Core Insights - The Social Security Fund's holdings at the end of Q3 included 33 stocks, totaling 625 million shares with a market value of 13.07 billion yuan [1] - The fund maintained positions in 6 stocks, initiated positions in 7 stocks, increased holdings in 10 stocks, and reduced holdings in 10 stocks during the quarter [1] Holdings Overview - The stock with the highest number of Social Security Fund shareholders is Sanhe Tree, with three funds appearing among the top ten shareholders, holding a total of 15.02 million shares, accounting for 2.04% of the company's circulating shares [1] - Other companies with two funds holding shares include China Jushi, Haida Group, Xin Qiang Lian, Ying Shi Network, and Baiya Shares [1] - A total of 17 stocks had holdings exceeding 10 million shares, with Poly Development having the largest holding of 124 million shares, which increased by 19.86 million shares in Q3 [1] Shareholding Proportions - Baiya Shares had the highest proportion of holdings by the Social Security Fund at 4.34%, with two funds increasing their holdings by over 3.18 million shares in Q3 [2] - China National Pharmaceutical Group followed with a holding proportion of 4.12% [2] - New stocks added included Jinling Mining with 8.81 million shares, followed by Blue Science High-tech and Electric Connection Technology with 7.64 million and 7.60 million shares, respectively [2] Market Performance - The average increase for new stocks held by the Social Security Fund since October is 0.28%, with Jinling Mining leading at a 10.36% increase [2] - Other notable increases include Koyuan Wisdom and Blue Science High-tech, which rose by 7.18% and 6.04%, respectively [2] Earnings Performance - Among the new stocks, six reported year-on-year net profit growth, with Blue Science High-tech turning a profit with a net profit of 33.31 million yuan [3] - Jinling Mining and Yuxin Electronics reported net profit growth of 60.21% and 47.09%, respectively [3] - In addition to new stocks, ten stocks saw increased holdings from the Social Security Fund, with Poly Development seeing the largest increase of 19.86 million shares [3] Growth in Holdings - The stocks with the most significant increases in holding proportions include Sanhe Tree and Xin Qiang Lian, with increases of 1.33 and 1.31 percentage points, respectively [3] - Nine stocks among those increased by the fund reported year-on-year net profit growth, with Xin Qiang Lian achieving a turnaround with a total revenue of 3.618 billion yuan, up 84.10% year-on-year [3]

Summary of Stanley's Conference Call Company Overview - **Company**: Stanley - **Industry**: Fertilizer and Chemical Industry Key Financial Performance - **Revenue**: Approximately 9 billion CNY for the first three quarters, with a net profit of 815 million CNY, representing a year-on-year growth of 22.71% [2][3] - **Q3 Performance**: Revenue of 2.899 billion CNY, up 31.4% year-on-year, and net profit of 208 million CNY, up 35.4% year-on-year [2][3] - **Cash Flow**: Improved operating cash flow with a net cash flow of 1.095 billion CNY in Q3, a 59% increase year-on-year [2][5] Segment Performance Compound Fertilizer - **Sales Impact**: Q3 compound fertilizer sales volume declined by approximately 7% due to extreme weather conditions, but profitability improved significantly through increased operational efficiency in the phosphate chemical segment [2][6] - **Price Stability**: Sales price for compound fertilizer remained stable at around 2,500 CNY [2][6] Phosphate Chemical Segment - **Production Recovery**: The phosphate chemical segment gradually returned to normal production levels, with the capacity of the Songzi New Materials Company reaching design levels [2][7] - **Export Strategy**: Focused on exporting granular monoammonium phosphate and industrial ammonium, with a high export volume within the industry. Export quotas are concentrated on phosphate ammonium due to national restrictions [2][7][12] Horticultural Fertilizer - **Growth Rate**: The horticultural fertilizer segment showed rapid growth, with online retail sales reaching 162 million CNY from January to September, a year-on-year increase of 83.5% [2][8] Market Conditions - **Weather Impact**: Extreme weather significantly affected the autumn market, with dealer purchase volumes decreasing to about 70% year-on-year and terminal retail volumes dropping by 20-30% [2][9] - **Future Outlook**: If weather conditions improve, there is potential for replenishment; however, continued rainy seasons may further impact autumn sowing and fertilization volumes [2][10] Industry Trends - **Concentration and Competition**: The compound fertilizer industry has a low concentration level, but aging agricultural workforce may lead to consolidation in planting, enhancing market share for leading companies. The top five companies are expected to capture 60-70% of the market share [2][4][18] - **Long-term Competitiveness**: Large phosphate chemical enterprises are expected to be more competitive due to product diversification and better resource matching, while smaller firms may face greater challenges [2][15] Regional Insights Xinjiang Region - **Market Growth**: Significant agricultural development in Xinjiang due to increased arable land and improved irrigation facilities. The company has established a compound fertilizer base in southern Xinjiang, maintaining good operational rates [2][19] - **Sales Strategy**: High-margin products account for over 60% of total sales, with stable sales in new compound fertilizers for economic fruits and vegetables [2][20][21] Challenges and Future Expectations - **Q4 Sales Pressure**: Anticipated sales pressure in Q4, influenced by weather conditions and potential delays in sales due to rainfall. The company may adjust sales targets based on October and early November performance [2][23][24] - **Export Policies**: Uncertainty remains regarding nitrogen and potassium fertilizer exports due to national policies, with limited demand expected from South America and Southeast Asia until early next year [2][25] Conclusion - **Overall Sentiment**: The company experienced lower-than-expected compound fertilizer sales in Q3 due to weather impacts, but the phosphate chemical segment showed improved profitability. The industry is undergoing significant adjustments, with large enterprises benefiting from market consolidation, indicating a positive long-term outlook for the company [2][27]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a year-on-year increase in net profit for Q3, driven by the growth in compound fertilizer sales and phosphate exports [3][7] - The company's revenue for Q3 2025 reached 2.899 billion yuan, representing a year-on-year growth of 31.41% [6][7] - The report highlights the competitive advantages of leading companies in the industry, emphasizing the importance of brand strength, marketing channels, and R&D investment [9][11] Financial Performance Summary - Q3 2025 revenue: 28.99 billion yuan, up 31.41% year-on-year, down 2.89% quarter-on-quarter [6][7] - Q3 2025 net profit: 2.08 billion yuan, up 35.36% year-on-year, down 34.61% quarter-on-quarter [6][7] - Q3 2025 gross profit: 4.51 billion yuan, up 0.71 billion yuan year-on-year, down 1.57 billion yuan quarter-on-quarter [7][8] - Q3 2025 ROE: 2.88%, up 0.54 percentage points year-on-year, down 1.58 percentage points quarter-on-quarter [6][7] - Q3 2025 sales gross margin: 15.57%, down 1.64 percentage points year-on-year, down 4.81 percentage points quarter-on-quarter [6][7] Market Position and Outlook - The report anticipates that the company will benefit from favorable phosphate export conditions, leading to profit growth [7][9] - The company is expected to maintain a competitive edge through its complete industrial chain from phosphate chemicals to compound fertilizers [11] - Revenue projections for 2025-2027 are estimated at 12.3 billion, 14.6 billion, and 15.9 billion yuan, respectively, with corresponding net profits of 1 billion, 1.2 billion, and 1.4 billion yuan [11][13]

Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 22 Oct 2025 环球富盛理财有限公司 史丹利 Stanley Agriculture Group (002588.CH) 复合肥龙头企业，磷化工新项目经营转好 Leading compound fertilizer enterprise & Phosphorus chemical new project operation improves 最新动态 动向解读 ➢ 公司作为复合肥龙头企业，市占率提升趋势将延续。未来 1-2 年，公司市占率有望进一步提高，因中 小企业受原材料波动应对能力弱、渠道下沉不足、环保成本上升等影响持续退出，而公司通过产能布 局、渠道深耕和产品优势抢占份额。复合肥中小企业盈利普遍较差，近年退出明显，主要原因包括原 材料价格剧烈波动时中小企业采购和库存管理能力不足、渠道下沉不足导致终端价格管控混乱、保价 政策导致利润亏损，以及环保、安全合规成本上升挤压其生存空间。 策略建议 ➢ 盈利预测。我们给予公司 2025-2027 年归母净利润为 ...

以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 对于社保基金，本期较上一期持股增加的社保基金共1个，即全国社保基金一一五组合，持股增加占比 达0.43%。 外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达0.30%。 2025年10月22日，史丹利(002588.SZ)发布2025年第三季报。截至2025年10月21日，共有5个机构投资者 披露持有史丹利A股股份，合计持股量达9493.04万股，占史丹利总股本的8.24%。其中，机构投资者包 括全国社保基金一一五组合、中国工商银行-广发稳健增长证券投资基金、香港中央结算有限公司、北 京尚艺私募基金管理有限公司-尚艺阳光31号私募证券投资基金、玄元私募基金投资管理(广东)有限公 司-玄元科新211号私募证券投资基金，机构投资者合计持股比例达8.24%。相较于上一季度，机构持股 比例合计下跌了3.41个百分点。 公募基金方面本期较上一季度持股减少的公募基金共计1个，即广发稳健增长混合A，持股减少占比达 0.78%。本期较上一季未再披露的公募基金共计178个，主要包括兴证全球欣越混合A、招商量化 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 证券代码：002588 证券简称：史丹利 公告编号：2025-040 史丹利农业集团股份有限公司 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.董事会及董事、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 □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 ■ （二） 非经常性损益项目和金额 √适用 □不适用 单位：元 ■ 其他符合非经常性损益定义的损益项目的具体情况： □适用 √不适用 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 （三） 主要会计数据和财务指标发生变动的情况及原因 √适用 □不适用 ...

证券日报网讯 10月21日晚间，史丹利发布2025年第三季度报告称，2025年第三季度公司实现营业收入 2，899，027，387.71元，同比增长31.41%；归属于上市公司股东的净利润为208，337，069.84元，同 比增长35.36%。 （编辑 任世碧） ...

证券日报网讯10月21日晚间，史丹利（002588）发布公告称，公司不存在逾期债务对应的担保余额、涉 及诉讼的担保金额及因被判决败诉而应承担的担保金额等。 ...

Core Viewpoint - Stanley (002588.SZ) reported strong financial performance in Q3, with significant year-on-year growth in both revenue and net profit [1] Financial Performance - The company's revenue for the first three quarters reached 9.29 billion, representing a year-on-year increase of 17.91% [1] - The net profit attributable to shareholders for the same period was 815 million, showing a year-on-year growth of 22.71% [1] - The net profit excluding non-recurring gains and losses was 750 million, reflecting a year-on-year increase of 31.16% [1]

人民财讯10月21日电，史丹利（002588）10月21日披露2025年三季度报告，公司第三季度实现营业收入 28.99亿元，同比增长31.41%；归母净利润2.08亿元，同比增长35.36%。前三季度实现营业收入92.9亿 元，同比增长17.91%；归母净利润8.15亿元，同比增长22.71%。 ...