Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved stable revenue growth in the first half of 2025, with total revenue reaching 11.4 billion yuan, a year-on-year increase of 3.59% [1] - The company's net profit attributable to shareholders was 511 million yuan, up 12.60% year-on-year, while the net profit after deducting non-recurring gains and losses was 495 million yuan, an increase of 12.10% year-on-year [1] - The revenue from the phosphate compound fertilizer business grew by 21.6% year-on-year, contributing 7.22 billion yuan in revenue [2] - The company is actively expanding its upstream nitrogen and phosphorus raw material layout, with significant projects underway [3] - The profit forecast for 2025-2027 has been revised upward, with expected net profits of 1.012 billion yuan, 1.232 billion yuan, and 1.426 billion yuan respectively [3] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 5.689 billion yuan, a decrease of 5.99% year-on-year and 0.40% quarter-on-quarter [1] - The gross margin for the phosphate compound fertilizer business improved to 15.0%, up 0.8 percentage points year-on-year [2] - The company’s other businesses, such as yellow phosphorus and soda ash, experienced mixed results, with yellow phosphorus revenue at 620 million yuan (down 1.5%) and soda ash revenue at 323 million yuan (down 34.6%) [2] Business Development - The company is focusing on strengthening its nitrogen and phosphorus supply chain, with ongoing projects including a 700,000-ton ammonia synthesis project and multiple phosphate mining projects [3] - The company’s phosphate mining resources total approximately 549 million tons, with significant projects like the Aju Luo Xia phosphate mine already underway [3] Profit Forecast and Valuation - The report projects a steady increase in net profit due to product structure optimization and favorable industry conditions, with revised profit estimates for 2025-2027 [3] - The expected earnings per share (EPS) for 2025 is 0.84 yuan, with a price-to-earnings (P/E) ratio of 14 [5][12]

Core Viewpoint - Yuntu Holdings (002539) is progressing with the optimization design plan for its 4 million tons mining project in the eastern section of the Leibo Niuniuzhai phosphate mine, aiming for early completion and production [1] Group 1 - The optimization design plan for the phosphate mining project has been preliminarily formed [1] - The company is accelerating preparations to ensure the phosphate mine project is completed and operational as soon as possible [1] - Investors are encouraged to monitor the company's future announcements for specific progress updates on the project [1]

证券日报网讯 云图控股8月29日发布公告，在公司回答调研者提问时表示，近年来，新型肥料市场在种 植结构优化、农业规模化经营等驱动下，市场发展前景广阔。一方面，随着我国经济作物的种植面积增 长，传统肥料已难以满足精准施肥需求，增效肥、特肥等高效化、精准化、功能化的新型肥料加速渗 透，市场规模快速增长。另一方面，国家大力推进高标准农田建设，对农田土壤改良、肥料利用率提升 提出更高要求，进一步带动新型肥料在大田作物的应用。在新型复合肥方面，公司紧跟市场趋势，围 绕"高效化、精准化、功能化"主线，打造差异化的产品竞争力，报告期公司增效肥、特肥等新型肥料的 市场份额稳步提升。新品研发方面，公司聚焦"特肥""增效肥""作物专用肥"三大方向，推出了全水溶钙 镁中量元素肥、小分子寡肽全水溶高塔复合肥、水稻孕穗肥等多款创新产品，精准匹配不同作物及种植 场景需求，为新型肥料快速发展奠定基础。 （编辑 袁冠琳） ...

（编辑 袁冠琳） 证券日报网讯 云图控股8月29日发布公告，在公司回答调研者提问时表示，目前，公司雷波磷矿采矿在 建产能690万吨/年，未来投产后有望实现磷矿石的自给自足，减少对外部磷矿石采购的依赖。除就近满 足雷波基地生产外，公司还可依托长江水运体系，向湖北荆州、宜城等基地供应磷矿石，降低公司整体 的生产成本。综上，磷矿开采后，公司磷产业链将实现闭环，强化低成本的竞争优势，进一步提高公司 的市场竞争力、盈利能力和抗风险能力。 ...

证券日报网讯 云图控股8月29日发布公告，在公司回答调研者提问时表示，公司磷复肥产品包括常规复 合肥、新型复合肥及磷肥（磷酸一铵）。公司磷复肥业务增长驱动因素主要来自以下两个方面：一是产 品销量增长：公司深入推进渠道精耕、网络下沉，市场渗透力增强，报告期常规复合肥、新型复合肥及 磷肥产品均实现不同程度增长。二是产品结构优化：公司依托氮、磷完整产业链优势和技术创新优势， 推动磷复肥产品结构向新型化、功能化、高附加值方向升级，公司新型肥料以及水溶性磷铵、工业级磷 铵等高毛利产品占比有所提升，带动磷复肥业务高质量发展。 （编辑 袁冠琳） ...

Core Viewpoint - Yuntu Holdings announced on August 29 that its yellow phosphorus business is expected to maintain stable operations in the first half of 2025, with projected revenue of 620 million yuan and a gross margin of 19.87%, an increase of 6.32 percentage points year-on-year [1] Group 1 - The company anticipates full capacity release in its yellow phosphorus operations, leading to significant revenue generation [1] - The gross margin for yellow phosphorus products is expected to continue improving as the Lei Bo phosphorus mine project progresses, allowing for self-supply of phosphorus ore [1]

Core Viewpoint - Yuntu Holdings reported a positive outlook for its monoammonium phosphate (MAP) business, driven by strong demand from the agricultural and new energy sectors, alongside supportive raw material costs [1] Group 1: Market Performance - The MAP market has shown overall improvement this year, particularly in industrial-grade and water-soluble MAP products, which have maintained high price levels [1] - The company's MAP products have experienced both volume and price increases, with gross profit margins for water-soluble and industrial-grade MAP rising year-on-year [1] Group 2: Competitive Advantages - The company benefits from three main competitive advantages: 1. **Technical Advantage**: Yuntu Holdings has leading technology in phosphate classification, ensuring efficient utilization and stable supply of phosphoric acid, while controlling product purity and adjusting product structure based on market demand [1] 2. **Industry Chain Advantage**: The company possesses abundant phosphate resources and has established a complete phosphate classification utilization industry chain, which effectively reduces overall costs and energy consumption [1] 3. **Product and Service Advantage**: High-quality products and stable supply capabilities have allowed the company to successfully expand its customer base in the new energy sector, optimizing its customer structure for sustained business growth [1]

证券日报网讯 云图控股8月29日发布公告，在公司回答调研者提问时表示，国内方面，公司营销网络覆 盖全国，拥有一级经销商近6，000家，镇村级零售终端10万余个。公司推进"万亩一分销"网络布局，报 告期新增经销商超800家，渠道网络进一步下沉。海外方面，公司以东南亚为起点，在越南、泰国、马 来西亚等地建立本地化营销网络，同时国际贸易业务布局不断扩大，推动海外销量保持稳健增长。 （编辑 袁冠琳） ...

证券日报网讯 云图控股（002539）8月29日发布公告，在公司回答调研者提问时表示，公司正全力推进 湖北应城70万吨合成氨项目建设，目前核心设备安装顺利，公共设施同步实施中，整体节奏符合预期， 具体投产、达产时间请以公司后续披露的公告为准。 ...

Core Insights - The report emphasizes that the chemical industry is entering a new phase of capital expenditure, with a focus on the rebalancing of supply and demand following the release of production capacity during the 14th Five-Year Plan period [2][6] - The report indicates that the bottom of the cycle is becoming clearer, with potential price increases for chemical products driven by demand recovery and supply stability in the second half of the year [2][6] Industry Overview - The current cycle has reached its tail end, with a total of 12 quarters of decline since Q3 2022, following a 7-quarter expansion from Q4 2020 to Q2 2022 [10][12] - The report outlines that the chemical industry has experienced three significant price fluctuation cycles since 2010, with the latest cycle characterized by a demand-driven recovery followed by a supply-side pressure [8][10] Investment Recommendations - The report suggests focusing on sectors with relatively low valuations, such as sucralose (recommended: Jinhe Industrial), pesticides (recommended: Yangnong Chemical, Runfeng Shares), and MDI (recommended: Wanhua Chemical) [3][4] - It highlights the importance of domestic demand in countering tariff impacts, recommending companies in refrigerants and fertilizers [3][4] - The report identifies investment opportunities in sectors with upcoming capacity releases, such as organic silicon (recommended: Xin'an Chemical) and spandex [3][4] Price and Profitability Trends - The report notes that many sub-industry product prices remain at historical lows, with specific prices for spandex, PA6, and other fibers at 0%, 4%, and 5% of historical levels respectively [28] - It mentions that the chemical industry has seen a slight recovery in profitability in Q1 2025, although the overall performance remains under pressure [27][25] Supply and Demand Dynamics - The report indicates that the global chemical capital expenditure is on a downward trend, with domestic companies experiencing a slowdown in investment while still facing significant pressure to convert projects into fixed assets [22][32] - It also states that both domestic and international markets are entering a replenishment phase in 2025, which may influence inventory levels and pricing strategies [35][36]