亚钾国际董事长涉罪被捕致半年报“不保真”，业绩高增难掩治理危机

Core Viewpoint - The financial reports of Yara International (000893.SZ) for the first half of 2025 are marked as "not guaranteed" due to the chairman's legal issues, impacting the company's governance and investor confidence [1][2]. Group 1: Governance Issues - The chairman, Guo Baichun, was formally arrested on August 20, 2025, for alleged embezzlement and abuse of power, marking a new phase in a case that has lasted over a year [2]. - Guo has been unable to sign off on the company's periodic reports since March 2024, leading to multiple reports being flagged as "unable to guarantee authenticity, accuracy, and completeness" [2]. - The company has appointed director Liu Bingyan to act as chairman in an effort to maintain governance stability amidst the turmoil [2]. Group 2: Financial Performance - Despite governance challenges, Yara International reported a significant increase in performance for the first half of 2025, with revenue reaching 2.522 billion yuan, a year-on-year increase of 48.54%, and net profit soaring to 855 million yuan, up 216.64% [3]. - The performance surge is attributed to three main factors: increased production capacity and price recovery, cost optimization through large-scale production, and tax incentives from the Laotian government [3]. - The company sold 861,000 tons of potassium chloride, a 12% increase year-on-year, benefiting from the full capacity of its 3 million tons/year production facility in Laos [3]. Group 3: Risks and Challenges - Governance vulnerabilities have been exacerbated, with another company supervisor under investigation for insider trading, indicating failures in the internal control system [3]. - The sustainability of the company's operations is in question due to potential policy changes in Laos, including a recent 7% export tax on potassium fertilizer, which previously led to a 62% drop in net profit [3]. - Market confidence has been shaken, with the company's stock price experiencing significant volatility, including a loss of over 500 million yuan in market value following the chairman's arrest announcement [3].