Market Overview - The agricultural chemical sector increased by 3.24% compared to the previous trading day, with Chuanheng Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Top Gainers in Agricultural Chemicals - Chuanheng Co., Ltd. (002895) closed at 33.34, up 10.00% with a trading volume of 215,800 shares and a transaction value of 693 million [1] - Changqing Co., Ltd. (002391) closed at 6.51, up 9.97% with a trading volume of 518,300 shares and a transaction value of 330 million [1] - Yuntianhua Co., Ltd. (600096) closed at 29.80, up 7.04% with a trading volume of 653,600 shares and a transaction value of 1.911 billion [1] - Yangnong Chemical Co., Ltd. (600486) closed at 68.11, up 6.27% with a trading volume of 131,500 shares and a transaction value of 901 million [1] Top Losers in Agricultural Chemicals - Nongxin Technology (001231) closed at 23.62, down 7.95% with a trading volume of 129,000 shares and a transaction value of 310 million [2] - Hongyang (000525) closed at 6.39, down 6.03% with a trading volume of 505,200 shares and a transaction value of 326 million [2] - Zhongnong United (003042) closed at 16.55, down 5.48% with a trading volume of 70,200 shares and a transaction value of 11.7 million [2] Capital Flow Analysis - The agricultural chemical sector saw a net inflow of 183 million from institutional investors, while retail investors experienced a net inflow of 98.24 million [2][3] - Major stocks like Yanhai Co., Ltd. (000792) had a net inflow of 135 million from institutional investors, despite a net outflow of 152 million from retail investors [3] - Changqing Co., Ltd. (002391) had a net inflow of 109 million from institutional investors, but also saw significant outflows from retail investors totaling 62.25 million [3]

Market Overview - The Shanghai Composite Index closed at 4001.98 points, above the five-day moving average, with a gain of 0.35% [1] - The total trading volume of A-shares reached 183.41 billion yuan [1] Stocks Performance - A total of 484 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Digital People (11.77%) - Sanxiang Technology (10.45%) - Jinhua New Materials (9.20%) [1] Top Stocks by Deviation Rate - Digital People: - Today's price increase: 15.20% - Turnover rate: 16.90% - Latest price: 16.37 yuan [1] - Sanxiang Technology: - Today's price increase: 13.27% - Turnover rate: 10.72% - Latest price: 21.76 yuan [1] - Jinhua New Materials: - Today's price increase: 12.75% - Turnover rate: 23.32% - Latest price: 54.57 yuan [1] Additional Notable Stocks - Kangzhi Pharmaceutical: - Today's price increase: 14.37% - Turnover rate: 30.60% - Latest price: 7.96 yuan [1] - Huaxin Yongdao: - Today's price increase: 12.00% - Turnover rate: 8.41% - Latest price: 44.91 yuan [1] - Longi Green Energy: - Today's price increase: 10.00% - Turnover rate: 5.01% - Latest price: 20.79 yuan [1]

Core Viewpoint - The pesticide sector experienced a significant rally in the afternoon, with multiple companies reaching their daily price limits [1] Company Performance - Changqing Co. and Yangnong Chemical both hit the daily limit up [1] - Liming Co., Runfeng Co., Hailier, Xin'an Co., and Guangxin Co. also saw increases in their stock prices [1]

Core Insights - Longqing Co., Ltd. (002391.SZ) released its Q3 2025 financial report on October 25, 2025, indicating a total of 49.45 million A-shares held by institutional investors, accounting for 7.61% of the total share capital [1] Institutional Holdings - As of October 24, 2025, there are two institutional investors disclosing their holdings in Longqing Co., Ltd., with a combined holding of 49.45 million shares [1] - The institutional holding percentage decreased by 0.08 percentage points compared to the previous quarter [1] Public Fund Participation - In this reporting period, 13 public funds were not disclosed compared to the previous quarter, including notable funds such as Southern Junxin Flexible Allocation Mixed A and China Merchants Anhe Bond A [1]

Group 1 - The core point of the article is that Changqing Co., Ltd. announced the convening of its ninth fifth board meeting on October 24, 2025, to review the Q3 2025 report and other documents [1] - For the first half of 2025, Changqing's revenue composition was as follows: pesticides accounted for 97.36%, services for 1.77%, and other businesses for 0.87% [1] - As of the report, Changqing's market capitalization is 4 billion yuan [1] Group 2 - A notable event mentioned is a well-known brand's acquisition of 2,000 shares for 170 million yuan, despite the target company's registered capital being only 10,000 Hong Kong dollars and it not yet being operational [1] - The Shanghai Stock Exchange expressed confusion regarding the necessity of this acquisition [1]

Core Viewpoint - Changqing Co., Ltd. reported a revenue of 2.968 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 11.33% [1] - The net profit attributable to shareholders reached 52 million yuan, marking a year-on-year increase of 19.27% [1] - Basic earnings per share were 0.0836 yuan, which is a year-on-year growth of 22.04% [1] Financial Performance - Revenue for the first three quarters: 2.968 billion yuan, up 11.33% year-on-year [1] - Net profit attributable to shareholders: 52 million yuan, up 19.27% year-on-year [1] - Basic earnings per share: 0.0836 yuan, up 22.04% year-on-year [1]

股票代码：002391 股票简称：长青股份 公告编号：2025-031 江苏长青农化股份有限公司 关于全资子公司拟更名及启用新品牌的公告 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、全资子公司拟更名情况 江苏长青农化股份有限公司全资子公司湖南长青润慷宝农化有限公司（以下 简称：湖南长青），因业务需要拟变更湖南长青公司名称及法定代表人。具体变 更情况如下： 圣瑞农品牌将基于市场需求，聚焦高价值经济作物病虫害解决方案，布局杀 虫剂、杀菌剂、营养调节剂、微生物菌剂，为作物全程用药用肥制定解决方案。 品牌 LOGO： 1、品牌释义： "圣"为神圣、卓越之意；"瑞"代表祥瑞、好兆头；"农" 指服务三农，农村、农业、农民。 2、品牌口号：圣瑞农，蔬果丰。 3、品牌愿景：实现创新与协作，赋能现代农业，共创丰收和安心。 4、品牌使命：与渠道商共建技术服务中心，成为果蔬种植者最信赖的植保 伙伴，构建未来农业种植的可持续发展。 | 变更项目 | 变更前 | 变更后 | | --- | --- | --- | | 企业名称 | 湖南长青润慷宝农化有限公司 | 湖南圣瑞农生物 ...

经与会董事认真审议，本次会议以记名投票表决方式通过了以下决议： 江苏长青农化股份有限公司 第九届董事会第五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 江苏长青农化股份有限公司（以下简称"公司"）第九届董事会第五次会议 于2025年10月 24日在公司会议室以现场结合通讯的方式召开，会议通知于2025 年 10 月 9 日以通讯方式发送至公司全体董事和高级管理人员。会议由董事长于 国权先生召集并主持，会议应到董事 8 名，现场参会董事 7 名，独立董事骆广生 先生以通讯方式参会，公司部分高级管理人员列席了会议。本次会议的召集、召 开程序及出席会议的董事人数符合《公司法》和《公司章程》的规定。 股票代码：002391 股票简称：长青股份 公告编号：2025-029 一、审议通过了《2025 年第三季度报告》，并批准公司 2025 年第三季度报 告对外披露。 特此公告。 江苏长青农化股份有限公司董事会 2025 年 10 月 25 日 《2025 年第三季度报告》刊登于 2025 年 10 月 25 日的《证券时报》、《上海 证券报》及巨潮资讯网 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥885,521,706.79, representing a year-on-year increase of 22.17%[5] - The net profit attributable to shareholders decreased by 59.00% to ¥10,015,560.84, while the net profit excluding non-recurring gains and losses increased by 199.37% to ¥4,903,571.95[5] - Total operating revenue for the current period reached ¥2,968,495,731.81, an increase of 11.3% compared to ¥2,666,490,942.22 in the previous period[17] - Operating profit for the current period was ¥57,365,734.89, up from ¥41,963,339.78, reflecting a growth of 36.5%[18] - Net profit attributable to shareholders of the parent company was ¥52,293,348.97, compared to ¥43,843,484.44 in the previous period, marking an increase of 19.8%[18] - Basic and diluted earnings per share improved to ¥0.0836 from ¥0.0685, representing a growth of 22.1%[18] Cash Flow and Investments - The net cash flow from operating activities for the year-to-date period was ¥569,750,917.70, reflecting a significant increase of 69.36%[5] - Cash flow from operating activities was ¥1,807,241,800.86, compared to ¥1,738,386,371.60 in the previous period, showing an increase of 4.0%[19] - Total cash inflow from investment activities reached ¥4,035,620,765.03, significantly higher than ¥2,038,551,250.01 in the prior period, indicating an increase of about 98.1%[20] - Cash outflow from investment activities totaled ¥4,754,554,751.39, compared to ¥2,982,685,662.35 previously, representing an increase of approximately 59.5%[20] - Net cash flow from financing activities was ¥204,789,944.90, a decrease from ¥646,395,135.53 in the previous period, showing a decline of about 68.4%[20] - The net increase in cash and cash equivalents for the period was ¥59,323,113.15, compared to ¥37,656,628.19 in the prior period, reflecting an increase of approximately 57.5%[20] - The ending balance of cash and cash equivalents was ¥314,857,903.00, down from ¥407,618,277.49 at the end of the previous period[20] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥9,268,735,117.09, up 7.27% from the end of the previous year[5] - Total current assets increased to ¥3,515,889,529.48 from ¥2,974,160,771.71, representing a growth of approximately 18.2%[14] - Total assets reached ¥9,268,735,117.09, up from ¥8,640,792,209.03, indicating a growth of approximately 7.3%[15] - Total liabilities increased to ¥5,006,060,205.26 from ¥4,412,298,351.51, reflecting a rise of about 13.4%[15] - The company's fixed assets increased by 40.07% to ¥4,608,410,422.07, attributed to the completion of the Jiangsu plant relocation project[9] Shareholder Information - Total number of common shareholders at the end of the reporting period is 25,979[11] - The largest shareholder, Yu Guoquan, holds 25.40% of shares, totaling 165,013,503 shares[11] - Total equity attributable to shareholders rose to ¥4,262,674,911.83, up from ¥4,228,493,857.52, reflecting an increase of 0.8%[16] Other Income and Expenses - The company reported a significant increase in other income, which rose by 283.04% to ¥13,883,070.01, mainly due to government subsidies related to assets[9] - Research and development expenses were ¥118,546,918.62, slightly down from ¥121,100,606.38, a decrease of 2.1%[17] - The company reported a decrease in credit impairment losses to -¥5,937,430.69 from -¥8,171,412.94, indicating an improvement in asset quality[18] Accounting and Audit - The company did not undergo an audit for the third quarter financial report[21] - The company will implement new accounting standards starting from 2025, but this does not apply to the current reporting period[22]

Core Insights - The fungicide industry is experiencing rapid growth in China, driven by increasing public health awareness and environmental policies, with the market size projected to grow from 23.67 billion yuan in 2019 to 40.5 billion yuan by 2024, representing a compound annual growth rate (CAGR) of 11.34% [2][10] - The demand for environmentally friendly and biological fungicides is expected to rise significantly, particularly in the agricultural sector, which is the primary consumer market for fungicides [2][10] Industry Overview - Fungicides, also known as biocides, are chemical agents that effectively control or kill microorganisms such as bacteria, fungi, and algae [3] - The classification of fungicides can be based on application fields (industrial and agricultural), raw materials (inorganic, organic sulfur, organic phosphorus, etc.), usage methods (protective and therapeutic), and conduction characteristics (systemic and non-systemic) [3][8] Industry Policies - The Chinese fungicide industry is at a critical juncture influenced by policy changes and market transformations, with recent regulations aimed at promoting green and efficient fungicide production [5][7] - Key policies include the restriction of high-toxicity and high-residue pesticide production, as outlined in the "Industrial Structure Adjustment Guidance Catalog (2024 Edition)" [5][7] Industry Chain - The fungicide industry chain consists of upstream raw materials and production equipment, midstream research and manufacturing, and downstream applications in agriculture, forestry protection, urban greening, industrial corrosion prevention, and medical disinfection [8][10] Current Market Status - The global fungicide market is steadily expanding, with a projected market size of 19.704 billion USD in 2024, reflecting a year-on-year growth of 3.15% [10] - The growth is driven by the need for agricultural yield enhancement, public health protection, and food safety assurance, with expectations for the market to reach 22.942 billion USD by 2028 [10]