Investment Rating - The report rates the agricultural, forestry, animal husbandry, and fishery industry as "Overweight" due to expected overall profit improvement in the sector [3][4]. Core Insights - The report highlights that the profitability of pig farming is expected to improve, with a stable pig price and a significant increase in average profit per head for self-bred pigs [4]. - Poultry farming shows a mixed outlook, with white chicken prices bottoming out and yellow chicken profitability declining, while egg-laying chicks continue to experience high demand [4]. - The pet food sector is projected to maintain high growth, with leading companies showing strong online sales growth, despite a decline in exports to the U.S. due to tariffs [4]. - Animal health is recovering, with increased demand for vaccines and improved sales of veterinary preparations [4]. - The seed industry faces challenges with declining corn prices and increased competition, leading to pressure on the performance of leading seed companies [4]. Summary by Sections Pig Farming - The average price of pigs in H1 2025 is expected to be 14.80 CNY/kg, a decrease of 4.2% year-on-year, while the average profit for self-bred pigs is projected at 69.04 CNY/head, recovering from a loss of 24.82 CNY/head in H1 2024 [4]. Poultry Farming - White chicken prices are under pressure due to oversupply, with the average price for commodity broiler chicks at 2.4 CNY/bird, down 21% year-on-year. Yellow chicken prices are also declining, with the average price for Qingjiao chicken at 8.9 CNY/kg, down 19% year-on-year [4]. Pet Food - The domestic pet food market is experiencing a growth rate of 17% in online GMV for the first five months of 2025, compared to 14% in the same period of 2024. Leading companies like Guibao Pet and Zhongchong Co. show growth rates of 51% and 26%, respectively [4]. Animal Health - The demand for veterinary vaccines has increased, with a 15.8% year-on-year rise in vaccine approvals in the first five months of 2025. Prices for veterinary preparations like Tylosin and Tiamulin have increased by 39.8% and 9.3%, respectively [4]. Seed Industry - The corn seed market is under pressure due to falling corn prices and high competition, leading to a decline in seed prices and performance expectations for leading seed companies [4].

Core Viewpoint - Shenzhen Noposion Agrochemical Co., Ltd. announced the release of share pledges by its actual controller, Mr. Lu Boqiang, and the company he controls, Noposion Investment Holdings Co., Ltd. [2] Share Pledge Release Summary - Mr. Lu Boqiang released 950,000 shares, accounting for 0.36% of his holdings and 0.09% of the total share capital on June 26, 2024 [2] - Noposion Investment Holdings released a total of 2,379,000 shares, representing 7.45% of its holdings [2] - The total shares released from pledge amounted to 3,329,000 shares, which is 0.36% of the total share capital [2] Cumulative Pledge Situation - Mr. Lu Boqiang holds 266,944,915 shares, which is 26.56% of the total shares, with 7,783,000 shares pledged, representing 29.16% of his holdings [3] - Noposion Investment Holdings has 52,411,832 shares, accounting for 5.21% of the total shares, with no shares currently pledged [3] - The total pledged shares from all major shareholders amount to 353,913,939 shares, which is 35.21% of the total shares [3] Future Pledge and Financing - In the next six months, 5,293,000 shares are set to be pledged, representing 14.96% of the holdings and 5.27% of the total share capital, with a corresponding financing amount of 14 million yuan [4] - Within the next year, the total pledged shares will reach 8,993,000, which is 25.41% of the holdings and 8.95% of the total share capital, with a financing amount of 27.369 million yuan [4] - The company assures that these pledges will not affect its operational control or governance [4]

证券代码：002215 证券简称：诺普信 公告编号：2025-034 深圳诺普信作物科学股份有限公司 关于公司实际控制人部分股份解除质押的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 深圳诺普信作物科学股份有限公司公告 深圳诺普信作物科学股份有限公司（以下简称"公司"）于近日收到实际控 制人卢柏强先生及实际控制人控制的公司深圳市诺普信投资控股有限公司（以下 简称"诺普信控股"）的通知，获悉卢柏强先生及诺普信控股将其持有的部分股 份办理了解除质押，具体事项如下： | 股东名称 | 是否为第 一大股东 及一致行 | 解除质押 股数（万 股） | 占其所持 股份比例 | 占公司 总股本 | 是否为 限售股 （注） | 质押开始 日期 | 解除质押 日 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 动人 | | | 比例 | | | | | | 卢柏强 | | 753 | 2.82% | 0.75% | 否 | 2024 年 6 月 26 日 | | | | | 是 | 95 ...

深圳诺普信作物科学股份有限公司公告 证券代码：002215 证券简称：诺普信 公告编号：2025-033 深圳诺普信作物科学股份有限公司 关于公司实际控制人部分股份解除质押的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 深圳诺普信作物科学股份有限公司（以下简称"公司"）于近日收到实际控 制人卢柏强先生的通知，获悉卢柏强先生将其持有的部分股份办理了解除质押， 具体事项如下： | 股东名称 | 是否为第 一大股东 及一致行 | 解除质押 股数（万 | 占其所持 | 占公司 总股本 | 是否为 限售股 | 质押开始 | 解除质押 日 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 动人 | 股） | 股份比例 | 比例 | （注） | 日期 | | | | 卢柏强 | | 2,722 | 10.20% | 2.71% | 是 | 2024 年 6 月 19 日 2024 年 6 | 2025 年 6 | 国泰海通证券股份 | | | 是 | 2,200 | 8.24% | 2. ...

Core Viewpoint - The actual controller of Nopson (002215), Mr. Lu Boqiang, has released a pledge of 51.04 million shares on June 18, 2025, which accounts for 19.12% of his holdings and 5.08% of the company's total share capital [1] Summary by Relevant Sections - **Share Pledge Release Details** - 27.22 million shares were released from pledge to Guotai Junan Securities Co., Ltd., representing 10.20% of his holdings and 2.71% of the company's total share capital [1] - 22 million shares were released from pledge to the pledgee, accounting for 8.24% of his holdings and 2.19% of the company's total share capital [1] - 182 thousand shares were released from pledge to the pledgee, which is 0.68% of his holdings and 0.18% of the company's total share capital [1] - **Future Pledge Shares** - Mr. Lu Boqiang and his concerted actors have 76.72 million shares and 114 million shares of pledged shares maturing in the next six months and one year, respectively, which represent 21.68% and 32.13% of his holdings, and 7.63% and 11.31% of the company's total share capital [1]

深圳诺普信作物科学股份有限公司公告 证券代码：002215 证券简称：诺普信 公告编号：2025-032 深圳诺普信作物科学股份有限公司 关于公司实际控制人部分股份质押的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈述或 重大遗漏。 2、卢柏强先生及其一致行动人具备资金偿还能力，其还款资金来源包括股权资产处置、 股票分红、对外投资收入、个人薪酬及其它现金收入等。 3、卢柏强先生及其一致行动人不存在通过非经营性资金占用、违规担保、关联交易等 侵害公司利益的情况。 4、卢柏强先生及其一致行动人有足够的风险控制能力，质押股份不存在平仓风险或被 强制平仓的情形。质押事项不会导致公司实际控制权发生变更、不会对公司生产经营和 公司治理产生影响。若出现平仓风险，卢柏强先生及其一致行动人将采取补充质押、提 前购回被质押股份等措施应对风险。 一、股份质押基本情况 | 股东名 | 是否为第 | 质押 | 占其所 | 占公 | 是否为 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Core Viewpoint - Shenzhen Nuopushin Crop Science Co., Ltd. announced the achievement of unlocking conditions for the second unlocking period of the 2022 first and second phase restricted stock incentive plans, allowing 225 incentive objects to unlock a total of 7,363,750 shares, accounting for 0.7326% of the company's total share capital [2][33]. Summary by Sections Restricted Stock Incentive Plan Overview - The company has implemented a restricted stock incentive plan, with the first phase granting 6 million shares at a price of 3.18 yuan per share, and the second phase granting 550,000 shares at a price of 2.77 yuan per share [4][9]. - The unlocking conditions for the second unlocking period of the 2022 first phase and the first unlocking period of the 2023 incentive plan have been met [2][11]. Unlocking Conditions and Achievements - For the 2022 first phase, the second unlocking period allows for 1,800,000 shares to be unlocked, representing 0.179% of the total share capital [29]. - For the 2022 second phase, the second unlocking period will allow for 1,375,000 shares to be unlocked, representing 0.137% of the total share capital [11][29]. - The first unlocking period of the 2023 incentive plan allows for 4,188,750 shares to be unlocked, accounting for 0.417% of the total share capital [15][28]. Shareholder Meetings and Approvals - The company held several board meetings to approve the unlocking conditions and adjustments to the repurchase price of the restricted shares, with the latest adjustments reflecting changes in cash dividends distributed to shareholders [5][10][16]. - The company will hold its annual shareholder meeting on May 16, 2025, to discuss the distribution of cash dividends of 3.5 yuan per 10 shares [7][16]. Share Structure Changes - Following the unlocking of shares, the company's share structure will change, with a reduction in restricted shares and an increase in unrestricted shares [29][32]. - The total share capital of the company is 1,005,191,310 shares, with the unlocking of shares affecting the proportions of restricted and unrestricted shares [32][33].

深圳诺普信作物科学股份有限公司公告 证券代码：002215 证券简称：诺普信 公告编号：2024-031 深圳诺普信作物科学股份有限公司 关于公司限制性股票激励计划部分 解除限售股份上市流通的提示性公告 本公司及董事保证公告内容真实、准确和完整，没有虚假记载、误导性陈述 或者重大遗漏。 重要内容提示： 1. 深圳诺普信作物科学股份有限公司（以下简称"公司"）2022年第一期、 第二期限制性股票激励计划第二个解锁期、2023年限制性股票激励计划第一个解 锁期解锁条件已经成就，本次符合解锁条件的激励对象共计225人（其中有8位激 励对象在2022年第一期及第二期激励计划、2023年限制性股票激励计划中都为激 励对象，有1位激励对象在2022年第一期及2023年限制性股票激励计划中都为激励 对象，合计数中不再重复计算），可解除限售的限制性股票数量为7,363,750股， 占目前公司总股本的0.7326%； 2.本次解除限售的限制性股票的上市流通日为2025年6月17日。 3.公司已实施的股权激励计划相关内容与已披露的激励计划不存在差异。 公司于2025年5月28日召开第七届董事会第六次会议（临时）、第七届监事会 第 ...

Group 1 - The agricultural pesticide sector continues its strong performance, with Changqing Co., Ltd. achieving a two-day consecutive limit-up [1] - Guangkang Biochemical surged over 15%, reaching a new historical high, while Lianhua Technology approached the limit-up [1] - Other companies such as Nuobixin, Yabenn Chemical, Hailier, and Huillong also experienced gains [1] Group 2 - On June 5, ST Hongtaiyang announced a price adjustment for its 97% chlorantraniliprole product, raising the price to 300,000 yuan per ton, with limited supply [1] - This price increase represents a more than 40% rise compared to the market's low point of 210,000 yuan per ton last year [1]

Summary of Nopson's Conference Call Company Overview - **Company**: Nopson - **Industry**: Blueberry cultivation and related agricultural products Key Points Industry and Market Dynamics - Average price of blueberries is approximately 60,000 yuan per ton, slightly higher than the previous season, but production has declined due to weather conditions, particularly in Honghe and Wenshan regions [2][3] - The company expects the planting area for the next season to reach 35,000 mu, adhering to a "production-based sales" strategy to ensure supply chain stability [2][7] - Blueberry yield in Yunnan is about 1.4 tons per mu, with significant total production growth anticipated [2][8] Production and Quality Improvement - The company has reduced the loss rate from 1.8% to 0.3%-0.4% through improvements in harvesting and cold chain systems [4] - Total land area held by the company is 56,000 mu, with 28,000 mu currently in production, expected to reach 35,000 mu next year [4][14] - The company is facing challenges in acquiring quality land due to high compensation costs and limited availability [17] Pricing and Sales Strategy - Blueberry prices are volatile, reaching up to 100,000 yuan per ton initially, then dropping to 20,000-30,000 yuan later [11] - The company aims to increase supply in high-price ranges despite a long-term downward price trend, maintaining a focus on high-profit periods [11] - The marketing strategy emphasizes blueberry trade and domestic sourcing to enhance brand sales channels [10] Brand Strategy and Market Expansion - Nopson focuses on two main brands, Aimeike and Rosemary, with strong market feedback for Ainan Cosmetics [6] - The company has made progress in overseas market expansion, including regions like Hong Kong, Kuala Lumpur, Jakarta, and Japan [6] Future Plans and Expectations - The company plans to maintain a production area of 35,000 mu for the next planting season, with a focus on meeting market demand [7] - The juice processing capacity is approximately 30,000 tons per year, primarily targeting the Guangdong market [18][19] - The pesticide business is expected to grow by 10%-20% in 2025, with a profit contribution of around 100 million yuan in Q1 2025 [20] Challenges and Risks - The company faces difficulties in land acquisition, with a focus on high-altitude areas suitable for blueberry cultivation [17] - The overall market for blueberries is evolving, with increasing demand and higher standards from consumers [23] Additional Insights - The company is not currently planning to expand beyond blueberries, focusing on optimizing the blueberry supply chain [22] - The import market for blueberries from South America is expected to grow, but at a slower pace compared to domestic production [23]