Wintrue Holding(SZ:002539) 光大证券研究·2025-09-01 23:05Core Viewpoint - The company reported stable revenue growth in its phosphate and compound fertilizer business, with a notable increase in the share of new-type fertilizers contributing to overall profitability [4][5]. Financial Performance - In the first half of 2025, the company achieved revenue of 11.4 billion yuan, a year-on-year increase of 3.59%, and a net profit attributable to shareholders of 511 million yuan, up 12.60% year-on-year [4]. - In Q2 2025, the company recorded revenue of 5.689 billion yuan, a decrease of 5.99% year-on-year and 0.40% quarter-on-quarter, while net profit attributable to shareholders was 257 million yuan, an increase of 6.94% year-on-year and 1.32% quarter-on-quarter [4]. Business Segments - The phosphate and compound fertilizer segment generated revenue of 7.22 billion yuan in H1 2025, reflecting a year-on-year growth of 21.6%. The revenue from conventional compound fertilizers was 3.24 billion yuan, up 10.4%, while new-type compound fertilizers and phosphate revenue reached 3.98 billion yuan, increasing by 32.5% [5]. - The share of new-type compound fertilizers and phosphate in total revenue rose to 34.9%, an increase of 7.6 percentage points year-on-year [5]. - The overall gross margin for the phosphate and compound fertilizer business improved by 0.8 percentage points to 15.0% due to the increased share of new-type fertilizers [5]. Other Business Areas - The yellow phosphorus segment generated revenue of 620 million yuan, a decrease of 1.5%, but the gross margin improved by 6.3 percentage points to 19.9% [5]. - The soda ash segment saw revenue drop to 323 million yuan, down 34.6%, with a gross margin decline of 11.9 percentage points to 12.3% [5]. Cost and Expenses - In H1 2025, the company's selling, administrative, research and development, and financial expenses increased by 20.3%, 27.9%, 5.6%, and 2.1% respectively, leading to a rise in the selling expense ratio by 0.8 percentage points to 6.7% [5]. Strategic Developments - The company is actively enhancing its upstream nitrogen and phosphorus resource projects, with the construction of the 700,000-ton ammonia project in Hubei progressing steadily [6]. - The company has initiated the mining project at the Aju Luo Xia phosphorus mine, with a total resource reserve of approximately 549 million tons, and is advancing various related construction works [6]. - The completion of these projects is expected to significantly improve the self-sufficiency rate of nitrogen and phosphorus raw materials, thereby strengthening the company's cost advantages [6].