证券代码：002588 证券简称：史丹利 史丹利上市公司投资者关系活动记录表 编号：2025-004 上半年公司复合肥总销量 200.41 万吨，同比增长 9.68%，其中一季 度因东北春季肥集中发货增速较高，二季度销量略降但毛利稳定。公司 全年目标 360 万-370 万吨，达成路径是坚持"销量+利润"双考核，不盲 目降价冲量，聚焦高毛利产品，通过渠道下沉和终端价格管控保障增量。 5.复合肥在哪些区域增速较快？通过什么方式实现这些区域的销量 增长？ 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ☑ 电话会议 □其他：（请文字说明其他活动内容） 参与单位名称 及人员姓名 申万宏源证券 马昕晔 李绍程；上海原泽私募 王家晨；上海度势投资 顾宝成；鹏华基金 范晶伟；工银瑞信基金 易帆；上海宽远资产 舒启 航；长江证券 魏邈；交银施罗德基金 何雄；南方基金 王芝文；汇丰 晋信 姬静远；宝盈基金 侯星宇；银河基金 陈凯茜；富国基金 张啸伟； 泰康资管 王卓夫；人寿资产 赵文龙；太平基金 夏文奇；兴业资管 徐 莹莹；中信证券 孙臣兴；华安基金 王晨； ...

Group 1 - The company reported a revenue of 6.391 billion yuan for the first half of 2025, representing a year-on-year increase of 12.66% [5] - The net profit attributable to shareholders was 607 million yuan, up 18.9% year-on-year, with basic earnings per share of 0.53 yuan, an increase of 20.45% [5] - The growth in product sales and optimization of product structure were key drivers for the performance improvement [5][6] Group 2 - The company continued to implement a channel penetration strategy, increasing the number of terminal outlets and expanding market coverage [6] - New customer development efforts led to a sustained increase in new clients, effectively expanding market share [6] - The "Ten Thousand Tons County" initiative showed significant results, contributing to sales growth [6] Group 3 - The company deepened the coordination of production, supply, and sales, enhancing operational efficiency [7] - Raw material procurement channels were optimized, effectively reducing costs and ensuring stable supply [7] Group 4 - The new phosphate chemical project showed improved operations, with production efficiency significantly increasing in the second quarter [7] - The horticultural business experienced high growth, with online retail sales reaching 125 million yuan, a year-on-year increase of 88.94% [7] Group 5 - The company accelerated its digital upgrade, achieving significant results in the construction of a precision marketing platform [7] - AI technology was utilized to provide timely and professional support to farmers, enhancing customer satisfaction and loyalty [7] Group 6 - The board approved a profit distribution plan, proposing a cash dividend of 0.45 yuan per 10 shares, totaling approximately 51.84 million yuan [9][10] - The profit distribution plan does not include stock dividends or capital reserve transfers [10][21]

史丹利（002588）8月21日晚间披露2025年半年报。今年上半年，公司持续强化复合肥核心业务优势， 实现营业收入63.91亿元，同比增长12.66%；实现归母净利润6.07亿元，同比增长18.90%；实现扣非净 利润5.72亿元，同比增长30.31%。 此外，上半年公司基本每股收益为0.53元/股，同比增长20.45%。根据分红预案，公司拟向全体股东每 10股派发现金红利0.45元（含税），继续为股东创造良好的回报。 持续强化复合肥核心业务优势 经营业绩实现"量利双增" 今年以来，我国农业农村经济保持稳定发展，夏粮产量总体保持稳定、蔬菜瓜果播种面积及产量亦呈现 稳中有增态势，为化肥行业提供了良好的市场环境。 值得一提的是，松滋新材料公司在第二季度迎来经营转机，上半年生产效率大幅提升，磷肥、复合肥、 精制磷酸等装置保持高位开工，产销量稳步增长。 据了解，今年上半年，国家对化肥进出口政策进行了审慎调整，有效缓解了磷肥企业成本高的压力，同 时减轻了库存压力，也在一定程度上稳定了磷肥企业盈利能力。受益于该政策，松滋新材料公司第二季 度经营业绩也得到显著改善。 园艺肥业务作为史丹利新的业绩增长点，上半年延续了此前的 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has achieved a breakthrough in compound fertilizer sales, with a year-on-year revenue growth of 2.71% in 2024, reaching 10.263 billion yuan, and a net profit growth of 17.89%, totaling 826 million yuan [6][8] - The company is expected to continue its growth trajectory, with projected revenues of 13 billion yuan, 14.4 billion yuan, and 15.7 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 998 million yuan, 1.202 billion yuan, and 1.407 billion yuan [14][41] Sales Performance - In 2024, the company sold 3.5128 million tons of phosphate fertilizers, a 12.18% increase year-on-year, with compound fertilizer sales reaching 3.3464 million tons, up 12.68% [8] - The company reported a revenue of 2.384 billion yuan in Q4 2024, a slight decrease of 0.24% year-on-year, but a 8.06% increase quarter-on-quarter [7] Financial Metrics - The company achieved a return on equity (ROE) of 13% in 2024, with a sales gross margin of 18.18%, reflecting a 0.70 percentage point increase year-on-year [6][8] - For Q1 2025, the company reported a revenue of 3.405 billion yuan, a 29.56% increase year-on-year, and a net profit of 288 million yuan, up 20.84% [11][29] Production Capacity - The company has a total production capacity of 7.2 million tons per year, with 5.9 million tons dedicated to compound fertilizers, and has established production bases across multiple provinces in China [12] Shareholder Returns - The company plans to distribute a cash dividend of 2.60 yuan per 10 shares, totaling approximately 299.49 million yuan, which represents 39.91% of the net profit attributable to shareholders for 2024 [13] Competitive Advantages - The company has established significant competitive advantages in brand strength, marketing channel development, new product research, and agricultural services, while actively advancing its phosphate chemical project to create a complete industrial chain [14][41]