中化化肥(00297)绩后跌超6%，截至发稿，跌4.23%，报1.35港元，成交额1.13亿港元。 消息面上，中化化肥发布中期业绩，实现营业额人民币147.15亿元，同比增长7.56%；公司股东应占溢 利人民币11.04亿元，同比增长5.04%；每股基本盈利人民币0.1572元，不派发中期股息。公告称，营业 额增长主要系销量与平均销售价格增长所致。 长江证券此前指出，中化化肥是中国化肥行业领军企业，资产质量优异，盈利能力强，现金流强劲，分 红率保持较高水平。未来公司钾肥进口主通道地位稳固，基础业务盈利稳定；"生物+"战略有望持续发 力，支撑公司业绩上行。预计2025-2027年归属普通股东净利润为14.6、15.5、16.3亿元，首次覆盖，给 予"买入"评级。 ...

Core Viewpoint - The company Xinhecheng (002001.SZ) is experiencing continuous growth in its performance, with a projected net profit increase of 50% to 70% for the first half of 2025 compared to the previous year [1][3]. Financial Performance - For the first half of 2025, the company expects a net profit of between 3.3 billion to 3.75 billion yuan, reflecting a significant year-on-year increase [1][3]. - In 2024, the company achieved a record revenue of 21.61 billion yuan, a year-on-year increase of 42.95%, and a net profit of 5.869 billion yuan, which is a substantial growth of 117.01% [2][3]. - The company has shown consistent quarterly growth in net profit throughout 2024, with increases of 35.21%, 58.88%, 188.87%, and 211.6% respectively [3]. Share Buyback and Management Confidence - The company has initiated a share buyback program, spending 309 million yuan to repurchase 14.2997 million shares, reaching the lower limit of its buyback plan [1][5]. - Management confidence is further demonstrated by the purchase of 200,000 shares by the company's financial director, increasing his stake to 0.35% of total shares [1][8]. Dividend History - Since its listing in 2004, the company has accumulated a net profit of 37.99 billion yuan and has distributed cash dividends totaling 15.5 billion yuan, resulting in a dividend payout ratio of 40.81% [1][8]. Market Position and Strategy - Xinhecheng is one of the four largest vitamin producers globally, with production capacities of 8,000 tons for Vitamin A and 60,000 tons for Vitamin E [2]. - The company is pursuing a "chemical + biological" strategy, focusing on opportunities in nutrition, new materials, and pharmaceuticals, while also developing new products like serine and tryptophan [4].