Core Viewpoint - The company reported a slight year-on-year increase in revenue and net profit for Q1 2025, indicating resilience in a challenging market environment [1] Financial Performance - In Q1 2025, the company achieved total revenue of 3.241 billion yuan, a year-on-year increase of 2.04% and a quarter-on-quarter increase of 33.96% [1] - The net profit attributable to shareholders was 435 million yuan, up 1.35% year-on-year and up 146.77% quarter-on-quarter [1] - The net profit excluding non-recurring items was 430 million yuan, reflecting a year-on-year increase of 0.83% and a quarter-on-quarter increase of 144.46% [1] Product Performance - The average selling price of raw materials was 63,000 yuan/ton, down 8.8% year-on-year, with sales volume of 28,700 tons, up 14.8% year-on-year [1] - The average selling price of formulations was 56,600 yuan/ton, down 1.6% year-on-year, with sales volume of 15,400 tons, up 2.8% year-on-year [1] - Key products such as bifenthrin and chlorpyrifos experienced price changes, with market prices for various products showing mixed trends [1] Industry Outlook - The prices of pesticide raw materials are expected to stabilize at low levels, with global demand for crop protection products anticipated to recover [2] - As of April 20, 2025, the raw material price index reported by Zhongnong Lihua was 72.23 points, down 5.8% year-on-year but up 0.62% month-on-month [2] - The company is positioned to benefit from the recovery in global crop protection market demand, supported by its leading position in the pesticide industry [2] Project Development - The Youchuang project is progressing steadily, with the first phase of the project in Liaoning already completed and producing qualified products [3] - The 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 further growth projected by 2030 [3] - The advancement of the Youchuang project is expected to resolve bottlenecks faced by the subsidiary Shenyang Kexin and optimize the company's production layout [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's Q1 performance shows a slight year-on-year increase in revenue and net profit, with revenue reaching 3.24 billion yuan, up 2%, and net profit at 430 million yuan, up 1% [1] - The core products' prices continue to decline, but there are signs of potential recovery in the agricultural chemical industry as inventory levels decrease and seasonal demand begins [3] - The company is optimizing its product layout through project advancements, and recent policy changes may catalyze a recovery in the agricultural chemical market [4] Summary by Sections Financial Performance - In Q1, the company's raw materials and formulations revenue were 1.81 billion yuan (up 4.75% YoY) and 870 million yuan (up 1.10% YoY), respectively. Raw material sales volume was 28,700 tons (up 14.82% YoY) with an average price of 63,000 yuan/ton (down 8.77% YoY). Formulation sales volume was 15,400 tons (up 2.77% YoY) with an average price of 56,600 yuan/ton (down 1.63% YoY) [2] - The company's expense ratio decreased by 0.3 percentage points to 7.0%, with gross and net profit margins at 24.6% and 13.4%, respectively [2] Market Outlook - The prices of key products such as high-efficiency chlorpyrifos and glyphosate have seen declines of 1.5%, 8.5%, and 9.1% YoY, but some products are beginning to stabilize and rise in price due to seasonal demand [3] - The completion of the first phase of the Huludao project ahead of schedule and the implementation of the "one certificate, one product" policy are expected to reduce market homogenization and improve competition [4] Profit Forecast and Valuation - The projected net profits for 2025-2027 are 1.482 billion, 1.764 billion, and 2.025 billion yuan, with year-on-year growth rates of 23.28%, 19.06%, and 14.79%, respectively. The corresponding P/E ratios are 14, 12, and 10 times [5]

Investment Rating - The investment rating for Yangnong Chemical (600486.SH) is "Buy" (maintained) [1] Core Views - The company has shown significant growth in production and sales, leading to improved profitability, highlighting its status as a leading player in the agrochemical sector [4] - The first quarter of 2025 saw revenue of 3.241 billion yuan, a year-on-year increase of 2.04% and a quarter-on-quarter increase of 33.96%, with a net profit attributable to shareholders of 435 million yuan, up 1.35% year-on-year and 146.77% quarter-on-quarter [4] - The report maintains profit forecasts, expecting net profits for 2025-2027 to be 1.410 billion, 1.600 billion, and 1.823 billion yuan respectively, with corresponding EPS of 3.47, 3.93, and 4.48 yuan per share [4][6] Summary by Sections Financial Performance - In Q1 2025, the production of active ingredients and formulations reached 29,500 tons and 13,000 tons respectively, with year-on-year increases of 19.4% and 13.0% [4] - Sales volumes for the same period were 28,700 tons and 15,400 tons, reflecting year-on-year growth of 14.8% and 2.8% [4] - Revenue from active ingredients and formulations was 1.806 billion yuan and 871 million yuan, with year-on-year growth of 4.8% and 1.1% [4] Profitability - The gross margin and net margin for Q1 2025 were 24.64% and 13.43%, respectively, showing improvements compared to the 2024 annual report [4] - The report indicates that the agrochemical industry is still under pressure, but the company has managed to achieve profitability during the initial production phase of its projects [4] Market Outlook - The report anticipates a recovery in demand for certain products as inventory adjustments in overseas markets take effect, and industry consolidation is expected to enhance pricing power in the medium term [4] - The company is well-positioned to benefit from these trends due to its integrated operations and efficient management [4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Insights - In 2024, the company achieved a revenue of 10.435 billion yuan, a year-on-year decrease of 9.09%, and a net profit attributable to shareholders of 1.202 billion yuan, down 23.19% year-on-year. For Q1 2025, revenue was 3.241 billion yuan, up 2.04% year-on-year, with a net profit of 435 million yuan, an increase of 1.35% year-on-year [2][10]. - The company is investing in the Huludao project, which is expected to drive new growth. The ongoing construction projects amount to 1.609 billion yuan, primarily for pesticide raw materials and intermediates [4]. - The forecast for net profit attributable to shareholders for 2025-2027 is 1.254 billion yuan, 1.482 billion yuan, and 1.603 billion yuan, respectively, with corresponding EPS of 3.084 yuan, 3.644 yuan, and 3.942 yuan [5][10]. Financial Summary - In 2024, the company's sales expenses were 232 million yuan, up 0.99% year-on-year; management expenses were 468 million yuan, down 9.60%; financial expenses were -65 million yuan, down 11.35%; and R&D expenses were 358 million yuan, down 14.32% [3]. - For 2025 Q1, the production of raw materials was 29,500 tons, with sales of 28,700 tons at a price of 63,000 yuan/ton, a decrease of 8.83% year-on-year. The production of formulations was 13,000 tons, with sales of 15,400 tons at a price of 56,600 yuan/ton, down 1.57% year-on-year [3]. - The company’s projected revenue growth rates for 2025-2027 are 10.68%, 11.17%, and 5.67%, respectively [10].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600486 证券简称：扬农化工 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 主要会计数据和财务指标 单位：元 币种：人民币 ■ 非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 主要会计数据、财务指标发生变动的情况、原因 □适用 √不适用 二、股东信息 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [3] Core Views - The company's Q1 performance met expectations, with revenue of 3.241 billion yuan, a year-on-year increase of 2.04%, and a net profit attributable to shareholders of 435 million yuan, up 1.35% year-on-year [1] - Despite a decline in product sales prices, the company demonstrated strong cost control, and the new Liaoning project is expected to contribute positively to future performance [6] - The agricultural chemicals industry is currently at the bottom of its cycle, but the company is expected to show resilience and potential for profit growth as market conditions improve [6] Financial Data and Valuation - Total revenue projections for the company are as follows: 11.478 billion yuan in 2023, 10.435 billion yuan in 2024, and expected growth to 11.732 billion yuan in 2025, representing a year-on-year growth of 12% [2][9] - The company's net profit is projected to be 1.565 billion yuan in 2023, decreasing to 1.202 billion yuan in 2024, and then increasing to 1.349 billion yuan in 2025, with a corresponding EPS of 3.85 yuan, 2.96 yuan, and 3.32 yuan respectively [2][10] - The current PE ratio is 13.3 for 2023, increasing to 17.3 in 2024, and then decreasing to 15.4 in 2025, indicating a potential undervaluation in the coming years [10] Sales Performance - In Q1 2025, the company's raw material revenue reached 1.81 billion yuan, a year-on-year increase of 4.8%, with sales volume up 14.8% to 28,700 tons, despite a sales price drop of 8.8% [6] - The company's comprehensive gross margin improved by 0.3 percentage points to 24.6% in Q1 2025, reflecting effective cost management [6] Project Development - The company is advancing its innovative pesticide development, with significant progress on the Liaoning project, which is expected to enhance production capabilities and product offerings [6] - The company aims to complete the first phase of the Liaoning project ahead of schedule, with multiple products already yielding qualified outputs [6]

证券代码：600486 证券简称：扬农化工 公告编号：2025-019 江苏扬农化工股份有限公司 关于召开2024年年度股东大会的通知 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： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 26 日 14 点 00 分 召开地点：扬州市邗江区开发西路 203 号扬农大厦 5 楼 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 26 日 至2025 年 5 月 26 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 股东大会召开日期：2025年5月26日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二)股东大会召集人：董事会 (三) ...

证券代码：600486 证券简称：扬农化工 编号：临 2025-015 江苏扬农化工股份有限公司 第八届监事会第十八次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 1、审议同意公司 2025 年第一季度报告。 表决结果：5 票同意、0 票反对、0 票弃权。 监事会认为该报告的编制和审议程序符合法律、法规、公司章程的规定，报 告的内容和格式符合中国证监会和上海证券交易所的各项规定，真实地反映了公 司报告期的经营管理和财务状况，参与报告编制和审议的人员无违反保密规定的 行为。 2、审议同意关于公司 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议案。 表决结果：5 票同意、0 票反对、0 票弃权。 监事会认为：鉴于公司 2022 年限制性股票激励计划第二个解除限售期业绩 考核目标未达到解除限售条件，根据公司《激励计划》《管理办法》，回购注销 260 名激励对象第二个解除限售期不满足解除限售条件的限制性股票 1,265,145 股。本次回购注销部分 ...

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"）第八届董事会第二十六次 会议，于二〇二五年四月十六日以书面方式发出通知，于二〇二五年四月二十六 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。监事会成员列席了会议。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、审议通过《2025 年第一季度报告》。 表决结果：9 票同意、0 票反对、0 票弃权。 证券代码：600486 证券简称：扬农化工 编号：临 2025-014 江苏扬农化工股份有限公司 第八届董事会第二十六次会议决议公告 本议案经审计委员会 2025 年第二次会议审议通过，并同意提交董事会审议。 详见上海证券交易所网站（www.sse.com.cn），和刊登于 2025 年 4 月 29 日 上海证券报、中国证券报的《2025 年第一季度报告 ...

证券代码：600486 证券简称：扬农化工 编号：临 2025-017 限制性股票回购数量：1,265,145 股，涉及人数 260 人。 限制性股票回购价格：首次授予的限制性股票回购价格为 38.35 元/股，预 留部分的限制性股票回购价格为 31.52 元/股，回购资金为公司自有资金。 江苏扬农化工股份有限公司 关于公司 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： 2022 年限制性股票激励计划激励对象名单。公示期满，公司未收到任何组织或 个人对拟激励对象提出的异议。 江苏扬农化工股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开 第八届董事会第二十六次会议和第八届监事会第十八次会议，审议通过《关于公 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议案》。鉴于公司 2022 年限制性股票激励计划第二个解除 限售期业绩考核目标未达到解除限 ...