Market Overview - The Shanghai Composite Index closed at 3299.76 points, above the annual line, with a change of 0.25% [1] - The total trading volume of A-shares reached 1,121.207 billion yuan [1] Stocks Breaking Annual Line - A total of 106 A-shares have broken above the annual line today [1] - Notable stocks with significant deviation rates include: - Youbuxun: 17.49% deviation, closing price at 15.18 yuan, with a daily increase of 20.00% and turnover rate of 6.57% [1] - Fujilai: 14.53% deviation, closing price at 29.09 yuan, with a daily increase of 20.01% and turnover rate of 30.40% [1] - Chongqing Construction: 8.33% deviation, closing price at 3.01 yuan, with a daily increase of 9.85% and turnover rate of 2.93% [1] Additional Stocks with Minor Deviations - Jiangxi Copper, Meirya, and Laimu Co. have just crossed the annual line with smaller deviation rates [1] - Other stocks with notable performance include: - Changjiang Investment: 7.98% deviation, closing price at 8.01 yuan, with a daily increase of 10.03% [1] - Qingtang City: 7.70% deviation, closing price at 3.78 yuan, with a daily increase of 9.88% [1] - Shenchuan A: 7.45% deviation, closing price at 6.75 yuan, with a daily increase of 9.93% [1] Summary of Stocks with Deviation Rates - A detailed table lists various stocks, their daily change percentages, turnover rates, annual line prices, latest prices, and deviation rates, highlighting the performance of stocks like: - Dongjiang Environmental: 3.70% deviation, closing price at 4.28 yuan, with a daily increase of 10.03% [1] - Feinan Resources: 3.56% deviation, closing price at 19.88 yuan, with a daily increase of 3.92% [1] - The table provides a comprehensive view of the market dynamics and stock performances on the day [2]

证券代码：000553（200553） 证券简称：安道麦A(B) 公告编号：2025-17号 1. 本次股东大会未出现否决议案的情形； 2. 本次股东大会未变更以往股东大会通过的决议。 二、会议召开情况 1. 现场会议召开时间：2025 年 4 月 7 日 14:30 开始 6. 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 4 月 7 日上午 9:15-9:25 和 9:30-11:30，下午 13:00-15:00；通过深圳证券交易所互联网投票系统进 行网络投票的具体时间为：2025 年 4 月 7 日 9:15 至 15:00 期间的任意时间。 1 安道麦股份有限公司 2024 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、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、重要提示 2. 召开地点：北京市朝阳区朝阳公园南路 10 号院 7 号楼 6 层 3. 召开方式：现场表决与网络投票相结合 4. 召集人：公司董事会 5. 主持人：覃衡德 7. 会议的召集、召开符合《中华人民共和国公司法》（以下简称"《公司法》"）、《深 圳证券交易所股票 ...

北京市天元律师事务所 关于安道麦股份有限公司 2024 年度股东大会的法律意见 京天股字(2025) 第 101 号 致:安道麦股份有限公司 安道麦股份有限公司 (以下简称"公司")2024年度股东大会(以下简称"本次 股东大会")采取现场投票与网络投票相结合的方式召开,其中现场会议于 2025 年 4月7日在北京市朝阳区朝阳公园南路10号院7号楼6层召开。北京市天元律师 事务所 (以下简称"本所") 接受公司聘任,指派本所律师参加本次股东大会现场会 议,并根据《中华人民共和国公司法》《中华人民共和国证券法》(以下简称"《证 券法》")、《上市公司股东会规则》(以下简称"《股东会规则》")以及《安道 麦股份有限公司章程》 (以下简称"《公司章程》") 等有关规定,就本次股东大会 的召集、召开程序、出席现场会议人员的资格、召集人资格、会议表决程序及表决 结果等事项出具本法律意见。 为出具本法律意见,本所律师审查了《安道麦股份有限公司第十届董事会第 十次会议决议公告》《安道麦股份有限公司第十届监事会第四次会议决议公告》《安 道麦股份有限公司 2024 年度股东大会会议通知》 (以下简称"《股东大会通知》") 以及 ...

证券代码：000553（200553） 证券简称：安道麦A(B) 公告编号：2025-16号 5. 对上市公司损益产生的影响：公司将根据企业会计准则的相关规定进行财务 处理，具体处理结果以及对公司本期及期后利润产生的影响，以会计师事务所最终 审计结果为准，预计不会对公司损益产生重大影响。 二、本次仲裁事项的基本情况 安道麦股份有限公司 关于控股子公司所涉业绩承诺 相关仲裁事项的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、特别提示 1. 案件所处的仲裁阶段：上海国际经济贸易仲裁委员会（上海国际仲裁中心） （以下简称"上海贸仲"）已作出裁决； 2. 上市公司所处的当事人地位：申请人； 3. 涉案的金额：申请人请求支付价格调整支付款项人民币 64,535,827 元、相应 损失赔偿金及律师费、仲裁费等申请人为提起仲裁而支出的全部费用； 4. 裁决支持金额：根据上海贸仲裁决结果，被申请人应向申请人支付价格调整 款项人民币 45,000,000 元、相应损失赔偿金及一定比例的律师费、仲裁费等申请人 为提起仲裁而支出的费用； 特此公告。 1 因安道麦股份 ...

编号：2025-02 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 活动类别 | □现场参观 | | | □其他 （投行会议） | | 参与单位名称及 | 银河证券、诚通证券、广发证券、国金证券、申万宏源证券、华福证券、北京 | | | 宏信资本、中财融商资管、国泽基金、国中长城资管、偕沣资产、三和宏信投 | | 人员姓名 | 资管理有限公司、陕西科技创业投资管理有限公司、盛世国际集团、金泰证券 | | | 投资、中众国际咨询集团有限公司 | | 时间 | 2025 年 3 月 26 日上午 | | 地点 | 公司办公室，北京 | | 上市公司 | 董事会秘书郭治、证券事务代表王竺君 | | 接待人员姓名 | | | | 公司首先介绍了整体业务情况和正在实施的"奋进"战略计划、2024 年 | | | 第四季度和全年业绩，随后回答了投资者关心的问题，主要问题如下： | | | 1. 公司在全球开展经营业务，是如何应对汇率风险的？ | | | 回复：公司在全球数十个市场有销售业务，在很多市场的业务 ...

Group 1: Financial Performance - In 2024, the company achieved a sales structure improvement contributing $53 million for the year and $17 million in Q4 [2] - The overall sales revenue for 2024 showed a year-on-year decline, but the decline in the overall plant protection market was similar, indicating no loss of market share for the company [2] - The company's EBITDA and profit margins improved year-on-year, with Q4 sales showing a 2% increase when excluding currency effects [3] Group 2: Product Development and Market Strategy - The new product introduction rate for 2023 and 2024 was 22%, with no improvement in 2024, reflecting challenges in differentiated product sales [1] - The company is committed to launching new products and enhancing its sales team's capabilities to focus on high-value products [2] - The company strategically decided to reduce focus on volatile-priced products, opting instead for value-innovative products [3] Group 3: Regional Sales Insights - North America was the only region to show year-on-year growth in agricultural business despite a shrinking market size [2] - The company maintains a cautious approach to selling bulk plant protection products, focusing on those that contribute positively to overall profitability [3] Group 4: Cost Management and Operational Efficiency - The "Advancement" plan aims to optimize financial health and reduce costs, although it has led to increased sales and management expenses due to restructuring costs [4] - The company reported a $68 million reduction in operating expenses when excluding special items related to the "Advancement" plan [4] Group 5: Market Challenges and Opportunities - The potential impact of U.S. tariffs on the supply chain is uncertain, but the company believes its diversified production locations mitigate risks [5] - The "One Certificate, One Product" policy is expected to benefit the company's formulation products, although the price outlook remains under pressure [6]

Financial Data and Key Metrics Changes - In Q4 2024, gross profit increased by 14% and EBITDA rose by 45% compared to the same period last year [10][11] - Full year EBITDA for 2024 was 15% higher than 2023, marking one of the few companies in the industry to show growth in EBITDA [10][11] - Sales for Q4 2024 decreased by 2% to $1.1 billion, but at constant exchange rates (CER), they increased by 2% [15] - Full year sales declined by 11% to $4.1 billion, with an 8% decrease in CER [17][19] - The company achieved a gross margin of 25.6% in 2024, up from 22.7% in 2023 [18][19] Business Line Data and Key Metrics Changes - The company experienced a significant improvement in gross profit and EBITDA margins due to better cost management and a favorable product mix [15][19] - The sales volume remained stable, but pricing pressures led to an overall decline in sales [17][19] Market Data and Key Metrics Changes - In North America, the company saw a growth in sales despite a declining market, attributed to strategic deals with major distributors [68][69] - Latin America experienced a 4% increase in local currency sales, but an 8% decline in dollar terms due to currency impacts [22][26] - Asia Pacific saw a decline of 6-7% in sales, influenced by strategic decisions to align sales closer to the agricultural season [22][23] Company Strategy and Development Direction - The company is focused on a "Fight Forward" transformation plan aimed at improving financial health and operational efficiency [34][36] - The strategy includes centralizing corporate functions, optimizing geographical presence, and focusing on high-value products while exiting low-profit markets [41][42][43] - The company aims to enhance its competitive position in the value innovation segment, targeting growers seeking innovation at acceptable prices [47][48] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing pressure on grower profitability and overcapacity in the market, particularly from Chinese producers [7][8] - Despite challenges, the company is optimistic about maintaining momentum into 2025, supported by improved performance metrics in Q4 2024 [75] - The management emphasized the importance of strategic decisions to walk away from low-profit products to focus on value innovation [72][73] Other Important Information - The company reduced its inventory significantly, from $2.4 billion at the end of 2022 to $1.05 billion in 2024, reflecting efficient inventory management [32] - Operating cash flow improved to $528 million, with free cash flow reaching $364 million, higher than the previous year [30][31] Q&A Session Summary Question: Recent price trends of pesticides and market demand - Management indicated that while some active ingredients have seen price increases, the majority remain at historical lows due to overproduction [60][63] Question: Stability of NPI rate and performance of differentiated products - The stable NPI rate reflects ongoing R&D investment, with improvements in sales of differentiated products noted in Q4 [64][65][66] Question: Regional sales performance and North America outlook - Management clarified that while overall sales declined, North America saw growth due to strategic partnerships, maintaining market share [68][69] Question: Impact of Bayer's potential withdrawal from glyphosate market - Management refrained from commenting on competitors but reiterated their strategic focus on high-value products [72] Question: Potential rebound in sales and profits for 2025 - Management did not provide specific guidance but expressed optimism based on Q4 performance improvements [75] Question: Effectiveness of the Fight Forward plan amid rising expenses - Management explained that increased expenses are due to one-time costs related to restructuring and transformation initiatives [76][77] Question: Future business outlook amid U.S. tariff increases - Management acknowledged the challenges posed by tariffs but emphasized the company's diversified production footprint as a mitigating factor [78][84] Question: Implementation of the one product or one registration policy in China - Management is preparing for the policy's implementation, expecting opportunities for growth through differentiated product innovation [86][87] Question: Guidance on short and mid-term targets for expense reduction - Management reiterated that they do not provide guidance but are focused on optimizing operational costs [88] Question: Status of management structure adjustments - Management confirmed that the transformation process is ongoing, with a focus on enhancing competitive strategies and KPIs [89][90]

Core Viewpoint - The company reported a significant decline in revenue and an increase in net losses for the year 2024, indicating ongoing challenges in its financial performance [2]. Financial Performance - In 2024, the company achieved revenue of 29.488 billion yuan, a year-on-year decrease of 10.04% - The net profit attributable to shareholders was -2.903 billion yuan, with a year-on-year loss increase of 80.79% - The net profit after deducting non-recurring gains and losses was -3.025 billion yuan, reflecting a year-on-year loss increase of 63.37% - In Q4 2024, the company recorded revenue of 7.965 billion yuan, a year-on-year decrease of 1.90% but a quarter-on-quarter increase of 20.44% - The net profit attributable to shareholders for Q4 was -1.065 billion yuan, with a year-on-year loss increase of 89.04% and a quarter-on-quarter loss increase of 12.92% [2]. Operational Insights - The company sold 644,000 tons of plant protection products in 2024, a slight year-on-year decrease of 1.3%, with an average price drop of 9.5% - Sales of fine chemical products reached 1.429 million tons, a year-on-year decrease of 8.5%, while the average price increased by 6.2% - Regionally, sales in EAME, Latin America, and Asia-Pacific markets declined by 8.1%, 19.2%, and 12.3% respectively, while North America saw a sales increase of 5.0% [3]. Profitability and Cash Flow - The company's gross margin improved by 2.1 percentage points to 22.9% in 2024, attributed to the depletion of high-cost raw material inventory and improved product mix quality - Operating cash flow net amount increased by 43.7% year-on-year to 3.76 billion yuan - The increase in sales, management, R&D, and financial expense ratios was due to the implementation of the "Advancement" plan, which incurred additional restructuring costs - The company recognized asset impairment losses of 961 million yuan and credit impairment losses of 99.71 million yuan, which pressured overall performance [3]. Product Development - The company is focusing on "value innovation" in niche markets to enhance agricultural productivity by improving the value of non-patented raw materials through proprietary formulation technologies - In 2024, the new product introduction rate reached 22%, indicating a strong contribution from products launched between 2020 and 2024 - New products such as Forpido?, Edaptis?, and Matos? were launched in overseas markets, alongside the expansion of the Asorbital? formulation technology for certain products [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [6][15]. Core Views - The company reported a revenue of 29.49 billion yuan in 2024, a decrease of 10.04% year-on-year, and a net profit attributable to shareholders of -2.90 billion yuan, representing an increase in losses by 80.79% year-on-year [1]. - The company’s gross margin improved by 2.1 percentage points to 22.9% in 2024, driven by inventory destocking of high-cost raw materials and an improved product mix [2]. - The company’s operating cash flow increased by 43.7% year-on-year to 3.76 billion yuan in 2024, attributed to strict procurement management and enhanced collection efforts [2]. - The company is focusing on expanding its differentiated product line in response to farmer needs and improving agricultural efficiency, with a new product introduction rate of 22% in 2024 [3]. - The company’s net profit forecasts for 2025, 2026, and 2027 are projected at 133 million yuan, 465 million yuan, and 807 million yuan respectively, indicating a recovery in profitability as the agricultural protection industry gradually improves [3]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 29.49 billion yuan, a decline of 10.04% from the previous year, and a net profit of -2.90 billion yuan, with losses increasing by 80.79% year-on-year [1]. - The company’s Q4 2024 revenue was 7.97 billion yuan, down 1.90% year-on-year but up 20.44% quarter-on-quarter [1]. Product and Market Strategy - The company’s sales volume for plant protection products was 644,000 tons in 2024, a slight decrease of 1.3%, while the average price fell by 9.5% [2]. - The company is expanding its differentiated product line, with new products launched in various global markets, contributing significantly to sales [3]. Profitability and Cash Flow - The gross margin improved to 22.9% in 2024, and operating cash flow increased to 3.76 billion yuan, reflecting better cash management practices [2]. - The company incurred asset impairment losses of 961 million yuan in 2024, which impacted overall performance [2]. Future Outlook - The company’s net profit is expected to recover in the coming years, with forecasts of 133 million yuan in 2025, 465 million yuan in 2026, and 807 million yuan in 2027 [3].

根据《深圳证券交易所股票上市规则(2024年修订)》和《深圳证券交易所上市公司自律监 管指南第 1 号 -- 业务办理(2024年修订)》的有关规定,安道寿编制了后附的 2024 年度营业 收入扣除情况表。 如实编制和对外披露 2024 年度营业收入扣除情况表并确保其真实性、合法性及完整性是 安道麦管理层的责任。基于我们为对安道麦财务报表整体发表审计意见而实施的审计工作, 我们将后附的 2024 年度营业收入扣除情况表所载资料与本所审计安道麦财务报表时所复核的 会计资料和经审计的财务报表的相关内容进行了核对,在所有重大方面没有发现不一致。 安道麦股份有限公司 2024 年度营业收入扣除情况的专项说明 . 关于安道寿股份有限公司 2024年度营业收入扣除情况的专项说明 德师报(函)字(25)第 Q00268 号 安道寿股份有限公司全体股东: 我们接受委托,依据中国注册会计师审计准则审计了安道麦股份有限公司(以下简称"安道 妻")2024年12月 31日合并及母公司资产负债表、2024年度合并及母公司利润表、合并及母公 司现金流量表、合并及母公司股东权益变动表以及相关财务报表附注(以下合称"财务报表"), 并于 ...