Asia Potash International: H1 Performance Forecast High Growth, Expect H2 Volume Release and Mineral Layout

English summary

# 26Q2 net profit attributable to parent mid-point of RMB 860 million, +83% YoY, +62% QoQ: According to company announcement, H1 2026 net profit attributable to parent is RMB 1.28-1.50 billion, +50%-75% YoY, of which 26Q1 net profit attributable to parent was RMB 530 million, and 26Q2 expected net profit attributable to parent is RMB 750-970 million, +60%-106% YoY, +42%-83% QoQ. # 26Q2 Xiaodongbu rapid ramp-up, production and sales expected to grow significantly: 26Q2 production expected at 850-900k tons (26Q1 production 650k tons, sales 530k tons), of which No. 1 well production around 500k tons, Q2 Xiaodongbu continues ramp-up, expected production 350-400k tons, annualized 1.4-1.6 million tons, expected to reach full production within the year (annualized 2 million tons). We expect 2026 corporate production and sales of 3.3-3.5 million tons, and 2027 production and sales to reach over 4.5 million tons. The company's fourth and fifth million-ton potash projects are still advancing, and the '15th Five-Year Plan' production target may reach 7-10 million tons.…