新洋丰农业科技股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季 度报告中财务信息的真实、准确、完整。 3.第三季度财务会计报告是否经过审计 证券代码：000902 证券简称：新洋丰 公告编号：2025-052 债券代码：127031 债券简称：洋丰转债 新洋丰农业科技股份有限公司 2025 年第三季度报告 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同 | 年初至报告期末 | 年初至报告 期末比上年 | | --- | --- | --- | --- | --- | | | | 期增减 | | 同期增减 | | 营业收入（元） | 4,076,636,065.89 | 3.25% | ...

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The report highlights a recovery opportunity at the bottom of the chemical cycle, particularly in the titanium dioxide sector, with major companies expanding globally and focusing on asset acquisitions [3][4]. - Global oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable with a projected global GDP growth of 2.8% [4][5]. - The report emphasizes the importance of various chemical chains, including textiles, agriculture, and exports, as well as the potential for recovery in profitability for titanium dioxide due to easing trade tensions and improved overseas real estate conditions [3][4]. Summary by Sections Industry Dynamics - Oil supply is anticipated to rise, with OPEC+ expected to increase production, while demand is stable but may slow due to tariffs [4]. - Coal prices are expected to stabilize at a low level, and natural gas exports from the U.S. are likely to increase, reducing import costs [4]. Chemical Product Prices and Trends - The report notes that the PPI for all industrial products fell by 2.3% year-on-year in September, indicating a narrowing decline compared to August [5]. - Manufacturing PMI rose to 49.8%, suggesting a continued recovery in manufacturing activity [5]. Investment Analysis - The report suggests focusing on four key areas for investment: textiles, agriculture, export-related chemicals, and sectors benefiting from reduced competition [3]. - Specific companies to watch include Lu Xi Chemical, Tongkun Co., and Huafeng Chemical in the textile chain, and various firms in the agricultural sector such as Hualu Hengsheng and Baofeng Energy [3][4]. Key Company Valuations - The report provides a valuation table for key companies, indicating their market capitalization and projected earnings for the coming years [14].

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The report highlights the global expansion of major titanium dioxide manufacturers, emphasizing the opportunity for industry recovery from the bottom of the cycle. The acquisition of Venator UK's titanium dioxide assets and the establishment of subsidiaries in Malaysia and the UK are key developments [4][5]. - The macroeconomic outlook for the chemical sector indicates stable oil demand despite a slight slowdown due to tariffs, with global GDP growth projected at 2.8%. The report also notes that coal prices are stabilizing and natural gas export facilities in the U.S. are expected to accelerate [4][5]. - The report suggests investment strategies across various sectors, including textiles, agriculture, and chemicals, with a focus on companies benefiting from the "anti-involution" policies [4][5]. Summary by Sections Industry Dynamics - The report discusses the current macroeconomic conditions affecting the chemical industry, including oil supply and demand dynamics, with a forecast of increased production from non-OPEC sources and stable global oil demand [5][6]. - It notes that the PPI for industrial products decreased by 2.3% year-on-year in September, indicating a stabilization in prices due to improved supply-demand structures [6]. Investment Analysis - The report recommends a diversified investment approach focusing on sectors such as textiles, agriculture, and export-oriented chemicals, highlighting specific companies for potential investment [4][18]. - Key materials for growth are identified, including semiconductor materials and packaging materials, with specific companies mentioned for each category [4][18]. Price Movements - The report provides detailed price movements for various chemical products, including titanium dioxide, fertilizers, and pesticides, indicating a mixed outlook with some prices stabilizing while others show slight declines [11][14][20]. - It highlights the impact of external factors such as raw material costs and international trade dynamics on pricing trends within the chemical sector [11][14].

Core Insights - The successful launch of the high tower granulation production line at Xinjiang Akesu Alar High-tech Industrial Development Zone marks the full-scale operation of two key production lines for Xinyangfeng Agricultural Technology Co., Ltd. [1] - The Akesu base, which began construction in October 2024, has achieved rapid implementation of critical production capacity within a year through scientific planning and efficient execution [1] - The high tower production line will primarily produce high-end compound fertilizers, while the previously launched water-soluble fertilizer line focuses on modern agricultural needs for water-saving, efficient, and precise fertilization [1] - The two production lines complement each other, forming a "dual-engine" product matrix that enhances the company's comprehensive supply capacity and market competitiveness in the Northwest region [1] - The full operation of the core production lines at the Akesu project is a key step in the company's national capacity layout and a solid measure to implement the concept of "serving modern agriculture" [1] - Leveraging Akesu's unique geographical advantages, the company aims to quickly respond to market demands in the Northwest and expand the reach of high-quality fertilizer resources to promote regional agricultural modernization [1]

Core Viewpoint - The compound fertilizer industry is undergoing structural changes, with leading companies enhancing their competitive advantages, making them typical cash cow assets with potential for increased dividends in the future [1][2]. Group 1: Dividend Potential - The long-term dividend potential of leading compound fertilizer companies is underestimated, as the market often focuses on the industry's low asset intensity and manufacturing barriers, overlooking the competitive advantages of leading firms [1][2]. - The expected increase in dividends is driven by steady profit growth, supported by the enhanced competitiveness of leading companies [2][3]. Group 2: Competitive Advantages - Leading companies are experiencing increased brand loyalty, which supports sales growth, as they reduce uncertainty for channels and farmers, ensuring mutual benefits amid price fluctuations [2]. - The continuous improvement of integrated layouts enhances product profitability, with leading firms investing in upstream integration and differentiating terminal products to increase pricing power [2]. Group 3: Capital Expenditure and Cash Flow - The phase of significant capital expenditure is coming to an end, with leading companies having healthy operating cash flows and ample cash on hand, which allows for potential increases in dividends as investment becomes more restrained [3].

Core Viewpoint - The stock of Xinyangfeng Agricultural Technology Co., Ltd. has shown a positive trend with a year-to-date increase of 15.23%, reflecting strong financial performance and investor interest [1][2]. Financial Performance - For the first half of 2025, Xinyangfeng achieved a revenue of 9.398 billion yuan, representing a year-on-year growth of 11.63% [2]. - The net profit attributable to shareholders for the same period was 951 million yuan, marking a significant increase of 28.98% compared to the previous year [2]. Stock Market Activity - As of October 16, the stock price of Xinyangfeng reached 14.68 yuan per share, with a trading volume of 96.53 million yuan and a turnover rate of 0.58% [1]. - The company experienced a net inflow of main funds amounting to 15.57 million yuan, with large orders contributing significantly to the buying activity [1]. Shareholder Information - As of June 30, the number of shareholders decreased to 29,100, while the average number of circulating shares per person increased by 1.12% to 39,285 shares [2][3]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 3.09 million shares [3]. Business Overview - Xinyangfeng specializes in the research, production, and sales of phosphate fertilizers, with its main revenue sources being conventional compound fertilizers (40.71%), new-type compound fertilizers (30.32%), and phosphate fertilizers (24.59%) [1]. - The company is categorized under the basic chemical industry, specifically in agricultural chemical products and compound fertilizers [1].

Investment Rating - The report maintains a "Buy" rating for leading compound fertilizer companies, indicating a strong potential for returns exceeding the market benchmark by over 15% [3][52]. Core Viewpoints - The cash cow attributes of leading compound fertilizer companies are expected to continue enhancing, with significant dividend potential as capital expenditures peak and operational cash flows remain robust [8][52]. - The competitive advantages of leading firms are strengthening, driven by brand loyalty and improved pricing power, which supports stable sales growth and profitability [17][18]. - The industry is undergoing structural changes, with leading companies increasingly dominating market share, as evidenced by the CR3 rising from 15% in 2020 to 20% in 2024 [18][19]. Summary by Sections 1. Cash Cow Attributes of Leading Companies - The cash cow nature of leading compound fertilizer companies is underestimated, with their operational cash flow significantly exceeding net profits, showcasing strong bargaining power [12][18]. - The market often overlooks the competitive advantages of these firms, focusing instead on the industry's low barriers to entry and high fragmentation [12][18]. 2. Enhanced Competitive Strength Supporting Profitability - Leading companies are enhancing brand loyalty, which reduces uncertainty for distributors and farmers, thereby driving sales growth [16][17]. - The ongoing integration of upstream resources and differentiation in end products is expected to improve profitability [16][27]. 3. Dividend Potential - With capital expenditures reaching a peak, leading companies are positioned to increase dividend payouts, supported by healthy operational cash flows [41][44]. - Current dividend rates are relatively low, but there is significant potential for growth as competitive advantages strengthen [44][49]. 4. Investment Recommendations - The report identifies three key companies: Xin Yang Feng (000902, Buy), Shi Dan Li (002588, Not Rated), and Yun Tu Holdings (002539, Not Rated), which collectively account for approximately 20% of national sales in 2024 [3][52]. - These companies are expected to become stable, utility-like investments with substantial dividend growth potential [52].

Core Insights - The importance of fertilizers in ensuring food security and the need for greener and more efficient agricultural practices is emphasized, particularly in the context of China's agricultural transformation [1][4]. Industry Overview - China's fertilizer usage has increased from 8.84 million tons in 1978 to 49.88 million tons in 2024, significantly contributing to the production of major agricultural products [3]. - However, the environmental issues caused by fertilizer runoff, such as soil acidification and water eutrophication, have prompted the government to implement policies aimed at promoting green agricultural practices [3]. Policy Initiatives - The government has introduced several policies to control fertilizer usage, including the "Zero Growth Action Plan for Fertilizer Use by 2020" initiated in 2015 and the "Reduction of Fertilizer Use Action Plan by 2025" released in 2022 [3]. - By 2024, the fertilizer utilization rate for major crops like rice, wheat, and corn has improved to 42.6%, indicating a shift towards a more efficient and scientific approach to fertilization [3]. Technological Innovations - New Yangfeng has undertaken over 20 major national and provincial research projects, resulting in more than 260 patents and the establishment of a complete innovation chain from soil testing to product application [5]. - The company has developed specialized fertilizers that have shown significant yield increases, such as an 18% increase in wheat yield and a 67.5 kg increase per mu for peanuts and soybeans [7][9]. Product Development - New Yangfeng has created a diverse product matrix with over 100 types of fertilizers, focusing on efficiency, specialization, and environmental sustainability [10]. - The company has successfully developed specialized fertilizers for various crops, including apples, wheat, and corn, achieving precise nutrient matching and significant yield improvements [10]. Service Innovation - The company employs a "product + service" model, providing high-quality fertilizers along with professional technical services to enhance agricultural productivity [12]. - In 2024, New Yangfeng conducted over 10,969 training sessions, reaching more than 610,000 farmers, and established numerous demonstration fields to promote new fertilizer technologies [12]. Future Outlook - New Yangfeng aims to continue its mission of providing efficient and environmentally friendly fertilizers, contributing to global food security and sustainable development [14].

Core Viewpoint - The oil and chemical industry is at a critical juncture for transformation in response to the "dual carbon" goals, emphasizing proactive choices for future survival and competitiveness [1][3]. Group 1: Steps for Transformation - Step 1: Process Management - The company has established a dedicated environmental management department and a rigorous standardized assessment system to ensure that environmental and carbon reduction goals are integrated into every employee's responsibilities [1][2]. - Step 2: Product Development - The company focuses on developing green products, such as neutral fertilizers and bio-fertilizers, to address soil pollution and improve fertilizer efficiency, collaborating with research institutions to enhance crop yields [2]. - Step 3: Circular Utilization - The company is researching the comprehensive utilization of by-products like phosphogypsum, applying it in various fields such as cement and soil improvement, thus achieving effective resource utilization and environmental restoration [2]. Group 2: Industry Perspective - The green and low-carbon transformation in the chemical industry is a broad and profound systemic project that requires strategic foresight, innovation to break path dependence, and meticulous management to enhance operational efficiency [3].

Core Viewpoint - The stock of Xinyangfeng Agricultural Technology Co., Ltd. has shown a positive trend with a year-to-date increase of 14.44%, reflecting strong performance in the agricultural chemical sector [1][2]. Financial Performance - For the first half of 2025, Xinyangfeng reported a revenue of 9.398 billion yuan, marking a year-on-year growth of 11.63% [2]. - The net profit attributable to shareholders reached 951 million yuan, representing a significant increase of 28.98% compared to the previous year [2]. Stock Market Activity - As of October 10, the stock price was 14.58 yuan per share, with a trading volume of 67.67 million yuan and a turnover rate of 0.41% [1]. - The stock has experienced a recent net inflow of 1.0307 million yuan from main funds, indicating positive investor sentiment [1]. Shareholder Information - As of June 30, the number of shareholders decreased to 29,100, while the average number of circulating shares per person increased by 1.12% to 39,285 shares [2][3]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 3.0941 million shares [3]. Business Overview - Xinyangfeng specializes in the research, production, and sales of phosphate fertilizers, with its main revenue sources being conventional compound fertilizers (40.71%), new-type compound fertilizers (30.32%), and phosphate fertilizers (24.59%) [1]. - The company is categorized under the basic chemical industry, specifically in agricultural chemical products and compound fertilizers [1].