博源化工(000683)：Q2业绩超预期 行业底部天然碱超额盈利凸显

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, but the second quarter showed signs of recovery with improved performance metrics [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 5.916 billion yuan, a year-on-year decrease of 16.31%, and a net profit attributable to shareholders of 743 million yuan, down 38.57% year-on-year [1]. - For Q2 2025, the company recorded revenue of 3.048 billion yuan, a year-on-year decline of 23.31% but a quarter-on-quarter increase of 6.26%, with a net profit of 403 million yuan, down 36.95% year-on-year but up 18.96% quarter-on-quarter [1]. Group 2: Production and Sales - In H1 2025, the company produced a total of 5.1571 million tons of various products, with significant increases in production of soda ash (3.3946 million tons, up 67.52% year-on-year) and bicarbonate (739,700 tons, up 7.15% year-on-year) [2]. - The increase in production was primarily due to the full capacity utilization of the first phase of the Alashan natural soda project, which has a capacity of 5 million tons of soda ash and 400,000 tons of bicarbonate [2]. Group 3: Pricing and Margins - The average prices for key products in Q2 2025 were 1,446 yuan/ton for heavy soda, 1,315 yuan/ton for light soda, 1,316 yuan/ton for bicarbonate, and 1,852 yuan/ton for urea, reflecting year-on-year declines of 33.52%, 35.40%, 27.23%, and 17.34% respectively [2]. - The sales gross margin for Q2 2025 was 34.52%, down 9.73 percentage points year-on-year but up 5.63 percentage points quarter-on-quarter, while the net profit margin was 19.20%, down 7.08 percentage points year-on-year but up 2.04 percentage points quarter-on-quarter [2]. Group 4: Future Growth Prospects - The second phase of the Alashan natural soda project, with a planned capacity of 2.8 million tons of soda ash and 400,000 tons of bicarbonate, is expected to start production by the end of 2025 [3]. - The company is also planning to invest in a carbon recovery project with a capacity of 1.2 million tons/year of bicarbonate, which is expected to enhance its cost advantages and align with national carbon reduction policies [3].