债券代码：128144 债券简称：利民转债 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： 1、债券代码：128144； 2、债券简称：利民转债； 3、恢复转股时间：自 2025 年 5 月 28 日起恢复转股。 利民控股集团股份有限公司（以下简称"公司"）因实施 2024 年年度权益分派， 根据《利民控股集团股份有限公司公开发行可转换公司债券募集说明书》及相关规 定，公司可转换公司债券（债券简称：利民转债，债券代码：128144）自 2025 年 5 月 19 日起至本次权益分派股权登记日（2025 年 5 月 27 日）止暂停转股。具体内容 详见公司于 2025 年 5 月 16 日披露于《证券时报》《中国证券报》及巨潮资讯网 （www.cninfo.com.cn）上的《公司关于实施权益分派期间利民转债暂停转股的公告》 （公告编号：2025-046）。 根据规定，"利民转债"将于本次权益分派股权登记日后的第一个交易日，即 2025 年 5 月 28 日起恢复转股。敬请公司可转换公司债券持有人留意！ 股票代码：002734 股票简称：利民股份 公 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][7]. Core Views - The company's performance in 2024 was impacted by a global agricultural chemical destocking cycle, but a significant improvement is expected in Q1 2025 due to price increases in several main products [2][30]. - The company reported a revenue of 4.237 billion yuan in 2024, a slight increase of 0.32% year-on-year, while the net profit attributable to shareholders was 81 million yuan, up 31.11% year-on-year [2][6]. - The company is experiencing a recovery in product prices, particularly in key products like Mancozeb and Avermectin, which have seen substantial price increases since March 2024 [3][34]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 1.211 billion yuan, a year-on-year increase of 22.28%, and a net profit of 108 million yuan, marking a turnaround from a loss in the previous year [30]. - The company’s revenue and net profit forecasts for 2025-2027 are 4.958 billion yuan, 5.255 billion yuan, and 5.513 billion yuan, with net profits of 402 million yuan, 478 million yuan, and 522 million yuan respectively [5][50]. Product Pricing and Market Trends - Key products such as Mancozeb and Avermectin have seen price increases, with Mancozeb's price rising from 23,500 yuan/ton to 25,000 yuan/ton since March 2025 [3][33]. - The price of the company's other products, including Bacillus thuringiensis and the veterinary drug Tylosin, has also increased significantly, indicating a positive trend in product demand [34][37]. New Business Developments - The company has accelerated its new business layout, including the acquisition of a 51% stake in DeYan ZhiChuang, which focuses on AI-driven pesticide development [4][38]. - Strategic partnerships with companies like BASF are expected to enhance the development and commercialization of new pesticides in China [4][38]. Market Position and Competitive Landscape - The company holds a strong market position in the agricultural chemicals sector, with a significant share in the fungicide market and ongoing expansion into international markets, particularly in Brazil [3][33]. - The company is actively working on new product development and technological advancements to maintain its competitive edge in the industry [4][39].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][7]. Core Views - The company's performance in 2024 was impacted by a global agricultural chemical inventory destocking cycle, but a significant improvement in profitability is expected in the first quarter of 2025 due to price increases in several main products [2][5]. - The company has successfully registered several active ingredients in the Brazilian market, which is anticipated to enhance overseas sales in the coming years [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 4.237 billion yuan, a year-on-year increase of 0.32%, and a net profit attributable to shareholders of 81 million yuan, up 31.11% year-on-year [2][6]. - The first quarter of 2025 saw a significant turnaround, with net profit reaching 108 million yuan, a year-on-year increase of 1373.23% and a quarter-on-quarter increase of 258.51% [2][30]. Product Pricing and Market Trends - Key products such as甲维盐 and 阿维菌素 have seen price increases from 500,000 and 350,000 yuan per ton to 715,000 and 515,000 yuan per ton respectively since mid-March 2024 [3]. - The price of 代森锰锌 rose from 23,500 yuan per ton to 25,000 yuan per ton since March 2025, indicating a positive trend in product pricing [3][33]. New Business Developments - The company has accelerated its new business layout, acquiring a 51% stake in 德彦智创, which focuses on AI-driven pesticide creation and synthetic biology, opening new growth opportunities [4][38]. - Strategic partnerships with companies like BASF aim to advance the development and commercialization of new pesticides in China [4][38]. Profit Forecast - The company is expected to achieve net profits of 402 million, 478 million, and 522 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.95, 1.13, and 1.24 yuan [5][50]. - The projected operating revenues for 2025, 2026, and 2027 are 4.958 billion, 5.255 billion, and 5.513 billion yuan respectively, reflecting a growth trajectory [6][50].

Core Viewpoint - The company, Limin Holdings Group Co., Ltd., has announced a cash dividend distribution plan for the fiscal year 2024, which was approved at the shareholders' meeting on May 9, 2025, with a distribution of 2.50 RMB per 10 shares, including tax [1][2]. Summary by Sections Dividend Distribution Plan - The company will distribute a cash dividend of 2.50 RMB for every 10 shares held, with no bonus shares or capital reserve conversion [2][3]. - The total cash dividend amount is calculated as 104,255,865.25 RMB, based on the total shares eligible for distribution, which is 417,023,461 shares [1][2]. Shareholder Registration and Ex-Dividend Dates - The record date for shareholders to be eligible for the dividend is May 27, 2025, and the ex-dividend date is May 28, 2025 [3][4]. Taxation Details - Different tax rates apply for various categories of shareholders, with specific provisions for Hong Kong investors and domestic investors holding different types of shares [2][3]. Adjustments Post-Dividend Distribution - After the dividend distribution, the per-share cash dividend will be adjusted to 0.2474977 RMB, affecting the ex-dividend price accordingly [1][4].

1、根据《中华人民共和国公司法》《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》等相关规定，上市公司回购专用 账户中的股份不享有利润分配等权利。截至披露日，利民控股集团股份有限公司（以 下简称"公司"或"本公司"）通过回购专用证券账户持有公司股份 4,216,110 股， 因此公司以本次权益分派实施时股权登记日的公司总股本减去公司回购专户股份 后的股本为基数，向全体股东每 10 股派发现金红利 2.50 元（含税），不送红股， 不以公积金转增股本。公司本次实际现金分红总额=实际参与权益分派的股本×分 配比例，即:417,023,461 股×0.25 元/股=104,255,865.25 元。 2、因公司回购专户上的股份不享有利润分配的权利，根据股票市值不变原则， 实施权益分派前后公司总股本保持不变，现金分红总额分摊到每一股的比例将减 小，本次权益分派实施后计算除权除息价格时，按总股本折算每股现金红利=现金 分红总额/公司总股本=104,255,865.25 元/421,239,571 股=0.2474977 元/股（保留 到小数点后七位，最后一位直接截取，不四舍五入）。本 ...

股票代码：002734 股票简称：利民股份 公告编号：2025-048 利民控股集团股份有限公司 关于可转换公司债券转股价格调整的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 一、关于可转换公司债券转股价格调整的相关规定 利民控股集团股份有限公司（以下简称"公司"）公开发行了 980 万张可转换 公司债券（债券简称：利民转债，债券代码：128144）并于 2021 年 3 月 24 日上市。 根据《公司公开发行可转换公司债券募集说明书》及中国证券监督管理委员会（以 下简称"中国证监会"）关于可转换公司债券发行的有关规定，在本次可转债发行 之后，当公司因派送股票股利、转增股本、增发新股（不包括因本次可转债转股而 增加的股本）、配股使公司股份发生变化及派送现金股利等情况时，将按下述公式 进行转股价格的调整（保留小数点后两位，最后一位四舍五入）： 派送股票股利或转增股本：P1=P0/（1+n） 增发新股或配股：P1=（P0+A×k）/（1+k） 上述两项同时进行：P1=（P0+A×k）/（1+n+k） 派送现金股利：P1=P0－D 上述三项同时进 ...

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： 1、债券代码：128144； 2、债券简称：利民转债； 3、转股起止时间：2021 年 9 月 6 日至 2027 年 2 月 28 日； | 股票代码：002734 | 股票简称：利民股份 | 公告编号：2025-046 | | --- | --- | --- | | 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 关于实施权益分派期间利民转债暂停转股的公告 利民控股集团股份有限公司（以下简称"公司"）将于近日实施 2024 年年度权 益分派，根据《利民控股集团股份有限公司公开发行可转换公司债券募集说明书》 第二节中"转股价格的调整方式及计算公式"相关条款的规定，自 2025 年 5 月 19 日起至本次权益分派股权登记日止，公司可转换公司债券（债券简称：利民转债， 债券代码：128144）将暂停转股，本次权益分派股权登记日后的第一个交易日起恢 复转股。 在上述期间，公司可转换公司债券正常交易，敬请公司可转换公司债券持有人 注意。 特此公告。 利民控股集团股份有限公 ...

Core Insights - The article discusses the increasing demand for the fungicide Bacillus thuringiensis (also known as 2,4,5,6-tetrachloro-1,3-benzodioxole), driven by factors such as the outbreak of soybean rust in Brazil, the growing need for global disease resistance management, and the expansion of crop planting areas in emerging markets like China, India, and Southeast Asia [1][8][10]. Industry Overview - Bacillus thuringiensis is a broad-spectrum protective fungicide with advantages such as high efficiency, low toxicity, broad-spectrum activity, low residue, and long efficacy period [1][8]. - The global demand for Bacillus thuringiensis has increased from 20,000 tons in 2012 to over 60,000 tons in 2024, with projections to reach 72,000 tons by 2025 [1][8]. - The production supply of Bacillus thuringiensis is tightening due to strict environmental policies and limited new production capacity, leading to a continuous increase in market prices [8][10]. Application Demand - Bacillus thuringiensis is widely used in agriculture and forestry for the prevention of fungal diseases, particularly in vegetables and fruits, and is also utilized in non-agricultural areas such as golf courses and ornamental plants [6][8]. - The application demand breakdown shows that 30.45% is in vegetable cultivation, 27.36% in peanuts and grains, 29.36% in fruit cultivation, and 6.22% in other non-agricultural areas [6]. Market Dynamics - The market for Bacillus thuringiensis is highly concentrated, with major production capacities located in China, where leading companies include Zhejiang Limin Holdings, Taihe Co., and Jiangyin Sulin Chemical [14][21]. - The competitive landscape is characterized by a "three-legged" structure dominated by Limin, Sulin, and Jiangsu New River, with the top two companies holding over 80% of the market share [14][21]. Future Trends - The industry is expected to see continued consolidation, with leading companies enhancing their market position through economies of scale and technological barriers [21][22]. - Emerging markets, particularly in Southeast Asia and Brazil, are driving demand growth, prompting domestic companies to accelerate global expansion and establish partnerships with multinational agrochemical firms [22][23]. - The industry is shifting towards green transformation and high-end formulation research, with a focus on developing low-toxicity and low-residue products to meet stricter environmental standards [23].

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 年度股东大会的 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 21、22、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 年度股东大会的 法律意见书 致：利民控股集团股份有限公司 上海市锦天城（深圳）律师事务所（以下简称"本所"）接受利民控股集团 股份有限公司（以下简称"公司"）委托，就公司召开 2024 年度股东大会（以 下简称"本次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下 简称"《公司法》"）、《上市公司股东会规则》等法律、法规、规章和其他规 范性文件以及《利民控股集团股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相关事 ...

股票代码：002734 股票简称：利民股份 公告编号：2025-045 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：2025 年 5 月 9 日（星期五）14:30。 （2）网络投票时间：2025 年 5 月 9 日（星期五）。 利民控股集团股份有限公司 2024 年度股东大会决议公告 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。 特别提示： 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、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 学有限责任公司行政楼 4 楼电教室。 4、会议召集人：公司董事会。 5、会议主持人：公司董事长李新生先生。 6、会议召开的合法、合规性：本次股东大会会议召开符合《公司法》《上市公 司股东会规则》等有关法律、行政法规、部门规章、规范性文件和《公司章程》的 规定。 二、会议出席情况 1、股东出席的总体情况： 通过现场和网络投票的股东 ...