股票代码：603395 股票简称：红四方 公告编号：2025-041 中盐安徽红四方肥业股份有限公司 2025 年半年度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司自律监管规则适用指引第 3 号——行业信息 披露》其《第十三号——化工》的要求，中盐安徽红四方肥业股份有限公司（以 下简称"公司"）2025 年半年度主要经营数据如下： 注：为与公司定期报告中产品收入分类保持一致，并结合公司硫酸钾生产装置投产，本 次产销数据统计中的主要产品分类发生变化，前期按照"尿素、复合肥（含脲铵氮肥、水溶 肥、硫酸铵）"进行分类列示，本次按照"氮肥产品（包括尿素、脲铵氮肥和农用硫酸铵）、 复合肥（含水溶肥）、硫酸钾"进行分类列示，同期数同口径调整（下同）。 二、主要产品及原材料的价格变动情况 （一）主要产品的价格变动情况（不含税销售均价） | 主要产品 | 2025年半年度销 | 2024年半年度销售价 | 变动比率 | | --- | --- | --- | --- | | | 售价（元/吨 ...

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoint of the Report The export - related positive sentiment has been mostly digested, while weak domestic demand is dragging down the futures price. Currently, both supply and demand are weak, and the futures price has returned to the fundamentals. It is expected to remain bearish in the short term [2]. 3) Summary by Relevant Catalogs Spot Market Dynamics - In the first half of last week, the futures market rose due to the China - India friendly talks, driving up the spot price. In the second half, the market transaction atmosphere was average, and factories generally lowered prices to attract orders, with limited results. Since the weekend, the urea price has shown a fluctuating downward trend, and demand remains weak [4][5]. Futures Dynamics - Last week, the urea futures price first declined and then rose, showing an overall upward trend but finally falling back. As of August 11, the main January contract of urea closed at 1,722 yuan/ton, a decrease of 33 yuan/ton compared to the settlement price on August 18. Last week's trading volume was 2,806.99 million tons, a week - on - week increase of 1,781.45 million tons; the open interest was 620.05 million tons, a week - on - week increase of 5.91 million tons. The futures decline was weaker than the spot decline, and the basis weakened. As of August 25, the basis of the 01 contract was - 35 yuan/ton, a weekly decrease of 21 yuan/ton; the 1 - 5 spread was - 44 yuan/ton, a weekly decrease of 7 yuan/ton. On August 25, 2025, the number of urea warehouse receipts was 5,123, a week - on - week increase of 1,550 [8][9][10]. Urea Supply - side - Last week, the weekly urea production increased. From August 15 to August 21, the weekly urea production was 1.3611 billion tons, a week - on - week increase of 0.0125 billion tons or 0.93%, with an average daily production of 0.1944 billion tons. Among them, coal - based weekly production was 1.072 billion tons, a week - on - week increase of 1.23%; gas - based weekly production was 0.2891 billion tons, a week - on - week decrease of 0.17%. In the next cycle, it is expected that 4 enterprises will stop production and 1 enterprise will resume production, so the probability of a decrease in production is relatively high. As of August 18, 2025, the national daily urea production was 0.1947 billion tons, and the operating rate was 82.55%. The price of thermal coal increased due to tight supply, while the price of liquefied natural gas decreased. The price center of synthetic ammonia moved down, and the price of methanol increased [15][17][18]. Urea Demand - side - Last week, the compound fertilizer price remained flat week - on - week. As of August 22, the price of 45% sulfur - based compound fertilizer was 2,950 yuan/ton. Recently, the operating rate of compound fertilizer factories has reached a historical high for the same period, and the room for further increase is limited. Affected by environmental protection restrictions for the military parade, the operating rate has slightly decreased and will resume production later, but the overall increase is limited. The inventory of finished products in factories has been at a five - year high for the past two months, and the probability of centralized fertilizer procurement is low. From August 15 to August 22, the operating rate of compound fertilizer was 40.84%, a decrease of 2.64 percentage points from the previous week and 2.24 percentage points lower than the same period last year. The average weekly capacity utilization rate of melamine was 46.6%, a decrease of 3.22 percentage points from the previous period and 18.25 percentage points lower than the same period last year. As of August 22, 2025, the total inventory of Chinese urea enterprises was 1.0239 billion tons, a week - on - week increase of 0.0665 billion tons or 6.65%, and 0.5633 billion tons higher than the same period last year. The port sample inventory was 0.483 billion tons, a decrease of 0.01 billion tons from the previous week [20][22]. International Market - China's third batch of urea exports is expected to complete customs clearance on October 15, about 700,000 - 800,000 tons. With the easing of China - India relations, there will be export quotas to India. India has a continuous demand for urea and will continue to issue tenders. Under China's export expectations, the international urea price will be under pressure. India's NFL issued a new round of urea import tender, targeting to purchase 2 million tons (1 million tons each for the east and west coasts), with a bid - closing date of September 2 and a bid validity period of September 10, and the shipping date is October 31. As of August 22, the FOB prices of small - and large - particle urea in different regions remained flat week - on - week [24].

1. Report Industry Investment Rating - No information provided on the industry investment rating 2. Report's Core View - Domestic agricultural demand is in a seasonal off - season with only sporadic local demand. Industrial demand, mainly for compound fertilizer, is in a phase of supplementary stocking. The compound fertilizer capacity utilization rate is expected to decline slightly, reducing the rigid demand for urea. Although some urea enterprises have reduced inventory due to export orders and malfunctions, the overall enterprise inventory is still on an upward trend. The decline in urea enterprise inventory may be limited due to enterprise purchase restrictions and slow domestic demand growth. The UR2601 contract is expected to fluctuate in the range of 1720 - 1770 in the short term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Zhengzhou urea main contract is 1745 yuan/ton, down 3 yuan; the 1 - 5 spread is - 44 yuan/ton, down 1 yuan. The main contract's open interest is 222,940 lots, an increase of 13,639 lots; the net position of the top 20 is - 37,480, a decrease of 2,983. The exchange warehouse receipts are 5,123, an increase of 1,050 [2] 3.2 Spot Market - In the domestic spot market, the prices in Hebei, Henan, Jiangsu, Shandong, and Anhui are 1770 yuan/ton (unchanged), 1750 yuan/ton (down 10 yuan), 1740 yuan/ton (down 20 yuan), 1700 yuan/ton (down 40 yuan), and 1760 yuan/ton (down 20 yuan) respectively. The main contract basis is 1 yuan, an increase of 5 yuan. FOB prices in the Baltic and Chinese main ports are both 450 US dollars/ton, unchanged [2] 3.3 Industry Situation - Port inventory is 50.1 tons, an increase of 3.7 tons; enterprise inventory is 102.39 tons, an increase of 6.65 tons. The urea enterprise operating rate is 83.99%, an increase of 0.77%. The daily urea output is 194,400 tons, an increase of 1700 tons. The urea export volume is 57 tons, an increase of 50 tons. The monthly urea output is 6,052,080 tons, an increase of 20,740 tons [2] 3.4 Downstream Situation - The compound fertilizer operating rate is 40.84%, a decrease of 2.64%. The melamine operating rate is 46.6%, a decrease of 3.22%. The weekly profit of compound fertilizer in China is 131 yuan/ton, an increase of 15 yuan. The weekly profit of melamine with externally - purchased urea is - 126 yuan/ton, a decrease of 48 yuan. The monthly output of compound fertilizer is 4.2212 million tons, an increase of 53,000 tons. The weekly output of melamine is 23,200 tons, a decrease of 1600 tons [2] 3.5 Industry News - As of August 20, the total inventory of Chinese urea enterprises was 102.39 tons, an increase of 6.65 tons or 6.95% week - on - week. As of August 21, the port sample inventory was 50.1 tons, an increase of 3.7 tons or 7.97% week - on - week. As of August 21, the output of Chinese urea production enterprises was 1.3611 million tons, an increase of 12,500 tons or 0.93% from the previous period, and the capacity utilization rate was 83.99%, an increase of 0.77% from the previous period [2] 3.6 Suggestion - Pay attention to Longzhong's enterprise inventory, port inventory, daily output, and operating rate on Thursday [2]

Core Insights - The company reported a revenue of 4.799 billion yuan for the first half of 2025, representing a year-on-year growth of 4.81% [1] - The net profit attributable to shareholders turned negative, amounting to -78.3144 million yuan, indicating a loss compared to the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -58.3521 million yuan [1] - The basic earnings per share were reported at -0.0238 yuan [1]

金正大8月25日披露的半年报显示，公司上半年实现营业收入47.99亿元，同比增长4.81%；归属于上市 公司股东的净利润亏损7831.44万元，上年同期1.68亿元；基本每股收益-0.0238元。 ...

Financial Performance - The company achieved a revenue of 6.391 billion CNY in the first half of 2025, a year-on-year increase of 12.66% [3] - The net profit attributable to shareholders reached 607 million CNY, up 18.9% year-on-year [3] - Total product sales amounted to 2.1449 million tons, reflecting a 12.4% increase compared to the previous year [3] Business Segments - The compound fertilizer segment saw sales of 2.0041 million tons, a growth of 9.68% year-on-year [6] - The phosphoric chemical segment showed significant improvement, with the subsidiary, Songzi New Materials, achieving profitability starting in April 2025 [3] - The company maintained a stable gross margin in the compound fertilizer business despite a slight decline in sales volume in the second quarter [3] Profit Sources - The profit growth in the second quarter was primarily driven by a reduction in losses at Songzi New Materials by approximately 70 million CNY and the absence of asset impairment expenses from the previous year [4] - The phosphoric chemical segment contributed significantly to profits in the second quarter due to improved performance following the lifting of export restrictions in June [4] Market Position and Strategy - The company is positioned as a leading player in the compound fertilizer market, with an expected increase in market share over the next 1-2 years due to the exit of smaller competitors [7] - The company has optimized its distribution channels by eliminating secondary distributors and directly supplying village-level terminals, enhancing sales efficiency [8] Product Development - The company’s new product lines, particularly in horticultural fertilizers, have shown rapid growth due to expanded product offerings and effective e-commerce strategies [15] - The proportion of new fertilizers has exceeded 50%, with core products accounting for approximately 31% of total sales [6] Financial Health - The company has a cash reserve of 4.189 billion CNY, which supports daily operations, dividends, and potential acquisitions [11] - The company plans to maintain a stable dividend payout ratio of around 30% based on annual performance [17] Future Growth Points - Key growth drivers for the next three years include increasing market share in compound fertilizers, expanding the phosphoric chemical segment, and enhancing nitrogen and potassium resource allocations [19]

Group 1 - The company reported a revenue of 14.715 billion RMB for the six months ending June 30, 2025, representing a year-on-year growth of 7.56% [1] - The net profit attributable to shareholders was 1.104 billion RMB, an increase of 5.04% compared to the previous year [1] - Earnings per share stood at 0.1572 RMB, with no interim dividend declared [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For the UR601 contract, urea is likely to decline in the short - term but has limited downside space, with support at the 1700 price level [3]. - The reasons include increasing domestic plant maintenance plans with limited impact on overall supply, high production and operation rates year - on - year; domestic demand entering the off - season, limited overall support from industrial compound fertilizer demand; weakening cost support, with urea cost support moving down to around 1500 - 1600; and the gradual implementation of export policies, with attention on the specific export volume later [3]. - Urea is in a pattern with upward pressure and downward support, and is expected to fluctuate mainly [8]. 3. Summary by Relevant Catalogs 3.1 Urea Fundamental Overview - **Cost - side Logic**: Recently, coal prices have risen slightly, but coal - based production costs are at a low level. This week, the ex - factory price of urea has decreased, and the profit of coal - based urea has shrunk. The natural gas price in the southwest region has remained stable, and the profit of gas - based urea has been stable [7]. - **Supply - side Logic**: Recently, domestic maintenance devices have increased, but it has little impact on the supply pattern. Domestic production remains high year - on - year, and the overall supply remains loose [7]. - **Demand - side Logic**: In agriculture, the current demand is in the traditional off - season, with weak overall support. In industry, the operation rate of compound fertilizers has continued to increase, but downstream procurement is generally cautious, and other industrial demands maintain rigid procurement. In terms of exports, this week, the market reported that China has a new third - batch of export quotas, with an estimated quantity of 70 - 100 tons, and the total export quota this year has reached over 4 million tons. From the current port inventory data, domestic exports are being carried out in an orderly manner [7]. 3.2 Urea Price Changes - **Spot Price**: This week, the domestic urea spot market stopped falling and rose, with the average price in the mainstream regions rising by about 30 - 50 yuan/ton compared with last week. However, the domestic demand has continued to weaken, and the price increase lasted for a short time [24]. - **Regional Price Difference**: This week, the regional price differences are within the normal range [36]. - **Futures Price**: With the implementation of the third - batch of export quota news, the speculative sentiment in the market has subsided, and the UR01 contract has declined weakly in the premium pattern [8]. - **Price Difference/Base Difference/Monthly Difference**: This week, the 9 - 1 price difference has strengthened by 3 yuan/ton compared with last Friday. Due to the rise in spot prices and the decline of the futures market, the base difference has strengthened. For example, the base difference of the 01 contract in Henan has strengthened by 48 yuan/ton compared with last week [92]. 3.3 Urea Profit - **Coal - based Production**: Recently, the coal price in the production area has fluctuated slightly, and the profit of coal - based urea has increased slightly [65]. - **Gas - based Production**: The natural gas price under the agreement is stable, and the profit of gas - based urea has remained stable [65]. 3.4 Urea and Other Fertilizer Ratios - Currently, the ratio of urea to ammonium chloride is at a relatively high level in the same period over the years, while the ratios to phosphate fertilizers and potash fertilizers are at a relatively low level compared with previous years [69]. 3.5 Overseas Price and Price Difference - India has carried out a new round of tenders, and with China's clearer policy of allowing more urea exports, the international urea price has fallen this week [84]. 3.6 Urea Production, Operation, and Inventory - **Production and Operation**: According to the Longzhong data, this week, the domestic urea production was 1.3611 million tons, an increase of 12,500 tons from last week, and the operation rate was 83.99%, an increase of 0.77%. According to the Baichuan data, the production was 1.3865 million tons, an increase of 8000 tons from the previous period, and the operation rate was 84.72%, an increase of 0.49% [95][103]. - **Device Investment and Maintenance**: As of August 2025, the newly - invested production capacity this year is 1.85 million tons, with a production capacity growth rate of 2.45%. It is estimated that the newly - added production capacity in 2025 will be 4.94 million tons, with a production capacity growth rate of 6.55%. This week, the domestic urea device maintenance loss was 179,000 tons, a decrease of 12,900 tons from last week [108][111]. - **Inventory**: This week, the urea enterprise inventory was 1.0239 million tons, an increase of 66,500 tons from last week, and the port inventory was 501,000 tons, an increase of 37,000 tons from last week [160]. 3.7 Urea Downstream Demand - **Compound Fertilizer**: This week, the compound fertilizer market price was stable, the operation rate decreased by 2.64% to 40.84%, and the inventory increased by 63,000 tons to 889,500 tons compared with last week [132]. - **Melamine**: This week, the melamine production was 23,200 tons, a decrease of 1600 tons from last week, and the operation rate was 46.60%, a decrease of 3.22% [140].

Group 1 - The core issue facing Yaqi International is a significant governance crisis, with multiple executives being investigated or resigning, indicating systemic governance failures [2] - The company is currently in a state of having no controlling shareholder or actual controller, which raises concerns about its governance structure [3][4] - Yaqi International has experienced substantial revenue fluctuations in recent years, with revenue changes of 313%, 12.45%, and -8.97% from 2022 to 2024, while net profit has consistently declined [4] Group 2 - The company forecasts a significant profit increase for the first half of 2025, estimating earnings between 730 million to 930 million yuan, representing a year-on-year growth of 170% to 244% due to increased production, sales, and favorable tax policies [4] - Under the leadership of Chairman Guo Baichun, the company's performance improved, leading to a dramatic stock price increase of nearly 600% from September 2020 to June 2022, peaking at 43.92 yuan per share [4]

尿素：现货明显转弱 关注底部支撑 01 长江期货尿素周报： 现货明显转弱 关注底部支撑 长江期货股份有限公司交易咨询业务资格：鄂证监期货字【2014】1号 2025-08-25 【产业服务总部 | 能化产业服务中心】 研 究 员：张 英 执业编号：F03105021 投资咨询号：Z0021335 1 市场变化：价格：受中印化肥协议相关消息影响，尿素周度价格先强后弱，8月22日尿素2509合约收盘价1739元/ 吨，较上周上调2元/吨，涨幅0.12%，期间最高涨至1825元/吨。尿素现货河南市场日均价1741元/吨，较上周上调 26元/吨，涨幅1.52%。基差：尿素主力基差先弱后强，8月22日河南市场主力基差2元/吨，周度基差运行区间-76- 2元/吨。价差：尿素9-1价差区间震荡，8月22日9-1价差-24元/吨，周度运行区间-34——-23元/吨。 2 基本面变化：供应端中国尿素开工负荷率84.09%，较上周降低0.36个百分点，其中气头企业开工负荷率75.15%， 较上周降低0.32个百分点，尿素日均产量19.44万吨。成本端无烟煤市场价格以稳为主，周内无烟煤矿开工仍在较高 水平，下游用煤企业原料煤采购仍 ...