Asia-Potash(SZ:000893) 证券时报·2025-10-29 15:35Core Viewpoint - The article highlights the significant performance growth of Yaji International in the potassium fertilizer sector, driven by rising potassium prices and increased production capacity, alongside the strategic investment from the renowned consulting firm, Trout Consulting [2][4][9]. Financial Performance - Yaji International reported a revenue of 3.867 billion yuan for the first three quarters, marking a year-on-year increase of 55.76%, with a net profit of 1.363 billion yuan, up 163.01% [2][4]. - In Q3 alone, the company achieved a revenue of 1.345 billion yuan, a 71.37% increase year-on-year, and a net profit of 508 million yuan, reflecting a 104.69% growth [4]. - The company's production capacity for potassium chloride reached 1.0141 million tons in the first half of 2025, a 20% increase year-on-year, with sales volume growing by 21% to 1.0454 million tons [4]. Production Capacity and Expansion - Yaji International is actively expanding its production capabilities, with ongoing projects for two additional 1 million tons/year potassium fertilizer facilities [4][5]. - The company currently possesses a potassium chloride production capacity of 3 million tons/year and nearly 900,000 tons/year of granular potassium capacity [4][5]. Market Position and Industry Dynamics - The potassium fertilizer market is characterized by an oligopolistic structure, with significant global reserves concentrated in a few countries, including Canada, Laos, Russia, and Belarus, which together account for 79% of the world's potassium salt reserves [5]. - Yaji International is recognized as a high-growth international potassium fertilizer enterprise, benefiting from favorable market conditions and expected continued profit growth [5]. Shareholder Structure Changes - Trout Consulting has become the tenth largest circulating shareholder of Yaji International, holding 8.528 million shares, which constitutes 1.05% of the circulating shares [7][8]. - The entry of Trout Consulting, a leading strategic positioning consulting firm, into the A-share market is seen as a positive signal for the long-term growth potential of the Chinese market [9][10].