关于股份收购意向书终止的公告 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： | 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） | 无 | | 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。 | 一、对外投资基本情况 中农立华生物科技股份有限公司（以下简称"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、江志坚于 2025 年 5 月 20 日签 ...

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 - Due to the inability to reach consensus on core terms, the company and the natural person shareholders have mutually agreed to terminate the Letter of Intent [1]

格隆汇11月17日丨中农立华(603970.SH)公布，《股份收购意向书》签署后，双方依照协议规定积极推 动相关工作的实施。公司聘请相关中介机构对台州农资进行了财务、法律尽职调查和资产评估，陶维康 先生及台州农资对此给予了积极配合。在尽职调查和资产评估的基础上，公司与陶维康先生等自然人股 东就本次交易涉及的相关事项进行了多次讨论协商，但现阶段双方未能就本次交易的部分核心条款达成 最终一致意见。根据《股份收购意向书》相关条款，"如在本协议签订180个自然日内转受让双方仍未能 就本次收购达成正式交易文件，本协议自动终止"。为保障双方的权益，经公司与陶维康先生等自然人 股东协商一致，同意《股份收购意向书》终止。 ...

中农立华公告，公司与浙江省台州市农资股份有限公司7位自然人股东签署的《股份收购意向书》因双 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。该意向书旨在表达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。 ...

Core Viewpoint - The recent quarterly reports from listed companies reveal a significant shift in investment strategies among prominent private equity managers, with an increased focus on cyclical industries and a need to monitor fundamental developments, policy benefits, and industrial upgrades as core themes [1][4]. Private Equity Holdings - Gao Yi Asset's Feng Liu significantly reduced holdings in Hikvision by 58 million shares, retaining 280 million shares valued at 8.826 billion yuan, making it the fourth-largest shareholder [1]. - Renqiao Asset's Xia Junjie maintained positions in several stocks while slightly reducing holdings in Xingfu Electronics and increasing stakes in Beijing Renli [1]. - Ningquan Asset's Yang Dong entered as the eighth-largest shareholder in Fuanna with 6.0512 million shares valued at 4.2 million yuan [2]. - Ruijun Asset's funds became top shareholders in Dinglong Co., while also increasing stakes in other companies [2]. Increased Focus on Cyclical Industries - Gao Yi Asset's Deng Xiaofeng reduced holdings in Zijin Mining by approximately 18.6 million shares, still holding 180 million shares valued at 5.3 billion yuan, with a significant gain of about 1.5 billion yuan from the position [3]. - The same fund also reduced its stake in Yun Aluminum, holding 28.5 million shares valued at 1.164 billion yuan [3]. Policy Benefits and Industrial Upgrades - The Shanghai Composite Index surpassed 4,000 points, reflecting improved market sentiment and recognition of the value reassessment cycle in Chinese equity assets [4]. - Fengjing Capital noted that economic data remains resilient, with expectations for moderate improvement in fixed investment growth due to policy initiatives [4]. - Ning Shui Capital emphasized the importance of policy benefits and industrial upgrades as core investment themes while advising caution regarding high valuations [4].

Core Insights - The company reported a total operating revenue of 8.95 billion yuan for Q3 2025, marking a year-on-year increase of 5.11% and a rise of 435 million yuan compared to the same period last year [1] - The net profit attributable to shareholders was 151 million yuan, reflecting a decline of 13.63% year-on-year, with a decrease of 23.87 million yuan compared to the previous year [1] - The net cash flow from operating activities was -1.564 billion yuan, a significant decrease of 1.171 billion yuan compared to the same period last year [1] Financial Ratios - The latest debt-to-asset ratio stands at 73.87%, ranking 40th among peers, with a decrease of 0.85 percentage points from the previous quarter but an increase of 1.24 percentage points year-on-year [3] - The gross profit margin is reported at 6.45%, ranking 41st among peers, with a slight increase of 0.10 percentage points from the previous quarter but a decrease of 0.27 percentage points year-on-year [3] - The return on equity (ROE) is 9.77%, ranking 11th among peers, showing a decline of 1.96 percentage points compared to the previous year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share (EPS) is 0.56 yuan, ranking 13th among peers, which is a decrease of 0.09 yuan year-on-year, reflecting a decline of 13.63% [3] - The total asset turnover ratio is 1.47 times, ranking 1st among peers, with an increase of 0.06 times year-on-year, marking a 4.07% rise [3] - The inventory turnover ratio is 4.83 times, ranking 9th among peers, showing a decrease of 0.13 times year-on-year, which is a decline of 2.58% [3] Shareholder Information - The number of shareholders is reported at 13,900, with the top ten shareholders holding 176 million shares, accounting for 65.48% of the total share capital [3] - The largest shareholder is China Agricultural Production Materials Group Co., Ltd., holding 50.25% of the shares [3]

Core Viewpoint - Zhongnong Lihua (603970.SH) reported a year-on-year increase in revenue for Q3 2025, but a significant decline in net profit attributed to shareholders [1] Financial Performance - The company's operating revenue reached 2.205 billion yuan, representing an increase of 11.16% year-on-year [1] - The net profit attributable to shareholders was 9.0687 million yuan, showing a decrease of 46.75% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 9.0353 million yuan, down 37.17% year-on-year [1]

Financial Performance - The company's operating revenue for the third quarter reached ¥2,205,029,954.01, an increase of 11.16% compared to the same period last year[3] - The total profit for the quarter was ¥17,123,137.57, representing a decrease of 25.10% year-on-year[3] - The net profit attributable to shareholders was ¥9,068,714.46, down 46.75% from the previous year[3] - The basic earnings per share for the quarter was ¥0.0338, a decline of 46.69% compared to the same period last year[4] - Total operating revenue for the first three quarters of 2025 reached ¥8,950,447,132.41, an increase of 5.1% compared to ¥8,515,473,903.72 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was ¥172,059,510.55, a decrease of 9.0% from ¥189,083,445.32 in 2024[20] - Basic earnings per share for the first three quarters of 2025 were ¥0.5627, down from ¥0.6515 in the same period of 2024[20] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥6,563,594,174.89, reflecting a growth of 17.16% from the end of the previous year[4] - As of September 30, 2025, the total current assets amounted to RMB 6,315,699,733.71, an increase of 17.96% from RMB 5,353,355,557.46 on December 31, 2024[14] - The total liabilities as of September 30, 2025, reached RMB 4,848,272,375.11, compared to RMB 3,919,565,784.09 at the end of 2024, indicating a rise of 23.65%[17] - The company's total assets increased to RMB 6,563,594,174.89 from RMB 5,602,253,258.06, reflecting a growth of 17.14%[17] - The total equity attributable to shareholders increased to RMB 1,548,539,575.44 from RMB 1,520,445,416.61, a growth of 1.85%[17] Cash Flow - The net cash flow from operating activities for the year-to-date was negative at -¥1,564,493,581.15[4] - Cash flow from operating activities showed a net outflow of ¥1,564,493,581.15, compared to a smaller outflow of ¥393,628,926.06 in 2024[24] - Cash inflow from investment activities was ¥3,073,021,782.49, an increase from ¥2,936,628,038.41 in the previous year[24] - Net cash flow from financing activities improved to ¥411,021,369.30, compared to a net outflow of ¥199,668,341.33 in 2024[24] - The net increase in cash and cash equivalents for the period was -$157.26 million, compared to -$230.77 million in the previous period[25] - The beginning balance of cash and cash equivalents was $386.63 million, down from $550.16 million in the prior period[25] - The ending balance of cash and cash equivalents stood at $229.37 million, a decrease from $319.39 million year-over-year[25] Shareholder Information - The company reported a total of 13,867 common shareholders at the end of the reporting period[10] - The largest shareholder, China Agricultural Production Materials Group Co., Ltd., holds 50.25% of the shares[10] Operational Challenges - The company experienced a significant increase in accounts receivable, leading to higher credit impairment losses due to increased sales scale[8] - Accounts receivable increased significantly to RMB 3,208,739,108.92, up from RMB 1,472,052,100.51, representing a growth of 117.5%[14] - The company reported a significant increase in short-term borrowings, which rose to RMB 1,199,883,333.12 from RMB 628,482,348.09, an increase of 91%[16] - The company experienced a significant increase in credit impairment losses, which rose to -¥29,025,271.52 from -¥20,904,949.71, highlighting potential challenges in asset quality[19] Inventory and Expenses - The inventory level rose to RMB 1,893,544,943.65, up from RMB 1,573,274,085.46, marking an increase of 20.4%[14] - The company reported a decrease in sales expenses to ¥180,730,271.56 from ¥171,612,440.95, reflecting a strategic focus on cost management[19] - Research and development expenses slightly decreased to ¥45,453,208.26 from ¥46,380,372.96, indicating a stable investment in innovation[19] Future Outlook - The net profit for the first nine months of 2025 is yet to be disclosed, but the company is expected to provide guidance in the upcoming earnings report[18] - The company is focusing on expanding its market presence and developing new products, although specific details are pending in future communications[18]

Group 1 - Company Zhongnong Lihua reported Q3 performance with revenue of approximately 8.95 billion yuan, an increase of 5.11% year-on-year [1] - The net profit attributable to shareholders was approximately 151 million yuan, a decrease of 13.63% year-on-year [1] - As of the report date, Zhongnong Lihua's market capitalization was 3.7 billion yuan [2]

Core Insights - The glyphosate concept sector saw an increase of 0.94%, ranking third among concept sectors, with 13 stocks rising, including Li Er Chemical, Jiangshan Co., and Yangnong Chemical, which rose by 6.17%, 2.70%, and 2.10% respectively [1] - The sector experienced a net inflow of 0.20 billion yuan from main funds, with Li Er Chemical leading the inflow at 13.30 million yuan [1] Market Performance - The top-performing concept sectors included soybeans at 1.02%, and the glyphosate sector at 0.94%, while sectors like Tonghuashun Fruit Index and AI PC saw declines of -4.09% and -4.01% respectively [1] - The main funds' net inflow rates for Jiangtian Chemical, Hebang Biological, and Ando Mai A were 10.43%, 6.41%, and 3.60% respectively [2] Stock Performance - Li Er Chemical led the glyphosate sector with a daily increase of 6.17% and a turnover rate of 5.86%, with a net inflow of 13.30 million yuan [2] - Jiangtian Chemical and Hebang Biological also showed positive performance with increases of 0.67% and 0.00% respectively, and significant net inflows of 7.54 million yuan and 10.25 million yuan [2][3] - Stocks such as Nuobing and Taihe Co. experienced declines of -0.85% and -0.58% respectively, indicating some volatility within the sector [3]