南京红太阳股份有限公司 证券代码：000525 证券简称：ST 红太阳 编号：2023-003 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动类 □新闻发布会 □路演活动 别 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称 及人员姓名 中信建投证券-郭祝同、银河基金-盛兆 时间 2023 年 5 月 19 日 10：00 地点 公司会议室 上市公司 接待人员姓名 副总经理-王国平、董事会秘书-王露、证券部-唐志军 | --- | |--------------------------------------------------------------------| | 一、副总经理王国平先生对公司发展概况、主要产品和竞争力优势进 | | 行简要说明； | | 二、问答环节： | | 问题 1：面对今年农药行业下行周期的严峻形势，公司将如何应对？ | | 答：针对 2022 年下半年以来主要农药产品价格不断下降和全球主要 | | 农药市场前期处于高价"超买"状态导致的渠道库存消化缓慢的严峻形势， | | 公司坚持聚焦主业、坚定信心，立足发挥创业 34 年形成的生物化学技 ...

Financial Performance - The company reported a total revenue of 1.5 billion CNY for the year 2022, representing a year-on-year increase of 12%[141]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion CNY for the fiscal year, representing a 15% year-over-year growth[61]. - The company’s operating revenue for 2022 was ¥6,439,912,658.86, representing a 37.51% increase compared to ¥4,683,382,031.58 in 2021[26]. - The net profit attributable to shareholders for 2022 was ¥732,297,405.94, a significant turnaround from a loss of ¥3,744,122,363.59 in 2021, marking a 119.56% increase[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥747,797,127.21, compared to a loss of ¥252,226,490.47 in the previous year, reflecting a 396.48% improvement[26]. - The gross margin improved to 45%, up from 40% in the previous year, due to cost optimization strategies[61]. - The revenue from the pesticide chemical sector accounted for 98.96% of total revenue, with a year-on-year growth of 36.40%[83]. - The company reported a total operating revenue for 2022 reached ¥6,439,912,658.86, representing a year-on-year increase of 37.51% compared to ¥4,683,382,031.58 in 2021[83]. Market Position and Strategy - The company is focusing on expanding its green pesticide product lines and enhancing its supply chain through strategies like "extending, strengthening, and supplementing" the industrial chain[44]. - The company aims to cultivate a number of large-scale production enterprises, with targets set for 2025 to have 10 companies with revenues exceeding CNY 5 billion[41]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share in the region by 2025[61]. - The company is exploring market expansion opportunities in both domestic and international markets to increase its overall market share[56]. - The company is actively pursuing new product registrations, with several key products set to expire in the next few years, ensuring a pipeline for future growth[58]. - The company is committed to enhancing safety and environmental responsibility in its production processes to minimize risks associated with hazardous materials[125]. Research and Development - The company holds numerous patents, including 15 invention patents and 8 utility model patents related to its core products, enhancing its R&D capabilities[48]. - Research and development investments increased by 30%, totaling 150 million CNY, focusing on innovative agricultural chemicals[61]. - The company is investing 200 million CNY in R&D for new technologies aimed at enhancing product efficiency and sustainability[141]. - The company has established a comprehensive technological innovation system for the green pesticide industry, with 4 national-level R&D platforms and 8 provincial-level R&D platforms[68]. - The company has successfully completed large-scale production of its proprietary products, including the herbicide "Diquat" and other new biopesticides, to meet market demands[78]. Internal Controls and Governance - The company reported a negative opinion audit report from Zhongxing Caiguanghua Accounting Firm, indicating issues with internal controls[4]. - The company identified two significant internal control deficiencies related to financial reporting during the reporting period[169]. - The company plans to enhance its internal control system and improve long-term mechanisms in 2023 to address identified deficiencies[169]. - The company has established a robust internal control system covering major operational activities, significantly improving management levels[135]. - The company maintains operational independence from its controlling shareholder, with a complete supply, production, and sales system[136]. Environmental Compliance - The company is committed to ongoing improvements in its waste management and emissions reduction strategies[188]. - The company has implemented a comprehensive air pollution control system, including SCR denitrification and various washing processes for exhaust gases from incinerators[196]. - The company has established a hazardous waste storage facility to manage hazardous waste generated during operations[193]. - The company is focused on reducing its environmental impact through continuous monitoring and compliance with pollution discharge standards[188]. - The company has installed online monitoring facilities for COD, ammonia nitrogen, total phosphorus, and total nitrogen at its wastewater treatment plant, ensuring real-time monitoring[193]. Challenges and Risks - The company is under investigation by the China Securities Regulatory Commission for information disclosure violations, with potential administrative penalties pending[5]. - The company faces multiple risks, including market, climate, exchange rate, and safety/environmental risks, and is implementing strategies to mitigate these challenges[123]. - The company has not completed rectification of the identified issues related to non-operating fund occupation and other receivables lacking reasonable commercial justification[178]. - The company is actively urging related parties to repay the non-operating funds, with ongoing rectification efforts[183]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[61]. - The company aims to leverage the stable growth in demand for green pesticides driven by food security needs, focusing on three key strategies: expanding domestic and international markets, enhancing efficiency through management innovation, and accelerating new project construction[45]. - The company plans to pursue strategic acquisitions to enhance its product portfolio, with a budget of 500 million CNY allocated for potential mergers[61]. - The company has set a revenue guidance of 1.8 billion CNY for 2023, indicating a growth target of 20%[141].

Financial Performance - The company's operating revenue for Q1 2023 was ¥747,388,776.20, a decrease of 51.10% compared to ¥1,528,497,781.36 in the same period last year[3] - The net profit attributable to shareholders was ¥11,316,969.11, down 96.30% from ¥305,590,608.32 year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥14,537,586.97, a decline of 95.38% compared to ¥314,700,365.59 in the previous year[3] - The net cash flow from operating activities was ¥67,421,620.44, representing a 53.01% decrease from ¥143,475,487.35 in the same period last year[3] - Total revenue for Q1 2023 was ¥747,388,776.20, a decrease of 51.1% compared to ¥1,528,497,781.36 in the same period last year[16] - Net profit for Q1 2023 was ¥7,697,450.67, compared to a net profit of ¥302,575,278.68 in Q1 2022, indicating a significant decline[16] - The net profit attributable to the parent company for Q1 2023 is ¥11,316,969.11, a decrease from ¥305,590,608.32 in the previous period[17] - The total comprehensive income attributable to the parent company is ¥11,316,969.11, compared to ¥305,590,608.32 in the previous period[17] - Basic and diluted earnings per share for Q1 2023 are both ¥0.0195, down from ¥0.5262 in the previous period[17] Assets and Liabilities - The total assets at the end of the reporting period were ¥10,054,719,865.46, a decrease of 2.20% from ¥10,280,802,563.89 at the end of the previous year[3] - Total liabilities decreased to ¥8,633,361,219.71 from ¥8,882,507,428.55, reflecting a decline of 2.8%[14] - Current assets totaled ¥4,986,155,727.65, down 4.1% from ¥5,198,301,733.47 at the beginning of the year[14] - The company's total assets decreased to ¥10,054,719,865.46 from ¥10,280,802,563.89 at the beginning of the year, a reduction of 2.2%[14] - The company's equity attributable to shareholders increased to ¥1,287,580,388.51 from ¥1,271,285,338.83, a rise of 1.3%[14] Cash Flow - Cash inflow from operating activities for Q1 2023 is ¥734,286,535.82, a decrease from ¥1,581,523,644.29 in the previous period[18] - Cash outflow from investing activities is ¥46,071,836.62, compared to ¥29,156,992.09 in the previous period[19] - Net cash flow from financing activities is -¥91,247,603.18, an improvement from -¥100,805,780.36 in the previous period[19] - The ending cash and cash equivalents balance is ¥144,913,759.77, compared to ¥95,369,688.72 in the previous period[19] - The company received cash from sales of goods and services amounting to ¥558,357,780.45, down from ¥1,198,071,772.59 in the previous period[18] - The company paid cash to employees totaling ¥115,159,824.67, a decrease from ¥167,471,037.64 in the previous period[19] Expenses and Costs - Total operating costs for Q1 2023 were ¥754,331,508.01, down 37.0% from ¥1,194,201,409.70 year-over-year[16] - Research and development expenses for Q1 2023 were ¥45,162,420.36, down 22.7% from ¥58,433,681.04 in the previous year[16] - The company experienced a 72.14% reduction in selling expenses, which amounted to ¥10,348,110.37 compared to ¥37,149,599.69 in the same period last year[6] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 31,518[7] - The largest shareholder, Nanjing First Pesticide Group Co., Ltd., holds 31.50% of shares, totaling 182,924,731 shares[7] Corporate Actions and Investigations - Nanjing Hongtaiyun Business Co., Ltd. transferred its 51% stake in Anhui Hongtai Biological Chemical Co., Ltd. to Nanjing Huazhou Pharmaceutical Co., Ltd.[10] - The registered capital of Nanjing Xinzou Technology Co., Ltd. was set at 20 million RMB, with Nanjing Huazhou Pharmaceutical holding 49%[10] - The company’s shareholding in Zhongnong Hongtai (Nanjing) Biotechnology Co., Ltd. decreased from 42% to 10%[10] - The company is under investigation by the China Securities Regulatory Commission for information disclosure violations[9] - The company’s stock continues to be subject to "other risk warnings" as per the Shenzhen Stock Exchange regulations[9] - The company reported a significant amount of pledged and frozen shares among its major shareholders[8] Credit and Impairment - The company reported a significant increase in credit impairment losses, which rose by 284.12% to ¥17,985,354.58 compared to a loss of ¥9,768,175.31 in the previous year[6]

Group 1: Regulatory Impact and Product Development - Document 1745 regulates the management of paraquat, maintaining a stable future demand outlook for the company [1] - The new regulation requires re-approval of labels and changes to pesticide production approval documents, effective from January 1, 2013 [1] - The company’s subsidiary has registered a new formulation of paraquat, a soluble gel, with a validity period from September 25, 2013, to September 25, 2018 [2] Group 2: Product Comparison - Glyphosate, paraquat, and diquat have both commonalities and unique characteristics; glyphosate is a highly effective, low-toxicity herbicide [2] - Paraquat is known for its verticality and non-drifting properties, while diquat is recognized as an ideal environmentally friendly herbicide in developed countries [2] Group 3: Fundraising and Financials - The non-public offering aims to raise up to ¥1,038,187,464.77, with net proceeds intended for working capital and debt repayment [2] - The company distributed cash dividends of ¥0.2 per share in 2011, totaling ¥10,144,936.98 [3] - In 2012, the dividend was increased to ¥0.3 per share, amounting to ¥15,217,405.47 [3] - For 2013, the dividend was further raised to ¥0.5 per share, totaling ¥25,362,342.45 [3] Group 4: Sales and Market Strategy - Domestic sales are primarily through the Hongtai Agricultural Chain and Su Nong Chain, focusing on pesticide and fertilizer sales [2] - The company aims to accelerate the industrialization of downstream products in the pyridine industry chain, emphasizing the replacement of high-toxicity pesticides [3]

Group 1: Production Capacity and Raw Materials - The company's pyridine production capacity is 62,000 tons per year [1] - Main raw materials for pyridine production include formaldehyde, acetaldehyde, and liquid ammonia, which are affected by oil price fluctuations [1] - The ratio of pure pyridine to 3-methylpyridine in the production chain is 2:1 [1] Group 2: Product Sales and Market Focus - The company exports a significant portion of its paraquat products, with exports accounting for a large share [1] - Paraquat, glyphosate, and diquat have both common and unique characteristics; glyphosate is a highly effective, low-toxicity herbicide, while paraquat is known for its verticality and non-drifting properties [1] Group 3: Herbicide Characteristics - Glyphosate acts through absorption and translocation, effectively killing weeds by penetrating their waxy surface [1] - Paraquat is recognized for its excellent features such as soil preservation and rapid action [1] - Diquat is a fast-acting herbicide suitable for various agricultural applications, particularly effective in potato cultivation [1]

Group 1: Company Overview - Nanjing Hongtaiyang Co., Ltd. focuses on environmentally friendly pesticides, with products including herbicides, insecticides, fungicides, and intermediates [1] - The company has three main industrial chains: pyrethroid, pyridine, and hydrogen cyanide [1] Group 2: Production Capacity and Raw Materials - The production capacity of the pyridine plant is 62,000 tons per year [1] - Major raw materials for pyridine production include formaldehyde, acetaldehyde, and liquid ammonia, which are influenced by oil price fluctuations [1] Group 3: Product Composition and Market Focus - In the pyridine chain, pure pyridine accounts for 66.67% and 3-methylpyridine for 33.33% [1] - The company exports a significant portion of its paraquat products, indicating a strong export focus [1] Group 4: Future Development and Strategic Initiatives - The company plans to invest in a financing leasing company in the Shanghai Free Trade Zone to enhance its core competitiveness and optimize financing structures [2] - Future development will focus on accelerating the industrialization of downstream pyridine products and replacing high-toxicity pesticides [2] Group 5: Product Range and Alternatives - The pyridine chain can produce over 40 types of pesticide products, including various herbicides and insecticides [2]

Group 1: Non-Public Offering - The company has received approval from the China Securities Regulatory Commission (CSRC) for a non-public offering of shares [1] - The board of directors will strictly follow the CSRC's approval requirements and the authorizations from the shareholders' meeting to advance the offering [1] Group 2: Investment in Shanghai Free Trade Zone - The wholly-owned subsidiary, Shanghai Hongtaiyang, plans to invest in a financing leasing company in the Shanghai Free Trade Zone [1] - This investment aims to leverage the policy, platform, and geographical advantages of the Free Trade Zone to enhance the company's core competitiveness [1] Group 3: Rural E-commerce Strategy - The company intends to capitalize on the "Internet Plus" national strategy and the opportunities presented by new internet technologies [1] - It aims to integrate various resources such as capital, technology, market, brand, products, and culture to optimize and enhance its agricultural supply chain [1]

Group 1: Company Overview - Nanjing Hongtaiyang Co., Ltd. has a comprehensive environmental pesticide integrated industrial chain, including pyridine alkaloid, hydrogen cyanide, and pyrethroid chains [1] - The company produces a range of products including herbicides, insecticides, fungicides, and intermediates, forming a complete production and sales chain [1] Group 2: Financial Activities - The company has received approval from the China Securities Regulatory Commission for a non-public stock issuance [1] - The issuance is aimed at enhancing the company's capital structure and funding efficiency [2] Group 3: Product Export and Market Share - The company’s product, Paraquat, has a significant export share, indicating a strong international market presence [1] - Over 70% of global pyridine demand is for pesticide synthesis, with 85% of methylpyridine used for feed additives and vitamins [2] Group 4: Research and Development Initiatives - A joint research center has been established with Zhejiang University to enhance technological innovation and product development capabilities [2] - The collaboration focuses on biocatalysis and application chemistry, aiming to improve the synthesis technology of pyridine series products [2] Group 5: Strategic Goals - The company aims to strengthen its core industries and promote the replacement of high-toxicity pesticides in China [3]

Group 1: Financial Performance - The net profit attributable to shareholders for 2014 is expected to grow by 10%-30% compared to the previous year, with a projected profit of -48,500 million RMB [1] - The company plans to raise funds not exceeding 1,038,187,464.77 RMB through a non-public offering, aimed at supplementing working capital and repaying debts [1] Group 2: Product and Industry Chain - The company focuses on environmentally friendly pesticides, with products including herbicides, insecticides, fungicides, and intermediates [2] - The company has established three industry chains: pyrethroid, pyridine, and hydrogen cyanide [2] - In the pyridine industry chain, 2/3 is pure pyridine and 1/3 is 3-methylpyridine [2] Group 3: Market Dynamics - The company exports a significant portion of its paraquat products, indicating a larger export market share [2] - The distinction between peak and off-peak seasons for pesticide sales is becoming less pronounced due to the company's expanding international market [2] Group 4: Future Development - The company aims to accelerate the industrialization of downstream products in the pyridine chain and focus on replacing highly toxic pesticides [2]

Group 1: Product Characteristics and Market Impact - Paraquat is the second largest herbicide globally, known for its high efficiency, safety, and unique properties such as rapid action and no soil residue, which benefits soil health [1] - The Ministry of Agriculture, Ministry of Industry and Information Technology, and General Administration of Quality Supervision, Inspection and Quarantine issued Announcement No. 1745, which imposes restrictive management measures on paraquat to ensure safe production and usage [1] - The announcement aims to clean up the paraquat production industry, supporting large enterprises and enhancing market order, which will reduce the number of paraquat formulation producers [2] Group 2: Export and Competitive Advantage - The announcement allows for the retention of export registration for mother liquor production enterprises, enhancing the company's competitive edge in international markets [2] - The restructuring of export rights will favor the company’s self-operated exports of paraquat products, reducing competition in the international market [2] Group 3: Social Responsibility and Training Initiatives - The company has established a working group and a social responsibility fund to promote responsible use of paraquat and mitigate negative impacts from misuse [2] - Training programs for medical systems and farmers on safe pesticide usage and the development of new paraquat alternatives are part of the company's initiatives [2] Group 4: Research and Development - The company’s subsidiary has registered a new soluble paraquat formulation, with registration number PD20131912, valid from September 25, 2013, to September 25, 2018 [2] - The company collaborates with Zhejiang University to establish a joint research center aimed at enhancing core competitiveness and innovation capabilities [3] Group 5: Marketing and Business Strategy - The company has developed a new marketing model that integrates agricultural product chains, successfully distributing products across over 20 provinces in China [3] - Plans for a non-public stock issuance have been approved by the China Securities Regulatory Commission to support business expansion [3] - The company aims to leverage the Shanghai Free Trade Zone for investment and financing opportunities to enhance its core competitiveness [3] Group 6: Future Focus - The company will focus on accelerating the industrialization of pyridine derivatives and continue to promote the replacement of highly toxic pesticides [4]