Financial Performance - Total revenue for 2024 was 731,088.17 million, a decrease of 6.87% compared to the previous year[4] - Operating profit fell to 35,251.15 million, down 60.00% year-on-year[4] - Net profit attributable to shareholders decreased by 64.34% to 21,533.68 million[4] - Basic earnings per share dropped to 0.2690, a decline of 64.34% from 0.7544[4] - The performance results are consistent with the previously disclosed earnings forecast[7] Assets and Equity - Total assets increased by 5.53% to 1,564,847.76 million[5] - Shareholders' equity rose by 3.12% to 772,658.79 million[5] - The company’s net assets per share increased to 9.6530, up 3.12% from the previous period[5] Market Conditions - The company faced intense market competition, leading to a decline in sales prices[6] Internal Review - The internal audit department has reviewed the preliminary financial data[3]

证券代码：002258 股票简称：利尔化学 公告编号：2025-001 利尔化学股份有限公司 2024 年度业绩预告 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、预计的本期业绩情况 2024 年 1 月 1 日-2024 年 12 月 31 日 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 2、预计的经营业绩 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：19,000 万元 | - | 22,000 | 万元 | 盈利：60,388.82 | 万元 | | | 比上年同期下降：68.54% | | - | 63.57% | | | | 归属于上市公司 股东的扣除非经 常性损益后的净 | 万元 盈利：18,000 比上年同期下降：69.85% | - | 21,000 - | 万元 64.83% | 盈利：59,706.97 | 万元 | | 利润 | | | | ...

Group 1: Market Overview - The current pesticide market demand is stable, with inventory levels returning to normal after previous years [2] - Industry capacity has increased significantly compared to previous years, but market concentration has improved, with leading companies gradually expanding their market share [2] Group 2: Product Insights - The company is optimistic about the market potential for precision glyphosate, expecting continued growth in demand due to product registrations, market promotion, and production technology improvements [2][3] - The company is actively advancing the registration and market layout of precision glyphosate in multiple overseas countries [2][3] Group 3: Future Growth and Development Plans - The company plans to fully promote the precision glyphosate project and implement a series of new product sales according to its strategic plan [3] - Continuous technical improvements will be made to existing products to enhance competitiveness, alongside efforts to expand market demand and accelerate new product development [3] Group 4: External Factors and Strategic Responses - The company's raw material products are not included in the list of items subject to additional tariffs by the U.S. [3] - The company is preparing to explore new markets, accelerate new product development, and strengthen cooperation with peers in response to external challenges [3] Group 5: Corporate Governance and Management - The company is considering an incentive plan, but it is still under discussion and has not been finalized [3] - The company is attentive to the recent guidelines issued by the State-owned Assets Supervision and Administration Commission regarding market value management and will actively communicate with its controlling shareholders [3]

Market Trends and Product Development - The company is optimistic about the market potential of glufosinate-ammonium (精草铵膦) and expects market demand to continue growing [2] - The company is actively promoting the registration and market layout of glufosinate-ammonium in multiple overseas countries [2] - The 20,000 tons/year enzymatic glufosinate-ammonium project in Jinshi, Hunan has been put into production and is operating normally [2] - The company will focus on advancing the glufosinate-ammonium project and optimizing production technologies for new projects [2] Strategic Planning and Future Growth - The company plans to continue improving existing products through technological upgrades to reduce costs and enhance competitiveness [3] - Efforts will be made to strengthen marketing, expand market demand, and accelerate the development and commercialization of new products to increase revenue sources [3] - The company is actively following up on the non-public offering plan, which is currently awaiting approval from state-owned shareholders [3] - The company is studying the possibility of introducing an incentive plan but has not yet made a decision [3] Regulatory Compliance and Market Management - The company attaches great importance to the "Guidelines for Listed Company Supervision No. 10 - Market Value Management" issued by the China Securities Regulatory Commission and is actively studying and researching it [3]

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].

公 司 研 究 财务指标预测 利尔化学（002258.SZ）：产品景气 低迷，短期业绩承压 2024 年 9 月 2 日 强烈推荐/维持 利尔化学 公司报告 利尔化学发布 2024 年中报：公司 2024 年上半年实现营业收入 33.30 亿元， YoY-25.50%，归母净利润 0.93 亿元，YoY-80.63%。 核心农药产品价格同比大幅下滑，导致营收、利润下滑。从收入端看，2024 年上半年，公司核心产品草铵膦由于行业供大于求、市场竞争激烈，产品价格 同比大幅下滑，导致公司农药原药板块营收同比下滑 38.95%至 16.95 亿元， 农药制剂板块营收同比下滑 17.64%至 8.54 亿元。从利润端看，受到农药产品 价格下跌影响，公司农药原药板块毛利率同比下滑 13.7 个百分点至 17.13%， 农药制剂板块毛利率同比下滑 4.76 个百分点至 17.37%，导致公司整体利润水 平大幅下滑。 行业处于周期底部，静待景气回暖。公司所处的农药行业受到新增供给增加、 需求端疲软、行业整体库存量较多等因素影响，整体价格水平持续回落，行业 整体处于周期底部。我们认为，目前海外市场去库存已近尾声，新周期备货启 ...

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 ...