Core Viewpoint - The company, Jiangsu Yangnong Chemical Co., Ltd., will hold an investor briefing on November 12, 2025, to discuss its Q3 2025 performance and financial status, allowing for interactive communication with investors [2][3][4]. Group 1: Meeting Details - The investor briefing is scheduled for November 12, 2025, from 13:45 to 14:45 [4]. - The meeting will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted via video live stream and online interaction [4]. - Investors can submit questions from November 5 to November 11, 2025, through the Roadshow Center website or via the company's email [2][4]. Group 2: Participants - Key participants in the meeting will include Chairman Su Fu, General Manager Wu Xiaojü, Board Secretary and CFO Li Changqing, and Independent Director Li Chen [4]. Group 3: Contact Information - For inquiries, investors can contact Li Changqing or Ren Jie via phone at 0514-85860486 or email at stockcom@yangnongchem.com [6].

证券代码：600486 证券简称：扬农化工 公告编号：临 2025-041 江苏扬农化工股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 11 月 05 日（星期三）至 11 月 11 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 stockcom@yangnongchem.com 进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 江苏扬农化工股份有限公司（以下简称"公司"）已于 2025 年 10 月 28 日发 布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 12 日（星期三） 13:45-14:45 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流 ...

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Insights - The company reported a revenue of 9.156 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 14.23%, and a net profit attributable to the parent company of 1.055 billion yuan, up 2.88% year-on-year [1] - In Q3 2025, the company achieved a revenue of 2.923 billion yuan, with a year-on-year increase of 26.15% but a quarter-on-quarter decrease of 2.34%. The net profit for Q3 was 250 million yuan, down 5.01% year-on-year and 32.72% quarter-on-quarter [1][2] - The gross profit margin for Q1-Q3 2025 was 22.35%, a decrease of 1.67 percentage points year-on-year, while the net profit margin was 11.53%, down 1.27 percentage points year-on-year [2] - The company is experiencing a steady increase in the sales volume of raw materials, with Q3 raw material production at 29,200 tons and sales at 29,600 tons, a year-on-year increase of 13.53% [2][3] - The price of glyphosate has shown an upward trend, with a price of 27,295 yuan per ton as of October 27, 2025, reflecting a year-to-date increase of 15.62% [3] Financial Performance Summary - For 2025, the company is expected to achieve a net profit of 1.438 billion yuan, with a corresponding PE ratio of 19.0 [4][10] - The projected revenue for 2025 is 11.484 billion yuan, with a growth rate of 10.1% [4] - The company’s gross profit margin is expected to be 24.6% in 2025, with a net profit margin of 12.5% [4]

Core Insights - The article discusses the third-quarter report of Jiang Cheng, a well-known fund manager at Zhongtai Asset Management, highlighting his investment strategies and portfolio adjustments in response to market conditions [1][3][12]. Fund Performance and Adjustments - Jiang Cheng's funds maintained a high level of stability with passive adjustments, showing no new stocks added to the heavy positions during the quarter [3][4]. - Despite the A-share market reaching a 10-year high, Jiang Cheng's performance slightly lagged behind the benchmark, indicating a conservative approach amidst a market driven by emerging industries [3][5]. - The total assets under Jiang Cheng's management decreased by nearly 400 million yuan, reaching 12.219 billion yuan by the end of the third quarter of 2025 [4]. Investment Strategy - Jiang Cheng's strategy involved a "buy low, sell high" approach, where he reduced positions in stocks that had appreciated significantly while increasing holdings in those that had declined [6][12]. - In the third quarter, Jiang Cheng increased his positions in bank stocks significantly, with a 46.23% increase in Hong Kong's Industrial and Commercial Bank and a 25.06% increase in A-share's China Merchants Bank [9][10]. - The focus remained on sectors like construction, real estate, and banking, with a notable lack of engagement in high-growth technology stocks [5][12]. Portfolio Composition - The concentration of holdings in Jiang Cheng's funds slightly increased, with Zhongtai Xingyuan and Zhongtai Yuheng reaching 72.12% and 72.40% respectively [8]. - Jiang Cheng's funds saw net redemptions, prompting adjustments in heavy positions to comply with regulatory limits [6][7]. Market Outlook - Jiang Cheng emphasized a long-term investment perspective, focusing on the overall potential of assets rather than short-term fluctuations [12][13]. - He acknowledged the rapid demand growth in sectors like artificial intelligence and new energy, while maintaining a cautious stance on the current market dynamics [12].

Group 1 - The core point of the news is that Yangnong Chemical experienced a decline of 5.19%, with its stock price at 63.76 yuan per share and a total market capitalization of 25.848 billion yuan [1] - Yangnong Chemical, established on December 10, 1999, and listed on April 25, 2002, specializes in the research, production, and sales of pesticide products [1] - The main revenue composition of Yangnong Chemical includes 58.64% from active ingredients, 20.65% from trading, 18.78% from formulations, and 1.93% from other sources [1] Group 2 - According to data, the Fuguo Agricultural Theme ETF (159825) has increased its holdings in Yangnong Chemical by 111,400 shares in the third quarter, bringing the total to 896,600 shares, which accounts for 2.67% of the fund's net value [2] - The Fuguo Agricultural Theme ETF was established on December 10, 2020, with a current scale of 2.415 billion yuan and has achieved a year-to-date return of 22.85% [2] - The fund manager, Zhang Shengxian, has been in position for 10 years and 156 days, with the best fund return during his tenure being 111.9% and the worst being -89.6% [3]

Core Viewpoint - Yangnong Chemical reported a revenue of 9.156 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 14.23%, with a net profit attributable to shareholders of 1.055 billion yuan, up 2.88% year-on-year [1] Revenue and Profit Analysis - The company achieved a revenue of 2.923 billion yuan in the third quarter, a year-on-year increase of 26.15%, but the net profit attributable to shareholders decreased by 5.01% to 250 million yuan [1][2] - Earnings per share for the third quarter were 0.62 yuan, with operating cash flow per share at 5.24 yuan [1] Business Segment Performance - For the first three quarters, the revenue breakdown is as follows: - Active pharmaceutical ingredients (APIs) revenue was 5.409 billion yuan, an increase of approximately 588 million yuan year-on-year - Formulations revenue was 1.332 billion yuan, a decrease of 64 million yuan year-on-year - Trade and other business revenue was approximately 2.424 billion yuan, an increase of 617 million yuan year-on-year [3] - The sales volume for APIs and formulations was 86,300 tons and 33,200 tons, respectively, with year-on-year changes of +10,200 tons and -1,100 tons [3] - The average selling prices for APIs and formulations were 62,700 yuan/ton and 44,400 yuan/ton, reflecting year-on-year declines of 1.1% and 4.9% respectively [3] Gross Margin and Expenses - The overall gross margin for the first three quarters was 22.4%, down 1.7 percentage points year-on-year; the gross margin for the third quarter was 19.6%, down 3.9 percentage points year-on-year and down 2.9 percentage points quarter-on-quarter [4] - Research and development expenses for the third quarter were 111 million yuan, an increase of approximately 29 million yuan year-on-year, while management expenses decreased by about 33 million yuan to 111 million yuan [4] - Credit impairment losses were approximately 5.34 million yuan, an increase of 33.29 million yuan year-on-year, negatively impacting net profit [4] Profit Forecast and Valuation - Considering product price changes and project progress, the forecasted net profits attributable to shareholders for 2025 to 2027 are 1.3 billion, 1.62 billion, and 1.93 billion yuan respectively, with previous estimates being 1.47 billion, 1.78 billion, and 2.04 billion yuan [5]

Core Insights - The company reported a total revenue of 9.156 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 14.23% [1] - The net profit attributable to shareholders for the same period was 1.055 billion yuan, up 2.88% year-on-year, while the net profit excluding non-recurring items was 1.044 billion yuan, an increase of 5.76% year-on-year [1] - In Q3 2025, the company achieved a revenue of 2.923 billion yuan, a year-on-year increase of 26.15%, but the net profit attributable to shareholders decreased by 5.01% to 250 million yuan [1] Revenue and Profit Analysis - The average selling price of raw materials was 62,700 yuan/ton, down 1.12% year-on-year, with sales volume reaching 86,300 tons, an increase of 13.5% year-on-year [2] - The average selling price of formulations was 39,800 yuan/ton, down 1.61% year-on-year, with sales volume of 33,200 tons, a decrease of 3.1% year-on-year [2] - Despite the increase in sales volume, the company's net profit showed only a slight increase due to price declines [2] Product Performance - Key products such as bifenthrin, chlorpyrifos, and glyphosate showed varying price changes, with bifenthrin's market price decreasing by 5.4% and chlorpyrifos increasing by 22.6% [2] - The company is positioned as a leading player in the pesticide industry, particularly in the pyrethroid category, which is expected to benefit from a recovering global crop protection market [2] Project Development - The Youchuang project is progressing steadily, with the first phase of production capacity ramping up and achieving design capacity [3] - This project is included in China Sinochem's "14th Five-Year Plan" and is expected to generate annual revenue of 1.5 billion yuan and net profit of 100 million yuan by 2026, with projections of 4 billion yuan in revenue and 500 million yuan in net profit by 2030 [3] - The advancement of the Youchuang project is anticipated to alleviate bottlenecks faced by the subsidiary Shenyang Kexin and optimize the company's production layout, enhancing its leading position in the market [3] Future Outlook - The pesticide industry is gradually recovering, with some product prices showing signs of improvement, which is favorable for the company as a leading player [3] - The company is projected to achieve net profits of 1.34 billion yuan, 1.53 billion yuan, and 1.74 billion yuan for the years 2025 to 2027, with respective year-on-year growth rates of 11.62%, 13.62%, and 13.86% [3]

Investment Rating - The report maintains a "Strong Buy" rating for Yangnong Chemical (600486) with a target price of 79.2 CNY per share [2][7]. Core Views - The agricultural chemical industry is gradually improving, and the company's performance in the off-season meets expectations. The company is expected to show strong earnings elasticity as the agricultural chemical cycle begins to recover [2][7]. - The company's revenue for the first three quarters of 2025 reached 9.156 billion CNY, a year-on-year increase of 14.23%, while the net profit attributable to the parent company was 1.055 billion CNY, up 2.88% year-on-year [7][8]. - The report highlights the steady growth in raw material sales and an increase in glyphosate prices, indicating a positive trend in the agricultural chemical market [7][8]. Financial Summary - **Revenue Forecast**: Total revenue is projected to be 10.435 billion CNY in 2024, increasing to 12.702 billion CNY in 2025, with a year-on-year growth rate of 21.7% [3][8]. - **Net Profit Forecast**: The net profit attributable to the parent company is expected to be 1.202 billion CNY in 2024, with a slight increase to 1.267 billion CNY in 2025, reflecting a growth rate of 5.4% [3][8]. - **Earnings Per Share (EPS)**: EPS is forecasted to be 2.97 CNY in 2024, increasing to 3.13 CNY in 2025 [3][8]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is projected to decrease from 22 in 2024 to 21 in 2025, and further down to 16 in 2026 [3][8]. Market Performance - The report notes a significant recovery in agricultural chemical exports, with a 17.63% increase in export value from January to September 2025, particularly in insecticides, fungicides, and herbicides [7][8]. - The company is advancing its Huludao project, which is expected to contribute to sustained growth and profitability as production ramps up [7][8].

Core Viewpoint - Yangnong Chemical is a leading player in the domestic agrochemical industry and a core supplier of pyrethroid raw materials globally, with a focus on research, production, and sales of pesticide products [1][6]. Group 1: Business Performance - As of Q3 2025, Yangnong Chemical reported revenue of 9.156 billion yuan, ranking 4th among 32 companies in the industry, with the top competitor, ADAMA, at 21.678 billion yuan [2]. - The net profit for the same period was 1.056 billion yuan, placing Yangnong Chemical first in the industry, while the second competitor, Runfeng, reported 999 million yuan [2]. Group 2: Financial Ratios - The company's debt-to-asset ratio stood at 39.43% in Q3 2025, slightly up from 39.32% year-on-year, which is lower than the industry average of 46.06%, indicating strong solvency [3]. - The gross profit margin was 22.35%, down from 24.02% year-on-year but still above the industry average of 21.70% [3]. Group 3: Management and Shareholder Information - The chairman, Su Fu, and the general manager, Wu Xiaojun, have significant roles in the company, with Wu's salary for 2024 set at 2.2 million yuan, a substantial increase from 0 in 2023 [4]. - As of September 30, 2025, the number of A-share shareholders decreased by 6.49% to 16,900, while the average number of shares held per shareholder increased by 7.24% to 23,900 [5]. Group 4: Future Outlook and Innovations - The company is advancing its projects, with the Huludao project achieving full design capacity in its first phase and ongoing progress in the second phase [6]. - Yangnong Chemical is accelerating the commercialization of new drugs and has received approval for a national postdoctoral research workstation, indicating a commitment to innovation [6]. - The sales volume of raw materials and formulations for Q3 2025 was 30,000 tons and 5,000 tons, respectively, with a year-on-year increase of 13.5% for raw materials and a decrease of 17.6% for formulations [6].

Group 1 - The QFII system has become a significant channel for foreign capital to enter the A-share market since its introduction in 2002, with distinct stock selection preferences and investment styles compared to domestic funds [1][8] - In the third quarter, at least 121 stocks were increased in holdings by QFII, with the most significant increases not in the semiconductor sector but in electrical equipment, machinery, hardware, and chemicals [2][3] - Major QFII institutions like Morgan Stanley and Abu Dhabi Investment Authority have continued to increase their positions in A-shares, with a focus on a diversified portfolio of stocks [1][2] Group 2 - The top five industries with the most significant QFII increases in holdings in the third quarter were machinery, hardware equipment, electrical equipment, semiconductors, and chemicals [2] - Notably, only one stock from the banking sector, Nanjing Bank, was among the top 20 stocks increased by QFII, with a significant increase of 124 million shares by BNP Paribas [4] - Abu Dhabi Investment Authority has a concentrated investment style, holding only 22 stocks, and has made selective increases and decreases in its holdings, including a notable reduction in its stake in Zijin Mining [5][6] Group 3 - The GATES FOUNDATION TRUST has a concentrated portfolio with a preference for small-cap stocks, holding only two stocks at the end of the third quarter [6] - The Macau Monetary Authority has been active in increasing its holdings, particularly in the non-ferrous metals, food and beverage, and automotive sectors [7] - The QFII system is expected to expand further, with over 900 qualified foreign investors and ongoing reforms aimed at making it easier for foreign investors to participate in the Chinese market [8]