Core Viewpoint - The discussion around the potassium fertilizer industry highlights the opportunities and challenges faced by Chinese companies venturing abroad, particularly in Laos, amidst rising prices and supply constraints due to geopolitical factors [1][2][3]. Group 1: Industry Dynamics - Recent geopolitical events, including Belarus's proposal to cut potassium fertilizer production by 10% and disruptions at Canadian ports, have led to a significant increase in potassium fertilizer prices, with a rise of over 200 RMB/ton in the domestic market [1][2]. - Analysts predict that the global potassium fertilizer price could increase by approximately 30%, from $280-$290/ton to $370-$380/ton, due to the expected reduction in supply from major producers [2]. - The potassium fertilizer market is characterized by high concentration, with Canada, Belarus, and Russia holding 76% of the global recoverable reserves, which poses supply risks if any of these countries face production issues [3][4]. Group 2: Demand Outlook - Global demand for potassium fertilizer is projected to reach 75 million tons by 2025, driven by increased agricultural production in major countries like China, India, and Indonesia [3][4]. - Climate change is anticipated to significantly impact agricultural practices and fertilizer usage, with a 55% chance of transitioning to a La Niña phenomenon, which could enhance rainfall and agricultural activities [3]. Group 3: Opportunities in Laos - Laos is emerging as a key player in the global potassium fertilizer market, supported by its rich potassium salt resources and favorable geographical proximity to China [4][5]. - The Lao government is actively encouraging foreign investment in resource development, which bodes well for Chinese companies like Yaqi International to expand their operations in the region [5][6]. - Yaqi International has rapidly scaled its production capacity from 250,000 tons/year to nearly 2 million tons/year in just three years, positioning itself as a leader in potassium resource development in Laos [6]. Group 4: Strategic Implications - The ongoing discussions emphasize the strategic importance of securing stable potassium fertilizer supplies for China, with Laos being a focal point for investment and development [4][5]. - The successful expansion of Yaqi International in Laos could set a precedent for other Chinese companies looking to invest in overseas potassium resources, enhancing bilateral cooperation between China and Laos [6].

亚钾国际投资（广州）股份有限公司 章 程 二〇二四年十一月 | 第一章 总 | 则 2 | | --- | --- | | 第二章 | 经营宗旨和范围 3 | | 第三章 | 股 份 3 | | 第一节 股份发行 | 3 | | 第二节 股份增减和回购 | 3 | | 第三节 股份转让 | 4 | | 第四章 | 股东和股东大会 5 | | 第一节 股东 | 5 | | 第二节 股东大会的一般规定 | 7 | | 第三节 股东大会的召集 | 8 | | 第四节 股东大会的提案与通知 | 9 | | 第五节 股东大会的召开 | 11 | | 第六节 股东大会的表决和决议 | 13 | | 第五章 | 董事会 16 | | 第一节 董 | 事 16 | | 第二节 董事会 | 19 | | 第六章 | 经理及其它高级管理人员 23 | | 第七章 | 监事会 24 | | 第一节 监 | 事 24 | | 第二节 监事会 | 25 | | 第八章 | 财务会计制度、利润分配和审计 26 | | 第一节 财务会计制度 | 26 | | 第二节 内部审计 | 28 | | 第三节 会计师事务所的聘任 | 28 | | ...

证券代码：000893 证券简称：亚钾国际 公告编号：2024-055 亚钾国际投资（广州）股份有限公司 关于召开 2024 年第三次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东大会届次：2024年第三次临时股东大会。 2、股东大会召集人：公司第八届董事会。公司于2024年11月7日召开第八届 董事会第十七次会议，会议审议通过了《关于召开2024年第三次临时股东大会的 议案》。 （2）公司董事、监事和高级管理人员。 3、本次股东大会会议的召开符合有关法律、行政法规、部门规章、规范性 文件和公司章程的规定。 4、会议召开的时间： （1）现场会议时间：2024年11月25日（星期一）下午15:00开始，会期半天； （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2024年11月25日9:15-9:25，9:30-11:30和13:00-15:00；通过深圳证券交易所互联网 投票系统投票时间为2024年11月25日9:15-15:00。 5、会议的召开方式：本次临时股东大会采取现场投票和网络 ...

亚钾国际投资（广州）股份有限公司 第八届董事会第十七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 亚钾国际投资（广州）股份有限公司（以下简称"公司"）第八届董事会第十 七次会议的会议通知于 2024 年 11 月 4 日以邮件方式发出，会议于 2024 年 11 月 7 日下午以通讯方式召开。会议由公司董事长郭柏春先生召集并主持。本次会议 应出席董事 8 人，实际出席董事 8 人，公司监事及高级管理人员列席了本次会 议。本次会议的召开符合《公司法》、《公司章程》的有关规定。 经全体与会董事认真审议和表决，审议通过了下列议案： 一、关于变更公司注册地址、增加经营范围并修改《公司章程》的议案 具体内容详见公司于同日刊载在《证券时报》、《中国证券报》、《上海证 券报》、《证券日报》及巨潮资讯网（www.cninfo.com.cn）的《亚钾国际投资（广 州）股份有限公司关于变更公司注册地址、增加经营范围并修改<公司章程>的公 告》。 表决结果：8 票同意、0 票反对、0 票弃权。 证券代码：000893 证券简称：亚钾国际 公告编号：2024-053 ...

证券代码：000893 证券简称：亚钾国际 公告编号：2024-054 亚钾国际投资（广州）股份有限公司 关于变更公司注册地址、增加经营范围 并修改《公司章程》的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 亚钾国际投资（广州）股份有限公司（以下简称"公司"）于 2024 年 11 月 7 日召开第八届董事会第十七次会议审议通过了《关于变更公司注册地址、增加经 营范围并修改<公司章程>的议案》。该议案尚需提交公司股东大会审议。具体情 况如下： 一、本次修改《公司章程》的原因 根据《财政部税务总局关于广州南沙企业所得税优惠政策的通知》（财税 【2022】40 号）的有关规定，对设在南沙先行启动区符合条件的鼓励类产业企 业，减按 15%的税率征收企业所得税。 目前，公司适用的企业所得税税率是 25%，为切实做好公司整体税收筹划工 作，根据税收优惠政策所需的实质性运营要求，拟变更公司注册地址、增加经营 范围并对《公司章程》进行修改，为后期税收优惠政策申报做好准备。该事项尚 存在不确定性，还需税务部门最终审核确定，公司的企业所得税税率情况请以后 续披露的相关公 ...

Investment Rating - The report maintains an "OUTPERFORM" rating for the company [1][4]. Core Insights - The company's recurring net profit increased by 31.88% quarter-on-quarter in Q3 2024, while total operating revenue for the first three quarters of 2024 was RMB 2.483 billion, a year-on-year decrease of 14.13% [2][9]. - The company is the largest potash resource enterprise in Asia, with significant reserves and production capabilities, having successfully launched multiple potash projects [3][11]. - The company has established a diversified sales system, enhancing its market presence both domestically and internationally [12]. Financial Performance Summary - In Q3 2024, the company achieved total operating revenue of RMB 785 million, a year-on-year decrease of 9.71%, but net profit after deductions increased by 31.88% [2][10]. - The gross margin for sales in Q3 2024 was 49.26%, up 2.6 percentage points from the previous quarter, while the net margin was 30.67%, an increase of 13.58 percentage points [10]. - The company’s projected net profits for 2024-2026 are RMB 764 million, RMB 1.242 billion, and RMB 1.692 billion, respectively, reflecting a significant decline due to falling potassium chloride prices [4][13]. Production and Market Position - The company has a total potassium chloride production capacity of 1 million tonnes per year, with successful operations of multiple projects [3][11]. - The company has expanded its market reach, establishing partnerships with global firms and entering new markets in Africa, the Middle East, and Europe [12].

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [5]. Core Insights - The company reported a revenue of 2.483 billion yuan for the first three quarters of 2024, a year-on-year decrease of 14.13%, with a net profit of 518 million yuan, down 47.89% year-on-year. The Q3 revenue was 785 million yuan, reflecting a year-on-year decline of 9.71% and a quarter-on-quarter decline of 26.27% [5]. - The report highlights that the overseas potash fertilizer prices are stabilizing at low levels, while domestic market conditions are showing signs of recovery. The average domestic potash fertilizer price in Q3 2024 was approximately 2,496 yuan/ton, up 4.15% quarter-on-quarter [5]. - The company has significant growth potential with ongoing projects, including a successful trial run of a 1 million tons/year potash fertilizer project, and plans to expand production capacity to 5 million tons/year, with further potential to reach 7-10 million tons/year based on market demand [5]. Financial Summary - For 2024, the company is projected to achieve total revenue of 3.523 billion yuan, with a net profit of 743 million yuan, reflecting a year-on-year decrease of 39.9%. The earnings per share (EPS) is expected to be 0.80 yuan [6]. - The gross margin is forecasted to be 52.3% for 2024, with a return on equity (ROE) of 6.2% [6]. - The company's current price-to-book (PB) ratio is 1.542X, which is below the three-year average of 2.472X, indicating a favorable valuation [5].

那在正式交流之前呢我先简单介绍一下公司前三季度的一个情况那么今年以来呢尽管呢我们公司遇到了一些特殊的挑战但目前呢我们已经重新回到正轨那首先呢在生产金方面呢我们前三季度的实现率化价的产量是132.37万吨那么同比增长呢是12.5%那么实现了销量呢是124.14万吨 同比增长了4.3%展望全年我们还是继续2024年实现180万吨的氯化钾产量为目标那么全年也是推进钾肥生产与销售的工作第二部分在新增产能的一个情况我们第二个百万吨的项目二号井和三号井目前还在有序的推进修复及贯通工作 第三个百万吨小东部项目的两条回东井已经完成了建设现在目前正在推进其他的顶尖工作那么我们也在努力将新增的产能早日释放未来我们将还是这边朝着三百万吨和五百万吨的产能目标去前进那么在财务指标方面我们前三季度实现营收24.8亿元实现规模的扣费净利润是5.1亿元 其中单三季度呢实现了扣费的规模净利润是2.5亿元环比呢增长是32%那么以上呢就是我们公司前三季度的一个整体情况接下来的时间呢欢迎大家提问我也会为大家作为解答谢谢好的感谢江总那么就接下来进入提问环节请各位参会者通过举手语音互动或文字留言进行提问大家好 如需提问,电话端的参会者请先按话机上的星号 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance improved sequentially due to a slight recovery in potash prices and ongoing cost reduction and efficiency enhancement efforts [4] - The company aims to achieve a production target of 1.8 to 2 million tons of potash in 2024, despite some delays in project construction and changes in tax policies in Laos [4][5] - The report anticipates a gradual increase in net profit from 736 million yuan in 2024 to 1.638 billion yuan in 2026, with corresponding EPS of 0.79, 1.26, and 1.76 yuan per share [4] Financial Summary - For Q3, the company reported revenue of 785 million yuan, a year-on-year decrease of 9.71% and a quarter-on-quarter decrease of 26.27% [4] - The net profit for Q3 was 248 million yuan, down 10.71% year-on-year but up 31.46% quarter-on-quarter [4] - The average market price of potassium chloride in Q3 2024 was 2,498 yuan per ton, reflecting a quarter-on-quarter increase of 4.05% [5] - The company's Q3 gross margin and net margin were 49.26% and 30.67%, respectively, showing improvements from Q2 [5] Production and Cost Management - The company produced 479,000 tons of potash in Q3, with sales of 380,000 tons, reflecting a production increase of 15.3% but a sales decrease of 32.4% due to shipping constraints caused by typhoons in Southeast Asia [5] - Management expenses decreased by 95.14 million yuan in Q3 due to the reversal of previously accrued stock incentive costs [5] - The company is actively working on the construction of its 2 and 3 main shafts, with ongoing efforts to enhance production capacity and optimize costs [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 2.483 billion yuan for the first three quarters of 2024, a year-on-year decrease of 14.13%, with a net profit attributable to shareholders of 518 million yuan, down 47.89% year-on-year [1] - In Q3 2024, the company achieved a revenue of 785 million yuan, a year-on-year decrease of 9.71%, but a quarter-on-quarter increase of 31.46% in net profit [1] - The price of the main product, potassium chloride, showed signs of recovery, contributing to improved performance in Q3 [1] - Long-term demand for potassium fertilizer is expected to support price increases, with global demand projected to rise to 73.1 million tons in 2024, a year-on-year increase of 6.5% [1][3] - The company is enhancing its sales capabilities and expanding production capacity, which is expected to strengthen its market competitiveness [1][2] Financial Performance Summary - For 2024, the company is projected to have a net profit of 742 million yuan, with a year-on-year decrease of 39.9%, followed by increases of 44.7% and 30.3% in 2025 and 2026 respectively [3][5] - The gross profit margin is expected to decline from 58.7% in 2023 to 48.9% in 2024, before stabilizing around 51.0% in 2025 [5][7] - The company's total assets are projected to grow from 15.698 billion yuan in 2024 to 26.543 billion yuan by 2026 [6][7] - The company’s cash flow from operating activities is expected to improve significantly, reaching 3.976 billion yuan by 2026 [6]