25年归母净利润同比增长18.7%，坚定推进“生物+”战略

25年归母净利润同比增长18.7%，坚定推进“生物+”战略25NetProfit +18.7%YoY&Firmly promote the "Biology+" strategy 最新动态 ➢25年归母净利润同比增长18.66%。2025年，集团实现营收232.63亿元，同比增长9.4%；实现归母净利润12.59亿元，同比增长18.66%。集团坚定推进“生物+”战略，持续提升产品科技含量，强化产质量量管控与成本精细化管理，通过巩固多元化货源渠道、提升营销渠道服务质效，推动采销全流程提质增效，带动销售毛利同比实现增长。 ➢集团持续推进“生物+”战略。在“生物+”研发能力建设方面，集团新建靶向抗盐碱等3套生物技术研发模型，持续积累数据并完善优化已构建的9套研发模型，完成“半田间”生测平台建设，提升产品从研发到应用的稳定性和可预测性。在重点技术攻关方面，攻关生物固氮等10项重点技术，其中3项技术达到应用研究阶段。在产品开发转化方面，开展20项新产品或升级产品研发，其中4个“生物+”产品实现试产试销╱产业转化。2025年科研成果转化量达到136万吨，其中高端新产品转化量同比增长44%。2025年生物肥料销量154万吨，同比增长14%。生物复合肥业务运营紧密围绕“生物+”战略部署，着眼于中长期持续高速增长，深化产品结构调整，聚力打造蓝麟、雅欣、科得丰、焕丰、智养生物类复合肥核心大单品，持续提升“生物+”高端产品活力，高端产品销量再创新高，同比增长42.5%。 动向解读 ➢2025年基础业务分部溢利同比增长36%。2025年基础业务分部溢利8.74亿元，同比增长36%，主要是因为销售均价同比+15%；生物钾肥销量3.45万吨，同比+65%；生物磷肥销量28万吨，同比+10%，连续8年稳健增长。 ➢2025年生产业务分部溢利同比增长4%。2025年生产业务分部分部溢利4.04亿元，同比增长4%，云龙、中化涪陵税前利润同比上升。1）中化云龙：持续工艺创新，开发MCP23高磷饲钙产品，实现税前利润4.82亿元，同比+36%；同时，加快重点项目建设前期准备工作；2）中化涪陵：通过产能释放、产品结构优化、紧抓出口机遇，实现税前利润0.54亿元，同比+9%；3）中化长山：尿素与合成氨价格下跌，合成氨年平均售价同比417元/吨，计提资产减值影响0.39亿元，税前利润-1.13亿元，同比减少1.28亿元。 ➢2025年成长业务分部溢利同比增长1%。2025年成长业务分部溢利3.49亿元，同比增长1%；高端生物复合肥销量同比+42.5%，带动整体溢利增长，受成本增加影响，通用型复合肥毛利下降；特肥聚焦核心产品，调减低毛利SKU数量，整体溢利下降，但两优产品、高端制剂桶肥、高浓度菌剂、摩力+系列产品收入和毛利同比均实现增长；植保持续提升高毛利核心单品占比，平均毛利率同比提升1.3%。 策略建议 ➢盈利预测。我们维持公司2026-2028年归母净利润分别为14.07亿元、15.33亿元、16.90亿元。结合可比公司估值并考虑到A-H股估值差异，给予公司2026年8.1倍PE，按照港元兑人民币0.88汇率计算，对应目标价为1.84港元，维持“买入”评级。 风险提示 产品价格风险、下游需求波动风险、产品价格波动风险、宏观经济波动风险。 分析师介绍 分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位，主要覆盖能源化工和材料行业。 该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司，继续覆盖化工和新材料行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师曾在wind发布报告超过600篇，主要覆盖标的包括： 1）化工&化肥：东岳集团、环球新材国际、中国联塑、阜丰集团、中国三江化工、浦林成山、中海石油化学、中国旭阳集团、龙蟠科技、彩客新能源、天德化工、中国心连心化肥、中化化肥、米高集团、大成生化科技； 2）能源&公用事业：中创新航、中集安瑞科、新奥能源、中国电力、长江基建集团、中国能源建设、中煤能源、宏华集团、中海油田服务、安东油田服务、惠生工程、协合新能源、北京能源国际、绿色动力环保、中国光大绿色环保、首钢资源、山高新能源、新特能源、中裕能源、北京燃气蓝天、达力普控股； 3）有色&材料：中国宏桥、中国有色矿业、紫金黄金国际、万国黄金集团、潼关黄金、中国罕王、中广核矿业、稀美资源、首佳科技、信义光能、华新水泥、华润建材科技、大明国际。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852)97487114; (86) 18801353537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report. (4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months. (5) Global Prosperity Financial Company Limitedand/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in this Research Report. (6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated withGlobal ProsperityFinancial Company Limitedand/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limitedgroup of companies. Any opinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups ofGlobal Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report,Global ProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This ResearchReportmay contain some forward-lookingestimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understandand comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person or en