证券代码：002170 证券简称：芭田股份 公告编号：26-01 深圳市芭田生态工程股份有限公司 2025 年度业绩预告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈述 或重大遗漏。 一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日 2025 年度磷矿石及其加工的产品和肥料销售收入大幅增长。 四、其他相关说明 1、本次业绩预告是公司财务部门初步测算的结果，未经审计机构审计。具体财务数据将 2025 年度业绩预告 2、预计的业绩：预计净利润为正值且属于同向上升 50%以上情形 单位：万元 | 项 目 | 本报告期 | | | 上年同期 | | | --- | --- | --- | --- | --- | --- | | 归属于上市公司股 | | 89,000 | ～ | 98,000 | 40,913.81 | | 东的净利润 | 比上年同期增长 | 117.53% | ～ | 139.53% | | | 扣除非经常性损益 | | 88,350 | ～ | 97,350 | 40,509.87 | | 后的净利润 | 比上年 ...

Core Insights - The article discusses the strategic transformation of Batian Co., Ltd. from a traditional fertilizer manufacturer to an integrated phosphate chemical company focusing on "phosphate rock + high-end compound fertilizers + new energy materials" [4]. Group 1: Company Overview - Batian Co., Ltd. is the first publicly listed company in China's compound fertilizer industry, currently undergoing a significant strategic shift [4]. - The company is focusing on technological innovation and industrial chain layout to differentiate itself in a market facing product homogeneity and upstream raw material fluctuations [3]. Group 2: Financial Performance - In 2024, the compound fertilizer business contributed 2.6 billion yuan, accounting for 76.6% of total revenue; phosphate rock business achieved revenue of 710 million yuan, a year-on-year increase of 82% [5]. - By the first half of 2025, revenue from phosphate rock business rose to 998 million yuan, increasing its share of total revenue to 39.3%, becoming the company's second-largest revenue source [5]. - For the first three quarters of 2025, the company reported total revenue of 3.8 billion yuan, a year-on-year growth of 56.5%, with significant contributions from phosphate rock and its processed products, indicating a "dual-drive" phase of compound fertilizers and phosphate rock [7]. - The net profit attributable to shareholders reached 690 million yuan, reflecting a year-on-year increase of 236% [7].

Core Viewpoint - The demand for calcium ammonium nitrate (CAN) is increasing due to its advantages in efficiency and environmental safety, despite a decline in market size due to falling prices [1][9]. Overview - Calcium ammonium nitrate is a new type of high-efficiency compound fertilizer that provides fast-acting nitrogen and calcium, is fully water-soluble, and improves soil quality [1][2]. Market Policy - The Chinese government has implemented various policies to support the development of the fertilizer industry, including CAN, promoting technological innovation and environmental sustainability [6]. Industry Chain - The upstream of the CAN industry includes suppliers of raw materials like nitric acid and limestone, while the downstream encompasses various agricultural applications, particularly in vegetable cultivation [6][8]. Current Development - The demand for CAN in China is projected to reach 1.751 million tons in 2024, a year-on-year increase of 4.8%, but the market size is expected to decline to 2.044 billion yuan, a decrease of 7.8% [1][9]. Competitive Landscape - The CAN market is experiencing a phase of consolidation, with major players like Ba Tian and Jin Lan focusing on technological innovation and cost control, while smaller companies face challenges due to stricter regulations [10][11]. Development Trends - The industry is expected to shift towards low-carbon and environmentally friendly practices, with an emphasis on technological upgrades and product diversification to meet evolving market demands [12][13][14].

Core Insights - The article highlights the recognition of Huang Peizhao, Chairman and President of Batian Co., Ltd., as the "Annual Tribute Person of Guizhou" for his contributions to efficient phosphorus resource utilization and green transformation in the industry [1][11][13] Group 1: Leadership and Vision - Huang Peizhao has dedicated 40 years to the agricultural and fertilizer industry, earning a Ph.D. in Plant Nutrition in 1999, which laid a solid foundation for his contributions [3][15] - Under his leadership, Batian Co., Ltd. became the first listed company in China's compound fertilizer industry in 2007, marking a new chapter in standardized and large-scale development [3][15] - The company focuses on technological innovation as a core driver, establishing a dual business model of "high-value fertilizers + fine phosphorus chemicals" [3][15] Group 2: Technological Breakthroughs - Batian Co., Ltd. has adopted a "green first, ecological priority" philosophy, addressing the industry's challenges of high production costs and environmental pollution [4][11] - Huang led a strategic decision to invest over 4 billion yuan in building a phosphorus chemical circular economy industrial park in Guizhou, developing a proprietary frozen nitric phosphorus fertilizer process [4][16] - The company achieved significant breakthroughs in key processes, successfully localizing 308 sets of core equipment and breaking foreign technology monopolies [4][16][17] Group 3: Resource Empowerment - The Weng'an phosphorus mine in Guizhou is a key resource for Batian, known for its high phosphorus content and rich trace elements, supporting the company's stringent raw material standards [7][19] - Batian has made steady progress in securing phosphorus mining rights, achieving a production capacity goal of 200 million tons per year by October 2024, with plans to expand to 290 million tons [7][19][20] - The company has established a closed-loop circular economy model, achieving a net profit of 409 million yuan in 2024, a 57.67% increase year-on-year, and a net profit of 687 million yuan in the first three quarters of 2025, a 236.13% increase [8][20] Group 4: Future Outlook - Huang Peizhao's practices in Guizhou have become a replicable model for resource-based industry transformation, with plans to continue enhancing strategic layouts through innovative processes and AI [10][22] - The company aims to maximize phosphorus resource value and support modern agricultural development, contributing to economic growth and ecological protection [10][22]

Market Overview - The agricultural chemical sector experienced a decline of 1.48% on December 29, with Runfeng Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Stock Performance - Notable gainers in the agricultural chemical sector included: - Beisimei (300796) with a closing price of 8.76, up 1.39% on a trading volume of 54,300 shares and a turnover of 47.32 million yuan [1] - Nongxin Technology (001231) at 22.72, up 1.38% with a trading volume of 25,600 shares and a turnover of 57.69 million yuan [1] - Baiao Chemical (603360) at 31.68, up 1.38% with a trading volume of 120,500 shares and a turnover of 381 million yuan [1] - Conversely, significant decliners included: - Runfeng Co., Ltd. (301035) at 66.10, down 5.58% with a trading volume of 34,100 shares and a turnover of 228 million yuan [2] - Yanhai Co., Ltd. (000792) at 27.69, down 4.48% with a trading volume of 1,063,600 shares and a turnover of 2.994 billion yuan [2] - Zhejiang Agricultural Co., Ltd. (002758) at 9.83, down 3.91% with a trading volume of 170,200 shares [2] Capital Flow - The agricultural chemical sector saw a net outflow of 637 million yuan from institutional investors, while retail investors contributed a net inflow of 407 million yuan [2] - Key stocks with notable capital flows included: - Yuntianhua (600096) with a net inflow of 12.8 million yuan from institutional investors [3] - Baiao Chemical (603360) with a net inflow of 18.96 million yuan from institutional investors [3] - Runfeng Co., Ltd. (301035) had a net outflow of 30.6 million yuan from institutional investors but a net inflow of 20.74 million yuan from retail investors [3]

Core Viewpoint - The slow-release compound fertilizer industry is experiencing significant growth driven by government policies promoting efficient and environmentally friendly fertilizers, with a projected market size of 312.7 billion yuan in China by 2024, and a compound annual growth rate (CAGR) of over 5% expected for production by 2025 [1][10]. Group 1: Industry Overview - Slow-release compound fertilizers utilize physical, chemical, or biological technologies to precisely control nutrient release, matching crop needs and improving nutrient utilization rates by 30%-50% [1][2]. - The industry is transitioning from economic crops to field crops, with the market for slow-release fertilizers expected to expand significantly due to their comprehensive advantages [1][10]. - The Chinese fertilizer market is projected to reach 312.7 billion yuan in 2024, with compound fertilizers accounting for nearly 50% of the application volume, solidifying their role as a market core [1][10]. Group 2: Policy Environment - The Chinese government has implemented multiple policies to encourage the development of efficient and environmentally friendly fertilizers, positioning slow-release compound fertilizers as a key component in promoting agricultural green development [1][6]. - Key policy documents include the "Action Plan for Reducing Chemical Fertilizer Use by 2025" and the "Guidelines for Promoting Agricultural Modernization," which collectively support the growth of the slow-release fertilizer sector [1][6]. Group 3: Industry Chain - The industry chain consists of upstream suppliers of nitrogen, phosphorus, potassium fertilizers, and coating materials, with midstream production focused on slow-release fertilizer manufacturers utilizing various technologies [1][8]. - The downstream application primarily serves agriculture, with nearly half of the demand coming from economic crops, while non-agricultural sectors like landscaping are also emerging [1][8]. Group 4: Competitive Landscape - The industry is characterized by a competitive landscape dominated by leading companies such as Kingenta, Stanley, and Ba Tian, which leverage technology and scale to establish market barriers [1][11]. - These leading firms are innovating in areas such as biodegradable coating technology and specialized fertilizers tailored to crop growth stages, enhancing their competitive edge [1][11]. Group 5: Future Trends - The slow-release compound fertilizer industry is expected to evolve towards precision technology, market structure optimization, and global collaboration, focusing on biodegradable materials and smart technology integration [1][12]. - The dual drive of policy and market demand will continue to shape the industry, leading to increased concentration and a shift towards specialized and functional products [1][14]. - Companies are likely to expand their applications beyond traditional agriculture into areas like ecological restoration, enhancing growth opportunities [1][15].

Group 1 - The core viewpoint of the article is that Batian Co., Ltd. has completed the necessary approvals for its 2.9 million tons phosphate rock expansion project and is currently in the process of related construction work [1] Group 2 - The company is actively engaging with investors through an interactive platform to provide updates on its projects [1] - The expansion project is significant for the company's growth and operational capacity in the phosphate industry [1]

Group 1 - The company, Batian Co., Ltd. (002170), stated that its current name aligns with its phosphate chemical industry chain strategy and the long-term accumulated brand value [1] - The company will seriously consider suggestions for a name change [1]

Group 1 - The company, Batian Co., stated that as of October 31, 2025, the number of shareholders will be 46,319 [2]

Core Viewpoint - The company focuses on the phosphate chemical industry chain, producing key materials for the battery industry, particularly iron phosphate, which is a precursor for lithium battery cathodes [2] Group 1: Company Operations - The company has established an annual production capacity of 50,000 tons for iron phosphate [2] - The product range includes high-purity phosphoric acid, industrial-grade monoammonium phosphate, and nitric acid [2] Group 2: Industry Context - Iron phosphate is identified as a critical material for lithium batteries, highlighting the company's strategic positioning within the growing battery market [2]