Core Viewpoint - New Yangfeng (000902.SZ) reported a year-on-year revenue growth of 11.63% and a net profit growth of 28.98% in the first half of the year, but experienced a slight decline in revenue and a slowdown in profit growth in the second quarter compared to the first quarter [1][2] Company Performance - In the first half of the year, New Yangfeng achieved a revenue of 9.398 billion yuan, up 11.63% year-on-year, and a net profit of 951 million yuan, up 28.98% year-on-year [2] - The company's revenue and net profit for the second quarter were 4.730 billion yuan and 436 million yuan, respectively, indicating a decline in revenue compared to the first quarter [2] - The sales revenue of phosphate fertilizer and new compound fertilizer increased by 39.34% and 26.83%, respectively, while conventional compound fertilizer sales revenue decreased by 6.66% [3] Industry Outlook - The overall performance of listed fertilizer companies in the first half of the year was strong, with significant profit increases reported by companies like Batian and Chuanheng due to rising sales prices and stable profit margins [4] - Analysts predict that the raw material market will experience high margins with narrow fluctuations, while the profit margins for compound fertilizers may struggle to improve [5]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 19.11 CNY [2][9]. Core Insights - The company reported steady growth in revenue and profit, with H1 2025 revenue reaching 9.398 billion CNY, a year-on-year increase of 11.63%, and net profit attributable to shareholders at 951 million CNY, up 28.98% year-on-year [2]. - The company continues to deepen its integrated supply chain strategy, which is expected to enhance profitability and operational efficiency [9]. - The revenue from phosphate fertilizers has steadily increased, with the proportion of new fertilizers rising, contributing to improved gross margins [3][9]. Financial Performance Summary - For H1 2025, the company achieved a gross margin of 18.21%, an increase of 2.48 percentage points year-on-year, with specific segments showing varied performance: phosphate fertilizers at 19.81%, conventional compound fertilizers at 12.56%, and new compound fertilizers at 24.48% [9]. - The company has been expanding its production capacity for new fertilizers, including a 350,000-ton/year project in Xinjiang and a 1 million-ton/year project in Bengbu [9]. - The financial forecasts for 2025-2027 indicate a projected revenue growth rate of 9.7% in 2025, with net profit expected to grow by 21.7% [5][10]. Market Position and Strategy - The company has successfully increased its market share in new fertilizer products, with sales growing from 548,500 tons in 2018 to 1,380,000 tons in 2024, reflecting a compound annual growth rate of 16.63% [9]. - The strategic focus on product innovation and market expansion is expected to continue driving revenue and profit growth, reinforcing the company's competitive position in the industry [9].

上 市 公 司 基础化工 2025 年 08 月 08 日 新洋丰 (000902) ——新型肥及磷肥放量增厚利润，盈利能力持续优化， 25Q2 业绩略超预期 报告原因：有业绩公布需要点评 增持（维持） 投资要点： 财务数据及盈利预测 | | 2024 | 2025H1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 15,563 | 9,398 | 17,806 | 19,405 | 20,955 | | 同比增长率（%） | 3.1 | 11.6 | 14.4 | 9.0 | 8.0 | | 归母净利润（百万元） | 1,315 | 951 | 1,753 | 2,016 | 2,318 | | 同比增长率（%） | 9.0 | 29.0 | 33.3 | 15.0 | 14.9 | | 每股收益（元/股） | 1.05 | 0.76 | 1.40 | 1.61 | 1.85 | | 毛利率（%） | 15.6 | 17.3 | 16.3 | 17.1 | 17.9 | | ROE（%） | 12 ...

Core Viewpoint - New Yangfeng Agricultural Technology Co., Ltd. demonstrated robust growth in its 2025 semi-annual report, with significant increases in both revenue and net profit, reflecting its strong market position and strategic effectiveness [1] Group 1: Financial Performance - The company achieved a revenue of 9.398 billion yuan in the first half of 2025, representing a year-on-year growth of 11.63% [1] - The net profit attributable to shareholders reached 951 million yuan, marking a year-on-year increase of 28.98% [1] Group 2: Strategic Focus and Capacity Optimization - New Yangfeng is implementing the "Three Doubles and One More" strategy, focusing on two main sectors: phosphate fertilizers and new energy materials, along with fine chemicals [2] - Key projects are progressing, including the construction of the Hubei Yichang Phosphate New Materials Circular Economy Industrial Park and the trial production of a 150,000-ton water-soluble fertilizer production line in Xinjiang Akesu [2] - The company is enhancing its capacity layout to better withstand market fluctuations and maintain cost advantages [2] Group 3: Technological Innovation - The company is strengthening its technological innovation by advancing the "One Institute and Four Research Institutes" initiative [3] - Collaboration with academic teams has led to significant breakthroughs in agricultural technology, including the ARC biological coupling technology that addresses key agricultural challenges [3] - New Yangfeng has launched seven types of green slow-release fertilizers, significantly improving fertilizer efficiency and market competitiveness [3] Group 4: Service System Enhancement - The company is deepening its "Manufacturing + Service" business model, providing specialized products and a comprehensive agricultural service model for farmers [4] - An online platform, "Yangfeng Shennonghui," has been established to disseminate scientific planting knowledge and improve crop quality [4] Group 5: Digital Transformation - New Yangfeng is advancing its digital transformation, achieving breakthroughs in intelligent decision-making for phosphate mining and automated processes in sulfuric acid production [5] - The company is promoting digital projects that enhance safety and precision in nutrient control, while also focusing on digital talent development [5] - The company aims to continue its strategic focus and management capabilities to achieve high-quality growth [5]

| 指数 涨跌 (%) | | --- | | 名称 | | ┣证指数 3640 0.16 4.8 1.86 | | 深证综指 2225 -0.05 7.24 2.28 | 2025 年 08 月 08 日 中 树国际 (688981) 点评：Q2 营收和毛利率皆超指引. Q3 軍回稳健增长 事件: 1) 公司港股公告 2025 年二季报, 实现营业收入 22.09 亿美元, YoY+16.2%, QoQ-1.7%,连续第四个季度超 20 亿美元,且高于指引 (QoQ-4%~-6%); 归母净利润 1.32 亿美元, YoY-19.5%; 毛利率 20.4% (QoQ-2.1pct)，其表现优于一季度指引区间（18%-20%）。公司 25H1 合计实现销售收入 44.6 亿美元, YoY+22%; 毛利率为 21.6%, YoY+7.6pct。 调整盈利预测,维持"买入"评级。根据公司 25Q3 指引及股本变化,我 们调整公司 2025-2027 年的归母净利润预测为 50.93/64.08/72.21 亿元 （原 53.29/67.94/76.66 亿）, 对应 2025-2027 年 A 股股价 PE 为 ...

总数 东总数（如有） | 新洋丰农业科技股份有限公司 | 2025 | 年半年度报告摘要 | | | --- | --- | --- | --- | | 证券代码：000902 | | 证券简称：新洋丰 | 编号：2025-045 | | 债券代码：127031 | | 债券简称：洋丰转债 | | | 2025 新洋丰农业科技股份有限公司 | | 年半年度报告摘要 | | | 一、重要提示 | | | | | | 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 | | | | 划， | | | | | 投资者应当到证监会指定媒体仔细阅读半年度报告全文。 | | | | | 所有董事均已出席了审议本报告的董事会会议。 | | | | | 非标准审计意见提示 | | | | | □适用 ?不适用 | | | | | 董事会审议的报告期利润分配预案或公积金转增股本预案 | | | | | □适用 ?不适用 | | | | | 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | | | | | 董事会决议通过的本报告期优先股利润分配预案 | | | | | □适用 ?不适 ...

Group 1 - The board of directors of Xinyangfeng Agricultural Technology Co., Ltd. held its 14th meeting of the 9th session on August 7, 2025, with all 9 directors present, ensuring compliance with legal and procedural requirements [1] - The board approved the 2025 semi-annual report and its summary, which accurately reflects the company's operational status for the first half of 2025, with no false statements or omissions [2] - The voting results for the semi-annual report were unanimous, with 9 votes in favor and no votes against or abstentions [2]

证券代码：000902 证券简称：新洋丰 编号：2025-044 债券代码：127031 债券简称：洋丰转债 经全体监事审议，会议形成如下决议： （一）审议通过了《公司 2025 年半年度报告及其摘要》 经审核，监事会认为：董事会编制和审核的《公司 2025 年半年度报告及其摘要》， 符合法律、行政法规、中国证监会和深圳证券交易所的规定，报告内容真实、准确、完 整地反映了公司 2025 年半年度经营的实际情况，不存在任何虚假记载、误导性陈述或 者重大遗漏，未发现参与半年度报告编制和审议的人员有违反保密规定的行为。全体监 事保证公司 2025 年半年度报告及其摘要所披露的信息真实、准确、完整，不存在虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 具体内容详见 2025 年 8 月 8 日登载于《证券日报》、《证券时报》、《中国证券 报》、《上海证券报》和巨潮资讯网（www.cninfo.com.cn）的《公司 2025 年半年度报 告及其摘要》。 新洋丰农业科技股份有限公司 第九届监事会第十一次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 ...

Summary of New Yangfeng Conference Call Company Overview - **Company**: New Yangfeng - **Industry**: Fertilizer Production Key Points and Arguments Sales Performance - In the first half of 2025, conventional fertilizer sales declined due to early spring demand and raw material price fluctuations, while new fertilizers were less affected. Sales in Q3 are expected to benefit from delayed demand release [2][5] - Conventional fertilizer sales dropped by over 10% in Q2, while new fertilizers, targeting economic crops, showed resilience [5] Risk Management - New Yangfeng effectively mitigates raw material price volatility through price protection agreements, potassium fertilizer import rights, and a high level of supply chain integration [2][6] - The company maintains low inventory levels to avoid speculative losses, a strategy adopted since Q3 2019 after significant losses from price drops [6] Profit Margins - The gross margin for monoammonium phosphate (MAP) remains low, influenced by high phosphate rock prices, but is expected to improve if prices decline [2][7] - Ordinary fertilizer gross margins are around 12%, with significant room for improvement as farmers are price-sensitive and the company cannot fully pass on cost increases [7] Research and Development - R&D expenses increased due to the need for innovation in new fertilizer types and the construction of new production lines to meet market demand [2][8] - The company is adapting to industry changes, moving from traditional fertilizers to high-end controlled-release and water-soluble products [8] Export and Market Expansion - New Yangfeng received its first batch of phosphate fertilizer export quotas in May 2025, but limited exports were completed in H1 due to procedural delays. Most exports are expected in Q3 [2][10][11] - The company is optimistic about Q3 performance, anticipating a sales surge due to pent-up demand and potential second batch export quotas [12] Regional Market Dynamics - New Yangfeng holds a 15% market share in Northeast China, limiting growth potential, but is experiencing rapid growth in South and Southeast China [3][21] - The company has established production bases in regions like Xinjiang and Anhui to capture market opportunities [21] Climate Impact - Seasonal weather variations, such as heavy rainfall, do not significantly impact overall sales due to the flexibility of farmers in adjusting fertilization schedules [22] Future Projects - The phosphoric acid iron project is 90% complete but is on hold due to unfavorable market prices. It can be launched quickly if profitability improves [2][15] - The Yichang fine phosphate new materials project is in early stages and will not impact financials in 2025 [16] Industry Trends - The fertilizer industry is seeing increased concentration, with larger companies gaining market share due to their ability to manage raw material price fluctuations better than smaller firms [13][23] - New Yangfeng is focusing on developing water-soluble fertilizers, which are currently in high demand [24] Financial Outlook - The company does not foresee the need to adjust convertible bond terms due to stable growth expectations, projecting potential earnings exceeding 2.5 billion yuan in the coming years [20] Conclusion - New Yangfeng is navigating a challenging market environment with strategic measures to manage risks, innovate in product offerings, and expand its market presence, positioning itself for potential growth in the coming quarters.

新洋丰 20250807 摘要 2025 年上半年，新洋丰常规肥销量因春季需求提前释放及二季度原材 料价格波动而下降，但新型肥受影响较小，三季度销售额预计将受益于 前期需求延迟释放。 新洋丰通过保价协议、钾肥进口权及产业链一体化等措施，有效抵御原 材料价格波动风险，并采取稳健经营策略，维持低库存，避免投机性损 失。 磷酸一铵毛利率虽与 2018 年持平，但未充分反映新增产能及矿产贡献， 受磷矿价格高企影响，普通肥料毛利率仍较低，未来磷矿价格下降有望 提升磷酸一铵及普通肥料盈利能力。 研发费用增加主要用于新型肥料的研发和新生产线建设，以应对市场需 求变化并保持竞争力，同时会计准则变化也导致研发费用增加。 新洋丰获得第一批磷肥出口指标，但上半年出口量有限，主要出口将在 三季度完成，等待第二批出口指标批复，出口业务有望为三、四季度业 绩提供保障。 磷酸铁项目进度已达 90%，但受当前市场价格影响暂缓投产，未来若盈 利好转可随时启动，且磷酸铁减亏显著，少数股东权益已转正。 新洋丰在东北市场占有率高，增长空间受限，但在华南和东南地区增速 较快，未来华东、华南和西北区域收入增速预计良好，气候灾害对整体 销售影响有限。 Q ...