25H1归母净利润同比增长5.04%，钾肥量利贡献提升

25H1归母净利润同比增长5.04%，钾肥量利贡献提升25H1Profit +5.04%YoY &Potashquantity and profitincreased 最新动态 ➢2025H1归母净利润同比增长5.04%。2025H1，集团营业额为147.15亿元，同比增长7.56%；归母净利润为11.04亿元，同比增长5.04%。集团坚持科技创新引领，依托研产销一体化运营体系，运用数字化营销新模式提升市场触达效率和精准度，多措并举提质增效，推动“生物+”战略落地，克服内外部的挑战，驱动经营业绩稳步提升。 ➢25H1基础业务分部利润总额同比+53%。公司基础业务主要通过强化货源保障能力，满足市场多元化需求，提高生物肥料占比，25H1销售均价同比+12%。1）钾肥：扩大供应商合作体系，与新的国际供应商完成首批次合作；加快生物钾肥研产销一体化，丰富产品体系，25H1实现销量2.87万吨，同比+91%。2）磷化：强化战略集采能力，获取优势稳定货源，集采率93%；同时加大创新转化力度，生物磷肥25H1销量达到20万吨，同比+36%。 ➢25H1成长业务分部利润总额同比+5.4%。公司成长业务主要是持续打造生物类大单品增长引擎，25H1差异化复合肥销量117万吨，同比+6%，其中“生物+”A类复合肥销量同比增长51%；特种肥料销量13万吨，其中核心单品增长13%，完成海藻聚合磷钾生物刺激素“颂甜”新品上市。集团与植保、种子业务全面协同、稳定发展，植保协同收入2.1亿元，种子协同收入3209万元，与现代农业协同推进核心母粒系列产品的定制转化。 ➢25H1生产业务分部分部利润同比-16%。25H1，公司生产业务主要是中化涪陵、中化长山税前利润同比下降。1）中化涪陵：25H1装置综合产能利用率提升至102%，税前利润0.08亿元，同比减少0.74亿元，主要受磷矿高位运行、硫磺价格上涨的影响；坚定绿色发展，消化磷石膏47.65万吨；分占联营企业贵州鑫新的利润同比减少0.33亿元。2）中化云龙：持续工艺创新，开发高磷饲料级磷酸二氢钙MCP23新产品，25H1实现税前利润3.1亿元，同比增长29%。3）中化长山：25H1实现税前利润51万元，同比减少4169万元，主要因合成氨平均价格同比下降441元/吨。 动向解读 ➢积极推进生物+战略。集团依托“耕地保护国家工程研究中心”等国家级研发平台，重点推进“生物+”研发能力建设和创新。25H1集团完成激发碳系列、颂甜、水溶美麟美、蓝麟升级等4款“生物+”产品的开发，并实现试产试销/上市推广；1项技术达到应用研究阶段，1项技术完成小试工艺研究；实现科研成果转化量101万吨，同比增长14%，其中高端产品转化量同比增长59%。 策略建议 ➢盈利预测。我们上调公司2025-2027年归母净利润分别为20.56亿元、22.97亿元、26.36亿元。结合可比公司估值及AH股估值差异，给予公司2025年5.3倍PE，对应目标价1.54元，按照港元兑人民币0.92汇率计算，对应目标价为1.67港币，维持“收集”评级。 风险提示 产品价格风险、下游需求波动风险、粮食价格波动风险、宏观经济波动风险。 What’s New ➢The net profit in 2025H1 increased by 5.04%YoY.2025H1,the group's revenue was 14.715 billion yuan(YoY +7.56%);The net profit attributable to the parent company was 1.104 billion yuan(YoY +5.04%). The group adheres to the leadershipof technological innovation, relies on the integrated operation system of research, production, and sales, uses new digitalmarketing models to improve market reach efficiency and accuracy, takes multiple measures to enhance quality andefficiency, promotes the implementation of the "Bio+" strategy, overcomes internal and external challenges, and drivessteady improvement in business performance. ➢The total profit of the basic business division in 25H1 increased by 53%YoY.The company's basic business mainlyrelies on strengthening its supply guarantee capability, meeting diversified market demands, increasing the proportion of biofertilizers, and achievingYoY increase in average sales price by 12%. 1) Potassium fertilizer: Expand the suppliercooperation system and complete the first batch of cooperation with new international suppliers; Accelerate the integrationof research, production, and sales of bio potassium fertilizers, enrich the product system, and achieve sales of 28700 tonsin2025H1 (YoY+91%). 2) Phosphating: Strengthen strategic centralized procurement capabilities, obtain advantageousand stable sources of goods, with a centralized procurementrate of 93%; At the same time, we will increase our efforts ininnovation and transformation, and the sales volume of biophosphate in25H1reached 200000 tons(YoY +36%). ➢The total profit of the 25H1 growth business segment increased by 5.4%YoY.The company's growth business mainlyfocuses on continuously building a growth engine for large biological products. The sales volume of differentiated compoundfertilizers reached 1.17 million tons(YoY+6%). Among them, the sales volume of "Biological+" A-class compound fertilizersincreased by 51%YoY; The sales of special fertilizers reached 130000 tons, with a 13% increase in core products, and thelaunch of the new product "Songtian", a seaweed polyphosphate potassium biostimulant. The group has achievedcomprehensive and stable development in collaboration with plant protection and seed business, with a collaborative incomeof 210 million yuan from plant protection and 32.09 million yuan from seed cooperation. It has also collaborated with modernagriculture to promote the customized transformation of core masterbatch series products. ➢25H1 production business division profit-16%YoY.In25H1. The company's production business mainly sawYoYdecrease in pretax profits for Sinochem Fuling and SinochemJilinChangshan. 1) Zhonghua Fuling: The comprehensivecapacity utilization rate of the plant has increased to 102%, with a pretax profit of 8 million yuan(-74 million yuanYoY),mainly affected by the high operation of phosphate ore and the rise in sulfur prices; Adhere to green development and digest476500 tons of phosphogypsum; The profit of Guizhou Xinxin, a joint venture(-33 million yuanYoY). 2) Zhonghua Yunlong:Continuously innovating processes, developing a new product of high phosphorus feed grade calcium dihydrogen phosphateMCP23, achieving a pretax profit of 310 million yuan(YoY +29%). 3) Zhonghua Changshan achieved a pretax profit of510000 yuan(YoY-41.69 million yuan), mainly due to aYoYdecrease of 441 yuan/ton in the average price of syntheticammonia. What’s Different ➢Actively promote the bio+strategy.Relying on national R&D platforms such as "National Engineering Research Centerfor Cultivated Land Protection", the Group focuses on promoting the construction and innovation o