parent company increased to CNY 24,219,188,002.64, representing an 8.32% increase year-on-year[3] - The number of ordinary shareholders at the end of the reporting period was 89,691[8] - The largest shareholder, Yuntianhua Group Co., Ltd., holds 38.36% of the shares[8] Cash Flow and Investments - Cash flow from operating activities for the first three quarters of 2025 was CNY 7.85 billion, an increase of 4.6% from CNY 7.51 billion in 2024[20] - The total cash inflow from operating activities was CNY 43.17 billion in 2025, down 15.8% from CNY 51.22 billion in 2024[20] - The company recorded a net cash outflow from investment activities of CNY 371.40 million in 2025, compared to CNY 595.39 million in 2024, indicating a reduction in investment activity[20] - Cash inflow from financing activities totaled approximately $6.80 billion, down from $8.65 billion, with a net cash flow from financing activities of -$6.44 billion, slightly improved from -$6.71 billion[21] Operational Efficiency - The company reduced its trading business scale, leading to a decline in trade revenue compared to the previous year[3] - Accounts receivable decreased significantly to RMB 703,556,632.60 from RMB 1,669,110,561.76, indicating improved collection efficiency[12] - Inventory decreased to RMB 4,859,052,008.28 from RMB 6,069,773,988.62, reflecting better inventory management[12] Research and Development - Research and development expenses increased to CNY 485.71 million in 2025, up 52.7% from CNY 318.18 million in 2024, indicating a focus on innovation[16] Tax and Other Expenses - The company reported a tax expense of CNY 867.01 million for the first three quarters of 2025, compared to CNY 906.55 million in 2024, a decrease of 4.4%[17] Retained Earnings and Equity - The company's retained earnings rose to RMB 13,705,178,942.46 from RMB 11,888,073,873.03, indicating strong profitability retention[14] - The total equity attributable to shareholders increased to RMB 24,219,188,002.64 from RMB 22,358,249,085.76, reflecting growth in shareholder value[14] Cash and Cash Equivalents - The company's cash and cash equivalents increased to RMB 7,088,584,531.98 from RMB 6,936,853,349.28[12] - The company reported a net increase in cash and cash equivalents of approximately $119.55 million, compared to $546.45 million in the previous period, with an ending cash balance of approximately $6.68 billion[21] Accounting Standards - The company has not adopted new accounting standards or interpretations for the year 2025[22]

云南云天化股份有限公司关联交易管理制度 （2025 年 10 月修订） 第一章 总则 第一条 为保证云南云天化股份有限公司（以下简称"公司"） 与各关联人所发生的关联交易的合法性、公允性、合理性，保障股东 和公司的合法权益，根据《中华人民共和国公司法》《中华人民共和 国证券法》《上海证券交易所股票上市规则》《上海证券交易所上市 公司自律监管指引第 5 号——交易与关联交易》《云南云天化股份有 限公司章程》（以下简称《公司章程》）及其他有关法律法规和规范 性文件的规定，并结合公司的实际情况，制定本制度。 第二条 本制度适用于公司及公司全资、控股子公司与公司的关 联方发生的关联交易。公司全资、控股子公司之间发生的交易及其与 公司的参股公司之间发生的交易参照本制度第三章、第五章的有关规 定执行。 第二章 关联人及关联交易 第三条 公司的关联人包括关联法人（或者其他组织）和关联自 然人。具有以下情形之一的法人（或者其他组织），为公司的关联法 人（或者其他组织）： （一）直接或者间接控制公司的法人（或者其他组织）； （二）由前项所述法人（或者其他组织）直接或者间接控制的除 公司、控股子公司及控制的其他主体以外的法人（或 ...

第一章 总则 第一条 为了规范公司内部审计工作，维护公司合法权益，促进 公司完善治理、增加价值和实现战略目标。根据《中华人民共和国审 计法》《中华人民共和国公司法》《上海证券交易所上市公司自律监 管指引第 1 号—规范运作》《内部审计基本准则》及具体准则、《企 业内部控制基本规范》《审计署关于内部审计工作的规定》《云南省 内部审计工作规定》等法律、法规、规范性文件及《云南云天化股份 有限公司章程》等的有关规定，结合公司的实际情况，制定本制度。 第二条 本制度适用于公司及其各单位。 第三条 术语和定义： （一）本制度中的"公司"是指云南云天化股份有限公司。 （二）本制度中的"各单位"是指云南云天化股份有限公司各级 全资子公司、控股子公司及拥有实际控制权的其他企业。 云南云天化股份有限公司内部审计管理制度 （三）本制度所称的"内部审计"，是指企业负责内部审计的机 构或者履行内部审计职责的内设机构（以下统称"内部审计部门"） 和内部审计人员对各单位财务信息、经济活动、内部控制、风险管理， 以及内部管理的领导人员履行经济责任情况等实施独立客观的监督、 评价和建议，促进企业完善治理、实现目标的行为。 第四条 内部审计管 ...