Investment Rating - The report maintains a "Buy" rating for the company [2][42]. Core Views - The company has shown significant growth in its composite fertilizer business, with a notable increase in both volume and profit in the first half of 2024. The revenue reached 5.672 billion yuan, a year-on-year increase of 9.04%, while the net profit attributable to shareholders was 510 million yuan, up 27.98% year-on-year [2][7]. - The company is expected to continue its growth trajectory, with projected revenues of 10.7 billion yuan, 12.3 billion yuan, and 13.4 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 895 million yuan, 1.078 billion yuan, and 1.285 billion yuan for the same years [7][42]. Summary by Sections Market Performance - The company's stock price has fluctuated between 4.72 and 7.70 yuan over the past 52 weeks [1]. Financial Performance - In Q2 2024, the company achieved a revenue of 3.044 billion yuan, representing a year-on-year increase of 41.51% and a quarter-on-quarter increase of 15.80%. The net profit for the same period was 272 million yuan, up 47.40% year-on-year and 13.99% quarter-on-quarter [2][3][36]. - The gross profit margin for Q2 2024 was 19.61%, an increase of 0.28 percentage points year-on-year [3][4]. Product Segmentation - The revenue from sulfur-based composite fertilizers was 1.161 billion yuan, with a gross margin of 17.66%. Chlorine-based composite fertilizers generated 3.247 billion yuan in revenue, with a gross margin of 18.75%, while new fertilizers and phosphate fertilizers contributed 1.213 billion yuan, with a gross margin of 19.52% [2][4][10]. Operational Efficiency - The company has improved its operational efficiency through effective management of raw material prices, production planning, and inventory adjustments. This has led to a significant increase in gross profit for Q2 2024 [3][4]. Future Outlook - The company is advancing its phosphate chemical projects, which are expected to enhance its phosphate fertilizer raw material supply capacity. The completion of these projects will likely reduce production costs and increase product sales [5][42].

一、公司业绩与经营分析 1、史丹利中报业绩与经营情况概述 •业绩概况： 史丹利 2023 年上半年实现营业收入 56.72 亿元，同比增长 9.04%，净利润 5.1 亿元，同比增长 7.98%； •销量驱动增长： 上半年销量增长 23%，尤其是第二季度销量强劲，弥补了一 季度的较低销量，创造了单季销量纪录； •售价与毛利分析： 尽管售价同比有所下降，但销量增长和相对稳定的毛利率 支持了利润的增长； •投资收益贡献： 史丹利通过参股企业如宜化获得的投资收益增长，对整体利 润增长产生了积极影响； 2、化肥销量与项目进展及毛利率分析 •销量概况： 上半年公司总销量为 187.37 万吨，复合肥销量 182.8 万吨，一 铵外销量 4.53 万吨； •新型肥增长： 新型肥销量同比增长，具体数据未公开，但整体呈现增长趋势； •毛利率变动： 毛利率微幅下降，主要受有机肥销量增加和产品结构变化影响， 高含量产品销售占比提升有助于毛利率； •河北项目贡献： 河北项目上半年对肥量增量有所贡献，产能利用率受原料供 应和市场季节性影响，目前为 70%左右； 二、行业动态与市场分析 1、行业动态与市场前景 •采购策略： 外部采购的 ...

Investment Rating - The report maintains an "OUTPERFORM" rating for Stanley Agriculture Group with a target price of Rmb8.45, based on a 2024 P/E ratio of 12.43x [1][8]. Core Insights - In 2024H1, the recurring net profit increased by 15.19% year-over-year (YOY), with operating income reaching Rmb5.672 billion, a 9.04% YOY increase. The net profit attributable to shareholders (NPAtS) was Rmb510 million, up 27.98% YOY [1][4]. - The growth in performance is primarily attributed to increased product sales, particularly in the horticultural fertilizer segment, which saw retail sales of Rmb66.03 million, a 25.50% YOY increase, and a cumulative sales volume of 2.6 million pieces, up 32.65% YOY [4][5]. - The company plans to build a new 1 million tonnes green fertilizer project, investing Rmb533.77 million through self-funding or bank financing, which is expected to enhance production efficiency and competitive advantage in the South China, Southwest China, and Southeast Asia markets [7][8]. Financial Performance Summary - For 2024H1, the gross profit margin improved to 18.59%, an increase of 1.39 percentage points. The operating income from sulfur-based compound fertilizers was Rmb1.161 billion, with a gross profit margin of 17.66%, while chlorine-based compound fertilizers generated Rmb3.247 billion with a gross profit margin of 18.75% [5][6]. - The company forecasts EPS of Rmb0.68 for 2024, Rmb0.77 for 2025, and Rmb0.90 for 2026, maintaining a consistent growth trajectory [8].

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 5,672,469,084.25, representing a 9.04% increase compared to CNY 5,202,386,280.09 in the same period last year[11]. - Net profit attributable to shareholders was CNY 510,343,941.32, up 27.98% from CNY 398,777,394.19 year-on-year[11]. - The net profit after deducting non-recurring gains and losses was CNY 438,865,087.39, reflecting a 15.19% increase compared to CNY 380,990,218.89 in the previous year[11]. - Basic and diluted earnings per share increased to CNY 0.44, a rise of 29.41% from CNY 0.34[11]. - The weighted average return on equity was 8.04%, up from 7.11% in the previous year, indicating improved profitability[11]. - The company's total comprehensive income for the first half of 2024 was ¥496,810,201.81, compared to ¥396,836,942.21 in the first half of 2023, reflecting a growth of 25.2%[124]. Cash Flow and Liquidity - The net cash flow from operating activities improved significantly to CNY 120,578,415.89, a 151.17% increase from a negative CNY 235,647,009.27 in the same period last year[11]. - The company's cash and cash equivalents decreased from ¥2,590,148,908.15 to ¥1,854,633,834.87, a decline of approximately 28.4%[115]. - The company's cash flow from operating activities was ¥5,697,398,105.30 in the first half of 2024, compared to ¥4,280,038,780.60 in the same period of 2023, indicating a significant increase of 33.1%[125]. - The total cash and cash equivalents at the end of the period stood at 780,888,658.93 yuan, down from 2,502,083,640.88 yuan at the end of the first half of 2023[128]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 12,357,679,595.96, down 3.32% from CNY 12,782,482,045.55 at the end of the previous year[11]. - The company's total liabilities decreased from ¥5,669,829,056.91 to ¥4,887,210,376.57, a reduction of about 13.8%[117]. - The company's total equity increased from ¥7,112,652,988.64 to ¥7,470,469,219.39, an increase of approximately 5.0%[117]. - The company's retained earnings increased from ¥4,099,350,769.16 to ¥4,459,736,005.48, an increase of about 8.8%[117]. Research and Development - Research and development expenses rose by 22.87% to ¥203,885,171.80, compared to ¥165,937,098.23 in the previous year[27]. - Research and development expenses for the first half of 2024 amounted to ¥45,961,020.38, up from ¥38,095,371.44 in the first half of 2023, representing an increase of 20.6%[123]. - The company has a total of 351 patented technologies as of the end of the reporting period, reflecting its strong commitment to innovation[24]. Market and Sales Performance - The retail sales of the company's horticultural fertilizer business amounted to CNY 66.03 million, up 25.50% year-on-year, with sales volume increasing by 32.65%[18]. - The revenue from phosphate compound fertilizers was ¥5,620,515,255.00, accounting for 99.08% of total revenue, with a year-on-year growth of 10.96%[28]. - The company continues to enhance its market share amid rising industry concentration, driven by product innovation and efficient operations[17]. Environmental Compliance and Management - The company has implemented strict monitoring of wastewater discharge, with COD levels at 0.0329 tons and ammonia nitrogen at 0.0026 tons, both within regulatory limits[51]. - The company has established a comprehensive environmental management and supervision system, ensuring compliance with national environmental laws and regulations[61]. - The company has not experienced any environmental accidents during the reporting period, indicating effective environmental management[62]. - The company has achieved zero wastewater discharge by fully recycling cleaning wastewater in its production lines[69]. Corporate Governance and Shareholder Information - The company held its annual general meeting with a participation rate of 58.17% on May 10, 2024[45]. - The total number of ordinary shareholders at the end of the reporting period was 41,684, with a total of 267,518,800 shares held[106]. - The largest shareholder, Gao Wenban, holds 23.12% of the shares, totaling 267,518,800 shares[106]. - The company has no significant litigation or arbitration matters reported during the period[75]. Strategic Initiatives and Future Plans - The company plans to expand its market presence with new product developments and strategic investments in green fertilizer projects[36]. - The company has committed to a paperless office initiative through the use of an information platform for safety training and hazard inspections[69]. - The company is focusing on expanding its market presence through the development of new specialized fertilizers[58].

》修订对照表 | 序号 | 原条款 | 修订后条款 | | --- | --- | --- | | | 第二条 公司董事、监事和高级管理 人员在买卖本公司股票及其衍生品种前， | 第二条 公司董事、监事和高级管理 人员在买卖本公司股票及其衍生品种前， | | | 应知悉《公司法》、《证券法》等法律、法 | 应知悉《公司法》、《证券法》和有关法律、 | | | 规关于内幕交易、操纵市场等禁止行为的 | 行政法规，中国证监会规章、规范性文件 | | 1 | 规定，不得进行违法违规的交易。 | 以及证券交易所规则中关于股份变动的 | | | | 限制性规定，不得进行违法违规的交易。 | | | | 公司董事、监事和高级管理人员就其 | | | | 所持股份变动相关事项作出承诺的，应当 | | | | 严格遵守。 | | 2 | | 增加第三条 公司董事、监事和高级 | | | | 管理人员所持本公司股份，是指登记在其 | | | | 名下和利用他人账户持有的所有本公司 | | | | 股份。 | | | | 公司董事、监事和高级管理人员从事 | | | | 融资融券交易的，其所持本公司股份还包 | | | | 括记 ...

二○二四年八月 审计委员会年报工作制度 第一条 为了进一步完善史丹利农业集团股份有限公司（以下简称"公司"） 内部公司治理，加强公司内部控制建设，充分发挥董事会审计委员会对公司年度 财务报告编制及披露工作的监控，维护审计的独立性，根据国家相关法律、行政 法规、规章、规范性文件和《史丹利农业集团股份有限公司章程》、《审计委员会 议事规则》等内部制度的规定，结合公司实际情况，制定本制度。 第二条 审计委员会在公司年度报告的编制和披露过程中，应当认真履行职 责，勤勉尽责。第三条 审计委员会应按照本制度做好与年审会计师事务所的沟 通和协调工作，与会计师事务所、财务负责人协商确定本年度财务报告审计工作 的时间安排。 第四条 审计委员会应当督促会计师事务所诚实守信、勤勉尽责，严格遵守 业务规则和行业自律规范，严格执行内部控制制度，对公司财务会计报告进行核 查验证，履行特别注意义务，审慎发表专业意见。 第五条 审计委员会应当督促会计师事务所在约定时限内提交审计报告，并 以书面意见形式记录督促的方式、次数和结果以及相关负责人的签字确认。 第六条 审计委员会应当在为公司提供年报审计的注册会计师（以下简称"年 审注册会计师"）进 ...

证券代码：002588 证券简称：史丹利 公告编号：2024-042 2、投资金额：公司及控股子公司将增加自有资金委托理财额度不超过人民币 10 亿元， 额度的有效期为自本次董事会审议通过之日起至 2025 年 4 月 18 日，该额度增加后，2024 年度公司自有资金委托理财额度为不超过人民币 30 亿元，期限内任一时点的交易金额（含 前述投资的收益进行再投资的相关金额）不超过该额度。 3、特别风险提示：公司主要投资于银行等金融机构发行的中低风险等级的理财产品， 存在宏观经济变化风险、金融监管政策变化风险、流动性风险、产品违约风险、产品净值波 动风险、操作风险等系统性和非系统性风险。公司已建立并严格执行了理财投资相关内控制 度，同时公司已积累了丰富的理财投资管理经验，但仍有发生风险的可能。 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。 重要内容提示： 1、投资种类：公司开展理财投资属于《深圳证券交易所上市公司自律监管指引第 7 号 —交易与关联交易》第三章第二节规定的委托理财行为。 史丹利农业集团股份有限公司 关于公司增加委托理财额度的公告 公司于 2024 ...

史丹利农业集团股份有限公司 董事会薪酬与考核委员会议事规则 史丹利农业集团股份有限公司 董事会薪酬与考核委员会议事规则 二○二四年八月 史丹利农业集团股份有限公司 董事会薪酬与考核委员会议事规则 薪酬与考核委员会议事规则 第一章 总则 第一条 为建立、完善史丹利农业集团股份有限公司（以下简称"公司"）董事和 高级管理人员业绩考核与评价体系，制订科学、有效的薪酬管理制度，实施公司 的人才开发与利用战略，公司特决定设史丹利农业集团股份有限公司薪酬与考核 委员会（以下简称"薪酬委员会"），作为制订和管理公司高级人力资源薪酬方案， 评估董事和高级管理人员业绩指标的专门工作机构。 第二条 为规范、高效地开展工作，公司董事会根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券 法》"）等有关法律、法规和规范性文件以及《史丹利农业集团股份有限公司章 程》（以下简称"《公司章程》"）的有关规定，制订本议事规则。 第三条 薪酬委员会是董事会下设负责制定董事、高级管理人员的考核标准并进 行考核，制定、审查董事、高级管理人员的薪酬政策与方案的专门机构，向董事 会报告工作并对董事会负责 ...

第二条 本制度的适用范围包括公司及其各部门、全资及控股子公司以及 公司的董事、监事、高级管理人员和其他相关人员，公司对外报送信息涉及的外 部单位或个人。 史丹利农业集团股份有限公司 外部信息使用人管理制度 二○二四年八月 外部信息使用人管理制度 第一章 总则 第一条 为了进一步提高史丹利农业集团股份有限公司（下称"公司"） 的信息披露管理工作，规范外部信息的报送和使用管理，确保公平信息披露，杜 绝内幕交易，根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上 市公司信息披露管理办法》、《深圳证券交易所股票上市规则》等法律法规的规 定，以及《史丹利农业集团股份有限公司章程》、《史丹利农业集团股份有限公 司信息披露管理制度》的有关规定，制定本制度。 第九条 公司依据统计、税收征管等法律法规的规定向政府有关部门或其 他外部单位提前报送统计报表等资料的，公司应当提示报送的外部单位及相关人 员认真履行保密义务和禁止内幕交易的义务，公司应将报送的相关外部单位及个 人作为内幕信息知情人登记备案。 第十条 公司在进行商务谈判、申报项目、银行贷款、咨询项目等事项时， 因特殊情况确实需要向对方提供公司的未公开重大信息的， ...

证券代码：002588 证券简称：史丹利 公告编号：2024-038 史丹利农业集团股份有限公司 第六届董事会第十一次会议决议公告 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。 一、会议召开情况 史丹利农业集团股份有限公司（以下简称"公司"）第六届董事会第十一次会 议于 2024 年 8 月 19 日上午 9 时在山东省临沂市临沭县史丹利路公司办公楼会 议室以现场会议结合通讯表决的方式召开。会议通知及会议资料于 2024 年 8 月 9 日以电子邮件或直接送达方式送达全体董事、监事及高级管理人员。会议应到 董事 5 人，实到董事 5 人。董事长高进华先生、董事张磊先生、靳职武先生现场 出席会议并表决，独立董事李文峰先生、李新中先生以通讯方式表决。公司部分 监事及高级管理人员列席了本次会议，会议由董事长高进华先生主持。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 经全体董事审议，会议形成如下决议： 1、审议通过了《2024 年半年度报告》及其摘要。 《2024 年半年度报告》及其摘要请见公司于 2 ...