2025 annual reports show that companies with captive phosphate rock (BATIAN, Chuanjinnuo, Xingfa) posted profit growth of 122%-158%, while those relying on purchased raw materials (LiuGuo Chemical lost RMB 456 million, Lubei Chemical profit fell 85%) struggled. The pattern of "who owns mines, owns profits" is entrenched.

This week (March 13, 2026–March 19, 2026), multiple enterprises in the solid-state battery sector were active: Dali Times commenced construction of a 2 GWh specialized semi-solid-state battery base; EVE’s Longquan Phase III/IV all-solid-state batteries rolled off the line in Chengdu; Chery released its 600 Wh/kg Rhino all-solid-state battery technology。

[Phosphorus Chemicals: CNNC Titanium Dioxide Plans to Terminate 500,000 mt Iron Phosphate Project] On June 2, 2025, CNNC Titanium Dioxide (stock code: 002145) announced its plan to terminate its "Water-Soluble Monoammonium Phosphate (Water-Soluble Fertilizer) Resource Recycling Project" and the "500,000 mt/year Iron Phosphate Project." The remaining 1.666 billion yuan of raised funds will be permanently used to supplement working capital, supporting the company's daily production, operation, and business expansion. Currently, the company's production layout is as follows: 550,000 mt/year capacity for rutile titanium dioxide, 100,000 mt/year capacity for iron phosphate, 500,000 mt/year capacity for phosphate ore, and 120,000 mt/year capacity for yellow phosphorus.

CNNC Hua Yuan Titanium Dioxide: 2024 Net Profit Up 34.84% YoY, Titanium Dioxide Sales Up 33.44% YoY. The 2024 annual report of CNNC Hua Yuan Titanium Dioxide showed that the company's operating revenue in 2024 was 6.875 billion yuan, up 38.98% YoY. The company's main revenue sources were titanium dioxide, phosphate ore, yellow phosphorus, and iron phosphate. Among them, the sales volume of titanium dioxide in 2024 was 428,400 mt, up 33.44% YoY, achieving operating revenue of 5.837 billion yuan. The sales volume of phosphate ore was 498,200 mt, including 258,600 mt for exports, achieving operating revenue of 206 million yuan.

In recent years, the prices of industrial-grade monoammonium phosphate and wet-process purified phosphoric acid have fluctuated, but their price trends have gradually converged.

[Phosphate ore: Yuntu Holdings has three phosphate ore deposits with a reserve of 549 million tons] On May 21, Yuntu Holdings (002539) issued an investor relations activity record sheet introducing phosphate ore resources: the company has three phosphate ore deposits in Leibo, Sichuan Province, with a reserve of about 549 million tons of phosphate ore. Among them, the reserve of the phosphorus mine in the east section of Niuniuzhai is about 181 million tons, and the mining right certificate has been obtained. The construction of a 4 million tons/year mining engineering project is underway; the reserves of phosphorus mines in the west section of Niuniuzhai and Aguluoja phosphorus mines are about 229 million tons and 139 million tons respectively. The prospecting right certificate has been obtained, and the review and record-filing procedures for the reserve of phosphorus ore resources have been completed. The relevant procedures for the "exploration to mining" of Aguluoja phosphorus mine are being promoted in an orderly manner. In the future, after the phosphate ore is put into production and reaches its full capacity, it will fully meet the production demand for yellow phosphorus, iron phosphate, phosphorus fertilizer and other products, achieve self-sufficiency in phosphate ore, and effectively reduce production costs.