Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The urea market is currently under pressure in the short term. In the near - term, it is in the off - season for agricultural demand, and industrial production load is decreasing. Affected by the September 3rd military parade, some compound fertilizer and board factories in Beijing - Tianjin - Hebei and surrounding provinces have received requirements for production suspension and restriction after mid - August, and freight transportation in some areas will be significantly restricted. In the medium - term, the second batch of urea exports will support the demand side, and inventory may not accumulate significantly in the short term. The urea market is in a pattern with support at the bottom and suppression at the top, and the 01 contract is expected to fluctuate between 1650 and 1850 [4][5]. 3. Summary by Related Catalogs Supply - Some enterprises are under maintenance this period, including Shaanxi Aowei Qianyuan Chemical, Henan Jinkai Chemical, and Hulunbuir Jinxin Chemical. Some enterprises have resumed production, such as Shaanxi Shanhua Coal Chemical, Henan Jinkai Chemical, and Jingyuan Coal Industry Group. The daily urea output next week will be around 200,000 tons [4]. Inventory - As of August 20, 2025, China's urea production enterprises produced 1.3611 million tons, an increase of 12,500 tons from the previous period, a month - on - month increase of 0.93%. The total inventory of Chinese urea enterprises is 1.0239 million tons, an increase of 66,500 tons from last week, a month - on - month increase of 6.95% [4]. Demand - Domestic demand remains weak. The agricultural top - dressing demand in the northern region has basically ended. The compound fertilizer industry has a large sales pressure on finished products recently, with a low operating rate, limited demand for urea raw material procurement, and low acceptance of high - priced urea supplies [4]. Spot - On Sunday this week, the price in Shandong is 1660 (01 basis - 80), and in Henan is 1670 (01 basis - 70) [5]. Strategy View - In the short term, due to the off - season of agricultural demand and production suspension and restriction requirements, the market is under pressure. In the medium - term, exports will support the demand side. Factory backlog orders and inventory pressure increase, and spot quotes decline, but there may be a phased rebound with the opening of export channels. The 01 contract is expected to fluctuate between 1650 and 1850 [5].

Group 1 - The core viewpoint of the article is that Sinochem Fertilizer has reported its mid-term performance for the first half of 2025, showing positive growth in revenue and profit [1] Group 2 - The group's revenue for the first half of 2025 reached RMB 14.715 billion, representing a year-on-year increase of 7.56% [1] - The profit attributable to shareholders was RMB 1.104 billion, reflecting a year-on-year growth of 5.04% [1] - The basic earnings per share were reported at RMB 0.1572 [1]

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。 智通财经获悉，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。 本文源自：智通财经网 ...

Group 1 - The core viewpoint of the article highlights that Sinochem Fertilizer (00297) experienced a decline of over 6% post-earnings announcement, with a current drop of 4.23% to HKD 1.35, and a trading volume of HKD 113 million [1] - Sinochem Fertilizer reported a mid-year revenue of RMB 14.715 billion, representing a year-on-year growth of 7.56%, and a net profit attributable to shareholders of RMB 1.104 billion, up 5.04% year-on-year [1] - The increase in revenue is attributed to growth in both sales volume and average selling prices [1] Group 2 - Changjiang Securities noted that Sinochem Fertilizer is a leading enterprise in China's fertilizer industry, with excellent asset quality, strong profitability, and robust cash flow, maintaining a high dividend payout ratio [1] - The company is expected to maintain a solid position in potassium fertilizer imports, with stable earnings from its core business; the "Bio+" strategy is anticipated to continue driving performance upward [1] - Forecasted net profits attributable to ordinary shareholders for 2025-2027 are RMB 1.46 billion, RMB 1.55 billion, and RMB 1.63 billion, respectively, with an initial coverage rating of "Buy" [1]

Core Viewpoint - Sinochem Fertilizer (00297) experienced a decline of over 6% post-earnings announcement, with a current drop of 4.23% to HKD 1.35, and a trading volume of HKD 113 million [1] Financial Performance - The company reported a revenue of RMB 14.715 billion, representing a year-on-year increase of 7.56% [1] - Shareholder profit attributable to the company was RMB 1.104 billion, up 5.04% year-on-year [1] - Basic earnings per share were RMB 0.1572, with no interim dividend declared [1] Growth Drivers - Revenue growth was primarily driven by an increase in sales volume and average selling prices [1] Industry Position and Future Outlook - Changjiang Securities highlighted that Sinochem Fertilizer is a leading player in China's fertilizer industry, with excellent asset quality, strong profitability, and robust cash flow [1] - The company maintains a high dividend payout ratio, and its position as a key importer of potash fertilizer is expected to remain stable [1] - The "Bio+" strategy is anticipated to continue driving performance upward [1] - Forecasted net profit attributable to ordinary shareholders for 2025-2027 is RMB 1.46 billion, RMB 1.55 billion, and RMB 1.63 billion respectively, with an initial coverage rating of "Buy" [1]

本文源自：金融界 作者：行情君 截至2024年年报，中化化肥营业总收入212.65亿元、净利润10.61亿元。 8月25日，中化化肥披露2025财年中报。 8月25日，中化化肥(00297)盘中下跌5.63%，截至13:03，报1.34元/股，成交5628.63万元。 中化化肥控股有限公司主要业务涵盖化肥资源、研发、生产、分销和农化服务全产业链，是中国化肥行 业首家在香港上市的企业，同时也是中国进口化肥的主渠道。公司拥有逾60年的化肥国际贸易经验，覆 盖了中国95%的耕地面积，磷矿资源位列国内前十，具有最齐全的大量元素、中微量元素肥料以及专用 肥、缓控释肥、生物肥等新型肥料的研发、生产能力。 ...

中化化肥(00297)公布2025年中期业绩，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。 公告称，营业额增长主要系销量与平均销售价格增长所致。 2025年上半年，该集团依托"耕地保护国家工程研究中心"等国家级研发平台，重点推进"生物+"研发能 力建设及产品创新。在"生物+"研发能力建设方面，新建立1套生物技术研究模型，提升靶向技术研究能 力;搭建"生物+"生测体系，规范"生物+"系列产品田间和盆栽测试评价流程。在技术研究攻关方面，生 物解磷、靶向增效等3项核心生物技术达到应用阶段，并启动相关产品开发。在产品开发转化方面，集 成生物技术，发佈并上市生物肥"智养"、"焕丰"，开发水溶"美麟美"及"蓝麟"升级产品并试产试销，科 研成果转化量达到101万吨，其中高端类产品转化量同比增长59%。 ...

公告称，营业额增长主要系销量与平均销售价格增长所致。 2025年上半年，该集团依托"耕地保护国家工程研究中心"等国家级研发平台，重点推进"生物+"研发能 力建设及产品创新。在"生物+"研发能力建设方面，新建立1套生物技术研究模型，提升靶向技术研究能 力;搭建"生物+"生测体系，规范"生物+"系列产品田间和盆栽测试评价流程。在技术研究攻关方面，生 物解磷、靶向增效等3项核心生物技术达到应用阶段，并启动相关产品开发。在产品开发转化方面，集 成生物技术，发佈并上市生物肥"智养"、"焕丰"，开发水溶"美麟美"及"蓝麟"升级产品并试产试销，科 研成果转化量达到101万吨，其中高端类产品转化量同比增长59%。 智通财经APP讯，中化化肥(00297)公布2025年中期业绩，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。 ...

Core Viewpoint - Zhonghua Fertilizer (00297.HK) reported a mid-year performance for the first half of 2025, showing a steady growth in revenue and profit, driven by technological innovation and integrated operations [1] Financial Performance - The group's revenue reached RMB 14.715 billion, representing a year-on-year increase of 7.56% [1] - The profit attributable to shareholders was RMB 1.104 billion, reflecting a year-on-year growth of 5.04% [1] - Basic earnings per share were RMB 0.1572, with no dividend declared [1] Strategic Initiatives - The company emphasizes technological innovation as a key driver, leveraging an integrated research, production, and sales operation system [1] - Digital marketing strategies are being utilized to enhance market reach and precision [1] - The implementation of the "Bio+" strategy aims to improve quality and efficiency, addressing both internal and external challenges [1] Profitability Metrics - The net profit margin, calculated as profit attributable to shareholders divided by revenue, stood at 7.5%, remaining stable compared to the same period last year [1]

Core Insights - The ammonium bicarbonate (also known as carbamate) has been widely used in China before the emergence of other fertilizers like urea and compound fertilizers [1] - The production capacity of ammonium bicarbonate in China reached 6.6 million tons as of 2023 [3] - The production of ammonium bicarbonate in China increased from 4.957 million tons in 2019 to 5.66 million tons in 2023, representing a year-on-year growth of 20.14% from 2022 [4] Industry Overview - Ammonium bicarbonate has a lower nitrogen content compared to urea (38%) and ammonium sulfate (81%), leading to increased storage and transportation costs, which has resulted in its gradual replacement by higher nitrogen content fertilizers [1] - The production technology for ammonium bicarbonate mainly includes two methods: traditional gas ammonia conversion to ammonia water and the co-production of ammonium bicarbonate using ammonia-containing melamine tail gas [3]