事件公司发布2024年年度报告和2025年一季报。2024年，公司实现营业收入35.48亿元，同比下滑 8.97%；归母净利润9.50亿元，同比下滑23.05%。分季度来看，公司24Q4实现营业收入10.65亿元，同比 增长5.86%、环比增长35.76%；归母净利润4.32亿元，同比增长79.57%、环比增长74.15%。公司25Q1实 现营业收入12.12亿元，同比增长91.47%，环比增长13.81%；归母净利润3.84亿元，同比增长373.53%， 环比下滑11.07%。 产线稳定运行，2024年公司氯化钾产销规模稳健增长。2024年，公司钾肥产线稳定生产，国内、国际市 场持续开拓，氯化钾产量、销量分别为181.54、 174.14万吨，分别同比增长10.24%、8.42%。销售毛利 率、销售净利率分别为49.47%、25.77%，分别同比下滑9.24、5.28个百分点。2024年公司盈利能力同比 下滑，主要系氯化钾价格回落所致。2024年公司氯化钾销售均价为 1989.47元/吨，同比下滑17.04%。分 季度来看，公司24Q4氯化钾销量为50.00万吨，同比、环比分别增长20. 16%、31.44 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company's performance significantly improved in Q1 2025, with a revenue increase of 91.47% year-on-year and a net profit increase of 373.53% [6]. - The company is expected to benefit from the gradual release of production capacity from its ongoing projects, which will enhance its operational efficiency and profitability [6]. - The report forecasts substantial growth in revenue and net profit from 2025 to 2027, with net profit projected to reach 2.75 billion yuan by 2027, reflecting a year-on-year growth of 28.40% [6]. Financial Performance Summary - **Revenue Forecasts**: - 2024: 3.55 billion yuan, down 8.97% - 2025: 5.49 billion yuan, up 54.83% - 2026: 6.42 billion yuan, up 16.92% - 2027: 8.03 billion yuan, up 25.00% [2][8] - **Net Profit Forecasts**: - 2024: 950 million yuan, down 23.05% - 2025: 1.72 billion yuan, up 80.50% - 2026: 2.14 billion yuan, up 24.85% - 2027: 2.75 billion yuan, up 28.40% [2][8] - **Earnings Per Share (EPS)**: - 2024: 1.03 yuan - 2025: 1.86 yuan - 2026: 2.32 yuan - 2027: 2.98 yuan [2][8] - **Price-to-Earnings (PE) Ratios**: - 2024: 26.20 - 2025: 14.52 - 2026: 11.63 - 2027: 9.06 [2][8] Operational Highlights - The company achieved stable production in its potassium chloride operations, with production and sales volumes of 1.82 million tons and 1.74 million tons respectively in 2024, marking increases of 10.24% and 8.42% year-on-year [6]. - The average selling price of potassium chloride in 2024 was 1,989.47 yuan per ton, down 17.04% year-on-year, impacting profitability [6]. - The company is advancing its second and third million-ton projects, which are expected to enhance production capacity and operational efficiency in the future [6].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][30] Core Views - The potassium fertilizer industry is experiencing a recovery, with accelerated construction of new production capacity [1][3] - In 2024, the company is expected to achieve a revenue of 35.5 billion yuan, a decrease of 9.0% year-on-year, and a net profit attributable to shareholders of 9.5 billion yuan, down 23.1% year-on-year [1][10] - The company benefits from a reduction in export tariffs in Laos, which will lower costs and enhance profitability [3][29] Financial Performance Summary - In Q1 2025, the company reported a net profit of 3.8 billion yuan, exceeding expectations, with a revenue of 12.1 billion yuan, up 91.5% year-on-year [2][20] - The average selling price of potassium chloride in Q1 2025 was 2,255 yuan per ton, an increase of 9.7% year-on-year [2][20] - The company’s potassium chloride production in 2024 is projected to be 1.8154 million tons, an increase of 10.2% year-on-year, with sales of 1.7415 million tons, up 8.4% year-on-year [1][10] Tax Policy and Capacity Expansion - The Laos tax incentive policy will reduce the export tax rate from 7% to 1.5% and the corporate income tax rate from 35% to 20% from 2024 to 2028 [3][29] - The company aims to achieve a production capacity of 5 million tons of potassium fertilizer per year as part of its strategic direction to become a world-class supplier [3][29] Earnings Forecast - The net profit forecasts for 2025 and 2026 have been raised to 18.6 billion yuan and 27.3 billion yuan, respectively, with a new forecast for 2027 at 32.9 billion yuan [4][29] - Corresponding EPS for 2025, 2026, and 2027 are projected to be 2.01 yuan, 2.94 yuan, and 3.54 yuan, with PE ratios of 13.4, 9.2, and 7.6, respectively [4][29]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown stable growth in production and sales, with performance exceeding expectations. In 2024, the total revenue was 3.548 billion yuan, a year-on-year decrease of 8.97%, while the net profit attributable to the parent company was 0.892 billion yuan, down 30.00% year-on-year. However, Q4 2024 saw a revenue increase of 5.86% year-on-year and a net profit increase of 40.44% year-on-year. In Q1 2025, revenue surged by 91.47% year-on-year, and net profit increased by 376.02% year-on-year [1][2][8]. Summary by Sections Production and Sales Growth - The company has maintained growth in production and sales, with 2024 production reaching 1.8154 million tons, up 10.24% year-on-year, and sales of 1.7414 million tons, up 8.42% year-on-year. In Q1 2025, production was 0.5062 million tons, a 17.72% increase year-on-year, and sales were 0.5283 million tons, a 76.98% increase year-on-year [2][3]. Market Conditions - The potassium fertilizer market is experiencing a slight recovery, with the average price of potassium chloride in Q1 2025 increasing by 16.07% year-on-year. As of April 23, 2025, the domestic average price of potassium chloride rose by 17.49% from its low point earlier in the year, indicating a potential recovery in industry conditions [2][3]. Resource and Cost Management - The company possesses abundant potassium mineral resources, with a total mineral rights area of 263.3 square kilometers and a potassium ore reserve exceeding 6 billion tons. The tax rate for the company's subsidiary in Laos will be reduced from 35% to 20% from 2024 to 2028, which is expected to lower overall costs [3]. Capacity Expansion and Non-Potassium Business - The company is actively expanding its potassium chloride production capacity, aiming for an annual increase of 1 million tons. The first 1 million tons/year project has already reached production, and additional projects are in progress. The company is also developing non-potassium resources, including a bromine production project that is expected to support its growth in the chemical industry [3][8].

Core Viewpoint - The financial report of Yara International for 2024 indicates significant challenges, with a notable decline in revenue and cash flow, reflecting adverse market conditions and operational difficulties [1][2]. Revenue Decline and Market Impact - In 2024, Yara International reported a revenue of 3.548 billion yuan, down 8.97% from 3.898 billion yuan in 2023, primarily due to a 10.06% decrease in potash revenue, which accounted for 97.65% of total revenue [2][3]. - The global potash market's supply dynamics and demand fluctuations, influenced by geopolitical tensions, have significantly impacted revenue [3]. Profitability and Cost Factors - The net profit attributable to shareholders was 950 million yuan, a decrease of 23.05%, while the net profit excluding non-recurring items fell by 30% to 892 million yuan, driven by revenue decline and cost changes [4]. - Operating costs rose by 11.41% to 1.793 billion yuan, mainly due to increased raw material prices and expanded production scale [5]. Cost Management Strategies - Sales expenses decreased by 17.23% to 29.58 million yuan, indicating efforts to optimize sales channels and improve efficiency [6]. - Management expenses also fell by 16.80% to 464 million yuan, reflecting a focus on refined management practices [7]. - Financial expenses surged by 184.09% to 35.95 million yuan, primarily due to increased interest from new bank loans, indicating heightened financial risk [8]. Cash Flow Analysis - The net cash flow from operating activities was 1.264 billion yuan, down 32.07%, attributed to reduced cash inflows from sales and increased cash outflows for purchases [11]. - Investment cash flow showed a net outflow of 2.089 billion yuan, with a significant reduction in cash outflows for fixed assets, suggesting a strategic adjustment in investment pace [12]. - Financing cash flow increased by 61.99% to 1.681 billion yuan, driven by higher borrowing, which raises concerns about debt repayment pressure [13].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000893 证券简称：亚钾国际 公告编号：2025-016 亚钾国际投资（广州）股份有限公司2024年年度报告摘要 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 公司董事会、监事会及高级管理人员除董事郭柏春先生因被实施留置措施无法签署关于2024年年度报告 的书面确认意见之外，其他董事、监事、高级管理人员均保证年度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。除董事郭柏春先生缺席本次会议 外，其他董事亲自出席了审议本次年度报告的董事会会议。请投资者特别关注。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 2、报告期主要业务或产品简介 （一）钾肥行业发展状况及总体供求趋势 钾是农作物生长 ...

股票代码: 000893 亚钾国际投资（广州）股份有限公司 2024 年度董事会工作报告 尊敬的各位股东： 2024 年度，公司董事会根据《公司法》《证券法》《深圳证券交易所股票上市规则》 《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等有关法律 法规和《公司章程》《董事会议事规则》等制度的规定，本着对全体股东负责的态度，认真 履行股东大会赋予的职责，贯彻执行股东大会通过的各项决议，不断规范公司治理结构。全 体董事勤勉尽责，始终着眼于公司长远发展、公司及全体股东的利益，不断提升科学决策水 平。报告期内，董事会成员较好地履行了董事会的各项职责。现将 2024 年度公司董事会开 展的各项工作报告如下： 一、2024 年度公司整体经营情况回顾 2024 年，公司继续锚定"成为世界级钾肥供应商"的战略目标，围绕"资源、规模、创新" 发展路径，奋力拼搏，全面提速国际化发展进程，不断夯实企业竞争优势，实现了钾肥与非 钾产业的协同发展、生产创新与精益管理的并驾齐驱。 （一）聚焦核心资源，深耕钾肥主业 1、钾肥产量继续提升，产能扩建持续推进 2024 年，公司继续聚焦钾肥主业发展，全年共计生产合格氯 ...

亚钾国际投资（广州）股份有限公司 2024年度会计师事务所履职情况评估报告暨 审计委员会对会计师事务所履行监督职责情况报告 根据《公司法》《证券法》《国有企业、上市公司选聘会计师事务所管理办法》 《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》及 《公司章程》等相关规定，现将亚钾国际投资（广州）股份有限公司（以下简称 "公司"）2024年度会计师事务所履职情况及审计委员会对会计师事务所履行监督 职责情况汇报如下： 一、2024年度会计师事务所基本情况 机构名称：北京德皓国际会计师事务所（特殊普通合伙）（以下简称"北京 德皓国际"，原北京大华国际会计师事务所（特殊普通合伙），于2024年6月更 名为北京德皓国际） 成立日期：2008年12月8日 组织形式：特殊普通合伙 注册地址：北京市西城区阜成门外大街31号5层519A 首席合伙人：杨雄 截至2024年12月31日，北京德皓国际有合伙人66人，注册会计师300人，其 中签署过证券服务业务审计报告的注册会计师140人。 （二）聘任会计师事务所履行的程序 公司于2024年12月10日召开第八届董事会第十八次会议及2024年12月30日召 开20 ...

证券代码：000893 证券简称：亚钾国际 公告编号：2025-023 亚钾国际投资（广州）股份有限公司 2、融资主体与授权 （1）根据各金融机构的审批条件及要求，在上述额度限额内可由本公司及 全资、控股下属公司作为综合授信全部或部分申请及使用上述额度。 本公司及董事会全体成员（除董事郭柏春先生，被实施留置）保证信息披露 的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 亚钾国际投资（广州）股份有限公司（以下简称"公司"）于 2025 年 4 月 22 日召开的第八届董事会第二十次会议审议通过了《关于 2025 年度向金融机构申 请综合授信额度的议案》，本议案尚需提交公司 2024 年年度股东大会审议。现 将相关情况公告如下： 一、申请综合授信额度概况 1、总体安排 为保证日常经营和项目建设，2025 年公司计划向国家开发银行、进出口银 行、中国工商银行、中国银行、中信银行、民生银行、澳门国际银行、光大银行、 兴业银行、平安银行、法国外贸银行、东亚银行、广发银行等金融机构申请最高 不超过 20 亿元（本外币折合人民币）的综合授信额度。 关于 2025 年度向金融机构申请综合授信额度的公告 （2）授 ...

证券代码：000893 证券简称：亚钾国际 公告编号：2025-024 亚钾国际投资（广州）股份有限公司 关于公司部分董事无法保证 2024 年年度报告、 敬请广大投资者理性投资，注意投资风险。 特此公告。 2025 年第一季度报告真实、准确、完整的说明公告 亚钾国际投资（广州）股份有限公司董事会 2025 年 4 月 23 日 1 本公司及董事会全体成员（除董事郭柏春先生，被实施留置）保证信息披露 的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 亚钾国际投资（广州）股份有限公司（以下简称"公司"）于 2025 年 4 月 22 日召开第八届董事会第二十次会议，审议通过了《关于<2024 年年度报告>及其 摘要的议案》及《关于<2025 年第一季度报告>的议案》，公司董事长郭柏春先 生目前被宁夏回族自治区监察委员会实施留置，无法出席董事会，因此郭柏春先 生未签署关于 2024 年年度报告及 2025 年第一季度报告的书面确认意见，无法保 证公司 2024 年年度报告、2025 年第一季度报告真实、准确、完整。 ...