证券代码： 002588 证券简称：史丹利 史丹利农业集团股份有限公司投资者关系活动记录表 编号：2025-002 | 投资者关系活动 | □特定对象调研 □ 分析师会议 | | | --- | --- | --- | | 类别 | □ 媒体采访 √ 业绩说明会 | | | | □ 新闻发布会 □ 路演活动 | | | | □ 现场参观 | | | | □ 其他 （请文字说明其他活动内容） | | | 参与单位名称及 | 投资者网上提问 | | | 人员姓名 | | | | 时间 | 2025 年 4 月 29 (周二) 下午 15:00~17:00 | 日 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采用 | | | | 网络远程的方式召开业绩说明会 | | | 上市公司接待人 | 1、董事长兼总经理高进华 | | | 员姓名 | 2、董事兼副总经理张磊 | | | | 3、独立董事李文峰 | | | | 4、独立董事李新中 | | | | 5、副总经理兼董事会秘书胡照顺 | | | | 6、财务总监陈桂芳 投资者提出的问题及公司回复情况 | | | | 公 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has achieved a breakthrough in compound fertilizer sales, with a year-on-year revenue growth of 2.71% in 2024, reaching 10.263 billion yuan, and a net profit growth of 17.89%, totaling 826 million yuan [6][8] - The company is expected to continue its growth trajectory, with projected revenues of 13 billion yuan, 14.4 billion yuan, and 15.7 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 998 million yuan, 1.202 billion yuan, and 1.407 billion yuan [14][41] Sales Performance - In 2024, the company sold 3.5128 million tons of phosphate fertilizers, a 12.18% increase year-on-year, with compound fertilizer sales reaching 3.3464 million tons, up 12.68% [8] - The company reported a revenue of 2.384 billion yuan in Q4 2024, a slight decrease of 0.24% year-on-year, but a 8.06% increase quarter-on-quarter [7] Financial Metrics - The company achieved a return on equity (ROE) of 13% in 2024, with a sales gross margin of 18.18%, reflecting a 0.70 percentage point increase year-on-year [6][8] - For Q1 2025, the company reported a revenue of 3.405 billion yuan, a 29.56% increase year-on-year, and a net profit of 288 million yuan, up 20.84% [11][29] Production Capacity - The company has a total production capacity of 7.2 million tons per year, with 5.9 million tons dedicated to compound fertilizers, and has established production bases across multiple provinces in China [12] Shareholder Returns - The company plans to distribute a cash dividend of 2.60 yuan per 10 shares, totaling approximately 299.49 million yuan, which represents 39.91% of the net profit attributable to shareholders for 2024 [13] Competitive Advantages - The company has established significant competitive advantages in brand strength, marketing channel development, new product research, and agricultural services, while actively advancing its phosphate chemical project to create a complete industrial chain [14][41]

Investment Rating - The report maintains an "Outperform" rating for the company [2][8]. Core Views - The company is expected to see continued growth in compound fertilizer sales in 2024, with profitability improving in 2025 as new capacities ramp up [2][8]. - The earnings forecast for 2025-2026 has been revised upwards, with new projections for 2027 introduced, estimating EPS at RMB 0.86, 1.04, and 1.27 respectively [2][8]. - Based on the 2025 industry average PE of 14.9x, the target price is set at RMB 12.72, reflecting a significant increase from the previous target of RMB 8.45 [2][8]. Financial Performance Summary - In 2024, the company achieved total revenue of RMB 10.26 billion, representing a year-on-year increase of 2.71%, and a net profit attributable to shareholders of RMB 0.83 billion, up 17.89% year-on-year [3][9]. - The fourth quarter of 2024 saw revenue of RMB 2.38 billion, down 0.24% year-on-year but up 8.06% quarter-on-quarter, with a net profit of RMB 0.16 billion, up 33.57% year-on-year [3][9]. - For the first quarter of 2025, total revenue reached RMB 3.41 billion, a year-on-year increase of 29.56% and a quarter-on-quarter increase of 42.85%, with a net profit of RMB 0.29 billion, up 20.84% year-on-year [10]. Sales and Production Insights - The company reported compound fertilizer sales of 3.35 million tons in 2024, marking a 12.68% increase year-on-year [3][9]. - The phosphate facilities are operational, and a new production line for 0.3 million tons of compound fertilizer is running smoothly [3][9]. Financial Projections - The financial summary indicates projected revenues of RMB 11.56 billion for 2025, with a net profit of RMB 0.99 billion, reflecting a growth rate of 19.3% [5]. - The EPS projections for 2025, 2026, and 2027 are RMB 0.86, 1.04, and 1.27 respectively, with a steady increase in net asset return rates [5][6].

证券代码：002588 证券简称：史丹利 公告编号：2025-017 史丹利农业集团股份有限公司（以下简称"公司"）于近日收到公司控股股东 高文安先生、高文靠先生关于部分股份质押延期购回事宜的告知函，具体如下： 一、股东股份质押的基本情况 | | 是否为控 股股东或 | 本次质押 | 占其所 | 占公 | 是否 | 是否 | | | | | 延期后 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | | | | 司总 | | 为补 | 质押起 | | 质押到 | | | | 质押 | | 名称 | 第一大股 | 数量（股） | 持股份 | 股本 | 为限 | 充质 | 始日 | | 期日 | | 质押到 | 质权人 | 用途 | | | 东及其一 | | 比例 | 比例 | 售股 | 押 | | | | | 期日 | | | | | 致行动人 | | | | | | | | | | | | | | 高文安 | 是 | 9,820,800 | 23.75% | 0.8 ...

Group 1: Financial Performance - In 2024, the company achieved an operating revenue of 10.263 billion yuan, a year-on-year increase of 2.71%, and a net profit attributable to shareholders of 1.88 billion yuan, up 17.89% [3] - In Q1 2025, the company reported an operating revenue of 3.405 billion yuan, a year-on-year increase of 29.56%, with a net profit of 288 million yuan, up 20.84% [3] Group 2: Sales and Production Insights - In 2024, the compound fertilizer sales reached 3.3464 million tons, a year-on-year increase of 12.68%, while the production of monoammonium phosphate surged by 93.8% [3] - The retail sales of horticultural fertilizers reached 4.411 billion yuan, marking a 40.86% increase, with a total of 6.09 million units sold, up 87.96% [3] Group 3: Market Dynamics - The growth of leading companies in the compound fertilizer industry is driven by increased industry concentration, as smaller firms exit the market due to supply-side reforms and stricter environmental regulations [3] - The company anticipates stable growth in the compound fertilizer market despite the zero growth policy for chemical fertilizers, as the planting area for economic crops increases [8] Group 4: Raw Material Price Trends - The company predicts that potassium fertilizer prices may decrease due to negotiations with suppliers, while urea prices are influenced by export policies, which may lead to further price adjustments [4][5] - The future price trends for sulfur and phosphate rock remain uncertain, dependent on export policies and market dynamics [10] Group 5: Subsidiary Performance - The subsidiary Lihe Fertilizer is expected to achieve a profit of approximately 93 million yuan in 2024, while the subsidiary Songzi New Materials is projected to incur a loss of 112 million yuan due to initial production costs [6] - The profitability of Songzi New Materials is expected to improve in the latter half of 2025 as production stabilizes [6] Group 6: Capital Expenditure and Dividends - The company's capital expenditure for 2025 is primarily allocated to settling project payments for Songzi New Materials and relocating the Guangxi Guigang compound fertilizer project, estimated at no more than 400 million yuan [7] - The company plans to enhance cash dividend levels, supported by a strong cash position [7] Group 7: Brand and Sales Strategy - The company is shifting marketing expenses from online to offline channels, focusing on direct sales to large customers and enhancing brand value [10] - The company is leveraging CRM systems for better customer management and expanding its sales force to support direct sales to large agricultural operators [10]

Core Points - The company and its board members guarantee the authenticity, accuracy, and completeness of the quarterly report, taking legal responsibility for any misrepresentation or omissions [2][3]. Financial Data - The quarterly report has not been audited [3][7]. - There are no adjustments or restatements of previous accounting data required [3]. - The company does not have any non-recurring profit and loss items applicable [3][4]. Shareholder Information - The report includes details on the total number of common shareholders and the top ten shareholders, but specific data is not provided [5]. - There are no changes in the top ten shareholders due to securities lending activities [5]. Other Important Matters - The company has not executed any new accounting standards that would affect the financial statements for the current year [6][7].

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses **Stanley** and the **fertilizer industry**, particularly focusing on compound fertilizers and their market dynamics in 2024 and 2025 [1][4][5]. Key Points and Arguments Sales Performance - In 2024, Stanley's compound fertilizer sales reached **3.3464 million tons**, a **12.67%** increase year-on-year, but revenue growth lagged behind sales due to falling raw material prices and market volatility [1][4]. - For Q1 2025, Stanley reported revenues of **3.4 billion yuan**, a **29%** year-on-year increase, with net profit at **288 million yuan**, up **20.84%**. The slower net profit growth was attributed to reduced profits from a joint venture [1][5][6]. Market Outlook - The compound fertilizer market is expected to be weak in Q2 2025 due to unclear agricultural seed export policies, delayed potassium fertilizer import negotiations, and increased urea production capacity [1][7]. - If raw material prices decline, there may be cost improvements in Q3 and Q4 [1][7]. Strategic Initiatives - Stanley is leveraging its channel and brand advantages to actively stock up for winter and capitalize on spring farming opportunities, aiming to increase market share through integrated supply chain advantages [1][8]. - The company is increasing investments in channel marketing, focusing on promotions and direct cooperation with end-users, bypassing retailers [1][12]. Customer Trends - The proportion of bulk purchases from large growers has increased to about **10%** of total sales, with a policy of payment before delivery to mitigate risks [1][13][14]. Dividend and Capital Expenditure - The dividend payout ratio for 2024 is close to **40%**, with plans to gradually increase this ratio in the future [1][15]. Additional Important Insights Industry Dynamics - The fertilizer industry is experiencing a shift where leading companies are gaining market share from smaller firms due to better capacity and channel strategies [2][16]. - Recent tariff policies have positively impacted the agricultural sector by reducing imports and increasing domestic planting intentions [17]. Raw Material and Pricing Trends - Phosphate rock prices are expected to decline depending on export policies, while sulfur prices may also decrease significantly [20]. - The demand for phosphate chemicals is primarily concentrated in water-soluble fertilizers, with peak demand typically occurring in May and June [22]. Marketing and Promotion Strategies - Stanley is focusing on enhancing its marketing strategies by promoting direct sales to large growers and providing value-added services such as soil testing [18]. Future Growth Areas - The company is exploring growth in the horticultural fertilizer segment, which has seen rapid sales growth, although overall market capacity remains limited compared to other sectors [19]. This summary encapsulates the key points from the conference call, highlighting the performance, strategies, and market outlook for Stanley and the fertilizer industry.

Core Viewpoint - The company reported a steady performance in 2024, achieving a revenue of 10.263 billion yuan, a year-on-year increase of 2.71%, and a net profit of 826 million yuan, up 17.89%, with a significant increase in cash dividends for shareholders [1] Group 1: Financial Performance - The company achieved a revenue of 10.263 billion yuan in 2024, marking a 2.71% increase year-on-year, and net profit reached 826 million yuan, reflecting a 17.89% growth [1] - The company proposed a cash dividend of 2.6 yuan per 10 shares, a substantial increase compared to the previous year [1] - In Q1 of the current year, the company reported a revenue of 3.405 billion yuan, a 29.56% increase year-on-year, and a net profit of 288 million yuan, up 20.84% [4] Group 2: Production and Supply Chain - The company’s production volume exceeded 4 million tons, an increase of 620,000 tons compared to 2023, with a record monthly shipment during the peak season [2] - The raw material procurement strategy was effective, with a high turnover rate of 17.4 times for major raw materials, ensuring production continuity and efficiency [2] Group 3: Marketing and Sales - The company achieved a sales volume of 3.3464 million tons for compound fertilizers, a year-on-year increase of 12.68%, with a cumulative growth of over 1 million tons in the past two years [1] - The company expanded its market presence, increasing the number of "10,000-ton counties" from 6 to 32, and significantly growing the number of "3,000-ton" and "5,000-ton counties" [1] Group 4: Research and Development - The company launched five new products, including spray organic fertilizers, achieving sales of over 10,000 tons [3] - The company’s agricultural service team addressed over 5,000 technical queries and tracked services for over 600 major growers [3] Group 5: New Projects and Initiatives - The construction of the new energy material precursor project for iron phosphate is progressing well, with related production facilities already operational [3] - The company’s new project for a 300,000-ton spray compound fertilizer production line has been successfully completed and is operating smoothly [3]

证券代码：002588 证券简称：史丹利 公告编号：2025-016 史丹利农业集团股份有限公司 关于召开 2024 年度股东大会的通知 本公司及董事会全体成员保证公告的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 史丹利农业集团股份有限公司（以下简称"公司"）定于 2025 年 5 月 13 日在 公司办公楼会议室召开 2024 年度股东大会，现将本次会议的有关事项通知如下： 一、股东大会召开的基本情况 1、股东大会届次：2024 年度股东大会 2、股东大会召集人：公司董事会。2025 年 4 月 17 日，公司召开的第六届 董事会第十三次会议审议通过了《关于召开 2024 年度股东大会的议案》 3、会议召开的合法合规性：本次股东大会会议召开符合有关法律、行政法 规、部门规章、规范性文件、深圳证券交易所业务规则和《公司章程》的规定 4、会议召开的日期、时间： （1）现场会议召开时间为：2025 年 5 月 13 日（星期二）14:00 （2）网络投票时间为：2025 年 5 月 13 日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 5 月 13 日 9:15-9: ...

第六届监事会第十次会议决议公告 本公司及监事会全体成员保证公告的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 一、会议召开情况 证券代码：002588 证券简称：史丹利 公告编号：2025-004 史丹利农业集团股份有限公司 史丹利农业集团股份有限公司（以下简称"公司"）第六届监事会第十次会议 于 2025 年 4 月 17 日上午 10 时 30 分在山东省临沂市临沭县史丹利路公司办公 楼会议室召开，会议通知及会议资料于 2025 年 4 月 7 日以电子邮件或直接送达 方式送达全体监事，会议应到 5 人，实到 5 人，监事会主席闫临康先生、监事解 学仕先生、王恒敏女士、职工代表监事邱红女士、李艳艳女士现场出席会议并表 决，会议由监事会主席闫临康先生主持。本次会议的通知、召集、召开和表决方 式符合《中华人民共和国公司法》和《公司章程》的有关规定。 二、会议审议情况 经全体监事认真审议，会议形成决议如下： 1、审议通过了《2024 年度监事会工作报告》。 本议案需提交 2024 年度股东大会审议。 表决结果：5 票同意，0 票反对，0 票弃权。 2、审议通过了《2024 年度财务决算报告》。 ...