投资要点 事件：云天化发布2025 半年报，25H1 实现营收249.92 亿元，同比减少21.88%；归母净利润27.61 亿 元，同比下降2.81%；扣非归母净利润26.96 亿元，同比下降3.38%；毛利率19.16%，同比提升2.55pct。 单季度看，25Q2 实现营收119.88亿元，同比减少33.90%，环比减少7.82%；归母净利润14.72 亿元，同 比增长6.52%，环比增长14.15%；扣非归母净利润14.26亿元，同比增长5.23%，环比增长12.26%；毛利 率21.25%，同比提升6.56pct，环比提升4.02pct。 产销稳中有增，业绩在多因素影响下持续稳定。25H1 公司磷肥、复合（混）肥、尿素、聚甲醛、黄 磷、饲料级磷酸氢钙收入分别为69.95、31.26、25.69、5.95、2.23、10.36 亿元，同比变化-14.40%、 6.00%、-17.12%、-5.88%、23.68%、14.47%；销量分别为221.91、98.33、146.49、5.58、1.08、25.29 万 吨，同比变化-6.67%、-0.47%、2.83%、2.20%、22.73%、-5.49% ...

华鲁恒升 20250824 摘要 公司通过内部挖潜和市场策略调整，抵消产品价格下滑影响，维持较高 市场占有率。原料优化升级等项目投产，助力公司逆势增长，但 BDO 和 NMP 项目盈利能力受下游市场影响，贡献有限。 二季度化肥销量增长主要得益于去年四季度尿素项目的投产，以及灵活 的产品结构调整，将资源配置到盈利较高的领域，实现了尿素生产的超 负荷运行。 原料气改造项目预计投资 30 亿元，采用大直径气化炉替换老旧装置， 预计每年可带来 6 至 7 亿元的利润空间，项目计划在明年年底前完成建 设并投入使用。 优化平台项目通过将单喷嘴气化炉改为四喷嘴气化炉，显著提升造气量。 公司计划分两部分启动该项目，并已购买尿素和合成氨指标，预计 2026 年底完成 7 号平台建设，2027 年一季度完成尿素系列项目。 荆州 TDI 配套光气项目仍在争取光气资质，湖北省已调整相关目录提供 政策支持，正进行安评、能评等前期准备，计划 2026 年启动建设，重 视光气资质获取以拓展产品应用领域。 Q&A 今年上半年（2025 年），华录恒升公司在面对化工行业竞争压力和产品过剩 的情况下，如何实现了逆势增长？ 今年上半年（2025 ...

每经AI快讯，有投资者在投资者互动平台提问：您好，请问贵公司在产品类型和产量上有没有远期规 划？谢谢！ （文章来源：每日经济新闻） 盐湖股份（000792.SZ）8月22日在投资者互动平台表示，公司主要产品为氯化钾、碳酸锂。公司作为国 内氯化钾生产龙头，拥有氯化钾500万吨/年的产能装置，通过保障钾肥供应，稳固我国农业根基，为国 家粮食安全保驾护航。在新能源领域，以盐湖锂资源开发为依托，为新能源产业的稳定发展提供有力支 撑，国内卤水提锂产能龙头地位持续巩固，目前已建成4万吨/年碳酸锂产能。同时，加快实施"走出 去"步伐，积极在境内外布局钾、锂矿资源的获取，加大在产业链上下游和价值链高端环节的延伸布 局。 ...

截至2025年8月21日15时，云天化股价报26.59元，较前一交易日下跌1.34%。当日成交额9.71亿元，换 手率1.99%，总市值484.73亿元。 云天化主营业务涵盖化肥、磷矿采选、磷化工及新材料、商贸物流等，是我国最大的化肥生产企业之 一。公司拥有近8亿吨磷矿储量，化肥总产能达1000万吨/年，同时布局新能源材料业务，包括磷酸铁等 产品。 2025年上半年，云天化实现营业收入249.92亿元，同比下降21.88%，创近五年中报新低；归母净利润 27.61亿元，同比下滑2.81%。公司解释称，营收下降主要因缩减商贸业务规模所致。尽管业绩承压，云 天化仍宣布每10股派现2元，合计分红3.65亿元。此外，新能源材料业务表现亮眼，磷酸铁营收同比增 长201.28%。 8月20日，云天化接待多家机构调研，就磷肥出口、三季度业绩展望等问题进行交流。机构关注公司磷 矿石资源优势和新能源材料业务进展。 8月21日，云天化主力资金净流入9910.82万元，占流通市值0.2%；近五日主力资金净流出419.28万元。 风险提示：市场有风险，投资需谨慎。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 24.99 billion yuan for the first half of 2025, a year-on-year decrease of 21.9%, with a net profit attributable to shareholders of 2.76 billion yuan, down 2.8% year-on-year [6][12] - In Q2 2025, the company achieved a revenue of 11.99 billion yuan, a year-on-year decline of 33.9% and a quarter-on-quarter decrease of 7.8%, while the net profit attributable to shareholders was 1.47 billion yuan, an increase of 6.5% year-on-year and 14.2% quarter-on-quarter [6][12] - The company plans to distribute a cash dividend of 2.0 yuan per 10 shares (tax included) [6][12] Financial Performance - The company has a phosphate rock reserve of nearly 800 million tons and an annual production capacity of 14.5 million tons of raw ore [12] - The company’s gross profit margin for Q2 2025 was 21.3%, an increase of 6.6 percentage points year-on-year, and the net profit margin was 13.7%, up 4.2 percentage points year-on-year [12] - The company’s projected net profits for 2025, 2026, and 2027 are 5.46 billion yuan, 5.53 billion yuan, and 5.64 billion yuan, respectively [12] Market Dynamics - The company experienced a decline in sales volume for major products in Q2 2025, with phosphate fertilizer down 21.4%, compound fertilizer down 18.4%, and urea down 11.8% [12] - The price of phosphate fertilizer decreased by 7.3% year-on-year, while the price of compound fertilizer increased by 21.6% [12] - The price difference for exported phosphate fertilizers has significantly increased due to reduced international trade volume and rising sulfur prices, with the price difference for diammonium phosphate at ports increasing by 988 yuan/ton year-on-year [12] Strategic Initiatives - The company is actively optimizing its internal management and advancing projects such as the Zhenxiong phosphate mine to enhance future growth [12] - The company is focused on maintaining a balance between development and returns, with a strong emphasis on internal reforms and capacity expansion [12]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected investment return that exceeds the market benchmark by more than 15% over the next 6-12 months [9]. Core Views - The company has achieved significant revenue growth, with total revenue for the first half of 2025 reaching 9.398 billion yuan, a year-on-year increase of 11.63%, and a net profit attributable to shareholders of 0.951 billion yuan, up 28.98% year-on-year [4][6]. - The strategic shift towards high-margin new compound fertilizers has led to a notable increase in gross profit margins, with revenue from high-margin products growing by 26.83% to 2.850 billion yuan, and gross margin reaching 24.48%, an increase of 2.58 percentage points year-on-year [6][7]. - The company is constructing a fully integrated production capacity chain from phosphate mining to fertilizer production, which is expected to enhance cost control and operational efficiency [7][8]. Financial Performance Summary - In Q1 2025, the company reported revenue of 4.668 billion yuan, a year-on-year increase of 39.98%, and a net profit of 0.515 billion yuan, up 49.61% year-on-year [5]. - The second quarter of 2025 saw revenue of 4.730 billion yuan, a decrease of 6.97% year-on-year, but net profit increased by 10.96% to 0.437 billion yuan [4]. - The company anticipates net profits of 1.664 billion yuan, 1.863 billion yuan, and 2.067 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 26.6%, 11.9%, and 10.9% [9]. Production Capacity and Cost Control - The company has established a complete production capacity loop from phosphate mining to sulfuric acid and ammonia synthesis, which is expected to reduce costs significantly [7]. - The company has a phosphate resource reserve of over 270 million tons, with 90 million tons already in production, which helps mitigate raw material price fluctuations [6][7]. - New projects in the East and Northwest regions are expected to enhance production capacity and improve supply chain efficiency [8]. Research and Development - The company has increased its R&D investment significantly, with R&D expenses reaching 124 million yuan in the first half of 2025, accounting for 1.32% of revenue, a year-on-year increase of 158.14% [8].

证券代码：600096 证券简称：云天化 公告编号：临 2025-063 备注：以上主要产品数据为公司自产产品数据，未包含本期商贸收入及其他 业务收入和其他零星产品收入。 二、主要产品和原材料的价格变动情况 （一）主要产品价格波动情况（不含税销售均价） 单位：元/吨 | 主要产品 | 本期价格 | 上年同期价格 | | --- | --- | --- | | 磷肥 | 3,152 | 3,378 | | 复合（混）肥 | 3,179 | 2,985 | | 尿素 | 1,754 | 2,176 | | 聚甲醛 | 10,650 | 11,577 | | 黄磷 | 20,627 | 20,460 | | 饲料级磷酸氢钙 | 4,096 | 3,381 | （二）主要原材料波动情况（不含税采购均价） | | | 云南云天化股份有限公司 2025 年半年度主要经营数据公告 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指引第 3 号——行业信 息披露》相关规定，将公司 2025 年半年度主要经营 ...

格隆汇8月19日｜云天化公告，2025年上半年营业收入249.92亿元，同比下降21.88%；净利润27.61亿 元，同比下降2.81%。公司2025年半年度拟以实施权益分派股权登记日登记的总股本为基数向全体股东 每10股派发现金红利2元(含税)，拟派发现金红利3.65亿元(含税)。本次利润分配不送红股，也不以资本 公积金转增股本。 ...

Group 1 - The core viewpoint of the article is that Xinyangfeng (000902) has made significant process improvements to its iron phosphate production line, leading to expectations of reduced losses in the current year [1] - The company believes that the negative impact of iron phosphate on its performance is nearing an end, indicating a potential recovery in future earnings contributions [1] - The company has successfully navigated through the most challenging years for iron phosphate and is optimistic about future performance [1]

8月7日晚间，芭田股份发布公告称，公司2025年第二次临时股东大会审议通过了《关于回购注销部分限 制性股票的议案》和《关于变更注册资本及修订的议案》。 风险提示：股市有风险，投资需谨慎。 芭田股份8月7日股价收于10.22元，较前一交易日下跌0.87%。当日成交量为161137手，成交金额达1.65 亿元。 该公司主营业务为复合肥、磷化工产品的研发、生产和销售。产品包括复合肥、磷酸一铵、磷酸二铵 等，广泛应用于农业生产领域。 ...