Investment Rating - The report maintains an "Outperform" rating for the agricultural chemical industry [7][10]. Core Views - The agricultural chemical industry is expected to benefit from rising prices of potassium fertilizer and glyphosate, with supply constraints for the insecticide "Kangkuan" [2][5]. - The potassium fertilizer market is characterized by tight supply and demand, with a significant reliance on imports, which is projected to increase due to food security concerns [2][27]. - The phosphoric chemical sector is anticipated to maintain high price levels due to the scarcity of phosphate rock resources and increasing demand from new applications [3][51]. Summary by Sections Potassium Fertilizer - Global potassium fertilizer prices are expected to recover as demand increases, with China being the largest consumer and heavily reliant on imports [2][27]. - Domestic production of potassium chloride is projected to decrease slightly in 2024, while imports are expected to reach a historical high [27]. - The domestic potassium chloride price is forecasted to rise by approximately 100 yuan/ton in July due to increased port prices [2][45]. Phosphoric Chemicals - The price of phosphate rock is expected to remain high due to declining grades and increasing extraction costs, with a tight supply-demand balance [3][51]. - As of June 30, 2025, the market price for 30% grade phosphate rock in Hubei is 1,040 yuan/ton, while in Yunnan it is 970 yuan/ton, both stable compared to the previous month [3][51]. - The export policy for phosphoric fertilizers emphasizes domestic priority, with reduced export quotas expected to alleviate downward pressure in the domestic market [4]. Pesticides - The supply of "Kangkuan" has been unexpectedly restricted, leading to a potential price increase for the product [5]. - Glyphosate prices have risen by 1,300 yuan/ton in June, driven by increased demand from South America as planting areas for soybeans and corn expand [5][9]. - The report recommends focusing on leading companies in the glyphosate sector, such as "Xingfa Group," which has a significant production capacity [9]. Key Company Recommendations - The report recommends "Yaji International" for potassium fertilizer, projecting production of 2.8 million tons in 2025 and 4 million tons in 2026 [5][49]. - For phosphoric chemicals, "Yuntianhua" and "Xingfa Group" are highlighted as key players due to their rich phosphate reserves [6]. - In the pesticide sector, "Xingfa Group" is recommended for its leading position in glyphosate production [9].

7月7日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者参 考。 【品大事】 斯康达：公司董事长兼总经理李月杰和董事朱春城被采取刑事强制措施 工业富联二季度净利润预增约五成 工业富联(601138)发布2025年半年度业绩预告，预计上半年实现归母净利润119.58亿元—121.58亿元， 同比上升36.84%到39.12%；预计第二季度实现归母净利润67.27亿元到69.27亿元，同比上升47.72%— 52.11%，均创下同期历史新高。业绩大幅增长主要得益于AI相关业务的爆发，在第二季度AI服务器营 收同比增长超过60%，800G交换机营收达2024全年的3倍。 华友钴业：上半年净利同比预增55.62%到67.59% 瑞斯康达(603803)公告，7月5日，公司收到相关人员家属通知，因涉嫌违规披露、不披露重要信息罪， 根据《中华人民共和国刑事诉讼法》第八十二条的规定，北京市公安局朝阳分局决定对公司董事长兼总 经理李月杰和董事朱春城采取刑事强制措施，其中朱春城已被取保候审。经与有关部门了解，上述涉嫌 违规披露、不披露重要信息事项与2023年9月中国证监会对公司做出的行政处罚系同 ...

利尔化学股份有限公司 2025 年半年度业绩预告 证券代码：002258 股票简称：利尔化学 公告编号：2025-022 本公司及董事会全体成员保证信息披露内容的真实、准 确和完整，没有虚假记载、误导性陈述或重大遗漏。 一、预计的本期业绩情况 1、业绩预告期间： 2025 年 1 月 1 日-2025 年 6 月 30 日 2、预计的经营业绩 本次业绩预告未经会计师事务所预审计。 三、业绩变动原因说明 报告期内，受益于公司部分产品销量和价格同比上涨以及降本 增效取得成效所致，公司业绩出现同比上涨。 扭亏为盈 √同向上升 同向下降 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司 股东的净利润 | 盈利：26,500.00 万元-27,500.00 万元 | 盈利：9,290.58 万元 | | | 比上年同期增长：185.24%-196.00% | | | 归属于上市公司 股东的扣除非经 | 万元 盈利：26,500.00 万元-28,000.00 | 盈利：7,987.10 万元 | | 常性损益后的净 | 比上年同期增长：231.79%-250.57% ...

利尔化学（002258）公告，预计2025年上半年净利润为2.65亿元-2.75亿元，比上年同期的9290.58万元 增长185.24%-196.00%。 ...

Core Viewpoint - The development of a "4+N" industrial project framework in Guang'an aims to establish a billion-level green chemical industry cluster, led by four major projects with a total investment exceeding 50 billion yuan, generating an annual output value of over 100 billion yuan and tax revenue nearing 10 billion yuan upon completion [1] Group 1: Industrial Development - The four major projects, including Hebang, Lier, Chengxin, and Jiuyuan, are expected to drive the growth of multiple billion-level or near-billion-level projects [1] - Guang'an has set a goal to create a trillion-level green chemical industry cluster, transitioning from a focus on key industrial chain collaboration to becoming a primary carrier for industrial chain scale enhancement [1] Group 2: Technological Innovation - Companies in Guang'an are implementing technological upgrades to achieve green development, with projects like the second phase of Jingu Environmental Protection converting kitchen waste oil into biodiesel [2][3] - Guang'an Economic Development Zone collaborates with universities to support the establishment of R&D centers, resulting in 51 invention patents and 13 industry-leading products [3] Group 3: Project Management and Progress - A rapid feedback mechanism, including daily progress meetings, is employed to address production challenges and ensure timely project completion [4] - The Guang'an Economic Development Zone has implemented a multi-faceted approach to enhance project quality and efficiency, including a three-party joint office model for problem-solving [4] Group 4: Service and Infrastructure Support - Guang'an Economic Development Zone acts as a "chief service officer" for enterprises, addressing challenges such as power supply issues for projects like the Jatai Haifu Silicon-based Nano Materials project [5][6] - Infrastructure improvements in the New Bridge Chemical Park, including wastewater treatment facilities and transportation networks, have significantly enhanced the park's operational capabilities [6]

Core Insights - The report maintains a "recommended" rating for the agricultural chemical industry, highlighting the recovery potential in the pesticide market due to rising glyphosate prices [1][8] - Glyphosate prices have shown a significant recovery, with the raw material price reaching 24,800 CNY per ton as of July 1, 2025, an increase of 1,800 CNY per ton since early April [6][8] Industry Performance - The basic chemical industry has outperformed the CSI 300 index over various time frames, with a 1-month performance of 5.0%, 3-month performance of 3.2%, and a 12-month performance of 16.4% compared to the CSI 300's 2.7%, 1.5%, and 13.6% respectively [4] Investment Highlights - The glyphosate industry is experiencing inventory depletion and demand recovery, leading to a price rebound from its bottom. As of June 27, 2025, glyphosate industry inventory was 40,000 tons, down 43,000 tons since early April [6] - The global largest glyphosate producer, Bayer, faces potential bankruptcy due to ongoing lawsuits related to its glyphosate product "Roundup," which could benefit domestic competitors in the glyphosate market [7] Company Focus - Key companies in the glyphosate sector include: - Jiangshan Chemical, with a production capacity of 70,000 tons/year [9] - Xingfa Group, the leading domestic glyphosate producer with a capacity of 230,000 tons/year [9] - Xin'an Chemical, with a capacity of 80,000 tons/year [10] - Yangnong Chemical, a major player with a capacity of 30,000 tons/year [10] - Guoxin Co., with a capacity of 20,000 tons/year [10] - Hebang Bio, with a capacity of 50,000 tons/year [10] - Lier Chemical, with a capacity of 18,500 tons/year [10] - Limin Co., with a capacity of 5,000 tons of glyphosate and 2,000 tons of refined glyphosate [10] Earnings Forecast - The report provides earnings per share (EPS) estimates for key companies, indicating potential growth in profitability: - Jiangshan Chemical: EPS of 1.10 CNY in 2025E [11] - Xingfa Group: EPS of 1.85 CNY in 2025E [11] - Yangnong Chemical: EPS of 3.44 CNY in 2025E [11] - Guoxin Co.: EPS of 1.12 CNY in 2025E [11] - Lier Chemical: EPS of 0.53 CNY in 2025E [11] - Limin Co.: EPS of 1.05 CNY in 2025E [11]

Group 1 - Lier Chemical has experienced a decline for five consecutive trading days, with a cumulative drop of -5.61% [1] - The company was established in 1993 and listed on the Shenzhen Stock Exchange in July 2008 [1] - Southern Fund's Southern CSI 1000 ETF is among the top ten shareholders of Lier Chemical and has reduced its holdings in the first quarter of this year [1] Group 2 - The year-to-date return for Lier Chemical is 4.60%, ranking 951 out of 3428 in its category [2] - The performance comparison shows that the average return for similar funds is 3.17%, while the CSI 300 index has a return of -1.80% this year [2] - The fund manager of Southern CSI 1000 ETF is Ms. Cui Lei, who has extensive experience in fund management and holds multiple financial qualifications [3][4] Group 3 - Southern Fund Management Co., Ltd. was established in March 1998, with major shareholders including Huatai Securities Co., Ltd. (45%) and Shenzhen Investment Holdings Co., Ltd. (30%) [4]

Core Viewpoint - Lier Chemical (002258) has disclosed its 2025 management compensation and assessment plan, with significant changes in the conditions for the annual super-target reward compared to previous plans [1][2]. Summary by Sections Compensation Structure - The annual compensation for the management team includes basic salary, performance salary, and annual super-target reward [1]. - The basic and performance salaries remain unchanged from previous plans, while the super-target reward conditions have been adjusted [1]. Super-Target Reward Conditions - For 2025, the conditions for the super-target reward are set at a minimum revenue of 8.5 billion yuan and a net profit of at least 350 million yuan [1]. - If the net profit reaches 350 million yuan, the reward is 1 million yuan; if it reaches 400 million yuan, the reward increases to 1.5 million yuan; and for 500 million yuan, the reward is 3 million yuan [1]. - The total of the super-target reward and performance salary cannot exceed 2.5 times the basic salary for the year, with excess amounts available for future adjustments [1]. Historical Context - The previous plan for 2024 set the revenue threshold at 8.16 billion yuan and net profit at 300 million yuan, with different reward structures [2]. - In 2024, Lier Chemical reported revenues of 7.311 billion yuan and a net profit of 215 million yuan, indicating that the management team likely did not receive the super-target reward [2]. - Since 2021, Lier Chemical has been disclosing its management compensation plans, with increasing thresholds for super-target rewards over the years [3]. Performance Trends - Lier Chemical is a major producer of glyphosate and has seen its performance decline due to increased industry competition and falling product prices since late 2022 [3]. - The company's net profits were 604 million yuan in 2023 and 215 million yuan in 2024, reflecting year-on-year declines of 66.68% and 64.34%, respectively [3]. - However, in the first quarter of the current year, the company experienced a noticeable recovery in performance due to increases in sales volume and prices of certain products [4].

董事长、总经理、副总经理、财务总监，以上人员均为专职人员。 利尔化学股份有限公司 2025 年度经营团队薪酬与考核方案 为完善利尔化学股份有限公司（以下简称公司）激励、约束机制， 有效调动经营团队的工作积极性，根据国资管理相关规定、建议以及 《公司章程》，并结合公司及行业的实际情况，特制定公司 2025 年度 经营团队薪酬与考核方案。 一、适用对象 二、年度薪酬 年度薪酬=基本薪酬 + 绩效薪酬 + 年度超目标奖励 （一）基本薪酬 董事长、总经理 2025 年度基本薪酬为 70 万，按月平均发放。 副职负责人的基本薪酬依据其岗位职责和承担风险等因素，由董 事会按本企业正职负责人基本薪酬的 0.6 至 0.9 倍确定，合理拉开差 距，按月平均发放。 （二）绩效薪酬 绩效薪酬 = 基本薪酬 × 年度考核评价系数 年度考核评价系数 = 年度考核实得分/100 年度董事会考核完毕后一次性发放。 （三）年度超目标奖励 1、发放方式 2025 年度超目标奖励对营业收入和归母净利润等 2 项指标进行 — 1 — | 盈余现金保障倍数 | 发放比例 | | --- | --- | | 1≤盈余现金保障倍数 | 当年可在限额范 ...

证券代码：002258 股票简称：利尔化学 公告编号：2025-021 利尔化学股份有限公司 第六届董事会第二十二次会议决议公告 董事会 本公司及董事会全体成员保证信息披露内容的真实、准确 和完整，没有虚假记载、误导性陈述或重大遗漏。 2025 年 6 月 10 日，利尔化学股份有限公司（以下简称"公司"）第 六届董事会第二十二次会议以通讯表决的方式召开，会议通知于 2025 年 6 月 3 日以电子邮件方式送达。应出席会议的董事 9 人，实际出席会 议的董事 9 人。会议程序符合《公司法》和公司章程的规定。会议由公 司董事长尹英遂主持，经过各位董事认真审议，形成如下决议： 会议以 7 票同意，0 票弃权，0 票反对的结果（其中关联董事尹英 遂、李江回避表决），审议通过了《2025 年度经营团队薪酬与考核方案》。 《2025 年度经营团队薪酬与考核方案》主要内容刊登于 2025 年 6 月 11 日的巨潮资讯网。 该议案尚需提交公司股东大会审议，股东大会召开时间另行通知。 特此公告。 利尔化学股份有限公司 2025 年 6 月 11 日 ...