Asia-Potash(SZ:000893) Xin Lang Cai Jing·2025-08-28 12:36Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by increased production and sales of potassium fertilizer, alongside ongoing capacity expansion in both potassium and non-potassium businesses [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 2.522 billion yuan, a year-on-year increase of 48.5%, and a net profit attributable to shareholders of 855 million yuan, up 216.6% [1]. - For Q2 2025, revenue reached 1.309 billion yuan, reflecting a year-on-year growth of 23% and a quarter-on-quarter increase of 8%. The net profit for the same period was 470 million yuan, marking a year-on-year rise of 149.2% and a quarter-on-quarter increase of 22.4% [1]. - The company maintains its profit forecast, expecting net profits of 1.822 billion yuan, 2.408 billion yuan, and 2.926 billion yuan for 2025-2027, with corresponding EPS of 1.97 yuan, 2.61 yuan, and 3.17 yuan per share [1]. Group 2: Potassium Fertilizer Production and Sales - In the first half of 2025, the company produced 1.0141 million tons of potassium chloride, a year-on-year increase of 20.0%, and sold 1.0454 million tons, up 21.4%. Revenue from potassium chloride reached 2.460 billion yuan, a year-on-year increase of 48.29%, with a gross margin of 58.20%, up 10.31 percentage points [2]. - In Q2 2025, potassium chloride production was 507,900 tons, reflecting a year-on-year increase of 22.4% and a quarter-on-quarter increase of 0.3%. Sales for the same period were 517,100 tons, down 8.1% year-on-year and 2.1% quarter-on-quarter [2]. Group 3: Profitability and Project Development - The company's gross profit margin and net profit margin for the first half of 2025 were 57.5% and 33.82%, respectively, representing increases of 8.44 and 18.83 percentage points year-on-year. For Q2 2025, these margins were 60.63% and 36.00%, with quarter-on-quarter increases of 6.51 and 4.52 percentage points [3]. - The company currently has a potassium chloride production capacity of 3 million tons per year, with two additional 1 million tons per year projects in the later stages of construction. The second project is progressing with the main shaft construction, while the third project has entered the electromechanical installation phase [3]. - The company also holds a stake in an Asian bromine business, which has a current production capacity of 25,000 tons per year, with plans to expand to 50,000 tons per year in 2025 [3].