证券研究报告 非金融公司|公司点评|亚钾国际（000893） H1 业绩承压，看好公司中长期成长 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月02日 证券研究报告 |报告要点 2024 年上半年公司实现营业收入 17.0 亿元，yoy-16%；归母净利润 2.7 亿元，yoy-62%；扣非 后归母净利润 2.7 亿元，yoy-63%。其中 2024Q2 营业收入 10.6 亿元，yoy-9%，qoq+68%；归 母净利润 1.9 亿元，yoy-50%，qoq+133%。2024H1 公司氯化钾产销量同比提升，但受国际钾肥 价格持续低迷影响，2024H1 公司钾肥销售价格下滑，致钾肥业务毛利率下滑。此外，税率计 提及费用率抬升致利润承压。作为稀缺的在国外找矿并成功规模化生产的企业，公司资源优 势仍存，我们看好公司中长期成长路径。 |分析师及联系人 许隽逸 申起昊 SAC：S0590524060003 SAC：S0590524070002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月02日 亚钾国际(000893) H1 ...

钾肥量增价跌, 24H1 盈利承压 核心观点 ● 事件 公司发布 2024年半年度报告,报告期内,公司实现营业收入 16.98 亿 元,同比下滑 16.03%;归母净利润 2.70亿元,同比下滑 62.32%。分季度来 看,公司 24Q2 实现营业收入 10.64亿元,同比下滑 8.82%、环比增长 68.09%; 归母净利润 1.89亿元,同比下滑 50.40%、环比增长 132.56%。 ● 钟肥价格回落、出口关税致 24H1 公司盈利下滑。2024年上半年,国内氯 化钾市场供需较为宽松,产品价格震荡回落,并随需求季节性变化而小幅波动。 报告期内,公司合格氯化钾产品产量、销量分别为 84.51、86.10万吨,分别 同比增长 10.93%、12.33%;氯化钾销售均价为 1926.64元/吨,同比下滑 26.19%。另外,受老挝自 2023年10月 1 日起对氯化钾出口征收 7%关税影 响,公司吨产品费用和税金支出增加,24H1 公司合计计提出口关税 1.02 亿 元。钾肥价格回落、出口关税增加,致公司 24H1 盈利能力显著下滑。24H1 公司销售毛利率为 49.06%,同比下滑 13.17pcts。公 ...

证券代码：000893 证券简称：亚钾国际 1 亚钾国际投资（广州）股份有限公司 投资者关系活动记录表 编号：2024-003 | --- | --- | --- | --- | --- | |-------------------------|-----------------------------------------------------------------------|----------------------------------------------|---------|----------------| | | | | | | | | □ 特定对象调研 | ☑ 分析师会议 | | | | | □ 媒体采访 □ | 业绩说明会 | | | | 投资者关系活动 | □ 新闻发布会 □ | 路演活动 | | | | 类别 | □ 现场参观 | | | | | | □ 其他 | | | | | 参与单位名称 及人员姓名 | 见附件 | | | | | 时间 | 2024 年 8 月 30 日 | | | | | 地点 | 线上会议 | | | | | 上市公司接待 | 代行董事长、副总经 ...

证券代码：000893 证券简称：亚钾国际 公告编号：2024-038 亚钾国际投资（广州）股份有限公司 第八届董事会第十四次会议决议公告 本公司及董事会除董事郭柏春先生被实施留置措施，配合协助调查，无法 正常履行职责外，其余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。 表决结果：7 票同意、0 票反对、0 票弃权。 亚钾国际投资（广州）股份有限公司（以下简称"公司"或"本公司"）第八届 董事会第十四次会议的会议通知于 2024 年 8 月 18 日以邮件方式发出，会议于 2024 年 8 月 28 日上午以通讯方式召开。本次会议应出席董事 8 人，实际出席董 事 7 人，公司董事长郭柏春先生被宁夏回族自治区监察委员会立案调查并实施留 置，无法正常履职，会议由代行董事长刘冰燕女士召集并主持。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。 特此公告。 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《2024 年半年度报告及其摘要》的议案 具体内容详见公司于同日刊载在巨潮资讯网（www.cninfo.com ...

Financial Performance - The company's operating revenue for the reporting period was CNY 1,697,763,166.51, a decrease of 16.03% compared to the same period last year[13]. - The net profit attributable to shareholders was CNY 269,987,876.32, down 62.32% year-on-year[13]. - The basic earnings per share decreased to CNY 0.2918, reflecting a decline of 62.25% compared to the previous year[13]. - The company reported a significant loss in Beijing Nongjia Resource Technology Co., Ltd., with a net loss of 5,455.47 million RMB[58]. - The company reported a net loss of CNY 147,376,464.64 for the first half of 2024, compared to a loss of CNY 71,416,502.65 in the same period last year[121]. - The total revenue for the first half of 2024 was CNY 1,703,675,421.05, a decrease from CNY 2,167,195,585.53 in the same period of 2023, representing a decline of approximately 21.4%[128]. - The net profit for the first half of 2024 was CNY 254,475,299.74, compared to CNY 710,884,851.24 in the first half of 2023, indicating a decrease of about 64.3%[124]. - The total liabilities increased to CNY 4,009,527,055.75 from CNY 3,060,238,902.21, representing a growth of about 30.9%[118]. Market Conditions - The company emphasizes the risk of price fluctuations in potash fertilizer due to geopolitical factors, agricultural product prices, and overall demand for compound fertilizers[3]. - The geopolitical situation has significantly impacted the supply chain of potassium fertilizers, particularly due to the Russia-Ukraine conflict[19]. - The global potassium fertilizer market is experiencing supply-demand mismatches, with Canada, Belarus, and Russia accounting for 67.26% of global production capacity[18]. - By 2050, the world population is expected to reach nearly 10 billion, driving an increase in demand for potassium fertilizers to support food production[20]. - Brazil plans to accelerate its biodiesel blending targets, which is expected to significantly increase fertilizer demand in 2024[20]. - The potassium chloride demand in Southeast Asia, East Asia, and South Asia is expected to reach approximately 30 million tons in 2024, accounting for about 40% of global potassium fertilizer demand[22]. Production and Capacity - The company produced 845,100 tons of qualified potassium chloride products, an increase of 11% compared to 761,800 tons in the same period last year, and sold 861,000 tons, up 12% from 766,500 tons[29]. - The company plans to expand its production capacity by 1 million tons/year for its potassium fertilizer project, with ongoing cooperation with water management institutions to address water inflow issues[61]. - The company has successfully completed trial production for its second and third 1 million tons/year potassium fertilizer projects in January 2023 and April 2024, respectively[30]. - The company has developed nearly 900,000 tons of granular potassium capacity, enhancing its product structure and creating new profit growth points[34]. Strategic Focus - The company plans to focus on market expansion and new product development in the upcoming periods[3]. - The management team is actively involved in discussions regarding future strategies and market conditions[3]. - The company aims to expand its overseas sales network, enhancing its market presence in Southeast Asia while strengthening partnerships with strategic global players[27]. - The company is committed to optimizing its product structure and enhancing profitability through continuous capacity expansion and cost reduction measures[28]. Governance and Compliance - The board of directors, except for one member under investigation, confirmed the accuracy and completeness of the half-year report[2]. - The company has established a strong governance structure with a focus on maximizing shareholder interests and implementing a clear development strategy[35]. - The company emphasizes the importance of corporate governance and has established a comprehensive governance structure to protect shareholder rights[72]. - The company has not reported any non-compliance issues regarding external guarantees or misuse of funds by major shareholders during the reporting period[78]. Cash Flow and Financing - The company reported a net cash flow from operating activities of CNY 267,957,555.00, down 62.97% year-on-year[13]. - The company reported a significant increase in financing cash flow, which rose by 521.34% to CNY 807,544,857.11, mainly due to increased cash from borrowings[37]. - The company's cash and cash equivalents decreased by 77.30% to CNY -165,346,806.52, reflecting a net cash outflow[37]. - The company has secured bank credit of CNY 1.96 billion, with CNY 1.48 billion utilized as of the reporting date[45]. Employee and Social Responsibility - The company emphasizes employee well-being through regular health check-ups, safety training, and holiday bonuses, enhancing employee satisfaction and productivity[76]. - The company is actively engaged in social responsibility initiatives, promoting environmental sustainability and employee rights[72]. - The company has a skilled workforce with a significant proportion of local employees, fostering a collaborative environment for sustainable project development[35]. Related Party Transactions - The company has engaged in related party transactions amounting to RMB 459.91 million, which represents 27.72% of similar transaction amounts, with a total approved transaction limit of RMB 900 million[83]. - The company reported actual related party sales amounting to approximately RMB 460 million, with related party service acceptance totaling RMB 19.97 million, which did not exceed the expected total of RMB 1 billion for the year 2024[84]. Legal and Regulatory Issues - The company faced significant legal challenges, including ongoing investigations into its chairman and general manager for alleged misconduct[81]. - The company reported a potential liability of RMB 62.87 million related to an ongoing arbitration case with Mitsui & Co. (USA), INC. concerning a soybean procurement contract dispute[79]. Investment and Development - The investment in the Laos potassium fertilizer project has been fully funded as per the adjusted total investment amount[50]. - The company has established a non-potassium business division, successfully completing a 25,000-ton bromine expansion project in July 2024, following the initial 10,000-ton bromine capacity established in May 2023[30]. - The company has made significant investments in new technologies and product development, which are expected to drive future growth[135].

亚钾国际投资（广州）股份有限公司 证券代码：000893 证券简称：亚钾国际 公告编号：2024-042 关于公司部分董事、高管无法保证 2024 年半年度报告 真实、准确、完整的说明公告 敬请广大投资者理性投资，注意投资风险。 特此公告。 1 亚钾国际投资（广州）股份有限公司（以下简称"公司"）董事长郭柏春先生、 总经理马英军先生无法保证 2024 年半年度报告真实、准确、完整，现将相关事 项说明如下： 一、董事无法保证的具体内容及详细说明 公司于 2024 年 8 月 28 日召开第八届董事会第十四次会议审议《关于<2024 年半年度报告>及其摘要的议案》，公司董事长郭柏春先生因涉嫌渎职犯罪，目 前被宁夏回族自治区监察委员会立案调查并实施留置，无法出席董事会，因此郭 柏春先生未签署关于 2024 年半年度报告的书面确认意见，无法保证公司 2024 年半年度报告真实、准确、完整。 二、高管无法保证的具体内容及详细说明 公司于 2024 年 8 月 28 日召开第八届董事会第十四次会议审议《关于<2024 年半年度报告>及其摘要的议案》，公司总经理马英军先生因涉嫌严重职务违法， 目前被宁夏回族自治区监察委员会 ...

亚钾国际投资（广州）股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 | 其他关联资金往来 | 资金往 来方名 | 往来方与上市 公司的关联关 | 上市公司核 算的会计科 | 2024 初往来资金 | 年期 | 2024 年半年度 | 2024 度往来资金的 | 年半年 | 2024 年半年 度偿还累计 | 2024 | 年半年 度期末往来 | | 往来性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 往来累计发生 | | | | | | 往来形 | （经营性往 | | | | | | | | 金额（不含利 | | | | | | 成原因 | 来、非经营性 | | | 称 | 系 | 目 | | 余额 | | 利息（如有） | | 发生金额 | | 资金余额 | | | | | | | | | | 息） | | | | | | | 往来） | | 控股股东、实际控制人及 | | | | | | | | | | | | | | ...

证券代码：000893 证券简称：亚钾国际 公告编号：2024-041 亚钾国际投资（广州）股份有限公司 2024 年半年度募集资金存放与使用情况的专项报告 本公司及董事会除董事郭柏春先生被实施留置措施，配合协助调查，无法正常 履行职责外，其余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。 币 1,027,112,319.89 元；于 2023 年 1 月 1 日起至 2023 年 12 月 31 日止会计期间使 用募集资金人民币 616,228,166.03 元；本年度使用募集资金 3,476,652.79 元。截止 2024 年 6 月 30 日，募集资金余额为人民币 50,999.66 元。公司拟将余额 50.999.66 元（含利息收入）转入公司一般银行账户，正在办理募集资金专户销户。 二、募集资金的管理情况 为了加强和规范募集资金的管理和使用，提高募集资金的使用效率和效益，切 实维护全体股东的合法权益，本公司按照《中华人民共和国公司法》、《中华人民 共和国证券法》、《上市公司监管指引第 2 号——上市公司募集资金管理和使用的 监管要求》、《深圳证券交易所上市 ...

第八届监事会第十次会议决议公告 证券代码：000893 证券简称：亚钾国际 公告编号：2024-039 亚钾国际投资（广州）股份有限公司 本公司及监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"）第八届监事会第 九次会议的会议通知于2024年8月18日以邮件方式发出，会议于2024年8月28日上 午以通讯方式召开。会议由监事会主席柳金宏先生主持。本次会议应出席监事3 人，实际出席监事3人。会议的召开和表决程序符合《公司法》《公司章程》的 有关规定。 经全体与会监事认真审议和表决，审议通过下列议案： 经审议，监事会认为：公司《2024年半年度报告及其摘要》的编制和审议程 序符合法律、行政法规及《公司章程》的规定，公司2024年半年度报告及摘要内 容真实、准确、完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈 述或者重大遗漏。 表决结果：3票同意、0票反对、0票弃权。 二、关于《2024 年度募集资金存放与使用情况的专项报告》的议案 1 具体内容详见公司于同日刊载在巨潮资讯网（www.cninfo.com.cn）的 ...