Chengdu Wintrue Holding Co., Ltd. (Wintrue Holding) (002539)

Individual Stock Analysis Report | Industry: Agrochemical Products / Compound Fertilizer | Report Date: September 13, 2026 | Price and market data as of the close on September 11, 2026; complete technical indicators including moving averages, MACD, RSI and Bollinger Bands as of September 10, 2026; shareholder structure as of June 30, 2026. Differences in price adjustment and calculation methodologies exist across platforms.

This report is automatically compiled and generated by AI based on public information, for reference only, and does not constitute investment advice.

I. Core Summary

Wintrue Holding achieved operating revenue of approximately RMB 11.715 billion and net profit attributable to parent company of RMB 708 million in the first half of 2026, up 38.61% year-on-year, of which Q2 net profit attributable to parent company was RMB 405 million, up 57.34% year-on-year; however, net cash flow from operating activities was only RMB 208 million, down 75.73% year-on-year, and no cash dividend, no bonus shares, and no capital reserve conversion were distributed for the interim period. The company's performance growth mainly came from improved profitability in yellow phosphorus, iron phosphate and soda ash, while core phosphate compound fertilizer revenue was essentially flat with gross margin declining to 14.35%, as raw material price increases continued to pressure the main business.

With phosphate compound fertilizer as its core, the company has formed an industrial chain layout featuring coordinated development of phosphate compound fertilizer, phosphorus chemicals, new energy materials and combined-soda. The company possesses approximately 549 million tonnes of phosphate rock resource reserves, with designed phosphate rock mining capacity totaling 10.90 million tonnes/year, plus approximately 250 million tonnes of salt mine reserves, 700,000 tonnes of synthetic ammonia capacity, and iron phosphate and combined-soda businesses. Raw material self-sufficiency and integrated cost reduction are the medium-to-long-term growth logic. Phosphate rock projects such as Ajuluoga and Niuniuzhai East Section are still in construction or advancement stages, with specific commissioning timelines not yet clarified.

The profit structure shows clear divergence: in H1 2026, yellow phosphorus gross margin was 38.83%, iron phosphate gross margin was 17.83%, soda ash gross margin was 19.53%, while trading gross margin was only 2.71%; in 2025, phosphate compound fertilizer sales volume was 4.6017 million tonnes, up 10.10% year-on-year, but overall profitability remained affected by product prices, sulfur and other raw material prices, and chemicals sector prosperity. Sell-side forecasts for 2026 net profit attributable to parent company are mainly concentrated at approximately RMB 1.137 billion to RMB 1.389 billion, but historically the actual 2025 net profit attributable to parent company of RMB 827 million was below the previous institutional forecast average, and forecast results still need to be viewed with caution.

As of September 11, 2026, the company's stock closed at RMB 12.34, with a dynamic P/E ratio of approximately 14.55x; on that day it fell 6.30%, with turnover expanded to approximately RMB 281 million, and fell below MA5, MA10 and MA20 as of the previous trading day, approaching the Bollinger Band lower rail of RMB 12.31. Short-term technicals are weak, with RMB 12.28 to 12.40 being an important observation zone and RMB 12.90 to 13.10 being a rebound resistance zone; the stock's performance on that day was notably weaker than the SW Basic Chemicals sector.

II. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Phosphate compound fertilizer (core/cornerstone business): compound fertilizer, monoammonium phosphate. Compound fertilizer is used for agricultural cultivation; monoammonium phosphate is water-soluble and industrial-grade, used in agriculture, firefighting, and new energy
• Phosphorus chemicals: yellow phosphorus (production base in Leibo, Sichuan), used for thermal-process phosphoric acid and glyphosate
• New energy materials: iron phosphate (bases in Jingzhou, Hubei, and Yicheng under construction), used for lithium iron phosphate cathodes
• Combined-soda: soda ash (co-produced with ammonium chloride), ammonium chloride (prioritized for internal use in compound fertilizer, surplus sold externally), sodium nitrate/sodium nitrite, etc., with soda ash used for glass (float/photovoltaic/daily use); the 2026 interim report states the addition of nitrogen fertilizer (ammonium chloride and urea slurry solution, currently mainly for internal use)

2.3 Upstream and Downstream Position in the Industrial Chain and Cost-Profit Structure

With compound fertilizer as its core, the company carries out deep industrial chain development along the upstream raw materials nitrogen and phosphorus elements of compound fertilizer, and has built a complete industrial chain from upstream salt mines and phosphate rock resources to downstream nitrogen and phosphorus, forming an industrial pattern of coordinated development of phosphate compound fertilizer, phosphorus chemicals, new energy materials and combined-soda businesses (quoted from the 2025 annual report original text). The following organizes the industrial chain position and cost-profit structure information already disclosed in the research notes, in the order of upstream cost side and downstream customer side.

• Actual raw material composition of the phosphate compound fertilizer segment: The research notes list phosphate rock and sulfur; this content is marked in the notes as "("—the original text is interrupted at "sulfur (", and the subsequent raw material list and cost proportion data are missing from the notes, and cannot be presented completely
• Resource self-sufficiency layout (key resource barrier, as of the 2025 annual report disclosure date around April 2026): Three phosphate rock mines under the company—Leibo Niuniuzhai East Section, West Section and Ajuluoga—with total phosphate rock resource reserves of approximately 549 million tonnes, and total designed phosphate rock mining capacity of 10.90 million tonnes/year (of which 6.90 million tonnes under construction); sandstone mine (silica mine) resource reserves of approximately 19.577 million tonnes. Specifically: Niuniuzhai East Section has resources of approximately 181 million tonnes, has obtained a 4 million tonnes/year mining license, and has a 4 million tonnes/year mining and beneficiation project under construction; Ajuluoga has resources of approximately 139 million tonnes, has obtained a 2.9 million tonnes/year mining license, and commenced construction in March 2025; Niuniuzhai West Section has resources of approximately 229 million tonnes, with exploration-to-mining conversion in process; the associate company additionally holds 0.29 million tonnes of phosphate rock and 500,000 tonnes/year of mining capacity under construction (indirectly holding Mabian mining area interests through associate Shenglong Mining, 2026 interim report). Project progress (as of end-2025): Niuniuzhai East Section 4 million tonnes/year mining and beneficiation project at 30%, Ajuluoga 2.9 million tonnes/year project at 16%
• Salt mine resources: Reserves of approximately 250 million tonnes, mining scale of 2.5 million tonnes/year (controlling subsidiary Xiaogan Guangyan Huayuan, the "Salt Sea Ointment Capital" at 30 degrees north latitude)
• Nitrogen industrial chain: Yingcheng base 700,000 tonnes synthetic ammonia project has been completed and is operating at full capacity; downstream 475,900 tonnes of 95% concentration urea slurry solution commenced trial production in March 2026 (2026 interim report)
• Phosphorus chemicals capacity: Yellow phosphorus 60,000 tonnes/year, active lime 300,000 tonnes/year, slag micropowder 300,000 tonnes/year (Leibo, Sichuan)
• Combined-soda capacity: Soda ash/ammonium chloride 600,000 dual tonnes/year; sodium nitrate and sodium nitrite 100,000 tonnes; mixed molten salt 100,000 tonnes; edible salt 400,000 tonnes/year
• New energy materials capacity: Iron phosphate annual capacity of 50,000 tonnes, with 150,000 tonnes under construction; supporting upstream 150,000 tonnes refined phosphoric acid and 300,000 tonnes P2O5-equivalent wet-process phosphoric acid
• Phosphate compound fertilizer capacity (as of 2025 annual report disclosure date): Annual capacity exceeding 9.40 million tonnes; 16 phosphate compound fertilizer production companies, 10 high-tower granulation lines, over 40 fertilizer production lines (company official website). Monoammonium phosphate capacity of 430,000 tonnes/year (bases in Jingzhou and Yicheng, Hubei)
• Construction in progress (end-2025): Balance of RMB 5.498 billion, +196.74% from RMB 1.853 billion at end-2024; of which the Yingcheng "Salt Chemical Circular Industrial Chain Project" has a book value of RMB 4.122 billion, the largest construction-in-progress project
• Major investment agreements (scale and uncertainty to note): 2025-03-28 announcement of signing the "Wintrue Smart Green Chemical New Energy Materials Project" with the Guigang Municipal Government, with total investment of approximately RMB 15.9 billion, three-phase construction, including 1.2 million tonnes/year high-efficiency compound fertilizer, 2 million tonnes/year synthetic ammonia, 3 million tonnes/year urea, 300,000 tonnes/year iron phosphate, 150,000 tonnes/year lithium iron phosphate, etc.; 2021-12-27 announcement of the Yingcheng RMB 7.5 billion "Salt Chemical Circular Economy Industrial Chain Green Transformation and Product Structure Adjustment and Upgrade Project"; 2022-01 private placement plan to raise no more than RMB 2.5 billion, invested in the "Phosphate Rock Resource Comprehensive Utilization to Produce New Energy Materials and Slow/Controlled-Release Compound Fertilizer Linkage Project" with total investment of RMB 4.595 billion (350,000 tonnes battery-grade iron phosphate + 600,000 tonnes slow/controlled-release compound fertilizer)
• Company strategic direction: Further enhance raw material self-sufficiency rate, strengthen industrial synergy and scale effects (Securities Daily report, May 2026)
• Phosphate compound fertilizer downstream: Compound fertilizer is used for agricultural cultivation; monoammonium phosphate is water-soluble and industrial-grade, used in agriculture, firefighting, and new energy
• Phosphorus chemicals downstream: Yellow phosphorus is used for thermal-process phosphoric acid and glyphosate
• New energy materials downstream: Iron phosphate is used for lithium iron phosphate cathodes
• Combined-soda downstream: Soda ash is used for glass (float/photovoltaic/daily use); ammonium chloride is prioritized for internal use in compound fertilizer, with surplus sold externally
• Overseas marketing network: Malaysia base; self-built marketing networks in Vietnam, Thailand, and Malaysia
• Customer concentration (accounts receivable basis): As of June 30, 2025, 28.96% of the company's accounts receivable (December 31, 2024: 22.21%) originated from the top five customers by balance, and the company does not have significant credit concentration risk. This data source is the company's periodic report disclosure wording, on an accounts receivable basis rather than operating revenue basis; the research notes also contain a fragment "Total sales amount of top five customers (RMB) | 2,654,380,014.29", but the corresponding year is not marked and cannot be cross-verified; the latest annual report shall prevail
• Downstream industry structural bargaining dynamics: The research notes do not fully elaborate in the downstream section; this content is interrupted in the notes at "- Phosphate compound fertilizer: phosphate rock, sulfur (", and a complete description of downstream industry bargaining terms is not provided, with relevant analytical data missing
• Working capital occupation evidence: The specific signal available in the research notes is the accounts receivable concentration statement—as of June 30, 2025, 28.96% of the company's accounts receivable (December 31, 2024: 22.21%) originated from the top five customers by balance (disclosed in the company's 2025 semi-annual report). The research notes contain a fragment "Total sales amount of top five customers (RMB) | 2,654,380,014.29" but the corresponding year is not marked and cannot be cross-verified. In addition, specific data on working capital occupation such as accounts receivable turnover days and prepayment/accounts payable structure are not seen, and relevant data are missing from the notes.
• Customer concentration: As of June 30, 2025, 28.96% of the company's accounts receivable (December 31, 2024: 22.21%) originated from the top five customers by balance (source: company's 2025 semi-annual report, reproduced through equity/announcement channels). Note: This basis is the top five accounts receivable proportion rather than the top five customers' total operating revenue proportion, and is only a single-source citation that cannot be cross-verified; the latest annual report shall prevail. The research notes also contain a fragment "Total sales amount of top five customers (RMB) | 2,654,380,014.29", without marking the corresponding year, and cannot be cross-verified. Supplier concentration data are missing from the notes.

One-sentence positioning: Wintrue Holding is positioned in the mid-to-upstream portion of the smile curve—with compound fertilizer (phosphate compound fertilizer) as its cornerstone business, selling to the downstream agricultural cultivation end, while extending upward to upstream phosphate rock, salt mines, synthetic ammonia and other resources and raw material segments, belonging to a "resources + industrial chain integration" agrochemical processing enterprise, with significant gross margin differences across businesses (phosphorus chemicals and chemicals segment gross margins are relatively high, while trading and conventional compound fertilizer gross margins are low). The driving factors for further gross margin improvement, according to information disclosed in the research notes, include: enhanced raw material self-sufficiency (phosphate rock mining and beneficiation and synthetic ammonia project commissioning, total designed phosphate rock capacity of 10.90 million tonnes/year), product structure upgrading (new-type compound fertilizer and phosphate fertilizer gross margin of 15.05% higher than conventional compound fertilizer at 9.20%), improved phosphorus chemicals prosperity (H1 2026 yellow phosphorus gross margin rose to 38.83%, chemicals segment gross margin rose to 26.95%), and scale effects and industrial synergy. Note: The above judgments are based on the by-business gross margins and management statements already available in the research notes; the notes do not provide overall net margin and a continuous annual gross margin series, nor do they fully elaborate downstream bargaining terms analysis.

III. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

Data source: Company periodic reports and broker research reports cited in the research notes, including 2026 semi-annual report related research reports (Open Source Securities 2026-08-26, Huachuang Securities 2026-09-02), 2025 annual report (disclosed mid-April 2026), 2024 annual report (disclosed 2025-03-22), 2025 Q3 report (disclosed 2025-10-28). Note: 2026H1 operating revenue of RMB 11.715 billion is estimated by aggregating East Money main business composition analysis by industry data, not on an official consolidated revenue basis; 2026Q1 net profit attributable to parent has a basis discrepancy between RMB 303 million (back-calculated) and RMB 312 million (etnet/Huaxi Securities F10); 2026Q1 revenue YoY growth of +19.85% (etnet) and +2.45% (Huaxi Securities F10) are inconsistent; 2025 annual net profit attributable to parent of RMB 827 million, with etnet's basis including minority interests at RMB 846 million. Trend reading: 2025Q3 was the performance trough, 2025Q4 stabilized and rebounded, 2026Q1/Q2 continued sequential volume expansion, 2026H1 YoY +38.6%, a signal of an upward profit inflection point.

The latest periodic report is the 2026 semi-annual report, with H1 2026 net profit attributable to parent of RMB 708 million, YoY +38.6%; 2026Q2 single-quarter net profit attributable to parent of RMB 405 million, YoY +57.3%, QoQ +33.3%, with significant YoY and QoQ growth. 2026Q2 single-quarter revenue of approximately RMB 5.61 billion (estimated from H1), 2026Q1 revenue of RMB 6.102 billion, YoY +6.83%. Full-year 2025 revenue of RMB 21.400 billion, YoY +5.01%, net profit attributable to parent of RMB 827 million, YoY +2.81%, with stable performance. 2025Q3 was the performance trough (net profit attributable to parent YoY -23.9%), 2025Q4 stabilized and rebounded (net profit attributable to parent YoY +12.46%), 2026Q1/Q2 continued sequential volume expansion, 2026H1 YoY +38.6%, indicating an upward profit inflection point. 2024 revenue of RMB 20.381 billion, YoY -6.37%, net profit attributable to parent of RMB 804 million, YoY -9.80%, as the base period. Comprehensive gross margin of approximately 14.4% (2026H1 estimated), phosphate compound fertilizer gross margin 14.35%, yellow phosphorus 38.83%, soda ash 19.53%, trading only 2.71%. Note: 2026H1 revenue is an aggregation estimate of itemized data; 2026Q1 net profit attributable to parent has a basis discrepancy between RMB 303 million and RMB 312 million; 2026Q1 revenue YoY growth has an inconsistency between +19.85% and +2.45%.

3.2 Earnings Forecasts

Data source: Earnings forecasts from various broker research reports aggregated by platforms including Securities Star, CFi.cn, and Tonghuashun, including Open Source Securities (2026-08-26), Huachuang Securities (2026-09-02), Zhongtai Securities (2026-05-20), Huaxin Securities (2026-05-06 and 2026-04-20), Global Fortune (2026-05-02), Shenwan Hongyuan (2026-04-30), Guotai Haitong (2026-04-29), Guohai Securities (2026-04-29), Southwest Securities (2026-04-23), CITIC Construction Investment (2026-04-19), Guosen Securities (2026-04-16), CITIC Securities (2026-06-10), Founder Securities, etc. The consensus expectation is on the Tonghuashun iFinD basis, noting it is a snapshot at different points in time. Important calibration: 2025 actual net profit attributable to parent was only RMB 827 million, notably below the 2025 institutional forecast average of RMB 935 million (and individual forecasts of RMB 1.040 billion) for 2025, indicating systematic optimism among sell-side historically; 2026-2028 forecasts should be viewed with a discount. Northeast Securities' Yu Jie team's average forecast accuracy over the past three years is 72.75% (statistics from only one institution).

3.3 Valuation Levels and Institutional Ratings

Total shares of approximately 1.208 billion, tradable A-shares of approximately 890 million, total market capitalization fluctuating with stock price: April 23, 2026 (stock price RMB 14.22) total market capitalization of approximately RMB 17.174 billion, net assets per share of RMB 7.78 (Southwest Securities basis; Huaxi Securities F10 separately shows net assets per share of RMB 8.04). 52-week stock price range RMB 7.72–16.60 (as of April 2026, Southwest Securities basis). Stock price trajectory sporadically verifiable: 2025-03 approximately RMB 9.15 → 2025-10-23 approximately RMB 9.98 → 2026-04-23 approximately RMB 14.22 → 2026-08-26 approximately RMB 12.9 (back-calculated from Open Source Securities PE 11.2× 2026E EPS RMB 1.15) → 2026-09-02 approximately RMB 13.7 (back-calculated from Huachuang Securities PE 13× 2026E EPS approximately RMB 1.06). PE figures are all dynamic PE calculated by sell-side based on their own earnings forecasts, not TTM: Open Source Securities on 2026-08-26 assigned 2026/2027/2028 PE of 11.2/8.3/6.9x; Huachuang Securities on 2026-09-02 assigned 13/11/8x; Southwest Securities on 2026-04-23 assigned 18x 2026 PE (due to its calculation of approximately 29.84% CAGR in net profit attributable to parent over the next three years); Guotai Haitong on 2025-10-10 assigned 16.5x 2025 PE. PB estimated at approximately 1.7–1.8x based on September 2026 stock price of approximately RMB 13–14 and net assets per share of RMB 7.78–8.04 (subject to verification with latest net assets and real-time stock price). Uncertainties/data limitations: Current real-time stock price, total market capitalization, PE(TTM), and PB could not be obtained as authoritative snapshots as of a specific date; the approximately RMB 12.9 (2026-08-26) and approximately RMB 13.7 (2026-09-02) in the notes are both indirect values back-calculated from broker research report PE and EPS, not directly observed quotes, and errors may be significant; the RMB 18.00–18.80 target price cluster is concentrated in April-May 2026, with new research report target prices in August-September 2026 noticeably lowered (Huachuang RMB 15.84) or no longer given, and the consensus target price of RMB 18.35 is a lagged average that should not be directly treated as the current reasonable expectation.

IV. Recent News and Announcements

4.1 2026 Semi-Annual Report Disclosure (2026-08-25)

The company disclosed its 2026 semi-annual report on the evening of 2026-08-25. Operating revenue of RMB 11.715 billion, YoY +2.76% (prior year period RMB 11.400 billion); net profit attributable to parent of RMB 708 million, YoY +38.61% (prior year period RMB 511 million); non-GAAP net profit attributable to parent of RMB 608 million, YoY +22.96%; basic earnings per share of RMB 0.59 (YoY +37.21%); weighted average ROE of 7.29% (prior year period 5.70%). Net cash flow from operating activities of RMB 208 million, YoY -75.73% (operating cash flow per share RMB 0.17, YoY -75.73%). Total assets of RMB 28.772 billion (+4.34% from beginning of year); net assets attributable to parent of RMB 9.877 billion (+5.07%). Q2 single quarter: Revenue RMB 5.613 billion (YoY -1.32%, QoQ -8.0%); net profit attributable to parent RMB 405 million (YoY +57.34%, QoQ +33.27%); gross margin 16.66%. Interim distribution: No cash dividend, no bonus shares, no capital reserve conversion. Growth drivers: Yingcheng 700,000-tonne synthetic ammonia renovation and expansion project operating steadily driving soda ash cost reduction (soda ash revenue RMB 549 million, +69.79%, gross margin 19.53%, +7.21pct); yellow phosphorus prosperity upturn (revenue RMB 651 million, +5.09%, gross margin 38.83%, +18.96pct); iron phosphate volume, price and profit all rising (revenue RMB 389 million, +52.48%, gross margin 17.83%, +8.57pct); phosphate compound fertilizer RMB 7.215 billion essentially flat (gross margin 14.35%, -0.63pct, dragged by sulfur and other raw material price increases). Source: China Securities Journal·CS.com.cn (reproduced by East Money), China Fund News, Securities Star semi-annual report summary, National Business Daily (8/25 closing price RMB 12.88).

4.2 2026-09-05 Announcement (No. 2026-033): Participation in Sichuan Jurisdiction Investor Online Collective Reception Day and Semi-Annual Report Performance Briefing

The company announced participation in the "Sichuan Jurisdiction 2026 Investor Online Collective Reception Day and Semi-Annual Report Performance Briefing" event, scheduled for 2026-09-11 14:00-17:00 online. Source: Shanghai Securities News, East Money.

4.3 2026-09-11 Investor Relations Activity Record (No. 2026-009, Performance Briefing)

Core incremental information: Phosphate rock progress: Ajuluoga phosphate rock (2.9 million tonnes mining and beneficiation project under construction) shaft and tunnel engineering progress approximately 70%, surface engineering approximately 30%; Niuniuzhai East Section phosphate rock 4 million tonnes mining project under construction; commissioning time for each mine "needs to be comprehensively determined based on construction progress, trial production and safety acceptance", with no clear commissioning timeline given. Thermal-process/fine phosphorus chemicals: Hubei Jingzhou base 70,000 tonnes thermal-process phosphoric acid, Yicheng base 150,000 tonnes food-grade refined phosphoric acid (thermal process), 150,000 tonnes iron phosphate project "already in trial production"; Dechang base yellow phosphorus and iron phosphate projects are advancing pre-approval. Strategic positioning: Responding to "is expansion too fast" concerns, stated that investments are all centered around "resources + industrial chain", adhering to efficiency-first and orderly advancement; phosphate rock is the top priority. [Market value management/repurchase] Explicitly stated "as of now, the company has no share repurchase or cancellation plans", and will manage market value through steady operations, cash dividends, improved information disclosure quality, and strengthened investor relations. Attendees: Vice Chairman and President Song Rui, Chief Financial Officer Jiang Shuping, Board Secretary Chen Yin, Independent Director Hu Ning. Source: East Money announcement full text, Securities Star, 21st Century Business Herald.

4.4 2025 Annual Report and Summary Disclosure (2026-04-15, Announcement No. 2026-014)

Key points: As of disclosure date, phosphate compound fertilizer annual capacity exceeding 9.40 million tonnes; yellow phosphorus annual capacity of 60,000 tonnes; iron phosphate annual capacity of 50,000 tonnes with 150,000 tonnes under construction; synthetic ammonia 700,000 tonnes, soda ash/ammonium chloride 600,000 dual tonnes; total phosphate rock resource reserves of approximately 549 million tonnes, designed mining capacity of 10.90 million tonnes/year (of which Niuniuzhai East Section and Ajuluoga under construction total 6.90 million tonnes); salt mine reserves of approximately 250 million tonnes. Source: Shanghai Securities News.

4.5 2025 Annual Shareholders' Meeting Resolution Announcement (No. 2026-023, disclosed 2026-05-08; meeting held 2026-05-07)

Deliberated and passed 6 proposals including the 2025 Board of Directors work report, 2025 profit distribution plan, 2025 annual report and summary, reappointment of 2026 audit institution, director compensation plan, and revision of the raised funds management measures, all passed by high margins; related shareholders Mou Jiayun, Song Rui and persons acting in concert abstained from voting. Source: East Money, Shanghai Securities News.

4.6 Seventh Board of Directors First Meeting Resolution Announcement (2026-05-07)

The company held the seventh Board of Directors first meeting on 2026-05-07 and disclosed the resolution announcement. Source: Sina Finance announcement list.

4.7 2025 Annual Equity Distribution Implementation Announcement

The company disclosed the 2025 annual equity distribution implementation announcement; the specific cash amount per 10 shares was not obtained in detail, only the announcement title was seen. Source: Sina Finance announcement list.

4.8 Wholly-Owned Subsidiary Obtained Niuniuzhai West Section Phosphate Rock Real Estate Title Certificate (Mining Right) and Mining License

The wholly-owned subsidiary obtained the Niuniuzhai West Section phosphate rock real estate title certificate (mining right) and mining license, raising self-owned phosphate rock designed mining capacity from 6.90 million tonnes/year to 10.90 million tonnes/year (this is a key progress repeatedly cited in semi-annual reports and broker research reports). Source: Sina Finance announcement list.

4.9 Reminder Announcement on the Expiration of the Second, Third and Fourth Employee Stock Ownership Plans Six Months After the Duration Period

The company disclosed reminder announcements regarding the expiration of the second, third and fourth employee stock ownership plans six months after the duration period; the specific disposal arrangements upon expiration were not obtained in the main text figures, constituting incomplete information. Source: Sina Finance announcement list.

4.10 Announcements Related to Partial Share Pledge, Release of Pledge and Supplementary Pledge by Controlling Shareholder

The controlling shareholder (Mou Jiayun/Song Rui and persons acting in concert) disclosed announcements such as "partial share pledge and early release of pledge" and "partial share supplementary pledge", reflecting that the controlling shareholder has share pledge operations; specific pledged share numbers/ratios were not obtained in detail. Source: Sina Finance announcement list.

4.11 Progress Announcement on Company Providing Guarantees

The company disclosed a progress announcement on providing guarantees; specific guarantee amounts and other main text figures were not obtained. Source: Sina Finance announcement list.

4.12 2025-12-24 Shareholders' Meeting Notice: Extraordinary Shareholders' Meeting Scheduled for 2026-01-08

The company issued a shareholders' meeting notice, scheduling an extraordinary shareholders' meeting for 2026-01-08. Source: Huajin Securities.

4.13 Major Investment Agreement (2025-03-28 Announcement, Slightly Earlier in Time): Investment Cooperation Agreement Signed with Guangxi Guigang Municipal Government and Qintang District Government

The company signed the "Wintrue Smart Green Chemical New Energy Materials Project Investment Cooperation Agreement" with the Guangxi Guigang Municipal Government and Qintang District Government, planning to invest approximately RMB 15.9 billion in the Guigang Qintang Industrial Park, constructed in three phases (including 1.2 million tonnes/year high-efficiency compound fertilizer, 2 million tonnes/year synthetic ammonia, 3 million tonnes/year urea, 300,000 tonnes/year iron phosphate, 150,000 tonnes/year lithium iron phosphate, etc.). Note: This was disclosed in March 2025, not a new announcement this year, and is a framework investment agreement; whether/when full construction begins is subject to subsequent announcements. Source: Cailian Press individual stock page.

4.14 Questionable Information: "2026 H1 Earnings Preview" Statement in Interactive Easy Q&A Severely Inconsistent with Semi-Annual Report (Not Accepted, Questionable and Pending Verification)

In a Cninfo Interactive Easy Q&A (question date 2026-07-14), the company replied that it "has disclosed the 2026 H1 earnings preview, with 2026 H1 net profit attributable to parent expected to increase by 104.79%~180.24% year-on-year". However, the semi-annual report disclosed on 2026-08-25 showed actual net profit attributable to parent YoY of only +38.61%, a severe contradiction (if it were truly +104.79%~180.24%, corresponding net profit would be approximately RMB 1.05–1.43 billion, while actual was only RMB 708 million; and Q2 single-quarter YoY of +57.3% is also insufficient to support that preview range). This entry has only a single source, cannot be cross-verified, and clearly conflicts with the official semi-annual report; this note [does not accept] the preview figures, and recommends not citing them as fact in the report, or clearly marking them as "questionable, pending verification". Possible reasons: platform content mismatch/template misalignment, or the Q&A was not directed at the company's 2026H1. Original link: https://irm.cninfo.com.cn/ircs/question/questionDetail?questionId=2312912046933000192

4.15 Operating Data Comparison (For Continuity Verification Only, Single English Source)

2025 first three quarters (as of 2025-09-30) revenue RMB 15.870 billion, net profit RMB 675 million (prior year period RMB 15.697 billion/RMB 669 million). Source: MarketScreener/S&P Capital IQ (2025-10-27), single English source, recommend referring to the company's Q3 report original text.

4.16 Broker Views (Research Perspective, For Corroboration Only, Not Consensus)

Open Source Securities (2026-08-26, Buy) forecasts 2026-2028 net profit attributable to parent of RMB 1.389/1.879/2.271 billion; CITIC Construction Investment (2026-08-26) forecasts RMB 1.333/1.657/1.996 billion; Huachuang Securities (2026-09-01/02, Recommended) target price RMB 15.84, price at the time RMB 13.70. These are on different institutional bases, not consensus, and are explicitly forecast values.

4.17 Uncertainties and Limitations to Note

1) The above "earnings preview +104.79%~180.24%" severely conflicts with the semi-annual report +38.61%, has only a single source, cannot be accepted, and must be marked as questionable. 2) The specific cash amount per 10 shares for the 2025 annual dividend, the specific pledged share numbers/ratios of the controlling shareholder, and the disposal arrangements upon expiration of the employee stock ownership plans were only obtained as announcement titles, without main text figures, constituting "incomplete information". 3) The semi-annual report operating cash flow net amount YoY -75.73%, with interest-bearing liabilities rising from the beginning of the year (third-party compilation shows interest-bearing liabilities of approximately RMB 14.085 billion, YoY +34.27%) forming a contrast with high profit growth; this is a third-party compilation basis, recommend verifying with the annual report/semi-annual report original text. 4) The Guigang RMB 15.9 billion major project is a framework agreement disclosed in 2025, not a new announcement this period; the report should note the timing and "framework/phased" nature. 5) The "as of date" for this section is around September 11, 2026 (the latest visible event is that day's performance briefing minutes); whether there are any new announcements thereafter (such as Q3 earnings preview, new round of pledges/guarantees, etc.) could not be covered.

V. Stock Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

After rebounding in mid-to-late August 2026, Wintrue Holding reached a stage high in early September and shifted to weakening. On September 11, it closed at RMB 12.34, down 6.30% on the day, with turnover expanding from approximately RMB 144 million on September 10 to approximately RMB 281 million, exhibiting volume-expanded decline characteristics. The closing price has fallen below the MA5, MA10 and MA20 reference levels as of September 10, and approached the Bollinger lower rail of RMB 12.31; MACD was already in a weak state previously, but RSI6 as of September 10 had not yet entered the traditional oversold zone. Short-term focus should be on whether the RMB 12.28~12.40 zone can stabilize, and whether the rebound can reclaim the RMB 12.90~13.10 resistance zone. Complete main force fund data for September 11 has not been cross-verified, and no definitive numerical judgment is made.

5.3 Short-Term Outlook (Next Week, Scenario Projection, For Reference Only)

⚠️ Risk Warning: The following content is merely a subjective scenario projection based on September 11, 2026 closing data and prior technical indicators, does not constitute investment advice, and does not represent a deterministic prediction of future stock prices.

① Key Technical Levels

② Next Week Scenarios (Subjective Weights, Not Statistical Probabilities)

• Weak consolidation, attempting repair (relatively high subjective heuristic weight, approximately 50%; not a statistical probability or return forecast): Reference range of RMB 12.25~12.90. Trigger conditions include the stock price stabilizing near RMB 12.28~12.40, turnover falling back to approximately RMB 150~250 million, and no further continuous volume-expanded long bearish candles; if it reclaims above RMB 12.6, repair toward approximately RMB 12.90 can be observed. This scenario is constrained by continuous net outflow of main force funds over the past 7 trading days and the price not yet reclaiming MA5, MA10, MA20.
• Weak downward (moderate subjective heuristic weight, approximately 30%; not a statistical probability or return forecast): Reference range of RMB 11.90~12.25. Trigger conditions include an effective break below the RMB 12.28 area, and single-day turnover continuously exceeding approximately RMB 300 million, or the Basic Chemicals sector continuing to underperform the broader market; if the rebound consistently fails to return above RMB 12.7, it would also increase the possibility of further decline. This scenario corresponds to the risk of continued selling pressure release after the September 11 volume-expanded decline.
• Rebound strengthening (relatively low subjective heuristic weight, approximately 20%; not a statistical probability or return forecast): Reference range of RMB 12.90~13.40. Trigger conditions include the stock price first stabilizing near RMB 12.28~12.40, then volume-expanded recovery of RMB 12.7 and further standing above RMB 13.0~13.1, while main force funds shift from continuous net outflow to net inflow, and the Basic Chemicals sector repairs in tandem. Only by returning above MA20 and the Bollinger middle rail area with notably expanded turnover would it be closer to trend repair rather than a mere technical rebound.

③ Fund and Liquidity Background

As of September 11, 2026, turnover rate was 2.53%, turnover approximately RMB 281 million, volume approximately 225,199 lots. During August 28 to September 10, 2026, single-day turnover was approximately RMB 136~321 million, with turnover rate roughly 1.23%~2.63%; September 11 turnover was notably higher than September 10's approximately RMB 144 million, but had not yet reached the extreme turnover levels of over RMB 300~450 million on some trading days in late July to early August. Shareholder structure data as of June 30, 2026: Top ten shareholders collectively held 523 million shares, accounting for 43.34% of total shares; top ten tradable shareholders collectively held approximately 221 million shares, accounting for 24.83% of tradable shares. Song Rui and Mou Jiayun, two related natural persons, collectively held approximately 34.34%, and social security funds, public funds and other institutions also appeared among the top ten shareholders, but with relatively dispersed holding proportions. The number of shareholder accounts decreased from 45,927 as of March 31, 2026 to 43,517 as of June 30, 2026, a decrease of 5.25%. The above shareholder structure data has a quarterly lag and cannot directly represent the latest holding structure after September 11, 2026; the actual structure may have changed after the larger volatility on September 11. At the trading level, current turnover and turnover rate indicate liquidity at a moderate level, with volume-expanded decline indicating notably strengthened selling; if subsequent turnover shrinks and the price stabilizes near RMB 12.28~12.31, it may reflect a phased release of selling pressure; if turnover continues to expand during the decline, then attention should be paid to trend continuation after support failure.

Verifiable volume signals: If single-day turnover continuously exceeds RMB 320 million over the next several trading days and the close remains below RMB 12.3, it can be viewed as downward pressure not yet fully released; if turnover reaches approximately RMB 300 million or more and the stock price reclaims RMB 12.7~13.0, while main force funds turn to net inflow, it is closer to a rebound confirmation signal with absorption.

④ Points to Watch (Observation Ideas Only, Not Operational Instructions)

• Observe whether the RMB 12.28~12.40 zone can stabilize, focusing on whether volume-shrinking stabilization occurs; the above are observation ideas, not operational instructions.
• Observe whether the RMB 12.90~13.10 resistance zone can be reclaimed with volume; the above are observation ideas, not operational instructions.
• Observe whether single-day turnover continuously exceeds approximately RMB 320 million, and whether the price performance during volume expansion is rising or falling; the above are observation ideas, not operational instructions.
• Observe whether the continuous net outflow of main force funds ends, and whether the Basic Chemicals sector repairs in tandem; the above are observation ideas, not operational instructions.

The above scenario projections are based on September 11, 2026 closing data and historical prices and technical indicator calculations; short-term stock prices will also be affected by multiple factors including news, fund flows and the broader market environment; technical indicators themselves have lag and limitations, do not constitute a guarantee of actual future movements, and do not constitute buy or sell recommendations. Please make independent judgments based on the latest market information and bear investment risks yourself.

VI. Industry Landscape and Competitor Analysis

6.1 Industry Status

Industry section information in the research notes is limited, mainly focused on phosphate compound fertilizer industry rankings and market size: In 2025, the China Phosphate Compound Fertilizer Industry Association released annual production data, with Yuntianhua ranking first (Wintrue Holding's ranking is not clearly stated in the notes); the 2025 compound fertilizer market size is expected to exceed RMB 262.993 billion (source is an industry outlook analysis article). The company's industry classification is Agrochemical Products/Compound Fertilizer (Basic Chemicals—Agrochemical Products—Compound Fertilizer). The research notes do not provide a complete industry landscape, competitive dynamics and policy description, and relevant analytical data are missing.

6.2 Competitive Landscape

• In 2025, the China Phosphate Compound Fertilizer Industry Association released 2025 annual production data, with Yuntianhua ranking first (source: China Phosphate Compound Fertilizer Industry Association, reproduced by ChemNet, Toutiao, etc.)
• 2025 national phosphate compound fertilizer industry ranking big data released (source: China Phosphate Compound Fertilizer Industry Association related reports), with Wintrue Holding's specific ranking position not clearly listed in the notes
• 2025 compound fertilizer market outlook analysis: China's compound fertilizer market size will exceed RMB 262.993 billion (source: industry research article)
• The company's industrial chain integration layout (phosphate rock resource reserves of approximately 549 million tonnes, total designed phosphate rock mining capacity of 10.90 million tonnes/year, salt mine reserves of approximately 250 million tonnes, 700,000 tonnes synthetic ammonia, etc.) constitutes its resource barrier in industry competition

6.3 Main Competitors

The research notes do not provide direct comparison data between Wintrue Holding and peer companies (such as Yuntianhua) in dimensions including revenue scale, gross margin, capacity, and resource reserves, and therefore quantitative peer comparison conclusions cannot be formed. Only industry ranking information (Yuntianhua ranked first, Wintrue Holding's specific position not clear) and Wintrue Holding's own production/sales, capacity and resource data are available for comparison in the notes. Data required for peer comparison analysis are missing from the notes.

VII. Risk Warnings

• Phosphate compound fertilizer remains the company's core business, but in H1 2026 phosphate compound fertilizer revenue was essentially flat with gross margin declining to 14.35%, and sulfur and other raw material price increases have already dragged on profitability; if raw material prices continue to rise while product price pass-through is insufficient, core business profit may come under pressure.
• The profitability improvement in yellow phosphorus, soda ash and iron phosphate contributed significantly to the company's H1 profit growth, but these businesses are respectively affected by the prosperity of yellow phosphorus, soda ash and new energy materials; if related product prices or price spreads decline, current profit growth may slow.
• The company has substantial phosphate rock resource reserves, but the Ajuluoga 2.9 million tonnes mining and beneficiation project and Niuniuzhai East Section 4 million tonnes mining and beneficiation project are still under construction, and the performance briefing did not give a clear commissioning timeline; project construction, safety acceptance or trial production progress falling short of expectations may delay the realization of raw material self-sufficiency and cost improvement.
• The company's construction-in-progress balance as of end-2025 was RMB 5.498 billion, a significant year-on-year increase, with the Yingcheng Salt Chemical Circular Industrial Chain Project book value at RMB 4.122 billion; meanwhile the Guigang approximately RMB 15.9 billion project is a framework investment agreement. If project construction progress, funding arrangements or capacity absorption fall short of expectations, it may increase capital expenditure, financing and asset operation pressure.
• H1 2026 net cash flow from operating activities was RMB 208 million, down 75.73% year-on-year, forming a contrast with the 38.61% year-on-year increase in net profit attributable to parent; if profit growth cannot be converted into operating cash flow in tandem, it may constrain project construction and working capital arrangements.
• The company's controlling shareholder and persons acting in concert have announcements of partial share pledges, release of pledges and supplementary pledges, but specific pledged share numbers and ratios were not fully obtained; if the stock price continues to decline, related pledge arrangements may bring additional shareholder-level liquidity and market expectation risks.
• As of September 11, 2026, the stock price fell 6.30% in a single day, with turnover expanding to approximately RMB 281 million, having fallen below the previous trading day's MA5, MA10 and MA20, and with continuous net outflow of main force funds in the recent period; if the RMB 12.28 to 12.40 zone fails and is accompanied by continued turnover expansion, short-term downward pressure may continue.
• Institutional earnings forecasts have a wide range, with 2026 net profit attributable to parent forecast at approximately RMB 1.137 billion to RMB 1.389 billion, and 2025 actual net profit attributable to parent below the previous institutional forecast average; if project delivery, product prices or profit repair fall short of expectations, market valuation and performance expectations may face downward revision.

VIII. Conclusion and Outlook

The company's core operating logic is shifting from traditional compound fertilizer scale expansion to "resources + industrial chain" integrated cost reduction and multi-business synergy. In H1 2026, the stable operation of the synthetic ammonia project drove soda ash cost reduction, yellow phosphorus prosperity improved, and iron phosphate volume, price and profit all rose, driving profit growth notably higher than revenue growth; if phosphate rock mining and beneficiation, thermal-process phosphoric acid and iron phosphate projects advance as planned, enhanced raw material self-sufficiency and product structure optimization are expected