亚钾国际（000893）：受益于钾肥行业景气向上，2025年上半年公司钾肥量价齐升

Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][6][27]. Core Views - The company benefits from the upward trend in the potassium fertilizer industry, with both volume and price expected to rise in the first half of 2025, leading to a projected 217% year-on-year increase in net profit attributable to shareholders [1][8]. - The company is actively expanding its potassium fertilizer production capacity, aiming to expedite the commissioning of new projects [3][26]. Financial Performance Summary - In the first half of 2025, the company achieved revenue of 2.52 billion yuan (up 48.5% year-on-year) and a net profit of 850 million yuan (up 216.6% year-on-year) [1][8]. - The production of potassium chloride reached 1.0141 million tons (up 20.0% year-on-year), with sales of 1.0454 million tons (up 21.4% year-on-year) [1][8]. - The average ex-tax price for potassium chloride was 2,353 yuan/ton (up 22.1% year-on-year), with a production cost of approximately 1,025 yuan/ton (up 2.1% year-on-year) [1][8]. - The gross margin was 57.5% (up 8.4 percentage points year-on-year), and the net margin was 33.8% (up 18.8 percentage points year-on-year) [1][8]. Quarterly Performance Summary - In Q2 2025, the company reported a net profit of 470 million yuan (up 149.2% year-on-year, up 22.4% quarter-on-quarter) [2][18]. - Revenue for Q2 2025 was 1.31 billion yuan (up 23.0% year-on-year, up 8.0% quarter-on-quarter) [2][18]. - The average ex-tax price for potassium chloride in Q2 was 2,451 yuan/ton (up 32.0% year-on-year, up 8.6% quarter-on-quarter) [2][18]. Production Capacity Expansion - The company holds potassium salt mining rights over 263.3 square kilometers in Laos, with a total reserve of approximately 1 billion tons of pure potassium chloride resources [3][26]. - The company is accelerating the construction of its second and third 1 million tons/year potassium fertilizer projects, which are in the later stages of mining construction [3][26].