Core Viewpoint - Several listed companies in the Shanghai and Shenzhen markets have announced significant developments, including management changes, stock trading fluctuations, and major contracts, which may present investment opportunities and risks for investors [2]. Group 1: Management Changes and Legal Issues - Scanda's chairman and general manager, Li Yuejie, along with director Zhu Chuncheng, have been subjected to criminal coercive measures due to alleged violations related to information disclosure [3]. - Longhong High-Tech is planning to acquire 100% equity of Guangxi Changke, leading to a stock suspension for up to 10 trading days [6]. Group 2: Stock Trading and Performance - New Asia Electronics reported abnormal stock trading with a cumulative price deviation exceeding 20% over three days, while confirming that its operations are normal and consistent with previously disclosed share reduction plans [5]. - ST Tiexin announced the removal of risk warnings and a name change, which will increase the trading limit from 5% to 10% [8]. Group 3: Financial Performance Forecasts - Industrial Fulian expects a net profit increase of 36.84% to 39.12% year-on-year for the first half of 2025, driven by a surge in AI-related business [18]. - Huayou Cobalt anticipates a net profit increase of 55.62% to 67.59% for the same period, benefiting from integrated operations and rising cobalt prices [19]. - Guoli Co. forecasts a staggering net profit increase of 130.91% to 158.08% for the first half of 2025, attributed to new product and market expansions [20]. - Bangji Technology expects a net profit increase of 166.77% to 200.91%, driven by increased sales from direct sales channels [21]. - Lier Chemical predicts a net profit increase of 185.24% to 196% due to rising product sales and cost reduction efforts [25]. Group 4: Major Contracts and Projects - Huadian Science and Technology signed significant contracts worth approximately RMB 25.16 billion for coal handling and transportation systems [41]. - Aerospace Engineering is the first candidate for a project with a bid of RMB 23.92 billion for a coal gasification facility [43].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][16] Core Views - The company is expected to achieve a significant year-on-year profit growth of 185.24% to 196.00% for the first half of 2025, with a projected net profit of 265 million to 275 million yuan [1][9] - The price of glyphosate is anticipated to rebound after a prolonged decline, with the current market conditions indicating a potential bottoming out [3][15] - The company has deepened cooperation with major clients, resulting in stable sales despite a significant drop in product prices [2][10] Summary by Sections Financial Performance - For the first half of 2025, the company expects a net profit of 2.65 billion to 2.75 billion yuan, representing a year-on-year increase of 185.24% to 196.00% [1][9] - The second quarter is projected to yield a net profit of 1.12 billion to 1.22 billion yuan, reflecting a growth of 148.89% to 171.11% compared to the previous year [1][9] Product Pricing and Sales - The prices of chlorinated pyridine herbicides have increased, and sales volumes have improved, particularly for products like toxic herbicides [2][10] - The company has registered its glyphosate formulations in eight countries, indicating a low penetration rate in overseas markets and significant growth potential [2][10] Market Conditions - Glyphosate prices have been in decline since 2022, with a current average price of 43,700 yuan per ton, down 88.19% from the end of 2021 [3][11] - The industry is experiencing a seasonal peak in demand for glyphosate exports to South America, with production reaching historical highs [12][11] Future Outlook - The company is expected to maintain a strong growth trajectory, with projected net profits of 4.02 billion, 5.19 billion, and 6.43 billion yuan for 2025, 2026, and 2027 respectively [4][16] - The earnings per share (EPS) are forecasted to be 0.50, 0.65, and 0.80 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 23.4, 18.1, and 14.6 [4][16]

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].

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% ...

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]

方案显示，利尔化学2025年度超目标奖励的提取条件为：营业收入大于等于85亿元，且归母净利润大于 等于3.5亿元。当公司归母净利润大于等于3.5亿元，年度超目标奖励为100万元；大于等于4亿元，奖励 为150万元；大于等于5亿元，奖励为300万元。公司当年发放的年度超目标奖励与当年企业负责人绩效 薪酬之和不得超过当年企业负责人基本薪酬的2.5倍。超出当年限额部分可在后续年度进行调剂使用。 具体到个人，围绕资产负债率、净资产收益率等也有相关考核要求。 相较于上一份方案，超目标奖励的达标提取条件有所提升，"300万奖励额"的提取条件有所下调。 利尔化学于去年7月推出2024年度经营团队薪酬与考核方案，其考核指标也包括营业收入、归母净利润 两项。提取条件为：营业收入大于或等于81.6亿元，且净利润大于3亿元。 具体来看，在公司净利润大于或等于3亿元时，年度超目标奖励为150万元；大于或等于6亿元时，奖励 为300万元；11.63亿元至12.79亿元（含）时，提取超出11.63亿元部分的5%；12.79亿元以上则提取超出 12.79亿元部分的10%。 利尔化学(002258)6月10日下午披露2025年度经营团队薪酬 ...

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 ...