证券代码：000792 证券简称：盐湖股份 公告编号： （二）关联交易履行的审议程序 2025-046 青海盐湖工业股份有限公司 关于增加 2025 年日常关联交易预计额度的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、关联交易概述 （一）日常关联交易预计情况 青海盐湖工业股份有限公司（以下简称"公司"）九届董事会第九次会议和 （内容详见巨潮资讯网 2025 年 3 月 29 日《关于日常关联交易预计的公告》（公 告编号：2025-119））。 根据公司业务发展实际需求，2025 年与中国五矿、中国盐湖、中化化肥的 日常关联交易规模将超出前次审议额度。为保障主营业务持续稳定开展，确保与 上述关联方的合作顺应业务发展节奏、满足实际经营需要，依据公司关联交易相 关管理规定，拟对 2025 年度与三方的日常关联交易额度进行相应调整，具体增 加额度分别不超过 2.64 亿元、9.77 亿元、1.38 亿元。 此议案经公司第九届董事会第十二次（临时）会议、九届监事会第十次（临 时）会议审议通过，公司关联董事侯昭飞、王祥文、张铁华、陈胜男回避表决， 根据《公司 ...

中国心连心化肥(01866)午后涨近5%，截至发稿，涨4.85%，报7.14港元，成交额3209万港元。 消息面上，中国心连心化肥近日发布业绩，上半年实现营业收入126.66亿元，同比增长4%；实现扣非 归母净利润5.99亿元，同比下滑14.41%。华鑫证券指出，公司年初产品价格下行拖累上半年整体价格表 现，但随着下游需求逐步释放，第二季度产品价格环比明显回升。 从第二季度单季业绩表现来看，公司各产品售价均呈显著向好态势，其中，尿素及三聚氰胺表现突出， 其售价环比分别增长10%和11%。此外，得益于销售网络的持续密植，复合肥及三聚氰胺的销量环比分 别增长29%和20%。在售价与销量的双重向好推动下，第二季度毛利环比提升44%，有效带动集团第二 季度净利润环比增长约2.59亿元，增幅高达104%。 本文源自：智通财经网 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to HKD 9.0, indicating a potential upside of 32% from the current price [4][7]. Core Insights - The company's performance exceeded expectations in the first half of the year, with a revenue of RMB 12.67 billion, a year-on-year increase of 5%, and a net profit of RMB 600 million, a year-on-year decrease of 13% [2][4]. - The decline in net profit is attributed to the weakening support for urea prices due to falling coal prices, leading to a 19% drop in urea prices and a 15.9% decrease in urea revenue [2][3]. - Significant new production capacity is set to come online, which is expected to drive rapid growth in revenue and profits in 2026 and 2027 [3][4]. Summary by Sections Financial Performance - In Q2, the company reported revenue of RMB 6.82 billion, a quarter-on-quarter increase of 16.7%, and a net profit of RMB 400 million, a quarter-on-quarter increase of 102.5% [1][2]. - The company anticipates explosive growth in net profit for 2026 and 2027, with projections of RMB 1.15 billion and RMB 2.49 billion respectively, reflecting year-on-year changes of +43.8% and +51.1% [4][10]. Capacity Expansion - The company is steadily advancing its capacity expansion projects, with significant projects expected to come online between 2025 and 2027, including urea projects in Henan and Xinjiang [3][4]. - Once all projects are completed, the company’s urea production capacity is expected to exceed 8 million tons, and total fertilizer capacity is projected to reach 14 million tons [3]. Marketing Strategy - The company is upgrading its branding strategy to better meet market demands, transitioning from a product-focused approach to providing comprehensive planting solutions [3].

Report Summary 1) Report Industry Investment Rating - Unilateral: Neutral; - Inter - period: 09 - 01 reverse spread; - Inter - variety: None [3] 2) Core Viewpoints - Downstream agricultural demand is in the off - season, while downstream industrial demand is gradually increasing. The compound fertilizer industry has entered the autumn fertilizer production season with increased production rates but maintains just - in - time procurement. Urea production remains at a high level, and upstream inventory is still relatively high year - on - year. With new production capacity coming on stream, future urea supply will continue to rise. The profit of coal - based urea is acceptable, but cost - side support is weak. August is the export window period, and urea exports continue. Port inventory fluctuates slightly, and the export volume is expected to change little. Attention should be paid to the impact of export - related information on market sentiment [2] 3) Summary by Directory I. Urea Basis Structure - On August 11, 2025, the closing price of the urea main contract was 1,722 yuan/ton (-6). The ex - factory price of small - sized urea in Henan was 1,740 yuan/ton (0); in Shandong, it was 1,730 yuan/ton (-30); in Jiangsu, it was 1,740 yuan/ton (-40). The basis in Shandong was 8 yuan/ton (-24); in Henan, it was 18 yuan/ton (-34); in Jiangsu, it was 18 yuan/ton (-34) [1] II. Urea Production - As of August 11, 2025, the capacity utilization rate of enterprises was 81.98% (0.08%). Urea production remains at a high level, and with new production capacity coming on stream, future supply will continue to rise [1][2] III. Urea Production Profit and Capacity Utilization - The urea production profit was 200 yuan/ton (-30). The coal - based urea profit is acceptable, but cost - side support is weak. As of August 11, 2025, the national capacity utilization rate was 81.98% (0.08%), the coal - based capacity utilization rate and gas - based capacity utilization rate are also mentioned in the report [1] IV. Urea FOB Price and Export Profit - The export profit was 1,323 yuan/ton (+359). August is the export window period, and urea exports continue. Port inventory fluctuates slightly, and the export volume is expected to change little [1][2] V. Urea Downstream Capacity Utilization and Orders - As of August 11, 2025, the capacity utilization rate of compound fertilizers was 41.50% (+2.82%); that of melamine was 61.10% (-2.40%); the number of advance order days for urea enterprises was 6.53 days (+0.41). The compound fertilizer industry has entered the autumn fertilizer production season with increased production rates but maintains just - in - time procurement [1][2] VI. Urea Inventory and Warehouse Receipts - As of August 11, 2025, the total inventory of sample enterprises was 88.76 million tons (-2.97), and the port sample inventory was 48.30 million tons (-1.00). Upstream inventory is still relatively high year - on - year, and port inventory fluctuates slightly [1][2]

Core Viewpoint - China Heartland Fertilizer (01866) reported a mixed performance in its recent earnings, with revenue growth but a decline in net profit, indicating challenges in pricing and market conditions [1] Financial Performance - The company achieved a revenue of 12.666 billion yuan in the first half of the year, representing a year-on-year increase of 4% [1] - The net profit attributable to the parent company was 599 million yuan, showing a year-on-year decline of 14.41% [1] Price and Demand Dynamics - The decline in product prices at the beginning of the year negatively impacted overall performance, but there was a noticeable recovery in product prices in the second quarter as downstream demand began to release [1] - In the second quarter, the prices of urea and melamine increased significantly, with a quarter-on-quarter growth of 10% and 11% respectively [1] Sales Volume Growth - The company experienced substantial growth in sales volume, with compound fertilizer and melamine sales increasing by 29% and 20% quarter-on-quarter respectively, driven by an expanding sales network [1] Profitability Improvement - The gross profit in the second quarter increased by 44% quarter-on-quarter, contributing to a net profit growth of approximately 259 million yuan, marking a significant increase of 104% [1]

智通财经APP获悉，中国心连心化肥(01866)午后涨近5%，截至发稿，涨4.85%，报7.14港元，成交额 3209万港元。 消息面上，中国心连心化肥近日发布业绩，上半年实现营业收入126.66亿元，同比增长4%；实现扣非 归母净利润5.99亿元，同比下滑14.41%。华鑫证券指出，公司年初产品价格下行拖累上半年整体价格表 现，但随着下游需求逐步释放，第二季度产品价格环比明显回升。 从第二季度单季业绩表现来看，公司各产品售价均呈显著向好态势，其中，尿素及三聚氰胺表现突出， 其售价环比分别增长10%和11%。此外，得益于销售网络的持续密植，复合肥及三聚氰胺的销量环比分 别增长29%和20%。在售价与销量的双重向好推动下，第二季度毛利环比提升44%，有效带动集团第二 季度净利润环比增长约2.59亿元，增幅高达104%。 ...

[Table_Title] 研究报告 Research Report 12 Aug 2025 Fertiglobe (FERTIGLB UH) 营收表现强劲；股东回报优厚；尿素短期及长期前景向好 Scott Darling Catherine Li scott.darling@htisec.com catherine.dy.li@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] （本报告为 2025 年 8 月 4 日发布的英文报告的翻译版，以原稿为准） 要闻回顾以及最新动态 我们预计 Fertiglobe 的 2025 年第二季度业绩将被市场视作偏利好。公司录得经调整盈利略低于市场预期且当季产量 受检修影响。但公司拟定 2025 年上半年股息每股 4.4 费尔（2024 年上半年为 6.6 费尔）及 3100 万美元股票回购计 划，并重申近期资本市场日提出的战略目标。成本管控符合指引预期，公司认为尿素市场供应紧张，并强调"长期来 看，有限的供给增量与农业、工业及新兴产业需求增长有望支撑价格"。 点评 产量下降但营收强劲：公司 2025 ...

Group 1 - The core viewpoint of the article highlights the market price of compound fertilizers, specifically potassium sulfate compound fertilizer, which is reported to be 3177.9 yuan per ton in late July 2025, reflecting a year-on-year increase of 2.97% and a month-on-month increase of 0.9% [1] - The article provides a historical context, noting that the price in late July 2022 reached its peak at 4280 yuan per ton, indicating significant fluctuations in the market over the past five years [1]

Group 1 - The market price of urea (medium and small particles) in the agricultural production materials category is reported to be 1811.8 yuan/ton in late July 2025, reflecting a year-on-year decline of 17.78% and a month-on-month decline of 0.58% [1] - The price of urea reached its peak in late July 2021 at 2822.5 yuan/ton, marking the highest level in the past five years for the same period [1]

Group 1: Report Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core Viewpoints - This week, the domestic urea spot market price showed a weak trend. The current daily production will fluctuate around 190,000 - 200,000 tons. In August, many previously shut - down plants are expected to resume production, and some new capacity plants are expected to be put into operation, so the supply pressure is expected to increase. On the demand side, the production start - up of autumn compound fertilizers continues to increase, but the downstream dealers' enthusiasm for picking up goods is insufficient, and the finished product inventory still faces great pressure. In the short term, the high inventory of autumn fertilizers suppresses the production enthusiasm of enterprises, and the support for the procurement demand of urea raw materials is weak. The futures price may continue to fluctuate weakly, and the market should pay attention to the support level performance around 1,680 - 1,700 yuan/ton on the disk [4]. Group 3: Summary by Directory 01 Week - ly Viewpoint Summary - **Supply**: In August, many plants are expected to resume production, and the supply is expected to increase [4]. - **Demand**: The start - up of autumn fertilizers has increased, but the finished product inventory pressure is still large [4]. - **Inventory**: The inventory of upstream urea enterprises decreased slightly on a week - on - week basis [4]. - **Cost and Profit**: The upward trend of coal prices has slowed down, and the urea profit decreased slightly on a week - on - week basis [4]. - **Basis and Spread**: The 9 - 1 spread fluctuated strongly, and the change in the 09 basis was limited [4]. - **Overall Logic**: The domestic urea spot market price was weak this week. Supply pressure is expected to increase, while demand is constrained by high inventory. The futures price may continue to fluctuate weakly, and attention should be paid to the support level around 1,680 - 1,700 yuan/ton [4]. 02 Variety Details Decomposition - **2.1 This week, the domestic urea market price changed from strong to weak**: There are price trend charts of urea in Shandong, Shanxi, Henan, Hebei, Anhui, and Northeast China from 2021 - 2025 [6][7][8]. - **2.2 On August 4, the lowest CFR price of the Indian tender on the east coast was $532/ton**: There are charts showing international urea prices, price differences between FOB China and other regions, and export price differences from 2019 - 2025 [10][11][12]. - **2.3 Supply - In August, many plants are expected to resume production, and the supply is expected to increase**: The weekly urea production was 1.3548 million tons (+0.01%), including 1.0451 million tons of coal - based urea production (-1.62%) and 309,700 tons of gas - based urea production (+5.92%), with an average daily production of 194,000 tons. There are also plans for plant overhauls and historical data on overhaul losses [16][20][23]. - **2.4 Inventory - The inventory of upstream urea enterprises decreased slightly on a week - on - week basis**: The urea enterprise inventory was 887,600 tons, a week - on - week decrease of 29,700 tons. The port inventory was 483,000 tons (a week - on - week decrease of 10,000 tons), and some goods were shipped out of the port. The mainstream advance receipt days of urea enterprises were 6.53 days (+6.7% week - on - week), and the number of days of orders to be delivered by enterprises increased slightly [27][31]. - **2.5 Demand - The start - up of autumn fertilizers has increased, but the finished product inventory pressure is still large**: The operating rate of compound fertilizer enterprises was 41.50% (+2.82%), and the finished product inventory was 800,400 tons (a week - on - week increase of 23,200 tons). The operating rate of melamine was 63.50% (-1.70%), with a slight decline [33][34]. - **2.6 Raw Material - The upward trend of coal prices has slowed down**: There are price trend charts of various types of coal such as Yulin thermal coal, Yangquan bituminous coal fines, etc. from 2021 - 2025 [36][37]. - **2.7 Profit - The urea profit decreased slightly on a week - on - week basis**: There are charts showing the production gross profit of urea fixed - bed devices from 2021 - 2025 [42][43]. - **2.8 Spread Analysis - The 9 - 1 spread fluctuated strongly, and the change in the 09 basis was limited**: There are charts showing the 9 - 1 spread and 09 basis from 2021 - 2025 [45][46][47]. - **2.10 Urea - related Product Spreads**: There are charts showing the price differences between liquid ammonia and urea, urea and ammonium chloride, etc. from 2021 - 2025 [53][52].