Core Insights - The company reported a revenue of 11.4 billion yuan for the first half of 2025, representing a year-on-year increase of 3.6% [1] - The net profit attributable to shareholders reached 510 million yuan, up 12.6% year-on-year, while the net profit after deducting non-recurring items was 490 million yuan, an increase of 12.1% year-on-year [1] Revenue Breakdown - The conventional compound fertilizer segment generated revenue of 3.24 billion yuan, a year-on-year increase of 10.4%, accounting for 28.4% of total revenue, up 1.7 percentage points [2] - The new compound fertilizer and phosphate segment achieved revenue of 3.98 billion yuan, a year-on-year increase of 32.5%, with a revenue share of 34.9%, up 7.6 percentage points, and a gross margin of 18.7%, up 0.7 percentage points [2] - The yellow phosphorus segment reported revenue of 620 million yuan, down 1.5% year-on-year, with a gross margin of 19.9%, up 6.3 percentage points [2] - The soda ash segment saw revenue decline to 320 million yuan, down 34.6% year-on-year, with a gross margin of 12.3%, down 11.9 percentage points [2] Project Development - The Hubei Yingcheng 700,000-ton ammonia project is progressing well, with structural construction and equipment procurement completed, and civil engineering nearing completion [3] - The Ajuelo Phosphate Mine project, with a capacity of 2.9 million tons, commenced construction in March 2025 and is advancing as planned [3] Profit Forecast and Valuation - The company maintains its profit forecast, expecting revenues of 22.51 billion, 24.99 billion, and 28.06 billion yuan for 2025-2027, with year-on-year growth rates of 10.5%, 11.0%, and 12.3% respectively [3] - The net profit attributable to shareholders is projected to be 1 billion, 1.29 billion, and 1.63 billion yuan for the same period, with growth rates of 24.9%, 28.4%, and 26.8% respectively [3] - Based on the closing price on August 29, the corresponding price-to-earnings ratios are 14, 11, and 9 times [3]