四川和邦生物科技股份有限公司 第六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。 四川和邦生物科技股份有限公司（以下简称"公司"）第六届董事会第二十 五次会议通知于2025年8月8日分别以专人送达、电子邮件或传真等方式发出，会 议于2025年8月19日以现场表决方式召开。 本次会议由公司董事长曾小平先生召集并主持。应到董事 9 名,实到董事 9 名。会议的召集、召开符合有关法律、行政法规、部门规章和《四川和邦生物科 技股份有限公司章程》的规定，表决所形成的决议合法、有效。会议审议通过了 如下议案： 一、审议通过《四川和邦生物科技股份有限公司 2025 年半年度报告》 证券代码：603077 证券简称：和邦生物 公告编号：2025-037 债券代码：113691 债券简称：和邦转债 表决结果：同意 9 票，反对 0 票，弃权 0 票。 本议案已经公司第六届董事会审计委员会第十次会议审议通过。 二、审议通过《关于 2025 年半年度募集资金存放与实际使用情况的专项报 告》 具体内容详见公司于同日在上 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2025, with total revenue reaching RMB 1.2 billion, representing a year-on-year growth of 25%[1] - The company's operating revenue for the first half of the year was CNY 3.92 billion, a decrease of 19.13% compared to CNY 4.85 billion in the same period last year[21] - The total profit for the reporting period was CNY 54.98 million, down 77.59% from CNY 245.32 million year-on-year[21] - The net profit attributable to shareholders was CNY 51.77 million, a decline of 73.07% from CNY 192.27 million in the previous year[21] - The basic earnings per share decreased by 71.86% to CNY 0.0065 from CNY 0.0231 in the same period last year[22] - The gross profit margin for the first half of 2025 was reported at 40%, an increase from 35% in the same period last year[1] - The company reported a net profit margin decline due to increased operating costs, with operating costs at CNY 3,550,560,477.59 for the first half of 2025[128] - The total profit for the first half of 2025 was CNY 324,520,801.54, compared to CNY 185,448,673.87 in the first half of 2024, reflecting a strong performance[133] Market Expansion and Product Development - The company has provided a positive outlook for the second half of 2025, projecting a revenue growth of 20% based on new product launches and market expansion strategies[1] - New product development includes the launch of a high-efficiency solar panel, expected to contribute an additional RMB 300 million in revenue by the end of 2025[1] - The company is expanding its market presence in Southeast Asia, targeting a 10% market share in the region by 2026[1] - The company plans to expand its market presence and invest in new product development, aiming for a 15% increase in R&D spending in the upcoming fiscal year[143] - The company is actively pursuing strategic acquisitions to enhance its market position and diversify its product offerings[145] Research and Development - The company has invested RMB 150 million in R&D for innovative biotechnology solutions, aiming to improve product efficiency and sustainability[1] - The company's research and development expenses were CNY 8,308,956.21 for the first half of 2025, compared to CNY 14,793,583.58 in the same period of 2024[129] User Growth and Customer Base - User data indicates a growing customer base, with active users increasing by 15% to 3 million during the reporting period[1] - The company reported a significant increase in user data, with active users growing by 20% year-over-year, reaching a total of 1,034,783,000[140] Financial Health and Cash Flow - The net cash flow from operating activities was CNY 145.47 million, compared to a negative cash flow of CNY 103.48 million in the previous year[21] - The overall cash flow from operating activities improved significantly, with a net cash flow of CNY 145 million compared to a negative CNY 103 million in the previous year[55][56] - The company's cash and cash equivalents stood at CNY 6,863,772,712.09, slightly decreased from CNY 6,999,422,872.19 as of December 31, 2024[121] - The total cash and cash equivalents at the end of the first half of 2025 were CNY 6,846,738,753.86, compared to CNY 2,854,896,360.26 at the end of the first half of 2024[137] Strategic Initiatives and Governance - A strategic acquisition of a local competitor is in progress, which is anticipated to enhance production capacity by 30%[1] - The company has enhanced investor communication channels, including dedicated investor email and phone lines, to build long-term trust with investors[74] - The company has revised several governance documents to improve its governance structure and risk prevention capabilities[76] Risks and Challenges - The company has no significant risks affecting its operations, as stated in the management discussion section of the report[1] - The company is facing risks related to market price fluctuations that could impact performance, as product gross margins are significantly affected by sales prices[73] Inventory and Asset Management - The company's inventory decreased to CNY 4,241,183,693.94 from CNY 4,544,934,762.69, representing a decline of about 6.7%[121] - The company employs a perpetual inventory system for certain product categories, while others use a physical inventory system[197] Financial Instruments and Accounting Policies - The company recognizes loss provisions for financial instruments based on whether credit risk has significantly increased since initial recognition[184] - The company uses RMB as its functional currency for domestic operations, while foreign subsidiaries use currencies based on their primary economic environments[169] - The company adopts the central exchange rate published by the People's Bank of China on the transaction date for converting foreign currency amounts into RMB[175] Shareholder Information and Equity Changes - The total number of shares increased to 8,831,364,728 after the issuance of 114,500 shares due to the conversion of bonds[99] - The largest shareholder, Sichuan Hebang Investment Group Co., Ltd., holds 1,963,779,103 shares, representing 22.24% of total shares, with 1,069,000,000 shares pledged[104] - The company has a history of distributing cash dividends, with a recent payout of 0.04 yuan per share to shareholders[158]

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the first half of 2025, attributed to macroeconomic factors and changes in market supply and demand [1] Financial Performance - The company achieved operating revenue of 3.921 billion yuan, a year-on-year decrease of 19.13% [1] - The net profit attributable to shareholders was 51.715 million yuan, reflecting a year-on-year decline of 73.07% [1] - Basic earnings per share were reported at 0.0065 yuan [1] Market Conditions - The report indicates that the decline in revenue and profit was influenced by a decrease in market prices for some of the company's products due to macroeconomic conditions and market supply-demand changes [1]

今年上半年，公司归属于上市公司股东的净利润、基本每股收益较去年同期下降幅度较大，主要系受宏 观经济及市场供需变化影响，公司部分产品市场价格有不同程度下降所致。 智通财经APP讯，和邦生物(603077.SH)发布2025年半年度报告，该公司营业收入为39.21亿元，同比减 少19.13%。归属于上市公司股东的净利润为5177.15万元，同比减少73.07%。归属于上市公司股东的扣 除非经常性损益的净利润为4698.01万元，同比减少74.88%。基本每股收益为0.0065元。 ...

Core Viewpoint - The company, Hebang Biotechnology (603077.SH), reported a significant decline in both revenue and net profit for the first half of 2025, primarily due to macroeconomic factors and changes in market supply and demand [1] Financial Performance - The company achieved a revenue of 3.921 billion yuan, representing a year-on-year decrease of 19.13% [1] - The net profit attributable to shareholders was 51.7715 million yuan, down 73.07% compared to the same period last year [1] - The net profit after deducting non-recurring gains and losses was 46.98 million yuan, reflecting a decline of 74.88% year-on-year [1] - Basic earnings per share were reported at 0.0065 yuan [1] Market Impact - The significant drop in net profit and earnings per share is attributed to the decline in market prices of certain products, influenced by macroeconomic conditions and market dynamics [1]

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the first half of 2025, primarily due to macroeconomic factors and changes in market supply and demand [1] Financial Performance - The company's operating revenue for the first half of 2025 was 3.921 billion yuan, a year-on-year decrease of 19.13% [1] - The net profit attributable to shareholders was 51.7715 million yuan, down 73.07% compared to the same period last year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 46.9801 million yuan, reflecting a 74.88% year-on-year decline [1] - Basic earnings per share were reported at 0.0065 yuan [1] Market Impact - The decline in net profit and earnings per share is attributed to a decrease in market prices for some of the company's products, influenced by macroeconomic conditions and market dynamics [1]

Group 1 - The company's operating revenue for the first half of 2025 is 3.921 billion yuan, representing a year-on-year decrease of 19.13% [1] - The net profit for the same period is 51.715 million yuan, showing a significant year-on-year decline of 73.07% [1]

Group 1 - The company plans to construct a production line for 500,000 tons per year of glyphosate in Guang'an, Sichuan [2] - There are no plans to produce 500,000 tons of glycine [2] - The company advises that significant operational information should be referenced in official announcements [2]

Core Points - The average stock price of A-shares is 12.63 yuan, with 36 stocks priced below 2 yuan, the lowest being *ST Suwu at 1.08 yuan [1] - Among the low-priced stocks, 12 are ST stocks, accounting for 33.33% of the total [1] - The Shanghai Composite Index closed at 3665.92 points as of August 12 [1] Low-Priced Stocks Summary - The lowest priced stock is *ST Suwu at 1.08 yuan, followed by *ST Jinke at 1.41 yuan and Rongsheng Development at 1.43 yuan [1] - In terms of market performance, 15 of the low-priced stocks increased in price, with ST Zhongzhu rising by 5.03%, *ST Tianmao by 2.63%, and *ST Jinglan by 1.75% [1] - Conversely, 12 stocks decreased in price, with Shandong Steel dropping by 1.29%, Chongqing Steel by 1.28%, and *ST Jinke by 0.70% [1] Detailed Low-Priced Stocks Table - The table includes various low-priced stocks with their latest closing prices, daily price changes, turnover rates, price-to-book ratios, and industries [2] - Notable stocks include ST Zhongzhu at 1.88 yuan with a 5.03% increase, and *ST Xingguang at 1.96 yuan with a 1.03% increase [2]

Summary of Glyphosate Industry Conference Call Industry Overview - The glyphosate industry in China has stabilized its production capacity at approximately 810,000 tons since 2022, with a production of 362,000 tons from January to July 2025, reflecting a slight year-on-year increase of 0.2% and an operating rate of about 77% [1][2][3] - China accounts for nearly 70% of the global glyphosate production capacity, with major players including Monsanto and several Chinese listed companies [1][2][4] Key Insights and Arguments - The domestic glyphosate industry has seen increased concentration due to environmental inspections and supply-side reforms, limiting new capacity additions [1][2] - New projects include a joint venture between Jiangshan Co. and Wengfu Group for a 100,000-ton project and a 500,000-ton project planned by Hebang Biotechnology, expected to strengthen China's market position [1][3] - Glyphosate's primary downstream demand comes from agricultural use, accounting for over 90%, benefiting from the promotion of genetically modified crops and stable overseas demand [1][2][3] - Exports from China to the US, Brazil, Russia, and India saw a year-on-year increase of 14.2% in volume and 11.1% in value from January to June 2025 [1][3] Price Trends - Glyphosate prices reached a historical high of 80,000 yuan/ton in early 2022 due to rising costs from upstream raw materials, followed by a decline to around 30,000 yuan/ton as supply recovered and demand fell [7] - Since the second quarter of 2025, prices have been rising again, with an average of 25,808 yuan/ton in the third quarter, driven by increased export orders [7][8] Future Supply and Demand Balance - From 2025 to 2027, the domestic glyphosate industry is expected to see limited new capacity, maintaining a balanced supply-demand structure despite a projected annual increase in export demand of about 10,000 tons [8] - The industry is anticipated to experience a bottom reversal and sustained positive development due to stable demand growth driven by the promotion of genetically modified crops and the replacement of highly toxic pesticides [5][6][10] Competitive Landscape - Key competitors in the glyphosate market include Xingfa Group, Xin'an Chemical, Jiangshan Co., and Hebang Biotechnology, with Xingfa Group leading in production scale and profitability [9][10] - The competitive environment is expected to improve due to the optimization of the competitive landscape and stable demand growth [10] Investment Outlook - Short-term performance of related companies is expected to improve significantly due to rising export orders and decreasing inventory levels [10] - Long-term prospects remain positive, with a potential bottom reversal in the industry, making Xingfa Group a top pick, along with Xin'an Chemical, Jiangshan Co., and Hebang Biotechnology benefiting from the industry recovery [10]