草甘膦和光伏玻璃有所好转，矿业和蛋氨酸贡献主要利润

草甘膦和光伏玻璃有所好转，矿业和蛋氨酸贡献主要利润 Glyphosate and photovoltaic glass improved& Mining and methionine contributing the majority profits 25H1扣非净利润同比下降75%。2025H1，公司实现营业收入39.21亿元，同比下降19.1%；实现归属净利润0.52亿元，同比下降73.1%；实现归属扣非净利润0.47亿元，同比下降74.9%。2025Q2，公司实现营业收入22亿元，同比下降23%；实现归属净利润3925万元，同比下降75.8%；实现扣非净利润3849万元，同比下降75.8%。2025Q2，公司的毛利率为8.46%，同比下降3.4个百分点，环比下降2.2个百分点。 ⚫25H1矿业板块为公司合计贡献利润超过1.42亿元。马边烟峰矿已建设完毕，磷矿石销售继续维持前期的高景气度，产销两旺、量价均高，上半年马边烟峰碗矿实现矿石的销售约40.81万吨；已投入运营的两个盐矿产销正常，为公司提供稳定的利润来源。其他主要在建工程项目汉源刘家山磷矿已陆续采出工程矿，预计将在2025年第四季度形成销售，继续为公司增厚利润。AEV矿按照既定的工作目标全面推进中，预计2025年第四季度采出工程矿。新疆塔木铅矿及库迪铜矿的勘探仍在持续中，目前正在按计划推进钻点取芯工作。 ⚫蛋氨酸爆发增长。2025H1，公司蛋氨酸产品销售呈现了量价齐升的特点，成为公司化学板块利润贡献的核心。2025年上半年，国内外市场拓展取得突破性进展，销量激增，同比上升72.58%，销售价格维持高位运行。近年来随着国内蛋氨酸生产线的加速投产，国内企业不断突破技术降低成本，我国逐渐从进口依赖转变为出口国，2025年上半年国内蛋氨酸共计出口15.91万吨，同比增长7.68%，出口延续强势。25H1下游养殖行业平稳发展，对蛋氨酸需求形成了有力支撑，蛋氨酸价格整体震荡上行。 ⚫双甘膦和草甘瞬稳步向好。草甘膦、双甘膦产品二季度以来价格持续回暖，目前公司草甘销售价格已达年内高位约27500元/吨，较年初销售价格已增长约20%，双甘膦价格同步上涨。询价、订单显著增长，随着市场价格的回升，草甘膦、双甘瞬毛利率已回正并稳步提升。广安50万吨/年双甘膦项目,厂前区工程已完工，生产区建设，工艺设计持续优化基本完成，长周期设备采购工作已全面启动，设备采购进入商务周期并已完成部分设备的采购订单签订。印尼20万吨/年草甘项目处于地基阶段。 ⚫联碱仍然承压，光伏玻璃有所回暖。联碱产品(纯碱、氯化铵)市场价格维持低迷，虽然较2024年生产成本已有明显降低，但基于市场售价，仍未改变亏损局面。国内光伏行业已逐步明确了落后产能加快退出、推动行业高质量发展的清晰路径。整体而言，光伏行业供需结构有望改普。在此背景下，2025H1光伏玻璃的市场价格有所回暖，亏损情况得到较大修复。但N+型硅片和光伏组件产品，市场波动大、效益不达预期。建筑玻璃等其他产品，运行稳定、质量良好、下游客户稳定，经营情况有所改普。风险提示：产品价格下跌；新建项目进度不及预期。 ⚫ Summary ➢The recurring net profit in 2025H1 decreased by 75%YoY. In the first half of 2025, the company achieved revenueof 3.921 billion yuan(YoY-19.1%),net profitof 52 million yuan(YoY-73.1%)and recurring profit of 47 millionyuan(YoY-74.9%). In Q2 2025, the company achieved revenue of 2.2 billion yuan(YoY-23%); net profit of 39.25million yuan(YoY-75.8%); and recurring profit of 38.49 million yuan(YoY-75.8%). In2025Q2, the company'sgross profit margin was 8.46%, representing a year-on-year decrease of 3.4 percentage points and a month-on-month decrease of 2.2 percentage points. ➢In the first half of 2025, the mining sector contributed a total profit of over 142 million yuan to the company. Theconstruction of the Mabian Yanfeng Mine has been completed, and sales of phosphate ore continue to maintainthe high momentum of the previous period. Production and sales are booming, with high quantities and prices. Inthe first half of the year, the Mabian Yanfeng Bowl Mine sold approximately 408,100 tonnes of ore. The twooperational salt mines are producing and selling as expected, providing a stable source of profit for the company.Other major ongoing construction projects, such as the Hanyuan Liujiashan phosphate mine, have begun extractingengineering ore and are expected to generate sales in Q4 of 2025, which will continue to increasethe company'sprofits. The AEV mine is advancing comprehensively according to the established work objectives and is expectedto extract engineering ore in Q4 2025. Exploration of the Tamu Lead Mine and Kudi Copper Mine in Xinjiang isongoing, with drilling and coring currently progressing as planned. ➢Methionine has experienced explosive growth. In the first half of 2025, sales of the company's methionine productsincreased in both quantity and price, becoming the main source of profit for the company's chemical sector.Breakthrough progress will be made in expanding domestic and international markets in the first half of 2025, witha surge in sales volume of 72.58% year on year and sales prices remaining at a high level. In recent years, theaccelerated production of domestic methionine production lineshas enabled domestic enterprises to continuouslybreak through technological barriers and reduce costs. China has gradually shifted from being a country dependenton imports to becoming an exporting country. In the first half of 2025, domestic methionineexports totalled 159,100tonnes, marking a year-on-year increase of 7.68%, with exports remaining robust. The stable development of thedownstream aquaculture industry in the first half of 2025 has boosted demand for methionine, pushing the overallprice upwards. ➢Both glyphosate and glyphosate products have steadily improved since the second quarter. Since the secondquarter, the prices of both have continued to rebound. Currently, the company's sales price for glyphosate hasreached a high of around 27500 yuan pertonne this year, marking an increase of around 20% compared to thebeginning of the year. The price of glyphosate has also risen in parallel. Inquiries and orders have increasedsignificantly, and with the recovery of market prices, the gross profit margin of glyphosate and diglycol has becomepositive and is improving steadily. The Guang'an 500,000-tonne/year PMIDA project has completed front-endengineering, construction of the production area, and continuous optimisation of the process design. Long-termequipment procurement has fully commenced, and equipment procurement has entered the business cycle.Purchase orders for some equipment have been signed. Construction of the 200,000-tonne-per-year glyphosateproject in Indonesia is currently underw