Core Viewpoint - Yara International (SZ 000893) announced a shareholding reduction plan by several shareholders, which may impact the company's stock performance in the near term [1] Shareholding Information - As of the announcement date, Mr. Guo Baichun holds 1.08 million shares, accounting for 0.1182% of the total share capital of Yara International [1] - Ms. Liu Bingyan, Mr. Zheng Youye, and Mr. Su Xuejun each hold approximately 290,000 shares, representing 0.0315% of the total share capital [1] - Mr. Liu Yonggang holds about 220,000 shares, which is 0.0236% of the total share capital [1] - The aforementioned shareholders plan to reduce their holdings by a total of no more than 540,000 shares, equivalent to 0.0591% of the total share capital, within three months after the announcement [1] Financial Performance - For the first half of 2025, Yara International's revenue composition is entirely from potash fertilizers, with a 100.0% contribution [1] - As of the report, Yara International's market capitalization stands at 35.7 billion yuan [1]

证券代码：000893 证券简称：亚钾国际 公告编号：2025-042 亚钾国际投资（广州）股份有限公司 关于董事、高级管理人员减持公司股份的预披露公告 本公司董事长郭柏春先生，董事、总经理、董事会秘书刘冰燕女士，董事、 副总经理郑友业先生，副总经理、财务总监苏学军先生，副总经理刘永刚先生保 证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 特别提示： 截至本公告披露日，郭柏春先生持有亚钾国际投资（广州）股份有限公司（以 下简称"公司"）股份1,080,000股，占公司目前总股本（剔除已回购股份）比例 0.1182%；刘冰燕女士、郑友业先生、苏学军先生分别持有公司股份288,000股， 分别占公司目前总股本（剔除已回购股份）比例0.0315%；刘永刚先生持有公司 股份216,000股，占公司目前总股本（剔除已回购股份）比例0.0236%。上述股东 计划自本公告披露之日起十五个交易日后的三个月内以集中竞价或大宗交易方 式减持本公司股份合计不超过540,000股，占公司目前总股本（剔除已回购股份） 比例为0.0591%。 公司于近日收到上述董事、高级管理人员出具的《关于股份减持计划 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [4][19]. Core Views - The company is experiencing a significant increase in both the volume and price of potassium chloride, leading to a strong performance in its financial results. The increase in sales volume and prices is attributed to reduced production plans from major international potassium producers and a general decline in domestic potassium chloride output, resulting in tighter supply and rising prices [2][10]. - The company is well-positioned for future growth due to its ongoing capacity expansion projects in Laos, which are progressing smoothly. The company holds substantial potassium salt mining rights and is advancing multiple projects aimed at increasing its potassium chloride production capacity [9][10]. - The company is also diversifying its business by developing non-potassium sectors, which will create synergies with its core potassium business. This includes plans to expand bromine production and other chemical projects [10]. Financial Summary - For the fiscal year 2023, the company reported a revenue of 3,898 million yuan, with a year-over-year growth rate of 12.4%. The net profit attributable to the parent company was 1,235 million yuan, reflecting a decline of 39.1% compared to the previous year [1]. - Projections for 2025 estimate revenues to reach 5,640 million yuan, representing a significant growth of 59.0%, with net profits expected to increase to 1,861 million yuan, a growth of 95.8% [1][10]. - The company's return on equity (ROE) is projected to improve from 9.6% in 2023 to 15.4% by 2027, indicating enhanced profitability and efficiency [1]. Production and Sales Performance - In the first half of 2025, the company produced 1.0141 million tons of potassium chloride, a year-over-year increase of 20.0%, while sales reached 1.0454 million tons, up 21.42% from the previous year [3]. - The gross margin for potassium chloride was reported at 58.20%, an increase of 10.31 percentage points year-over-year, highlighting improved profitability [2]. Market Dynamics - The price of potassium chloride has seen a significant increase, with a reported price of 3,216 yuan per ton as of June 2025, up 27.82% since the beginning of the year. The annual import contract price for potassium fertilizer was set at 346 USD per ton, reflecting a 26.7% increase compared to the previous year [2]. - The tightening supply in the potassium fertilizer market is expected to continue, providing further support for price increases as the autumn fertilization season approaches [2].

Investment Rating - Industry Rating: Neutral (maintained rating) [6] Core Viewpoints - The Ministry of Industry and Information Technology (MIIT) is advancing a series of green factory expansion plans during the 14th Five-Year Plan period, aiming to establish the world's largest and most complete new energy industry chain [1][13] - The basic chemical sector has shown a week-on-week increase of 2.45%, outperforming the CSI 300 index by 1.07 percentage points, ranking 10th among all sectors [4][15] - Key sub-industries with significant week-on-week growth include spandex (+13.32%), potassium fertilizer (+7.27%), and membrane materials (+5.72%) [19][15] Summary by Sections Key News Tracking - MIIT emphasizes the promotion of green manufacturing systems and the establishment of zero-carbon factories and parks [1][13] - The basic chemical sector's performance is highlighted, with a notable increase in various chemical product prices [2][4] Product Price Tracking - Key chemical products such as viscose staple fiber and epoxy chloropropane have seen price increases of 3.1% and 6% respectively [2][3] - The top five chemical products with the highest price increases include carbon dioxide (+16%), natural gas (+14.8%), and epoxy chloropropane (+6%) [2][29] Sector Performance - The basic chemical sector's PB ratio is 2.43, while the overall A-share market's PB is 1.69 [25] - The PE ratio for the basic chemical sector stands at 28.54, compared to 17.39 for the overall A-share market [25] Key Sub-Industry Insights - Focus on sub-industries that are at the bottom of the cycle, with stable demand and global supply dominance, such as MDI and amino acids [5] - Recommendations for companies in the organic silicon and spandex sectors, indicating potential recovery opportunities [5][6]

Company Overview - Yara International's stock price decreased by 2.02% on September 15, closing at 37.84 CNY per share with a trading volume of 144 million CNY and a turnover rate of 0.47%, resulting in a total market capitalization of 34.966 billion CNY [1] - The company has seen a significant stock price increase of 87.70% year-to-date, with a 7.65% rise over the last five trading days, 22.06% over the last twenty days, and 27.24% over the last sixty days [1] - Yara International, established on October 27, 1998, and listed on December 24, 1998, is primarily engaged in grain trading, international shipping and logistics, and the mining, production, and sales of potassium salts [1] Financial Performance - For the first half of 2025, Yara International reported a revenue of 2.522 billion CNY, representing a year-on-year growth of 48.54%, and a net profit attributable to shareholders of 855 million CNY, which is a remarkable increase of 216.64% compared to the previous year [2] - The company has cumulatively distributed 85.8774 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3] Shareholder Structure - As of June 30, 2025, Yara International had 26,500 shareholders, an increase of 8.88% from the previous period, with an average of 30,593 circulating shares per shareholder, down by 8.15% [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fifth largest with 13.8236 million shares, while Southern CSI 500 ETF is the ninth largest with 8.2165 million shares, having decreased its holdings by 179,300 shares [3]

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational efficiency and market demand [1] Financial Performance - In the first half of 2025, the company achieved total revenue of 2.522 billion yuan, a year-on-year increase of 48.54%, and a net profit attributable to shareholders of 855 million yuan, up 216.64% year-on-year [1] - For Q2 2025, the company recorded revenue of 1.309 billion yuan, representing a year-on-year growth of 23.00% and a quarter-on-quarter increase of 7.99% [1] - The gross profit margin for Q2 2025 improved to 60.63%, with a year-on-year increase of 13.97 percentage points and a quarter-on-quarter increase of 6.51 percentage points [1] Industry Dynamics - Domestic demand for potassium fertilizer remains strong, supported by government policies promoting the expansion of oilseed crops and changing dietary structures leading to increased demand for feed and fruits [2] - The average market price for potassium fertilizer in Q2 2025 was approximately 2,994 yuan per ton, reflecting a quarter-on-quarter increase of 3.65% [2] - The company’s production and sales volumes for the first half of 2025 rose by 10.24% and 8.42% year-on-year, reaching 1.0141 million tons and 1.0454 million tons, respectively [2] Strategic Developments - The company’s major shareholder, Huineng Group, has increased its stake to 14.05%, enhancing the company’s financial backing and strategic direction [3] - The company is progressing well with its mining construction projects, aiming to achieve a production capacity of 5 million tons per year, with plans to expand further based on market demand [3] - Tax incentives for the company’s subsidiaries are expected to strengthen its competitive position in the market [2][3] Profit Forecast - The company maintains its profit forecast for 2025-2027, expecting net profits of 1.887 billion yuan, 3.114 billion yuan, and 4.359 billion yuan, respectively, with corresponding PE ratios of 19X, 11X, and 8X [4]

Investment Rating - The report maintains an "Outperform" rating for the company [6] Core Views - The company's performance in the first half of 2025 met expectations, with total revenue reaching 2.522 billion yuan, a year-on-year increase of 48.54%, and net profit attributable to shareholders at 855 million yuan, a year-on-year increase of 216.64% [6] - The domestic demand for potassium fertilizer remains strong, supported by government policies and changes in consumer dietary habits, leading to a rapid increase in potassium fertilizer demand [6] - The company is progressing well with its projects, including the construction of additional potassium fertilizer production facilities, which are expected to enhance its production capacity significantly in the coming years [6] Financial Summary - The company is projected to achieve total revenue of 6.55 billion yuan in 2025, with a year-on-year growth rate of 84.6% [5] - The net profit attributable to shareholders is expected to reach 1.887 billion yuan in 2025, reflecting a year-on-year growth of 98.5% [5] - The gross profit margin is forecasted to be 54.7% in 2025, with a return on equity (ROE) of 13.7% [5]

Core Viewpoint - The financial reports of Yara International (000893.SZ) for the first half of 2025 are marked as "not guaranteed" due to the chairman's legal issues, impacting the company's governance and investor confidence [1][2]. Group 1: Governance Issues - The chairman, Guo Baichun, was formally arrested on August 20, 2025, for alleged embezzlement and abuse of power, marking a new phase in a case that has lasted over a year [2]. - Guo has been unable to sign off on the company's periodic reports since March 2024, leading to multiple reports being flagged as "unable to guarantee authenticity, accuracy, and completeness" [2]. - The company has appointed director Liu Bingyan to act as chairman in an effort to maintain governance stability amidst the turmoil [2]. Group 2: Financial Performance - Despite governance challenges, Yara International reported a significant increase in performance for the first half of 2025, with revenue reaching 2.522 billion yuan, a year-on-year increase of 48.54%, and net profit soaring to 855 million yuan, up 216.64% [3]. - The performance surge is attributed to three main factors: increased production capacity and price recovery, cost optimization through large-scale production, and tax incentives from the Laotian government [3]. - The company sold 861,000 tons of potassium chloride, a 12% increase year-on-year, benefiting from the full capacity of its 3 million tons/year production facility in Laos [3]. Group 3: Risks and Challenges - Governance vulnerabilities have been exacerbated, with another company supervisor under investigation for insider trading, indicating failures in the internal control system [3]. - The sustainability of the company's operations is in question due to potential policy changes in Laos, including a recent 7% export tax on potassium fertilizer, which previously led to a 62% drop in net profit [3]. - Market confidence has been shaken, with the company's stock price experiencing significant volatility, including a loss of over 500 million yuan in market value following the chairman's arrest announcement [3].

Core Insights - As of September 10, 2025, Yara International (000893) closed at 37.69 CNY, down 0.48% with a turnover rate of 2.4% and a trading volume of 194,700 lots, amounting to a transaction value of 729 million CNY [1] Financial Performance - Yara International reported a main revenue of 2.522 billion CNY for the first half of 2025, an increase of 48.54% year-on-year; net profit attributable to shareholders was 855 million CNY, up 216.64% year-on-year; and net profit excluding non-recurring items was 856 million CNY, up 219.48% year-on-year [3] - In Q2 2025, the company achieved a single-quarter main revenue of 1.309 billion CNY, a year-on-year increase of 23.0%; single-quarter net profit attributable to shareholders was 470 million CNY, up 149.17% year-on-year; and single-quarter net profit excluding non-recurring items was 472 million CNY, up 152.08% year-on-year [3] Market Position - Yara International's total market capitalization is 34.827 billion CNY, ranking 4th in the fertilizer industry; net assets are 12.552 billion CNY, ranking 5th; and net profit is 855 million CNY, also ranking 5th [3] - The company has a price-to-earnings ratio (P/E) of 20.37, which is lower than the industry average of 41.88, ranking 8th; and a price-to-book ratio (P/B) of 2.78, ranking 21st [3] - The gross margin stands at 57.5%, significantly higher than the industry average of 19.49%, ranking 1st; and the net margin is 33.82%, ranking 3rd [3] Investment Sentiment - In the last 90 days, 20 institutions have rated the stock, with 15 buy ratings and 5 hold ratings; the average target price set by institutions is 40.2 CNY [4]

Group 1 - The core viewpoint of the news is that Yara International's stock has seen a significant increase of 5.15%, reaching a price of 36.96 CNY per share, with a total market capitalization of 34.153 billion CNY [1] - Yara International, established on October 27, 1998, is primarily engaged in grain trading, international shipping and logistics, and the mining, production, and sales of potassium salts, with its main revenue sources being 97.54% from potassium chloride, 1.24% from brine, and 1.22% from other sources [1] - The company has a trading volume of 5.39 million CNY and a turnover rate of 1.84% [1] Group 2 - From the perspective of fund holdings, the Fuqua Fund has a significant position in Yara International, with the Fuqua CSI Agricultural Theme ETF (159825) reducing its holdings by 471,800 shares in the second quarter, now holding 1.7844 million shares, which constitutes 2.88% of the fund's net value [2] - The Fuqua CSI Agricultural Theme ETF (159825) has a current scale of 1.869 billion CNY and has achieved a year-to-date return of 23.14%, ranking 1957 out of 4222 in its category [2] - The fund manager, Zhang Shengxian, has been in position for over 10 years, with the fund's best return during his tenure being 101.4% and the worst being -89.6% [3]