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。 证券代码：600486 证券简称：扬农化工 编号：临 2025-040 江苏扬农化工股份有限公司 2025 年第三季度主要经营数据公告 （二）主要原材料价格波动情况 | | 2025 年 1-9 月 | 2024 年 1-9 月 | | | --- | --- | --- | --- | | | 平均采购价格 （元/吨） | 平均采购价格 （元/吨） | 价格变动情况 | | 液碱 | 2,617 | 2,271 | 15.3% | | 液钾 | 2,875 | 2,740 | 4.9% | | 碳酸钾 | 6,121 | 5,904 | 3.7% | | 氢溴酸 | 12,551 | 10,075 | 24.6% | | 异戊二烯 | 9,849 | 8,478 | 16.2% | | 一氯甲烷 | 2,073 | 1,875 | 10.6% | 1 | | 2025 年 1-9 月 | 2024 年 1-9 月 | | | --- | --- | --- | --- | | ...

Financial Performance - The company's operating revenue for Q3 2025 reached CNY 2,922,780,836.51, representing a year-on-year increase of 26.15%[5] - The total profit for the period was CNY 296,082,302.76, showing a slight increase of 0.13% compared to the same period last year[5] - The net profit attributable to shareholders decreased by 5.01% to CNY 249,545,765.09[5] - Total revenue for the first three quarters of 2025 reached ¥9,156,301,932.22, an increase of 14.2% compared to ¥8,015,697,859.55 in the same period of 2024[22] - Operating profit for the first three quarters of 2025 was ¥1,248,863,833.26, up from ¥1,187,082,282.62 in the first three quarters of 2024, reflecting a growth of 5.2%[22] - Net profit for the first three quarters of 2025 reached ¥1,055,797,182.65, a slight increase of 2.6% compared to ¥1,026,323,014.97 in the same period of 2024[24] - The net profit margin for the first three quarters of 2025 was approximately 13.6%, compared to 14.8% in the same period of 2024, indicating a decrease in profitability[22] Cash Flow - The net cash flow from operating activities for the year-to-date period was CNY 2,125,801,113.29, reflecting a significant decline of 31.50%[10] - Cash flow from operating activities for the first three quarters of 2025 was ¥2,125,801,113.29, down 31.5% from ¥3,103,545,535.39 in 2024[26] - Total cash inflow from operating activities was ¥9,171,613,066.42, slightly increasing from ¥9,157,013,272.91 in the previous year[26] - Cash outflow from operating activities increased to ¥7,045,811,953.13, compared to ¥6,053,467,737.52 in 2024, marking a rise of 16.4%[26] - The company's cash and cash equivalents increased to ¥1,759,470,110.91 from ¥1,618,026,888.46, marking a growth of 8.7%[18] - The cash and cash equivalents at the end of the period totaled ¥1,663,747,569.03, an increase from ¥1,477,837,497.99 at the end of the same period last year[28] Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 18,619,356,788.58, an increase of 5.40% from the end of the previous year[7] - Total assets as of September 30, 2025, amounted to ¥18,619,356,788.58, compared to ¥17,664,818,218.90 at the end of 2024, indicating an increase of 5.4%[20] - Current assets totaled ¥8,951,724,347.39 as of September 30, 2025, a significant rise from ¥7,181,950,809.61 at the end of 2024, representing an increase of 24.7%[18] - Total liabilities as of September 30, 2025, were ¥7,341,894,903.13, compared to ¥7,122,251,673.36 at the end of 2024, reflecting an increase of 3.1%[20] Shareholder Equity - Shareholders' equity attributable to the parent company increased by 6.97% to CNY 11,270,404,152.01[7] - The company's total equity increased to ¥11,277,461,885.45 as of September 30, 2025, from ¥10,542,566,545.54 at the end of 2024, representing a growth of 6.9%[20] Earnings and Expenses - The basic earnings per share for the quarter was CNY 0.619, down 4.21% year-on-year[5] - Basic and diluted earnings per share for the first three quarters of 2025 were both ¥2.615, up from ¥2.524 in 2024, reflecting a growth of 3.6%[24] - Research and development expenses for the first three quarters of 2025 were ¥277,695,720.58, compared to ¥249,458,370.83 in the same period of 2024, an increase of 11.3%[22] Comprehensive Income - The total comprehensive income for the first three quarters of 2025 was ¥1,040,921,314.89, compared to ¥1,022,869,743.16 in 2024, reflecting a growth of 1.8%[24] - The company reported a decrease in other comprehensive income after tax, amounting to -¥14,875,867.76 in 2025, compared to -¥3,453,271.81 in 2024[24] Non-Recurring Items - Non-recurring gains and losses for the period totaled CNY 1,820,311.28, with a year-to-date total of CNY 11,804,517.43[9]

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、审议通过《2025 年第三季度报告》。 证券代码：600486 证券简称：扬农化工 编号：临 2025-037 江苏扬农化工股份有限公司 第九届董事会第二次会议决议公告 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"）第九届董事会第二次会议， 于二〇二五年十月十四日以书面方式发出通知，于二〇二五年十月二十四日以现 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。 详见刊登于 2025 年 10 月 28 日上海证券报、中国证券报和上海证券交易所 网站（www.sse.com.cn）的《关于回购注销部分激励对象已获授但尚未解除限售 的限制性股票的公告》（临 2025-038 号）。 1 三、备查文件 特此公告。 江苏扬农化工股份有限公司董事会 表决结果：9 票 ...

Core Insights - The company reported a net profit of 249.5 million RMB for the third quarter [1] Financial Performance - The net profit for the third quarter is 249.5 million RMB, indicating a significant financial performance [1]

Market Overview - The agricultural chemical sector experienced a slight decline of 0.05% on October 24, with Yangnong Chemical leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance - Notable gainers in the agricultural chemical sector included: - Nongxin Technology: closed at 25.92, up 10.02% with a trading volume of 114,500 shares and a turnover of 277 million yuan [1] - Suli Co., Ltd.: closed at 19.77, up 7.21% with a trading volume of 87,300 shares and a turnover of 170 million yuan [1] - Dongfang Iron Tower: closed at 14.30, up 4.46% with a trading volume of 226,400 shares and a turnover of 316 million yuan [1] - Conversely, Yangnong Chemical saw a significant decline, closing at 65.26, down 4.95% with a trading volume of 57,200 shares and a turnover of 377 million yuan [2] Capital Flow - The agricultural chemical sector experienced a net outflow of 15.52 million yuan from institutional investors and 90.62 million yuan from speculative funds, while retail investors saw a net inflow of 106 million yuan [2] - Key stocks with notable capital flows included: - Lianhua Technology: net inflow of 49.15 million yuan from institutional investors, but a net outflow of 7.72 million yuan from speculative funds [3] - Chuanfa Longmang: net inflow of 48.95 million yuan from institutional investors, with a net outflow of 56.78 million yuan from speculative funds [3] - Yangnong Chemical: net inflow of 11 million yuan from institutional investors, but a net outflow of 0.54 million yuan from speculative funds [3]

Core Viewpoint - Yangnong Chemical's stock has experienced fluctuations, with a current price of 67.28 CNY per share, reflecting an 18.14% increase year-to-date but a recent decline over the past five and twenty trading days [1] Financial Performance - For the first half of 2025, Yangnong Chemical reported a revenue of 6.234 billion CNY, representing a year-on-year growth of 9.38% [2] - The net profit attributable to shareholders for the same period was 806 million CNY, showing a year-on-year increase of 5.60% [2] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 6.01% to 18,100, while the average number of circulating shares per person increased by 6.40% to 22,271 shares [2] - The company has distributed a total of 2.833 billion CNY in dividends since its A-share listing, with 1.137 billion CNY distributed over the last three years [3] Stockholder Composition - As of June 30, 2025, Hong Kong Central Clearing Limited is the fourth largest circulating shareholder, holding 16.293 million shares, an increase of 754,800 shares from the previous period [3] - Other notable shareholders include E Fund Yufeng Return Bond A and E Fund New Income Mixed A, with changes in their holdings compared to the previous period [3] Market Activity - The stock price of Yangnong Chemical has seen a recent decline of 2.01% in intraday trading, with a trading volume of 50.7017 million CNY and a turnover rate of 0.18% [1] - The company operates primarily in the agricultural chemicals sector, with its main revenue sources being raw materials (58.64%), trade (20.65%), and formulations (18.78%) [1]

Core Insights - The fungicide industry is experiencing rapid growth in China, driven by increasing public health awareness and environmental policies, with the market size projected to grow from 23.67 billion yuan in 2019 to 40.5 billion yuan by 2024, representing a compound annual growth rate (CAGR) of 11.34% [2][10] - The demand for environmentally friendly and biological fungicides is expected to rise significantly, particularly in the agricultural sector, which is the primary consumer market for fungicides [2][10] Industry Overview - Fungicides, also known as biocides, are chemical agents that effectively control or kill microorganisms such as bacteria, fungi, and algae [3] - The classification of fungicides can be based on application fields (industrial and agricultural), raw materials (inorganic, organic sulfur, organic phosphorus, etc.), usage methods (protective and therapeutic), and conduction characteristics (systemic and non-systemic) [3][8] Industry Policies - The Chinese fungicide industry is at a critical juncture influenced by policy changes and market transformations, with recent regulations aimed at promoting green and efficient fungicide production [5][7] - Key policies include the restriction of high-toxicity and high-residue pesticide production, as outlined in the "Industrial Structure Adjustment Guidance Catalog (2024 Edition)" [5][7] Industry Chain - The fungicide industry chain consists of upstream raw materials and production equipment, midstream research and manufacturing, and downstream applications in agriculture, forestry protection, urban greening, industrial corrosion prevention, and medical disinfection [8][10] Current Market Status - The global fungicide market is steadily expanding, with a projected market size of 19.704 billion USD in 2024, reflecting a year-on-year growth of 3.15% [10] - The growth is driven by the need for agricultural yield enhancement, public health protection, and food safety assurance, with expectations for the market to reach 22.942 billion USD by 2028 [10]

Industry Investment Rating - The investment rating for the basic chemical industry is "Outperform" [1] Core Views - The basic chemical industry is currently under pressure due to global trade sentiment, with a focus on cyclical bottoming and potential recovery in leading companies such as Wanhua Chemical, Yangnong Chemical, Hengli Petrochemical, and Hualu Hengsheng [4][5] - The basic chemical sector has experienced a decline of 5.83% this week, underperforming the CSI 300 index by 3.61 percentage points [5][18] Summary by Sections Industry Overview - The closing index for the basic chemical sector is 3951.07, with a 52-week high of 4195.72 and a low of 3081.91 [1] Market Performance - The basic chemical sector has underperformed the CSI 300 index year-to-date, with a decline of 18.96 percentage points compared to the index's increase of 33.31% [18] - This week, the sector's performance was marked by significant fluctuations, with notable gainers including Sanfu Co. (up 33.17%) and Chengxing Co. (up 25.12%) [6][18] Price Movements - Key products in the lithium battery materials sector have seen price increases, with liquid chlorine rising by 184.91% and lithium cobalt oxide by 19.74% [8][23] - Conversely, R22 prices have dropped significantly by 51.52% [9][25] Key Companies and Investment Ratings - Wanhua Chemical: Buy rating, closing price at 61.5, market cap of 192.56 billion, 2025E EPS of 135.5 [11] - Yangnong Chemical: Buy rating, closing price at 68.8, market cap of 27.89 billion, 2025E EPS of 13.9 [11] - Hengli Petrochemical: Buy rating, closing price at 24.6, market cap of 52.29 billion, 2025E EPS of 37.3 [11]

Group 1 - The report highlights that the performance forecasts for Q3 2025 in the electronics and basic chemicals sectors are promising, with over 10 companies expected to achieve a profit growth rate exceeding 30% year-on-year [3][29] - In the electronics sector, the AI wave is driving high growth, with AI inference creating new demand, suggesting that the sector is likely to maintain a high prosperity level [3][29] - The basic chemicals sector is experiencing structural improvement due to supply constraints and demand support, with an overall balance of supply and demand expected to improve as capacity adjustments take place [3][29] Group 2 - The report indicates that as of October 15, 2025, 154 companies in the A-share market have disclosed their Q3 2025 performance forecasts or reports, with a disclosure rate of approximately 2.83% and a pre-positive forecast rate of about 83.06% [3][30] - The median net profit growth rate for the sample companies disclosing their performance forecasts is 71.2% under the median method and 65.6% under the overall method [3][30] - The report identifies that the sectors with the highest pre-positive forecast rates include comprehensive, non-bank financial, and social services, all at 100% [3][30] Group 3 - The medical device sector saw a decline in revenue and net profit in H1 2025, with overall revenue down 7.3% and net profit down 27.0% year-on-year [8] - However, the bidding process is recovering, with the total amount of domestic medical device bids in H1 2025 reaching 83.8 billion yuan, a year-on-year increase of 64% [8] - Companies like United Imaging and Mindray are experiencing growth in overseas revenues, indicating a trend towards globalization in the medical device market [8] Group 4 - The report emphasizes the importance of AI hardware and domestic computing power as key investment areas, suggesting that the market may continue to see structural slow growth with technology remaining a core focus [10] - The electronics sector is expected to see significant advancements in AI terminal ecosystems, with hardware innovation and computing power working in synergy, potentially leading to a boom in 2026 [12] - The report also notes that major companies like Apple are enhancing their collaboration in the AI space, which could lead to a reevaluation of industry valuations [12]

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The report highlights a recovery opportunity at the bottom of the chemical cycle, particularly in the titanium dioxide sector, with major companies expanding globally and focusing on asset acquisitions [3][4]. - Global oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable with a projected global GDP growth of 2.8% [4][5]. - The report emphasizes the importance of various chemical chains, including textiles, agriculture, and exports, as well as the potential for recovery in profitability for titanium dioxide due to easing trade tensions and improved overseas real estate conditions [3][4]. Summary by Sections Industry Dynamics - Oil supply is anticipated to rise, with OPEC+ expected to increase production, while demand is stable but may slow due to tariffs [4]. - Coal prices are expected to stabilize at a low level, and natural gas exports from the U.S. are likely to increase, reducing import costs [4]. Chemical Product Prices and Trends - The report notes that the PPI for all industrial products fell by 2.3% year-on-year in September, indicating a narrowing decline compared to August [5]. - Manufacturing PMI rose to 49.8%, suggesting a continued recovery in manufacturing activity [5]. Investment Analysis - The report suggests focusing on four key areas for investment: textiles, agriculture, export-related chemicals, and sectors benefiting from reduced competition [3]. - Specific companies to watch include Lu Xi Chemical, Tongkun Co., and Huafeng Chemical in the textile chain, and various firms in the agricultural sector such as Hualu Hengsheng and Baofeng Energy [3][4]. Key Company Valuations - The report provides a valuation table for key companies, indicating their market capitalization and projected earnings for the coming years [14].