Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Views - The company's performance in Q3 2024 was under pressure due to a significant decline in the price of glyphosate, which has dropped to historical lows [2][4]. - The company is actively advancing the construction of its refined glyphosate production capacity, with several projects underway [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 5.188 billion yuan, a year-on-year decrease of 13.62%, and a net profit attributable to shareholders of 132 million yuan, down 76.44% year-on-year [1]. - In Q3 2024, the company reported revenue of 1.859 billion yuan, an increase of 20.91% year-on-year but a decrease of 4.13% quarter-on-quarter; the net profit attributable to shareholders was 39 million yuan, down 51.42% year-on-year and 13.47% quarter-on-quarter [1][2]. Market Conditions - The average market price of glyphosate in China was 56,000 yuan per ton in 2023, a year-on-year decline of 36.5%, and it further decreased to 50,000 yuan per ton by November 4, 2024, down 28.6% from the beginning of the year [2]. - The company's gross margin for the first three quarters of 2024 was 16.3%, a decrease of 8.6 percentage points year-on-year [2]. Production Capacity and Strategy - The company operates seven production bases and is the largest producer of chlorinated pyridine pesticides and glyphosate in China [3]. - As of June 2024, the company's subsidiary had a refined glyphosate project with an annual capacity of 20,000 tons that was operating normally, while another project with a capacity of 10,000 tons was still under construction [3]. - The company has initiated registration and market layout for refined glyphosate in multiple countries, completing registration in five countries [3]. Profit Forecast and Valuation - Due to the continued low prices of glyphosate, the profit forecasts for 2024-2026 have been revised downwards, with expected net profits of 190 million yuan (down 74.0%), 324 million yuan (down 60.5%), and 437 million yuan (down 53.8%) respectively [4].

Financial Performance - The company's revenue for Q3 2024 reached ¥1,858,635,991.56, representing a 20.91% increase compared to the same period last year[3]. - Net profit attributable to shareholders decreased by 51.42% to ¥38,993,655.82, while net profit after deducting non-recurring gains and losses fell by 48.66% to ¥37,329,105.07[3]. - Total operating revenue for Q3 2024 was CNY 5,188,164,330.49, a decrease of 13.6% compared to CNY 6,006,422,528.32 in the same period last year[14]. - Net profit for Q3 2024 was CNY 178,035,524.15, a significant decline of 74.8% from CNY 707,628,843.99 in Q3 2023[14]. - Earnings per share for Q3 2024 were CNY 0.1648, compared to CNY 0.6996 in the same quarter last year, indicating a decrease of 76.5%[15]. - The total comprehensive income for Q3 2024 was CNY 178,035,524.15, a decrease of 74.8% from CNY 707,628,843.99 in Q3 2023[15]. Cash Flow and Investments - The operating cash flow for the year-to-date period was negative at ¥-287,159,432.38, a decline of 184.97% compared to the previous year[3]. - Total cash inflow from operating activities is 4,697,793,364.07 CNY, down from 5,411,482,156.62 CNY in the previous period, indicating a decline in revenue generation[16]. - Cash outflow for investment activities amounts to 951,547,859.78 CNY, compared to 1,679,310,088.74 CNY in the previous period, showing a decrease in capital expenditures[17]. - Net cash flow from financing activities is 714,074,530.91 CNY, down from 933,970,558.58 CNY in the previous period, indicating a reduction in financing activities[17]. - Cash inflow from borrowing is 1,385,700,000.00 CNY, down from 1,802,820,000.00 CNY in the previous period, reflecting a decrease in new debt issuance[17]. - Cash outflow for dividend payments is 76,464,319.34 CNY, significantly lower than 455,781,667.85 CNY in the previous period, indicating a reduction in shareholder returns[17]. Assets and Liabilities - Total assets increased by 3.12% to ¥15,291,587,852.65, while equity attributable to shareholders rose by 2.00% to ¥7,642,145,459.73[3]. - The company's total liabilities increased to CNY 6,372,029,921.40 from CNY 6,081,157,425.93, marking a rise of 4.8%[14]. - Non-current liabilities rose to CNY 2,673,075,455.45, up from CNY 2,465,602,993.71, reflecting an increase of 8.4%[14]. - Short-term borrowings increased significantly to ¥400,138,120.85 from ¥240,110,291.67, an increase of about 66.7%[11]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 51,547[7]. - The largest shareholder, Sichuan Jiuyuan Investment Holding Group Co., Ltd., holds 23.78% of shares, totaling 190,376,009 shares[7]. Operational Costs and Expenses - Total operating costs for Q3 2024 were CNY 5,001,977,331.98, down from CNY 5,180,599,626.07, reflecting a reduction of 3.5%[14]. - Research and development expenses for Q3 2024 were CNY 193,265,163.76, down 20.8% from CNY 243,696,434.27 in the previous year[14]. - The financial expenses surged by 799.13% to ¥4,288.97, primarily due to increased interest expenses and reduced exchange gains[6]. Changes in Assets - Accounts receivable increased to ¥1,642,676,441.53 from ¥1,441,149,078.71, representing an increase of about 14%[11]. - Inventory rose to ¥1,712,278,001.77 from ¥1,624,608,978.45, an increase of approximately 5.4%[11]. - The total non-current assets increased to ¥9,975,026,844.26 from ¥9,663,268,129.08, a rise of approximately 3.2%[11]. Miscellaneous - The company has not disclosed any new product or technology developments in the current report[8]. - There are no significant changes in the top ten shareholders due to margin trading activities[8]. - Non-recurring gains and losses totaled ¥1,664,550.75 for the current period, down from ¥14,699,327.90 year-to-date[4]. - The weighted average return on net assets decreased to 0.51%, down 0.58% from the previous year[3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [13]. Core Views - The company's performance is under short-term pressure due to a significant decline in the price of its core product, glyphosate, which has dropped by 16.92% from 65,000 yuan/ton to 54,000 yuan/ton, and the price of refined glyphosate has decreased by 20.95% from 105,000 yuan/ton to 83,000 yuan/ton [2][5]. - Despite the current challenges, there is optimism regarding the company's strategic positioning in refined glyphosate and the potential for recovery in profitability as market conditions improve [5]. Financial Summary - The company's revenue for 2022 was 10,136 million yuan, which is projected to decline to 6,413 million yuan in 2024, representing a year-on-year decrease of 18.3% [1][6]. - The net profit attributable to the parent company is expected to fall from 1,813 million yuan in 2022 to 252 million yuan in 2024, reflecting a year-on-year decline of 58.2% [1][6]. - The company's return on equity (ROE) is projected to decrease from 24.2% in 2022 to 3.2% in 2024 [1][8]. - The earnings per share (EPS) is expected to drop from 2.26 yuan in 2022 to 0.32 yuan in 2024 [1][8]. Industry Context - The agricultural protection industry is experiencing intensified competition, leading to a temporary decline in product prices. However, there is potential for growth in demand as global food needs increase [5]. - The report suggests that the inventory digestion phase in the agricultural protection industry is nearing completion, and low-end production capacity is expected to be gradually eliminated due to fierce market competition [5].

Investment Rating - The report maintains a "Strong Buy" rating for Lier Chemical [2][11] Core Views - Lier Chemical reported a significant decline in revenue and profit for the first half of 2024, with revenue at 3.33 billion yuan, down 25.50% year-on-year, and net profit at 93 million yuan, down 80.63% year-on-year [2] - The core pesticide product prices have dropped significantly due to oversupply and intense market competition, leading to a 38.95% decline in revenue from the pesticide raw materials segment and a 17.64% decline in the pesticide formulation segment [2] - The industry is currently at the bottom of the cycle, with expectations for a recovery as inventory levels decrease and market demand gradually releases [2] - Lier Chemical is actively advancing its projects in the enzyme-based glyphosate sector, with a 20,000 tons/year project completed in 2023 and ongoing projects in multiple countries [2] - Future sales of glyphosate products are expected to increase as the company expands its market presence and production capacity [2] Financial Forecasts - The report adjusts the profit forecasts for Lier Chemical for 2024 to 2026, predicting net profits of 264 million yuan, 408 million yuan, and 612 million yuan respectively, with corresponding EPS of 0.33 yuan, 0.51 yuan, and 0.76 yuan [2][3] - The current price-to-earnings (P/E) ratios are projected to be 22, 14, and 9 times for the years 2024, 2025, and 2026 respectively [2][3]

Financial Performance - The company's operating revenue for the first half of 2024 was ¥3,329,528,338.93, representing a decrease of 25.50% compared to ¥4,469,191,485.17 in the same period last year[12]. - The net profit attributable to shareholders of the listed company was ¥92,905,800.39, down 80.63% from ¥479,689,916.47 in the previous year[12]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥79,871,023.24, a decrease of 83.41% compared to ¥481,350,115.74 last year[12]. - The net cash flow from operating activities was -¥500,092,466.69, a decline of 257.71% from ¥317,095,328.07 in the same period last year[12]. - Basic earnings per share were ¥0.1161, down 80.63% from ¥0.5993 in the previous year[12]. - The total investment amount for the reporting period was ¥672,935,388.24, a decrease of 57.81% compared to ¥1,595,177,549.50 in the same period last year[38]. - The company reported a net profit of CNY 4.87 billion, up from CNY 4.78 billion, indicating a positive growth trend in profitability[110]. - The total comprehensive income for the first half of 2024 was CNY 129,936,213.35, down from CNY 607,772,840.45 in the same period of 2023[116]. Assets and Liabilities - The total assets at the end of the reporting period were ¥14,833,613,831.95, a slight increase of 0.03% from ¥14,828,962,478.88 at the end of the previous year[12]. - The total liabilities included short-term borrowings of ¥345,198,194.46, which accounted for 2.33% of total assets, an increase from 1.62%[34]. - The company's total liabilities decreased to CNY 2,081,484,401.06, down from CNY 2,248,542,644.36 in the previous year[115]. - The total equity increased slightly to CNY 5,094,794,060.11 from CNY 5,030,652,309.24 year-on-year[115]. Market and Industry Context - The global pesticide market size grew from $35.575 billion in 2006 to $87.7 billion in 2022, with a compound annual growth rate of approximately 5.80%[17]. - The domestic pesticide industry is experiencing a transformation period, with an emphasis on green pesticides and the elimination of high-toxicity pesticides[19]. - The company faced significant adverse impacts on performance due to a substantial decline in market prices of its main products[20]. - The company is enhancing its marketing efforts both domestically and internationally to expand market share[20]. Environmental Management - The company emphasizes environmental management, adhering to ISO 14001 standards and continuously improving its environmental practices[30]. - The company has successfully implemented a centralized procurement model, optimizing supply chain management to reduce costs and enhance supply chain resilience[23]. - The company is committed to enhancing environmental protection measures and has increased investments in waste management and carbon emission reduction[52]. - The company has established a comprehensive safety management system to mitigate risks associated with the production of hazardous materials[53]. Research and Development - Research and development expenses totaled ¥151,803,797.53, a reduction of 24.76% from ¥201,758,665.29, attributed to increased output of trial R&D products and reduced material input[31]. - The company has been recognized as a national high-tech enterprise, with advanced R&D facilities and a strong focus on innovation in pesticide development[27]. - The company focuses on the research, production, and sales of high-efficiency, low-toxicity, and low-residue pesticide raw materials[20]. Strategic Partnerships and Operations - The company has established long-term strategic partnerships with major international agrochemical companies, including Corteva, BASF, and Syngenta, enhancing its market credibility[28]. - The company operates seven production bases across China, ensuring a comprehensive supply chain for its products and maintaining a strong market presence[29]. - The company has successfully completed two rounds of refinancing, ensuring sufficient capital for its business development and strategic goals[30]. Risks and Challenges - The company faces risks including market competition, raw material supply and price fluctuations, and environmental risks[3]. - The company faces significant market competition risks, with increasing pressure from domestic and international competitors affecting sales and profitability[50]. - Raw material costs constitute a large portion of operating costs, and fluctuations in supply and prices have impacted gross margins[51]. Shareholder and Equity Information - The total number of shares is 800,437,228, with 99.84% being unrestricted shares[99]. - The total expected related transactions with Jiuyuan Chemical for the year 2024 is capped at 80 million yuan, with actual transactions amounting to 24.23 million yuan, representing 30.29% of the expected amount[76]. - The company has not provided any guarantees for shareholders, actual controllers, or their related parties[92]. Compliance and Governance - The company has not engaged in any significant litigation or arbitration matters during the reporting period[77]. - There were no violations of external guarantees during the reporting period[75]. - The company has not experienced any bankruptcy restructuring or related matters during the reporting period[75].

证券代码：002258 股票简称：利尔化学 公告编号：2024-022 利尔化学股份有限公司 利尔化学股份有限公司 董事会 1、会议以 9 票同意，0 票弃权，0 票反对的结果，审议通过了《公 司 2024 年半年度报告及其摘要》。 2、会议以 9 票同意，0 票弃权，0 票反对的结果，审议通过了《关 于修订<境外子公司经营管理办法>的议案》。 根据公司经营管理的需要，会议对《境外子公司经营管理办法》相 关条款进行了修订。本次修订后的《境外子公司经营管理办法》全文刊 登于 2024 年 8 月 30 日的巨潮资讯网。 3、会议以 9 票同意，0 票弃权，0 票反对的结果，审议通过了《关 于控股子公司实施 5000 吨/年精细化学品生产装置及其配套工程建设 项目的议案》。 会议同意公司控股子公司湖南比德生化科技股份有限公司（以下简 称"比德生化"）在湖南省临湘市现有厂区实施 5000 吨/年精细化学品生 产装置及其配套工程，产品包括丙硫菌唑等。该项目计 划 总 投资 29,363.19 万元，建设周期预计 2 年。项目资金将由比德生化通过自筹 方式取得。待该项目达产后，预计可实现年均销售收入 60,817.83 ...

附件一 1 上市公司名称：利尔化学股份有限公司 单位：万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的 | 上市公司核算的会计 | 2024年期初占用资金 | 2024年半年度占用累 | 2024年半年度占用资 | 2024年半年度偿还累 | 2024年半年度期末占 用资金余额 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 关联关系 | 科目 | 余额 | 计发生金额（不含利 息） | 金的利息(如有） | 计发生金额 | | | | | 控股股东、实际控制人及 | | | | | | | | | | 非经营性占用 | | 其附属企业 | | | | | | | | | | 非经营性占用 | | | | | | | | | | | | 非经营性占用 | | 小计 | - | - | - | - | - | - | - | - | - | - | | 前控股股东、实际控制人 | | | | | | | | | | 非经营性占用 | | | | | | | ...

第五条 子公司应在章程或相关制度中明确规定业务范围和审批权限。子公 司不得从事业务范围或审批权限之外的交易或事项。对于超越业务范围或审批权 限的交易或事项，子公司应当提交公司投资发展部按照权限提交公司总经理办公 会、董事长、董事会或股东大会审议批准后方可实施。 第三章 日常运营管理 境外子公司经营管理办法 第一章 总则 第一条 鉴于利尔化学股份有限公司（以下简称"公司"）境外子公司（以下 简称"子公司"）逐步开展实质运营，为规范子公司的经营行为，控制经营风险， 并完善对子公司的监管，根据《公司法》等法律法规并结合公司《章程》、《子公 司管理制度》等制度性文件，制定本办法。 第二条 本办法所称子公司是指公司在中国大陆地区以外（含香港、澳门及 台湾）设立的具有独立法人资格的全资子公司、控股子公司及实质控制的参股公 司。 第二章 设立管理 第三条 公司投资发展部牵头负责子公司的总体设立工作，营销中心负责或 协助办理境外手续等事务。子公司设立完成后，投资发展部必须将执照、登记证、 注册证书、备案、章程等公司相关法律文件以及印鉴移交总经理办公室统一保管， 并同时知会公司财务共享中心等相关业务部门。因特殊情况，经公司董事 ...

泰和泰律师事务所 关于利尔化学股份有限公司 2024 年第 1 次临时股东大会的 法律意见书 （2024）泰律意字（利尔化学）第 4 号 2024 年 8 月 28 日 中国 • 成都市高新区天府大道中段 199 号 棕榈泉国际中心 16 楼 16/F, Palm Springs International Center, No. 199 Tianfu Avenue (M), High-tech Zone, 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 年第 1 次临时股东大会的法律意见书 泰和泰律师事务所 （1）《公司章程》； 关于利尔化学股份有限公司 2024 年第 1 次临时股东大会的法律意见书 (2024)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 ...

证券代码：002258 股票简称：利尔化学 公告编号：2024-021 利尔化学股份有限公司 2024 年第 1 次临时股东大会决议公告 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。 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、本次股东大会以现场会议和网络投票相结合的方式召开。 网络投票时间：2024 年 8 月 28 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 2024 年 8 月 28 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 2024 年 8 月 28 日 9:15 至 15:00 期间的任意时间。 （二）现场会议地点：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 （六）本次会议的召 ...