草甘膦价格回升，拓展蛋氨酸和矿产品等业务

草甘膦价格回升，拓展蛋氨酸和矿产品等业务 Glyphosate prices rise& Expanding methionine and mineral products ⚫布局矿业、化学和光伏玻璃等三大领域。公司已有主要业务按产品分类，包括：210万吨/年盐矿开发；100万吨/年马边烟峰磷矿开发；110万吨/年碳酸钠、110吨/年氯化铵；20万吨/年双甘膦；5万吨/年草甘膦；7万吨/年液体蛋氨酸；1900t/d光伏玻璃；46.5万吨/年玻璃/智能特种玻璃、830万㎡/年Low-E镀膜玻璃；2GW组件、1.5-2GW光伏硅片等。 ⚫草甘膦价格回升，未来计划投产20万吨草甘膦、50万吨甘氨酸。由于此前的惜售策略，公司双甘膦/草甘膦产品在2023年末的存货价值较高，导致2024年双甘膦/草甘膦业务亏损。2025年5月以来南美需求旺盛等因素叠加，带动2025年6月以来草甘膦价格持续上涨，较今年底部价格上涨14%左右。公司核心针对新建项目广安50万吨/年双甘膦项目、印尼20万吨/年草甘膦项目，持续进行研发投入，以实现全行业的技术领先。 ⚫拓展蛋氨酸和矿产品业务，培育新的两大利润增长点。公司是国内第二家量产液体蛋氨酸企业，在蛋氨酸固转液背景的推动及下游市场养殖业需求复苏的共同影响下，2024年市场开拓成果较好，收入及利润规模提升明显。2024年以来公司加大矿业布局力度，新增获得36宗矿权，截至2025年7月8日共在手40宗矿权，其中已完成初探的6宗矿权（主要为磷矿）合计储量73,065.10万吨，为后续业务扩展奠定基础。2024年矿业板块实现毛利润2.60亿元，占公司业务毛利润的40%。 ⚫目前矿产品主要为磷矿和盐矿，持续发力矿业板块。截至2025年7月8日，公司通过收购、竞拍、股权投资、合作等方式直接和间接持有的矿权共计40宗，以探矿权为主，2024年-2025年7月8日为取得上述新增矿权而发生的投资总额约6.2亿元；同时2024年以来，矿业板块新入职超过180名员工。目前已实现销售的矿产主要是磷矿和盐矿，新疆的金属矿已办理探矿权证、石英砂矿已取得采矿权证，澳大利亚金矿已完成航磁拍摄等初勘事项，尚需进一步完善详勘工作，尼日利亚矿产尚在筹备初勘工作。 ⚫纯碱、玻璃行业景气有待回暖。受房地产市场持续深度影响，2024年浮法玻璃下游需求疲软难改，公司浮法玻璃销量同比下滑12.43%；同期间光伏玻璃市场需求前高后低，公司光伏玻璃销量同比增长19.57%。2024年浮法玻璃及光伏玻璃市场价均震荡下跌。2024年受行业大规模产能投产及需求疲软等因素影响，纯碱及氯化铵均出现价格重心回落。 ⚫风险提示：产品价格下跌；新建项目进度不及预期。 Summary ➢The company operates in three major fields: mining, chemistry and photovoltaic glass. The company's mainbusiness is organised by product type, including:-2.1 million tons per year salt mine development;-1 milliontons per year MabianYanfeng phosphate mine development;-1.1 million tons/year of sodium carbonate; 110tons/year of ammonium chloride; 20,000 tons/year of PMIDA; 5,000 tons/year of glyphosate; 7,000 tons/yearof liquid methionine; 1,900 tons/day of photovoltaic glass; 465,000 tons/year of glass and intelligent specialglass; and 8.3 million square metres/year of Low-E coated glass. The company also produces 2 GW ofmodules and 1.5–2 GW of photovoltaic silicon wafers. ➢Glyphosate prices have rebounded and there are plans to produce 200,000 tonnes of glyphosate and 500,000tonnes of glycine in future. Due to the previous reluctance-to-sell strategy, the inventory value of thecompany's PMIDA/glyphosate products was relatively high at the end of 2023. This resulted in a loss in thePMIDA/glyphosate business in 2024. Since May 2025, strong demand in South America has caused the priceof glyphosate to rise steadily, reaching a 14% increase compared to the lowest point of thisyear by June2025. The company continues to invest in research and development for the newly built Guang'an 500,000-tonne-per-year glyphosate project and the 200,000-tonne-per-year project in Indonesia, in order to achievetechnological leadership in theentire industry. ➢Expand the methionine and mineral product business and cultivate two new profit growth points. The companyis the second domestic enterprise to mass produce liquid methionine. Driven by the methionine solid-to-liquidconversion process and the recovery ofthe aquaculture downstream market, the market development resultsin 2024 were positive, with significant increases in revenue and profit. Since 2024, the company has expandedits mining operations and acquired 36 new mining licences. As of 8 July 2025, itholds a total of 40 miningrights, six of which (mainly phosphate ore) have completed preliminary exploration with a total reserve of730.651 million tons, laying the foundation for future business expansion. In 2024, the mining sector achieveda gross profit of 260 million yuan, accounting for 40% of the company's gross profit. ➢At present, our main mineral products are phosphate and salt, and we will continue to focus on the miningsector. As of 8 July 2025, the company holds a total of 40 mining rights, acquired through various meansincluding acquisitions, auctions, equity investments and partnerships. Most of these rights are for exploration.Approximately 620 million yuan was invested to obtain these new mining rights between 2024 and 8 July2025. Since 2024, over 180 new employees have been hired in the mining sector. Currently, the main mineralresources sold are phosphate and salt. Metal mines in Xinjiang have obtained exploration certificates andquartz sand mines have obtained mining certificates. Australian gold mines have completed preliminaryexploration projects, suchas aeromagnetic photography. Further detailed exploration work is needed.Preliminary exploration work is still being prepared for in Nigeria's mineral resources. ➢The soda ash and glass industries need to recover. Due to the sustained negative impact of the real estatemarket, demand for float glass was weak in 2024 and difficult to stimulate, resulting in a year-on-year declineof 12.43% in the company's float glass sales. During the same period, demand for photovoltaic glassfluctuated, with the company's sales of this product increasing by 19.57% year-on-year. In 2024, market pricesfor both float and photovoltaic glass fluctuated and fell. Due to factors such aslarge-scale production capacityand weak demand in the industry, the price centres of soda ash and ammonium chloride both dec