Investment Rating - The report maintains a "Buy" rating for specific companies in the agricultural chemicals sector, including Yangnong Chemical and Runfeng Co., while recommending "Hold" for others like Haier and Guangxin Co. [20] Core Insights - The recent explosion incident has tightened the supply-demand dynamics for K-amine and other intermediates, which is expected to accelerate the recovery of the pesticide industry and potentially drive up nitrocellulose prices [5][12] - The agricultural chemicals sector is gradually returning to rationality, with high-priced inventories being depleted and procurement demand recovering, although supply-side pressures remain [5][12] - The report highlights the potential for stricter safety and environmental regulations following the recent incidents, which could further enhance the agricultural chemicals industry's cyclical recovery [5][12] Industry Dynamics - Current macroeconomic judgments indicate that oil prices are under pressure due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium to long term [6] - The chemical industry is experiencing a gradual recovery in PPI, with April's chemical industry PPI showing a year-on-year decline of 3.2% [8] - The report notes that the recent explosion at a chemical facility has led to increased prices for K-amine and related products, with recommendations to focus on companies like Hongyang and Lier Chemical [5][12] Chemical Product Prices and Trends - The report provides detailed pricing trends for various chemical products, including a stable price for urea at 1830 RMB/ton and fluctuations in pesticide prices, with some herbicides seeing price increases [12][22] - The report indicates that the price of nitrocellulose has risen significantly, with export prices increasing from 2.06 USD/kg in October 2021 to 4.75 USD/kg in April 2025 [5][12] Company Recommendations - Specific companies are highlighted for investment based on their market positions and growth potential, including Yangnong Chemical, Runfeng Co., and others in the agricultural chemicals sector [20] - The report suggests monitoring companies with mature nitrochemical processes, such as Yangnong Chemical and Guangxin Co., due to expected regulatory changes [5][12]

法律意见书 北京观韬（南京）律师事务所 关于南京红太阳股份有限公司 法律意见书 观韬宁证红太阳字（2025）第 2 号 致：南京红太阳股份有限公司 北京观韬（南京）律师事务所（以下简称"本所"）接受南京红太阳股份有 限公司（以下简称"公司"）的委托，指派丁楠律师、刘颖律师（以下简称"本 所律师"）出席了公司 2024 年年度股东大会（以下简称"本次会议"），对本 次会议进行见证并发表法律意见。 为出具本法律意见书，本所律师审查了公司本次会议的有关文件和材料，并 得到公司如下保证：公司向本所提供的用于出具本法律意见书所必需的原始书面 材料、副本材料、电子文档或口头陈述真实、完整、有效，不存在虚假陈述、重 大遗漏或隐瞒，所有副本材料与复印件均与原件一致。 本所及本所律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则》等规定及本法律意见书出具日以前已经 发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则， 进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完整，所发 表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏，并承 担相应法 ...

法律意见书 北京观韬（南京）律师事务所 关于南京红太阳股份有限公司 2024 年年度股东大会之 法律意见书 观韬宁证红太阳字（2025）第 2 号 致：南京红太阳股份有限公司 北京观韬（南京）律师事务所（以下简称"本所"）接受南京红太阳股份有 限公司（以下简称"公司"）的委托，指派丁楠律师、刘颖律师（以下简称"本 所律师"）出席了公司 2024 年年度股东大会（以下简称"本次会议"），对本 次会议进行见证并发表法律意见。 为出具本法律意见书，本所律师审查了公司本次会议的有关文件和材料，并 得到公司如下保证：公司向本所提供的用于出具本法律意见书所必需的原始书面 材料、副本材料、电子文档或口头陈述真实、完整、有效，不存在虚假陈述、重 大遗漏或隐瞒，所有副本材料与复印件均与原件一致。 本所及本所律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则》等规定及本法律意见书出具日以前已经 发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则， 进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完整，所发 表的结论性意见合法、准确，不存在虚假记载、误导性陈述 ...

证券代码：000525 证券简称：ST 红太阳 公告编号：2025－026 南京红太阳股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 二、会议召开的情况 1、召开时间： （1）现场会议召开时间：2025年5月28日下午3:00。 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年5月28日上午9:15-9:25，9:30-11:30和下午1:00-3:00。 通过深圳证券交易所互联网投票系统投票的具体时间为：2025 年5月28日上午9:15至下午3:00的任意时间。 2、现场会议地点：南京市高淳经济开发区古檀大道 18 号公司会 议室。 3、召开方式：现场投票与网络投票相结合的方式。 一、特别提示 1、本次股东大会召开期间无增加、否决和变更提案的情形。 4、召集人：公司第十届董事会。 5、现场会议主持人：公司第十届董事会董事长杨一先生。 6、本次会议的召开符合《中华人民共和国公司法》《深圳证券 交易所股票上市规则》《上市公 ...

作 者丨 见习记者李益文 编 辑丨 陈思颖 5月27日，A股市场全天震荡调整，但农药板块午后强势拉升，板块整体大涨5.79%。截至收 盘，海利尔（603639.SH）、利尔化学（002258.SZ）、ST红太阳（000525.SZ）等多只个股 涨停。 利尔化学 回应称，公司有布局氯虫苯甲酰胺，但具体产能与销售情况暂无法提供，目前公司 客户较为稳定。对于相关事故的影响方面，利尔化学表示，公司将专注于自身生产经营。 据农药资讯网介绍，氯虫苯甲酰胺是由美国杜邦公司（现科迪华）开发的双酰胺类杀虫剂， 具有高效、低毒、广谱的特点。其上市后，2013年全球销售额就超过了10亿美元，2022年销 售额突破20亿美元大关，增长迅猛。目前已成为全球市场销售额第一的杀虫剂品种。 SFC 本期编辑 金珊 市场异动或源于山东高密突发爆炸事故。据央视新闻报道，今日上午11时57分左右，山东高 密友道化学有限公司（以下简称"友道化学"）一车间发生爆炸事故，正全力组织救援救治。 公开资料显示，友道化学成立于2019年8月，为豪迈集团股份有限公司控股子公司。该公司聚 焦于高效低毒类农药及其专用中间体，目前主要产品包括氯虫苯甲酰胺原药及其中间 ...

截至本公告披露日，公司申请撤销股票交易其他风险警示事项正 处于补充材料阶段，根据《深圳证券交易所股票上市规则》第 9.1.12 条规定，补充材料期间不计入深圳证券交易所作出有关决定的期限。 公司将根据进展情况及时履行信息披露义务。 公司提醒广大投资者，公司指定的信息披露媒体为《中国证券报》 《证券时报》及巨潮资讯网，公司所有信息均以在上述指定媒体披露 的正式公告为准，敬请广大投资者关注相关公告，谨慎决策，注意投 资风险。 证券代码：000525 证券简称：ST 红太阳 公告编号：2025－025 南京红太阳股份有限公司 关于申请撤销股票交易其他风险警示的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 2025 年 4 月 26 日，南京红太阳股份有限公司（以下简称"公司"） 披露了中兴财光华会计师事务所（特殊普通合伙）出具的标准无保留 意见的《2024 年度审计报告》、标准无保留意见的《2024 年度内部 控制审计报告》和《关于南京红太阳股份有限公司 2023 年度内部控 制审计报告否定意见涉及事项影响已消除的专项说明审核报告》。同 日公司披露了《关 ...

Core Insights - The glyphosate concept sector saw an increase of 1.44%, ranking 8th among concept sectors, with 11 stocks rising, including Zhongnong Lihua which hit the daily limit, and notable gains from Nuobixin, Jiangshan Co., and Runfeng Co. [1] Market Performance - The top-performing concept sectors today included graphite electrodes (+2.57%), recombinant proteins (+2.52%), and gold concepts (+2.06%), while sectors like PEEK materials (-1.79%) and camping economy (-1.56%) experienced declines [2] - The glyphosate concept sector attracted a net inflow of 0.68 billion yuan, with seven stocks receiving net inflows, led by Nuobixin with a net inflow of 36.78 million yuan [2] Fund Flow Analysis - The leading stocks in terms of net inflow ratios included Zhongnong Lihua (19.28%), Yangnong Chemical (6.79%), and Jiangshan Co. (4.80%) [3] - The glyphosate concept fund inflow rankings showed Nuobixin with a daily increase of 6.80% and a turnover rate of 10.75%, followed by Zhongnong Lihua with a 10.00% increase and a turnover rate of 4.30% [3]

Group 1: Company Overview and Strategic Direction - The company is accelerating its production layout in Qujing, Yunnan, leveraging local resources and proximity to Southeast Asia to reduce manufacturing costs and enhance supply chain efficiency [2][3] - The Qujing base is expected to become a key point for expanding into the agricultural market along the Belt and Road Initiative [3] - The local government recognizes the company's strategic direction, leading to collaborations in renewable resources and biopharmaceuticals [3] Group 2: Corporate Governance and Restructuring - Following state-owned capital control, the company established a governance structure with 5 non-independent directors and 2 independent directors, ensuring compliance with state enterprise regulations [4] - The company has implemented a comprehensive evaluation of compliance and management blind spots, alongside a market value management system [4] - The company completed its restructuring process in December 2024, with a new controlling shareholder holding approximately 14.33% of the total shares [3] Group 3: Product Portfolio and Market Position - The company has a strong market presence in various product categories, with market shares for key products such as: - Pyridine: 40%-50% - 2,2'-Bipyridine: 45%-50% - 2,3-Dichloropyridine: 50%-60% [6][7] - The company is the sole producer of certain herbicides, achieving a 100% market share for specific products [7] Group 4: Pricing and Market Trends - The price of Paraquat is stable with a strong order backlog and a 100% operating rate, while the company is increasing exports to India [8] - The company is adapting to market changes, particularly in the herbicide segment, where it is transitioning to more efficient products [8] Group 5: Future Development Strategy and 2025 Plans - The company aims to focus on a synthetic biological industry chain, targeting a 50% global market share in disruptive green products [9][10] - Key projects for 2025 include: - Establishing a 50,000-ton new pyridine cycle economy project in Qujing - Developing a 100,000-ton cassava bioethanol project [10] - The company plans to enhance its market presence through digital marketing and customized green pesticide solutions [10]

Core Viewpoint - The implementation of the new "National Nine Articles" has revitalized listed companies in the capital market, with Nanjing Hongtai Co., Ltd. being the first to complete a bankruptcy reorganization under this framework, showcasing market leadership [1] Financial Performance - In 2024, ST Hongtai reported a net asset increase of 196.02%, reaching 2.953 billion yuan, and reduced its asset-liability ratio from 89.89% at the beginning of the year to 59.35% by year-end, indicating a fundamental improvement in its financial structure [2] - The company achieved profitability in 2024, with a net profit attributable to shareholders of 388 million yuan [2] Business Strategy and Operations - ST Hongtai has a long-standing presence in the pesticide industry, holding over 50% of the global market share for key products such as pyridine and paraquat [3] - The company has successfully addressed historical debt issues and is focusing on strategic transformation and risk mitigation in 2024, emphasizing a dual approach of stabilizing development through reorganization and promoting growth through technological innovation [3] - The company has optimized its operational strategies in response to challenges in the pesticide industry, achieving price stabilization for core products and significant technological breakthroughs in its production processes [4] Expansion and Sustainability Initiatives - ST Hongtai is actively pursuing the "Belt and Road" initiative, establishing a base in Qujing, Yunnan, to leverage local resources and expand into Southeast Asian markets [5] - The company plans to develop several new projects, including a 50,000-ton pyridine cycle economy project and a 100,000-ton cassava bioethanol project, which will enhance its production capabilities and sustainability [5] Governance and Environmental Responsibility - In 2024, ST Hongtai made significant strides in corporate governance and environmental responsibility, receiving a standard unqualified audit report, which supports its application to remove risk warnings from its stock [6][7] - The company is committed to reducing pollution through the development of low-toxicity, high-efficiency products and is actively exploring green processes and circular economy models [7][8]

南京红太阳股份有限公司 2024 年度独立董事述职报告 （吴学民） 本人吴学民，作为南京红太阳股份有限公司（以下简称"公司"） 的独立董事，2024 年度任职期间严格按照《公司法》《上市公司独 立董事管理办法》《深圳证券交易所上市公司自律监管指引第 1 号 ——主板上市公司规范运作》以及《公司章程》《公司独立董事工作 制度》等有关规定，诚实守信、勤勉尽职地履行独立董事职责。本人 重点关注公司经营发展和司法重整情况，充分发挥独立董事的作用， 切实维护了公司、全体股东尤其是中小股东的合法权益。 报告期内，公司司法重整圆满完成后进行了董事会换届，本人于 2024 年 12 月 25 日换届后不再担任公司独立董事及其他任何职务。 现将 2024 年度本人任职期间履职情况报告如下： 一、个人基本情况 本人出生于 1968 年 5 月，中国国籍，无境外永久居留权，博士 研究生学历，教授、博士生导师，九三学社社员；曾任中国农业大学 理学院助教、讲师、副教授；现任中国农业大学理学院教授，中国农 药发展与应用协会农药制剂与助剂专业委员会主任委员，北京农药学 会农药化学专业委员会委员，中农立华生物科技股份有限公司独立董 事，公司 ...