股票代码：002734 股票简称：利民股份 公告编号：2025-050 | | | 利民控股集团股份有限公司 | | 量 | 例 | 押/冻 | 持股份 | 总股本 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 已质押 | 占已质 | 未质押 | 占未 | | | | | 结/拍 | 比例 | 比例 | 股份限 | | 股份限 | 质押 | | | | | 卖等数 量 | | | 售和冻 | 押股份 比例 | 售和冻 | 股份 | | | | | | | | 结数量 | | 结数量 | 比例 | | 控股股东、 | | | | | | | | | | | 实际控制 | | | | | | | | | | | 人及其一 | 119,18 | 27.65% | 55,500 | 46.57% | 12.88% | 26,420, | 47.60% | 7,133,2 | 38.94 | | 致行动人 | 5,898 | | ,915 | | | 000 | | 15 | % | | 李明、 ...

Core Viewpoint - The credit rating of Limin Holdings Group Co., Ltd. remains stable at AA, reflecting its strong market position in the pesticide industry and improved financial metrics since 2024 [4][5][9]. Company Overview - Limin Holdings is recognized as one of the key pesticide manufacturers in China, maintaining a high market share in the domestic raw material market with a diverse product structure and strong R&D capabilities [4][9]. - The company has seen a continuous increase in patent authorizations and product registrations, indicating robust innovation [4][15]. Financial Performance - Total assets for Limin Holdings were reported at 70.56 billion yuan in 2022, with total liabilities at 42.16 billion yuan, resulting in a debt-to-asset ratio of 59.75% [6][20]. - The company’s net profit improved significantly from 0.64 billion yuan in 2022 to 2.27 billion yuan in 2022, with a notable increase in operating revenue from 42.24 billion yuan to 50.16 billion yuan [6][17]. - EBITDA increased to 6.12 billion yuan, reflecting improved operational efficiency [7][17]. Market Position and Risks - The company has a strong market presence with a diverse product range, including fungicides, insecticides, herbicides, and veterinary drugs, and has expanded production capacity in recent years [10][11]. - However, the company faces challenges such as fluctuating raw material prices and the need to manage new production capacity effectively [5][9][10]. Investment and R&D - Limin Holdings has maintained a consistent investment in R&D, with expenditures amounting to 2.06 billion yuan in 2022, representing 4.12% of its operating revenue [15][16]. - The company has established multiple R&D platforms and has been collaborating with various biotech firms to develop new agricultural products [15][16]. Future Outlook - The credit outlook for Limin Holdings is stable, with potential for upgrades if capital strength and profitability significantly improve [5][9]. - The company is expected to continue benefiting from favorable market conditions and policy support in the agricultural sector, although it must remain vigilant regarding supply and demand dynamics [9][10].

利民控股集团股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 0287 号 利民控股集团股份有限公司 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 5 月 29 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品的依据。 中 ...

Investment Rating - The investment rating for the company is "Buy" (首次) [6][21]. Core Views - The company is a leading domestic manufacturer of fungicides, having built a comprehensive industrial chain through mergers and acquisitions, covering pesticide raw materials/formulations, veterinary drugs, and new energy materials. Key products such as Bacillus thuringiensis, Mancozeb, Glyphosate, Abamectin, and Methomyl have significant production capacity in China. The company emphasizes R&D investment and is advancing a dual-driven strategy of "AI + Pesticides" and synthetic biology, which is expected to enhance its first-mover advantage in the field of green pesticide creation. In the short term, the company is expected to benefit from rising prices of its main products, leading to a recovery in profitability. In the long term, the AI + synthetic biology technology is anticipated to lead industry development, transitioning the company from a "traditional pesticide manufacturer" to a "smart agricultural solution provider" [4][12][18]. Summary by Sections 1. Company Overview - The company is recognized as a leading manufacturer of fungicides in China, having established a full industrial chain through strategic mergers and acquisitions. Its core products have significant market shares domestically, and it is focusing on integrating AI algorithms with biological synthesis technology to strengthen its competitive edge in green pesticide innovation [4][13][26]. 2. Short-term and Long-term Outlook - In the short term, the company is expected to benefit from price increases in key products such as Abamectin, Methomyl, Bacillus thuringiensis, and Mancozeb, which will enhance profitability. Long-term prospects are bolstered by the company's strategic focus on AI and synthetic biology, which positions it to lead the industry and transition to providing smart agricultural solutions [12][18][21]. 3. Financial Projections - The company is projected to achieve revenues of 51.1 billion, 55.5 billion, and 59.9 billion yuan from 2025 to 2027, with year-on-year growth rates of +21%, +9%, and +8% respectively. The net profit attributable to shareholders is expected to be 4.5 billion, 5.2 billion, and 6.0 billion yuan, with growth rates of +448%, +16%, and +15% respectively. The earnings per share (EPS) are forecasted to be 1.06, 1.23, and 1.42 yuan per share for the same period [16][21][17]. 4. Product Segmentation - The company has a diversified product matrix that includes fungicides, insecticides, herbicides, and veterinary drugs. It has established a strong market position with leading products in each category, supported by advanced production technologies and a focus on sustainable practices [4][12][36]. 5. Market Position and Competitive Advantage - The company maintains a strong market position with significant production capacities in key products. Its competitive advantages include advanced production processes, a focus on green manufacturing, and a stable supply chain, which collectively enhance its market resilience and growth potential [4][12][36].

债券代码：128144 债券简称：利民转债 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。 特别提示： 1、债券代码：128144； 2、债券简称：利民转债； 3、恢复转股时间：自 2025 年 5 月 28 日起恢复转股。 利民控股集团股份有限公司（以下简称"公司"）因实施 2024 年年度权益分派， 根据《利民控股集团股份有限公司公开发行可转换公司债券募集说明书》及相关规 定，公司可转换公司债券（债券简称：利民转债，债券代码：128144）自 2025 年 5 月 19 日起至本次权益分派股权登记日（2025 年 5 月 27 日）止暂停转股。具体内容 详见公司于 2025 年 5 月 16 日披露于《证券时报》《中国证券报》及巨潮资讯网 （www.cninfo.com.cn）上的《公司关于实施权益分派期间利民转债暂停转股的公告》 （公告编号：2025-046）。 根据规定，"利民转债"将于本次权益分派股权登记日后的第一个交易日，即 2025 年 5 月 28 日起恢复转股。敬请公司可转换公司债券持有人留意！ 股票代码：002734 股票简称：利民股份 公 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][7]. Core Views - The company's performance in 2024 was impacted by a global agricultural chemical destocking cycle, but a significant improvement is expected in Q1 2025 due to price increases in several main products [2][30]. - The company reported a revenue of 4.237 billion yuan in 2024, a slight increase of 0.32% year-on-year, while the net profit attributable to shareholders was 81 million yuan, up 31.11% year-on-year [2][6]. - The company is experiencing a recovery in product prices, particularly in key products like Mancozeb and Avermectin, which have seen substantial price increases since March 2024 [3][34]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 1.211 billion yuan, a year-on-year increase of 22.28%, and a net profit of 108 million yuan, marking a turnaround from a loss in the previous year [30]. - The company’s revenue and net profit forecasts for 2025-2027 are 4.958 billion yuan, 5.255 billion yuan, and 5.513 billion yuan, with net profits of 402 million yuan, 478 million yuan, and 522 million yuan respectively [5][50]. Product Pricing and Market Trends - Key products such as Mancozeb and Avermectin have seen price increases, with Mancozeb's price rising from 23,500 yuan/ton to 25,000 yuan/ton since March 2025 [3][33]. - The price of the company's other products, including Bacillus thuringiensis and the veterinary drug Tylosin, has also increased significantly, indicating a positive trend in product demand [34][37]. New Business Developments - The company has accelerated its new business layout, including the acquisition of a 51% stake in DeYan ZhiChuang, which focuses on AI-driven pesticide development [4][38]. - Strategic partnerships with companies like BASF are expected to enhance the development and commercialization of new pesticides in China [4][38]. Market Position and Competitive Landscape - The company holds a strong market position in the agricultural chemicals sector, with a significant share in the fungicide market and ongoing expansion into international markets, particularly in Brazil [3][33]. - The company is actively working on new product development and technological advancements to maintain its competitive edge in the industry [4][39].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][7]. Core Views - The company's performance in 2024 was impacted by a global agricultural chemical inventory destocking cycle, but a significant improvement in profitability is expected in the first quarter of 2025 due to price increases in several main products [2][5]. - The company has successfully registered several active ingredients in the Brazilian market, which is anticipated to enhance overseas sales in the coming years [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 4.237 billion yuan, a year-on-year increase of 0.32%, and a net profit attributable to shareholders of 81 million yuan, up 31.11% year-on-year [2][6]. - The first quarter of 2025 saw a significant turnaround, with net profit reaching 108 million yuan, a year-on-year increase of 1373.23% and a quarter-on-quarter increase of 258.51% [2][30]. Product Pricing and Market Trends - Key products such as甲维盐 and 阿维菌素 have seen price increases from 500,000 and 350,000 yuan per ton to 715,000 and 515,000 yuan per ton respectively since mid-March 2024 [3]. - The price of 代森锰锌 rose from 23,500 yuan per ton to 25,000 yuan per ton since March 2025, indicating a positive trend in product pricing [3][33]. New Business Developments - The company has accelerated its new business layout, acquiring a 51% stake in 德彦智创, which focuses on AI-driven pesticide creation and synthetic biology, opening new growth opportunities [4][38]. - Strategic partnerships with companies like BASF aim to advance the development and commercialization of new pesticides in China [4][38]. Profit Forecast - The company is expected to achieve net profits of 402 million, 478 million, and 522 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.95, 1.13, and 1.24 yuan [5][50]. - The projected operating revenues for 2025, 2026, and 2027 are 4.958 billion, 5.255 billion, and 5.513 billion yuan respectively, reflecting a growth trajectory [6][50].

Core Viewpoint - The company, Limin Holdings Group Co., Ltd., has announced a cash dividend distribution plan for the fiscal year 2024, which was approved at the shareholders' meeting on May 9, 2025, with a distribution of 2.50 RMB per 10 shares, including tax [1][2]. Summary by Sections Dividend Distribution Plan - The company will distribute a cash dividend of 2.50 RMB for every 10 shares held, with no bonus shares or capital reserve conversion [2][3]. - The total cash dividend amount is calculated as 104,255,865.25 RMB, based on the total shares eligible for distribution, which is 417,023,461 shares [1][2]. Shareholder Registration and Ex-Dividend Dates - The record date for shareholders to be eligible for the dividend is May 27, 2025, and the ex-dividend date is May 28, 2025 [3][4]. Taxation Details - Different tax rates apply for various categories of shareholders, with specific provisions for Hong Kong investors and domestic investors holding different types of shares [2][3]. Adjustments Post-Dividend Distribution - After the dividend distribution, the per-share cash dividend will be adjusted to 0.2474977 RMB, affecting the ex-dividend price accordingly [1][4].

1、根据《中华人民共和国公司法》《上市公司股份回购规则》《深圳证券交 易所上市公司自律监管指引第 9 号——回购股份》等相关规定，上市公司回购专用 账户中的股份不享有利润分配等权利。截至披露日，利民控股集团股份有限公司（以 下简称"公司"或"本公司"）通过回购专用证券账户持有公司股份 4,216,110 股， 因此公司以本次权益分派实施时股权登记日的公司总股本减去公司回购专户股份 后的股本为基数，向全体股东每 10 股派发现金红利 2.50 元（含税），不送红股， 不以公积金转增股本。公司本次实际现金分红总额=实际参与权益分派的股本×分 配比例，即:417,023,461 股×0.25 元/股=104,255,865.25 元。 2、因公司回购专户上的股份不享有利润分配的权利，根据股票市值不变原则， 实施权益分派前后公司总股本保持不变，现金分红总额分摊到每一股的比例将减 小，本次权益分派实施后计算除权除息价格时，按总股本折算每股现金红利=现金 分红总额/公司总股本=104,255,865.25 元/421,239,571 股=0.2474977 元/股（保留 到小数点后七位，最后一位直接截取，不四舍五入）。本 ...

股票代码：002734 股票简称：利民股份 公告编号：2025-048 利民控股集团股份有限公司 关于可转换公司债券转股价格调整的公告 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。 特别提示： 一、关于可转换公司债券转股价格调整的相关规定 利民控股集团股份有限公司（以下简称"公司"）公开发行了 980 万张可转换 公司债券（债券简称：利民转债，债券代码：128144）并于 2021 年 3 月 24 日上市。 根据《公司公开发行可转换公司债券募集说明书》及中国证券监督管理委员会（以 下简称"中国证监会"）关于可转换公司债券发行的有关规定，在本次可转债发行 之后，当公司因派送股票股利、转增股本、增发新股（不包括因本次可转债转股而 增加的股本）、配股使公司股份发生变化及派送现金股利等情况时，将按下述公式 进行转股价格的调整（保留小数点后两位，最后一位四舍五入）： 派送股票股利或转增股本：P1=P0/（1+n） 增发新股或配股：P1=（P0+A×k）/（1+k） 上述两项同时进行：P1=（P0+A×k）/（1+n+k） 派送现金股利：P1=P0－D 上述三项同时进 ...