2025年 12月 02 日 证券研究报告|公司研究|公司点评 中农立华（603970） 周期望好,攻守兼备 报告摘要 ◆ 25Q3 收入增长,盈利周期承压 2025 年前三季度,公司实现营业收入 89.50 亿元,同比增长 5.11% ;实现归母净利润 1.51 亿元,同比下降 13.63%;扣非归母净利润为 1.46 亿元,同比下降13.15%。单季度来看,O3 实现营业收入 22.05 亿元, 同比增长 11.16%。Q3 单季度实现归母净利润 907 万元,同比下滑。公 司盈利承压主要系价格周期、行业竞争、市场淡季、减值和毛利率降低 等因素所致。 ◆ 周期有望改善,攻守可以兼备 农药价格下行周期经历较长时间。据 iFind,截至 11 月 21 日当周原 药价格指数为 74.08 点,较 21 年高点累计下降 65.0%,原药价格下行周期 已超４年。农药价格周期积极因素正在积累。一是去库存基本完成。农药 头部企业终端库存去化基本完成,库存处于历史较低水平,下游刚性需求推 动补库存逐步开启。二是成本端推动。环保投入增加,叠加黄磷等原材料 涨价推动农药提价。三是政策端反内卷推进。今年，中国农药工业协会开 ...

草甘膦概念资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600141 | 兴发集团 | -1.76 | 1.95 | -2178.49 | | 600596 | 新安股份 | -2.65 | 2.98 | -1809.57 | | 603077 | 和邦生物 | 0.00 | 2.13 | -1291.07 | | 002258 | 利尔化学 | -2.28 | 2.14 | -1135.52 | | 000525 | 红太阳 | 0.34 | 0.91 | -259.37 | | 301665 | 泰禾股份 | -0.50 | 4.03 | -222.56 | | 603599 | 广信股份 | -0.94 | 0.68 | -214.32 | | 300927 | 江天化学 | 0.08 | 1.28 | -121.19 | | 000553 | 安道麦A | -1.46 | 0.20 | -105.61 | | 002749 | 国光股份 | -0.43 | 0.36 | 85 ...

Market Overview - The agricultural chemical sector experienced a decline of 5.39% on November 21, with Chengxing Co. leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Individual Stock Performance - Chengxing Co. (600078) closed at 11.42, down 10.01% with a trading volume of 815,900 shares [1] - Lianhua Technology (002250) closed at 11.84, down 9.96% with a trading volume of 846,200 shares [1] - Bluefeng Biochemical (002513) closed at 8.05, down 9.96% with a trading volume of 438,000 shares [1] - Liuguo Chemical (600470) closed at 6.09, down 9.78% with a trading volume of 362,100 shares [1] - Chuanjinno (300505) closed at 21.57, down 8.33% with a trading volume of 246,600 shares [1] - Hebang Bio (603077) closed at 2.13, down 7.79% with a trading volume of 3,585,900 shares [1] - Chuanheng Co. (002895) closed at 34.45, down 7.64% with a trading volume of 216,400 shares [1] - Hongda Co. (600331) closed at 11.05, down 7.61% with a trading volume of 1,041,300 shares [1] - Yantu Holdings (002539) closed at 11.03, down 7.47% with a trading volume of 475,800 shares [1] - Salt Lake Co. (000792) closed at 26.04, down 7.20% with a trading volume of 2,051,800 shares [1] Capital Flow Analysis - The agricultural chemical sector saw a net outflow of 1.435 billion yuan from institutional investors, while retail investors had a net inflow of 1.383 billion yuan [1] - The table of capital flow for individual stocks indicates varying levels of net inflow and outflow among different companies [2] Individual Stock Capital Flow - Hongda Co. (600331) had a net inflow of 56.76 million yuan from institutional investors, but a net outflow from retail investors [2] - Guangxin Co. (603599) saw a net inflow of 27.20 million yuan from institutional investors, with a net outflow from retail investors [2] - Zhongqi Co. (300575) had a net inflow of 18.06 million yuan from institutional investors, with a net outflow from retail investors [2] - Andamite A (000553) experienced a net inflow of 15.01 million yuan from institutional investors, but a significant net outflow from retail investors [2] - Sichuan Meifeng (000731) had a net inflow of 13.36 million yuan from institutional investors, with a net outflow from retail investors [2]

Core Viewpoint - Zhongnong Lihua (603970) announced the termination of its acquisition of Taizhou Agricultural Materials Co., after nearly six months of planning, due to the inability to reach consensus on core terms of the transaction [1][2]. Group 1: Acquisition Details - In May, Zhongnong Lihua signed a letter of intent to acquire at least 50% of Taizhou Agricultural Materials, aiming to make it a subsidiary [1]. - Despite conducting financial and legal due diligence, the parties could not agree on key terms, leading to the termination of the letter of intent as per its provisions [1][2]. - The company stated that the termination of this investment will not significantly impact its financial or operational status [2]. Group 2: Taizhou Agricultural Materials Overview - Taizhou Agricultural Materials is listed on the New Third Board and operates across various provinces in China, with a product range exceeding 300 types, including pesticides, fertilizers, agricultural films, and seeds [3]. - In 2024, Taizhou Agricultural Materials reported revenue of 603 million yuan, a decrease of 3.51% year-on-year, and a net profit of 39.36 million yuan, down 19.42% year-on-year [4]. - The company faces challenges such as overcapacity, price pressures, and a competitive market environment, which have affected sales and profitability [4]. Group 3: Industry Context - The agricultural materials industry is experiencing a downturn, with factors such as extreme weather, rising planting costs, and low agricultural product prices impacting farmer investment and sales growth [4][5]. - Zhongnong Lihua's main business involves pesticide distribution and agricultural technology services, with expectations of industry consolidation in 2024 [5]. - The pesticide industry is currently facing a decline in raw material prices, with a 41.7% drop in 2023 followed by an additional 9.1% decrease in 2024, leading to a challenging market environment [5]. Group 4: Financial Performance - In the first three quarters of the year, Zhongnong Lihua reported revenue of 8.95 billion yuan, a year-on-year increase of 5.11%, while net profit fell by 13.63% to 151.2 million yuan [6]. - As of November 17, Zhongnong Lihua's stock price was 13.95 yuan per share, with a total market capitalization of 3.75 billion yuan [7].

【导读】中农立华终止收购台州农资不少于50%股份 中国基金报记者 李智 历时半年，中农立华的收购事项宣告终止。 中农立华终止收购台州农资50%股份 11月17日，中农立华发布公告称，公司与浙江省台州市农资股份有限公司（以下简称台州农 资）的7位自然人股东陶维康、金果夫、刘海布、王伟民、胡精良、黄伟胜、江志坚曾于5月 20日签署《股份收购意向书》，拟以现金方式或其他方式收购上述自然人股东持有的台州农 资不少于50%股份。 | 投资标的名称 | 浙江省台州市农资股份有限公司股份收购项目 | | --- | --- | | 投资金额(万元) | 元 | | 投资进展情况 | □完成 ☑终止 □交易要素变更 | | 特别风险提示(如有) | 公司前期与相关方所签署的《股份收购意向书》 旨在表达转受让双方对交易相关事宜的初步意 愿及初步商洽的意向性结果,属于意向性合作协 | | | 议。 | | | 因截至本公告日,转受让双方未能就投资交易达 | | | 成最终一致意见,拟终止本次对外投资,此事项 | | | 不会对公司财务状况和经营状况产生重大影响, | | | 不存在损害公司及股东利益的情形。 | 中农立华表示，《 ...

Core Viewpoint - Zhongnong Lihua has announced the termination of its acquisition of a 50% stake in Taizhou Agricultural Materials Co., Ltd. due to the inability to reach final agreement on key terms with the shareholders involved [1][3]. Group 1: Acquisition Details - The acquisition was initially proposed on May 20, with the intention to purchase at least 50% of Taizhou Agricultural Materials from seven individual shareholders [1][3]. - The termination was mutually agreed upon after discussions and negotiations failed to yield consensus on core terms of the transaction [3]. Group 2: Company Performance - Zhongnong Lihua reported a revenue of 8.95 billion yuan for the first three quarters, reflecting a year-on-year increase of 5.11% [5]. - However, the net profit attributable to the parent company was 151 million yuan, showing a decline of 13.63% compared to the previous year [5]. - The company has indicated that the termination of the acquisition will not significantly impact its financial or operational status [3]. Group 3: Strategic Implications - The acquisition was expected to enhance Zhongnong Lihua's understanding of market demands and customer dynamics, thereby increasing market penetration in Zhejiang and surrounding areas [4]. - The termination of this deal means that the anticipated strategic benefits, such as improved product and service offerings, will not be realized [4]. - Despite this setback, Zhongnong Lihua plans to continue exploring potential cooperation opportunities with Taizhou Agricultural Materials [4].

Core Viewpoint - Zhongnong Lihua has terminated its acquisition of at least 50% of Taizhou Agricultural Materials Co., Ltd. after failing to reach a consensus on key terms of the deal with the shareholders [2][5][6]. Group 1: Acquisition Details - The acquisition was initially proposed on May 20, with an intention to purchase shares from seven individual shareholders [2][5]. - The termination of the acquisition was mutually agreed upon after discussions failed to yield a final agreement on core terms [6]. - Zhongnong Lihua stated that the termination will not significantly impact its financial or operational status, nor harm the interests of the company and its shareholders [4][6]. Group 2: Company Performance - Zhongnong Lihua reported a revenue of 8.95 billion yuan for the first three quarters, reflecting a year-on-year increase of 5.11% [8]. - However, the net profit attributable to the parent company was 151 million yuan, showing a decline of 13.63% compared to the previous year [8]. - The company primarily engages in pesticide distribution and agricultural technology services, aiming to enhance market penetration and customer engagement through the acquisition [7][8]. Group 3: Future Outlook - Despite the termination of the acquisition, Zhongnong Lihua plans to continue exploring cooperation opportunities with Taizhou Agricultural Materials and will adhere to legal requirements for any future agreements [5][7].

Group 1 - Yongtai Technology's wholly-owned subsidiary has received approval for trial production of a lithium battery additive project with an annual capacity of 5,000 tons, set to begin trial production [1] - Mengke Pharmaceutical has decided to terminate its plan to issue shares to a specific entity due to ongoing disagreements among major shareholders, which could impact the company's stable operations [1] - Anhui Construction's subsidiary has been approved to register and issue debt financing tools totaling 15 billion yuan, including 5 billion yuan in short-term financing notes and 10 billion yuan in medium-term notes [2] Group 2 - Koli'er plans to repurchase shares worth between 10 million and 20 million yuan, with a maximum repurchase price of 20.94 yuan per share, to implement an employee stock ownership plan [2] - Xinhua Pharmaceutical has received approval for the production of fumaric acid volnoral raw materials, which are used to treat gastroesophageal reflux disease [3] - Lianhuan Pharmaceutical has received approval for additional specifications of tadalafil tablets, expanding its product offerings for treating erectile dysfunction and benign prostatic hyperplasia [5] Group 3 - Greenland Holdings reported an increase of 1,834 lawsuits with a total amount of 6.587 billion yuan from October 21 to November 13, 2025 [7] - Lianke Technology plans to invest up to 600 million yuan of idle funds in low-risk financial products [8] - Yinglian Co. signed a strategic procurement contract for 5,000 million square meters of composite aluminum foil with a leading new energy technology company [10] Group 4 - China Eastern Airlines reported a 10.58% year-on-year increase in passenger turnover for October, with a capacity increase of 6.84% [12] - China National Airlines reported an 8.7% year-on-year increase in passenger turnover for October, with domestic and international capacity also showing growth [15] - Oupai Home plans to use 320 million yuan of idle funds to purchase structured deposits with expected annual yields between 0.65% and 2.50% [16] Group 5 - Tianwei Food has submitted H-share issuance application materials to the Hong Kong Stock Exchange, which have been accepted by the China Securities Regulatory Commission [18] - Guizhou Aviation plans to establish a subsidiary focused on the research, production, and market expansion of intelligent automotive components, with initial operating funds of 40 million yuan [20] - Daimai Co. plans to invest 100 million yuan to establish a wholly-owned subsidiary in Shanghai focused on robotics technology [22] Group 6 - Founder Securities has received approval to issue company bonds totaling up to 30 billion yuan [24] - Hengrui Medicine has received clinical trial approvals for multiple drugs, indicating ongoing research and development efforts [26] - Zhaojing Pharmaceutical's product ZG006 has received orphan drug designation from the FDA, providing various benefits for its development in the U.S. market [39]

Core Points - Zhongnong Lihua announced the termination of the share acquisition intention agreement with seven individual shareholders of Zhejiang Taizhou Agricultural Materials Co., Ltd due to the inability to reach a final consensus on the investment transaction [1] Group 1 - The intention agreement was meant to express both parties' preliminary willingness and initial negotiation results regarding the transaction [1]

Core Viewpoint - Zhongnong Lihua (603970.SH) has signed a Letter of Intent for share acquisition but has not reached a final agreement on key terms with the natural person shareholders involved in the transaction [1] Group 1: Transaction Progress - The company has engaged relevant intermediaries to conduct financial, legal due diligence, and asset evaluation on Taizhou Agricultural Materials [1] - Discussions and negotiations have taken place between the company and the natural person shareholders regarding the transaction [1] - The Letter of Intent stipulates that if a formal transaction agreement is not reached within 180 calendar days, the agreement will automatically terminate [1] Group 2: Agreement Termination - To protect the rights of both parties, the company and the natural person shareholders have mutually agreed to terminate the Letter of Intent [1]