证券代码：600486 证券简称：扬农化工 编号：临 2025-002 江苏扬农化工股份有限公司 第八届董事会第二十五次会议决议公告 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"）第八届董事会第二十五次 会议，于二〇二五年三月十一日以书面方式发出通知，于二〇二五年三月二十一 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。 会议听取了独立董事李钟华、任永平、李晨所作的《独立董事 2024 年度述 职报告》（详见上海证券交易所网站 www.sse.com.cn）。 二、董事会会议审议情况 1、审议通过《2024 年董事会报告》。 表决结果：9 票同意、0 票反对、0 票弃权。 2、审议通过《2024 年总经理业务工作报告》。 表决结果：9 票同意、0 票反对、0 票弃权。 3、审议通过《2024 年董事会授权事项报告》。 ...

证券代码：600486 证券简称：扬农化工 编号：临 2025-004 江苏扬农化工股份有限公司 2024 年度利润分配方案公告 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 ● 每股分配比例：每股派发现金红利 0.68 元 ● 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日期将 在权益分派实施公告中明确。在实施权益分派的股权登记日前公司总股本如发生 变动，拟维持每股分配比例不变，相应调整分配总额，并将在相关公告中披露。 ● 董事会提请股东大会授权董事会制定并实施 2025 年中期利润分配方案。 ● 公司不触及《上海证券交易所股票上市规则》（以下简称"《股票上市规则》"） 第 9.8.1 条第一款第（八）项规定的可能被实施其他风险警示的情形。 一、利润分配方案内容 （一）利润分配方案的具体内容 1、2024 年度利润分配方案 截至 2024 年 12 月 31 日，公司母公司报表中期末未分配利润为人民币 1,288,398,300.72 元。经董事会决议，公司 2024 年年度拟以实施权益分派股 ...

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。 重要提示 一、本次增资事项概述 （一）董事会召开情况 证券代码：600486 证券简称：扬农化工 编号：临 2024-055 江苏扬农化工股份有限公司 关于对全资子公司增资的公告 （二）股权结构 江苏扬农化工股份有限公司（以下简称"公司"或"扬农化工"）第八届董 事会第二十三次会议，于 2024 年 12 月 10 日以书面方式发出通知，于 2024 年 12 月 13 日以专人送达及传真方式召开，审议通过了《关于对全资子公司增资的 议案》。根据《上海证券交易所股票上市规则》和《公司章程》等相关规定，本 次增资事项无须提交公司股东会审议。 （二）本次增资的基本情况 辽宁优创植物保护有限公司（以下简称"辽宁优创"）是本公司的全资子公 司，是扬农化工北方基地项目（辽宁优创一期项目）建设主体，为了解决辽宁优 创项目建设资金需求，优化其资本结构，公司拟以自有资金对辽宁优创增资 70,000.00 万元。 （三）本次增资事项不构成关联交易，也不构成《上市公司重大资产重组管 理办法》规 ...

然后这期的话呢,由于上次输入了万华,这期来树立一下洋农就是把洋农化工的基本面给大家做一个更新然后希望对大家能有所帮助然后这里的话就是说首先我把洋农化工的基本逻辑给大家介绍一下首先洋农在过去的话它是在这个橘子、麦草薇、草甘霖 在这些大单品上它的技术工艺成本都做到了全行业最优所以说在过去的话从洋农化工它的优佳项目从2013年到2022年连续投了4期这4期投下去的话都给公司带来了收入和净利润的增长而且在农药价格有波动的前提之下公司穿越了周期底部利润不断抬升那么 我们认为的话就是洋农化工后续的话我们认为它的成长性主要来自北方基地北方基地的话现在是规划了这个1500亩的土地大概是能投三期然后总投资额在100亿左右这个后续持续的投下去我们认为公司的话它会持续的贡献收入和经济利润就它的收入和经济利润还是会维持持续提升的这么一个趋势 然后我们认为的话公司从24年到29年这5年时间的话平均的一个符合增速能达到10%到15%左右的这么一个符合增速 那么大家关注的核心的问题就是因为羊农过去所谓的产品主要集中在菊池树草剂是集中在百草维和草干林然后大家比较关注的话是葫芦岛项目要做什么新的产品那么这些新的产品它的盈利是否能保持一个相对不 ...

证券代码：600486 证券简称：扬农化工 公告编号：临 2024-054 江苏扬农化工股份有限公司 关于召开 2024 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： 投资者可于 2024 年 11 月 20 日(星期三)至 11 月 26 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 2024 年 10 月 29 日 发布公司 2024 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 2024 年前三季度经营成果、财务状况，公司计划于2024年11月27日下午14:00-15:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年前三季度的经 营成果及财务指标的具体情况与投 ...

Investment Rating - The report maintains a "Buy" rating for Yangnong Chemical (600486) [1] Core Views - The company achieved a year-on-year increase in net profit for Q3, demonstrating resilience at the bottom of the cycle, with a focus on the ramp-up of the Huludao project [2][10] - The company is expected to see significant growth driven by the Huludao project, with projected revenues of 11.4 billion, 13.7 billion, and 15.8 billion yuan for 2024, 2025, and 2026 respectively, and net profits of 1.269 billion, 1.682 billion, and 1.969 billion yuan for the same years [10][21] Financial Performance - In Q3 2024, the company reported operating revenue of 2.317 billion yuan, a year-on-year increase of 5.0%, and a net profit attributable to shareholders of 263 million yuan, up 10.9% year-on-year [2][3] - The gross profit margin for Q3 was 23.5%, a decrease of 0.4 percentage points year-on-year, while the net profit margin increased by 0.59 percentage points year-on-year to 11.3% [2][3] - The original drug segment generated revenue of 1.497 billion yuan in Q3, a 4% increase year-on-year, while the formulation segment saw a revenue decline of 5% year-on-year [3][10] Project Development - The Huludao project is progressing well, with the first phase of construction completed and trial production of several products underway [8][10] - The project is expected to enhance the company's production capacity and balance its operations geographically [8][10] Market Conditions - The report notes that pesticide prices have fallen to historical lows, indicating a potential for recovery in industry demand [4][5] - The company’s stock has shown a performance of -1.3% over the past month, but a 13.8% increase over the last three months [3]

证券代码：600486 证券简称：扬农化工 编号：临 2024-053 江苏扬农化工股份有限公司 关于与安道麦签署委托管理协议的 关联交易公告 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、关联交易概述 1 关联关系：安道麦为公司间接控股股东中国中化控股有限责任公司所控制的 法人，根据上海证券交易所《股票上市规则》第 6.3.3 条规定，为公司的关联方。 资信情况：根据公司的了解，安道麦生产经营情况正常，经营及财务状况良 好。经查询"中国执行信息公开网"，安道麦不是失信被执行人。 三、关联交易标的基本情况 本次交易性质为委托管理，委托管理的标的为公司与安道麦间约定的基于相 同原药生产的植保制剂重叠产品在中国境内的销售。安道麦拟委托本公司管理的 业务在 2023 年的销售额约为 4,757 万元人民币，本公司拟委托安道麦管理的业 务在 2023 年的销售额约为 4,240 万元人民币。 江苏扬农化工股份有限公司（以下简称"公司"）的控股股东是先正达集团 股份有限公司（以下简称"先正达集团"），间接控股股东是中国化工集团有限 ...

Investment Rating - The report maintains a "Buy" rating for Yangnong Chemical (600486) [5] Core Views - Yangnong Chemical's Q3 2024 performance met expectations, with revenue of 8,016 million yuan (YoY -14%) and net profit of 1,026 million yuan (YoY -25%) [5] - The company's Q3 2024 revenue was 2,317 million yuan (YoY +5%, QoQ -8%), with net profit of 263 million yuan (YoY +11%, QoQ -21%) [5] - The gross profit margin for Q3 2024 was 23.51%, with a net profit margin of 12.01% [5] - The Huludao Youchuang project is progressing as expected, with the first phase in trial production and the second phase in electromechanical installation [5] - The company is expected to achieve net profits of 1,255, 1,603, and 1,962 million yuan for 2024, 2025, and 2026, respectively [5] Business Performance - In Q3 2024, the company's active pharmaceutical ingredient (API) business generated revenue of 1,497 million yuan (YoY +4%, QoQ -6%), with sales volume of 26,100 tons (YoY +12%, QoQ +4%) [5] - The formulation business revenue was 184 million yuan (YoY -5%, QoQ -46%), with sales volume of 6,200 tons (YoY +29%, QoQ -53%) [5] - Key product prices in Q3 2024: Bifenthrin 132,000 yuan/ton (YoY -17%, QoQ -3%), Cypermethrin 107,000 yuan/ton (YoY -16%, QoQ -0%), Glyphosate 25,100 yuan/ton (YoY -23%, QoQ -4%) [5] Financial Summary - The company's total operating income for 2024E is projected at 10,985 million yuan, with a net profit of 1,255 million yuan [6] - The gross profit margin for 2024E is expected to be 23.7%, with ROE at 11.8% [6] - Earnings per share (EPS) for 2024E, 2025E, and 2026E are forecasted at 3.08, 3.94, and 4.82 yuan, respectively [6] Project Development - The Huludao Youchuang project involves an investment of 4,238 million yuan to produce 15,650 tons of pesticide APIs, 7,000 tons of intermediates, and 66,133 tons of by-products annually [5] - The project is expected to generate annual revenue of 4,083 million yuan, with an ROI of 17.16% and an internal rate of return of 15.65% [5] - The project includes production of 4,500 tons/year of insecticides, 8,050 tons/year of herbicides, and 3,100 tons/year of fungicides [5]

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6][14]. Core Views - The company reported a total revenue of 8.016 billion yuan for the first three quarters of 2024, a year-on-year decrease of 13.57%. The net profit attributable to shareholders was 1.026 billion yuan, down 24.61% year-on-year [1][2]. - The third quarter saw a revenue increase of 4.98% year-on-year, reaching 2.317 billion yuan, with a net profit of 263 million yuan, up 10.87% year-on-year [1][3]. - The company is progressing steadily with its Huludao base, which began trial production in the third quarter of 2023, with further phases expected to be operational by mid-2025 [4]. Summary by Sections Financial Performance - For the first three quarters, the company generated 8.016 billion yuan in revenue, a decrease of approximately 12.58 billion yuan compared to the previous year. The raw material business accounted for 4.821 billion yuan, down about 1.133 billion yuan year-on-year, while the formulation business generated 1.388 billion yuan, down 142 million yuan [2]. - The third quarter's revenue was 2.317 billion yuan, with the raw material, formulation, and trade businesses contributing 1.497 billion, 184 million, and 636 million yuan respectively [3]. - The overall gross margin for the first three quarters was 24.02%, a decline of 2.12 percentage points year-on-year [3]. Business Segments - The raw material and formulation business volumes for the first three quarters were 76,100 tons and 34,300 tons, respectively, showing slight increases year-on-year. However, the average selling prices for these segments fell by 20.1% and 11.7% year-on-year due to a decline in raw material prices [2]. - In the third quarter, the raw material and formulation business volumes increased significantly by 11.7% and 28.6% year-on-year, while their average selling prices decreased by 6.8% and 26% respectively [3]. Future Outlook - The company expects net profits for 2024, 2025, and 2026 to be 1.35 billion, 1.72 billion, and 2.07 billion yuan respectively, reflecting adjustments based on product price changes and project progress [4]. - The Huludao base is anticipated to provide new growth opportunities over the next 2-3 years, with significant investment compared to previous projects [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 78.48 CNY, based on a revised average PE of 24 times for comparable companies in 2024 [2][4]. Core Views - The company's performance is resilient despite the agricultural chemical industry's downturn, with a notable increase in quarterly revenue and net profit year-on-year. The ongoing construction of the Huludao project is expected to contribute to future growth [1][2]. - The company reported a revenue of 8.016 billion CNY for the first three quarters of 2024, a decrease of 13.57% year-on-year, while the net profit attributable to the parent company was 1.026 billion CNY, down 24.61% year-on-year. However, the third quarter alone saw a revenue increase of 4.98% year-on-year [1][2]. Financial Summary - For 2024, the company is projected to achieve a net profit of 1.329 billion CNY, a decrease of 15.1% compared to 2023. The revenue is expected to be 11.845 billion CNY, reflecting a slight increase of 3.2% [3][7]. - The gross margin for the first three quarters of 2024 was 24.02%, with a net margin of 12.80%. The third quarter gross margin was 23.51%, showing a year-on-year decrease of 0.40% [1][3]. - The company's operating expenses for the first three quarters were 9.53% of revenue, with management, sales, R&D, and financial expense ratios showing slight year-on-year increases [1][3]. Project Development - The Huludao project, with a total investment of approximately 4.2 billion CNY, is nearing completion. It aims to produce 15,650 tons of pesticide active ingredients and 7,000 tons of pesticide intermediates annually. The first phase began trial production in July 2024, with full construction expected to be completed by the end of November 2024 [1][2].