26Q1扣非净利润同比增长82.16%，项目建设向新向优

26Q1扣非净利润同比增长82.16%，项目建设向新向优 26Q1 recurringnet profit+82.16%YoY & Project construction towards new and better quality 最新动态 ➢26Q1扣非净利润同比增长82.16%。2026年第一季度，公司实现营业收入13.01亿元，同比下降2.12%；实现归母净利润1486.75万元，同比下降55.47%；实现扣非净利润1438.46万元，同比增长82.16%。公司25Q1取得政府补助金额较高，增加了利润总额和归属于上市公司股东的净利润。政府补助中大部分属于非经常性损益，25Q1扣非净利润基数较小。2025年，公司实现营业收入54.21亿元，同比减少9.96%；归母净利润7701.72万元，同比减少74.59%；扣非净利润175.88万元，同比减少99.24%。 动向解读 ➢产业聚焦转型升级，项目建设向新向优。公司坚持以盐为轴，不断完善从原料端到应用端的全产业链建设。2025年，湘渝盐化新建电池级纯碱和制盐矿山203井修井技术改造两个项目完工投产；衡碱项目继续列入湖南省十大产业项目，化工标段完成招标准备，进入关键建设期；湘澧盐化循环流化床锅炉建设、湘衡盐化岩盐开采、湘渝盐化索特制盐新增2口卤井技术改造、九二盐业矿山开采二期等项目均有序推进。同时，战略性新兴产业突破提速，美特新材钴酸锂产品量价双增趋势良好；与复旦大学技术团队共建的未来纤维研究院已完成首批三个研究中心的落地布局，相关产品小试线全面运行；湘渝盐化电池级纯碱一期项目建成投产，产品指标达国内先进水平。 ➢产销聚焦价值创造，夯实市场经营基本盘。公司在湖南、江西、重庆、河北等地共拥有6家国家食盐定点生产企业，形成了6家省内、8家省外区域营销公司及1家直管省级公司的销售格局，营销网络遍布全国，并积极拓展海外市场。2025年，公司持续深化价值创造理念，向内挖潜、向外拓市，通过优化营销策略、强化长周期稳定运行，系统夯实经营基本盘，主要产品（含钴酸锂）产量866.74万吨，同比增长4.02%；主要产品销量733万吨，同比略有增加。小包盐销售进一步提质，省内市场主导地位持续巩固，省外市场中高端产品销售同比增长13%。国内全渠道运营成效明显，京东、天猫等直营电商销量居行业前列，跨境电商开拓香港地区市场，东南亚已有市场小包盐实现本土化。 风险提示 ➢产品价格波动的风险、市场竞争的风险。 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。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 understand and 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 entity who is a citizen orresident of or locatedin any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which wouldsubjectGlobal Prosperity Financial Company Limitedand its group companies to any registration or licensing requirement within suchjurisdiction.