Financial Performance - In the first half of 2025, the company achieved a revenue of CNY 9.398 billion, representing a year-on-year growth of 11.63% [2] - The net profit attributable to shareholders was CNY 951 million, with a year-on-year increase of 28.98% [2] - The first quarter saw strong sales, while the second quarter experienced delays in sales of summer and autumn fertilizers due to raw material price adjustments [2] Sales and Market Dynamics - The first quarter's strong sales were attributed to low winter stock levels and increased procurement by distributors [2] - In the second quarter, conventional fertilizer sales declined, while new fertilizers maintained stable sales due to their application in short-cycle economic crops [2][3] Raw Material Management - The company has demonstrated superior performance in managing raw material price fluctuations compared to peers, aided by a diverse product portfolio and exclusive potassium fertilizer import rights [3] - The company maintains a relatively low inventory level, which helps mitigate risks associated with raw material price volatility [3] Profit Margins - The gross margin for conventional fertilizers is low at 12.56%, with significant potential for improvement as the company cannot fully pass on increased raw material costs to downstream customers [4] - The gross margin for monoammonium phosphate (MAP) is expected to recover as the supply-demand balance in the phosphate market stabilizes [4] Export and International Operations - The company received its first batch of export quotas for phosphate fertilizers in May, with a portion of exports completed in the first half of the year [8] - The majority of phosphate fertilizer exports are expected to be realized in the third quarter [9] Research and Development - Increased R&D expenses are driven by advancements in the compound fertilizer industry and the growing penetration of new fertilizers in economic crop cultivation [7] Future Outlook - The company anticipates a release of delayed sales in the third quarter, as the compound fertilizer industry is considered a necessity [9] - The profitability of iron phosphate is expected to improve following significant process upgrades made last year [10]

新洋丰 20250807 摘要 2025 年上半年，新洋丰常规肥销量因春季需求提前释放及二季度原材 料价格波动而下降，但新型肥受影响较小，三季度销售额预计将受益于 前期需求延迟释放。 新洋丰通过保价协议、钾肥进口权及产业链一体化等措施，有效抵御原 材料价格波动风险，并采取稳健经营策略，维持低库存，避免投机性损 失。 磷酸一铵毛利率虽与 2018 年持平，但未充分反映新增产能及矿产贡献， 受磷矿价格高企影响，普通肥料毛利率仍较低，未来磷矿价格下降有望 提升磷酸一铵及普通肥料盈利能力。 研发费用增加主要用于新型肥料的研发和新生产线建设，以应对市场需 求变化并保持竞争力，同时会计准则变化也导致研发费用增加。 新洋丰获得第一批磷肥出口指标，但上半年出口量有限，主要出口将在 三季度完成，等待第二批出口指标批复，出口业务有望为三、四季度业 绩提供保障。 磷酸铁项目进度已达 90%，但受当前市场价格影响暂缓投产，未来若盈 利好转可随时启动，且磷酸铁减亏显著，少数股东权益已转正。 新洋丰在东北市场占有率高，增长空间受限，但在华南和东南地区增速 较快，未来华东、华南和西北区域收入增速预计良好，气候灾害对整体 销售影响有限。 Q ...