[Table_Title] 研究报告 Research Report 8 May 2025 米高集团 Migao Group (9879 HK) 中国钾肥领先企业，积极拓展海外市场 The leading potash fertilizer enterprise in China, actively expanding overseas markets 孙小涵 Xiaohan Sun xh.sun@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国 际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证 券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appendix for English translati ...

Revenue and Profitability - Revenue for the six months ended September 30, 2024, was approximately RMB 2,128.2 million, a 69.2% increase from RMB 1,255.7 million in the same period of 2023[72]. - Profit for the period increased by approximately 23.0% to RMB 75.3 million, compared to RMB 61.3 million in the prior year[91]. - The overall sales volume of the Group's products increased by approximately 87.9% from about 552,000 tons in the six months of FY2024 to approximately 1,037,000 tons in FY2025[92]. - Sales of potassium chloride (KCL) reached RMB 1,911,006 thousand, a significant increase of 91.4% compared to RMB 998,593 thousand in the previous year[101]. - The cost of goods sold for 6MFY2025 was approximately RMB 1,943.7 million, reflecting an increase of approximately 80.1% from RMB 1,079.3 million in 6MFY2024[106]. - Gross profit for 6MFY2025 was approximately RMB 184.6 million, with a gross margin decrease to approximately 8.7% from 14.0% in 6MFY2024[104]. - The Group's total comprehensive income for the period was RMB 77.4 million, compared to RMB 54.8 million in the previous year, marking an increase of approximately 41.2%[72]. Expenses and Financial Performance - General and administrative expenses rose to RMB 63.1 million from RMB 48.5 million, an increase of approximately 30.2%[72]. - Finance costs increased to RMB 10.8 million from RMB 9.6 million, representing a rise of approximately 12.4%[72]. - The Group's income tax expenses increased by approximately 8.0% from approximately RMB 15.4 million in 6MFY2024 to approximately RMB 16.6 million in 6MFY2025[125]. - The Group's research and development expenses remained stable at approximately RMB 16.8 million in 6MFY2025, compared to RMB 16.9 million in 6MFY2024[108]. Assets and Liabilities - As of September 30, 2024, the Group had trade receivables totaling approximately RMB 96,203,000, a decrease from RMB 412,307,000 as of March 31, 2024[23]. - The Group's total liabilities included trade payables of RMB 117,069,000 as of September 30, 2024, compared to RMB 129,991,000 as of March 31, 2024[42]. - The Group's current assets amounted to approximately RMB 3,487.8 million, with a current ratio of 2.3[125]. - The Group's total bank balances and cash decreased from approximately RMB 812.3 million as of March 31, 2024, to approximately RMB 158.4 million as of September 30, 2024[125]. - The Group's borrowings decreased to approximately RMB 385.4 million as of September 30, 2024, down from RMB 545.2 million as of March 31, 2024[125]. - As of September 30, 2024, the Group's gearing ratio was approximately 15.4%, down from 22.3% on March 31, 2024, due to debt repayment and an increase in total equity attributable to the Company's owners[129]. Investments and Capital Expenditures - The Group incurred approximately RMB 34,476,000 on the addition of plant and equipment to expand and upgrade production plants in the PRC during the six months ended September 30, 2024[20]. - The Group invested US$42,000,000 (approximately RMB 298,330,000) in three unlisted investment funds for short-term investment purposes, recognizing a fair value gain of approximately RMB 6,334,000 during the six months ended September 30, 2024[25]. - For the six months ended September 30, 2024, the Group's capital expenditures were approximately RMB 97.3 million, primarily for the construction and development of a warehousing and production center in Heilongjiang Province, PRC[129]. - The Group's net proceeds allocation includes HK$360,975,000 (45.2%) for the construction of the Heilongjiang Warehousing and Production Centre, with HK$84,397,000 utilized so far[179]. Strategic Plans and Market Position - The Group aims to enhance its market share in the potash market by expanding its customer base and securing stable supply channels from major overseas producers[95]. - Strategic investments in new facilities and technologies are expected to improve supply capacity and meet rising global demand for high-efficiency fertilizers[96]. - The Group plans to establish a subsidiary in Vietnam to operate a production facility, currently securing local approvals[99]. - The Group plans to establish a subsidiary in Vietnam to meet emerging market demands, with a memorandum of understanding signed for leasing space in Phu My II Expansion Industrial Park[119]. - The Group continues to explore different investment opportunities focused on enhancing production capacity and operational efficiency[129]. Shareholder and Governance Matters - The Group declared a final dividend of RMB 0.061 per share for the year ended March 31, 2024, totaling RMB 55,445,000, which was paid in October 2024[13]. - No interim dividend was declared for 6MFY2025, consistent with 6MFY2024, which also had no dividend declared[164]. - The Audit Committee confirmed compliance with applicable accounting principles and standards for the unaudited interim results of 6MFY2025[172]. - The Company has complied with the Corporate Governance Code, except for the deviation from code provision C.2.1 regarding the roles of Chairman and CEO[166]. - The Board will continue to review and monitor corporate governance practices to maintain high standards[166]. Employee and Operational Metrics - As of September 30, 2024, the Group had a total of 440 employees, with total staff costs for the first half of FY2025 amounting to approximately RMB 31.2 million, a 15.2% increase from approximately RMB 27.1 million in the same period of FY2024[183][195]. - The Group's share of results from a joint venture decreased by approximately 50.0%, reducing the loss from RMB 6.9 million in 6MFY2024 to RMB 3.5 million in 6MFY2025[108].

Financial Performance - For the six months ended September 30, 2024, total revenue was approximately RMB 2,128.2 million, a year-on-year increase of about 69.5% compared to RMB 1,255.7 million for the same period in 2023[3]. - Profit for the six months ended September 30, 2024, was approximately RMB 75.3 million, representing a year-on-year increase of about 23.0% from RMB 61.3 million in 2023[3]. - Basic earnings per share for the six months ended September 30, 2024, was approximately RMB 0.089, a decrease of about 5.3% compared to RMB 0.094 in the same period of 2023[3]. - Total comprehensive income for the period was RMB 77.4 million, compared to RMB 54.8 million in the previous year, reflecting an increase of approximately 41.2%[6]. - Gross profit for the six months ended September 30, 2024, was RMB 184.6 million, slightly up from RMB 176.4 million in 2023[5]. - The group reported revenue of RMB 2,128,223,000 for the six months ended September 30, 2024, an increase from RMB 1,255,747,000 for the same period in 2023, representing a growth of approximately 69.2%[23]. - The group recognized revenue from production services amounting to RMB 2,126,908,000, compared to RMB 1,255,334,000 in the prior period, reflecting a growth of approximately 69.2%[25]. - The net profit for the six months ended September 30, 2024, was approximately RMB 75.3 million, a 23.0% increase from RMB 61.3 million in the previous year[68]. Revenue Sources - Potassium chloride sales contributed RMB 1,911,006,000 to the revenue, significantly up from RMB 998,593,000 in the previous year, marking an increase of about 91.2%[23]. - Potassium chloride and potassium sulfate sales accounted for approximately 89.8% and 9.1% of the total revenue, respectively[53]. Expenses and Liabilities - The group incurred a total tax expense of RMB 20,755,000 for the current period, compared to RMB 18,018,000 for the same period last year, indicating an increase of about 9.6%[28]. - The group’s interest expense on borrowings increased to RMB 10,709,000 for the current period from RMB 6,780,000 in the previous period, representing a rise of approximately 57.0%[27]. - The cost of goods sold for the six months ended September 30, 2024, was approximately RMB 1,943.7 million, an increase of about 80.1% from RMB 1,079.3 million in the previous year[54]. - Gross profit increased slightly from approximately RMB 176.4 million in 2023 to about RMB 184.6 million in 2024, but the overall gross margin decreased from about 14.0% to 8.7%[56]. Assets and Equity - Total assets as of September 30, 2024, were RMB 3,487.8 million, a decrease from RMB 3,860.5 million as of March 31, 2024[10]. - The company's equity attributable to owners was RMB 2,507.8 million as of September 30, 2024, compared to RMB 2,448.3 million as of March 31, 2024[11]. - Trade receivables as of September 30, 2024, amounted to RMB 172,586,000, up from RMB 159,074,000 as of March 31, 2024, indicating a growth of approximately 8.9%[40]. - The company’s total receivables, including trade and other receivables, reached RMB 2,605,435,000 as of September 30, 2024, compared to RMB 2,438,002,000 as of March 31, 2024, marking an increase of approximately 6.9%[40]. Investments and Capital Expenditures - The company invested USD 42,000,000 (approximately RMB 298,330,000) in three non-listed investment funds, with a fair value gain of approximately RMB 6,334,000 recognized in profit or loss for the six months ended September 30, 2024[44]. - Capital expenditures for the six months ended September 30, 2024, were approximately RMB 97.3 million, primarily for the construction of a storage and production center in Heilongjiang Province, China[72]. Market Position and Strategy - The company continues to focus on the production and trade of specialty potassium fertilizers in China, indicating ongoing commitment to its core business[14]. - The company continues to strengthen its position as a leading potassium fertilizer enterprise in China, leveraging over 20 years of operational experience in the industry[49]. - The group plans to establish a subsidiary in Vietnam to operate production facilities, aiming to meet the growing demand in emerging markets[50]. Employee and Governance - Employee costs for the first half of the 2025 fiscal year totaled approximately RMB 31.2 million, compared to RMB 27.1 million in the same period of the previous fiscal year[83]. - The company has 440 employees as of September 30, 2024, showing a slight decrease from 441 employees as of March 31, 2024[83]. - The company has adopted corporate governance practices to ensure transparency and accountability to shareholders[86]. - The board of directors is composed of experienced individuals, ensuring a balance of power and responsibilities within the board[90]. Risks and Compliance - The company faces foreign exchange risks due to holding cash and financial assets in USD and HKD, with no current hedging policy in place[76]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results for the six months of the 2025 fiscal year, ensuring compliance with applicable accounting principles[90]. - The company has confirmed that all directors are aware of and committed to their fiduciary duties[90].

报告摘要 米高集团是中国钾肥龙头。公司的主要产品是氯化钾与硫酸钾，分别占 24 财年收 入比重的 83%和 12%。受氯化钾价格下跌影响，24 财年公司业绩有所下滑。收入 达到 37.7 亿，同比下降 16%，归母净利润 2.5 亿，同比下降 31%。我们认为米高 集团拥有优质的客户资源，成长空间大，未来三年销量增速将保持 15%左右增长。 公司在中国黑龙江省、吉林省、贵州省以及广东省建立了 6 个生产基地，地理位置 优越，均位于中国主要种植区，毗邻主要客户，拥有便捷的交通网络。公司与主要 客户如北大荒、贵州烟草建立战略关系，其他客户如呼伦贝尔农垦、安徽辉隆，均 保持超过 10 年的业务合作关系。 中国钾肥依赖进口，米高拥有稀缺的钾肥进口权。全球钾肥市场寡头垄断，格局长 期稳定，供需错配明显。根据 USGS（美国地质调查局）的资料，于 2022 年，加 拿大、俄罗斯、白俄罗斯三个国家的钾盐储量占全球储量的 60%以上。我国是钾肥 主要消费国，但钾盐资源相对匮乏，50%的钾肥需求高度依赖进口。米高集团于中 国运营钾肥业务超过 20 年，建立了全方位的氯化钾采购渠道，可以以具竞争力的价 格，从境外主要钾肥生产商处 ...