亚钾国际：税收红利助推业绩大幅增长！扣非归母净利润同比上升219.48%

Core Insights - The company reported strong performance in its 2025 semi-annual report, with significant growth in revenue and profit metrics [1] - The company benefits from favorable tax policies in Laos, which have substantially reduced operational costs and enhanced profit margins [1][2] - The establishment of the "A Potash Industrial Park" has led to a collaborative development environment among enterprises, further driving profitability [3] Financial Performance - The company achieved a revenue of 2.522 billion yuan, representing a year-on-year increase of 48.54% [1] - The net profit attributable to shareholders, excluding non-recurring items, reached 856 million yuan, up 219.48% from 268 million yuan in the same period last year [1] - Cash flow from operating activities surged to 832 million yuan, marking a 218.66% increase [1] Production and Sales - The company's potash fertilizer production reached 1.014 million tons, a 20% increase compared to the same period last year [1] - Potash fertilizer sales rose to 1.0454 million tons, reflecting a year-on-year growth of 21.42% [1] - The production and sales rate remained high, indicating strong operational efficiency [1] Tax Incentives - The company received a special tax reduction approval from the Laos government, reducing export tariffs from 7% to 1.5% and profit tax from 35% to 20% for the years 2024 to 2028 [1] - The export tariff for the first half of 2025 was 29.08 million yuan, a decrease of 71.49% compared to 102 million yuan in the same period of 2024 [1] Industrial Park Development - The company has been granted a comprehensive set of incentives under the "A Potash Industrial Park Decree," which includes reduced export tariffs and resource taxes for a period of seven years [2] - The acquisition of "A Potash Smart Industrial Park Operation Co., Ltd." enhances the company's control over local industrial chains and strengthens government support for long-term investments [2] - The park fosters a collaborative environment among enterprises, allowing for shared resources and reduced operational costs, which contributes to overall profitability [3]