Yunnan Yuntianhua (600096) H2 2025 earnings summary

Executive summary

• Achieved revenue of RMB 48.41 billion in 2025, down 21.47% year-over-year due to reduced trading business.

• Net profit attributable to shareholders was RMB 5.16 billion, down 3.40% year-over-year.

• Cash dividend payout ratio reached 49.5% of net profit, with total dividends of RMB 2.55 billion.

• Maintained stable operations amid volatile raw material prices and intense market competition.

Financial highlights

• Operating income: RMB 48.41 billion, down 21.47% year-over-year.

• Net profit attributable to shareholders: RMB 5.16 billion, down 3.40% year-over-year.

• Operating cash flow: RMB 9.09 billion, down 15.44% year-over-year.

• Basic and diluted EPS: RMB 2.83, down 3.40% year-over-year.

• Gross margin for fertilizer segment: 26.18%, down 3.55 percentage points.

Outlook and guidance

• 2026 production targets: urea 2.8 million tons, phosphate fertilizer 4.63 million tons, compound fertilizer 2 million tons.

• Focus on green, high-quality development, cost control, and product structure optimization.

• Plans to further strengthen supply chain resilience and enhance R&D for new materials.