KMCJNC(300505)2025-01-20 08:48Group 1: Company Overview - The company operates two production bases located in Kunming and Fangchenggang, with main products including feed-grade phosphates, phosphoric acid, and fertilizers. The designed production capacities are: DCP 100,000 tons/year, MCP 150,000 tons/year, and others totaling 150,000 tons/year for the Kunming base, and 140,000 tons/year for calcium carbonate and 100,000 tons/year for phosphoric acid at the Fangchenggang base [2][3]. Group 2: Financial Performance - The company announced a turnaround in 2024, attributing the profit recovery to a recovery in the phosphate chemical market compared to 2023 and effective adjustment of product structure based on market conditions [3]. Group 3: Raw Material Sourcing - Phosphate rock is primarily sourced locally for the Kunming base, utilizing low-grade phosphate rock to produce high-quality phosphate concentrate, which offers a price advantage over high-grade rock. The Fangchenggang base sources phosphate rock from overseas and northern China, leveraging port advantages for cost-effective procurement [3]. Group 4: Environmental Management - The company utilizes most of the phosphogypsum produced at the Kunming base in cement production and ecological restoration, while the remaining is treated according to environmental standards. The Fangchenggang base processes phosphogypsum into cement retarders for sale [3][4]. Group 5: Strategic Direction - The company is focused on three strategic directions: developing fine phosphates, exploring opportunities in the renewable energy sector, and considering overseas investments [4].