证券代码：600486 证券简称：扬农化工 编号：临 2025-035 特此公告。 江苏扬农化工股份有限公司董事会 江苏扬农化工股份有限公司 关于选举第九届董事会职工董事的公告 江苏扬农化工股份有限公司（以下简称"公司"）于 2025 年 9 月 22 日在公 司会议室以现场及视频方式召开第九届职工代表大会第二次会议，会议应到正式 代表 125 人，实到 108 人，符合法定参加会议的人数。会议由大会执行主席张庆 平主持。 大会以 108 票赞成，占全体代表总数的 86.40%，选举周曙为公司第九届董 事会职工代表董事。 周曙先生，中国公民，1987 年 12 月出生，大学本科学历，工程师。2008 年参加工作，历任子公司江苏优士化学有限公司技术员、工艺员、工段长、办公 室主任助理，江苏优嘉植物保护有限公司综合管理部主任助理（主持工作），曾 任公司职工监事。现任公司工会副主席、党群工作部主任。 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个别及连带责任。 二○二五年九月二十三日 ...

证券代码：600486 证券简称：扬农化工 公告编号：2025-034 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 418 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 257,134,409 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 63.4275 | | 份总数的比例（%） | | 二、 议案审议情况 (一)非累积投票议案 (一) 股东大会召开的时间：2025 年 9 月 22 日 (二) 股东大会召开的地点：江苏省扬州市邗江区开发西路 203 号扬农大厦 5 楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长苏赋先生主持。本次会议的召集、 召开及表决方式符合《公司法》及《公司章程》的有关规定。 (五) 公司董事、监事和董事会秘书的出席情况 1、公司在任董事9人，出席9人； 2、公司在任监事5人，出席2人，监事会主席王春鹏、监事王牧笛、余旭东因公 出差，未能出席本次大会； 3、总 ...

证券代码：600486 证券简称：扬农化工 编号：临 2025-036 江苏扬农化工股份有限公司 第九届董事会第一次会议决议公告 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。 一、董事会会议召开情况 江苏扬农化工股份有限公司（以下简称"公司"）第九届董事会第一次会议， 于二〇二五年九月十七日以书面方式发出通知，于二〇二五年九月二十二日以现 场及视频通讯方式在公司会议室召开。会议应到董事 9 名，实到董事 9 名。会议 由董事长苏赋主持。本次会议的召开符合《公司法》及《公司章程》的有关规定， 会议合法有效。 二、董事会会议审议情况 公司本次董事会会议所有议案均获得通过，具体表决情况如下： 1、关于选举董事长的议案。 表决结果：9 票同意、0 票反对、0 票弃权。 董事会选举董事苏赋为第九届董事会董事长。 2、关于战略与可持续发展委员会更名并修改《战略与可持续发展委员会议 事规则》的议案。 表决结果：9 票同意、0 票反对、0 票弃权。 《 战 略 与 可 持 续 发 展 委 员 会 议 事 规 则 》 详 见 上 海 证 券 ...

www.grandall.com.cn 中国江苏省南京市汉中门大街 309 号 B 座 5、7-8 层（210036） 5、7-8/F, Block B, 309 Hanzhongmen Dajie, Nanjing, China, 210036 Tel: 86-25-89660900 Fax: 86-25-89660966 国浩律师（南京）事务所 关于 营业执照等)是真实、完整的，该等资料上的签字和/或印章均为真实，授权书均 获得合法及适当的授权，资料的副本或复印件均与正本或原件一致。 在本法律意见书中，本所律师仅根据本法律意见书出具日以前发生的事实并 基于本所律师对该事实的了解及对有关法律的理解发表法律意见。 本所同意将本法律意见书作为公司本次股东大会的必备文件公告，并依法对 本所出具的法律意见承担责任。本法律意见书仅供公司为本次股东大会之目的而 使用，未经本所书面同意，本法律意见书不得用于任何其他目的。 基于上述，本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责的 精神，对与出具本法律意见书有关的资料和事实进行了核查，现发表法律意见如 下： 江苏扬农化工股份有限公司 2025 年第一次临时股东大会 ...

证券代码：600486 证券简称：扬农化工 公告编号：2025-033 江苏扬农化工股份有限公司 2025年半年度权益分派实施公告 每股分配比例 A 股每股现金红利0.240元 相关日期 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： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/9/29 | － | 2025/9/30 | 2025/9/30 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 26 日的2024年年度股东大会授权，并经 2025 年 8 月 20 日召开的第八届董事会第二十八次会议审议通过。 二、 分配方案 1. 发放年度：2025年半年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. ...

Group 1: Guangdong Hongda (002683.SZ) - The company is a leader in the civil explosives industry, with growth rates exceeding the industry average, and military business is poised for expansion [7][8] - Expected net profits for 2025-2027 are projected at 1.196 billion, 1.415 billion, and 1.772 billion yuan, respectively, with a target price of 47.2 yuan based on a 30x PE for 2025, rated as "Accumulate" [7][8] - Revenue from the domestic regions of Northwest, Southwest, and North China for 2024 is expected to be 2.69 billion, 1.14 billion, and 2.34 billion yuan, respectively, with significant year-on-year growth [8] Group 2: Yangnong Chemical (600486.SH) - The company is positioned as a leader in the pesticide industry, benefiting from an upward trend in industry conditions and a recovery in the market [11][12] - Projected revenues for 2025-2027 are 11.484 billion, 12.325 billion, and 13.536 billion yuan, with net profits of 1.443 billion, 1.654 billion, and 1.884 billion yuan, respectively, rated as "Accumulate" [11][12] - The company is expected to transition from a generic pesticide manufacturer to a CDMO for innovative drugs, enhancing its growth potential [12] Group 3: China Communications Construction Company (601800.SH) - The company holds a leading position in transportation infrastructure and is expected to benefit from increased domestic infrastructure projects and international expansion [14][15] - The company is the largest international engineering contractor in China, with a strong historical presence in overseas markets, contributing to growth [14][15] - A dividend plan has been announced, ensuring stable returns for investors, with a target price of 11.78 yuan based on an 8x PE for 2025, rated as "Buy" [14][15] Group 4: Xinzhou Bang (300037.SZ) - The company is focused on a comprehensive layout in the lithium battery and fluorochemical sectors, with clear growth in demand for fluorochemicals [18][19] - Expected net profits for 2025-2027 are projected at 1.130 billion, 1.501 billion, and 1.859 billion yuan, with significant year-on-year growth rates [18][19] - The company is enhancing its vertical integration and global layout, with ongoing projects in Malaysia and the US expected to boost profitability [18][19] Group 5: Haian Home (600398.SH) - The main brand has shown improvement, with revenue for the first half of 2025 reaching 11.566 billion yuan, a year-on-year increase of 1.73% [21][22] - The company is expanding its direct sales while reducing franchise operations, with a focus on new retail formats [21][22] - Projected net profits for 2025-2027 are 2.421 billion, 2.700 billion, and 2.947 billion yuan, with a growth rate of 12.2%, 11.5%, and 9.1% respectively, rated as "Buy" [24] Group 6: Xtep International (01368.HK) - The main brand has shown steady growth, with revenue for the first half of 2025 reaching 6.838 billion yuan, a year-on-year increase of 7.1% [26][27] - The company is focusing on the running segment, with strong performance in its professional sports line [26][27] - Projected net profits for 2025-2027 are 1.379 billion, 1.516 billion, and 1.664 billion yuan, with growth rates of 11.3%, 9.9%, and 9.8% respectively, rated as "Buy" [28] Group 7: Mindray Medical (300760.SZ) - The company reported total revenue of 16.743 billion yuan for the first half of 2025, a year-on-year decrease of 18.45% [30][31] - International business showed resilience with revenue of 8.332 billion yuan, a year-on-year increase of 5.39%, while domestic revenue declined significantly [30][31] - The company plans to distribute a total of 3.298 billion yuan in cash dividends for 2025, representing 65.06% of its net profit for the first half of the year [31]

Market Overview - The agricultural chemical sector experienced a decline of 1.98% on September 18, with LuHua Technology leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable gainers in the agricultural chemical sector included: - BaiAo Chemical (603360) with a closing price of 25.43, up 2.21% on a trading volume of 251,300 shares and a turnover of 644 million yuan [1] - Jinzhengda (002470) closed at 1.93, up 1.58% with a trading volume of 1,711,800 shares and a turnover of 333 million yuan [1] - Major decliners included: - LuHua Technology (600691) which fell by 5.16% to a closing price of 2.94, with a trading volume of 1,250,400 shares and a turnover of 376 million yuan [2] - Dongfang Tower (002545) decreased by 4.94% to 13.29, with a trading volume of 502,100 shares and a turnover of 673 million yuan [2] Capital Flow - The agricultural chemical sector saw a net outflow of 962 million yuan from institutional investors, while retail investors contributed a net inflow of 539 million yuan [2] - The sector's capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - BaTian Co. (002170) had a net inflow of 47.74 million yuan from institutional investors, representing 12.90% of its trading volume [3] - New安股份 (600596) experienced a net inflow of 16.36 million yuan from institutional investors, accounting for 5.54% of its trading volume [3] - In contrast, 富邦科技 (300387) saw a net outflow of 15.66 million yuan from retail investors, indicating a potential shift in investor sentiment [3]

Group 1 - The core viewpoint of the report indicates that the chemical industry is approaching the end of its current cycle, with a focus on demand recovery in 2024, particularly in infrastructure and exports, while the real estate cycle continues to decline [1][4] - From the demand side, infrastructure and export are expected to remain robust in 2024, with consumption showing resilience after two years of recovery [1][3] - On the supply side, global chemical capital growth is projected to turn negative in 2024, while domestic construction projects are seeing a rapid decline in growth, nearing a bottom by Q2 2024 [1][3] Group 2 - The report outlines various industry indicators, including valuation metrics, price indices, supply-side metrics, import/export contributions, downstream industry performance, and global macroeconomic indicators [2] - Specific recommendations for investment opportunities include sectors such as refrigerants, phosphates, amino acids, and organic silicon, with suggested companies for each sector [4][5] - The report emphasizes the need for companies to adapt to changing global trade dynamics, focusing on both internal production capabilities and external market opportunities [5]

Core Viewpoint - Yangnong Chemical's stock has experienced fluctuations, with a recent decline of 2.00% and a year-to-date increase of 26.65% [1] Financial Performance - For the first half of 2025, Yangnong Chemical reported revenue of 6.234 billion yuan, a year-on-year increase of 9.38%, and a net profit attributable to shareholders of 806 million yuan, up 5.60% [2] - Cumulative cash dividends since the company's A-share listing amount to 2.735 billion yuan, with 1.04 billion yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 6.01% to 18,100, while the average circulating shares per person increased by 6.40% to 22,271 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 754,800 shares to 16.2928 million shares [3]

Summary of the Conference Call on Agricultural Chemical Industry Industry Overview - The agricultural chemical industry exhibits a cyclical pattern lasting approximately five to six years, driven by capital expenditure and demand fluctuations. Currently, the industry is at the end of a downturn cycle that began in Q3 2022 and is expected to conclude by Q2 2025, lasting nearly three years [2][7][11]. Key Points and Arguments - **Signs of Recovery**: The industry is showing signs of reversal, with prices hitting a ten-year low and some raw material price indices already reversing. In Q2 2025, China's pesticide formulation exports significantly improved after ten consecutive quarters of decline, particularly in herbicides, indicating a potential rise in industry prosperity [2][8]. - **Inventory Dynamics**: Inventory replenishment and destocking significantly impact pesticide demand. During the replenishment phase, procurement demand can reach 130% of normal levels, while during destocking, it may drop to 70%. This indicates that replenishment is a signal of industry prosperity rather than a core driving factor [9]. - **Supply-Side Reform**: The number of pesticide production enterprises in China has decreased to approximately 1,600, with 50% not entering chemical parks, indicating effective supply-side reforms. From 2021 to 2023, the new raw material production capacity added was limited, resulting in minimal impact on market supply [10][12]. Market Outlook - **Future Prospects**: The market outlook for the next few years is optimistic, with various reversal signals emerging, including price recovery, improved export data, and rising U.S. inventories. Continued domestic policy support for supply-side reforms is expected to further optimize the industry structure, leading to a new upward cycle in the agricultural chemical industry [11][12]. Company-Specific Insights - **Yangnong Chemical**: Recognized as a leading platform company in pesticide innovation, Yangnong has the capability to independently screen and modify chemical active compounds. The company has several innovative products with annual sales nearing 100 million yuan. In 2024, Yangnong is expected to account for three out of six domestically created products with annual sales exceeding 100 million yuan [3][19]. - **Runfeng Co.**: As the largest export-oriented formulation company in China, Runfeng's business model relies heavily on overseas registration certificates, which are expected to enhance its competitive edge. The company is experiencing rapid growth in Europe, the U.S., and Africa, with projections for net profits of 1.3 billion yuan in 2025 and 1.7 billion yuan in 2027 [20][21]. Additional Important Content - **Global Agricultural Giants' Outlook**: Major overseas agricultural companies like Corteva and Bayer are optimistic about their performance in the first half of 2025, raising their annual guidance. BASF noted significant recovery in herbicides, with strong performance in North America, South America, and Europe, indicating a comprehensive upward trend in the agricultural chemical industry [15][16]. - **Glycine Price Trends**: Glycine, as the largest raw material, saw its operating rate drop from 90% to 50% during the downturn but has since recovered to around 80%. Prices have been rising since April 2025, with inventory levels decreasing rapidly, suggesting a positive trend for the future [14]. This summary encapsulates the key insights and developments within the agricultural chemical industry and specific companies, highlighting the cyclical nature of the market and the emerging signs of recovery.