Core Viewpoint - The company, Huailong Co., Ltd. (辉隆股份), confirmed its capability to independently synthesize key aromatic amine raw materials, indicating a strong integrated industrial chain [2]. Group 1 - The company has a wholly-owned subsidiary, Haihua Technology, which focuses on an integrated industrial chain [2]. - Haihua Technology possesses the ability to independently synthesize key aromatic amine raw materials, such as ortho/para-aminobenzyl ether and meta-chloroaniline, all of which are produced in-house [2].

Core Insights - The fourth G3 conference for the agricultural input industry was successfully held in Jiaxing, Zhejiang, organized by Zhejiang Nong Corporation, gathering key players in the sector [1] - The conference focused on strategic transformation and upgrading, discussing challenges and opportunities in the agricultural input supply chain [2] - A consensus was reached among the participating companies to enhance collaboration and drive high-quality development in the agricultural sector [3] Group 1: Conference Overview - The G3 conference brought together Zhejiang Nong Corporation, Huillong Corporation, and Tianhe Corporation, along with leaders from the China Agricultural Input Circulation Association and Zhejiang Supply and Marketing Cooperative [1] - Key topics included supply stability, service to farmers, and strategic planning for the 14th Five-Year Plan [2] Group 2: Strategic Collaboration - A consensus document was signed, emphasizing the commitment to serve farmers, maintain supply stability, and enhance the agricultural supply chain [3] - The companies aim to integrate technological innovation with industry transformation, focusing on digitalization, sustainability, and branding [3] Group 3: Industry Development - Two specialized sessions were held to discuss enhancing capital market recognition of the agricultural input sector and promoting high-quality development in the pesticide business [4] - Participants visited key projects operated by Zhejiang Nong Corporation, gaining insights into modern agricultural practices and service innovations [4] Group 4: Industry Recognition - The successful hosting of the conference reinforced strategic trust and cooperation among listed companies in the agricultural input sector [5] - Leaders from the China Agricultural Input Circulation Association and Zhejiang Supply and Marketing Cooperative acknowledged the companies' efforts to enhance core competitiveness and contribute to national development strategies [5]

Core Insights - The company reported a revenue of 12.26 billion yuan for the first three quarters of 2025, a year-on-year decrease of 2%, and a net profit attributable to shareholders of 165 million yuan, down 10% year-on-year. In Q3 2025, the company achieved a revenue of 3.983 billion yuan, an increase of 10% year-on-year, and a net profit of 54 million yuan, a significant increase of 602% year-on-year [1][2]. Financial Performance - The substantial growth in Q3's net profit excluding non-recurring items was primarily driven by the stable development of the agricultural input sector and increased exports [2]. - The gross profit margin for Q3 was 5.9%, a decrease of 1 percentage point year-on-year but an increase of 1 percentage point quarter-on-quarter. The expense ratio (including four fees and taxes) was 5.4%, down 1.1 percentage points year-on-year and up 0.5 percentage points quarter-on-quarter [2]. - The operating cash flow for the first three quarters was 440 million yuan, a year-on-year increase of 164% [2]. Business Development - The company is actively participating in the construction of a unified national market and is focused on optimizing its business model in line with rural revitalization and agricultural strength strategies. It has established over 70 distribution centers and more than 4,000 franchise stores across more than 20 major agricultural provinces, ranking among the top three in terms of network coverage and operational scale [3]. - The company has built 14 modern agricultural service centers in various locations, enhancing the quality of services provided to farmers. It is also focusing on research and development to support the construction of a strong agricultural nation through technological innovation [3]. Investment Outlook - The company is expected to achieve net profits attributable to shareholders of 200 million yuan, 280 million yuan, and 390 million yuan for the years 2025, 2026, and 2027, respectively, maintaining a "recommended" rating [4].

Market Overview - The agricultural sector index declined by 0.35% on October 31, with Hui Long Co., Ltd. leading the losses [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Individual Stock Performance - Dayu Irrigation (300021) closed at 4.74, up 1.50% with a trading volume of 222,600 shares [1] - Runong Irrigation (920964) closed at 7.66, up 0.39% with a trading volume of 31,500 shares [1] - Hui Long Co., Ltd. (002556) closed at 5.77, down 1.70% with a trading volume of 195,100 shares [1] Capital Flow Analysis - The agricultural sector experienced a net outflow of 6.73 million yuan from institutional investors and 4.51 million yuan from retail investors, while there was a net inflow of 11.24 million yuan from individual investors [1] - Dayu Irrigation saw a net inflow of 10.49 million yuan from institutional investors, while Hui Long Co., Ltd. experienced a net outflow of 17.22 million yuan [1]

Group 1: Research Basic Information - The research object is Huilong Co., Ltd., belonging to the fertilizer industry, with a reception time of October 30, 2025. The listed company's reception staff includes Director and Board Secretary Xu Min, and Qiao Lu from the Securities Investment Department [16] Group 2: Detailed Research Institutions - The research institutions include Huaxi Securities, Haoke Fund, Founder Securities, Guojin Securities, Huafu Securities, CICC, Minsheng Securities, Northeast Securities, Huachuang Securities, and Huaan Securities. The relevant personnel from these institutions are Wei Xinxin, Lu Xin, Lin Jiandong, Ren Jianbin, Wei Zhengyu, Wang Tianhe, Li Jiahao, Chen Kenuo, Shen Qihao, and Wang Qiangfeng respectively [17] Group 3: Main Content Company Performance - In the first three quarters of 2025, the company achieved a net profit attributable to the parent of 165 million yuan. In the third quarter, it achieved a net profit attributable to the parent of 53.8 million yuan, a year - on - year increase of 602%, and a non - recurring net profit attributable to the parent of 45.41 million yuan, a year - on - year increase of 291%. The net operating cash flow in the first three quarters was 440 million yuan, a year - on - year increase of 164%. The improvement was mainly due to the stable development of the agricultural materials sector [20] Business Development - The company deepened its network layout, with the domestic sales of the fertilizer business progressing steadily and exports increasing significantly compared to last year. The pesticide business continued to implement the national layout strategy, and its profitability continued to improve. The 14 agricultural service centers quickly allocated resources during sudden weather changes, and the drying outlets provided "immediate collection and drying" services. In fine chemicals, Haihua Technology reduced comprehensive costs through "procurement, production, sales, inventory, and management" integration and energy - saving technological transformation and actively expanded overseas markets [20] Interaction Q&A - **Reasons for growth in Q3 2025**: The significant year - on - year increase in net profit attributable to the parent and cash flow in Q3 2025 was due to the prominent channel network advantages in the agricultural materials circulation industry, the optimization of the business structure to increase the sales of high - margin varieties, and the good development of agricultural comprehensive services with enhanced customer stickiness [20][21] - **Reasons for stable gross profit margin**: The company adjusted its product structure to increase the sales proportion of high - margin categories and carried out cost - reduction and efficiency - improvement measures to balance the impact of rising raw material costs on profits [23] - **Layout in the context of a unified national market**: As a leading enterprise in the agricultural materials circulation industry of the supply and marketing cooperative system, the company optimized its business model, established holding companies in over 20 major agricultural provinces (autonomous regions), built 70 distribution centers and over 4000 franchised stores, and focused on building a modern agricultural comprehensive service model [24] - **Production and sales of menthol products**: The company completed the technological transformation project of menthol production capacity from 3000 tons/year to 5000 tons/year in 2024, and the production line is operating well. The product is sold both at home and abroad, with a stable market and customers [25] - **Cost - reduction and efficiency - improvement of Haihua Technology**: Haihua continued technological innovation and product upgrading, improved the process route, adjusted the proportion of long - term contracts, and actively explored domestic and overseas customers [26] - **R & D achievements**: The company carried out technological research on fine chemical products, agricultural application technologies, new special fertilizers, and new pesticide products through industry - university - research cooperation. Differentiated new fertilizers and pesticides are being gradually launched in the terminal market, which also drives the increase in the overall gross profit margin [28] - **Impact of the "one license, one product" policy in the pesticide industry**: The policy is beneficial for standardizing the pesticide market order and protecting the interests of growers, and the company has rich reserves of pesticide raw materials, preparations, and new product certificates [29] - **Market value management measures**: The company's management is optimistic about the company's future development, has launched measures such as shareholding increases by directors, supervisors, and senior management, share repurchases, and share repurchase cancellations, and will continue to focus on its main business and improve its management level [30]

Financial Performance - The company achieved a net profit attributable to shareholders of 165 million yuan in the first three quarters of 2025, with a third-quarter net profit of 53.8 million yuan, representing a year-on-year increase of 602% [2] - The non-recurring net profit for the third quarter was 45.41 million yuan, up 291% year-on-year [2] - The operating cash flow for the first three quarters reached 440 million yuan, reflecting a 164% increase compared to the previous year [2] Business Development - The company has strengthened its network layout, enhancing its core function in agricultural materials distribution, with domestic fertilizer sales steadily progressing and exports significantly increasing compared to last year [2] - The pesticide business is advancing its national layout strategy, with sustained improvement in profitability [2] - The establishment of 14 agricultural service centers has enabled rapid resource allocation during extreme weather, and the "immediate collection and drying" service model has received positive feedback [2] Cost Management - Despite rising raw material costs, the company maintained a stable increase in gross margin by adjusting product structure and increasing the sales proportion of high-margin products [3] - Continuous efforts in cost reduction and efficiency improvement have effectively lowered overall costs [3] Strategic Planning - The company is actively participating in the construction of a unified national market, optimizing its business model in line with rural revitalization and agricultural strength strategies [3] - It operates over 70 distribution centers and more than 4,000 franchise stores across more than 20 major agricultural provinces, ranking among the top three in terms of network coverage and operational scale [3] Product Development - The mint alcohol production capacity has been upgraded from 3,000 tons/year to 5,000 tons/year, with stable market and customer conditions [4] - The company is focusing on technological innovation and product upgrades, continuously improving process routes and expanding its customer base [5] Regulatory Impact - The "one certificate, one product" policy introduced by the Ministry of Agriculture and Rural Affairs is expected to benefit the company's pesticide business by standardizing market order and protecting the interests of growers [5] Shareholder Engagement - The management is committed to enhancing shareholder value through measures such as executive share buybacks, share repurchases, and stable annual dividends [5]

Group 1 - The agricultural sector index increased by 0.05% on October 30, with HuiLong Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] - HuiLong Co., Ltd. closed at 5.87 with a gain of 1.03%, while DaYu Irrigation and RunNong Irrigation saw declines of 1.27% and 3.05% respectively [1] Group 2 - The agricultural sector experienced a net outflow of 23.23 million yuan from institutional investors, while retail investors saw a net inflow of 20.12 million yuan [1] - DaYu Irrigation had a net outflow of 3.24 million yuan from institutional investors, while HuiLong Co., Ltd. had a significant net outflow of 19.99 million yuan [1] - Retail investors contributed positively to HuiLong Co., Ltd. with a net inflow of 20.01 million yuan, indicating strong retail interest despite institutional outflows [1]

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved an operating revenue of 12.26 billion yuan, a year-on-year decrease of 2.28% [1] - The net profit attributable to shareholders was 165 million yuan, down 10.17% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 80.14 million yuan, an increase of 33.63% year-on-year [1] - The basic earnings per share were 0.1792 yuan [1]

Group 1 - The core point of the article is that Huillong Co., Ltd. held its eighth meeting of the sixth board of directors on October 28, 2025, to discuss the adjustment of fund subscription shares [1] - For the first half of 2025, Huillong's revenue composition was as follows: agricultural products accounted for 80.33%, seeds and others accounted for 12.47%, and fine chemical products accounted for 7.2% [1] - As of the time of reporting, Huillong's market capitalization was 5.5 billion yuan [1]

Core Viewpoint - HuiLong Co., Ltd. is a leading enterprise in the agricultural materials circulation sector in China, with a comprehensive industry chain advantage in fertilizers, chemicals, and pesticides [1] Group 1: Business Performance - In Q3 2025, HuiLong's revenue reached 12.26 billion, ranking first in the industry, significantly higher than the second-ranked DaYu Water's 2.067 billion, with the industry average at 4.911 billion [2] - The main business revenue breakdown includes agricultural materials at 6.649 billion (80.33%), agricultural by-products and others at 1.032 billion (12.47%), and fine chemical products at 596 million (7.20%) [2] - The net profit for the same period was 175 million, also ranking first in the industry, while DaYu Water reported a loss of 336,670 [2] Group 2: Financial Ratios - As of Q3 2025, HuiLong's debt-to-asset ratio was 65.41%, slightly down from 65.48% year-on-year, which is higher than the industry average of 56.94% [3] - The gross profit margin for the period was 5.81%, down from 5.87% year-on-year, and below the industry average of 13.26% [3] Group 3: Executive Compensation - The chairman and general manager, Cheng Cheng, received a salary of 880,300, an increase of 63,500 from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.67% to 41,100, while the average number of circulating A-shares held per shareholder increased by 7.15% to 23,000 [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked fifth, holding 4.91 million shares, a decrease of 1.7806 million shares from the previous period [5]