Core Viewpoint - The coal and electricity sectors are experiencing declines, while the company "Shangwei New Materials" is seeing a surge with five consecutive trading limits [2][10][26]. Market Overview - On July 15, the A-share market showed mixed performance, with the Shanghai Composite Index down 0.93% to 3486.88 points, while the ChiNext Index rose 0.64% [2][5]. - The total market turnover reached 1.1 trillion yuan, indicating a significant increase compared to the previous day [5]. Sector Performance - The communication sector performed well, with significant gains in optical modules, optical chips, and optical communication stocks [5][6]. - The coal sector saw major declines, with companies like Dayou Energy and Shaanxi Black Cat experiencing drops of 8.61% and 7.08% respectively [10][11]. - The electricity sector also faced downturns, with Huayin Power and Tuo Ri New Energy dropping by 9.60% and 8.72% respectively [12][13]. Company-Specific Developments - Shangwei New Materials achieved a 20.01% increase in stock price, marking its fifth consecutive trading limit [26][27]. - The company announced that its price-to-earnings ratio is significantly higher than the industry average, advising investors to be cautious [27]. - The acquisition of a 63.62% stake by Zhiyuan Robotics is set to change the controlling shareholder and actual controller of Shangwei New Materials [27]. Earnings Forecasts - Several companies, including Ando Mai A and Tongding Interconnection, are expected to report losses for the first half of the year, leading to significant stock price declines [17][20][23]. - The coal industry is facing challenges due to a mismatch in supply and demand, prompting calls for improved contract management and industry self-regulation [15].

Investment Rating - The report maintains a "Buy" rating for Chanhen (002895 CH), Yuntianhua (600096 CH), and NHU (002001 CH), while Skshu (603737 CH) and Yuhong (002271 CH) are rated "Hold" [3][4][8]. Core Insights - The phosphate sector is experiencing strong performance, with companies like NHU expecting a profit increase of 50-70% in 1H25, driven by resilient agricultural demand and rising prices [3]. - Chanhen and Yuntianhua are highlighted as top picks due to their earnings momentum and robust dividend profiles, with expected earnings growth of over 40% year-on-year for Chanhen in 2Q and around 10% for Yuntianhua [3][8]. - The report notes potential catalysts for growth, including rising fertilizer export prices and elevated phosphate rock prices during the peak planting season [3]. Summary by Sections Phosphate Sector - Phosphate companies are expected to lead the sector, with Chanhen and Yuntianhua showing strong earnings growth and dividend yields exceeding 6% in 2025 [3][8]. - NHU's profit guidance indicates overall sector strength, with a projected increase of 50-70% [3]. Building Materials - Skshu has issued positive profit guidance for 2Q, projecting earnings growth of 69-118% year-on-year, but the report maintains a "Hold" rating due to the growth being largely priced in [4]. - Yuhong is expected to face ongoing weakness in earnings due to challenges in new housing and engineering construction [4]. Commodity Chemicals - Satellite Chemical is facing headwinds with expected earnings declines due to turbulence in ethane/propane imports and operational risks [5]. - Wanhua and LB Group are also under pressure from anti-dumping duties affecting their core products, leading to a negative outlook for their 2Q earnings [5].

Core Viewpoint - The company, Adama (000553.SZ), reported a significant improvement in its financial performance for the first half of the year, with a projected net profit loss of 108 million to 54 million RMB, a substantial recovery from a loss of 895 million RMB in the same period last year, indicating a positive trend in the agricultural pesticide industry [1][4]. Financial Performance - The company's sales remained stable year-on-year, primarily due to improved channel inventory, which offset the negative impact of lower prices [1]. - Adjusted net profit is expected to be between 337 million and 391 million RMB, compared to a loss of 501 million RMB in the previous year, reflecting the initial success of the "Advancement" transformation plan [1][5]. - EBITDA and profit margins improved due to increased gross profit and gross margin, driven by lower inventory costs and higher sales volume [1][2]. Industry Trends - The agricultural pesticide industry is showing signs of recovery after a prolonged period of destocking, with increasing demand for inventory replenishment [2][4]. - The global pesticide market is expected to stabilize by 2025, with prices currently at low levels not seen since 2013-2014, making short-term price increases likely [4]. Market Position and Strategy - Adama holds approximately 5% of the global market share, ranking among the top eight pesticide companies worldwide, and has registered 190 new products globally [4]. - The company is focusing on optimizing financial management, streamlining operations, and deepening value innovation in niche markets as part of its transformation strategy [2][5]. - The introduction of new products is expected to enhance gross margins, with a new product contribution rate of 22% for 2024 [3]. Regional Performance - Sales in Europe increased, although this was offset by a decline in Turkey; North America showed growth with both volume and price increases, while Latin America faced slight declines due to increased competition [3]. - The Asia-Pacific region saw a rise in sales, particularly in China, benefiting from increased global demand and rising caustic soda prices [3]. Future Outlook - The company is expected to benefit from the application of its products in non-agricultural sectors and the anticipated increase in disposable income in North America [5]. - The ongoing transformation plan is expected to enhance financial performance and cash flow, with a focus on the Chinese market and collaboration with Syngenta Group [5][6]. - The company’s stock has shown stability, and the increasing interest from international investors indicates confidence in its future performance [6].

Core Viewpoint - Company expects a significant reduction in losses for the first half of 2025 compared to the same period in 2024, with a projected net loss of between 54 million to 108 million yuan [1][2]. Financial Performance - The company anticipates a year-on-year reduction in losses primarily due to an increase in operating profit and a decrease in tax expenses, which outweighed the impact of rising financial costs [2]. - EBITDA and its profit margin are expected to grow year-on-year compared to the same period in 2024, driven by improvements in gross profit and gross margin, reflecting lower inventory costs and increased sales volume [2]. - The company projects that its sales for the first half of 2025 will remain stable compared to 2024, with a 1% increase in sales when calculated in RMB, while remaining flat in USD [2][3]. Strategic Transformation - The company is undergoing a significant transformation to address challenges in the agricultural chemical industry, including oversupply issues. The "Advancement" transformation plan, initiated in early 2024, aims to enhance profits and improve cash flow over three years [4]. - The "Advancement" plan consists of three main pillars: optimizing financial management, streamlining operational structure, and focusing on "value innovation" in niche markets [4]. - The management has indicated that the transformation plan has positively impacted key financial metrics, including EBITDA, EBITDA margin, cash flow, and overall operating expenses [4][5]. Operational Efficiency - The company is implementing cost optimization measures to lower operating costs and improve financial health, alongside transforming its operational model for greater efficiency [5]. - The company has removed several low-margin products from its portfolio to enhance profitability [6]. - Over the past year, the company's stock price has increased by nearly 70% [6].

安道麦发布 2025 年半年度业绩预测 中国北京及以色列特拉维夫，2025 年 7 月 14 日 – 安道麦股份有限公司（以下简称"公司"，深证 000553）于今日发布 2025 年半年度业绩预测。公司的"奋进"战略转型计划持续发挥积极作用，核 心财务指标实现改善。 销售额 得益于第二季度销售额的同比增长，公司预计2025年半年度销售额将与2024年同期持平（以美 元计算0%，以人民币计算+1%）。今年上半年销售额企稳，主要得益于渠道库存改善带来销量增长， 抵消了同期价格走低的不利影响。而价格疲软的主要原因是原药价格因供过于求而处于低位；以及 海外市场普遍高息，大宗农产品价格相对低迷，导致经销商及农民承受压力。 调整后息税及折旧摊销前利润（下文简称"EBITDA"）以及净利润 公司预计2025年半年度调整后EBITDA及其利润率较2024年同期将实现同比增长。调整后 EBITDA及其利润率改善的原因是毛利与毛利率双双提升，主要反映出存货成本降低和销量同比增加 产生的积极影响。 公司预计2025年半年度调整后净利润约为4,700万美元至5,400万美元， 2024年同期亏损7,100万 美元。公司实现调整后净 ...

[Adama Ltd. 2025 Semi-Annual Performance Forecast](index=1&type=section&id=%E5%AE%89%E9%81%93%E9%BA%A6%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B82025%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A) [Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%20%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company expects a net loss for the first half of 2025 to significantly narrow, with attributable net loss projected between RMB 54 million and RMB 108 million, compared to RMB 895 million loss in the prior year 2025 Semi-Annual Performance Forecast (Compared to Prior Year) | Item | Current Period (RMB) | Prior Year (RMB) | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of Listed Company** | Loss: 108 million – 54 million | Loss: 895 million | | **Net Profit Excluding Non-Recurring Gains and Losses** | Loss: 177 million – 123 million | Loss: 947 million | | **Basic Earnings Per Share** | Loss: 0.0464/share – 0.0232/share | Loss: 0.3841/share | [Communication with Accounting Firm](index=1&type=section&id=%E4%BA%8C%E3%80%81%20%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) The company has pre-communicated preliminary performance forecast estimates with the accounting firm, confirming no significant discrepancies, and the forecast remains unaudited or unreviewed - This performance forecast represents the company's preliminary estimates and has not been audited or reviewed by a certified public accountant[4](index=4&type=chunk) - The company has pre-communicated with the accounting firm regarding the performance forecast, with no significant discrepancies identified[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=%E4%B8%89%E3%80%81%20%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The company's performance improved year-over-year, primarily due to stabilized sales from increased volume, enhanced gross margin from lower inventory costs and higher sales, and a significant reduction in net loss despite higher finance costs [Sales Analysis](index=1&type=section&id=%E9%94%80%E5%94%AE%E9%A2%9D) Sales for the first half of 2025 are expected to remain flat year-over-year (1% growth in RMB), as volume increases from improved channel inventory offset price declines due to oversupply and low agricultural product prices - Expected 2025 semi-annual sales to remain flat compared to 2024 (a **1% increase in RMB**, **0% in USD**)[5](index=5&type=chunk) - Performance stabilization is primarily attributed to increased sales volume from improved channel inventory, which was offset by declining prices[5](index=5&type=chunk) - Price weakness is mainly due to oversupply of active ingredients, coupled with high interest rates and depressed agricultural product prices impacting distributors and farmers[5](index=5&type=chunk) [EBITDA and Net Loss Analysis](index=2&type=section&id=%E6%81%AF%E7%A8%8E%E5%8F%8A%E6%8A%98%E6%97%A7%E6%91%8A%E9%94%80%E5%89%8D%E5%88%A9%E6%B6%A6%EF%BC%88EBITDA%EF%BC%89%E5%8F%8A%E5%87%80%E4%BA%8F%E6%8D%9F) The company expects year-over-year growth in EBITDA and EBITDA margin for the first half of 2025, driven by improved gross profit and margin from lower inventory costs and increased sales volume, leading to a significantly narrowed net loss despite higher finance costs - Expected 2025 semi-annual EBITDA and its margin to achieve year-over-year growth, primarily due to improvements in both gross profit and gross margin[6](index=6&type=chunk) - The increase in gross margin reflects the positive impact of lower inventory costs and a year-over-year increase in sales volume[6](index=6&type=chunk) - Net loss significantly decreased year-over-year, primarily due to increased operating profit and reduced tax expenses, whose positive effects outweighed the increase in finance costs[6](index=6&type=chunk) [Other Relevant Information](index=2&type=section&id=%E5%9B%9B%E3%80%81%20%E5%85%B6%E4%BB%96%E7%9B%B8%E5%85%B3%E8%AF%B4%E6%98%8E) The company emphasizes this performance forecast is a preliminary estimate, with final audited figures to be disclosed in the semi-annual report on August 27, 2025, and advises investors to consider investment risks - This performance forecast is a preliminary estimate based on initial financial data, is unaudited, and final figures may change[7](index=7&type=chunk) - The accurate 2025 semi-annual report will be officially disclosed on **August 27, 2025**[7](index=7&type=chunk)

Group 1 - Hubei Province's direct financing has maintained a high level of around 800 billion yuan for three consecutive years, with nearly 80% of listed companies achieving profitability [1][2] - As of June 30, 2025, Hubei has 191 listed companies, ranking 10th nationally, with 153 domestic and 38 overseas listings [2][3] - The province has a reserve of 1,355 "gold and silver seed" enterprises to support more quality companies to go public [1][4] Group 2 - In Q1 2025, over 70% of Hubei's listed companies were profitable, with notable companies like Jiuzhoutong, CITIC Special Steel, and Wentai Technology reporting revenues exceeding 10 billion yuan [3] - The top ten companies by revenue in Hubei all exceeded 4 billion yuan, indicating strong performance in the region [3] - Hubei has implemented a comprehensive service system for companies to enter the multi-level capital market, aiming to enhance the quality of enterprises [4] Group 3 - Hubei's capital market reforms have led to 20 new listings and approvals annually from 2021 to 2023, with the province ranking 6th nationally for new listings in 2024 [2] - The province aims to achieve five major goals by 2030, including increasing the total number of listed companies and ensuring coverage across all regions [4]

证券代码：000553（200553） 证券简称：安道麦A(B) 公告编号：2025-23号 上述议案经公司董事会薪酬及考核委员会审议通过。 特此公告。 安道麦股份有限公司董事会 安道麦股份有限公司（以下简称"公司"或"本公司"）第十届董事会第十 三次会议于 2025 年 6 月 9 日通过电子邮件方式通知了所有董事，并于 2025 年 6 月 12 日以视频及现场会议方式召开。会议应出席董事 6 人，实际出席董事 6 人。 本次会议的召开符合有关法律、行政法规、部门规章、规范性法律文件和公 司章程的规定。出席会议的董事审议并通过如下议案： 1. 关于高级管理人员薪酬相关事宜的议案 董事会审议通过根据《公司高级管理人员薪酬政策》所确定的公司高级管理 人员 2025-2027 年度激励计划及 2025 年度授予奖励，以及公司总裁兼首席执行 官 Gaël Ali Hili 先生的相关保险事宜。 关联董事刘红生先生回避了表决。会议以 5 票同意，0 票反对，0 票弃权的 表决结果审议通过了议案。 安道麦股份有限公司 第十届董事会第十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 ...

证券代码：000553（200553） 证券简称：安道麦A(B) 公告编号：2025-22号 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 安道麦股份有限公司（以下简称"公司"或"本公司"）第十届董事会第十 二次会议于 2025 年 5 月 27 日以传签方式召开（经全体董事一致同意，豁免本次 会议通知时限）。会议应当参与传签的董事 6 人，实际参与传签的董事 6 人。 本次会议的召开符合有关法律、行政法规、部门规章、规范性法律文件和公 司章程的规定。出席会议的董事审议并通过如下议案： 1. 关于境外全资子公司实施债券回购计划的议案 为改善公司债务结构，降低公司整体的融资成本，董事会批准全资子公司 ADAMA Agricultural Solutions Ltd.（以下简称"Solutions"）或其子公司根据市 场情况在特拉维夫证券交易所或者通过场外交易的形式，对 Solutions 发行的部 分债券予以回购，回购对价至多 3 亿美元的债券。 每份债券回购价格不高于 1.466 以色列新谢克尔，债券回购的期限为自公司 董事会通过本次回购计划之日起一年。回购 ...

Core Viewpoint - The recent approval of the new herbicide Temper™ More by Adama Agricultural Solutions in the United States represents a significant advancement in managing herbicide-resistant weeds, providing farmers with an effective tool to combat persistent weed resistance [1][3]. Group 1: Product Features - Temper™ More utilizes Adama's proprietary Sesgama® formulation technology, enhancing the stability and ease of application of the active ingredients, isoxaflutole and glyphosate [4]. - The product combines two active ingredients with different modes of action, offering a broad spectrum of efficacy against glyphosate-resistant weeds, including pigweed, morning glory, and waterhemp [3][4]. - The dual-action mechanism of Temper™ More allows for prolonged effectiveness, optimizing weed management and reducing the frequency of applications, which can save farmers time and money [3][4]. Group 2: Market Impact - The introduction of Temper™ More addresses the growing challenge of herbicide resistance faced by farmers across the U.S., where traditional glyphosate applications are becoming less effective [2][3]. - The product's flexibility in application timing provides farmers with greater freedom in managing their crop protection strategies, alleviating mid-season application pressures [3][4]. - Adama has conducted extensive trials in key regions, demonstrating that Temper™ More consistently outperforms glyphosate and other single-agent herbicides, particularly against the most widespread and difficult-to-control resistant waterhemp [4].