亚钾国际（000893）：业绩符合预期，量价维持高位，项目进展顺利

Investment Rating - The report maintains an "Outperform" rating for the company [6] Core Views - The company's performance in the first half of 2025 met expectations, with total revenue reaching 2.522 billion yuan, a year-on-year increase of 48.54%, and net profit attributable to shareholders at 855 million yuan, a year-on-year increase of 216.64% [6] - The domestic demand for potassium fertilizer remains strong, supported by government policies and changes in consumer dietary habits, leading to a rapid increase in potassium fertilizer demand [6] - The company is progressing well with its projects, including the construction of additional potassium fertilizer production facilities, which are expected to enhance its production capacity significantly in the coming years [6] Financial Summary - The company is projected to achieve total revenue of 6.55 billion yuan in 2025, with a year-on-year growth rate of 84.6% [5] - The net profit attributable to shareholders is expected to reach 1.887 billion yuan in 2025, reflecting a year-on-year growth of 98.5% [5] - The gross profit margin is forecasted to be 54.7% in 2025, with a return on equity (ROE) of 13.7% [5]