Core Viewpoint - The report from Kaiyuan Securities indicates that Limin Co., Ltd. has seen a significant increase in Q2 performance, continuing to exceed expectations since Q1, and maintains a "Buy" rating [1] Group 1: Financial Performance - Limin Co., Ltd. has a manganese zinc production capacity of 45,000 tons, benefiting from the rising prices and widening price differentials of manganese zinc [1] - The average price of Baijunqing in Q2 2025 was 28,676 yuan/ton, reflecting a quarter-on-quarter increase of 4.28%, while the average price in Q1 2025 was 27,500 yuan/ton, with a quarter-on-quarter increase of 8.72% [1] - The company holds a 34% stake in Xinhe Chemical, which translates to a production capacity of 10,200 tons for Baijunqing, and the net profit attributable to the parent company in Q2 saw a quarter-on-quarter increase, benefiting from the price rise of Baijunqing [1] Group 2: Innovation and Future Growth - The company is actively innovating in new fields such as synthetic biology, which may create new growth trajectories in the future [1]

证券时报·数据宝统计，截至8月19日，有663家公司公布2025年半年报，其中432家净利润同比增长， 231家同比下降，440家营业收入同比增长，223家同比下降，净利润和营业收入同时增长的公司有智明 达等355家，利润收入均下降的有蓝盾光电等146家，业绩增幅翻倍的公司有111家，其中智明达增幅最 大，达2147.93%。（数据宝） 已公布半年报公司净利润增幅排名 | 代码 | 简称 | 每股收益 | 净利润（万 | 净利润同比 | 营业收入（万 | 营业收入同比 | | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 元） | （%） | 元） | （%） | | 688636 | 智明达 | 0.2284 | 3829.80 | 2147.93 | 29475.64 | 84.83 | | 688768 | 容知日 新 | 0.1600 | 1423.55 | 2063.42 | 25633.20 | 16.55 | | 688313 | 仕佳光 子 | 0.4793 | 21664.75 | 1712.00 | 99262.53 | 121 ...

Summary of the Conference Call for Limin Co., Ltd. Company Overview - **Company**: Limin Co., Ltd. - **Industry**: Agricultural Chemicals - **Period**: First half of 2025 Key Financial Metrics - **Revenue**: 2.452 billion CNY, up 6.69% year-on-year [2][4][7] - **Net Profit**: 269 million CNY, up 747% year-on-year [2][4][7] - **Gross Margin**: Increased from 26% to 34% [2][4][7] - **Operating Cash Flow**: 91.44 million CNY, up 180.08% year-on-year [2][4][7] - **Earnings per Share**: 0.69 CNY, up 666.67% year-on-year [2][4][7] - **Net Assets**: 3.477 billion CNY, up 31.58% year-on-year [2][4][7] - **Debt Ratio**: 47.78%, showing significant improvement in asset status and liquidity [2][4][7] Market and Strategic Developments - **Global Agricultural Chemical Industry**: Recovery began in 2025 after a downturn, driven by increased focus on food security and pest issues [2][4][8][9] - **Market Strategy**: Shift towards ToB business in overseas markets, establishing operational centers in Singapore and branches in Brazil, Mexico, and Vietnam [2][4][9] - **Product Registration**: Achieved multiple pesticide registration certificates, with a total of 316 certificates held [2][4][9] Product Performance - **Core Products**: Strong demand for Mancozeb, Abamectin, and Methomyl contributed to revenue growth [2][4][7] - **Mancozeb Price Increase**: Market price increased by approximately 20% since January 2025, with a market share of 10% to 15% in Brazil [2][12][17] - **Profit Contribution**: Fungicides contributed approximately 420 million CNY (65% of total gross profit), while insecticides contributed about 180 million CNY (28%) [2][11] Challenges and Innovations - **Market Challenges**: The market for Glyphosate is expected to recover gradually due to overcapacity and price declines [5][16] - **Technological Advancements**: Focus on biopesticides, nano-formulations, and AI-assisted research to enhance product efficiency [6][30] - **Environmental Compliance**: Adoption of chlorine-free technology to improve competitiveness and meet environmental standards [5][15][30] Future Outlook - **Investment Growth**: Significant increase in investment income due to the performance of associated companies [29] - **Strategic Focus for H2 2025**: Emphasis on technological innovation, resource integration, and overseas expansion to navigate external uncertainties [30] - **Regulatory Changes**: Anticipation of the "one certificate, one product" policy in 2026, which may lead to increased registration activity [20][21] Additional Insights - **Brazil Market Performance**: Revenue in Brazil reached approximately 200 million CNY, growing about 20% year-on-year [24] - **Product Registration Timeline**: Registering a raw material product in Brazil typically takes 7-8 years, with costs ranging from 1 to 2 million USD [26] - **Collaborations**: Partnership with BASF to enhance research and development capabilities [27] This summary encapsulates the key points from the conference call, highlighting Limin Co., Ltd.'s financial performance, market strategies, product developments, and future outlook in the agricultural chemicals industry.

开源证券8月18日发布研报称，给予利民股份（002734.SZ）买入评级。评级理由主要包括：1）Q2业绩 环比大增，自Q1以来持续超预期；2）2024年Q2代森锰锌、百菌清等价格环比上涨，公司业绩继续环比 大增；3）公司积极在合成生物学等新领域创新，未来或创造新的增长曲线。风险提示：粮食价格下 跌、宏观需求不及预期、行业产能扩张等。 （文章来源：每日经济新闻） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][16] Core Views - The company's Q2 performance exceeded expectations, with a significant increase in net profit and revenue driven by rising product prices and improved gross margins [6][8] - The company is actively innovating in synthetic biology and other new fields, which may create new growth curves in the future [8] Financial Performance Summary - In H1 2025, the company achieved revenue of 2.452 billion yuan, a year-on-year increase of 6.69%, and a net profit attributable to the parent company of 269 million yuan, a year-on-year increase of 747.13% [6] - Q2 2025 saw a single-quarter revenue of 1.241 billion yuan, a year-on-year decrease of 5.10%, but a net profit of 161 million yuan, a year-on-year increase of 299.54% and a quarter-on-quarter increase of 48.66% [6] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 503 million yuan, 575 million yuan, and 666 million yuan respectively, with corresponding EPS of 1.14 yuan, 1.30 yuan, and 1.51 yuan [6][9] Product Price Trends - The average price of Dazomet and Bacillus amyloliquefaciens increased in Q2 2025, contributing to the company's performance [7] - The average price of Dazomet was 24,253 yuan/ton, up 2.62% quarter-on-quarter, while Bacillus amyloliquefaciens averaged 28,676 yuan/ton, up 4.28% quarter-on-quarter [7] Innovation and Future Growth - The company views technological innovation as a core engine for high-quality development, with multiple platforms for research and development [8] - The company is focusing on advanced technologies such as RNAi biopesticides and small peptide biopesticides, which may lead to new product offerings and revenue streams [8]

证券之星消息，8月18日农化制品板块较上一交易日下跌0.28%，利民股份领跌。当日上证指数报收于 3728.03，上涨0.85%。深证成指报收于11835.57，上涨1.73%。农化制品板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000792 盐湖股份 | | -5077.00万 | 3.38% | 2682.10万 | 1.79% | -7759.09万 | -5.17% | | 600426 华鲁恒升 | | 3566.14万 | 6.05% | -148.11万 | -0.25% | -3418.03万 | -5.79% | | 603360 百傲化学 | | 3053.06万 | 7.24% | -963.29万 | -2.28% | -2089.77万 | -4.95% | | 002250 联化科技 | | 2453.99万 | 3.95% | -1448.04万 | -2.3 ...

Industry Investment Rating - The industry investment rating is "Outperform" and is maintained [2] Core Views - The report highlights strong performance in the PEEK and liquid cooling sectors, with key companies such as Wanhua Chemical, Yangnong Chemical, and Hongsheng Real Estate being recommended for investment. Additionally, the report emphasizes the focus on pesticide anti-involution lines, particularly in Limin Co., Ltd. [5][6] - The basic chemical sector has shown a weekly increase of 2.46%, outperforming the CSI 300 index, which increased by 2.37% [6][19] Summary by Relevant Sections Industry Overview - The closing index for the basic chemical sector is at 3908.04, with a weekly high of 3908.04 and a low of 2687.54 [2] - Year-to-date performance shows the basic chemical index has decreased by 13.10%, while the CSI 300 index has increased by 24.10%, indicating a lag of 10.99 percentage points [19] Key Companies and Investment Ratings - Wanhua Chemical: Buy, closing price 63.0, market cap 197.19 billion, EPS 137.4, PE 14.4 [12] - Yangnong Chemical: Buy, closing price 64.9, market cap 26.33 billion, EPS 13.8, PE 19.0 [12] - Hualu Hengsheng: Buy, closing price 24.5, market cap 51.93 billion, EPS 40.5, PE 12.8 [12] - Juhua Co., Ltd.: Not rated, closing price 28.5, market cap 76.83 billion, EPS 42.6, PE 18.0 [12] Weekly Stock Performance - Top gainers include: - Kaimete Gas: +34.73% - Weike Technology: +31.54% - Xinhang New Materials: +31.43% [7][19] - Top losers include: - Zhizheng Co., Ltd.: -13.04% - Donghua Energy: -11.49% - Renzhi Co., Ltd.: -10.00% [8][22] Commodity Price Movements - Significant price increases were noted in: - Liquid chlorine: +29.05% - Industrial-grade lithium carbonate: +19.42% - Battery-grade lithium carbonate: +17.48% [9][25] - Price declines were observed in: - Methyl chloride: -10.64% - Butanone: -8.91% - Organic silicon DMC: -8.00% [10][27]

Core Viewpoint - The performance of pesticide companies in the first half of the year shows significant disparities, with some companies experiencing substantial profit growth while others face losses due to varying product prices and market conditions [2][4]. Group 1: Company Performance - Limin Co., Ltd. reported a net profit increase of 747.13% in the first half of the year, achieving a revenue of 2.69 billion yuan, driven by rising prices of its main products [3][4]. - Xinda Co., Ltd. expects a net profit increase of 2443.43% to 2834.73%, primarily due to the price surge of its main product, oxazolone [4]. - Ando Agricultural Co. anticipates a loss of 54 million to 108 million yuan, citing "price weakness" as a key factor [4]. - Hongtaiyang expects a loss of 168 million to 228 million yuan, attributing the downturn to intense market competition and low product prices [4][5]. Group 2: Market Trends - The pesticide industry is experiencing a recovery, but the price of formulation products remains weak overall [2][6]. - The price of the key product, mancozeb, increased from 23,500 yuan per ton in March to 25,000 yuan per ton by mid-year, reflecting a 6.4% rise [6]. - The price of abamectin rose from 350,000 yuan per ton at the beginning of the year to 510,000 yuan per ton by June [6]. - The overall pesticide price index (CAPI) was 79.48 in June, showing a slight increase of 0.47% month-on-month but a year-on-year decrease of 3.77% [8]. Group 3: Industry Insights - The growth of Limin Co. is not representative of the entire pesticide industry, as it benefits from specific advantages [9]. - The industry is undergoing a restructuring of supply dynamics, with expectations of a more equitable competitive environment in the next three years, which may lead to improved product prices and profitability [9].

Core Viewpoint - Limin Co., Ltd. reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit, indicating improved profitability and operational efficiency [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 2.452 billion yuan, a year-on-year increase of 6.69% compared to 2.298 billion yuan in the same period of 2024 [1]. - Net profit attributable to shareholders was 269 million yuan, showing a remarkable increase of 747.13% from 31.736 million yuan in the previous year [1]. - The gross profit margin improved to 26.13%, up 44.95% year-on-year, while the net profit margin surged to 11.48%, reflecting a 613.76% increase [1]. - Operating cash flow per share increased to 0.21 yuan, a 166.62% rise from -0.31 yuan in the previous year [1]. Cost and Efficiency - Total selling, administrative, and financial expenses amounted to 256 million yuan, accounting for 10.46% of revenue, a slight decrease of 1.13% year-on-year [1]. - The company reported a significant reduction in interest-bearing liabilities, which decreased by 30.46% to 1.714 billion yuan [1]. Investment and Returns - The company's return on invested capital (ROIC) was reported at 3.45%, indicating a relatively low capital return rate compared to its historical median of 9.94% [2]. - The net profit margin for the previous year was 2.21%, suggesting that the company's products or services have low added value [2]. Business Model and Strategy - The company's performance is primarily driven by research and development as well as marketing efforts, necessitating a thorough examination of these underlying drivers [3]. - Analysts project that Limin Co., Ltd. will achieve a net profit of 511 million yuan in 2025, with an average earnings per share of 1.16 yuan [3]. Shareholder Information - The largest fund holding Limin Co., Ltd. shares is the Southern Strategy Optimization Mixed Fund, which has a current scale of 265 million yuan and has seen a 46.98% increase over the past year [4].

Core Viewpoint - Limin Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by strong performance in its core products, fungicides and insecticides, indicating a positive outlook for the company's future performance [1] Group 1: Financial Performance - In the first half of 2025, Limin Co., Ltd. achieved revenue of 2.452 billion yuan, a year-on-year increase of 6.69% [1] - The company's net profit attributable to shareholders surged by 747.13% to 269 million yuan [1] - The company experienced substantial growth in both the first and second quarters, with a notable increase in performance compared to previous periods [1] Group 2: Product Demand and Market Trends - The global agricultural chemical inventory cycle is nearing its end, leading to a gradual recovery in prices for certain pesticide products [2] - Key products such as Bacillus subtilis and Mancozeb are experiencing increased demand, particularly in South America due to favorable weather conditions and crop diseases [2] - The price of Bacillus subtilis rose from 18,000 yuan/ton in January 2024 to 29,000 yuan/ton in May 2025, reflecting a significant market shift [2] Group 3: Product Pricing and Profitability - Mancozeb's market price increased from 23,500 yuan/ton to 25,000 yuan/ton between March and May 2025, benefiting from reduced raw material costs [3] - The company's revenue from agricultural fungicides and insecticides reached 1.24 billion yuan and 748 million yuan, respectively, with year-on-year growth of 12.36% and 5.19% [3] - International revenue saw a substantial increase of 22.42% to 848 million yuan in the first half of the year [3] Group 4: Technological Innovation and Global Expansion - Limin Co., Ltd. is investing in synthetic biology and AI technology to enhance its product development and operational efficiency [4] - The company has established a synthetic biology laboratory and is advancing projects that utilize fluorochemical technology for product upgrades [4] - Limin Co., Ltd. is expanding its global presence, particularly in South America and Africa, by forming strategic partnerships with local distributors [5] Group 5: Sustainability and Future Strategy - The company integrates ESG principles into its operations, with all five production bases certified as national green factories [5] - Limin Co., Ltd. aims to enhance its core competitiveness and sustainable development by focusing on green chemical synthesis and new compound research [5]