公司和激励对象均未发生限制性股票不得解除限售的情况，公司 2022 年限 制性股票激励计划首次授予限制性股票第一个解锁期解除限售条件已经成就，参 与本次解锁的激励对象主体资格合法、有效，结合首次授予的激励对象个人业绩 考核条件，本次符合解除限售条件的激励对象共 217 人，解除限售的限制性股票 为 1,120,075 股。 监事会同意公司董事会根据 2022 年年度股东大会的授权和本次激励计划相 关规定为符合解除限售条件的217名激励对象持有1,120,075股限制性股票办理 解锁的相关事宜。董事会审议相关议案时，关联董事回避表决，审议程序符合相 关法律法规的规定，不存在损害公司及全体股东特别是中小股东利益的情形。 江苏扬农化工股份有限公司（以下简称"公司"）监事会依据《公司法》《证 券法》《上海证券交易所股票上市规则》《上市公司股权激励管理办法》和公司 《2022 年限制性股票激励计划》等有关规定，对公司 2022 年限制性股票激励计 划首次授予限制性股票第一个解锁期解除限售条件成就相关事项进行了核查，发 表核查意见如下： 江苏扬农化工股份有限公司监事会 关于 2022 年限制性股票激励计划首次授予 限制性 ...

Core Viewpoint - Jiangsu Yangnong Chemical Co., Ltd. has not met the conditions for the second lock-up period of its 2022 restricted stock incentive plan, leading to the repurchase and cancellation of a portion of the restricted stocks [1][11]. Group 1: Implementation of the Incentive Plan - The company approved the 2022 restricted stock incentive plan at its fourth meeting, with independent directors expressing agreement [3][4]. - The plan's first grant date was set for May 18, 2023, with 228 participants receiving restricted stocks [4][5]. Group 2: Repurchase and Cancellation Details - The company plans to repurchase and cancel 1,265,145 shares of restricted stock from 260 participants due to unmet performance conditions for the second lock-up period [7][9]. - The repurchase price for the first grant participants is set at 38.35 yuan per share, while for reserved grant participants, it is 31.52 yuan per share [7][10]. Group 3: Performance Conditions - The performance conditions for the second lock-up period included a net asset return rate and a compound growth rate of net profit, both of which were not met in 2024 [8][9]. - The actual net asset return rate for 2024 was below the required threshold, and the compound growth rate of net profit also failed to meet the 15% target [8][9]. Group 4: Legal Compliance and Conclusion - The company has followed necessary approval and authorization procedures for the repurchase and cancellation, complying with relevant laws and regulations [11][12]. - The company is required to fulfill information disclosure obligations and complete the necessary registration and changes related to the stock cancellation [12].

证券代码：600486 证券简称：扬农化工 编号：临 2025-023 江苏扬农化工股份有限公司 股权激励限制性股票回购注销实施公告 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： 回购注销原因：鉴于江苏扬农化工股份有限公司（以下简称"公司"） 2024 年经营业绩未能达到《2022 年限制性股票激励计划》（以下简称"《激励 计划》"）第二个解除限售期的解锁条件，根据《上市公司股权激励管理办法》 （以下简称"《管理办法》"）和《激励计划》相关规定，2022 年限制性股票 激励计划第二个解锁期 260 名激励对象已获授但尚未解除限售的共计 1,265,145 股限制性股票应由公司进行回购并注销。 本次注销股份的有关情况 | 回购股份数量（股） | 注销股份数量（股） | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | | 1,265,145 | 1,265,145 | 2025 | 年 6 | 月 | 27 日 | 一、本次限制性股票回购注销的决策与信息披露 ...

国浩律师（南京）事务所 关 于 江苏扬农化工股份有限公司 2022 年限制性股票激励计划 第二个解除限售期解除限售条件未成就暨 回购注销部分限制性股票 的 法律意见书 中国江苏省南京市汉中门大街 309 号 B 座 5、7-8 层 邮编：210036 5、7-8/F, Block B, 309 Hanzhongmen Street, Nanjing, China, 210036 电话/Tel: +86 25 8966 0900 传真/Fax: +86 2589660966 网址/Website: http://www.grandall.com.cn 二〇二五年四月 | 第一节 律师声明的事项 3 | | | --- | --- | | 第二节 | 正 文 5 | | 一、本次激励计划的实施及本次回购注销的批准与授权 5 | | | （一）本次激励计划的实施情况 5 | | | （二）本次回购注销已履行的决策程序 7 | | | 二、本次回购注销的具体情况 8 | | | （一）本次回购注销的原因及依据 8 | | | （二）本次回购注销的数量、回购价格及调整说明 8 | | | （三）本次回购注销的资金来源 ...

扬农化工 20250622 摘要 扬农化工依托先正达集团及两化协同效应，加速发展，巩固了其在国内 农药行业的龙头地位。通过并入中化作物农研公司，扬农在研产销方面 获得了持续的优势加持，尤其是在原药生产领域。 农药行业经历去库存后，正转向去产能阶段，面临新一轮洗牌。扬农化 工通过葫芦岛基地建设，提升市场份额，核心产品如功夫菊酯、联苯菊 酯在价格低位仍具成本优势，部分竞争对手停产，凸显其盈利能力。 加入先正达集团后，扬农化工在研发、生产和销售方面形成协同效应， 可打通原药生产及销售产业链，提高市场份额。先正达的原药采购需求 及研发平台为扬农带来业绩支撑和创新动力，如氟唑菌酰羟胺的合作生 产。 扬农化工总收入规模超百亿，杀虫剂、除草剂和杀菌剂为主要收入来源。 公司采取以原料药为主、制剂为辅的发展策略，在全球农药公司中排名 前 15，国内稳定在前三前四。 公司通过内生性扩张，快速工程转化能力使项目建设迅速推进，有效实 现盈利与资本开支效率。葫芦岛基地一期已投产，新一轮资本扩张正在 进行，与新投产亏损企业形成对比。 Q&A 扬农化工在农药行业中的地位如何？其核心产品和业务布局是怎样的？ 扬农化工是国内领先的农药原药生产 ...

上 市 公 司 基础化工 2025 年 06 月 20 日 扬农化工 (600486) ——农药景气触底回升，公司再迎成长周期 报告原因：有新的信息需要补充 | 投资要点： | | --- | ⚫ 一、行业层面：全球去库存卓有成效，行业周期触底回升，新一轮整合下"强者恒强"。23-24 年农药市场采购需求疲软，去库存成为行业主旋律。25 年以来全球市场及企业库存均回归至 22 年之前正常乃至低位水平。产品价格方面，多数品种已跌无可跌，部分品种出现阶段性供需错 配行情，行业触底回暖信号明确。我们预计 25 年市场将从"去库存"转入"去产能"阶段，行 业将经历一定时期的优化整合，具有核心技术和创新能力，以及拥有市场渠道和品牌知名度等 核心竞争力的行业主导者将会越来越强，市场份额及影响力将持续提升。 财务数据及盈利预测 | | 2024 | 2025Q1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 10,435 | 3,241 | 11,530 | 13,361 | 14,654 | | 同比增长率（% ...

证券研究报告：基础化工 | 公司点评报告 发布时间：2025-06-10 股票投资评级 公司基本情况 扬农化工(600486) 业绩平稳增长，农化景气度回升 | [项目table_FinchinaSimple] \年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（亿元） | 104 | 119 | 135 | 145 | | 增长率(%) | -9.09 | 13.79 | 13.85 | 7.53 | | EBITDA（亿元） | 21.03 | 24.75 | 27.74 | 30.13 | | 归属母公司净利润（亿元） | 12.02 | 13.28 | 15.76 | 17.74 | | 增长率(%) | -23.19 | 10.48 | 18.69 | 12.51 | | EPS(元/股) | 2.96 | 3.27 | 3.88 | 4.36 | | 市盈率（P/E） | 20.30 | 18.38 | 15.48 | 13.76 | | 市净率（P/B） | 2.32 | 2.11 | 1.91 ...

| 最新收盘价（元） | 60.02 | | --- | --- | | 总股本/流通股本（亿股）4.07 / 4.03 | | | 总市值/流通市值（亿元）244 / 242 | | | 52 周内最高/最低价 | 62.00 / 46.81 | | 资产负债率(%) | 40.3% | | 市盈率 | 20.15 | | 第一大股东 | 先正达集团股份有限公 | | 司 | | 研究所 分析师:张泽亮 SAC 登记编号:S1340523100003 Email:zhangzeliang@cnpsec.com 分析师:许灿杰 SAC 登记编号:S1340525040002 Email:xucanjie@cnpsec.com 扬农化工(600486) 业绩平稳增长，农化景气度回升 | [项目table_FinchinaSimple] \年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（亿元） | 104 | 119 | 135 | 145 | | 增长率(%) | -9.09 | 13.79 | 13.85 ...

Core Viewpoint - Yangnong Chemical (600486) highlights the similarities in insecticidal spectrum between pyrethroid insecticides, chlorantraniliprole, and chlorfenapyr, emphasizing the market potential of their proprietary product, chlorantraniliprole [1] Group 1 - The proprietary product, chlorantraniliprole, shares the same insecticidal mechanism as chlorfenapyr, indicating a strong competitive edge in the market [1] - Chlorantraniliprole exhibits a broad insecticidal spectrum, high activity, rapid efficacy, good systemic translocation, and a long residual period, making it effective against concealed pests [1] - The product's favorable characteristics suggest a promising market outlook for Yangnong Chemical [1]

Core Viewpoint - The agricultural sector is experiencing a rebound, with the Agricultural ETF from E Fund (562900) showing a significant increase of 2.18% in half a day, leading the industry ETF performance [1][3]. Agricultural Sector Performance - The Agricultural ETF from E Fund (562900) has a half-day trading volume of 694.27 million yuan and a total scale of 0.99 billion units [3]. - Other agricultural ETFs, such as Agricultural 50 ETF (159827) and Agricultural ETF (159825), also showed positive performance with increases of 1.75% and 1.74% respectively [5]. - The Agricultural ETF (159825) has a larger scale of 29.85 billion units and a half-day trading volume of 8529 million yuan [5]. ETF Share Changes - The Agricultural ETF from E Fund (562900) has seen a slight increase in shares this year, with an addition of 11 million units, representing a growth of 12.54% [2]. - The Agricultural ETF (159825) also experienced a share increase of over 10%, adding 474 million units this year [2]. Investment Logic - Domestic grain prices have been rising due to reduced grain imports and drought conditions, indicating a strong demand in the agricultural sector [3]. - Long-term policies focus on food security and improving agricultural productivity, with transgenic biotechnology expected to accelerate under supportive policies [3]. - Upgrades in seed products are anticipated to boost sales and prices for quality seed companies, with leading companies currently valued at a low point, highlighting their long-term investment potential [3]. Major Holdings in Agricultural Indices - The major stocks in the China Modern Agriculture Theme Index include: - Muyuan Foods (002714) with a weight of 14.77% - Wens Foodstuffs Group (300498) with a weight of 14.57% - Haida Group (002311) with a weight of 14.29% [4][6]. - The index reflects companies involved in various agricultural sectors, including animal husbandry, feed, and agricultural machinery [5].