Core Insights - The fungicide industry is experiencing rapid growth in China, driven by increasing public health awareness and environmental policies, with the market size projected to grow from 23.67 billion yuan in 2019 to 40.5 billion yuan by 2024, representing a compound annual growth rate (CAGR) of 11.34% [2][10] - The demand for environmentally friendly and biological fungicides is expected to rise significantly, particularly in the agricultural sector, which is the primary consumer market for fungicides [2][10] Industry Overview - Fungicides, also known as biocides, are chemical agents that effectively control or kill microorganisms such as bacteria, fungi, and algae [3] - The classification of fungicides can be based on application fields (industrial and agricultural), raw materials (inorganic, organic sulfur, organic phosphorus, etc.), usage methods (protective and therapeutic), and conduction characteristics (systemic and non-systemic) [3][8] Industry Policies - The Chinese fungicide industry is at a critical juncture influenced by policy changes and market transformations, with recent regulations aimed at promoting green and efficient fungicide production [5][7] - Key policies include the restriction of high-toxicity and high-residue pesticide production, as outlined in the "Industrial Structure Adjustment Guidance Catalog (2024 Edition)" [5][7] Industry Chain - The fungicide industry chain consists of upstream raw materials and production equipment, midstream research and manufacturing, and downstream applications in agriculture, forestry protection, urban greening, industrial corrosion prevention, and medical disinfection [8][10] Current Market Status - The global fungicide market is steadily expanding, with a projected market size of 19.704 billion USD in 2024, reflecting a year-on-year growth of 3.15% [10] - The growth is driven by the need for agricultural yield enhancement, public health protection, and food safety assurance, with expectations for the market to reach 22.942 billion USD by 2028 [10]

Core Viewpoint - The stock of Andermatt A has shown a slight increase of 2.02% on October 15, 2023, with a current price of 6.56 CNY per share, despite a year-to-date decline of 1.80% [1] Group 1: Stock Performance - As of October 15, 2023, Andermatt A's stock price is 6.56 CNY, with a trading volume of 10.25 million CNY and a turnover rate of 0.07%, resulting in a total market capitalization of 15.284 billion CNY [1] - Year-to-date, the stock has decreased by 1.80%, with a 5-day increase of 0.92%, a 20-day decline of 6.15%, and a 60-day decline of 5.20% [1] Group 2: Company Overview - Andermatt A, established on March 27, 1998, and listed on December 3, 1993, is located at 93 Beijing East Road, Jingzhou, Hubei Province [1] - The company's main business involves the research, production, and sales of pesticide raw materials and intermediates, with revenue composition as follows: herbicides 43.89%, insecticides 26.05%, fungicides 20.96%, and fine chemical products (non-agricultural) 9.10% [1] Group 3: Financial Performance - For the first half of 2025, Andermatt A reported operating revenue of 15.024 billion CNY, reflecting a year-on-year growth of 0.76%, while the net profit attributable to shareholders was -803.52 million CNY, showing a significant year-on-year increase of 91.02% [1] - As of June 30, 2025, the number of shareholders for Andermatt A was 37,600, a decrease of 8.89% from the previous period, with an average of 83,982 circulating shares per shareholder, an increase of 13.72% [1] Group 4: Shareholder Information - Since its listing, Andermatt A has distributed a total of 9.64 billion CNY in dividends, with 62.90 million CNY distributed over the past three years [2] - As of June 30, 2025, Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder, holding 18.2916 million shares, an increase of 10.5967 million shares from the previous period [2]

Group 1 - The glyphosate concept sector rose by 1.92%, ranking fifth among concept sectors, with 15 stocks increasing in value, led by Jiangshan Co., AnDowMai A, and Hongtaiyang, which rose by 6.34%, 3.97%, and 3.92% respectively [1] - The main funds in the glyphosate concept sector experienced a net outflow of 185 million yuan, with nine stocks seeing net inflows, the highest being Xin'an Co. with a net inflow of 28.9 million yuan [2] - The net inflow ratios for leading stocks in the glyphosate concept included Xin'an Co. at 11.20%, Guoguang Co. at 10.47%, and Jiangtian Chemical at 3.97% [3] Group 2 - The top gainers in the glyphosate concept included Xin'an Co. with a 1.21% increase, Xingfa Group with a 2.18% increase, and Jiangtian Chemical with a 3.37% increase [3] - Stocks with significant net outflows included Hebang Bio, which fell by 1.75% with a net outflow of 24.54 million yuan, and Jiangshan Co., which rose by 6.34% but had a negative net flow of 145.26 million yuan [4]

Core Insights - The agricultural chemical sector saw a rise of 0.92% on October 10, with Chengxing Co. leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Agricultural Chemical Sector Performance - Chengxing Co. (600078) closed at 8.20, up 10.07% with a trading volume of 199,000 shares and a transaction value of 162 million [1] - Liming Co. (002734) closed at 19.30, up 7.04% with a trading volume of 585,100 shares and a transaction value of 1.118 billion [1] - Jiangshan Co. (600389) closed at 26.85, up 6.34% with a trading volume of 144,100 shares and a transaction value of 383 million [1] - Other notable performers include Baiao Chemical (603360) up 4.01% and Ando A (000553) up 3.97% [1] Capital Flow Analysis - The agricultural chemical sector experienced a net outflow of 704 million from institutional investors, while retail investors saw a net inflow of 545 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Individual Stock Capital Flow - Baiao Chemical (603360) had a net inflow of 56.77 million from institutional investors, but a net outflow of 33.15 million from retail investors [3] - Chengxing Co. (600078) recorded a net inflow of 8.06 million from institutional investors, with retail investors showing a slight outflow [3] - Other companies like Xin'an Co. (600596) and Yun Tu Holdings (002539) also showed varied capital flows, indicating differing investor sentiments across the sector [3]

证券日报网讯安道麦A（000553）10月9日在互动平台回答投资者提问时表示，公司的财务业绩客观、 真实反映了公司经营的结果，公司不存在利益输送的情况。今年上半年，得益于毛利率以及毛利的改 善，公司净亏损同比明显减少，《2025年半年度报告》及其附件详细介绍了财务业绩的变动原因。 ...

证券日报网讯安道麦A（000553）10月9日在互动平台回答投资者提问时表示，截至2025年9月19日，公 司A股股东人数为24，902户。 ...

Core Viewpoint - The company, as a globally positioned agricultural chemical enterprise, determines employee compensation based on local conditions while considering the basic situation of global peers and market benchmarks [2] Group 1 - The company engages with investors through interactive platforms to address inquiries [2] - Employee compensation is aligned with local market conditions and global industry standards [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]

Core Viewpoint - The stock price of Andermatt A has experienced a decline of 4.64% year-to-date, with significant drops over various trading periods, indicating potential challenges in the company's market performance [1]. Company Overview - Andermatt A, established on March 27, 1998, and listed on December 3, 1993, is located at 93 Beijing East Road, Jingzhou, Hubei Province. The company specializes in the research, production, and sales of pesticide raw materials and intermediates [1]. - The main revenue composition includes herbicides (43.89%), insecticides (26.05%), fungicides (20.96%), and fine chemical products (non-agricultural) (9.10%) [1]. Financial Performance - For the first half of 2025, Andermatt A reported a revenue of 15.024 billion yuan, reflecting a year-on-year growth of 0.76%. However, the net profit attributable to shareholders was a loss of 80.352 million yuan, which is a significant improvement with a year-on-year increase of 91.02% [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Andermatt A was 37,600, a decrease of 8.89% from the previous period. The average circulating shares per person increased by 13.72% to 83,982 shares [1]. - The company has distributed a total of 9.64 billion yuan in dividends since its listing, with 62.904 million yuan distributed over the past three years [2]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the fourth-largest circulating shareholder of Andermatt A, holding 18.2916 million shares, an increase of 10.5967 million shares from the previous period [2].

Core Viewpoint - The continuous expansion of crop planting area in China is driving the growth of the herbicide market, with increasing demand for long-lasting herbicides in non-agricultural sectors such as railways and industrial parks, leading companies to develop environmentally friendly formulations with a duration of over six months [1][9]. Summary by Sections Overview - The herbicide market is defined under the revised "Pesticide Management Regulations" by the State Council, which categorizes herbicides as substances used to suppress or kill weeds, thereby protecting crops [2]. - There are over 300 types of herbicides, classified into thirteen categories based on their chemical structure [2]. Industry Chain - The upstream of the herbicide industry includes suppliers of petrochemical raw materials, inorganic chemicals, and production equipment, while the midstream consists of glyphosate processing enterprises, and the downstream primarily serves agricultural and non-agricultural weed control markets [7][8]. Current Development - The total production of agricultural raw materials in China is projected to reach 3.3126 million tons in 2024, with herbicides accounting for 1.2719 million tons, representing 38.40% of the total [1][9]. - The demand for herbicides is expected to grow due to the continuous increase in crop planting area, which reached 173 million hectares in 2024, with various crops showing positive growth rates [8]. Import and Export Trade - In 2024, China's herbicide exports are expected to reach 2.1244 million tons, generating an export revenue of approximately $5.085 billion, with retail packaging accounting for 57.21% of the exports [10]. Competitive Landscape - The herbicide market in China is characterized by the coexistence of domestic and foreign companies, with leading firms like Bayer, Syngenta, and BASF holding significant market shares, while domestic companies such as Adama, Xingfa Group, and New Hope Group have also enhanced their market competitiveness [11]. Key Companies - Adama's revenue in 2024 is projected to exceed 29.49 billion yuan, with herbicide sales contributing 39.77% of its total revenue [11]. - New Hope Group is expected to achieve a revenue of 14.67 billion yuan in 2024, with a gross profit margin of 11.07% [12]. Future Trends - The future of the herbicide industry may see the integration of drone technology for real-time weed monitoring and targeted application, as well as a shift towards a closed-loop ecosystem that encompasses research, production, service, and recycling [13].