Group 1 - The core viewpoint of the news is that Limin Co., Ltd. has shown significant financial performance and trading activity, with a notable increase in net profit and a stable financing situation [1][2] Group 2 - On January 15, Limin Co., Ltd. saw a stock price increase of 2.03%, with a trading volume of 493 million yuan. The financing buy-in amount for the day was 99.19 million yuan, while the financing repayment was 43.02 million yuan, resulting in a net financing buy-in of 56.18 million yuan [1] - As of January 15, the total financing and securities balance for Limin Co., Ltd. was 426 million yuan, which accounts for 5.24% of its circulating market value [1] - The company had no shares repaid in the securities lending market on January 15, with 100 shares sold, amounting to 1,710 yuan at the closing price, and a remaining securities lending balance of 900 shares valued at 15,400 yuan [1] Group 3 - As of December 31, the number of shareholders for Limin Co., Ltd. was 56,100, a decrease of 2.03% from the previous period, while the average circulating shares per person increased by 10.12% to 7,747 shares [2] - For the period from January to September 2025, Limin Co., Ltd. achieved an operating income of 3.599 billion yuan, representing a year-on-year growth of 7.62%, and a net profit attributable to shareholders of 390 million yuan, which is a remarkable increase of 661.66% [2] - Since its A-share listing, Limin Co., Ltd. has distributed a total of 918 million yuan in dividends, with 321 million yuan distributed over the past three years [2]

Investment Rating - The investment rating for the pesticide industry is "Outperform the Market" (maintained) [1][5] Core Views - The cancellation of export tax rebates for certain pesticides, including glyphosate, is expected to accelerate the elimination of outdated production capacity in the industry. This will initially squeeze profit margins for glyphosate producers but may lead to price increases due to heightened export demand and domestic spring planting preparations. In the medium to long term, if price increases do not match the loss of export tax rebates, companies will face higher costs, prompting further capacity reductions and encouraging a shift towards higher-value products [3][4] - The price of glyphosate has significantly decreased from a historical high of 370,000 yuan/ton to 43,900 yuan/ton, a drop of 88.14%, enhancing its cost-effectiveness and driving rapid market demand growth. China's glyphosate production is projected to increase from 18,300 tons in 2020 to 120,400 tons by 2025, representing a compound annual growth rate of 45.78% [8][9] - The export value of pesticide formulations is expected to continue rising, with the export amount for pesticide formulations in 2024 reaching 61.36 billion yuan, surpassing the export amount of raw materials for the first time, accounting for 54.12% of total pesticide exports [12] Summary by Sections Industry Overview - The cancellation of export tax rebates is a significant change for pesticide companies, which have relied on these rebates as a crucial source of funding for normal operations. The current competitive landscape is challenging, with many companies facing profitability pressures [4] Market Dynamics - Glyphosate's price drop has led to a notable increase in demand, with production capacity expected to grow significantly. The industry has maintained high operating rates, with glyphosate production facilities operating at over 80% capacity for eight consecutive months, indicating strong downstream demand [9] Export Trends - The cancellation of export tax rebates for certain raw pesticides does not affect pesticide formulations, which continue to enjoy a 9% export tax rebate. This is expected to further boost the export volume and share of pesticide formulations in the market [12] Investment Recommendations - Key companies recommended for investment include Lier Chemical, a leader in chlorinated pyridine herbicides and glyphosate, and Limin Co., which is seeing price increases in multiple main pesticide products [16]

Group 1 - The stock price of Limin Co., Ltd. (002734) closed at 16.8 yuan on January 9, 2026, with a slight increase of 0.36% and a turnover rate of 3.86% [1] - The trading volume was 167,900 shares, with a total transaction amount of 281 million yuan [1] - On January 9, the net outflow of funds from major investors was 20.19 million yuan, while retail investors saw a net inflow of 26.62 million yuan [2] Group 2 - China Chengxin International announced the termination of the credit rating for Limin Co., Ltd. and its related bond due to the full redemption and delisting of the "Limin Convertible Bond" [1] - The rating will no longer be updated as the company has ceased using the rating services of China Chengxin International [2]

Core Viewpoint - The company, Limin Co., is focusing on the development of synthetic biological pesticides and green manufacturing, leveraging AI-driven research and global expansion to enhance agricultural productivity and meet the growing demand for food security [2][3]. Group 1: Company Strategy and Performance - Limin Co. aims to enhance agricultural productivity through a focus on synthetic biology, green manufacturing, and AI-driven research during the 14th Five-Year Plan period [2]. - The company reported a revenue of 3.599 billion yuan for the first three quarters of 2025, a year-on-year increase of 7.62%, and a net profit of 390 million yuan, a significant increase of 661.66% [3]. - The company has established a comprehensive industrial chain covering both agricultural and veterinary pesticides, as well as new energy materials, positioning itself as a leader in core product areas [2]. Group 2: Technological Advancements - Limin Co. is advancing its digital transformation by implementing smart manufacturing practices, including the establishment of smart factories and the integration of AI in research and development [5][6]. - The company has acquired a 51% stake in Deyanjichuang, enhancing its capabilities in compound development and significantly reducing the time required for new compound screening [5][6]. - AI technology is expected to shorten the research and development cycle, which traditionally takes over 10 years, by predicting experimental trends and outcomes based on historical data [6]. Group 3: Global Expansion and Market Position - The company is actively expanding its international presence, with exports reaching 2.05 million tons in 2024, a year-on-year increase of 32% [7]. - Limin Co. has established a global service network centered around its Singapore operations, targeting emerging markets in Africa, Southeast Asia, and Latin America [7]. - The company has participated in the formulation of 43 international and national standards, enhancing its credibility and market position in the global agricultural sector [7]. Group 4: Mergers and Acquisitions - Limin Co. has strategically acquired several companies, including Shuangji Chemical and Weiyuan Asset Group, to enhance its product line and market share [8]. - The acquisition of the "Dazheng" brand has increased the company's market share of certain products to 57% in China, demonstrating the effectiveness of its M&A strategy [8]. - The company plans to continue its strategic collaborations in the fields of biological pesticides and digital agriculture to strengthen its supply chain and explore new growth avenues [8].

Group 1 - The stock price of Limin Co., Ltd. (002734) closed at 16.74 yuan on January 8, 2026, with an increase of 0.84% and a turnover rate of 3.35% [1] - The trading volume was 145,300 shares, with a total transaction value of 244 million yuan [1] - On January 8, the net inflow of main funds was 761,300 yuan, while retail investors showed a net inflow of 603,550 yuan, indicating active participation from retail investors [2] Group 2 - China Chengxin International announced the termination of the credit rating for Limin Holdings Group Co., Ltd. due to the full redemption of its "Limin Convertible Bonds" and the company's decision to no longer use its rating services [1] - The credit rating for Limin Co., Ltd. and its related debt instruments will no longer be updated following the announcement [2]

Investment Rating - The report maintains an "Outperform" rating for the agricultural chemical industry [5][9]. Core Views - The potassium fertilizer supply and demand are tightly balanced, with international prices rising. China, being the largest consumer, has a high import dependency exceeding 60%. The domestic production of potassium chloride is expected to decrease by 2.7% in 2024, while imports are projected to reach a historical high of 12.633 million tons, a year-on-year increase of 9.1% [1][24]. - The long-term price of phosphate rock is expected to remain high due to declining grades and increasing extraction costs, coupled with growing demand from new applications like lithium iron phosphate [2][50]. - The price of glyphosate has shown volatility, with a significant increase during the South American planting season, followed by a decline due to high North American inventories [4][49]. Summary by Sections Potassium Fertilizer - The global potassium fertilizer market is characterized by a supply-demand imbalance, with prices expected to recover due to resource scarcity and geopolitical factors affecting supply chains [1][44]. - Domestic potassium chloride prices have shown an upward trend, with the average price at 3,282 RMB/ton by the end of December, reflecting a year-on-year increase of 30.45% [1][40]. Phosphate Chemicals - The phosphate rock market is experiencing tight supply conditions, with prices for 30% grade phosphate rock remaining high at around 1,040 RMB/ton in Hubei and 970 RMB/ton in Yunnan [2][50]. - The production capacity of lithium iron phosphate is projected to grow significantly, with a year-on-year increase of 48.59% expected in 2025 [2][51]. Pesticides - The glyphosate market is expected to see price improvements in 2026, following a period of price fluctuations influenced by seasonal demand and inventory levels [4][49]. - The report highlights several key companies in the pesticide sector, including Yangnong Chemical and Lier Chemical, which are positioned to benefit from rising prices and demand [8][49]. Investment Recommendations - Key recommendations include focusing on companies with strong potassium and phosphate resources, such as Yara International and Yun Tianhua, which are expected to benefit from the ongoing demand and supply dynamics in the agricultural chemical sector [7][9].

Investment Rating - The report maintains an "Outperform" rating for the agricultural chemical industry [5][9]. Core Views - The potassium fertilizer supply and demand are tightly balanced, with international prices rising. China, being the largest consumer, has a high import dependency exceeding 60%. The domestic production of potassium chloride is expected to decrease by 2.7% in 2024, while imports are projected to reach a historical high of 12.633 million tons, a year-on-year increase of 9.1% [1][24]. - The long-term price center for phosphate rock is expected to remain high due to declining grades and increasing extraction costs, alongside growing demand from new applications like lithium iron phosphate. The domestic supply-demand situation for phosphate rock is tightening, with prices for 30% grade phosphate rock remaining elevated [2][50]. - The price of glyphosate has shown volatility, with a peak during the South American planting season and a subsequent decline due to high North American inventories. The report anticipates a recovery in glyphosate prices in 2026 [4][49]. Summary by Sections Potassium Fertilizer - The global potassium fertilizer market is characterized by a supply-demand imbalance, with prices expected to recover due to resource scarcity and geopolitical factors affecting supply chains [1][44]. - Domestic potassium chloride prices are projected to stabilize around 3,100-3,200 CNY/ton, with expectations of maintaining high inventory levels for food security [24][40]. Phosphate Chemicals - The phosphate rock market is experiencing a tightening supply-demand balance, with prices for 30% grade phosphate rock remaining above 900 CNY/ton for over three years. The report highlights the increasing demand from lithium battery applications [2][50]. - Phosphate chemical prices have shown upward trends for products like lithium iron phosphate, while glyphosate prices have decreased significantly [49][51]. Pesticides - The report suggests a potential recovery in the pesticide sector, particularly for glyphosate and its derivatives, as the industry undergoes restructuring to improve profitability [4][8]. - Companies such as Yangnong Chemical and Lier Chemical are highlighted as key players in the pesticide market, with recommendations for investment [7][8].

2026 年 1 月 6 日，公司发布《利民控股集团股份有限公司关于利民转债赎 回结果的公告》及《利民控股集团股份有限公司关于利民转债摘牌的公告》称， 公司行使"利民转债"的提前赎回权，对赎回登记日登记在册的"利民转债"全 部赎回。截至 2025 年 12 月 25 日（赎回登记日）收市，"利民转债"余额为 824,600 元（8,246 张），占可转债发行总额的 0.0841%；共计支付赎回款 834,660.12 元 （不含赎回手续费），投资者赎回款到账日为 2026 年 1 月 6 日。截至本公告出 具日，"利民转债"已赎回完毕并完成摘牌，利民股份已无使用中诚信国际评级 的存续债券。 China Chengxin International Credit Rating Co.,Ltd. [2026]009 中诚信国际关于终止利民控股集团股份有限公司 主体及相关债项信用等级的公告 利民控股集团股份有限公司（以下简称"利民股份"或"公司"）及其发行 的"利民转债"由中诚信国际信用评级有限责任公司（以下简称"中诚信国际"） 进行相关评级工作。2025 年 5 月 29 日，中诚信国际出具了《利民控股集团股份 ...

Core Viewpoint - The implementation of the "one certificate, one product" policy is beneficial for companies like Limin Co., Ltd. (002734) that have abundant registration resources, scale advantages, and strong brand influence, leading to increased industry concentration, market competitiveness, and brand strength [1]. Group 1: Industry Impact - The "one certificate, one product" policy raises the entry barriers in the domestic formulation industry, which is expected to further enhance industry concentration [1]. - The company will continue to carry out registration work to increase its reserve of high-quality registration resources, creating a new competitive moat under the new policy [1]. Group 2: Company Strengths - The company currently holds a total of 328 various pesticide certificates, including 50 active ingredient registration certificates and 278 formulation registration certificates, covering multiple product categories such as fungicides, insecticides, herbicides, soil conditioners, and seed coatings [1]. - With a rich registration resource base, the company can provide a one-stop application solution across multiple categories, which is expected to further enhance the market competitiveness of its domestic formulation products [1]. - The company will leverage its existing advantages in active ingredient varieties and the integration of active ingredients and formulations, focusing on existing major products while continuously developing formulation products and enhancing brand building to create new major products, thereby increasing its brand influence [1].

（文章来源：证券日报） 证券日报网讯 1月7日，利民股份在互动平台回答投资者提问时表示，截至2025年12月31日，公司股东 总户数为56060户。 ...