内容概要：随着我国农作物种植面积的持续扩大，带动除草剂市场需求持续增长，此外，铁路、公路、 工业园区等非农场景对长效型除草剂的需求年均增长，推动企业开发持效期达六个月以上的环境友好型 制剂，非农领域市场的拓展带动除草剂市场需求进一步提升，为满足日益增长的市场需求，我国除草剂 企业纷纷扩大产能，近年来，我国除草剂不论产量还是产品质量均取得较大突破，据中国农药工业协会 数据显示，2024年我国农药原药总产量(折百)达331.26万吨，其中，除草剂产量127.19万吨，占农药原 药总产量的38.40%。 上市企业：江山股份（600389）、长青股份（002391）、利尔化学（002258）、诺普信（002215）、安 道麦A（000553）、广信股份（603599）、新安股份（600596）、扬农化工（600486）、兴发集团 （600141）、润丰股份（301035）、和邦生物（603077） 相关企业：广东中迅农科股份有限公司、拜耳作物科学（中国）有限公司、江西正邦作物保护股份有限 公司、巴斯夫植物保护（江苏）有限公司、广西田园生化股份有限公司、江苏艾津作物科技集团有限公 司、侨昌现代农业有限公司、江苏龙灯化学 ...

Market Overview - The agricultural chemical sector experienced a decline of 1.45% on September 10, with Limin Co. leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Individual Stock Performance - Yingtai Biological (code: 920819) saw a closing price of 4.61, with an increase of 2.90% and a trading volume of 227,900 shares, totaling a transaction value of 104 million yuan [1] - Hongda Co. (code: 600331) closed at 11.27, up 2.55%, with a trading volume of 551,600 shares and a transaction value of 616 million yuan [1] - Limin Co. (code: 002734) closed at 19.88, down 3.68%, with a trading volume of 306,700 shares and a transaction value of 616 million yuan [2] - Yanhai Co. (code: 000792) closed at 66.61, down 3.48%, with a trading volume of 1,045,600 shares and a transaction value of 2.094 billion yuan [2] Capital Flow Analysis - The agricultural chemical sector experienced a net outflow of 556 million yuan from main funds, while retail funds saw a net inflow of 342 million yuan [2] - Main funds showed a net inflow in stocks like Hubei Yihua (code: 000422) with 34.34 million yuan, while it faced outflows in stocks like Hongda Co. with a net outflow of 25.20 million yuan [3]

证券日报网讯安道麦A（000553）9月9日在互动平台回答投资者提问时表示，截至2025年8月20日，公 司A股股东人数为25，690户。 ...

Group 1 - The company announced that its wholly-owned subsidiary, ADAMA Agricultural Solutions Limited, divested several crop protection products in Europe in 2018, which were transferred from Syngenta to support its European operations [1] - In the first half of 2025, the company's sales and revenue in Europe showed year-on-year growth, driven by a recovery in sales during the second quarter [1] - The implementation of the "Advancement" plan has led to improved operational efficiency, reduced operating costs, and enhanced profit indicators such as gross profit, EBITDA, and net profit, all showing year-on-year improvement [1] Group 2 - An investor inquired about the assets transferred to ADAMA from the acquisition of Syngenta by China National Chemical Corporation, questioning their current value and impact on the company's main business [2] - The investor also raised concerns about whether the current net profit accurately reflects the company's value and what metrics could objectively represent ADAMA's true value, such as positive cash flow [2]

证券之星消息，安道麦A(000553)09月08日在投资者关系平台上答复投资者关心的问题。 投资者提问：请问，按照2013（55号）《上市公司监管指引》要求，履约能力分析是属于指引（第二 条）所规定的承诺内容可实现性的保证措施，由承诺人作出而非上市公司。公司却认为由上市公司作出 有何依据？是否与监管法规相冲突？导致误导性陈述？ 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 安道麦A回复：您好！根据《上市公司监管指引第4号》（证监会公告〔2013〕55号）的规定，履约能 力分析是上市公司做出的内容。 ...

公 司 研 究 安道麦 A（000553.SZ）：业绩同比 减亏，丰富差异化产品线 2025 年 9 月 1 日 强烈推荐/维持 安道麦 A 公司报告 安道麦发布 2025 年中报：公司上半年实现营业收入 150.24 亿元，YoY+0.76%， 归母净利润-0.80 亿元，同比减亏。 公司业绩有所改善。公司上半年销售额为 20.91 亿美元，以美元计算同比持平， 以人民币计算同比增长 1%，其中销量同比增加 4%，抵消了价格同比下降 3% 的负面影响。调整后毛利为 6.2 亿美元，同比增长 11%；毛利率提升至 29.7% （去年同期为 26.5%），主要得益于成本减少，以及销量同比增加。调整后 EBITDA 为 3.1 亿美元，同比增长 23%；EBITDA 利润率提升至 14.8%（去年 同期为 12.0%）。调整后净利润由去年同期的净亏损 7100 万美元转正为 4900 万美元；列报净亏损为 1100 万美元，较去年同期净亏损 1.26 亿美元同比改 善 1.15 亿美元。 农药市场有所复苏，但价格仍然承压。2025 年上半年多数国家的农药渠道库 存已恢复至 2020 年之前水平，农药市场需求得以复 ...

Financial Data and Key Metrics Changes - The company reported a Q2 EBITDA that was 19% higher than the same quarter last year, and H1 EBITDA was nearly 20% above H1 last year, marking the fifth consecutive quarter of EBITDA growth [9][10] - Gross margin improved from 26.8% to 29.6%, and EBITDA margin increased from 10.8% to 13.3% compared to the same period last year [11] - Free cash flow increased by $24 million to a total of $32 million, reflecting strong cash management [15][32] Business Line Data and Key Metrics Changes - The company achieved a top-line sales increase for the first time since Q3 2022, reaching $908 million, driven by a 6% volume growth that offset a 3% decline in prices [17] - Gross profit increased by 14%, with a gross margin of 29% in Q2 2025 compared to 26% in Q2 2024 [17][21] - EBITDA for H1 2025 reached $244 million, a 20% increase compared to the previous year [21] Market Data and Key Metrics Changes - Sales in North America grew by approximately 20%, benefiting from a rebound in market volumes [25] - Sales in Europe, Africa, and the Middle East showed a slight drop, but would have grown by 3% if not for geopolitical issues in Turkey [24] - The company faced significant price pressure in Latin America, particularly in Brazil and Argentina, impacting overall performance in that region [28] Company Strategy and Development Direction - The company is focused on a transformation strategy called "Fight Forward," aimed at improving profitability and growing the top line by focusing on high-margin products [12][59] - The management emphasized the importance of operational efficiency and cost reduction initiatives that have contributed to improved margins [12][19] - The company aims to leverage its differentiated product portfolio to gain market share in key regions moving forward [59] Management's Comments on Operating Environment and Future Outlook - Management noted that the agrochemical market remains in an oversupply situation, primarily due to overcapacity from China, which continues to exert price pressure [5][6] - Despite challenges, there are signs of market stabilization, with normalized inventory levels leading to improved volume dynamics [46][48] - The management expressed confidence in the company's ability to navigate the current environment and capitalize on growth opportunities [59][60] Other Important Information - The company has undergone significant restructuring, which has resulted in a narrowing of net profit losses, with reported net profit at $43 million in Q2 2025, down 64% from the previous year [19][22] - The company has a net debt to EBITDA ratio of 2.5, which is within the required covenant limits [34] Q&A Session Summary Question: What are the main challenges faced in the market? - Management highlighted ongoing price pressures due to farmer profitability issues and geopolitical factors affecting sales in certain regions [47][48] Question: How is the company addressing operational efficiency? - The company has implemented various initiatives under the "Fight Forward" plan to reduce costs and improve operational efficiency, contributing to better margins [12][19] Question: What is the outlook for growth in key markets? - Management expressed optimism about growth opportunities in North America and Europe, while acknowledging challenges in Latin America and India [25][28]

Financial Data and Key Metrics Changes - The company reported a Q2 EBITDA of $180 million, which is 19% higher than the same quarter last year, and H1 EBITDA was nearly 20% above H1 last year [9][18] - Gross margin improved from 26.8% to 29.6%, and EBITDA margin increased from 10.8% to 13.3% [11] - Free cash flow increased by $24 million to a total of $32 million [15][30] Business Line Data and Key Metrics Changes - The company achieved a top-line sales increase for the first time since Q3 2022, reaching $906 million, driven by a 6% volume growth that offset a 3% price decline [17] - Gross profit increased by 14%, with a gross margin of 29% in Q2 2025 compared to 26% in Q2 2024 [17][20] Market Data and Key Metrics Changes - Sales in North America grew by approximately 20%, benefiting from a rebound in market volumes [24] - Sales in Europe, Africa, and the Middle East showed a slight drop, but would have grown by 3% if not for geopolitical issues in Turkey [22] - Latin America experienced a drop in sales primarily due to significant price pressure in Brazil and Argentina [26] Company Strategy and Development Direction - The company is focused on a transformation strategy called "Fight Forward," aimed at improving profitability and then growing the top line [13][56] - The management emphasized the importance of focusing on high-margin products and exiting low-profit segments [20][22] Management's Comments on Operating Environment and Future Outlook - Management noted that the agrochemical market remains in an oversupply situation, primarily due to overcapacity from China, which continues to exert price pressure [5][6] - There are signs of market stabilization, with normalized channel inventories and a shift towards more strategic conversations with customers [43][46] Other Important Information - The company has a net debt to EBITDA ratio of 2.5, which is within the required covenant limits [32] - The management highlighted the importance of cash flow management and operational efficiency as key components of their strategy [15][30] Q&A Session Summary Question: What are the main challenges faced in the Turkish market? - The company faced significant sales losses in Turkey due to geopolitical issues and restrictions imposed by the Turkish government [19] Question: How is the company addressing pricing pressures? - Management acknowledged ongoing pricing pressures due to farmer profitability issues and overcapacity in the market, but emphasized their focus on operational efficiencies to mitigate these impacts [6][46]

Financial Performance - Q2 2025 - Sales increased by 3% to $968 million compared to Q2 2024[11] - Gross profit increased by 14% compared to Q2 2024[11] - EBITDA increased by 19.3% compared to Q2 2024[10] - Net loss improved by $47 million, from -$54 million to -$8 million[12] Financial Performance - H1 2025 - Sales decreased by 2.2% to $1,845 million compared to H1 2024[14] - Gross profit increased by 8.2% compared to H1 2024[14] - EBITDA increased by 19.9% compared to H1 2024[10] - Net profit was $22 million, compared to a loss of $69 million in H1 2024[14] - Free cash flow increased by $24 million to $32 million compared to $8 million in H1 2024[10] Regional Performance - North America sales increased by 25% in Q2 and 20% in H1 at CER[17, 17] - Latin America sales increased by 6% in Q2 but decreased by 4% in H1 at CER[18, 18] - Asia Pacific sales decreased by 14% in both Q2 and H1 at CER[20, 20]

Core Viewpoint - The company held an online earnings presentation discussing its Q2 and half-year performance, market conditions, and business developments, highlighting challenges and strategies moving forward [1] Group 1: Market Environment and Industry Impact - The agricultural protection industry is experiencing pressure due to oversupply of chemical raw materials and pesticides, which is affecting pricing despite indications of interest rate cuts [2] - The company noted that while there are early signs of recovery in the pesticide market, macroeconomic factors and high interest rates continue to exert pressure on prices [7] - The Chinese export market is facing challenges with oversupply and tariff impacts, leading to increased market pressure, particularly in Brazil [8] Group 2: Financial Performance and Profitability - The company reported a seasonal decline in Q2 net profit compared to Q1, influenced by seasonal business patterns and net bad debt losses [3] - Despite increased financial expenses due to restructuring and consulting costs, the company achieved a 3.54 percentage point increase in gross margin to 26.58% due to improved operational efficiency and cost management [9] Group 3: Strategic Initiatives and Future Outlook - The "Fengjin" plan is expected to be completed by the end of 2025, aiming to restore financial health and profitability, with continuous improvement in EBITDA and cash flow [5] - The company is focusing on the Latin American market, particularly Brazil, to counter challenges and is confident in regaining market share through innovative product launches [6] - Cost control measures will be implemented in the second half of the year, balancing operational cost reduction with value innovation strategies [10]