Core Viewpoint - The agricultural chemical industry is experiencing a recovery in the first quarter of 2024, with most companies reporting improved performance after a period of destocking in 2023 [1][5][6]. Group 1: Company Performance - As of April 28, 29 agricultural chemical companies have disclosed their Q1 reports, with 27 companies reporting profits and 16 showing year-on-year profit growth [1]. - Companies such as Lianhua Technology, Hunan Haili, and Lier Chemical reported net profit increases exceeding 100% year-on-year [2][3]. - Lianhua Technology's Q1 net profit grew over tenfold to 4971.56 million yuan, with a revenue of 15.1 billion yuan, marking a 3.02% increase [2]. - Hunan Haili achieved a revenue of 4.31 billion yuan, up 25.44%, and a net profit of 5661.02 million yuan, up 483.78% [3]. - Lier Chemical reported total revenue of 20.86 billion yuan, a 49.99% increase, and a net profit of 1.53 billion yuan, up 219.9% [3]. - Companies like Xianda Co. and Limin Co. turned losses into profits in Q1 due to increased sales and prices [4]. Group 2: Market Trends - The agricultural chemical market is entering its traditional peak season, with significant destocking observed since the beginning of the year [5][6]. - The market is showing signs of recovery, with an increase in terminal demand and replenishment in both domestic and foreign markets [6]. - The raw material price index for agricultural chemicals rose to 73.11 points, reflecting a 0.29% increase from the previous month [6]. - Industry experts express optimism for 2025, anticipating a stable recovery in the agricultural chemical sector [7].

Core Viewpoint - Solid-state battery additives are crucial materials for enhancing battery performance, such as ionic conductivity and interface stability, with a comprehensive ranking based on technology routes, production capacity, and market performance. Group 1: LiFSI (Lithium bis(fluorosulfonyl)imide) Sector - Ruifai New Materials ranks among the top three global LiFSI producers, with a production capacity exceeding 10,000 tons by 2025, suitable for high-voltage solid-state battery requirements. The purity reaches 99.9%, and costs are 15% lower than traditional lithium hexafluorophosphate. The company has supplied to CATL and BYD for solid-state battery projects [1]. - Limin Co., Ltd. has extended its technology through its subsidiary Zhuobang New Energy, ranking among the top three in LiFSI production capacity, suitable for high-safety scenarios like robotics and flying cars [2]. - The customer network of Limin Co., Ltd. includes leading battery companies such as CATL and Tesla, with overseas orders expected to grow by 85% in 2024 [3]. Group 2: Sulfide Electrolyte Precursors - Tianci Materials is the largest electrolyte liquid company globally, extending LiFSI technology to sulfide electrolyte precursors, with costs 44% lower than Japanese competitors. By 2025, LiFSI production capacity will expand to 20,000 tons, supporting sulfide all-solid-state battery production lines [5]. - Tianci Materials holds over 60% market share in the global sulfide precursor market, with a binding relationship with Yunnan Germanium for raw materials. The ionic conductivity of sulfide electrolytes reaches 10 mS/cm, with costs 40% lower than similar Japanese products [5]. - The market share of zirconium oxychloride exceeds 50%, compatible with both oxide and sulfide dual technology routes, with samples sent to leading companies like Qingtai Energy. By 2025, zirconium-based material production capacity will reach 20,000 tons, covering key raw material needs for electrolytes [5]. Group 3: Chlorosulfonic Acid (LiFSI Raw Material) - Shilong Industrial has a cost advantage, with chlorosulfonic acid production costs 20% lower than the industry average, having entered the supply chains of Tianci Materials and Ruifai New Materials [6]. Group 4: Other Key Additives - Longpan Technology and Aoke Co., Ltd. have achieved a production capacity of 5,000 tons/year for solvent-based additives for solid-state batteries, suitable for optimizing sulfide electrolyte interfaces [7]. Group 5: Potential Enterprises - Daoshi Technology is focusing on conductive agents (carbon nanotubes) and silicon-carbon negative electrode additives, catering to the high energy density requirements of solid-state batteries [8]. - Guanghua Technology is developing lithium salts (LiTFSI) and composite additives to enhance the cycle life of solid-state batteries [9]. Group 6: Industry Leaders - Kaisheng New Materials is the largest chlorosulfonic acid supplier globally, with a production capacity exceeding 100,000 tons/year and a market share over 40%. The purity reaches electronic grade (99.999%), suitable for solid-state battery electrolyte synthesis [12]. - The company possesses a technical barrier, being one of the few globally to master full-solid-state compatible additive technology, with a projected market share growth to 18% in 2024. Key clients include CATL and Tesla, with plans to double production capacity by 2025 [13].

登录新浪财经APP 搜索【信披】查看更多考评等级 股票代码：002734 股票简称：利民股份 公告编号：2025-042 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不提前赎回利民转债的公告 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： 依据利民控股集团股份有限公司（以下简称"公司"）《公开发行可转换公司债券募集说明书》（以下简 称《募集说明书》）与《深圳证券交易所上市公司自律监管指引第15号一一可转换公司债券》等相关文 件，自2025年3月26日至2025年4月23日，公司股票已有15个交易日的收盘价不低于"利民转债"当期转股 价格（即8.35元/股）的130%（即10.86元/股），已触发"利民转债"有条件赎回条款。 公司于2025年4月23日召开第六届董事会第六次会议，审议通过了《关于不提前赎回"利民转债"的议 案》，公司董事会决定本次不行使"利民转债"提前赎回权利，并决定自本次董事会审议通过后3个月内 （即2025年4月24日至2025年7月23日），若再触发"利民转债"有条件赎回条款，公司均不行使提前赎回 权 ...

利民控股集团股份有限公司 第六届董事会第六次会议决议公告 债券代码：128144 债券简称：利民转债 股票代码：002734 股票简称：利民股份 公告编号：2025-041 利民控股集团股份有限公司董事会 2025 年 04 月 23 日 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。 - 1 - 利民控股集团股份有限公司（以下简称"公司"）第六届董事会第六次会议于 2025 年 4 月 23 日 15:00 以现场和通讯表决相结合方式在子公司利民化学会议室召 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》等有关规定。 经与会董事认真讨论，会议以赞成票 11 票，反对票 0 票，弃权票 0 票，审议 通过了《关于不提前赎回"利民转债"的议案》。 本议案具体内容详见《证券时报》《中国证券报》和巨潮资讯网上披露的《公 司关于不提前赎回利民转债的公告》。 备查文件： 1、公司第六届董事会第六次会议决议； 2、 ...

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： 依据利民控股集团股份有限公司（以下简称"公司"）《公开发行可转换公司债 券募集说明书》（以下简称《募集说明书》）与《深圳证券交易所上市公司自律监管 指引第 15 号——可转换公司债券》等相关文件，自 2025 年 3 月 26 日至 2025 年 4 月 23 日，公司股票已有 15 个交易日的收盘价不低于"利民转债"当期转股价格（即 8.35 元/股）的 130%（即 10.86 元/股），已触发"利民转债"有条件赎回条款。 股票代码：002734 股票简称：利民股份 公告编号：2025-042 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 关于不提前赎回利民转债的公告 公司于 2025 年 4 月 23 日召开第六届董事会第六次会议，审议通过了《关于不 提前赎回"利民转债"的议案》，公司董事会决定本次不行使"利民转债"提前赎 回权利，并决定自本次董事会审议通过后 3 个月内（即 2025 年 4 月 24 日至 2025 年 7 月 23 日），若再触发"利民转债"有条件赎 ...

2025 年 04 月 22 日 利民股份 (002734) 上 市 公 司 公 司 研 究 / 公 司 点 基础化工 ——重点产品涨价兑现利润，25Q1 业绩超预期 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 21 日 | | --- | --- | | 收盘价（元） | 11.66 | | 一年内最高/最低（元） | 12.44/6.19 | | 市净率 | 1.8 | | 息率（分红/股价） | 3.00 | | 流通 A 股市值（百万元） | 4,235 | | 上证指数/深证成指 | 3,291.43/9,905.53 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 7.28 | | 资产负债率% | 56.14 | | 总股本/流通 A 股（百万） | 405/363 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-22 05-22 06-22 07-22 08-22 09-22 10-22 11- ...

基础化工/农化制品 利民股份（002734.SZ） 归母净利逐季环比大增，看好公司 AI+生物合成布局 相关研究报告 《阿维菌素等产品价格上涨，Q1 业绩 预告超预期—公司信息更新报告》 -2025.4.9 《农药一体化龙头，或受益于百菌清 和代森锰锌上涨—公司深度报告》 -2024.12.5 2025 年 04 月 21 日 投资评级：买入（维持） | 日期 | 2025/4/18 | | --- | --- | | 当前股价(元) | 11.90 | | 一年最高最低(元) | 12.44/6.19 | | 总市值(亿元) | 48.25 | | 流通市值(亿元) | 43.22 | | 总股本(亿股) | 4.05 | | 流通股本(亿股) | 3.63 | | 近 3 个月换手率(%) | 381.59 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 2024-04 2024-08 2024-12 利民股份 沪深300 | 金益腾（分析师） | 张晓锋（分析师） | 宋梓荣（联系人） | | --- | --- | --- | | jinyiteng@kysec.cn | z ...

Financial Performance - The company reported a basic earnings per share (EPS) of 0.3000 yuan for Q1 2025, a significant increase of 1600% compared to -0.0200 yuan in Q1 2024 [1] - Net profit for Q1 2025 was 1.08 billion yuan, a substantial increase of 1450% from a net loss of 0.08 billion yuan in Q1 2024 [1] - Operating revenue reached 12.11 billion yuan in Q1 2025, representing a growth of 22.32% compared to 9.9 billion yuan in Q1 2024 [1] - The return on equity (ROE) improved to 3.95% in Q1 2025 from -0.31% in Q1 2024, indicating a recovery in profitability [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 11,238.27 million shares, accounting for 34.44% of the circulating shares, with a decrease of 646.87 million shares from the previous period [2] - Major shareholders include Li Ming with 7,373.41 million shares (22.60%), and new entrants such as CITIC Securities with 288.07 million shares [2] - Notable exits from the top ten shareholders include Yu Jun and Xiang Shang, who have withdrawn from the list [2] Dividend Policy - The company has decided not to distribute dividends or transfer shares in the current period [3]

股票代码：002734 股票简称：利民股份 公告编号：2025-040 利民控股集团股份有限公司关于 2025 年 一季度计提信用减值损失及资产减值损失的公告 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、本次计提资产减值损失和信用减值损失情况概述 公司根据《深圳证券交易所股票上市规则》《企业会计准则》等相关规定，本 着谨慎性原则，对 2025 年一季度末合并财务报表范围内的各项资产等进行了减值 测试，判断存在可能发生减值的迹象，确定了需要计提资产减值损失及信用减值损 失的资产项目。 根据评估和分析的结果判断，计提 2025 年一季度末各项资产减值损失 6,603,966.67 元，计提各项信用减值损失 13,921,534.63 元，具体情况如下： 单位：人民币元 | 类别 | 项目 | 计提金额 | | --- | --- | --- | | 资产减值损失 | 存货跌价损失 | 6,603,966.67 | | 信用减值损失 | 应收账款坏账损失 | 13,846,200.87 | | | 其他应收款坏账损失 | 75,333.76 | | | 合计 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥1,210,766,106.64, representing a 22.28% increase compared to ¥990,165,904.71 in the same period last year[5] - Net profit attributable to shareholders was ¥108,119,145.89, a significant increase of 1,373.23% from a loss of ¥8,491,731.94 in the previous year[5] - Basic earnings per share increased to ¥0.30, up 1,600.00% from -¥0.02 in the same quarter last year[5] - Total operating revenue for the current period reached ¥1,210,766,106.64, a significant increase from ¥990,165,904.71 in the previous period, representing a growth of approximately 22.3%[18] - Net profit for the current period was ¥114,051,569.50, a turnaround from a net loss of ¥6,078,360.23 in the previous period[19] - The total comprehensive income for the period attributable to the parent company's owners was CNY 108,084,899.84, a decrease of CNY 8,484,662.60 compared to the previous period[20] Cash Flow and Liquidity - The net cash flow from operating activities improved by 66.50%, amounting to -¥68,260,504.30, compared to -¥203,775,619.00 in the prior year[5] - Cash inflow from operating activities totaled CNY 616,156,251.45, compared to CNY 595,097,043.16 in the previous period[21] - Cash outflow from operating activities was CNY 684,416,755.75, down from CNY 798,872,662.16 in the previous period[22] - Cash flow from investing activities generated a net inflow of CNY 4,816,212.51, compared to a net outflow of CNY 37,115,367.19 in the previous period[22] - Cash flow from financing activities resulted in a net outflow of CNY 21,389,592.67, an improvement from negative CNY 52,481,775.67 in the previous period[22] - The ending cash and cash equivalents balance was CNY 377,094,281.59, an increase from CNY 300,301,357.98 in the previous period[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,627,733,937.10, a slight decrease of 0.49% from ¥6,660,284,764.42 at the end of the previous year[5] - Total liabilities decreased to ¥3,720,737,155.12 from ¥3,964,780,386.48, a reduction of approximately 6.2%[16] - The company's equity increased to ¥2,906,996,781.98 from ¥2,695,504,377.94, reflecting a growth of about 7.8%[16] Research and Development - The company's R&D expenses rose by 46.84%, indicating increased investment in research and development projects[9] - Research and development expenses rose to ¥43,184,020.29, compared to ¥29,407,900.00 in the previous period, indicating a growth of approximately 46.6%[19] Investment and Income - Investment income surged by 2,938.77%, reflecting changes in the profitability of the company's equity investments[9] - The company reported an investment income of ¥24,205,849.24, compared to a loss of ¥852,687.14 in the previous period, indicating a significant improvement[19] - The company received government subsidies amounting to ¥1,375,623.50, contributing to the increase in other income by 79.49%[9] Shareholder Information - The total number of common shareholders at the end of the reporting period is 21,313[11] - The largest shareholder, Li Ming, holds 20.01% of the shares, amounting to 73,734,050 shares, with 41,580,915 shares pledged[11] - Li Xinsong, the second-largest shareholder, owns 12.14% of the shares, totaling 44,737,620 shares, with 36,720,000 shares pledged[11] - The total number of preferred shareholders at the end of the reporting period is zero, indicating no preferred shares issued[12] Operational Highlights - The company's cash and cash equivalents decreased from 666,121,894.29 CNY to 572,953,087.71 CNY, a decline of approximately 14.1%[14] - Accounts receivable increased significantly from 369,992,859.18 CNY to 660,193,165.48 CNY, representing an increase of about 78.3%[14] - Inventory remained relatively stable, with a slight increase from 763,151,351.60 CNY to 764,207,168.33 CNY[14] - The company has been recognized as a "High-tech Enterprise," with the certificate number GR202415000195, valid for three years[12] - The company has obtained an investment project filing certificate from Jiangsu Province, indicating ongoing expansion efforts[12] - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending activities[12] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[19]