关于江苏长青农化股份有限公司 2025 年第一次临时股东大会的 上海市锦天城律师事务所 关于江苏长青农化股份有限公司 2025 年第一次临时股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 法律意见书 致：江苏长青农化股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受江苏长青农化股份有限 公司（以下简称"公司"）委托，就公司召开 2025 年第一次临时股东大会（以下 简称"本次股东大会"）的有关事宜，根据《中华人民共和国证券法》（以下简称 "《证券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）和中国证券 监督管理委员会《上市公司股东会规则》（以下简称"《股东会规则》"）等法律、 法规和其他有关规范性文件的要求以及《江苏长青农化股份有限公司章程》（以 下简称"《公司章程》"）的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证 ...

Market Performance - The basic chemical index increased by 1.11% from August 23 to August 29, while the CSI 300 index rose by 2.71%, indicating that the basic chemical sector underperformed the CSI 300 by 1.60 percentage points, ranking 11th among all sectors [1][2] - The top-performing sub-industries included nylon (5.68%), rubber additives (5.44%), potassium fertilizer (4.65%), food and feed additives (2.99%), and fluorochemicals (2.99%) [1][2] Chemical Product Price Trends - The top five products with the highest weekly price increases were NYMEX natural gas (11.11%), crude phenol (7.12%), niacinamide (5.78%), phenol oil (5.16%), and hydrofluoric acid (5.00%) [3] - The top five products with the largest weekly price declines included liquid chlorine (-75.00%), sodium (-6.78%), coal tar (-4.17%), anthracene oil (-4.11%), and lithium carbonate (industrial grade) (-4.09%) [3] Industry Dynamics - In the first half of 2025, the basic chemical sector achieved operating revenue of 1,123.83 billion yuan, a year-on-year increase of 3.03%, and a net profit attributable to shareholders of 69.72 billion yuan, up 4.43% year-on-year [4] - In Q2 2025, the sector reported operating revenue of 587.10 billion yuan, a year-on-year increase of 0.80% and a quarter-on-quarter increase of 9.38%, with a net profit of 35.72 billion yuan, down 2.66% year-on-year but up 5.03% quarter-on-quarter, indicating an improving trend in quarterly profitability [4] Company Performance Highlights - In the refrigerant sector, Juhua Co. reported H1 2025 operating revenue of 13.33 billion yuan, up 10.36% year-on-year, and a net profit of 2.05 billion yuan, up 145.84% year-on-year [6] - Sanmei Co. achieved H1 2025 operating revenue of 2.83 billion yuan, a 38.58% increase year-on-year, with a net profit of 999.5 million yuan, up 159.22% year-on-year [6] - In the agricultural chemicals sector, Yara International reported H1 2025 operating revenue of 2.52 billion yuan, a 48.54% increase year-on-year, and a net profit of 855 million yuan, up 216.64% year-on-year [7] - Salt Lake Co. reported H1 2025 operating revenue of 6.78 billion yuan, down 6.30% year-on-year, but a net profit of 2.52 billion yuan, up 13.69% year-on-year [7] Investment Recommendations - Current investment focus includes the refrigerant sector, with recommendations for companies like Jingshi Resources, Juhua Co., Sanmei Co., and Yonghe Co. [9] - The chemical fiber sector is also highlighted, with recommendations for Huafeng Chemical, Xin Fengming, and Taihe New Materials [9] - Other recommended companies include Wanhua Chemical, Hualu Hengsheng, Luxi Chemical, and Baofeng Energy [9] - The tire sector includes recommendations for Sailun Tire, Senqilin, and Linglong Tire [9] - In the agricultural chemicals sector, recommended companies include Yara International, Salt Lake Co., Xingfa Group, Yuntianhua, and Yangnong Chemical [9] - High-quality growth stocks to watch include Blue Sky Technology, Shengquan Group, and Shandong Heda [9] Industry Rating - The basic chemical industry maintains an "overweight" rating [10]

Overall Research - The domestic equity market continues to rise, with the ChiNext Index increasing by 8.58%. The performance of equity and bond funds is diverging, with equity mixed funds leading the gains. TMT theme funds are significantly outperforming, while consumer themes show relatively weaker growth. Passive index funds in financial and AI themes are performing well, while there is a net outflow from domestic stock ETFs, particularly in the double innovation sector and TMT themes, with noticeable inflows into large-cap and broad-based funds [1]. Real Estate Industry - As of August 17, 2025, new home transactions in 20 cities totaled 491,000 units, down 5.5%. In major cities, Beijing saw 26,000 units sold (-13%), Shanghai 63,000 units (-1%), and Shenzhen 19,000 units (-3%). In the second-hand housing market, transactions in 10 cities reached 490,000 units, up 10.7%, with Beijing at 108,000 units (+11%), Shanghai 160,000 units (+18%), and Shenzhen 44,000 units (+28%) [2]. Metal Industry - The growth rate difference between M1 and M2 narrowed to -3.2 percentage points in July, marking a near 49-month high. The steel sector's profitability is expected to recover to historical average levels following the Ministry of Industry and Information Technology's guidelines for the steel industry. However, there are risks associated with significant fluctuations in futures prices due to trading restrictions on coking coal futures [3]. Chemical Industry - The report suggests focusing on companies involved in electronic specialty gases, such as nitrogen trifluoride and other products. Key companies include China Shipbuilding Industry Corporation, Nanda Optoelectronics, and Huate Gas. Additionally, companies producing semiconductor materials, such as photolithography resins and PCB inks, are also recommended for attention [4]. Company Research - Sinopec Engineering achieved a revenue of 31.6 billion yuan in H1 2025, a 10.1% year-on-year increase, with a net profit of 1.384 billion yuan, up 4.8%. The company maintains a "buy" rating with profit forecasts for 2025-2027 at 2.595 billion, 2.760 billion, and 2.902 billion yuan, respectively [7]. - Blue Sky Technology won a new lithium extraction project, with expectations for high growth in its lithium resource business. The company forecasts net profits of 1.055 billion, 1.253 billion, and 1.495 billion yuan for 2025-2027, maintaining an "increase" rating [8]. - Changqing Co. reported a recovery in pesticide market demand, with a net profit forecast of 74 million, 128 million, and 181 million yuan for 2025-2027, maintaining an "increase" rating despite a downward adjustment in profit expectations [9]. - Huayou Cobalt's net profit for H1 2025 reached 2.71 billion yuan, a 62.3% increase year-on-year, with future profit forecasts of 5.9 billion, 7.1 billion, and 8.6 billion yuan for 2025-2027, maintaining a "buy" rating [10]. - Keda Li's main business remains stable, with profit forecasts of 1.802 billion, 2.178 billion, and 2.499 billion yuan for 2025-2027, maintaining a "buy" rating [11]. - Oriental Cable's revenue for H1 2025 was 4.432 billion yuan, an 8.95% increase, but net profit fell by 26.57% to 473 million yuan. The company expects growth in the second half of 2025 due to increased cable deliveries [12]. - Jinlang Technology reported a revenue of 3.794 billion yuan in H1 2025, a 13.09% increase, with a net profit of 602 million yuan, up 70.96%. Future profit forecasts are 1.169 billion, 1.399 billion, and 1.657 billion yuan for 2025-2027, maintaining an "increase" rating [12]. - Lian Microelectronics has seen a recovery in its epitaxial wafer business, with future profit forecasts of 69 million, 165 million, and 242 million yuan for 2025-2027, maintaining a "buy" rating [13]. - Tian Shili achieved a revenue of 4.288 billion yuan in H1 2025, with a net profit of 775 million yuan, up 16.97%. The company maintains profit forecasts of 1.150 billion, 1.245 billion, and 1.399 billion yuan for 2025-2027, maintaining a "buy" rating [14]. - Ecovacs Robotics reported strong performance in both domestic and international sales, with profit forecasts of 1.6 billion, 1.9 billion, and 2.3 billion yuan for 2025-2027, maintaining a "buy" rating [15]. - Stone Technology, a leader in smart vacuum robots, has adjusted its profit forecasts to 1.7 billion, 2.1 billion, and 2.5 billion yuan for 2025-2027, maintaining an "increase" rating [16].

Core Viewpoint - The company reported a significant improvement in its financial performance for the first half of 2025, driven by a recovery in the pesticide industry and effective cost management [4][5]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.083 billion yuan, a year-on-year increase of 7.3% [4]. - The net profit attributable to shareholders reached 42 million yuan, marking a substantial year-on-year increase of 117.8% [4]. - For the second quarter of 2025, the company reported operating revenue of 1.163 billion yuan, up 7.5% year-on-year and 26.4% quarter-on-quarter [4]. - The net profit attributable to shareholders for Q2 2025 was 26 million yuan, reflecting a year-on-year increase of 122.3% and a quarter-on-quarter increase of 53.3% [4]. Market Demand and Product Performance - The pesticide market demand has rebounded, with the company’s herbicides, insecticides, fungicides, and regulators generating revenues of 1.06 billion, 790 million, 170 million, and 80 million yuan respectively, with year-on-year changes of +14.8%, +0.5%, -3.3%, and +40.1% [5]. - The gross profit margins for these products were 11.1%, 15.7%, 13.9%, and 26.9%, with year-on-year changes of -4.1, +8.6, -0.1, and +17.3 percentage points respectively [5]. - The company’s export sales reached 1.087 billion yuan, a year-on-year increase of 19.61%, supported by international market demand recovery and proactive customer engagement [5]. Production Capacity and Market Coverage - As of the end of 2024, the company had a raw material production capacity of 43,910 tons per year and a formulation capacity of 20,000 tons per year, with an additional 5,500 tons per year of raw material capacity under trial or construction [6]. - The company has established a comprehensive sales network across over 30 provinces in China and holds registrations for over 40 types of raw materials and 150 types of formulations, ensuring adaptability to various agricultural needs [6]. - The company has self-operated import and export rights and has formed stable partnerships with several multinational companies, enhancing its competitive edge in international markets [6].

Group 1: Metal New Materials - The price of rhodium has increased for two consecutive months, while the price of lithium concentrate has also risen, reaching approximately 70,000 yuan/ton. Supply disruptions from the suspension of lithium mines are expected to elevate lithium prices in the short term [4] - The price of rhenium powder has risen, indicating a recovery in demand for military new materials [4] - The price of zirconium oxychloride has decreased in the nuclear power new materials sector, while silicon carbide prices have dropped in the consumer electronics new materials category [4] Group 2: Longqing Co., Ltd. (002391.SZ) - Longqing Co., Ltd. reported a revenue of 2.083 billion yuan for H1 2025, a year-on-year increase of 7.3%. The net profit attributable to shareholders reached 42 million yuan, up 117.8% year-on-year [4] Group 3: Oriental Cable (603606.SH) - Oriental Cable's revenue for H1 2025 was 4.432 billion yuan, a year-on-year increase of 8.95%. However, the net profit attributable to shareholders decreased by 26.57% to 473 million yuan due to delays in offshore wind construction [5] Group 4: Lian Microelectronics (605358.SH) - Lian Microelectronics expects to achieve a revenue of 1.666 billion yuan in H1 2025, a year-on-year growth of 14.19%. However, the company anticipates a net loss of 121 million yuan, which is an increase in losses compared to the previous year [6] Group 5: Stone Technology (688169.SH) - Stone Technology reported total revenue of 7.9 billion yuan for H1 2025, a year-on-year increase of 79%. The net profit attributable to shareholders decreased by 40% to 700 million yuan [7] Group 6: Ecovacs Robotics (603486.SH) - Ecovacs Robotics achieved a revenue of 8.7 billion yuan in H1 2025, reflecting a year-on-year growth of 24%. The net profit attributable to shareholders increased by 61% to 1 billion yuan [8] Group 7: Tianshili (600535.SH) - Tianshili reported revenue of 4.288 billion yuan for H1 2025, a slight decrease of 1.91%. However, the net profit attributable to shareholders increased by 16.97% to 775 million yuan [8]

Investment Rating - The report maintains an "Accumulate" rating for the company [6]. Core Views - The pesticide industry is experiencing a recovery in market demand, leading to a significant improvement in the company's net profit attributable to shareholders in the first half of 2025 [1][2]. - The company achieved a revenue of 2.083 billion yuan in 25H1, a year-on-year increase of 7.3%, and a net profit of 42 million yuan, up 117.8% year-on-year [1]. - The company is focusing on optimizing its product structure and accelerating overseas market registration to capture orders, resulting in export sales of 1.087 billion yuan, a year-on-year increase of 19.61% [2]. Summary by Sections Financial Performance - In 25H1, the company reported revenues from herbicides, insecticides, fungicides, and regulators of 1.06 billion, 790 million, 170 million, and 80 million yuan respectively, with year-on-year changes of +14.8%, +0.5%, -3.3%, and +40.1% [2]. - The gross margins for these products were 11.1%, 15.7%, 13.9%, and 26.9%, with year-on-year changes of -4.1, +8.6, -0.1, and +17.3 percentage points [2]. Capacity and Production - As of the end of 2024, the company has a raw material production capacity of 43,910 tons per year and a formulation capacity of 20,000 tons per year, with an additional 5,500 tons per year of raw material capacity under trial operation or construction [3]. - The company is advancing its production debugging and safety production for the relocation project along the Yangtze River, which is expected to support its performance in 2025 [2]. Profit Forecast and Valuation - The report adjusts the profit forecast for 2025-2026 downwards, with the expected net profits for 2025, 2026, and 2027 being 74 million, 128 million, and 181 million yuan respectively [4]. - The company is expected to benefit from the release of its construction capacity, which will support sustainable and healthy development [4].

Investment Rating - The report maintains a "Recommended" rating for the basic chemical industry [1] Core Insights - The report highlights the price increases of lithium carbonate and photoinitiators, suggesting a potential recovery in the chemical industry driven by anti-involution trends [1] - The basic chemical sector has shown strong relative performance, with a 39.4% increase over the past 12 months compared to the 25.7% increase in the CSI 300 index [3] Summary by Sections Recent Trends - The report notes a decline in the Guohai Chemical Prosperity Index to 92.75 as of August 14, 2025, down 0.11 from August 7, 2025 [4] Investment Recommendations - Key opportunities identified include: 1. Low-cost expansion in companies such as Wanhua Chemical, Satellite Chemical, and others [5] 2. Improvement in industry prosperity for chromium salts, phosphate rock, and various chemical sectors [6] 3. Focus on new materials with high growth potential and low domestic substitution rates [7] 4. High dividend opportunities in state-owned enterprises like China Petroleum and Sinopec [8] Price Analysis of Key Products - Industrial-grade lithium carbonate price increased by 9.93% to 83,000 CNY/ton [10] - Photoinitiator (TPO) price rose by 5.56% to 95 CNY/kg [10] - Polyester filament price increased by 2.16% to 7,100 CNY/ton [10] Company Performance Tracking - Notable companies such as Zhenhua Co. reported a 10.17% increase in revenue for the first half of 2025 [13] - Wanhua Chemical's pure MDI price was reported at 17,900 CNY/ton, with a slight increase [11] Market Observations - The report indicates a potential inventory replenishment cycle in the chemical sector due to anticipated fiscal policy support in China and the US [29]

Summary of Key Points Core Viewpoint - A total of 591 stocks reported their latest shareholder numbers as of August 10, with 288 stocks showing a decline in shareholder count compared to the previous period, indicating a trend of decreasing investor interest in certain companies [1][4]. Group 1: Shareholder Count Changes - Among the 591 companies, 288 experienced a decrease in shareholder count, with 20 companies seeing a decline of over 10% [4]. - Sunshine Dairy had the largest drop in shareholder count, decreasing by 25.09% to 31,928 shareholders, and has seen a cumulative decline of 21.94% since the concentration of shares began [4]. - Xingsen Technology followed with a 23.70% decrease in shareholder count to 90,800, alongside a cumulative drop of 15.30% in its stock price [4]. Group 2: Performance of Concentrated Stocks - Stocks with concentrated holdings outperformed the market, with 37% of these stocks yielding excess returns compared to the Shanghai Composite Index, which rose by 3.73% during the same period [2]. - The average increase for concentrated stocks from July 21 to the reporting date was 4.64%, surpassing the index's performance [2]. Group 3: Earnings Reports - Among the concentrated stocks, 14 companies reported their semi-annual earnings, with Changqing Co. showing the highest net profit growth of 117.75% year-on-year [5]. - Five companies released preliminary earnings reports, with Zhejiang Dingli and Yalian Machinery reporting net profit increases of 27.49% and 20.57%, respectively [5]. - A total of 82 companies issued earnings forecasts, with 17 expecting profit increases and 9 anticipating profitability [5]. Group 4: Industry Concentration - The concentrated stocks are primarily found in the basic chemical, machinery equipment, and electric equipment sectors, with 29, 26, and 24 stocks respectively [4].

中化新网讯 8月10日，长青股份披露2025年半年报，公司上半年实现营业收入20.83亿元，同比增长 7.28%；归属于上市公司股东的净利润4227.78万元，同比增长117.75%。 公司表示，报告期内，国际市场农药需求反弹，公司销售人员主动走出国门，了解终端农药库存，与客 户洽谈市场需求，加快海外市场登记步伐，抢抓订单，优化产品结构，2025年上半年实现出口销售 10.87亿元，同比增长19.61%。公司重点推进沿江厂区腾退搬迁项目生产调试和安全生产，结合市场变 化合理调配产能，沿江厂区产能得到有效释放。公司持续推动降本增效工作，通过工艺优化、技术改造 和管理升级等措施，有效降低生产成本，提升产品市场竞争力。 ...

Core Viewpoint - Longqing Co., Ltd. reported strong financial performance in the first half of 2025, with significant increases in revenue and net profit, but faces challenges regarding cash flow and debt levels [2][4][6] Operational Overview - The total operating revenue for Longqing Co., Ltd. reached 2.083 billion yuan, a year-on-year increase of 7.28% - The net profit attributable to shareholders was 42.28 million yuan, up 117.75% year-on-year - The net profit after deducting non-recurring gains and losses was 39.56 million yuan, an increase of 90.28% year-on-year - In Q2 alone, operating revenue was 1.163 billion yuan, a 7.5% increase year-on-year, with net profit at 25.59 million yuan, up 122.28% year-on-year [2][6] Profitability Analysis - The company's gross margin improved to 13.37%, an increase of 11.11% year-on-year - The net profit margin rose to 2.03%, a significant increase of 106.02% year-on-year - Main revenue sources include herbicides and insecticides, accounting for 50.88% and 37.75% of main revenue, with gross margins of 11.08% and 15.65% respectively - The gross margins for fungicides and other products also improved to 13.86% and 32.31% [3][6] Cash Flow and Debt Situation - Cash and cash equivalents amounted to 436 million yuan, a year-on-year increase of 27.91% - Operating expenses as a percentage of revenue were 6.21%, an increase of 0.47% year-on-year - Operating cash flow per share was 0.53 yuan, up 16.62% year-on-year - Total interest-bearing debt reached 4.185 billion yuan, a 35.00% increase year-on-year, with an interest-bearing asset-liability ratio of 42.88% [4][6] Investment and Financing Activities - The net cash flow from investment activities decreased by 74.35%, primarily due to an increase in purchased bank wealth management products - The net cash flow from financing activities increased by 322.71%, mainly due to an increase in bank loans - Fixed asset changes increased by 33.18%, while construction in progress decreased by 59.73%, attributed to the completion of the Jiang River plant relocation project [5][6]