Investment Rating - The report does not explicitly state the investment rating for Shandong Cynda Chemical Core Insights - The company's product volume and price have both increased, with the price of clethodim continuing to rise [1][4] - In Q1 2025, the company achieved a non-recurring net profit of 20 million yuan, a year-on-year increase of 224%, and an operating income of 543 million yuan, a year-on-year increase of 10.78% [2][3] - The gross profit margin was 17.78%, an increase of 4.97 percentage points year-on-year, while the net profit margin was 3.92%, an increase of 6.73 percentage points year-on-year [2][3] Summary by Sections Financial Performance - In Q1 2025, the total profit reached 24 million yuan, a year-on-year increase of 296.51%, and the net profit attributable to the parent company was 22 million yuan, a year-on-year increase of 257.63% [2][3] - The performance growth was driven by increased sales volume and price of major products [2][3] Market Conditions - The supply and demand in the market remain tight, with the mainstream transaction reference price of clethodim at 130,000 yuan per ton, an increase of 10,000 yuan per ton (up 8.33%) from the previous week [4] - Market spot inventory is low, and demand remains strong, with most enterprises able to schedule orders until July [4] Product Development - The company has made significant progress in original drug R&D, establishing a core matrix of innovative products including quinclorac, pyrazoxyfen, and Feproxydim [5] - The first original product, quinclorac, has been applied in over 2 million mu of sorghum fields, with rapidly growing sales [5] - The second original herbicide, pyrazoxyfen, is set to launch in 2025, while the third innovative herbicide, Feproxydim, is currently under review [5]

证券代码：603086 证券简称：先达股份 公告编号：2025-034 山东先达农化股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 1、公司在任董事7人，出席6人，董事王申健因工作原因无法出席本次会议； 2、公司在任监事3人，出席1人，监事李刚先生、王小丽女士因工作原因无 法出席本次会议； 3、公司董事会秘书、财务总监江广同先生出席本次会议，部分高级管理人 员列席本次会议。 (一)股东大会召开的时间：2025 年 5 月 20 日 (二)股东大会召开的地点：济南市高新区新泺大街 2008 号银荷大厦 D 座 6 楼会 议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 197 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 135,855,760 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数 ...

北京 上海 南京 杭州 天津 深圳 高朋（上海）律师事务所 关于山东先达农化股份有限公司 2024 年年度股东大会的 法律意见书 2025 年 5 月 扬州 中国上海市徐汇区虹桥路 500 号中城国际大厦 23 楼 邮编：200030 电话/Tel：（8621）5039-2800 传真/Fax：（8621）5039-2800 网址：http://www.gaopenglaw.com www.gaopenglaw.com 中国·上海·徐汇区虹桥路 500 号 中城国际大厦 23 楼 23/F CURA International Center , No 500 HongQiao Road , XuHui District , Shanghai , 200030 ,China 电话/Tel：（8621）5039-2800 传真/Fax：（8621）5039-2800 www.gaopenglaw.com 高朋（上海）律师事务所 关于山东先达农化股份有限公司 2024 年年度股东大会的 法律意见书 致：山东先达农化股份有限公司 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事 ...

Group 1 - The company held its 2024 annual performance briefing on May 16, 2025, via an online interactive format [1] - Key executives, including the board secretary and CFO, participated in the briefing and addressed investor inquiries [1] - The company emphasized the significant potential of its innovative herbicides in overseas markets, particularly in rice cultivation areas in Latin America and Southeast Asia, where efficacy assessments have been completed [1][2] Group 2 - The company has two innovative herbicides already on the market, with another undergoing registration review, indicating a strong growth trajectory for innovative herbicide revenue in the coming years [1][2] - The company highlighted the broad application potential of its herbicide, Pyrazosulfuron, in rice fields, which are critical for weed management [1] - The company acknowledged the challenges of industry homogenization and stressed the importance of technological innovation and strategic positioning for future growth [1]

证券代码：603086 证券简称：先达股份 公告编号：2025-033 山东先达农化股份有限公司 关于 2024 年度业绩说明会召开情况的公告 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个别及连带责任。 山东先达农化股份有限公司（以下简称"公司"）于 2025 年 5 月 16 日（星期五） 13:00-14:00 在上海证券交易所上证路演中心（网址：http://roadshow.sseinfo.com/）， 以网络文字互动方式召开公司 2024 年度业绩说明会。关于本次业绩说明会的召开事项， 公司已于 2025 年 5 月 9 日在《中国证券报》《上海证券报》《证券时报》《证券日报》 及上海证券交易所网站上披露了《关于召开 2024 年度业绩说明会的公告》（公告编号： 2025-031）。现将有关事项公告如下： 一、本次说明会召开情况 2025 年 5 月 16 日，公司董事长王现全先生、独立董事袁成雷先生、董事兼总经理 门亮先生、董事会秘书兼财务总监江广同先生出席了本次说明会，并对投资者提出的问 题进行了回答。 二、投资者提出 ...

Core Viewpoint - The company is focusing on the development of new drugs and enhancing its product commercialization process to improve profitability and return value to investors [1][4][5] Group 1: Product Development and Market Strategy - The company is actively developing new drugs, including the integration of seed and pesticide solutions, with ongoing research and development efforts [2][4] - The new product, Pyrazol Quinclorac, is currently in the market promotion phase, indicating a strategic push for new product launches [4][5] - The company has completed the domestic market layout for its new products and is entering a phase of increasing sales volume [5][6] Group 2: Production Capacity and Sales - The monthly production capacity for Acetochlor is approximately 1,000 tons, and the company is currently operating at full capacity due to high demand [3][5] - The company is not planning to expand the production capacity for Acetochlor, focusing instead on new drug development [2][4] - The company anticipates significant profit growth in 2025 due to rising prices of Acetochlor and strong market demand [4][5] Group 3: Market Demand and Pricing - The global demand for Acetochlor is estimated at around 35,000 tons, with expectations for varying growth rates annually [3][4] - The company is experiencing a tight supply situation for Acetochlor, particularly during peak sales seasons [4][5] - The pricing of products is influenced by supply and demand dynamics, with recent price increases expected to enhance profitability [5][6]

证券代码： 603086 证券简称：先达股份 山东先达农化股份有限公司投资者关系活动记录表 | 投资者关系活动 | □特定对象调研 分析师会议 □ | | --- | --- | | 类别 □ | 媒体采访 业绩说明会 √ | | □ | 新闻发布会 路演活动 □ | | □ | 现场参观 | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 年山东辖区上市公司投资者网上集体接待日"投资 参与"2025 | | 人员姓名 者 | | | 时间 | 2025 年 5 月 15 日 (周四) 下午 15:00~16:30 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 1、董事兼总经理门亮 | | 员姓名 | 2、董事会秘书兼财务总监江广同 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： 1、您好，目前公司烯草酮生产成本一吨是多少万，除目前 | | | 已明确产能以外，公司有没有继续扩大产能的计划安排？ | | | 您好，感 ...

Core Viewpoint - The recent reduction of bilateral tariffs between China and the U.S. is expected to boost trade volumes and prompt companies to expedite orders and shipments, reflecting a shift in the export landscape [1][3]. Group 1: Impact on Trade and Orders - U.S. customers are urgently requesting shipments, with some even opting for air freight, which was uncommon previously [2]. - The Shanghai Export Container Freight Index indicates a 10.2% increase in the shipping rates for the U.S. West Coast route, reflecting rising demand [2]. - Companies like Huayi Group and Xian Da Co. anticipate increased sales due to tariff adjustments, with Huayi projecting sales of 223 million pairs of shoes in 2024 [1][3]. Group 2: Resilience of Chinese Manufacturing - Chinese manufacturers maintain a strong demand, with many reporting no loss of customers despite previous tariff increases [3]. - Companies are experiencing an influx of orders, with some U.S. clients increasing their order volumes in response to tariff changes [3]. - The expectation of a "rush to export" is prevalent in the industry, driven by the recovery of previously delayed shipments [3]. Group 3: Strategic Adjustments and Global Expansion - Companies are focusing on diversifying their production capacities overseas to mitigate supply chain risks, with plans for new factories in Vietnam and Indonesia [5]. - The strategy includes balancing production across global markets, not limited to the U.S., to enhance supply chain integration and customer service [5]. - Alibaba International Station is actively working to expand the U.S. buyer base and facilitate increased order conversion for Chinese sellers [4].

证券代码：603086 证券简称：先达股份 公告编号：2025-032 山东先达农化股份有限公司 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。 为进一步加强与投资者的互动交流，山东先达农化股份有限公司（以下简称 "公司"）将参加由山东证监局、山东上市公司协会与深圳市全景网络有限公司 联合举办的"2025 年山东辖区上市公司投资者网上集体接待日活动"，现将相关 事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路 演 APP,参与本次互动交流。活动时间为 2025 年 5 月 15 日（周四）15:00-16:30。 届时公司董事兼总经理门亮先生、董事会秘书兼财务总监江广同先生（如遇特殊 情况，参会人员可能调整，具体以当天实际参会人员为准）将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况和可持续发展等投资者关心的问题， 与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 山东先达农化 ...

Core Viewpoint - The pesticide industry is gradually recovering after several years of downturn, with leading company XianDa achieving a turnaround in profitability in Q1 2025 [2][3]. Industry Recovery - The pesticide market in China saw 883 large-scale enterprises in 2024, a historical high, with total revenue increasing by 3.2% year-on-year, although total profit decreased by 3.4% [3]. - From September 2024, cumulative revenue began to show signs of recovery, indicating a gradual improvement in industry performance [3]. - XianDa reported a revenue of 2.419 billion yuan in 2024, with a net loss of 25.8755 million yuan, which was a significant reduction in losses compared to 2023 [3]. - In Q1 2025, XianDa achieved a revenue of 543 million yuan, a year-on-year increase of 10.8%, and a net profit of 21.69 million yuan, marking a successful turnaround [3]. Factors Contributing to Recovery - The industry has seen the elimination of outdated production capacity due to prolonged market stagnation, optimizing the supply-demand structure [4]. - The shift towards technology-driven transformation in Chinese pesticide companies, spurred by policy guidance, has provided new momentum for industry development [4]. Innovation as a Key Driver - Innovation has become a crucial lever for industry transformation, with 33 pesticide products recognized as patent-intensive in 2024, a year-on-year increase of 83.33%, and export value reaching 113.3 billion yuan [4]. - XianDa has increased its R&D investment to 4.6% of revenue, amounting to 111 million yuan in 2024, despite facing performance pressures [5][4]. - The company has established a comprehensive innovation system that enhances collaboration and risk management, significantly improving its R&D capabilities [6]. Management and Market Strategy - XianDa has adopted a "cylinder-shaped development model" to break down departmental barriers, fostering efficient collaboration among R&D, production, and marketing teams [8]. - The company has streamlined its product development cycle from 3-5 years to under 2 years through digital management systems [8]. - XianDa is focusing on creating innovative products, transitioning from selling raw materials to selling technology and leading market demand [9]. Global Market Expansion - XianDa aims to establish a strong presence in the global agricultural market, recognizing the need to enhance the international visibility of Chinese pesticide brands [10]. - The company is actively researching global pesticide registration policies to facilitate entry into high-end international markets [11]. - XianDa's products are currently sold in over 80 countries, with ambitions to build a globally influential Chinese agricultural brand [11].