Investment Rating - The report maintains a "Strong Buy" rating for Lier Chemical [2][4]. Core Views - Lier Chemical reported a significant year-on-year revenue growth of 49.99% in Q1 2025, reaching 2.086 billion yuan, and a net profit increase of 219.90%, amounting to 153 million yuan [3]. - The growth in performance is attributed to the increase in sales volume and prices of certain products, although the core product, glyphosate, remains at a low price level, awaiting recovery [3]. - The agricultural pesticide industry is currently at the bottom of its cycle, with increased competition and supply exceeding demand due to new production capacities and inventory buildup [3]. - Positive factors for the industry's healthy development are gradually increasing, with some product prices rising, but competition remains fierce for certain pesticide products [3]. - The report anticipates that after a period of capacity optimization and consolidation, companies without competitive advantages will exit the market, leading to increased industry concentration [3]. - The global agricultural pesticide supply chain is expected to be restructured with the integration of major agrochemical giants, providing new opportunities for second and third-tier companies [3]. Company Overview - Lier Chemical specializes in the research, production, and sales of efficient, low-toxicity, and low-residue pesticides, including herbicides, fungicides, and insecticides, with over 40 active ingredients and more than 100 formulations [7]. - The company is a leading player in the glyphosate market, with a significant focus on the precision glyphosate segment, which is expected to see increased demand due to its stronger efficacy and alignment with global agricultural trends [4]. - Lier Chemical has established long-term strategic partnerships with multinational companies to promote the development of precision glyphosate, positioning itself for greater market opportunities in the future [4]. Financial Forecasts - The report projects net profits for Lier Chemical to be 429 million yuan, 591 million yuan, and 766 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.54 yuan, 0.74 yuan, and 0.96 yuan [4][6]. - The current P/E ratios are forecasted to be 19, 14, and 11 for the years 2025, 2026, and 2027 respectively [4].

Investment Rating - The report maintains a "Strong Buy" rating for Lier Chemical [2][4]. Core Views - Lier Chemical reported a significant year-on-year revenue growth of 49.99% in Q1 2025, reaching 2.086 billion yuan, and a net profit increase of 219.90%, amounting to 153 million yuan [3]. - The growth in performance is attributed to the rise in sales and prices of certain products, although the core product, glyphosate, remains at a low price level, awaiting recovery [3]. - The agricultural pesticide industry is currently at the bottom of its cycle, with increased competition and an oversupply situation due to new production capacities and inventory buildup [3]. - Positive factors for the industry's healthy development are gradually increasing, with some product prices rising, but competition remains fierce for certain pesticide products [3]. - The report anticipates that after a period of capacity optimization and consolidation, companies without competitive advantages will exit the market, leading to increased industry concentration [3]. - Lier Chemical is well-positioned in the glyphosate market, with a broad demand space and strategic partnerships with multinational companies for the promotion of refined glyphosate products [4]. Financial Forecasts - The net profit forecasts for Lier Chemical from 2025 to 2027 are 429 million yuan, 591 million yuan, and 766 million yuan, respectively, with corresponding EPS of 0.54 yuan, 0.74 yuan, and 0.96 yuan [4][6]. - The current P/E ratios for the years 2025, 2026, and 2027 are projected to be 19, 14, and 11 times, respectively [4].

Core Viewpoint - Li Er Chemical (002258) reported strong financial performance for Q1 2025, with significant increases in revenue and net profit compared to the same period last year [1] Financial Performance - Total revenue for Q1 2025 reached 2.086 billion yuan, a year-on-year increase of 49.99% [1] - Net profit attributable to shareholders was 153 million yuan, up 219.9% year-on-year [1] - Gross margin improved to 20.24%, an increase of 2.19% compared to the previous year [1] - Net margin rose to 8.92%, reflecting a substantial increase of 78.05% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 140 million yuan, accounting for 6.73% of revenue, a decrease of 31.71% [1] Key Financial Metrics - Earnings per share (EPS) for Q1 2025 was 0.19 yuan, a significant increase of 219.73% from the previous year [1] - Operating cash flow per share was -0.18 yuan, improving by 41.32% year-on-year [1] - Accounts receivable increased by 77.16% year-on-year, reaching 2.146 billion yuan [1] - Interest-bearing liabilities rose by 22.41% to 3.696 billion yuan [1] Business Model and Capital Structure - The company's return on invested capital (ROIC) was 3.1%, indicating a relatively weak capital return [3] - The net profit margin last year was 4.08%, suggesting low added value in products or services [3] - The company has cumulatively raised 1.136 billion yuan since its listing and distributed 1.176 billion yuan in dividends, resulting in a dividend-to-financing ratio of 1.04 [3] Future Outlook - Analysts expect the company's performance in 2025 to reach 416 million yuan, with an average EPS forecast of 0.52 yuan [3]

Financial Performance - The company's revenue for Q1 2025 reached ¥2,086,079,067.26, representing a 49.99% increase compared to ¥1,390,838,501.23 in the same period last year[5] - Net profit attributable to shareholders was ¥153,043,699.24, a significant increase of 219.90% from ¥47,841,792.27 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥150,234,979.87, reflecting a 300.71% increase compared to ¥37,492,097.78 in the previous year[5] - The company's basic earnings per share rose to ¥0.1912, up 219.73% from ¥0.0598 in the same quarter last year[5] - The company's net profit for the current period reached ¥186,078,558.60, a significant increase from ¥69,677,829.65 in the previous period, representing a growth of approximately 167.5%[18] - Operating profit for the current period was ¥228,030,355.88, compared to ¥86,951,831.56 in the previous period, indicating an increase of about 162.5%[18] - Basic and diluted earnings per share for the current period were both ¥0.1912, compared to ¥0.0598 in the previous period, marking an increase of approximately 220.4%[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥16,175,077,199.77, an increase of 3.37% from ¥15,648,477,597.25 at the end of the previous year[5] - The company's current assets totaled ¥6,190,164,662.14, up from ¥5,673,229,687.59 at the beginning of the period, reflecting a growth of approximately 9.1%[15] - The total liabilities amounted to ¥6,975,002,203.64, compared to ¥6,637,860,405.86 in the previous period, showing an increase of approximately 5.1%[16] - The total assets of the company reached ¥16,175,077,199.77, up from ¥15,648,477,597.25, indicating a growth of about 3.4%[16] Cash Flow - The net cash flow from operating activities improved to -¥145,776,601.39, a 41.32% improvement from -¥248,442,463.09 year-on-year[5] - The company reported a net cash flow from operating activities of -¥145,776,601.39, an improvement from -¥248,442,463.09 in the previous period[20] - The cash and cash equivalents at the end of the period were ¥1,077,454,698.04, down from ¥1,117,391,609.20 in the previous period[21] Operating Performance - The company reported a 49.99% increase in operating income, attributed to higher sales volume and prices of certain products[9] - Total operating revenue for the current period reached ¥2,086,079,067.26, a significant increase from ¥1,390,838,501.23 in the previous period, representing a growth of approximately 50%[17] - Total operating costs for the current period were ¥1,866,011,729.54, compared to ¥1,321,390,753.92 in the previous period, indicating an increase of about 41%[17] - The total revenue from operating activities amounted to ¥1,517,370,850.07, slightly up from ¥1,482,348,794.05 in the previous period, reflecting a growth of approximately 2.4%[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 47,112[11] Research and Development - The company plans to continue its investment in research and development to enhance its product offerings and maintain competitive advantage[17] - The company incurred research and development expenses of ¥52,738,239.81, down from ¥62,597,275.66 in the previous period, a decrease of about 15.0%[18] Financial Management - Short-term borrowings increased by 49.03% to ¥32,792.61, primarily due to increased short-term working capital loans[9] - Financial expenses increased to ¥12,139,470.76 from ¥4,793,631.19 in the previous period, representing an increase of approximately 153.5%[18] - The company’s total assets impairment losses were reported at -¥3,986,167.06, an improvement from -¥9,494,962.02 in the previous period[18] - The company raised ¥745,800,000.00 in borrowings during the current period, compared to ¥553,800,000.00 in the previous period, indicating an increase of approximately 34.7%[21] Market Strategy - The company is focusing on expanding its market presence and developing new products, although specific details on new products were not disclosed in the call[17] - The company's net profit margin improved, with net profit for the current period not explicitly stated but inferred from revenue growth and cost management strategies[17] Accounts Receivable - The company reported a significant increase in accounts receivable, which rose to ¥2,146,490,184.31 from ¥1,871,845,066.75, indicating a growth of approximately 14.7%[14]

Core Points - The company held its annual general meeting on April 18, 2025, with no resolutions being rejected [2][3] - The meeting was conducted both in-person and via online voting, with a total of 401 shareholders participating, representing 344,170,189 shares, which is 42.9978% of the total voting shares [5][6][7] Meeting Details - The in-person meeting took place at the company's office in Mianyang, Sichuan Province [5] - The meeting was chaired by the company's chairman, Yin Yingsui, and complied with all relevant legal and regulatory requirements [5][6] Attendance - A total of 401 shareholders attended the meeting, with 4 attending in person and 397 voting online [5][6][7] - Among the attendees, 398 were small shareholders, representing 15,736,696 shares, which is 1.9660% of the total voting shares [8] Resolutions Passed 1. The 2024 Board of Directors' Work Report was approved with 342,827,813 votes in favor, accounting for 99.6100% of the valid votes [9] 2. The 2024 Supervisory Board's Work Report was approved with 343,093,433 votes in favor, accounting for 99.6871% of the valid votes [11] 3. The 2024 Financial Settlement Report was approved with 342,889,033 votes in favor, accounting for 99.6278% of the valid votes [13] 4. The 2024 Distribution Plan was approved with 343,028,193 votes in favor, accounting for 99.6682% of the valid votes [15] 5. The 2024 Annual Report and its summary were approved with 342,938,913 votes in favor, accounting for 99.6422% of the valid votes [18] 6. The proposal for comprehensive credit limits and loans was approved with 343,127,793 votes in favor, accounting for 99.6971% of the valid votes [20] 7. The proposal to provide guarantees for subsidiaries was approved with 342,725,073 votes in favor, accounting for 99.5801% of the valid votes [22] 8. The appointment of the auditing firm for 2025 was approved with 343,094,353 votes in favor, accounting for 99.6874% of the valid votes [24] Independent Directors and Legal Opinions - The independent directors presented their annual reports during the meeting, which are available on the company's official website [26] - Legal opinions were provided by Taihe Tai Law Firm, confirming the legality and validity of the meeting's procedures and resolutions [26][27]

证券代码：002258 股票简称：利尔化学 公告编号：2025-016 利尔化学股份有限公司 2024 年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、特别提示 1、本次股东大会未出现否决议案的情况。 现场会议时间：2025 年 4 月 18 日（星期五）14:40 网络投票时间：2025 年 4 月 18 日 其中，通过深圳证券交易所（以下简称"深交所"）交易系统进行 网络投票的具体时间为 2025 年 4 月 18 日 9:15 至 9:25，9:30 至 11:30 和 13:00 至 15:00；通过深交所互联网投票系统投票的具体时 间为 2025 年 4 月 18 日 9:15 至 15:00 期间的任意时间。 （二）现场会议召开地点：公司绵阳园艺山办公区会议室（四川 省绵阳市涪城区园艺街 16 号久远创新产业园 1 号楼 7 楼会议室） （三）会议召开方式：现场会议和网络投票相结合 （四）会议召集人：公司董事会 （五）会议主持人：公司董事长尹英遂 2、本次股东大会不涉及变更以往股东大会已通过的决议的情况。 3、本次股东大 ...

泰和泰律师事务所 关于利尔化学股份有限公司 2024 年年度股东大会的 法律意见书 （2025）泰律意字（利尔化学）第 4 号 2025 年 4 月 18 日 中国 • 成都市天府新区正兴街道隆和西巷 299 号泰和泰中心 24—33F 24-33f, Tahota Center, No. 299 Longhe West Lane, Zhengxing Street, Tianfu New District, Chengdu, People's Republic of China 电话 | TEL：86-28-8662 5656 传真 | FAX：86-28-8525 6335 www.tahota.com 关于利尔化学股份有限公司 2024 年年度股东大会的法律意见书 泰和泰律师事务所 关于利尔化学股份有限公司 2024 年年度股东大会的法律意见书 (2025)泰律意字（利尔化学）第 4 号 致：利尔化学股份有限公司 泰和泰律师事务所（以下简称"本所"或"泰和泰"）接受利尔化学股份有 限公司（以下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简 称"《公司法》"）、《中华人民共和国证券法》（以下简 ...

Core Viewpoint - Li Er Chemical's revenue and net profit are expected to decline in 2024 due to intense market competition and falling sales prices, but a significant recovery is anticipated in 2025 with a projected net profit increase of over 100% year-on-year [1] Group 1: Company Performance - In 2024, Li Er Chemical's operating income and net profit attributable to shareholders are expected to decrease by 6.87% and 64.34% respectively [1] - The company has established seven production bases across various regions in China, making it the largest producer of chloropyridine-based pesticide raw materials and formulations in the country [1] - Li Er Chemical's subsidiary, Li Er Biotechnology, achieved a net profit of 42.48 million yuan in 2024, demonstrating resilience in the competitive glyphosate market [2] Group 2: Market Trends - The price of glyphosate and its refined version has been on a downward trend, with domestic prices at 47,000 yuan/ton by the end of 2024, a decrease of 32.86% year-on-year [2] - Despite the price decline, market demand for glyphosate continues to grow, indicating potential for future development in this segment [2] - The company is optimistic about the future of glyphosate and refined glyphosate, although competition remains fierce [2] Group 3: Strategic Initiatives - Li Er Chemical plans to enhance its performance in 2025 by optimizing existing processes, improving product quality, and reducing production costs [3] - The company aims to strengthen cooperation with strategic customers and accelerate the registration and development of new products [3] - There is a focus on expanding international trade and marketing channels, as well as increasing effective R&D investment [3]

Financial Performance - Guang'an Lier's revenue for the previous year was 1.7 billion [2] - The increase in financial expenses for 2024 is primarily due to rising interest expenses [3] - The company's international sales revenue accounted for 47% of total revenue in 2024, with a portion exported to the United States [6][12] Business Operations - Core products contributing to revenue include glyphosate and propargyl fluoroacetamide, along with some intermediates [2] - The growth in pesticide intermediates and chemical materials business is driven by the completion of several base projects [3] - The company plans to enhance its product quality and reduce production costs to improve competitiveness [10] Market Outlook - The agricultural chemical industry is expected to undergo significant structural adjustments, with a focus on green development and stricter environmental regulations [5] - The global pesticide market is projected to grow steadily due to increasing food demand and the rapid development of genetically modified crops [5] - The company remains optimistic about the future of glyphosate despite current market competition [6] Strategic Initiatives - Future growth points include completing key projects on schedule, establishing international trade subsidiaries, and increasing R&D investment [4][10] - The company is actively monitoring the impact of increased tariffs on exports to the U.S. and is maintaining communication with clients [12] - Plans for potential acquisition of Shandong Huimeng are still in the planning stage, with funding expected to come from internal resources [8]

利尔化学（002258）(002258.SZ)一季度业绩暴增。 近日，利尔化学发布一季度业绩预告，2025年1—3月，公司归母净利润预计为1.45亿元—1.55亿元，同 比增长203.08%—223.98%。 近两年农药行业景气度低迷，主营草铵膦产品的利尔化学业绩承压。今年一季度，公司部分产品的销量 和价格有所上涨，驱动经营业绩回暖。 同时长江商报记者注意到，利尔化学的存货改善，2024年存货周转天数下降。 二级市场上，业绩利好释放，截至4月7日收盘，利尔化学股价报9.78元/股，当日上涨9.64%。 一季度业绩大增 此外，随着2024年农药行业库存逐渐回归正常，利尔化学的库存周转天数也相比2023年有所改善，从 2023年的99.73天降低至97.19天。 回暖趋势延续至今年。4月2日晚间，利尔化学发布一季度业绩预告，2025年1—3月，公司归母净利润预 计为1.45亿元—1.55亿元，同比增长203.08%—223.98%；扣非净利润预计为1.43亿元—1.53亿元，同比 增长281.41%—308.09%。 对于一季度业绩增长，公司表示，部分产品的销量和价格有所上涨，导致一季度经营业绩同比实现增 长。 ...