Core Insights - The report maintains a "recommended" rating for the agricultural chemical industry, highlighting the recovery potential in the pesticide market due to rising glyphosate prices [1][8] - Glyphosate prices have shown a significant recovery, with the raw material price reaching 24,800 CNY per ton as of July 1, 2025, an increase of 1,800 CNY per ton since early April [6][8] Industry Performance - The basic chemical industry has outperformed the CSI 300 index over various time frames, with a 1-month performance of 5.0%, 3-month performance of 3.2%, and a 12-month performance of 16.4% compared to the CSI 300's 2.7%, 1.5%, and 13.6% respectively [4] Investment Highlights - The glyphosate industry is experiencing inventory depletion and demand recovery, leading to a price rebound from its bottom. As of June 27, 2025, glyphosate industry inventory was 40,000 tons, down 43,000 tons since early April [6] - The global largest glyphosate producer, Bayer, faces potential bankruptcy due to ongoing lawsuits related to its glyphosate product "Roundup," which could benefit domestic competitors in the glyphosate market [7] Company Focus - Key companies in the glyphosate sector include: - Jiangshan Chemical, with a production capacity of 70,000 tons/year [9] - Xingfa Group, the leading domestic glyphosate producer with a capacity of 230,000 tons/year [9] - Xin'an Chemical, with a capacity of 80,000 tons/year [10] - Yangnong Chemical, a major player with a capacity of 30,000 tons/year [10] - Guoxin Co., with a capacity of 20,000 tons/year [10] - Hebang Bio, with a capacity of 50,000 tons/year [10] - Lier Chemical, with a capacity of 18,500 tons/year [10] - Limin Co., with a capacity of 5,000 tons of glyphosate and 2,000 tons of refined glyphosate [10] Earnings Forecast - The report provides earnings per share (EPS) estimates for key companies, indicating potential growth in profitability: - Jiangshan Chemical: EPS of 1.10 CNY in 2025E [11] - Xingfa Group: EPS of 1.85 CNY in 2025E [11] - Yangnong Chemical: EPS of 3.44 CNY in 2025E [11] - Guoxin Co.: EPS of 1.12 CNY in 2025E [11] - Lier Chemical: EPS of 0.53 CNY in 2025E [11] - Limin Co.: EPS of 1.05 CNY in 2025E [11]

| 股票代码：002734 | 股票简称：利民股份 | 公告编号：2025-058 | | --- | --- | --- | | 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 一、可转换公司债券上市发行概况 经中国证券监督管理委员会《关于核准利民控股集团股份有限公司公开发行可 转换公司债券的批复》（证监许可［2020］3390 号）的核准，公司向社会公开发行 面值总额为人民币 980,000,000.00 元的可转换公司债券，发行数量为 9,800,000 张， 每张面值为人民币 100 元，债券期限为 6 年。 经深交所深证上【2021】278 号文同意，公司 980,000,000.00 元可转换公司债 券于 2021 年 3 月 24 日起在深交所挂牌交易，债券简称"利民转债"，债券代码 "128144"。 关于 2025 年第二季度可转债转股情况的公告 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。 特别提示： | 证券代码：002734 | 证券简称：利民股份 | | --- | --- | | 债券代码：128 ...

股票代码：002734 股票简称：利民股份 公告编号：2025-057 利民控股集团股份有限公司 关于子公司为子公司提供担保的公告 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、担保情况概述 4、最高额保证：威远生化为威远药业与中国民生银行股份有限公司石家庄分 行签订的《综合授信合同》【编号：ZHHT25000088507号】提供3,000万元最高额 保证担保； 5、保证方式：连带责任保证； 6、保证范围：主债权本金及利息、罚息、复利、违约金、损害赔偿金，及实 现债权和担保权利的费用（包括但不限于诉讼费、执行费、保全费、律师费、公正 费等）和其他应付的费用； 7、保证期间：自本合同生效之日起至主合同项下债务履行期限届满之日起三 利民控股集团股份有限公司（以下简称"公司"）子公司河北威远生物化工股 份有限公司（以下简称"威远生化"）为河北威远药业有限公司（以下简称"威远 药业"）在中国民生银行股份有限公司石家庄分行申请的额度为人民币 3,000 万元 综合授信业务提供最高额保证担保。 二、担保进展情况 2025 年 6 月 26 日，威远生化与中国民生银行 ...

Group 1 - The company announced a profit distribution plan for its subsidiaries, with a total distributable profit of 396,281,162.99 yuan [1] - The profit distribution amounts for each subsidiary are as follows: 46,394,229.37 yuan for Limin Chemical, 82,609,610.24 yuan for Shuangji Chemical, and 300,000,000.00 yuan for Weiyuan Pharmaceutical [1] - The company holds 100% equity in Limin Chemical, 79.5064% in Shuangji Chemical, and 21.71% in Weiyuan Pharmaceutical, which will result in dividend income of 300,000,000.00 yuan, 9,540,768.00 yuan, and 4,342,000 yuan respectively [1] Group 2 - The profit distribution will increase the net profit of the company's parent financial statements but will not affect the consolidated financial statements for the current year [1] - The overall operating performance of the company for the current year will remain unchanged due to this profit distribution [1]

Summary of Key Points Group 1: Guarantee Overview - The company has agreed to provide a joint liability guarantee for its subsidiary, Hebei Weiyuan Biochemical Co., Ltd., for a total amount not exceeding RMB 680 million for the year 2025 [1] - The guarantee is effective from the date of approval at the company's 2024 annual general meeting until the relevant guarantee amount proposal is reviewed at the 2025 annual general meeting [1] Group 2: Guarantee Progress - The company has provided a maximum guarantee for all main contracts signed between Weiyuan Biochemical and Bank of Communications Co., Ltd. Hebei Branch from June 17, 2025, to June 17, 2026, with a maximum debt amount of RMB 52 million [2] Group 3: Board of Directors' Opinion - The board believes that the guarantee for Weiyuan Biochemical is necessary for the subsidiary's daily operations and long-term development, aligning with the company's overall interests and not harming the interests of the company or minority shareholders [2] Group 4: Total External Guarantees - As of now, the total external guarantees provided by the company and its subsidiaries amount to RMB 1,126.115 million, which is 40.69% of the latest audited net assets attributable to the parent company's shareholders [2] - The guarantees provided by the company's subsidiaries to each other total RMB 50.8439 million, accounting for 1.92% of the latest audited net assets attributable to the parent company's shareholders [2] - There are no overdue guarantees, litigation-related guarantees, or losses incurred due to guarantees resulting in judgments against the company [2]

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 2025 年 6 月 30 日召开第 六届董事会第七次会议，审议通过了《关于子公司利润分配的议案》，具体情况如 下： 一、子公司利润分配方案概况 1、截至 2024 年 12 月 31 日，利民化学有限责任公司（以下简称"利民化学"） 可供股东分配的利润为 396,281,162.99 元。公司拟决定利民化学向股东分配利润 300,000,000.00 元，占可供分配利润的 75.70%，剩余未分配利润结转以后年度分 配。 2、截至 2024 年 12 月 31 日，河北双吉化工有限公司（以下简称"双吉化工"） 可供股东分配的利润为 46,394,229.37 元。公司拟决定双吉化工向股东分配利润 12,000,000.00 元，占可供分配利润的 25.87%，剩余未分配利润结转以后年度分配。 股票代码：002734 股票简称：利民股份 公告编号：2025-055 利民控股集团股份有限公司 关于子公司利润分配的公告 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 特此公告。 3、截至 2024 年 12 月 31 ...

利民控股集团股份有限公司 关于为子公司提供担保的进展公告 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。 一、担保情况概述 利民控股集团股份有限公司（以下简称"公司"））分别于 2025 年 4 月 17 日、 2025 年 5 月 9 日召开第六届董事会第四次会议、2024 年度股东大会，审议通过了 《关于 2025 年度为子公司提供担保额度预计的议案》。同意公司为河北威远生物 化工有限公司（以下简称"威远生化"）在 2025 年度合计不超过人民币 68,000 万 元的银行债务提供连带责任保证担保。有效期自公司 2024 年度股东大会审议通过 后至公司 2025 年度股东大会审议相关担保额度议案之日止。具体内容详见公司于 2025 年 4 月 18 日在指定信息披露媒体《证券时报》《中国证券报》和巨潮资讯网 （http://www.cninfo.com.cn）披露的《公司关于 2025 年度为子公司提供担保额 度预计的公告》（公告编号：2025-032）。 二、担保进展情况 股票代码：002734 股票简称：利民股份 公告编号：2025-056 5、保证方 ...

股票代码：002734 股票简称：利民股份 公告编号：2025-054 利民控股集团股份有限公司 第六届董事会第七次会议决议公告 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（以下简称"公司"）第六届董事会第七次会议于 2025 年 6 月 25 日以书面及邮件形式发出会议通知，会议于 2025 年 6 月 30 日上午 09:00 以现场和通讯表决相结合方式在公司行政楼三楼会议室召开。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》等的有关规定。 经与会董事认真讨论，以记名投票表决的方式审议通过了如下议案： 会议以赞成票 11 票，反对票 0 票，弃权票 0 票，审议通过了《关于子公司 利润分配的议案》。 本议案具体内容详见公司指定信息披露媒体《证券时报》《中国证券报》和巨 潮资讯网的《公司关于子公司利润分配的公告》。 备查文件： 公司第六届董事会第七次会议决议。 特此公告。 ...

Core Viewpoint - The company, Limin Co., is actively contributing to the "Beautiful China" vision through environmental protection and sustainable development initiatives, exemplified by its actions in the chemical industry and its recent achievements in ESG ratings [1][5][8]. Group 1: Environmental Initiatives - Limin Co. has established the "Limin Co. Public Welfare Forest" in the Inner Mongolia Ordos region, planting 2,534 square meters of economically and ecologically valuable trees to combat desertification and improve local environmental conditions [3]. - The company is committed to expanding the scale of its public welfare forest projects, aiming to contribute to the national "dual carbon" strategy and enhance biodiversity [3][8]. Group 2: ESG Rating Improvement - The company's ESG rating was upgraded from A to AA by Wind, reflecting its strong performance in environmental, social, and governance aspects [5]. - In 2024, Limin Co. invested approximately 18.72 million yuan in environmental governance and achieved carbon emission verification across its subsidiaries, with five production subsidiaries receiving "green factory" certifications [5][7]. Group 3: Strategic Direction - Limin Co. integrates the "dual carbon" goals into its strategic planning, focusing on developing green products such as bio-synthetic pesticides and veterinary drugs [7]. - The company has implemented cost-saving measures through packaging upgrades and material recycling, saving approximately 1.63 million yuan while achieving positive environmental impacts [7][8]. Group 4: Future Outlook - The company plans to deepen its actions in three areas: expanding ecological projects, enhancing technological leadership in digital and zero-carbon technologies, and increasing social responsibility efforts in rural revitalization and educational equity [8]. - Limin Co. aims to create a "Limin Ecological Circle" that supports sustainable development and contributes to the broader ecological civilization [8].

Market Overview - On June 19, A-shares opened lower and continued to decline, with the Shanghai Composite Index falling by 0.79% to 3362 points, the Shenzhen Component Index down by 1.21%, and the ChiNext Index down by 1.36%, with over 4600 stocks declining across the market [1] - Market focus shifted towards the oil, natural gas, and digital reading sectors [1] High-Performing Stocks - In the oil and gas sector, Zhuan Oil Co. and Shandong Molong achieved five consecutive trading limits, while military stock Beifang Changlong saw a 20% increase over three days [3] - Notable stocks with significant gains include: - Shandong Quanlong: +10.00%, five consecutive limits [4] - Zhuan Oil Co.: +9.96%, five consecutive limits [4] - Beifang Changlong: +20.01%, three limits in five days [4] - Innovation Medical: +10.04%, two limits in three days [4] Trading Activity - The top three net purchases on the Dragon and Tiger list were: - Innovation Medical: net purchase of 207 million [5] - Electric Science Cybersecurity: net purchase of 153 million [5] - Anni Co.: net purchase of 135 million [5] - The top three net sales were: - Limin Co.: net sale of 230 million [7] - Xiexin Energy: net sale of 218 million [7] - Changshan Pharmaceutical: net sale of 178 million [7] Sector Highlights - Innovation Medical focuses on brain-machine interfaces and AI medical models, achieving a trading limit with a turnover of 1.745 billion and a turnover rate of 31.78% [10] - Baida Qiancheng, involved in short drama games and major contract signings, also reached a trading limit with a turnover of 1.077 billion [14] - Electric Science Cybersecurity, which focuses on digital currency and satellite navigation, achieved a trading limit with a turnover of 694 million [18] Institutional Activity - Institutions showed significant interest in several stocks, with net purchases in: - Electric Science Cybersecurity: 35 million [22] - Innovation Medical: 26 million [22] - Shandong Molong: 20 million [22] - Conversely, institutions sold off stocks like Limin Co. and Xiexin Energy, with net sales of 64 million and 71 million respectively [19][22] Conclusion - The market experienced a downward trend with specific sectors like oil and gas showing resilience through notable stock performances. Institutional trading patterns indicate selective interest in high-growth potential stocks, particularly in the technology and healthcare sectors.