证券代码：000902 证券简称：新洋丰 编号：2025-027 债券代码：127031 债券简称：洋丰转债 新洋丰农业科技股份有限公司 2024 年年度股东会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或者重大遗漏。 特别提示: 一、会议召开情况 （一）现场会议时间：2025 年 5 月 9 日（星期五）14：00 （二）网络投票时间：通过深圳证券交易所交易系统投票时间为：2025 年 5 月 9 日 9:15—9:25、9：30—11：30、13：00—15：00；通过互联网投票系统投票时间为：2025 年 5 月 9 日 9：15 至 15：00 期间的任意时间。 （三）现场会议召开地点：湖北省荆门市月亮湖北路附 7 号洋丰培训中心五楼会议 室。 （四）召开方式：现场表决与网络投票相结合的方式。 （五）召集人：新洋丰农业科技股份有限公司董事会。 （六）主持人：董事长杨才学先生。 （七）本次股东会会议的召集、召开程序、出席会议人员的资格和表决程序均符合 《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司股东会规则》、 《深圳证券交易所股票上市规 ...

地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于新洋丰农业科技股份有限公司 2024 年年度股东会的 法律意见书 上海市锦天城律师事务所 关于新洋丰农业科技股份有限公司 2024 年年度股东会的 法律意见书 致：新洋丰农业科技股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受新洋丰农业科技股份有 限公司（以下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简称 "《公司法》"）《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司股 东会规则》（以下简称"《股东会规则》"）等法律、法规、规范性文件和《新洋丰 农业科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定，指派律师 列席公司 2024 年年度股东会（以下简称"本次股东会"），对本次股东会相关事 项进行见证，并依法出具本法律意见书。 本法律意见书仅就本次股东会的召集和召开程序、出席本次股东会人员的资 格、召集人资格、表决程序及表决结果发表意见，而不对 ...

近日，新洋丰农业科技股份有限公司在硫黄制酸发电联调、尾排控制及硫铁矿制酸焙烧等领域实现核心 技术突破，形成了"新洋丰模式"，为流程工业数字化转型提供了可复制的标杆方案。 据了解，新洋丰打破传统依赖技术服务商的思维，明确企业在数字化项目中的双重主体责任。一是明确 项目实施主体责任，从高层统筹到一线执行，建立全链条责任体系，将技术服务商定位为"顾问"，自身 作为"行动主体"，通过完善组织保障、奖惩机制和问题协同解决机制，以"不解释问题，只解决问题"的 执行力，快速突破技术卡点，保障项目高效推进。二是明确能力培育主体责任，借项目契机打造自有核 心技术团队，通过实战培养掌握数字化核心算法与工艺结合的专业人才，实现从技术应用到持续创新的 能力跃升。 二是硫黄制酸尾排创建"双模控制体系"。针对尾气二氧化硫浓度受焚硫炉温度、催化剂活性、原料杂质 等多因素干扰，以及脱硫反吹期间监测数据失真的问题，新洋丰研发了"滤波—速率双模"控制体系，在 常规工况下采用改进型滤波算法提升响应速度，反吹期间触发速率报警机制，自动切换至设定值跟踪模 式，避免控制系统振荡。该技术解决了传统PID控制在动态工况下调节滞后的问题，为环保达标提供了 智 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5]. Core Insights - The company achieved a revenue of 4.668 billion yuan in Q1 2025, representing a year-over-year increase of 39.98%, with a net profit of 515 million yuan, up 49.61% year-over-year [3]. - The sales volume of compound fertilizers grew by approximately 35% year-over-year, marking the highest sales volume for the same period in the company's history, laying a solid foundation for achieving annual sales targets [3]. - The overall gross margin improved by 0.19 percentage points to 18.17% in Q1, indicating potential for further recovery in gross margins for compound fertilizers [3]. - The company has focused on expanding the market for new fertilizers, with sales increasing from 548,500 tons in 2018 to 1.38 million tons in 2024, reflecting a compound annual growth rate of 16.63% [4]. - The proportion of new fertilizers in total compound fertilizer sales rose from 16.56% in 2018 to 31.67% in 2024, contributing to an increase in overall gross margins [4]. Financial Performance Summary - The company is projected to achieve net profits of 1.47 billion yuan, 1.68 billion yuan, and 1.91 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding earnings per share (EPS) of 1.15 yuan, 1.31 yuan, and 1.49 yuan [5][6]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 12, 10, and 9 times, respectively [5][10]. - Revenue is expected to grow from 15.10 billion yuan in 2023 to 20.51 billion yuan in 2027, with a compound annual growth rate of approximately 10.11% [6][11]. Company Overview - The company is a leading producer of phosphate fertilizers in China, with a production capacity of 10.28 million tons per year for various high-concentration phosphate fertilizers and 900,000 tons per year for phosphate rock [7]. - The company has expanded its business into related fields such as new materials and phosphogypsum building materials [7].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved significant year-on-year growth in Q1 2025, with revenue reaching 4.668 billion yuan, up 39.98% year-on-year and 46.04% quarter-on-quarter. The net profit attributable to shareholders was 515 million yuan, an increase of 49.61% year-on-year and 154.46% quarter-on-quarter [6][10] - The strong performance is attributed to robust sales of compound fertilizers, with a notable increase in both sales and profit [7][10] - The company is expected to continue benefiting from its integrated supply chain and increasing phosphate production capacity, enhancing its competitive advantage [10] Financial Performance Summary - In Q1 2025, the company reported: - Revenue: 4.668 billion yuan, up 39.98% year-on-year - Net profit: 515 million yuan, up 49.61% year-on-year - Gross profit: 848 million yuan, up 41.38% year-on-year - Return on Equity (ROE): 4.75%, an increase of 1.23 percentage points year-on-year [6][7] - The sales gross margin was 18.17%, up 0.19 percentage points year-on-year, while the net profit margin was 11.17%, up 0.90 percentage points year-on-year [6][7] Market Performance - The company's stock performance relative to the CSI 300 index showed: - 1-month performance: +3.4% - 3-month performance: +6.5% - 12-month performance: +17.5% [5] Future Projections - Revenue projections for 2025-2027 are as follows: - 2025: 18.5 billion yuan - 2026: 19.5 billion yuan - 2027: 20.3 billion yuan - Net profit projections for the same period are: - 2025: 1.6 billion yuan - 2026: 1.8 billion yuan - 2027: 2.0 billion yuan - Corresponding Price-to-Earnings (PE) ratios are expected to be 11, 9, and 8 times respectively [10][12]

Group 1: Event Overview - The event was an annual performance briefing held on April 28, 2025, from 15:00 to 16:00 [1] - The event took place on the "Panorama Roadshow" website, allowing remote text communication [1] Group 2: Participants - Participants included Vice Chairman and President Mr. Yang Huafeng, Director and CFO Ms. Yang Xiaohong, Independent Director Mr. Gao Yongfeng, and Board Secretary Mr. Wei Wanwei [1] Group 3: Disclosure Information - The event did not involve the disclosure of any significant information [1] - No presentation materials or documents were provided during the event [1]

Group 1 - The company reported a strong performance in Q1, with compound fertilizer sales increasing by approximately 35% year-on-year [1] - The sales growth of new-type fertilizers was even higher, marking the highest sales volume for the same period in the company's history [1] - This strong sales performance lays a solid foundation for achieving the annual sales targets [1]

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company reported better-than-expected performance in Q1 2025, with total revenue reaching 4.668 billion yuan, a year-on-year increase of 40% and a quarter-on-quarter increase of 46%. The net profit attributable to shareholders was 515 million yuan, up 50% year-on-year and 154% quarter-on-quarter [7] - The recovery in single fertilizer prices and strong demand for spring fertilizers are expected to significantly boost the company's compound fertilizer sales in Q1 2025. Prices for three types of single fertilizers have shown notable recovery since February 2025 [7] - The strategic significance of compound fertilizers is highlighted, with the market share of leading companies increasing as smaller firms exit the market due to raw material price volatility. The company's compound fertilizer sales have grown from 2.6067 million tons in 2015 to 4.3571 million tons in 2024, with a compound annual growth rate of 5.87% [7] - The company has a rich project reserve and is advancing the high-value utilization of phosphate chemicals. Significant investments are being made in new projects, including a 9.6 billion yuan investment in a phosphate new materials circular economy industrial park [7] - The company continues to strengthen its resource reserves through acquisitions, including phosphate mines, which are expected to enhance its mining rights and production capabilities [7] - The company is positioned as a leading domestic phosphate and compound fertilizer producer, benefiting from channel, resource, and cost advantages. The report forecasts net profits for 2025-2027 at 1.753 billion, 2.016 billion, and 2.318 billion yuan, respectively, with corresponding EPS of 1.40, 1.61, and 1.85 yuan [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 17.806 billion yuan, with a year-on-year growth rate of 14.4%. The net profit attributable to shareholders is expected to be 1.753 billion yuan, reflecting a year-on-year increase of 33.3% [6] - The company's gross margin is forecasted to be 16.3% in 2025, with a return on equity (ROE) of 14.6% [6]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 16.38, reflecting a 4% upside based on a 13x PE for 2025 [2][9]. Core Insights - The company is projected to achieve net profits attributable to shareholders of RMB 1.58 billion, RMB 1.82 billion, and RMB 2.08 billion for the years 2025, 2026, and 2027 respectively, with corresponding EPS of RMB 1.26, RMB 1.45, and RMB 1.66 [2][9]. - In 2024, the company reported a total revenue of RMB 15.56 billion, a year-on-year increase of 3.07%, and a net profit attributable to shareholders of RMB 1.32 billion, up 8.99% year-on-year [10][11]. - The company is actively enhancing its market competitiveness by reserving phosphate resources and establishing joint ventures to increase phosphate self-sufficiency [12]. Financial Summary - The company's financial performance shows a projected revenue growth from RMB 15.10 billion in 2023 to RMB 19.77 billion by 2027, with a compound annual growth rate (CAGR) of approximately 9.1% [3][8]. - The net profit attributable to shareholders is expected to grow from RMB 1.21 billion in 2023 to RMB 2.08 billion in 2027, reflecting a CAGR of about 14.7% [3][8]. - The company plans to distribute a dividend of RMB 3 per 10 shares for the fiscal year 2024, amounting to approximately RMB 376.42 million, which represents 28.63% of the annual net profit [10][11].

Group 1 - The company reported Q1 2025 revenue of 4.668 billion yuan, a year-on-year increase of 39.98%, and a net profit attributable to shareholders of 515 million yuan, up 49.61% year-on-year [1] - The increase in revenue is primarily driven by higher product sales, with a gross margin of 18.2%, which is an improvement of 2.53 percentage points compared to the overall gross margin in 2024 [1] - The volatility in the prices of single fertilizers has ended since Q3 2023, leading to a recovery in the operating order of compound fertilizer producers and distributors, which is expected to gradually restore the gross margin levels of ammonium phosphate and compound fertilizers to reasonable levels [1] Group 2 - The company has strengthened its integrated industrial chain advantage, being the largest producer of ammonium phosphate in China, and has enhanced its cost advantage by increasing self-sufficiency in raw materials [2] - The concentration of the compound fertilizer industry is increasing, with smaller companies being eliminated, which benefits larger firms with resource and channel advantages [2] - The company is positioned as a leading enterprise in the compound fertilizer sector, benefiting from land transfer opportunities [2] Group 3 - The strong demand for compound fertilizers is reinforced by the emphasis on food security, with domestic consumption largely unaffected by recent tariff policies [3] - The company is actively promoting the phosphate new materials circular economy industrial park project, with significant production capacity expected from the integration of phosphate mines [3] - The expected production capacity from the two mines is 3.3 million tons per year, which will significantly enhance the company's integrated industrial chain advantage and profitability [3]