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].

证券代码：603086 证券简称：先达股份 公告编号：2025-031 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。 重要内容提示： 会议召开时间：2025 年 5 月 16 日(星期五)13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动。 投资者可于 2025 年 5 月 9 日(星期五)至 5 月 15 日(星期四)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 cynda@cynda.cn 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。 一、说明会类型 山东先达农化股份有限公司（以下简称"公司"）已于 2025 年 4 月 23 日在 上海证券交易所网站（www.sse.com.cn）及指定信息披露媒体披露了公司 2024 年年度报告。为便于广大投资者更 ...

Investment Rating - The report does not explicitly state an investment rating for the chemical industry, but it provides detailed insights into market performance and trends, indicating a cautious outlook for certain segments [2][11]. Core Insights - In April 2025, the basic chemical index decreased by 3.61%, ranking 20th among primary industries, with various sub-sectors experiencing different levels of performance [11][16]. - The apparent consumption of methanol in China has surpassed 100 million tons for the first time, indicating significant growth in demand [2]. - The report highlights a notable increase in the prices of key chemical products, particularly trichloroethylene, which rose by 16.28% due to supply constraints and strong demand in the refrigerant market [24][25]. Market Overview - Major indices in April 2025 showed declines: Shanghai Composite Index -1.70%, Shenzhen Component Index -5.75%, and ChiNext Index -7.40% [11]. - Among the basic chemical sub-sectors, the rubber and products segment saw a significant decline of 13.52%, while daily chemicals and inorganic salts experienced growth of 8.56% and 4.37%, respectively [16][20]. Product Price Movements - The top ten products with price increases included trichloroethylene (16.28%), ammonium sulfate (12.20%), and H acid (10.96%) [24][30]. - Conversely, the products with the largest price declines included TMA (-28.26%), bromine (-24.14%), and vitamin A (-18.07%) [30][32]. Company Performance - In April 2025, 221 basic chemical companies reported positive returns, while 319 companies experienced negative returns [20]. - The top-performing companies included United Chemical with a 159.09% increase and Hongbaoli with a 104.27% increase in stock price [21][22]. Industry Trends - The report notes that the chemical raw materials and products manufacturing industry achieved a total profit of 78.76 billion yuan in the first quarter, reflecting a slight decline of 0.4% year-on-year [34]. - Shandong province is focusing on enhancing its chemical industry advantages, with significant growth in the number of large-scale chemical enterprises and revenue generation [34].

Investment Rating - The report does not explicitly state an investment rating for the chemical industry Core Insights - In April 2025, the basic chemical index decreased by 3.61%, ranking 20th among primary industries, with 12 sub-industries showing growth and 20 experiencing declines [11][16][20] - The apparent consumption of methanol in China has surpassed 100 million tons for the first time [1] Market Overview - Major indices in April 2025 showed the following changes: Shanghai Composite Index -1.70%, Shenzhen Component Index -5.75%, ChiNext Index -7.40%, and North Securities 50 Index +4.72% [11] - The basic chemical sector's performance was mixed, with significant declines in rubber and related products, while daily chemical products and inorganic salts showed positive growth [16][20] Product Price Movements - The top ten products with price increases in April 2025 included Trichloroethylene (+16.28%), Ammonium Sulfate (+12.20%), and H Acid (+10.96%) [24][25] - Trichloroethylene prices rose significantly due to reduced production and strong demand in the refrigerant market [25][26] Sub-Industry Performance - Among the basic chemical sub-industries, the top five performers were daily chemicals (+8.56%), inorganic salts (+4.37%), and fluorochemicals (+3.46%), while polyurethane and tires saw the largest declines of -17.59% and -14.68%, respectively [16][19] - In April 2025, 221 companies in the basic chemical sector reported positive returns, while 319 reported negative returns [20] Company Performance - The top ten companies by monthly growth included United Chemical (+159.09%), Hongbaoli (+104.27%), and Zhongxin Fluorine Materials (+65.92%) [21][22] - Conversely, the bottom ten companies included Hunan YN (-22.18%), Dingjide (-22.54%), and Hengxing New Materials (-23.21%) [23][24] Industry News - In the first quarter of 2025, the chemical raw materials and products manufacturing industry achieved a total profit of 78.76 billion yuan, a slight decrease of 0.4% year-on-year [32] - Shandong province continues to enhance its chemical industry advantages, with 3,682 large-scale chemical enterprises and a revenue of 2.86 trillion yuan by the end of 2024 [32]