Investment Rating - The report maintains an "Outperform the Market" rating for the company [6][22]. Core Insights - The company has experienced significant growth in its performance for the first half of 2025, with a revenue of 2.452 billion yuan, representing a year-on-year increase of 6.69%, and a net profit attributable to shareholders of 269 million yuan, reflecting a substantial year-on-year growth of 747.13% [1][9]. - The growth is attributed to rising sales and prices of key products, effective cost control, and increased investment income from affiliated companies [1][9]. - The company has successfully registered several key products in the Brazilian market, which is expected to enhance overseas sales in the coming years [2][17]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 2.452 billion yuan, a 6.69% increase year-on-year, and a net profit of 269 million yuan, a 747.13% increase year-on-year [1][9]. - The second quarter alone saw a net profit of 161 million yuan, a quarter-on-quarter increase of 49.07% [1][9]. - The pesticide business generated 2.2 billion yuan in revenue, a 4.63% increase year-on-year, with a gross margin of 26.45%, up 8.71 percentage points [10]. Product Performance - The revenue from fungicides increased by 12.36% year-on-year, while insecticides saw a revenue increase of 5.19% year-on-year [10]. - The market prices for key products such as甲维盐 and 阿维菌素 have risen significantly, indicating a positive trend in profitability [2][18]. - The company has a strong market presence in Brazil, with successful registrations of several key products, which is expected to drive future sales growth [2][17]. New Business Developments - The company has accelerated its new business layout, including the acquisition of a 51% stake in 德彦智创, which focuses on AI-driven pesticide development [3][21]. - Strategic partnerships with various technology companies are being established to develop innovative agricultural products, enhancing the company's growth potential [3][21]. Financial Projections - The company forecasts net profits of 529 million yuan, 588 million yuan, and 648 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.26 yuan, 1.40 yuan, and 1.54 yuan [4][22]. - The current stock price corresponds to a PE ratio of 17.2, 15.5, and 14.1 for the years 2025, 2026, and 2027 respectively [4][22].

2025年8月15日，利民股份(002734.SZ)发布2025年中报。 公司营业总收入为24.52亿元。归母净利润为2.69亿元。经营活动现金净流入为9143.91万元。 公司最新资产负债率为47.78%。 公司最新毛利率为26.13%。最新ROE为7.73%。 公司摊薄每股收益为0.69元。 公司最新总资产周转率为0.36次。最新存货周转率为2.43次，较去年同期存货周转率减少0.22次，同比 较去年同期下降8.40%。 公司股东户数为6.92万户，前十大股东持股数量为1.51亿股，占总股本比例为34.20%，前十大股东持股 情况如下： | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | | 李明 | 16.72% | | | 李新生 | 10.14% | | AWNH | 孙敬权 | 1.71% | | | 高盛国际-自有资金 | 1.16% | | 5 | 周国义 | 1.07% | | 6 | MORGAN STANLEY & CO. INTERNATIONAL PLC. | 0.89% | | 7 | UBS AG | 0.87% | | 8 | 张清华 | 0. ...

Core Points - The article highlights significant announcements from various companies, including investment projects, contract wins, operational data, and financial performance. Company Announcements - Cambrian Technology (寒武纪) refuted claims regarding large orders for carrier boards as false information [1] - Zhongyan Chemical (中盐化工) plans to invest 360 million yuan in a natural soda ash mining project with an annual production capacity of 5 million tons [1] - Wanlima (万里马) won a procurement project for the 2025-2026 Southern Airlines comprehensive support department [1] - Lu'an Energy (路安环能) reported July coal sales of 4 million tons, a year-on-year decrease of 6.1% [1][2] - *ST Huike (汇科) intends to acquire 51% of Yizheng Tong for 29.07 million yuan [1][2] - Chipsea Technology (芯海科技) is planning an H-share issuance [1] Investment Projects - Zhaowei Electromechanical (兆威机电) plans to invest in a new production base in Thailand [1] - Yunnan Energy Investment (云南能投) is investing in wind and solar power projects, including the Changning Changtian Wind Farm and a photovoltaic project costing 245 million yuan [1] Contract Wins - Longjian Construction (龙建股份) secured a 448 million yuan engineering project [1] - Wanlima (万里马) won a contract for the procurement of aircrew bags for Southern Airlines [1] Financial Performance - Taicheng Light (太辰光) reported a net profit of 173 million yuan for the first half of the year, a year-on-year increase of 118.02% [1] - Dongyangguang (东阳光) achieved a net profit of 613 million yuan, a year-on-year increase of 170.57% [3] - Oriental Cable (东方电缆) reported a net profit of 473 million yuan, a year-on-year decrease of 26.57% [3] - Limin Co. (利民股份) reported a net profit of 269 million yuan, a year-on-year increase of 747.13% [3] Shareholding Changes - Zhongzi Technology (中自科技) announced that shareholder Yin'an Lingying plans to reduce holdings by up to 3% [1][2] - Boshi Jie (博实结) announced plans for a combined reduction of up to 3% in shares by shareholders Botian Yi and Huitian Yi [1][2] Other Developments - Kingood (金固股份) signed a strategic cooperation framework agreement with Luming Robotics [1] - Qipai Technology (气派科技) plans to raise no more than 159 million yuan through a private placement [1]

Core Insights - Limin Co., Ltd. (002734.SZ) released its semi-annual report for 2025, indicating a total of 7 institutional investors holding shares, amounting to 17.86 million shares, which represents 4.05% of the total share capital [1] - The institutional holding ratio increased by 1.66 percentage points compared to the previous quarter [1] - Two new public funds were disclosed this period, while three public funds were not disclosed compared to the previous quarter [1] Institutional Holdings - The institutional investors include Goldman Sachs International - proprietary funds, Morgan Stanley & Co. International PLC, UBS AG, Barclays Bank PLC, China International Capital Corporation, Southern Strategy Optimization Mixed Fund, and Huatai-PB Strategic Emerging Industries Mixed A [1] - The total institutional holding ratio is now at 4.05% [1] Public Fund Activity - Two new public funds were disclosed: Southern Strategy Optimization Mixed Fund and Huatai-PB Strategic Emerging Industries Mixed A [1] - Three public funds were not disclosed this period: Changxin Convertible Bond A, Penghua Honghe Mixed A, and Guoshou Anbao Jingchen 6-Month Holding Period Mixed A [1] Social Security Fund Changes - Two social security funds were not disclosed this period: CITIC Securities Co., Ltd. - Social Security Fund 17052 Portfolio and GF Fund Management Co., Ltd. - Social Security Fund 2003 Portfolio [1]

会议以赞成票 3 票，反对票 0 票，弃权票 0 票，审议通过了《关于 <公司> 经核查，监事会认为：董事会编制的《公司 2025 年半年度报告及其摘要》的 程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反 映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 利民控股集团股份有限公司 第六届监事会第六次会议决议公告 本公司及监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"）第六届监事会第六次会议于 讯表决方式在子公司双吉化工会议室召开。应参加本次会议的监事为 3 人，实际 参加本次会议的监事为 3 人。会议符合《公司法》和《公司章程》等的有关规定， 会议合法有效。 会议由李柯先生主持。与会监事经过认真讨论并做出决议如下： 《公司 2025 年半年度报告全文》及《公司 2025 年半年度报告摘要》刊登于 巨潮资讯网，《公司 2025 年半年度报告摘要》还刊登于 2025 年 8 月 15 日出版的 《证券时报》和《中国证券报》。 备查文件： 特此公告。 股票代码：002734 股票简称：利民股 ...

Financial Overview - The total assets of the company as of the end of the reporting period amounted to CNY 6,778,126,280.47, an increase from CNY 6,660,284,764.42 at the beginning of the period [3] - Total liabilities decreased to CNY 3,238,642,290.91 from CNY 3,964,780,386.48, indicating a reduction in the company's debt levels [3] - Total equity increased to CNY 3,539,483,989.56 from CNY 2,695,504,377.94, reflecting a growth in shareholder value [3] Income Statement Highlights - The company reported total operating revenue of CNY 2,452,036,963.81 for the first half of 2025, up from CNY 2,298,206,905.57 in the same period of 2024, representing a growth of approximately 6.7% [5] - Total operating costs decreased to CNY 2,166,723,808.63 from CNY 2,205,125,556.35, showing a reduction of about 1.7% [5] - The net profit for the period was CNY 281,269,248.85, a significant increase compared to CNY 37,152,830.46 in the previous year [6] Cash Flow Analysis - The net cash flow from operating activities was CNY 91,439,060.38, a recovery from a negative cash flow of CNY -114,178,134.33 in the previous period [8] - Cash flow from investing activities showed a net outflow of CNY -56,526,408.71, compared to a net outflow of CNY -50,729,029.38 in the prior year [8] - Cash flow from financing activities resulted in a net outflow of CNY -98,167,454.41, which is an improvement from the previous year's outflow of CNY -118,766,578.26 [8] Asset Composition - Current assets totaled CNY 2,696,399,878.57, up from CNY 2,443,087,852.34, indicating a strong liquidity position [1] - Non-current assets decreased to CNY 4,081,726,401.90 from CNY 4,217,196,912.08, reflecting a slight contraction in long-term investments [1] Liabilities Breakdown - Current liabilities increased to CNY 2,728,150,420.30 from CNY 2,664,322,526.36, indicating a rise in short-term obligations [3] - Non-current liabilities significantly decreased to CNY 510,491,870.61 from CNY 1,300,457,860.12, suggesting a reduction in long-term debt [3] Earnings Per Share - Basic earnings per share rose to CNY 0.69 from CNY 0.09, while diluted earnings per share increased to CNY 0.60 from CNY 0.09, indicating improved profitability on a per-share basis [6]

利民控股集团股份有限公司（以下简称"公司"）于 2025年8月14日收到公 司副总裁兼运营中心总监高军从女士提交的书面辞职报告。高军从女士因个人原 因，申请辞去公司副总裁兼运营中心总监职务。根据有关规定，高军从女士的辞 职报告自送达董事会之日起生效，其辞职将不会对公司正常运行造成不利影响。 辞去上述职务后，高军从女士不再担任公司及子公司任何职务。 截至本公告日，高军从女士未持有公司股份，不存在应当履行而未履行的承 诺事项。 高军从女士在担任公司副总裁兼运营中心总监期间勤勉尽责、恪尽职守，为 公司规范运作和发展成长发挥了重要作用，公司及董事会对高军从女士任职期间 为公司所做出的贡献表示衷心感谢。 股票代码：002734 股票简称：利民股份 公告编号：2025-069 利民控股集团股份有限公司 关于副总裁辞职的公告 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。 特此公告。 利民控股集团股份有限公司董事会 ...

股票代码：002734 股票简称：利民股份 公告编号：2025-070 债券代码：128144 债券简称：利民转债 利民控股集团股份有限公司 第六届董事会第九次会议决议公告 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。 利民控股集团股份有限公司董事会 -1- 利民控股集团股份有限公司（以下简称"公司"）第六届董事会第九次会议于 开。应出席本次会议的董事 11 名，实际出席会议的董事 11 名。会议由董事长李新 生先生主持。公司全体监事及高级管理人员列席了会议。本次会议的出席人数、召 开表决程序、议事内容均符合《公司法》《公司章程》等有关规定。 会议以赞成票 11 票，反对票 0 票，弃权票 0 票，审议通过了《关于 <公司 ensp="ensp"> 年半年度报告及其摘要>的议案》。 《公司 2025 年半年度报告全文》及《公司 2025 年半年度报告摘要》刊登于巨 潮资讯网，并批准 2025 年半年度财务报告对外报出。《公司 2025 年半年度报告摘 要》还刊登于 2025 年 8 月 15 日出版的《证券时报》和《中国证券报》。 备查文件： 特此公告。 ...

Core Viewpoint - Limin Holdings Group Co., Ltd. reported significant growth in its financial performance for the first half of 2025, with notable increases in revenue and net profit compared to the same period last year [2][3]. Financial Performance - The company's operating revenue for the reporting period reached approximately CNY 2.45 billion, representing a year-on-year increase of 6.69% from CNY 2.30 billion [2]. - The net profit attributable to shareholders surged to approximately CNY 268.85 million, marking a substantial increase of 747.13% compared to CNY 31.74 million in the previous year [2]. - The net profit after deducting non-recurring gains and losses was not specified in the provided data [2]. - The basic earnings per share rose to CNY 0.69, reflecting a 666.67% increase from CNY 0.09 [2]. - The diluted earnings per share also increased to CNY 0.60, up 566.67% from CNY 0.09 [2]. - The weighted average return on equity improved to 7.56%, compared to 6.39% in the previous year [2]. Cash Flow and Assets - The net cash flow from operating activities was negative at approximately CNY -114.18 million, which is a 180.08% decrease from CNY 91.44 million in the previous year [2]. - Total assets at the end of the reporting period were approximately CNY 6.78 billion, a 1.77% increase from CNY 6.66 billion at the end of the previous year [3]. - The net assets attributable to shareholders increased by 31.58% to approximately CNY 3.48 billion from CNY 2.64 billion [3]. Shareholder Information - The top shareholders include Li Ming and Li Xinsong, who hold 16.72% and 10.14% of the shares, respectively, with both having pledged their shares [3][4]. - The company did not experience any changes in its controlling shareholders or actual controllers during the reporting period [4]. Debt and Financial Ratios - The company's debt-to-asset ratio was reported at 47.78%, a decrease from 59.53% in the previous year [4]. - The EBITDA interest coverage ratio improved significantly to 16.29 from 6.89 in the previous year [4].

Key Points - Tianpu Co., Ltd. is planning a change in control, leading to a suspension of trading from August 15, 2025, for up to two trading days [2] - Chipsea Technology and Shunhao Co., Ltd. are preparing to issue H-shares and list on the Hong Kong Stock Exchange, with plans to consider shareholder interests and market conditions [3] - ST Suwu's stock closed at 0.99 yuan on August 14, 2025, which is below the 1 yuan threshold that could lead to delisting after 20 consecutive trading days [4] Financial Performance - Bubu Gao reported a revenue of 2.129 billion yuan for the first half of 2025, a year-on-year increase of 24.45%, with a net profit of 201 million yuan [6] - Kelun Electronics achieved a revenue of 2.573 billion yuan, up 34.66% year-on-year, with a net profit of 190 million yuan [6] - Limin Co., Ltd. reported a revenue of 2.452 billion yuan, a 6.69% increase, and a net profit of 269 million yuan, up 747.13% [6] - Zhongguang Fanglong reported a revenue of 217 million yuan, a 10.31% increase, and a net profit of 10.6787 million yuan, up 321.87% [6] - Chuanjin Nuo reported a revenue of 1.744 billion yuan, a 27.91% increase, and a net profit of 177 million yuan, up 166.51% [6] - Taicheng Light reported a revenue of 828 million yuan, a 62.49% increase, and a net profit of 173 million yuan, up 118.02% [7] - Huagong Technology reported a revenue of 7.629 billion yuan, a 44.66% increase, and a net profit of 911 million yuan, up 44.87% [8] - Yifan Pharmaceutical reported a revenue of 2.635 billion yuan, a slight increase of 0.11%, and a net profit of 304 million yuan, up 19.91% [8] - Xidian New Energy reported a revenue of approximately 1.39 billion yuan, a 65.90% increase, and a net profit of approximately 139 million yuan, up 51.66% [8] - China Telecom reported a revenue of 269.4 billion yuan, a 1.3% increase, and a net profit of 23 billion yuan, up 5.5% [9] Important Transactions - Kangda New Materials plans to acquire 51% of Chengdu Zhongke Huamei Electronics for 275.4 million yuan, aiming to expand in the semiconductor integrated circuit field [13] - Jingu Co., Ltd. signed a strategic cooperation agreement with Luming Robotics to explore new material applications in robotics [13] - Zhaowei Electromechanical plans to invest up to 100 million USD in a new production base in Thailand [13] - Zhongyuan Neipei's subsidiary received a notification to supply smart electric control actuators for a European engineering group, with a projected sales amount of approximately 490 million yuan over nine years [14] - Jiadian Co., Ltd. won a bid for nuclear power project equipment worth approximately 608.98 million yuan [14] - Shenzhen Airport reported a passenger throughput of 5.4352 million in July 2025, a 2.02% year-on-year increase [14] - Gansu Energy Chemical received approval to resume production at a coal mine after safety inspections [14]