Group 1 - The company expects to achieve a net profit attributable to shareholders of between 300 million to 360 million yuan for the first half of 2025, representing an increase of 129.21 million to 189.21 million yuan compared to the same period last year, with a year-on-year growth of 75.65% to 110.78% [1][2] - The net profit excluding non-recurring gains and losses is projected to be between 240 million to 300 million yuan, indicating a year-on-year increase of 50.07% to 87.59% [2] - The main reasons for the profit increase include adjustments in product structure, enhanced sales efforts in key products and regions, and improved cost management, which have collectively supported overall profit growth [1][2] Group 2 - The estimated impact of non-recurring gains and losses on the current net profit is approximately 60 million yuan, primarily from the company's reduction of holdings in Jiangtian Chemical stocks [2] - The previous year's net profit attributable to shareholders for the first half of 2024 was 170.79 million yuan, with a basic earnings per share of 0.3966 yuan [1]

Core Viewpoint - Sichuan Leshan Fuhua Crop Protection Technology Investment Co., Ltd. has reduced its shareholding in Nantong Jiangshan Pesticide Chemical Co., Ltd. to below 5% through a series of transactions, indicating a significant change in its investment strategy [1][5][9]. Group 1: Shareholding Changes - The information disclosure obligor, Fuhua Technology, held 29,529,124 shares (9.67%) before the reduction and now holds 21,532,403 shares (approximately 4.99998%) after the reduction [6][9]. - The reduction was executed through block trading and centralized bidding, with a total of 21,284,827 shares sold, representing a decrease of 4.67002% [6][9]. - The shareholding reduction was primarily driven by the company's funding needs [5][6]. Group 2: Future Plans - Fuhua Technology has no plans to increase its shareholding in the next 12 months [5][9]. - The company previously announced a plan to reduce its holdings by up to 12,919,500 shares (3% of total share capital) through centralized bidding and block trading [5][9]. Group 3: Company Information - Fuhua Technology was established on June 20, 2017, with a registered capital of 30,132,000 yuan and is a limited liability company [4]. - The company is involved in crop protection technology project investment and related consulting services [4].

关于持股 5%以上股东减持后持股比例低于 5%的 权益变动提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 证券代码：600389 证券简称：江山股份 公告编号：临2025—032 南通江山农药化工股份有限公司 合计 21,284,827 4.67002 注：总数与分项数值之和不符是因为"减持比例"是以权益变动发生时公司总股本为基 础计算。 二、所涉及后续事项 变化，本次权益变动前后公司均无控股股东、实际控制人。 息披露义务人已就本次权益变动履行了信息披露义务，具体内容详见公司同日披 ? 本次权益变动为股东四川省乐山市福华作物保护科技投资有限公司（以下简 称"福华科技"）实施此前的减持股份计划所致，不触及要约收购。 南通江山农药化工股份有限公司（以下简称"公司"）于 2025 年 7 月 9 日收 到股东福华科技出具的《南通江山农药化工股份有限公司简式权益变动报告书》。 计减持公司股份 21,284,827 股，其持有公司股份比例从 9.67%减少至 4.99998%， 不再是公司持股 5%以上的股东 ...

证券代码：600389 证券简称：江山股份 公告编号：临2025—032 南通江山农药化工股份有限公司 关于持股 5%以上股东减持后持股比例低于 5%的 权益变动提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 南通江山农药化工股份有限公司（以下简称"公司"）于 2025 年 7 月 9 日收 到股东福华科技出具的《南通江山农药化工股份有限公司简式权益变动报告书》。 2023 年 9 月 7 日至 2025 年 7 月 8 日，福华科技通过集中竞价、大宗交易方式累 计减持公司股份 21,284,827 股，其持有公司股份比例从 9.67%减少至 4.99998%， 不再是公司持股 5%以上的股东。 一、本次权益变动基本情况 | 公司名称 | 四川省乐山市福华作物保护科技投资有限公司 | | | | | --- | --- | --- | --- | --- | | 注册地址 | 四川省乐山市五通桥区桥沟镇共裕村 | | | | | 成立时间 | 2017 20 | 年 6 | 月 | 日 | | 法定 ...

[Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts its net profit attributable to shareholders for the first half of 2025 to be between RMB 300 million and RMB 360 million, representing a significant year-over-year increase [Performance Forecast Period](index=1&type=section&id=(I)%20Performance%20Forecast%20Period) This performance forecast covers the period from January 1, 2025, to June 30, 2025, defining the reporting timeframe - The performance forecast period is from January 1, 2025, to June 30, 2025[2](index=2&type=chunk) [Performance Forecast Details](index=1&type=section&id=(II)%20Performance%20Forecast%20Details) The company expects net profit attributable to shareholders for H1 2025 to be RMB 300 million to RMB 360 million, a YoY increase of 75.65% to 110.78%; net profit excluding non-recurring gains/losses is projected at RMB 240 million to RMB 300 million, up 50.07% to 87.59% Key Financial Indicators for H1 2025 Performance Forecast | Indicator | Estimated Amount (Million RMB) | YoY Increase (Million RMB) | YoY Growth (%) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | 300 - 360 | 129.21 - 189.21 | 75.65% - 110.78% | | Net Profit Excluding Non-recurring Gains/Losses Attributable to Shareholders | 240 - 300 | 80.07 - 140.07 | 50.07% - 87.59% | [Unaudited Statement](index=1&type=section&id=(III)%20Unaudited%20Performance%20Forecast%20Data) The performance forecast data represents preliminary estimates and has not yet been audited by a certified public accountant - The performance forecast data has not been audited by a certified public accountant[2](index=2&type=chunk) [Prior Period Performance](index=2&type=section&id=II.%20Prior%20Period%20Performance) The company disclosed H1 2024 financial baseline data, including net profit attributable to shareholders, non-recurring adjusted net profit, and EPS, providing a comparative basis for the current period's projected increase Key Financial Indicators for H1 2024 | Indicator | Amount (Million RMB) | | :--- | :--- | | Net Profit Attributable to Shareholders | 170.79 | | Net Profit Excluding Non-recurring Gains/Losses Attributable to Shareholders | 159.93 | | Earnings Per Share | 0.3966 RMB | [Primary Reasons for Current Period's Performance Increase](index=2&type=section&id=III.%20Primary%20Reasons%20for%20Current%20Period's%20Performance%20Increase) The projected performance increase is primarily driven by optimized product structure, enhanced sales efforts, and effective cost control, complemented by non-recurring gains from equity divestment [Impact of Main Business Operations](index=2&type=section&id=(I)%20Impact%20of%20Main%20Business%20Operations) Main business profitability growth is attributed to the company's proactive product structure adjustments, increased sales in key products and regions, higher proportion of high-margin products, and continuous lean cost management, effectively enhancing market competitiveness - The company actively adjusted and optimized its product structure based on market conditions and demand changes, increasing sales efforts for **key products and regions**[5](index=5&type=chunk) - The proportion of **high-margin products** increased, while continuous lean cost management enhanced the company's product competitiveness[5](index=5&type=chunk) [Impact of Non-recurring Gains/Losses](index=2&type=section&id=(II)%20Impact%20of%20Non-recurring%20Gains/Losses) Non-recurring gains/losses are expected to contribute approximately RMB 60 million to current net profit, primarily from the company's divestment of Jiangtian Chemical shares - During the reporting period, non-recurring gains/losses are estimated to impact current net profit by approximately **RMB 60 million**[5](index=5&type=chunk) - This is primarily due to the company's divestment of Jiangtian Chemical shares through the secondary market[5](index=5&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) As of the announcement date, the company has not identified any significant uncertainties that could affect the accuracy of this performance forecast - As of the disclosure date of this announcement, the company has not identified any significant uncertainties that could affect the accuracy of this performance forecast[6](index=6&type=chunk) [Other Related Information](index=2&type=section&id=V.%20Other%20Related%20Information) The performance forecast data is a preliminary estimate; final financial data will be based on the company's officially disclosed H1 2025 report, and investors are advised to be aware of investment risks - The above forecast data is preliminary; the specific and accurate financial data will be subject to the company's officially disclosed **H1 2025 report**[7](index=7&type=chunk) - Investors are kindly reminded to be aware of investment risks[7](index=7&type=chunk)

简式权益变动报告书 上市公司名称：南通江山农药化工股份有限公司 股票上市地点：上海证券交易所 南通江山农药化工股份有限公司 信息披露义务人声明 一、本简式权益变动报告书系依据《中华人民共和国公司法》《中华人民共 和国证券法》《上市公司收购管理办法》《证券期货法律适用意见第19条—第十三 条、第十四条的适用意见》和《公开发行证券公司信息披露内容与格式准则第15 号—权益变动报告书》及相关法律、法规和规范性文件编写。 二、依据上述法律法规的规定，本报告书已全面披露了信息披露义务人在江 山股份拥有权益的股份变动情况。截至本报告书签署日，除本报告书披露的持股 信息外，信息披露义务人没有通过任何其他方式增加或减少其在江山股份中拥有 权益的股份。 三、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 股票简称：江山股份 四、本次权益变动是根据本报告书所载明的资料进行的。除信息披露义务人 外，没有委托或者授权任何其他人提供未在本报告书中列载的信息和对本报告书 做出任何解释或者说明。 股票代码：600389 五、信息披露义务人承诺本报告书不存在虚假记载 ...

Core Viewpoint - Jiangshan Co., Ltd. (stock code: 600389) expects a significant increase in net profit for the first half of 2025, projecting a net profit attributable to shareholders of 300 million to 360 million yuan, representing a year-on-year increase of 129 million to 189 million yuan, or a growth of 75.65% to 110.78% [1] Financial Performance - The company anticipates a net profit attributable to shareholders, excluding non-recurring gains and losses, of 240 million to 300 million yuan for the first half of 2025, indicating a year-on-year growth of 50.07% to 87.59% [1]

Core Insights - The report maintains a "recommended" rating for the agricultural chemical industry, highlighting the recovery potential in the pesticide market due to rising glyphosate prices [1][8] - Glyphosate prices have shown a significant recovery, with the raw material price reaching 24,800 CNY per ton as of July 1, 2025, an increase of 1,800 CNY per ton since early April [6][8] Industry Performance - The basic chemical industry has outperformed the CSI 300 index over various time frames, with a 1-month performance of 5.0%, 3-month performance of 3.2%, and a 12-month performance of 16.4% compared to the CSI 300's 2.7%, 1.5%, and 13.6% respectively [4] Investment Highlights - The glyphosate industry is experiencing inventory depletion and demand recovery, leading to a price rebound from its bottom. As of June 27, 2025, glyphosate industry inventory was 40,000 tons, down 43,000 tons since early April [6] - The global largest glyphosate producer, Bayer, faces potential bankruptcy due to ongoing lawsuits related to its glyphosate product "Roundup," which could benefit domestic competitors in the glyphosate market [7] Company Focus - Key companies in the glyphosate sector include: - Jiangshan Chemical, with a production capacity of 70,000 tons/year [9] - Xingfa Group, the leading domestic glyphosate producer with a capacity of 230,000 tons/year [9] - Xin'an Chemical, with a capacity of 80,000 tons/year [10] - Yangnong Chemical, a major player with a capacity of 30,000 tons/year [10] - Guoxin Co., with a capacity of 20,000 tons/year [10] - Hebang Bio, with a capacity of 50,000 tons/year [10] - Lier Chemical, with a capacity of 18,500 tons/year [10] - Limin Co., with a capacity of 5,000 tons of glyphosate and 2,000 tons of refined glyphosate [10] Earnings Forecast - The report provides earnings per share (EPS) estimates for key companies, indicating potential growth in profitability: - Jiangshan Chemical: EPS of 1.10 CNY in 2025E [11] - Xingfa Group: EPS of 1.85 CNY in 2025E [11] - Yangnong Chemical: EPS of 3.44 CNY in 2025E [11] - Guoxin Co.: EPS of 1.12 CNY in 2025E [11] - Lier Chemical: EPS of 0.53 CNY in 2025E [11] - Limin Co.: EPS of 1.05 CNY in 2025E [11]

Investment Rating - The report suggests a "Standard Allocation" for the basic chemical sector, indicating a high potential for structural opportunities despite a lower probability of success [4]. Core Insights - The basic chemical sector currently has a high valuation safety margin, with the PB historical percentile dropping below 9% since 2010. When the PB percentile is below 10%, the sector's cost-effectiveness for allocation becomes apparent [4]. - Supply, cost, and demand sides continue to face disturbances, impacting the overall success rate of investments in this sector [4]. Summary by Sections Investment Strategy - Focus on sub-industries with marginal changes, such as pesticides, glyphosate, and sweeteners [4]. - Pay attention to the export chain, particularly lubricating oil additives, tires, and potassium fertilizers [4]. - Look for performance certainty in sectors like refrigerants and civil explosives [4]. Market Dynamics - The chemical industry is experiencing significant internal competition, with "change" being a focal point for attention [6]. - The industry is under pressure from substantial investments, with a compounded growth rate of 14.1% for raw materials and products over the past four years [17]. - The current investment cycle is nearing its end, with potential delays in capacity realization expected over the next 1-2 years [17]. Supply and Demand Trends - The chemical sector's inventory has not shown significant cyclical changes, remaining in a low-level oscillation state [20]. - Despite a slight recovery in chemical consumption due to government stimulus, the real estate sector continues to struggle, impacting overall demand [22][23]. Price Trends - The report highlights various price movements in the chemical sector, with glyphosate prices showing a year-on-year decrease of 10.26% as of May 2025 [36]. - The report also notes the price fluctuations of several chemicals, indicating a complex pricing environment influenced by supply chain disruptions and production capacity [34][35].

Group 1 - The A-share pesticide sector experienced a short-term surge, with Hongyang Technology hitting the daily limit [1] - Other companies such as Guokang Biochemical, Zhongnong United, Jiangshan Co., Xinda Co., and Lier Chemical also saw significant increases in their stock prices [1]