股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中化化肥控股有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00297 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 80,000,000,000 | HKD | | 0.1 | HKD | | 8,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 80,000,000,000 | HKD | | 0.1 | HKD | | 8,000,000,000 | | 2. ...

Group 1 - The core point of the news is that Wang Tielin, the Executive Director and CEO of Sinochem Fertilizer (00297.HK), increased his shareholding by purchasing 750,000 shares at an average price ranging from HKD 1.3933 to HKD 1.4222, totaling approximately HKD 1.058 million [1] - Following this transaction, Wang Tielin's total shareholding increased to 1,250,000 shares, which represents a holding percentage of 0.02% of the company's issued shares [1][2] - The share purchase occurred on two separate dates: August 28 and August 29, 2025, indicating a strategic move by the CEO to bolster his stake in the company [1][2]

Core Viewpoint - The company reported a revenue increase of 7.56% year-on-year for the first half of 2025, reaching 14.715 billion yuan, with a net profit growth of 5.04% to 1.104 billion yuan, driven by strong performance in its core business segments [1][2] Group 1: Financial Performance - Revenue for the core business segment was 10.107 billion yuan, up 29.9% year-on-year, contributing a profit of 719 million yuan, which is a 53.3% increase, mainly due to optimized strategic procurement and diversified purchasing channels [1] - The growth business segment generated revenue of 7.753 billion yuan, a 4.4% increase year-on-year, with a profit contribution of 420 million yuan, reflecting a 5.4% rise, driven by increased sales of differentiated compound fertilizers, particularly the "Bio+" high-end products, which saw a 51% year-on-year sales increase [1] - The production business segment reported revenue of 3.202 billion yuan, an 8.4% increase year-on-year, but profit decreased by 15.6% to 301 million yuan, primarily due to rising raw material prices and a decline in urea market prices [1] Group 2: Product Strategy and Development - The company implemented a premium differentiated product strategy, achieving total sales of 4.74 million tons, a 1.72% increase year-on-year, with differentiated product sales reaching 1.5 million tons, up 13.64% [2] - In terms of "Bio+" research and development, the company established a new biological technology research model, with three core biotechnologies reaching the application stage, and launched new biological fertilizers "Zhi Yang" and "Huan Feng" [2] - The conversion of research achievements reached 1.01 million tons, with high-end product conversion volume increasing by 59% year-on-year [2] Group 3: Investment Outlook - The company is expected to achieve net profits of 1.35 billion yuan, 1.48 billion yuan, and 1.6 billion yuan for 2025, 2026, and 2027 respectively, corresponding to price-to-earnings ratios of 6.6, 6.1, and 5.6 times [2] - The company is characterized as a high-dividend state-owned enterprise, with improvements in product structure enhancing profitability and the "Bio+" strategy accelerating implementation, supported by rich phosphate reserves, indicating promising future growth [2]

Core Viewpoint - The company achieved a revenue of 14.72 billion RMB in the first half of 2025, reflecting a year-on-year growth of 7.6%, with a net profit of 1.1 billion RMB, also showing a 5.0% increase, meeting expectations [1][3]. Financial Performance - In the first half of 2025, the company reported a revenue of 14.72 billion RMB, a 7.6% increase year-on-year, and a net profit of 1.1 billion RMB, which is a 5.0% increase year-on-year [1]. - Earnings per share reached 0.15 RMB, marking a 5.0% year-on-year growth [1]. Business Segments - The company's core business segments achieved significant growth, with revenues from basic, growth, and production businesses reaching 7.56 billion, 5.86 billion, and 1.3 billion RMB respectively, reflecting year-on-year growth rates of 9.9%, 5.4%, and 4.2% [2]. - The basic business, which includes strategic procurement of potassium, phosphorus, and sulfur fertilizers, played a crucial role in stabilizing domestic agricultural supply and prices [2]. - The growth business, focusing on bio-composite fertilizers and specialty fertilizers, saw a 51% increase in high-end fertilizer sales, with notable core products gaining brand influence [2]. Future Outlook - The company expects net profits to reach 1.23 billion, 1.41 billion, and 1.59 billion RMB for the years 2025 to 2027, representing year-on-year growth rates of 16.2%, 14.7%, and 12.1% respectively [3]. - The upward revision of performance forecasts is attributed to rising domestic potassium prices and sustained high growth in bio-fertilizers [3]. - The target price has been raised to 1.8 HKD, corresponding to an 8.2 times forecasted price-to-earnings ratio for 2026, indicating a potential upside of 29% from the current price [3].

Investment Rating - The report maintains a "Buy-A" rating for the company [2][7] Core Insights - The company reported a revenue of 14.715 billion yuan for H1 2025, a year-on-year increase of 7.56%, and a net profit of 1.104 billion yuan, up 5.04% year-on-year [3] - The growth in revenue and profit is attributed to the strong performance of the core business segment, which generated 10.107 billion yuan in revenue, a 29.9% increase year-on-year, and a profit contribution of 719 million yuan, up 53.3% year-on-year [4] - The company is focusing on optimizing its differentiated product structure, with a notable increase in sales of its "Bio+" high-end products, which saw a 51% year-on-year growth [5] Financial Performance - The company achieved a basic earnings per share (EPS) of 0.17 yuan and a diluted EPS of 0.17 yuan [2] - The net asset return rate (ROE) stands at 10.27% [2] - The projected net profits for 2025, 2026, and 2027 are 1.352 billion yuan, 1.483 billion yuan, and 1.599 billion yuan, respectively, with corresponding price-to-earnings (PE) ratios of 6.6, 6.1, and 5.6 [7] Business Segments - The core business segment's revenue growth is driven by strategic procurement optimization and the promotion of biological phosphate and potassium fertilizers, which effectively reduced overall fertilizer costs [4] - The growth business segment contributed 7.753 billion yuan in revenue, a 4.4% increase year-on-year, with a profit contribution of 420 million yuan, up 5.4% year-on-year [4] - The production business segment generated 3.202 billion yuan in revenue, an 8.4% increase year-on-year, but saw a profit decline of 15.6% due to rising raw material prices and a drop in urea market prices [4]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price raised to HKD 1.8, indicating a potential upside of 29% from the current price of HKD 1.4 [1][4][7]. Core Insights - The company's performance in the first half of 2025 met expectations, with revenue reaching RMB 14.72 billion, a year-on-year increase of 7.6%, and net profit of RMB 1.1 billion, up 5.0% [2][4]. - The growth in revenue is attributed to the rise in domestic potash prices and the continued high growth of the company's bio-fertilizers [4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of RMB 14.72 billion, with a net profit of RMB 1.1 billion, and earnings per share of RMB 0.15, all reflecting a year-on-year growth of 7.6%, 5.0%, and 5.0% respectively [2][4]. - The company's core business segments, including basic, growth, and production businesses, reported revenues of RMB 7.56 billion, RMB 5.86 billion, and RMB 1.3 billion, with year-on-year growth rates of 9.9%, 5.4%, and 4.2% respectively [3]. Business Development - The company is focusing on high-quality development across its various business segments, particularly in bio-composite fertilizers and specialty fertilizers, which saw a 51% increase in high-end fertilizer sales [3]. - The production segment faced challenges with a significant drop in prices for synthetic ammonia and urea, leading to a decrease in pre-tax profits [3]. Future Projections - The company expects net profits to reach RMB 1.23 billion, RMB 1.41 billion, and RMB 1.59 billion for the years 2025, 2026, and 2027, representing year-on-year growth rates of 16.2%, 14.7%, and 12.1% respectively [4].

Group 1 - The company reported a revenue of 14.715 billion RMB for the six months ending June 30, 2025, representing a year-on-year growth of 7.56% [1] - The net profit attributable to shareholders was 1.104 billion RMB, an increase of 5.04% compared to the previous year [1] - Earnings per share stood at 0.1572 RMB, with no interim dividend declared [1]

Core Viewpoint - Sinochem Fertilizer (00297.HK) has announced the appointment of Zhang Guangyan as a non-executive director, effective from August 25, 2025, and he will also serve as a member of the board's audit committee [1] Group 1 - Zhang Guangyan's appointment as a non-executive director is a strategic move for the company [1] - The effective date of the appointment is set for August 25, 2025 [1] - Zhang Guangyan will also take on the role of a member of the board's audit committee, indicating a focus on governance and oversight [1]

Group 1 - The core viewpoint of the article is that Sinochem Fertilizer has reported its mid-term performance for the first half of 2025, showing positive growth in revenue and profit [1] Group 2 - The group's revenue for the first half of 2025 reached RMB 14.715 billion, representing a year-on-year increase of 7.56% [1] - The profit attributable to shareholders was RMB 1.104 billion, reflecting a year-on-year growth of 5.04% [1] - The basic earnings per share were reported at RMB 0.1572 [1]

长江证券此前指出，中化化肥是中国化肥行业领军企业，资产质量优异，盈利能力强，现金流强劲，分 红率保持较高水平。未来公司钾肥进口主通道地位稳固，基础业务盈利稳定；"生物+"战略有望持续发 力，支撑公司业绩上行。预计2025-2027年归属普通股东净利润为14.6、15.5、16.3亿元，首次覆盖，给 予"买入"评级。 智通财经获悉，中化化肥(00297)绩后跌超6%，截至发稿，跌4.23%，报1.35港元，成交额1.13亿港元。 消息面上，中化化肥发布中期业绩，实现营业额人民币147.15亿元，同比增长7.56%；公司股东应占溢 利人民币11.04亿元，同比增长5.04%；每股基本盈利人民币0.1572元，不派发中期股息。公告称，营业 额增长主要系销量与平均销售价格增长所致。 本文源自：智通财经网 ...