西南证券给予新洋丰买入评级，2025年半年报点评：毛利率逐步回升，2025上半年业绩快速增长

Group 1 - The core viewpoint of the report is a "buy" rating for Xinyangfeng (000902.SZ) based on several positive factors [2] Group 2 - Stable prices of compound fertilizers and a year-on-year recovery in gross profit margins are highlighted as key reasons for the positive outlook [2] - Strong demand for economic crops and promising prospects for new fertilizers are noted as significant growth drivers [2] - The company is enhancing vertical integration within the industry chain, leading to notable cost advantages [2]