Core Viewpoint - The company is optimistic about the market prospects of chlorantraniliprole and has made significant efforts in market positioning and production optimization [2] Group 1 - The company has conducted extensive market layout both domestically and internationally [2] - Significant resources have been invested in optimizing production processes [2] - Current production facilities, including key intermediates, are under orderly construction [2]

Group 1 - The company is optimistic about the market potential for glyphosate, expecting continuous growth in market demand due to product registrations, market promotion, and production technology improvements [2] - As the largest producer of glyphosate active ingredients in China, the company is actively developing the domestic market, with increasing market share and sales year by year [2] - The company is also expanding its registration and market development efforts for glyphosate in major countries globally, with registrations being approved in an orderly manner [2]

（文章来源：证券日报） 证券日报网12月25日讯 ，利尔化学在接受投资者提问时表示，根据控股股东久远集团通知，公司披露 了公司控股股东拟通过公开征集受让方的方式协议转让公司部分股份的提示性公告。但本次公开征集转 让尚需取得国有资产监督管理部门等有权机构的批准，因此能否进入本次公开征集转让程序及何时进入 公开征集转让程序存在不确定性。同时，在完成公开征集转让程序前，本次公开征集转让的受让方存在 不确定性。公司将会按照相关规定持续做好信息披露。 ...

Group 1 - The company, Lier Chemical, is focusing on optimizing existing products through technological improvements to reduce costs and enhance product competitiveness [2] - The company is strengthening its marketing efforts to expand market demand and explore new market opportunities [2] - The company is accelerating the research and development of new products to create additional sources of profit [2]

证券日报网12月25日讯，利尔化学（002258）在接受投资者提问时表示，目前农药行业总体依旧竞争激 烈，主要大宗农药产品价格仍在底部盘整，但全球农药市场库存逐步回归正常水平，部分产品的市场需 求回暖、价格也出现止跌回升的迹象，给行业发展带来了一定积极影响。 ...

Core Viewpoint - Lier Chemical is focused on the research, production, and sales of efficient, low-toxicity, and low-residue agricultural pesticide raw materials, with a strong emphasis on expanding its market share and enhancing product competitiveness in a competitive industry environment [1][2]. Company Overview - Lier Chemical primarily engages in the development, production, and sales of chlorinated pyridine and organophosphorus pesticides, offering over 40 types of raw materials and more than 100 formulations [1]. - The company operates seven production bases across China, ensuring a comprehensive supply chain that includes chemical raw materials, intermediates, and both raw and formulated products [1]. - Lier Chemical is the largest producer of chlorinated pyridine pesticides in China and a major producer of glyphosate and its active ingredients [1]. Market Conditions - The agricultural pesticide industry remains competitive, with major pesticide prices stabilizing at low levels; however, global pesticide market inventories are returning to normal, and some products are experiencing a recovery in demand and prices [2]. - The company has launched a 20,000 tons/year enzymatic glyphosate project in Jingshi, Hunan, which is currently operating normally, and anticipates increasing demand for glyphosate as more companies obtain product registrations [2]. Strategic Initiatives - Lier Chemical is committed to optimizing existing products through technological improvements, reducing costs, and enhancing product competitiveness while expanding market demand through active marketing efforts [3]. - The company is also focused on the market potential of chlorantraniliprole, having made significant investments in production process optimization and is currently constructing production facilities [2][3]. Shareholder Actions - The controlling shareholder, Jiuyuan Group, plans to transfer 160 million shares (20% of total shares) through a public solicitation, pending approval from relevant authorities [3][4]. - Another shareholder, Huacai Technology, intends to transfer 28.0153 million shares (3.5% of total shares) through the same public solicitation process [3].

Core Viewpoint - Lier Chemical (002258) has successfully launched its 20,000 tons/year enzymatic glyphosate project in Jinshi, Hunan, with normal production conditions. The demand for glyphosate is expected to gradually increase due to the acquisition of registration certificates by numerous companies and countries, as well as the expansion of the end market [1] Company Summary - Lier Chemical's enzymatic glyphosate project in Hunan has commenced production and is operating normally [1] - The company anticipates a gradual increase in glyphosate demand driven by the registration of products across various enterprises and regions [1]

Group 1: Industry Overview - The pesticide industry remains highly competitive, with major pesticide product prices stabilizing at low levels, but global inventory levels are returning to normal, leading to signs of demand recovery and price increases for some products [2] - The market for glyphosate is expected to grow due to increasing product registrations and market promotions, with the company being the largest domestic producer [2][3] Group 2: Product Development and Market Strategy - The company has a 20,000 tons/year enzymatic glyphosate project in Hunan that has commenced production, with normal operational conditions [3] - The company plans to enhance its market share by improving product cost-effectiveness and expanding market demand through new product development [3] Group 3: Future Outlook and Strategic Initiatives - The company is optimistic about the market prospects for chlorantraniliprole and is actively optimizing production processes while constructing production facilities [3] - Future development plans include technological upgrades to existing products, cost reduction, and increasing new profit sources through market expansion and new product launches [3] Group 4: Shareholder Changes - The controlling shareholder, Jiuyuan Group, has announced plans to transfer part of its shares through a public solicitation process, pending approval from relevant authorities, which introduces uncertainty regarding the timing and feasibility of the transfer [3]

Investment Rating - The report maintains a "Recommendation" rating for the pesticide industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [2][39]. Core Insights - The demand for glufosinate-ammonium is expected to continue growing due to improved cost-effectiveness and accelerated registration processes overseas [2]. - The glufosinate-ammonium industry has seen significant improvements in operational rates and inventory levels, with production increasing by 27.85% year-on-year from January to November 2025 [5][6]. - The report highlights the increasing global acceptance of glufosinate-ammonium, particularly in key agricultural markets such as the US, Canada, and Brazil, where registration certificates have expanded rapidly [13][22]. Summary by Sections 1. Significant Improvement in Cost-Effectiveness of Glufosinate-Ammonium - The unit efficacy of glufosinate-ammonium is approximately 3.5 times that of glyphosate, with refined glufosinate-ammonium reaching about 6.3 times, making it more cost-effective despite higher nominal prices [8][11]. 2. Rapid Expansion of Overseas Registration Certificates for Glufosinate-Ammonium - The US saw a surge in registration certificates from 13 in 2019 to 90 in 2020, maintaining a high level in subsequent years, while Brazil and Canada have also shown significant growth in registrations [13][16]. 3. Biodiesel Demand Enhancing Economic Viability of Canola Cultivation - Canola-related applications account for approximately 39% of glufosinate-ammonium's downstream demand, driven by the increasing economic viability of canola cultivation in the context of biodiesel production [22][23]. 4. Investment Recommendations - The report suggests focusing on glufosinate-ammonium and refined glufosinate-ammonium industries, particularly companies like Lier Chemical and Hebei Chengxin, which are expected to seize opportunities in the accelerating industry growth [29].

Group 1 - The core point of the article is that Lier Chemical reported a total of 40,275 shareholders as of the end of November [2]