Summary of the Conference Call for Limin Co., Ltd. Industry Overview - Brazil is the largest fungicide market globally, with low inventory levels expected in 2024 due to increased rainfall leading to higher demand for fungicides [2][3] - Farmers are inclined to choose cost-effective conventional protective fungicides like Mancozeb and Dimethomorph, often used in combination with new fungicides to avoid resistance [2][4] Company Performance - Limin Co., Ltd. has seen price increases for its main products, Mancozeb and Dimethomorph, with significant production capacity and strong sales for Abamectin and Methomyl, showing notable price increases [2][5] - The company has limited herbicide offerings, with Glyphosate prices at historical lows, and plans to adjust production schedules accordingly [2][6] - Prices for minor products like Cyazofamid and Fipronil have risen, but production capacity remains limited [2][7] - The company is operating at full capacity with strong order volumes and is currently engaged in inventory management [2][11] Market Dynamics - Despite a decline in agricultural product prices, farmers continue to plant due to profitability, which does not significantly impact fungicide demand; cost-effective products are preferred [2][10] - Brazilian distributors have low inventory levels, leading to strong replenishment intentions [2][11] - Seasonal demand and supply shortages are expected to keep fungicide prices high in the short term [2][9] Price Trends and Future Outlook - Recent price increases for fungicides are attributed to replenishment needs and increased disease pressure due to wet weather [2][12] - The market for fungicides is expected to maintain high prices in the short term, with potential tight supply or shortages anticipated [2][12] - The company expects to see continued high prices for its products in the upcoming quarters, influenced by seasonal demand and market conditions [2][9][31] Product-Specific Insights - Mancozeb and Dimethomorph are crucial in managing plant health and are widely used due to their low resistance risk [2][14] - The price of Dimethomorph has increased significantly, with a rise from approximately 350,000-360,000 CNY to around 460,000 CNY, marking a nearly 30% increase [2][5] - The price of Mancozeb has also seen a substantial increase, from 46,000 CNY to 65,000-66,000 CNY, with additional costs for higher purity grades [2][5] Competitive Landscape - Multinational companies in Brazil sell patented products at higher prices due to a combination of patented and off-patent products, affecting farmers' choices [2][15] - The market for patented products is declining as farmers increasingly opt for more cost-effective non-patented alternatives [2][16] Conclusion - The fungicide market, particularly in Brazil, is characterized by strong demand, rising prices, and a focus on cost-effective solutions. Limin Co., Ltd. is well-positioned to capitalize on these trends with its leading products and production capacity. Future market dynamics will depend on seasonal demand, supply conditions, and competitive strategies.

Summary of the Conference Call Company and Industry Overview - The conference call involved **Limin Co., Ltd.**, focusing on the **pesticide industry**, particularly the market for fungicides in Brazil, which is identified as the largest market for fungicides globally [1][4]. Key Points and Arguments 1. **Market Conditions**: The Brazilian fungicide market has experienced a significant increase in demand due to higher rainfall, which has led to more severe fungal diseases, thus increasing the need for fungicides [4][5]. 2. **Inventory Levels**: Current inventory levels in Brazil are relatively low compared to historical standards, following a period of destocking over the past two to three years [5][6]. 3. **Product Demand**: The introduction of new fungicides, particularly those with expired patents, has driven up the usage of protective fungicides, leading to increased application rates of products like **Bacillus subtilis** and **Daimon** [6][7]. 4. **Pricing Trends**: The price of key products such as **Bacillus subtilis** has seen a significant increase, with current market prices reported at around **26,000 to 27,000** per ton, reflecting a **40% increase** from previous levels [34][35]. 5. **Market Dynamics**: The overall market is expected to maintain high prices due to ongoing demand and low inventory levels, with projections indicating that this trend will continue into the first quarter of the following year [10][11]. 6. **Impact of Agricultural Prices**: The decline in prices for crops like corn and soybeans has led farmers to opt for more cost-effective fungicides, which has positively impacted the demand for Limin's products [11][12]. 7. **Production Capacity**: The company has a strong production capacity, ranking among the top in the domestic market, and has recently acquired assets to strengthen its insecticide business [7][8]. 8. **Future Outlook**: The company anticipates a robust demand in the upcoming quarters, particularly in the traditional peak season for agricultural chemicals, which is expected to drive further sales growth [14][42]. Additional Important Information - **Regulatory Compliance**: The call emphasized the importance of adhering to legal and regulatory standards, avoiding the dissemination of non-public information [1][2]. - **Market Challenges**: The introduction of new products has led to concerns about resistance, necessitating the use of protective fungicides in combination with newer products to mitigate this risk [6][17]. - **Global Market Trends**: The company is also exploring opportunities in Southeast Asia and Africa, indicating a broader strategy beyond the Brazilian market [42][43]. - **Investor Engagement**: The management expressed a commitment to maintaining open communication with investors and providing updates on market conditions and company performance [56][57]. This summary encapsulates the key insights from the conference call, highlighting the current state and future outlook of Limin Co., Ltd. within the pesticide industry.

关于控股股东、实际控制人部分股份解除质押的公告 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。 | 股东 | 是否为 第一大 股东及 | 本次解除质 | 本次解 除质押 占其所 | 本次解 除质押 占公司 | 质押开 | 解除质押 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 一致行 | 押股数（股） | 持股份 | 总股本 | 始日期 | 日期 | | | | 动人 | | 比例 | 比例 | | | | | 李明 | 是 | 972,168 | 1.32% | 0.26% | 2024.03 | 2024.11. | 华西证券股 份有限公司 | | | | | | | .04 | 13 | | | 合计 | - | 972,168 | 1.32% | 0.26% | - | - | - | 一、股东股份本次解除质押的基本情况 二、股东股份累计质押的情况 股票代码：002734 股票简称：利民股份 公告编号：2024-108 截至公告披露日，上述股东及其一致行动人所持质押股份 ...

股票代码：002734 股票简称：利民股份 公告编号：2024-107 利民控股集团股份有限公司 关于回购部分社会公众股份的进展公告 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。 利民控股集团股份有限公司（以下简称"公司"）于 2024 年 2 月 5 日召开的 第五届董事会第二十二次会议，审议通过了《关于回购部分社会公众股份方案的议 案》，同意公司以集中竞价交易方式使用自有资金回购公司部分股份，回购股份价 格不超过人民币 11.52 元/股，回购资金金额不低于人民币 10,000 万元（含）且不 超过人民币 18,000 万元（含），回购股份的实施期限为自公司股东大会审议通过回 购方案之日起 12 个月。 本次回购部分社会公众股份方案情况详见公司在巨潮资讯网（http:// www.cninfo.com.cn）上披露的相关公告。 一、回购公司股份的进展情况 根据《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》（以下简称"《监管指引》"）等相关规定，公司回购期间，每个月的 前三个交易日内披露截至上月末的回购进展情况，现将公 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [2][10]. Core Insights - The company's core pesticide products have seen price increases, contributing to a significant improvement in profitability in Q3 compared to the previous year [2][4]. - Despite a downturn in the pesticide industry, the company reported a net profit of 0.19 billion yuan in Q3, a year-on-year increase of 154.77% [3][9]. - The company has engaged in strategic partnerships to enhance its research and development capabilities in synthetic biology and biopesticides [5]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 3.344 billion yuan, a year-on-year decrease of 1.58%, while the net profit attributable to shareholders was 0.051 billion yuan, an increase of 132.76% [2][9]. - In Q3 alone, the company reported a revenue of 1.046 billion yuan, down 4.19% year-on-year and 20.03% quarter-on-quarter, but the net profit showed a remarkable increase [3][9]. - The gross margin for Q3 was 18.35%, up 3.90 percentage points year-on-year, indicating improved cost management [3][9]. Price Trends and Market Position - The company raised prices for its core products by 5-10% in September and October 2024, which has positively impacted its financial performance [4]. - As of October 30, 2024, the market prices for key products such as Bacillus subtilis and Abamectin have increased by 16.66% and 8.71% respectively compared to Q3 averages [4]. Future Earnings Forecast - The company is projected to achieve revenues of 4.2 billion yuan in 2024, with net profits expected to reach 0.85 billion yuan, reflecting a recovery in the pesticide industry [10][12]. - The expected price-to-earnings ratios for 2024, 2025, and 2026 are 34, 21, and 14 respectively, indicating a favorable valuation outlook as the market share is anticipated to grow [10][12].

股票代码：002734 股票简称：利民股份 公告编号：2024-105 利民控股集团股份有限公司关于 2024 年 前三季度计提信用减值损失及资产减值损失的公告 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。 一、本次计提资产减值损失和信用减值损失情况概述 公司根据《深圳证券交易所股票上市规则》《企业会计准则》等相关规定，本 着谨慎性原则，对 2024 年 9 月末合并财务报表范围内的各项资产等进行了减值测 试，判断存在可能发生减值的迹象，确定了需要计提资产减值损失及信用减值损失 的资产项目。 根据评估和分析的结果判断，计提 2024 年 1-9 月各项资产减值损失 42,100,587.01 元，计提各项信用减值损失 18,014,627.87 元，具体情况如下： | 项目 | | 期初余额 | 计提 | 其他[注] | 减少（转销） | 期末余额 | | --- | --- | --- | --- | --- | --- | --- | | 原材料 | | 777,603.55 | | | 285,361.17 | 492,242.38 | | 库存商品 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥1,046,102,250.67, a decrease of 4.19% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥19,463,380.73, an increase of 154.77% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥5,416,384.03, up 112.93% from the previous year[2]. - Basic earnings per share for Q3 2024 was ¥0.05, reflecting a 150.00% increase compared to the same period last year[2]. - The company reported a decrease in accounts payable to CNY 660,298,556.45 from CNY 725,102,795.62 year-over-year[11]. - The net profit for the third quarter of 2024 was CNY 58,715,329, a significant increase from CNY 21,933,381 in the same period last year, representing a growth of approximately 167.0%[13]. - The operating profit for the third quarter was CNY 83,606,885.75, up from CNY 41,478,905.44 in the previous year, reflecting an increase of approximately 101.0%[13]. - The total comprehensive income for the third quarter was CNY 58,532,249.41, compared to CNY 22,722,457.77 in the previous year, representing an increase of approximately 157.0%[14]. Cash Flow - The company's cash flow from operating activities showed a net outflow of ¥98,428,119.64, representing a significant decline of 283.08% year-on-year[2]. - The net cash flow from operating activities was -98,428,119.64 CNY, compared to 53,763,644.87 CNY in the previous year, indicating a significant decline[16]. - The company reported a total cash outflow from operating activities of 2,200,431,482.36 CNY, compared to 2,298,859,133.47 CNY in the previous year[16]. - Cash inflow from financing activities totaled 1,020,756,500.00 CNY, compared to 1,249,810,033.38 CNY in the previous year[16]. - The net cash flow from financing activities was -51,861,229.26 CNY, a decrease from a positive 160,137,280.48 CNY in the prior year[16]. - The ending balance of cash and cash equivalents was 354,847,793.11 CNY, down from 562,135,701.46 CNY year-over-year[16]. Assets and Liabilities - Total assets at the end of Q3 2024 were ¥6,774,182,758.51, a decrease of 0.60% from the end of the previous year[2]. - Current liabilities increased to CNY 2,888,965,758.76, compared to CNY 2,658,427,970.91 in the prior period[12]. - Non-current liabilities decreased to CNY 1,176,664,006.69 from CNY 1,341,753,924.71 year-over-year[12]. - The total equity attributable to shareholders of the parent company was CNY 2,660,189,944.01, down from CNY 2,773,342,822.67 in the previous year[12]. - Inventory decreased to CNY 671,099,704.87 from CNY 765,590,948.61 year-over-year[11]. - Long-term equity investments increased to CNY 314,193,363.06 from CNY 286,498,326.78 in the previous period[11]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 19,989[7]. - The largest shareholder, Li Ming, holds 20.10% of the shares, totaling 73,734,050 shares, with 48,120,851 shares pledged[7]. - The second-largest shareholder, Li Xinsong, holds 12.19% of the shares, totaling 44,737,620 shares, with 36,720,000 shares pledged[7]. Investment Activities - Investment income increased by 203.89% due to changes in the profitability of associated companies[5]. - The fair value change income surged by 1263.12%, primarily due to fluctuations in the fair value of trading financial assets[5]. - The company’s trading financial assets increased to ¥51,417,183.91 from ¥10,465,045.97, showing a substantial growth in investment activities[10]. - The company reported a net investment income of CNY 10,179,511.70, a turnaround from a loss of CNY 9,798,478.95 in the same period last year[13]. Research and Development - Research and development expenses for the quarter were CNY 102,781,588.30, slightly down from CNY 106,183,433.64 year-over-year, showing a decrease of about 3.8%[13]. Strategic Initiatives - The company signed a strategic cooperation agreement with Shanghai Zhisheng Yougu Biotechnology Co., Ltd. on September 23, 2024, to develop new RNA biopesticide products[9]. Accounting Changes - The company did not undergo an audit for the third quarter report[17]. - The company has adopted new accounting standards starting in 2024, affecting the financial statements[17].

股票代码：002734 股票简称：利民股份 公告编号：2024-101 利民控股集团股份有限公司 2024 年第四次临时股东大会决议公告 1、本次股东大会以现场表决与网络表决相结合的方式召开； 2、本次股东大会无增加、变更、否决提案的情况； 3、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、会议时间： （1）现场会议召开时间：2024 年 10 月 25 日（星期五）14:50。 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： （2）网络投票时间：2024 年 10 月 25 日（星期五）。 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2024 年 10 月 25 日的交易时间，即 9:15—9:25，9:30－11:30 和 13:00－15:00；通过深圳证 券交易所互联网投票系统投票的具体时间为：2024 年 10 月 25 日 9:15－15:00 期 间的任意时间。 2、会议方式：现场表决与网络表决相结合的方式。 3、现场会议召开地点：江苏省新沂经济开发区经九路 69 号公司子公司利民 化学有限责任 ...

利民控股集团股份有限公司 股票代码：002734 股票简称：利民股份 公告编号：2024-106 关于调整内部管理架构的公告 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。 利民控股集团股份有限公司（以下简称"公司"）为满足公司集团化运营管 理的要求，公司第六届董事会第一次会议审议通过了《关于公司调整内部管理架 构的议案》，对公司内部管理架构进行调整，具体如下： 一、原投资发展部调整为董事会办公室、投资发展部；其他部门不变。 二、调整后部门职能如下： 1、董事会办公室：负责公司信息披露、投资者关系管理工作以及与证券监管 部门、中介机构、证券新闻媒体沟通工作；负责公司董事会日常工作，做好公司 股东大会、董事会会议组织及筹备工作；构建并完善公司合规体系，防范运营风 险；监督公司各中心及子公司落实股东大会、董事会决议执行情况，促进公司整 体合规运营水平，提升公司形象和公司价值。 2、投资发展部：负责公司对内对外投资项目考察论证及战略规划管理。协助 公司制定融资策略，与金融机构、投资者等沟通合作，筹集公司发展所需的资 金；参与公司的投资决策过程，提供投资方面的专业意见 ...

上海市锦天城（深圳）律师事务所 关于利民控股集团股份有限公司 2024 年第四次临时股东大会的 法律意见书 地址：深圳市福田区中心区皇岗商务中心 1 号楼 23 层 电话：0755-82816698 传真：0755-82816698 邮编：518048 锦天城律师事务所 法律意见书 上海市锦天城（深圳）律师事务所 关于利民控股集团股份有限公司 2024 年第四次临时股东大会的 法律意见书 一、 本次股东大会召集人资格及召集、召开的程序 （一）本次股东大会的召集 1 锦天城律师事务所 法律意见书 经核查，公司本次股东大会由公司董事会召集。2024 年 10 月 9 日，公司召 开第五届董事会第二十九次会议，决议召集本次股东大会。 公司已于 2024 年 10 月 10 日在《证券时报》《中国证券报》及巨潮资讯网 （http://www.cninfo.com.cn）上发出了《利民控股集团股份有限公司关于召开 2024 年第四次临时股东大会的通知》，前述会议通知载明了本次股东大会的召 集人、召开日期和时间（包括现场会议日期、时间和网络投票日期、时间）、召 开方式（现场投票与网络投票相结合）、股权登记日、出席对象、现 ...