证券日报网讯 云图控股8月29日发布公告，在公司回答调研者提问时表示，公司磷复肥产品包括常规复 合肥、新型复合肥及磷肥（磷酸一铵）。公司磷复肥业务增长驱动因素主要来自以下两个方面：一是产 品销量增长：公司深入推进渠道精耕、网络下沉，市场渗透力增强，报告期常规复合肥、新型复合肥及 磷肥产品均实现不同程度增长。二是产品结构优化：公司依托氮、磷完整产业链优势和技术创新优势， 推动磷复肥产品结构向新型化、功能化、高附加值方向升级，公司新型肥料以及水溶性磷铵、工业级磷 铵等高毛利产品占比有所提升，带动磷复肥业务高质量发展。 （编辑 袁冠琳） ...

每经记者：王琳 每经编辑：董兴生 对于今年第二季度营业收入同比下滑以及归母净利润增速放缓的原因，《每日经济新闻》记者于8月8日依新洋丰要求发去采访函，但 截至发稿，尚未收到回复。 从上半年各产品来看，新洋丰的磷肥和新型复合肥销售收入分别同比增长39.34%和26.83%，毛利率分别提升4.27个和2.58个百分点； 常规复合肥销售收入同比下降6.66%，毛利率提升0.14个百分点。新型复合肥仍旧显现出较好的发展态势。 视觉中国 《每日经济新闻》记者注意到，从已发布2025年半年度业绩预告的公司来看，上市化肥企业整体业绩较好。但根据近期券商研报，化 肥企业因原料端的自我供应能力差异，存在一定的业绩分化。展望下半年行情，受访专家认为，原料市场毛利率预计高位窄幅波动， 复合肥毛利率或难以提升。 新洋丰二季度增速放缓 新洋丰主要从事磷肥、复合肥的生产和销售，其目前已具备磷酸一铵年产能185万吨、钾肥进口权（复合肥销量前三企业中唯一），磷 矿石产能90万吨/年，配套生产合成氨30万吨/年、硫酸412万吨/年等。 半年报显示，新洋丰在今年上半年实现营业收入93.98亿元，同比增长11.63%；归母净利润为9.51亿元，同 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5]. Core Insights - The company achieved a revenue of 9.398 billion yuan in the first half of 2025, representing a year-on-year growth of 11.63%, with a net profit of 951 million yuan, up 28.98% year-on-year [3]. - The performance of the main products is robust, with revenue from phosphate fertilizers increasing by 39.34% year-on-year, while conventional compound fertilizers saw a decline of 6.66%. New-type compound fertilizers grew by 26.83% [3]. - The gross profit margins for phosphate fertilizers, conventional compound fertilizers, and new-type compound fertilizers increased by 4.27, 0.14, and 2.58 percentage points respectively, leading to an overall gross margin increase of 1.28 percentage points to 17.34% [3]. Summary by Sections Company Overview - The company is a leading producer of phosphate compound fertilizers in China, with a production capacity of 10.28 million tons per year for various high-concentration phosphate fertilizers and 900,000 tons per year for phosphate rock as of the end of 2024 [7]. Product Performance - New-type fertilizers have shown rapid growth, with sales increasing from 548,500 tons in 2018 to 1.38 million tons in 2024, a compound annual growth rate of 16.63%. The proportion of new-type fertilizers in the overall compound fertilizer sales rose from 16.56% in 2018 to 31.67% in 2024 [4]. Capacity Expansion - The company is optimizing its production capacity across the country, including a new project in Aksu, Xinjiang, with a capacity of 350,000 tons per year for new-type fertilizers, and a planned investment in a 1 million tons per year specialized fertilizer project in Huai'an, Anhui [4]. Financial Forecast - The company forecasts net profits of 1.47 billion yuan, 1.68 billion yuan, and 1.91 billion yuan for 2025, 2026, and 2027 respectively, with corresponding earnings per share (EPS) of 1.15 yuan, 1.31 yuan, and 1.49 yuan [5][11].

Summary of Conference Call Records Company Overview - The company discussed is Xin Yang Feng, a player in the fertilizer industry, particularly focusing on compound fertilizers and new types of fertilizers. Key Points and Arguments Sales Performance - In 2024, Xin Yang Feng achieved revenue of 15.563 billion yuan, a year-on-year increase of 3.07% [2] - The company reported a net profit of 1.315 billion yuan, up 9% year-on-year [2] - Sales volumes for various fertilizers were as follows: - Conventional compound fertilizers: 1.129 million tons, up 6.6% - New type compound fertilizers: 2.977 million tons, up 3.2% - Other compound fertilizers: 1.38 million tons, up 22.9% [1][2] Market Dynamics - The demand from downstream customers remains rigid, unaffected by international export pressures [3] - The industry is experiencing increased concentration, with Xin Yang Feng's market share at approximately 9%, with potential to reach 18% [3][10] - The company’s compound fertilizer business operates on a cash transaction basis, resulting in low accounts receivable [3] Product Insights - New type fertilizers have shown a significant annual growth rate of 16.6% since 2018, with expectations for continued growth due to increasing penetration and consumer upgrades [1][4] - The profitability of new type fertilizers is expected to recover faster than conventional fertilizers due to their appeal to price-insensitive economic crop farmers [1][4] Regional Development - The Northwest region (including Xinjiang and Gansu) is expected to significantly contribute to future revenue, with the company establishing three subsidiaries to enhance local supply capabilities and reduce transportation costs [5][6] - The revenue contribution from the Northwest region is anticipated to exceed the current 8% [6] Phosphate Mining Projects - Progress on phosphate mining projects is influenced by external factors, with specific production timelines yet to be determined [7][8] - The company is optimistic about the eventual success of phosphate mining efforts, although the timeline remains uncertain [8] Financial Strategy - The company does not plan to adjust the conversion price of its convertible bonds [3][13] - Future capital expenditures will focus on projects including the Yining project and associated phosphate mining [3][13] - A commitment to increase the dividend payout ratio to at least 40% post-maturity is noted [14] Long-term Outlook - The company positions itself as a long-term competitor, focusing on sustainable growth rather than short-term gains [16] - There is significant room for recovery in gross margins compared to 2018 levels, with expectations for sales growth as the industry stabilizes [16] Additional Important Insights - The increase in inventory by 800 million yuan is attributed to rising raw material prices and proactive stocking by downstream distributors [11] - The collaboration with local governments for phosphate resources is expected to enhance the company's competitive edge in securing mining rights [12][15]