Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 8 Sep 2025 环球富盛理财有限公司 中化化肥 Sinofert Holdings (0297.HK) 25H1 归母净利润同比增长 5.04%， 钾肥量利贡献提升 25H1 Profit +5.04% YoY & Potash quantity and profit increased 最新动态 [Table_header2] ➢ 25H1 基础业务分部利润总额同比+53%。公司基础业务主要通过强化货源保障能力，满足市场多元化 需求，提高生物肥料占比，25H1 销售均价同比+12%。1）钾肥：扩大供应商合作体系，与新的国际 供应商完成首批次合作；加快生物钾肥研产销一体化，丰富产品体系，25H1 实现销量 2.87 万吨，同 比+91%。2）磷化：强化战略集采能力，获取优势稳定货源，集采率 93%；同时加大创新转化力度， 生物磷肥 25H1 销量达到 20 万吨，同比+36%。 ➢ 25H1 成长业务分部利润总额同比+5.4%。公司成长业务主要是持续打造生物 ...

AI基金易方达港股通红利混合A（005583）披露2025年半年报，上半年基金利润2.31亿元，加权平均基金份额本期利润0.0826元。报告期内，基金净值增长 率为10.82%，截至上半年末，基金规模为26.56亿元。 该基金属于灵活配置型基金。截至9月5日，单位净值为0.872元。基金经理是唐博伦。 基金管理人在半年报中表示，相较于去年，今年以来港股市场出现了几个变化： 第一，年初至今高股息指数跑输宽基指数。一方面，表现较好的AI、生物 医药相关板块在高股息和价值板块中敞口较小；另一方面，部分传统股息板块经过过去两年的上涨，估值吸引力下降，出现滞涨情况。 第二，区别于往 年，高股息指数内部出现了巨大的分化，部分板块表现优劣排序为：银行、多品类零售、电信、公用事业。 第三，港股市场增量资金在一季度快速流入后 逐渐放缓，而IPO和配售等融资金额在一季度后出现加速。新股和配售市场异常火爆。 向前展望，我们认为，若市场因为资金流入放缓叠加融资加速陷入焦灼，滞涨的高股息板块可能出现超额机会。在股息类资产内部，我们相对看好滞涨的公 用事业等板块，它们不仅估值相对较低，且处在资本开支下行周期中，自由现金流呈现改善状态，存 ...

香港联交所最新资料显示，8月29日，首席执行官兼执行董事王铁林增持中化化肥(00297)45万股，每股 作价1.4222港元，总金额约为64万港元。增持后最新持股数目为125万股，最新持股比例为0.02%。 ...

智通财经APP获悉，香港联交所最新资料显示，8月29日，首席执行官兼执行董事王铁林增持中化化肥 (00297)45万股，每股作价1.4222港元，总金额约为64万港元。增持后最新持股数目为125万股，最新持 股比例为0.02%。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中化化肥控股有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00297 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 80,000,000,000 | HKD | | 0.1 | HKD | | 8,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 80,000,000,000 | HKD | | 0.1 | HKD | | 8,000,000,000 | | 2. ...

格隆汇9月3日丨根据联交所最新权益披露资料显示，2025年8月28日-8月29日，中化化肥(00297.HK)获执行董事兼首席执行官王铁林在场内以每股均价 1.3933-1.4222港元合计增持75万股，涉资约105.8万港元。 增持后，王铁林最新持股数目为125万股，持股比例上升至0.02%。 | 表格序號 | | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 相 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 博 | 原因 | 股份數目 | | | ( 請參閱上述 * 註 | 有投票權股 (日 / 月 / 年) | | | | | | | | 猫 | 份自分比 | | | | | | | | | ( %) | | DA20250901E00309 | 王鏡林 | 1101(L) | | 450.000(L | HKD 1.4222 | 1,250,000(L) | 0.02(L)29/08/2025 | | DA20250901E00297 ...

Core Viewpoint - The company reported a revenue increase of 7.56% year-on-year for the first half of 2025, reaching 14.715 billion yuan, with a net profit growth of 5.04% to 1.104 billion yuan, driven by strong performance in its core business segments [1][2] Group 1: Financial Performance - Revenue for the core business segment was 10.107 billion yuan, up 29.9% year-on-year, contributing a profit of 719 million yuan, which is a 53.3% increase, mainly due to optimized strategic procurement and diversified purchasing channels [1] - The growth business segment generated revenue of 7.753 billion yuan, a 4.4% increase year-on-year, with a profit contribution of 420 million yuan, reflecting a 5.4% rise, driven by increased sales of differentiated compound fertilizers, particularly the "Bio+" high-end products, which saw a 51% year-on-year sales increase [1] - The production business segment reported revenue of 3.202 billion yuan, an 8.4% increase year-on-year, but profit decreased by 15.6% to 301 million yuan, primarily due to rising raw material prices and a decline in urea market prices [1] Group 2: Product Strategy and Development - The company implemented a premium differentiated product strategy, achieving total sales of 4.74 million tons, a 1.72% increase year-on-year, with differentiated product sales reaching 1.5 million tons, up 13.64% [2] - In terms of "Bio+" research and development, the company established a new biological technology research model, with three core biotechnologies reaching the application stage, and launched new biological fertilizers "Zhi Yang" and "Huan Feng" [2] - The conversion of research achievements reached 1.01 million tons, with high-end product conversion volume increasing by 59% year-on-year [2] Group 3: Investment Outlook - The company is expected to achieve net profits of 1.35 billion yuan, 1.48 billion yuan, and 1.6 billion yuan for 2025, 2026, and 2027 respectively, corresponding to price-to-earnings ratios of 6.6, 6.1, and 5.6 times [2] - The company is characterized as a high-dividend state-owned enterprise, with improvements in product structure enhancing profitability and the "Bio+" strategy accelerating implementation, supported by rich phosphate reserves, indicating promising future growth [2]

Core Viewpoint - The company achieved a revenue of 14.72 billion RMB in the first half of 2025, reflecting a year-on-year growth of 7.6%, with a net profit of 1.1 billion RMB, also showing a 5.0% increase, meeting expectations [1][3]. Financial Performance - In the first half of 2025, the company reported a revenue of 14.72 billion RMB, a 7.6% increase year-on-year, and a net profit of 1.1 billion RMB, which is a 5.0% increase year-on-year [1]. - Earnings per share reached 0.15 RMB, marking a 5.0% year-on-year growth [1]. Business Segments - The company's core business segments achieved significant growth, with revenues from basic, growth, and production businesses reaching 7.56 billion, 5.86 billion, and 1.3 billion RMB respectively, reflecting year-on-year growth rates of 9.9%, 5.4%, and 4.2% [2]. - The basic business, which includes strategic procurement of potassium, phosphorus, and sulfur fertilizers, played a crucial role in stabilizing domestic agricultural supply and prices [2]. - The growth business, focusing on bio-composite fertilizers and specialty fertilizers, saw a 51% increase in high-end fertilizer sales, with notable core products gaining brand influence [2]. Future Outlook - The company expects net profits to reach 1.23 billion, 1.41 billion, and 1.59 billion RMB for the years 2025 to 2027, representing year-on-year growth rates of 16.2%, 14.7%, and 12.1% respectively [3]. - The upward revision of performance forecasts is attributed to rising domestic potassium prices and sustained high growth in bio-fertilizers [3]. - The target price has been raised to 1.8 HKD, corresponding to an 8.2 times forecasted price-to-earnings ratio for 2026, indicating a potential upside of 29% from the current price [3].

| 年 月 市场数据：2025 8 | 27 日（HKD） | | --- | --- | | 收盘价（元）： | 1.390 | | 年内最高/最低（元）： | 1.530/0.910 | | 流通A股/总股本（亿）： | 70.24/70.24 | | 流通 A 股市值（亿）： | 97.64 | | 总市值（亿）： | 97.64 | | 基础数据：（HKD） | | | --- | --- | | 基本每股收益(元)： | 0.17 | | 摊薄每股收益(元)： | 0.17 | | 每股净资产(元)： | 1.73 | | 净资产收益率(%)： | 10.27 | 资料来源：同花顺 iFinD 李旋坤 执业登记编码：S0760523110004 邮箱：lixuankun@sxzq.com 王金源 执业登记编码：S0760525080001 邮箱：wangjinyuan@sxzq.com 中化化肥（00297.HK） 买入-A(维持) 营收与盈利双升，差异化产品结构优化 2025 年 8 月 28 日 公司研究/公司快报 事件描述 8 月 25 日，公司发布《2025 半年度报告》，2025H1 实现 ...

业绩向好，生物肥料快速增长 2025 上半年中化化肥实现营业收入 147.2 亿元（人民币，下同，列明除外），同 比增长 7.6%，归母净利润 11.0 亿元，同比增长 5.0%。每股盈利 0.15 元，同比 增长 5.0%。业绩符合预期。考虑同业估值水平及公司业务前景，提升目标价至 1.8 港元，对应 26 年的 8.2 倍预测市盈率，距离现价有 29%上涨空间，买入评级。 报告摘要 业绩符合预期。2025 上半年中化化肥实现营业收入 147.2 亿元，同比增长 7.6%， 归母净利润 11.0 亿元，同比增长 5.0%。每股盈利 0.15 元，同比增长 5.0%。 上半年各项业务取得高质量发展。2025 上半年公司的基础业务、成长业务、生产 业务收入达到 75.6/58.6/13.0 亿元，同比增长 9.9%/5.4%/4.2%。公司的基础业务 主要包括战略集采钾肥、磷肥与硫磺的国内分销业务以及出口贸易业务，在国内 农资保供稳价方面发挥积极作用。上半年，国内钾肥价格快速上涨，公司认真落 实钾肥储备投放要求，同时抓住市场机会，提升量利贡献。成长业务主要包括生 物复合肥料、特种肥料的研、产、销一体化运营业务， ...