安徽广信农化股份有限公司 独立董事提名人声明与承诺 提名人安徽广信农化股份有限公司董事会，现提名祝传颂为安徽广信农化股 份有限公司第六届董事会独立董事候选人，并已充分了解被提名人职业专长、教 育背景、工作经历、兼任职务等情况。被提名人已书面同意出任安徽广信农化股 份有限公司第六届董事会独立董事候选人（参见该独立董事候选人声明）。提名 人认为，被提名人具备独立董事任职资格，与安徽广信农化股份有限公司之间不 存在任何影响其独立性的关系，具体声明并承诺如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、行政法规、 规章及其他规范性文件，具有五年以上法律、经济、财务、管理或者其他履行 独立董事职责所必需的工作经验，并已根据《上市公司高级管理人员培训工作 指引》及相关规定取得独立董事资格证书。 二、被提名人任职资格符合下列法律、行政法规和部门规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定（如适 用）； （三）中国证监会《上市公司独立董事管理办法》、上海证券交易所自律 监管规则以及公司章程有关独立董事任职资格和条件的相关规定； （四 ...

Summary of Conference Call Notes Company and Industry Overview - The conference call primarily discusses **Guangxin Co., Ltd.**, focusing on its position in the **agricultural chemicals industry**, particularly in the production of various pesticides and intermediates [1][2][4]. Key Points and Arguments 1. **Market Demand and Production Capacity**: - The global demand for **Dicamba** is approximately **20,000 tons**, with Brazil accounting for **8,900 to 9,000 tons**, India for **3,000 to 4,000 tons**, the U.S. for **4,500 tons**, and China for **1,500 tons** [1]. - Guangxin and **Bayi Chemical** together hold about **50%** of the total production capacity in the industry, which is **820,000 tons** [4]. 2. **Competitive Advantages**: - Guangxin has a fully integrated supply chain for its products, including key intermediates like **3426342 aniline** and others, which provides a significant cost advantage over competitors [2]. - The company’s ability to produce a complete range of products from raw materials to finished goods sets it apart from its peers [2][4]. 3. **Pricing Dynamics**: - The price of **Dicamba** rose from **8,000** to **18,000** in 2020 due to capacity relocation by Bayi Chemical, but subsequently fell to **10,000** by mid-2022 due to increased competition and price wars [5][6]. - Current pricing strategies are under review, with potential for price recovery to levels between **14,000** and **15,000**, which could significantly enhance profitability [7]. 4. **Profitability and Financial Performance**: - The company forecasts a net profit of around **400 million** for the first half of the year, with quarterly profits of **220 million** and **180 million** for Q1 and Q2 respectively [12]. - Guangxin has distributed dividends exceeding its initial capital raised, indicating strong cash flow and value creation [13][14]. 5. **Future Growth and Product Development**: - New products like **Yingzhongwei** and others are expected to contribute positively to future revenues, with potential revenues of **1.5 billion** from new product launches [11]. - The company is also working on regulatory approvals for several new products, which could further enhance its market position [10]. 6. **Market Position and Valuation**: - The company is currently viewed as undervalued, with a market capitalization of just over **10 billion**, while holding **8 billion** in cash and a stable profit base [15][16]. - The competitive landscape is stable with only a few key players, which supports a favorable environment for price recovery and profitability [15][17]. Additional Important Insights - The integration of the supply chain and the ability to adapt to market changes are highlighted as critical factors for Guangxin's sustained competitive edge [2][17]. - The potential for industry consolidation is noted, which could lead to improved pricing power and profitability across the sector [8][17]. This summary encapsulates the essential insights from the conference call, providing a comprehensive overview of Guangxin's current standing and future prospects in the agricultural chemicals industry.

证券代码：603599 证券简称：广信股份 公告编号：2024-023 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/7/24 | － | 2024/7/25 | 2024/7/25 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 6 月 7 日的 2023 年年度股东大会审议通过。 安徽广信农化股份有限公司 2023 年年度权益分派实施公告 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 A 股每股现金红利 0.60 元 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本 910,269,345 股为基数，每股派发现金红利 0.60 元（含税 ...

Summary of Conference Call Company/Industry Involved - The conference call was organized by Guojin Securities, focusing on professional investment institutions and invited clients Core Points and Arguments - The content of the meeting was primarily for exchanging research views and the expert speakers' opinions represented their personal views, not investment advice [1] Other Important but Possibly Overlooked Content - The meeting content is confidential and cannot be disclosed or shared without prior written permission from Guojin Securities [1]

Financial Performance Forecast - The company expects a net profit attributable to shareholders for the first half of 2024 to be between 390 million and 425 million CNY, a decrease of 61.87% to 58.45% compared to the same period last year [4]. - The estimated net profit after deducting non-recurring gains and losses is projected to be between 355 million and 390 million CNY, reflecting a year-on-year decrease of 63.15% to 59.52% [10]. - The previous year's net profit attributable to shareholders was 1,022.9 million CNY, with a net profit of 963.4 million CNY after deducting non-recurring gains and losses [13]. Factors Affecting Performance - The decline in performance is attributed to low prices of certain pesticides and fine chemicals due to market supply and demand changes, along with increased shipping costs and a decrease in sales volume [6]. - The company terminated the acquisition agreement for 70% of Liaoning Shixing Pharmaceutical and Chemical Co., which also impacted the net profit for the first half of 2024 [6]. Performance Forecast Validity - The company emphasizes that there are no significant uncertainties affecting the accuracy of this performance forecast [10]. - The company assures that there are no major factors that could significantly impact the performance forecast [16]. - The financial data provided is preliminary and subject to final confirmation in the official half-year report [7]. Reporting Period and Announcement - The reporting period for the performance forecast is from January 1, 2024, to June 30, 2024 [11]. - The announcement was made by the board of directors of Anhui Guangxin Agricultural Chemical Co., Ltd. on July 10, 2024 [18].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][8]. Core Views - The report highlights the company's complete industrial chain, which provides cost advantages. The company is accelerating its layout in the pharmaceutical intermediates and new materials sectors, with high value-added products expected to improve overall profitability. However, due to the sluggish pesticide market, the profit forecasts for 2024-2025 have been revised downwards [3][8]. - The expected net profits attributable to the parent company for 2024-2026 are projected to be 1.114 billion, 1.421 billion, and 1.896 billion yuan, respectively, with year-on-year growth rates of -22.6%, +27.6%, and +33.4% [3][19]. Financial Summary - The company's revenue for 2024 is estimated at 5.868 billion yuan, with a year-on-year decrease of 35.3%. The revenue is expected to grow by 10.1% in 2024, 15.6% in 2025, and 14.5% in 2026 [19]. - The gross profit margin is projected to be 32.3% in 2024, increasing to 36.5% by 2026 [19]. - The company's return on equity (ROE) is expected to decline to 10.5% in 2024 but recover to 13.5% by 2026 [19]. - The price-to-earnings (P/E) ratio is forecasted to be 9.18 in 2024, decreasing to 5.91 by 2026 [19]. Market Conditions - The report notes that the pesticide market is currently experiencing low demand due to high inventory levels overseas and industry overcapacity, leading to a continuous decline in product prices. As of June 16, 2024, the agricultural raw material price index was reported at 76.99 points, down 11.4% year-on-year [8][3]. - The company is positioned as a leader in the pesticide sector, with ongoing projects aimed at expanding its product offerings and enhancing its competitive edge [3][8]. Strategic Developments - The company is advancing multiple projects to enhance its industrial chain, including the production of various pesticide products and the establishment of a new project for the production of 40,000 tons of para-aminophenol, which is expected to strengthen its competitive position [3][8]. - The company has a significant capacity for phosgene production, which is crucial for its pesticide and fine chemical applications, and is expected to support future expansion needs [14][3].

证券代码：603599 证券简称：广信股份 公告编号：2024-021 安徽广信农化股份有限公司 2023 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、出席会议的股东和代理人人数 | | 25 | | --- | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 386,321,504 | | | 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 | | | | 份总数的比例（%） | 42.4403 | | 1、 议案名称：审议《公司 2023 年度董事会工作报告》 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由董事长黄金祥先生主持，采用现场会议、现场投票与网络投 票的方式召开，公司聘请的国浩律师（上海）事务所律师出席了本次会议。会议 (一) 股东大会召开的时间：2024 年 6 月 7 日 (二) 股东大会召开的地点：广信股份总部大楼三楼 (三 ...

国浩律师（上海）事务所 关于安徽广信农化股份有限公司 国浩律师（上海）事务所 法律意见书 2023 年年度股东大会的 致：安徽广信农化股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受安徽广信农化股份有限 公司（以下简称"公司"）委托，指派律师出席并见证了公司于2024年6月7日在 广信股份总部大楼召开的公司2023年年度股东大会（以下简称"本次股东大会"）， 并根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东大 会规则》等法律、法规、规范性文件及《安徽广信农化股份有限公司章程》（以 下简称"公司章程"）的相关规定，出具本法律意见书。 一、本次股东大会的召集、召开程序 公司董事会于2024年4月25日召开第五届董事会第十九次会议，审议通过了 《关于召开公开2023年年度股东大会具体安排的议案》，并于2024年4月26日公告 发出了召开本次股东大会的会议通知。经核查，通知载明了会议的时间、地点、 内容、会议出席对象、网络投票的方法及时间，并说明了出席会议的股东登记方 法、联系方式等事项。 公司本次股东大会现场会议于2024年6月7日14:00在广信股份总部大楼召 开；公司通过上海证券 ...

Investment Rating - The investment rating for Guangxin Co., Ltd. (603599) is "Outperform" [4]. Core Views - The company reported a revenue of 5.868 billion yuan in 2023, a year-on-year decrease of 35%, and a net profit attributable to shareholders of 1.439 billion yuan, down 38% year-on-year. The gross margin was 37.84%, a decline of 3.15 percentage points year-on-year [4]. - In Q4 2023, the company experienced a significant revenue drop of 68% year-on-year, with a net profit decline of 75% year-on-year. The performance was below expectations [4]. - The company’s Q1 2024 results showed a revenue of 1.215 billion yuan, down 36% year-on-year but up 57% quarter-on-quarter, with a net profit of 225 million yuan, down 57% year-on-year but up 95% quarter-on-quarter, indicating a recovery trend [4]. - The agricultural chemical market remains under pressure due to low product prices, with limited short-term upside potential. The company’s main pesticide raw material sales volume decreased by 18% year-on-year in 2023 [4]. - The company is expanding its industrial chain by integrating upstream and downstream operations, which is expected to create new profit growth points [4]. Summary by Sections Financial Performance - 2023 total revenue was 5.868 billion yuan, with a year-on-year growth rate of -35.3%. The net profit attributable to shareholders was 1.439 billion yuan, with a year-on-year growth rate of -37.9% [17]. - Q1 2024 revenue was 1.215 billion yuan, down 36% year-on-year but up 57% quarter-on-quarter. The net profit was 225 million yuan, down 57% year-on-year but up 95% quarter-on-quarter [17]. Market Position and Strategy - The company is one of the largest producers of pesticide raw materials and fine chemical intermediates in China, leveraging its integrated supply chain to enhance profitability [4]. - New projects, such as the 300,000-ton ion membrane caustic soda project, are expected to improve raw material supply and reduce costs [4]. Future Outlook - The forecast for net profit attributable to shareholders for 2024 and 2025 has been revised down to 1.172 billion yuan and 1.427 billion yuan, respectively, with a new estimate for 2026 at 1.687 billion yuan [4]. - The current market capitalization corresponds to a price-to-earnings ratio of 11, 9, and 8 times for 2024, 2025, and 2026, respectively, compared to an average PE of 13 times for comparable companies [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.69 CNY, based on a 12x PE for 2024 [4][5]. Core Views - The company experienced a significant recovery in production and sales in Q1 2024, with major raw materials and intermediates showing a sequential increase in sales volume [3][4]. - The agricultural chemical sector is expected to see marginal improvements in market conditions, driven by a stabilization in product prices and an increase in export volumes [1][3][16]. Financial Performance Summary - In 2023, the company reported a revenue of 5.868 billion CNY, a decrease of 35% year-on-year, and a net profit of 1.439 billion CNY, down 38% year-on-year [15]. - For Q1 2024, the company achieved a revenue of 1.215 billion CNY, a year-on-year decrease of 37% but a sequential increase of 57%, with a net profit of 0.225 billion CNY, reflecting a year-on-year decrease of 57% but a sequential increase of 95% [15]. - The forecasted revenues for 2024, 2025, and 2026 are 7.177 billion CNY, 8.291 billion CNY, and 9.135 billion CNY, respectively, with corresponding growth rates of 22%, 15.53%, and 10.17% [4][9]. Industry Outlook - The agricultural chemical sector is showing signs of recovery, with a 51% year-on-year increase in pesticide formulation exports in the first quarter of 2024, indicating a potential upturn in demand for raw materials [1][3]. - The company is focusing on technological innovation and has successfully launched several projects, enhancing its integrated supply chain from raw materials to fine chemicals [16].