Core Viewpoint - Su Li Co., Ltd. (603585.SH) is expected to achieve a net profit attributable to shareholders of 190 million to 220 million yuan in 2025, marking a turnaround from loss to profit compared to the previous year [1] Financial Performance - The estimated net profit excluding non-recurring gains and losses for 2025 is projected to be between 184.685 million and 214.685 million yuan [1] - The main reason for the turnaround in performance is the recovery in global agrochemical market demand, alongside the company's active market expansion and gradual release of new production capacity [1] Market Dynamics - The growth in sales volume of major products and a rebound in sales prices have contributed to the increase in revenue and gross margin year-on-year [1]

| 证券代码：603585 | 证券简称：苏利股份 | 公告编号：2026-004 | | --- | --- | --- | | 转债代码：113640 | 转债简称：苏利转债 | | 江苏苏利精细化工股份有限公司 2025 年年度业绩预告 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。 重要内容提示： 本次业绩预告的适用情形：净利润实现扭亏为盈。 1、经公司财务部门初步测算，预计2025年年度实现归属于上市公司股东的 净利润为19,000万元至22,000万元,与上年同期（法定披露数据）相比，将实现 扭亏为盈。 2、预计2025年年度归属于上市公司股东的扣除非经常性损益的净利润为 18,468.50万元至21,468.50万元。 （三）本次预告业绩未经注册会计师审计。 二、上年同期业绩情况 （一）公司实现利润总额为-1,674.82万元，实现归属于上市公司股东的净 江苏苏利精细化工股份有限公司（以下简称"公司"）财务部门初步测 算，公司预计2025年年度实现归属于上市公司股东的净利润为19,000万元至 22,000 ...

证券日报网讯 1月23日，苏利股份发布公告称，公司对外担保均为公司合并报表范围内子公司之间的担 保。截至本公告披露日，公司累计对外担保总额为81000万元（不包含本次担保），占公司2024年度经 审计净资产的25.40%，其中实际发生的对外担保余额为38319.72万元，占公司2024年度经审计净资产的 12.01%。公司无逾期担保。 （文章来源：证券日报） ...

Group 1 - The company, Sulih Holdings, announced that as of the date of the announcement, the total amount of external guarantees provided by the company is 810 million yuan, which accounts for 25.4% of the audited net assets for the fiscal year 2024 [1] - Among the total guarantees, the actual balance of external guarantees is approximately 383 million yuan, representing 12.01% of the audited net assets for the fiscal year 2024 [1] Group 2 - Local state-owned assets are beginning to "bottom out" on auctioned properties, purchasing over 60 units in the Nansha District of Guangzhou at a unit price of six to seven thousand yuan, while the average listing price for second-hand houses in the same community exceeds 20,000 yuan [1]

江苏苏利精细化工股份有限公司 关于为控股子公司提供担保的公告 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： 担保对象及基本情况 | 被担保人名称 | 本次担保金额 | 实际为其提供的 担保余额（不含本 | 是否在前期预计 | 本次担保是否有 | | --- | --- | --- | --- | --- | | | | 次担保金额） | 额度内 | 反担保 | | 大连永达苏利药业 | 5,000 万元 | 25,000 万元 | 是 | 不适用：不涉及 | | 有限公司 | | | | 反担保 | | 证券代码：603585 | 证券简称：苏利股份 | 公告编号：2026-003 | | --- | --- | --- | | 转债代码：113640 | 转债简称：苏利转债 | | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股子公司对外担保总额（万元） | 81,000 | | 对外担保总额占上市公司最近一期经审计净资产的比例（% ...

Group 1 - The core point of the article is that Su Li Co., Ltd. has announced an increase in registered capital for its subsidiary in Ningxia, indicating a further expansion in its new materials business [2] - The registered capital has been increased from 600,781,250 yuan to 632,291,666.67 yuan, while the company's ownership percentage remains at 76% [2] - The business registration changes have been completed, and a new business license has been issued for Su Li Ningxia [2]

子公司完成工商变更登记并换发营业执照的公告 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。 江苏苏利精细化工股份有限公司（以下简称"公司"）于 2025 年 12 月 25 日召开第五届董事会第八次会议，审议通过了《关于对控股子公司增资的议案》， 公司、OXON ASIA S.R.L.、SIPCAM ASIA S.R.L.各方进一步增资苏利（宁夏）新 材 料 科 技 有 限 公 司 （ 以 下 简 称 " 苏 利 宁 夏 "）， 苏 利 宁 夏 注 册 资 本 由 600,781,250.00 元人民币增加至 632,291,666.67 元人民币。本次增资中，公司 以现金形式出资 76,633,333.33 元（其中 23,947,916.67 元计入注册资本，其余 部分计入资本公积）；OXON ASIA S.R.L.以现金形式出资 19,200,000.00 元（其 中 6,000,000.00 元计入注册资本，其余部分计入资本公积）；SIPCAM ASIA S.R.L. 以现金形式出资 5,000,000.00 元 ...

Core Insights - The expiration of the compound patent for Pyraclostrobin in China has led to a surge in domestic interest, with companies increasing registration, production, and promotion efforts [1][6] - As of 2024, there are 62 registered Pyraclostrobin products in China, including 32 active ingredients and 30 formulations, primarily targeting wheat and peanut crops [1][6] - The global market for Pyraclostrobin has seen significant growth, with sales expected to rise from $973 million in 2015 to $2.014 billion by 2024, and projected to reach $2.172 billion by 2025 [5][11] Industry Overview - Pyraclostrobin, developed by Bayer in 2004, is a broad-spectrum fungicide known for its low toxicity and effectiveness against various plant diseases [2][3] - It is particularly effective against diseases affecting cereals and legumes, making it a key product in the global fungicide market, holding an 8% market share [3][5] Market Dynamics - The Chinese market for Pyraclostrobin is expanding rapidly due to the high incidence of wheat diseases, particularly Fusarium head blight, which can cause yield losses of 10% to 20% in epidemic years [7][11] - The area affected by Fusarium head blight in China is projected to reach 15 million acres in 2024, an increase of 6 million acres from 2023 [7][8] Competitive Landscape - Major companies in the Pyraclostrobin sector include Hailir, Anhui Jiuyi, Nantong Taihe, and Guangdong Guokang, among others, with many expanding production capacity [9][10] - Hailir reported a revenue of 3.391 billion yuan in the first nine months of 2025, a 5.5% increase year-on-year, indicating strong market performance [10] Future Trends - The demand for Pyraclostrobin is expected to continue rising due to increasing occurrences of wheat diseases and advancements in application methods [11] - The market is becoming increasingly competitive, with potential oversupply leading to price fluctuations, necessitating companies to optimize production and enhance brand presence [12] - The trend towards formulation mixtures is anticipated to grow, as combining Pyraclostrobin with other chemicals can delay resistance development and enhance efficacy [13]

Core Viewpoint - The agricultural pesticide sector is experiencing a significant upward trend driven by multiple favorable factors, including policy incentives, the upcoming spring farming season, and a recovery in global market demand [1][2]. Group 1: Policy Changes - The "One Certificate, One Product" policy will be fully implemented on January 1, 2026, aiming to eliminate the long-standing issues of "one pesticide with multiple names" and "certificate borrowing" in the industry [1]. - This policy is expected to compel companies to shift focus from "labeling" to "research and development," fostering competition based on technology, quality, and service, thereby promoting high-quality industry development [1]. Group 2: Export Tax Adjustments - The cancellation of export tax rebates for certain pesticide raw materials starting April 1, 2026, is anticipated to pressure profit margins for related companies in the short term [2]. - However, this adjustment may accelerate the elimination of outdated production capacity and encourage companies to transition to high-end products, enhancing product value [2]. - In 2024, China's pesticide formulation export value reached 61.36 billion, surpassing raw material exports for the first time, with a share of 54.12% [2]. Group 3: Demand Dynamics - The upcoming spring farming season is expected to release strong demand for pesticides, with an estimated 3.8 billion acres of crops affected by pests, leading to direct economic losses exceeding 42 billion [3]. - The industry has maintained an operating rate of over 80% for the past eight months, with inventory levels at their lowest since the beginning of 2024, indicating a favorable supply-demand balance [3]. Group 4: Benefiting Industries - The pesticide intermediate sector is likely to benefit from the rising demand for pesticide raw materials, with companies like Lianhua Technology expected to see performance growth due to stable demand from downstream clients [4]. - The phosphorus chemical industry will also benefit, as the recovery in pesticide demand will increase the consumption of upstream raw materials like phosphate rock and phosphoric acid [4]. - The integration of precision agriculture and the pesticide industry is expected to drive growth in the plant protection service and smart pesticide machinery sectors, with significant increases in the adoption of precision application equipment projected [5].

Core Viewpoint - The announcement provides an update on the conversion of the "Suli Convertible Bonds" into shares of Jiangsu Suli Fine Chemical Co., Ltd, detailing the total amount converted and the remaining unconverted bonds as of December 31, 2025 [2][7]. Group 1: Conversion Status - As of December 31, 2025, a total of 47,081,000 yuan of "Suli Convertible Bonds" has been converted into 2,736,727 shares of the company's A-shares, representing 1.5204% of the total shares issued before the conversion [2][7]. - In the fourth quarter of 2025, 820 "Suli Convertible Bonds" were converted into 4,765 shares [3][7]. - The total amount of unconverted convertible bonds as of December 31, 2025, is 910,121,000 yuan, which accounts for 95.0805% of the total issuance [2][7]. Group 2: Bond Issuance Overview - The company issued 9,572,110 convertible bonds on February 16, 2022, with a total value of 95,721.10 million yuan and a maturity of six years [4]. - The initial conversion price was set at 20.11 yuan per share, with subsequent adjustments due to profit distributions [4][5]. - The conversion price has been adjusted multiple times, with the latest adjustment setting it at 17.20 yuan per share effective from July 22, 2024 [5].