Investment Rating - The report maintains an "Outperform" rating for the agricultural chemical industry [6][9]. Core Views - The potassium fertilizer supply and demand are tightly balanced, with international prices remaining high. China's potassium chloride production is expected to decrease slightly in 2024, while imports are projected to reach a historical high [1][27]. - The long-term price center for phosphate rock is expected to remain high due to declining grades and increasing extraction costs in China, alongside growing demand from downstream sectors like lithium iron phosphate [2][5]. - The demand for lithium iron phosphate continues to rise, with production and prices increasing significantly in recent months, indicating a positive outlook for the industry [3][51]. Summary by Sections Potassium Fertilizer - China's potassium chloride production is forecasted at 5.5 million tons in 2024, a decrease of 2.7% year-on-year, while imports are expected to reach 12.633 million tons, a 9.1% increase [1][27]. - The average market price for potassium chloride in October was 3,228 RMB/ton, showing a year-on-year increase of 28.3% [1][45]. - The report recommends focusing on potassium fertilizer companies, particularly "Yaji International," which is expected to produce 2.8 million tons and 4 million tons of potassium chloride in 2025 and 2026, respectively [4][50]. Phosphate Chemicals - The phosphate rock market is characterized by tight supply and high prices, with 30% grade phosphate rock prices remaining above 900 RMB/ton for over three years [2][52]. - As of October 31, 2025, the price for 30% grade phosphate rock in Hubei was 1,040 RMB/ton, while in Yunnan it was 970 RMB/ton, both stable compared to the previous month [2][52]. - The report highlights companies with rich phosphate reserves, recommending "Yuntianhua" and "Xingfa Group," while suggesting attention to "Hubei Yihua" and "Yuntu Holdings" for their potential in increasing self-sufficiency in phosphate rock [5]. Pesticides - The report anticipates an increase in exports of glyphosate and glufosinate to the Northern Hemisphere during the seasonal peak from November to January [4][8]. - The price of glyphosate in the East China market rose to 27,300 RMB/ton, a 17.67% increase since April [4][8]. - The report recommends "Yangnong Chemical" for its long-term growth potential, along with other companies like "Lier Chemical" and "Xingfa Group" for their strong market positions [8].

Investment Rating - The report maintains an "Outperform" rating for the agricultural chemical industry [6][9]. Core Views - The potassium fertilizer supply and demand are tightly balanced, with international prices remaining high. China, being the largest consumer, has a dependency on imports exceeding 60% [1][25]. - The long-term price center for phosphate rock is expected to remain high due to declining grades and increasing extraction costs in China, alongside growing demand from downstream sectors like lithium iron phosphate [2][5]. - The demand for lithium iron phosphate continues to rise, with production and prices increasing significantly, indicating a positive outlook for the industry [3][51]. Summary by Sections Potassium Fertilizer - China's potassium chloride production is projected to decrease by 2.7% to 5.5 million tons in 2024, while imports are expected to reach a record high of 12.633 million tons, up 9.1% year-on-year [1][25]. - As of October 2025, the average market price for potassium chloride is 3,228 CNY/ton, reflecting a year-on-year increase of 28.3% [1][45]. - The report recommends focusing on potassium fertilizer companies, particularly "Yaka International," which is expected to produce 2.8 million tons and 4 million tons of potassium chloride in 2025 and 2026, respectively [4][50]. Phosphate Chemicals - The phosphate rock supply-demand balance is tight, with the market price for 30% grade phosphate rock remaining high at 1,040 CNY/ton in Hubei and 970 CNY/ton in Yunnan [2][52]. - The report highlights the increasing demand for phosphate in new applications, particularly in the lithium battery sector, which is driving up prices for related products [3][51]. - Key companies recommended in the phosphate sector include "Yuntianhua" and "Xingfa Group," which have rich phosphate reserves [5][9]. Pesticides - The report anticipates an increase in exports of glyphosate and glufosinate to the Northern Hemisphere during the seasonal peak from November to January, with prices rebounding from historical lows [4][8]. - The domestic glyphosate industry is operating at a high capacity of 92.42%, with inventory levels at a two-year low, supporting price increases [4][8]. - Recommended companies in the pesticide sector include "Yangnong Chemical" and "Lier Chemical," which are well-positioned to benefit from the expected demand surge [8][9].

股票代码：002734 股票简称：利民股份 公告编号：2025-088 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 2025 ...

Group 1 - The core viewpoint of the news is that Limin Co., Ltd. has experienced fluctuations in its stock price, with a year-to-date increase of 133.59% but a recent decline of 4.09% over the last five trading days [1] - As of November 4, Limin's stock price was reported at 18.04 CNY per share, with a total market capitalization of 8.011 billion CNY [1] - The company has seen significant net outflows of main funds amounting to 26.94 million CNY, with large orders showing a buy of 21.41 million CNY and a sell of 41.10 million CNY [1] Group 2 - Limin Co., Ltd. operates in the agricultural chemical sector, focusing on the research, production, and sales of agricultural fungicides, insecticides, veterinary drugs, and herbicides [1][2] - For the period from January to September 2025, Limin achieved a revenue of 3.599 billion CNY, reflecting a year-on-year growth of 7.62%, while the net profit attributable to shareholders increased by 661.66% to 390 million CNY [2] - The company has a total of 55,500 shareholders as of September 30, with a decrease of 7.91% in the number of shareholders compared to the previous period [2] Group 3 - Since its A-share listing, Limin has distributed a total of 919 million CNY in dividends, with 321 million CNY distributed over the past three years [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in Q3, with a year-on-year increase in revenue and net profit, indicating strong performance and innovation potential [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 - For the first three quarters of 2025, the company achieved revenue of 3.599 billion yuan, a year-on-year increase of 7.62%, and a net profit attributable to shareholders of 390 million yuan, a year-on-year increase of 661.66% [6] - In Q3 2025, the company reported a single-quarter revenue of 1.147 billion yuan, a year-on-year increase of 9.66%, and a net profit of 121 million yuan, a year-on-year increase of 522.30% [6] - The company has maintained high product prices, which has limited the decline in net profit compared to previous quarters [6][7] Product Performance Summary - The average price of the company's key product, Mancozeb, in Q3 2025 was 25,902 yuan/ton, with a year-on-year increase of 12.62% [7] - The average price of another key product, Bactericide, was 29,500 yuan/ton, reflecting a year-on-year increase of 47.42% [7] - The company benefits from its ownership of a 34% stake in a subsidiary, which contributes to its net profit growth due to rising product prices [7] Future Growth Potential - The company is focusing on advanced technologies such as RNAi biopesticides and small peptide biopesticides, which may lead to new product lines and revenue streams [8] - The establishment of the AI-driven platform is expected to enhance the efficiency of compound development and shorten the screening cycle for new compounds [8] Financial Projections - The company’s projected net profits for 2025, 2026, and 2027 are 503 million yuan, 575 million yuan, and 666 million yuan, respectively, with corresponding EPS of 1.13 yuan, 1.30 yuan, and 1.50 yuan [6][9] - The current stock price corresponds to a P/E ratio of 16.2, 14.2, and 12.3 for the years 2025, 2026, and 2027, respectively [6][9]

Core Insights - The company reported a total revenue of 3.599 billion yuan and a net profit attributable to shareholders of 390 million yuan for Q3 2025 [1] - The company achieved a net cash inflow from operating activities of 191 million yuan, ranking 31st among disclosed peers [1] Financial Metrics - The latest debt-to-asset ratio is 45.34%, ranking 33rd among disclosed peers [3] - The latest gross profit margin is 26.22% [3] - The return on equity (ROE) is 10.76% [3] - The diluted earnings per share (EPS) is 0.96 yuan [3] - The total asset turnover ratio is 0.54 times [3] - The inventory turnover ratio is 3.88 times [3] Shareholder Information - The number of shareholders is 55,500, with the top ten shareholders holding a total of 138 million shares, accounting for 31.05% of the total share capital [3] - The top ten shareholders and their respective holdings are as follows: - Li Ming: 15.5 million shares - Li Xinsong: 10.0 million shares - Sun Jingquan: 1.36 million shares - Zhou Guoyi: 1.00 million shares - Liu Li: 0.62 million shares - Zhang Qinghua: 0.60 million shares - Wang Ruilan: 0.55 million shares - Qianhai Life Insurance Co., Ltd. - Dividend Insurance Product: 0.45 million shares - Fan Fuding: 0.42 million shares - Yu Zhenlong: 0.42 million shares [3]

Core Viewpoint - Limin Co., Ltd. is a leading enterprise in the domestic fungicide industry, focusing on the research, production, and sales of agricultural fungicide raw materials and formulations, with a full industry chain and technological advantages [1] Group 1: Business Performance - In Q3 2025, Limin's operating revenue reached 3.599 billion yuan, ranking 11th in the industry, lower than the top competitor, Adama Agricultural Solutions, which reported 21.678 billion yuan [2] - The net profit for the same period was 411 million yuan, ranking 7th in the industry, below the leading company, Yangnong Chemical, which had a net profit of 1.056 billion yuan [2] - The main business composition includes agricultural fungicides at 1.24 billion yuan (50.57%), agricultural insecticides at 748 million yuan (30.51%), veterinary drugs at 229 million yuan (9.34%), and agricultural herbicides at 208 million yuan (8.47%) [2] Group 2: Financial Ratios - As of Q3 2025, Limin's debt-to-asset ratio was 45.34%, lower than the previous year's 60.02% and below the industry average of 46.06% [3] - The gross profit margin for Q3 2025 was 26.22%, an increase from 18.13% in the previous year and above the industry average of 21.70% [3] Group 3: Executive Compensation - The chairman, Li Xingsheng, received a salary of 1.8526 million yuan in 2024, an increase of 1.1307 million yuan from 2023 [4] - The president, Fan Zhaohui, earned 1.5071 million yuan in 2024, up by 682,200 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 7.91% to 55,500, while the average number of circulating A-shares held per household increased by 9.40% to 7,253.32 [5] - Analysts predict significant growth in net profit for 2025-2027, with estimates of 529 million yuan, 588 million yuan, and 648 million yuan respectively [5]

Core Insights - Limin Co., Ltd. reported a revenue of 3.599 billion yuan for the first three quarters, representing a year-on-year increase of 7.62% [1] - The net profit attributable to shareholders reached 390 million yuan, showing a significant year-on-year growth of 661.66% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 377 million yuan, reflecting a remarkable year-on-year increase of 1,014.94% [1]

利民控股集团股份有限公司 内部控制缺陷认定标准 第一章 总 则 第一条 为保证利民控股集团股份有限公司（以下简称"公司"）内部控制制 度的建立健全和有效执行，促进公司规范运作和健康发展，根据《企业内部控制 基本规范》及其配套指引的规定，结合公司经营规模、行业特征、风险水平等因 素，特制定本认定标准。 （一）设计缺陷，是公司缺少为实现控制目标的必需控制，或现存的控制不 合理即使正常运行也难以实现控制目标。 第二章 内部控制缺陷定义及分类 （二）运行缺陷，是指设计有效（合理且适当）的内部控制，但由于运行不 当（包括由不恰当的人执行、未按设计的方式运行、运行的时间或频率不当、没 有得到一贯有效运行等）而形成的内部控制缺陷。 第二条 按照内部控制缺陷成因或来源，分为设计缺陷和运行缺陷。 （一）重大缺陷，是指一个或多个控制缺陷的组合，可能导致公司严重偏离 控制目标。 （二）重要缺陷，是指一个或多个控制缺陷的组合，其严重程度和经济后果 低于重大缺陷，但仍有可能导致公司偏离控制目标。重要缺陷的严重程度低于重 大缺陷，不会严重危及内部控制的整体有效性，但也应当引起董事会、管理层的 充分关注。 （三）一般缺陷，是指除重大缺陷、 ...

股票代码：002734 股票简称：利民股份 公告编号：2025-086 利民控股集团股份有限公司 关于修订《公司章程》及相关制度的公告 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。 利民控股集团股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召开 第六届董事会第十次会议，审议通过了《关于修订<公司章程>及相关制度的议案》, 具体情况如下： 一、修订《公司章程》的情况 为优化公司治理结构，提高决策效率。根据《公司法》《上市公司章程指引》 等法律法规及规范性文件的规定，结合公司实际情况，公司拟将监事会职权由董事 会审计委员会承接履行。同时相应修订《公司章程》中关于公司治理结构的相关条 款，鉴于本次章程修订内容较多，本次将以新章程全文的形式审议，不再制作《章 程修正案》。修订后的《公司章程》全文登载于深交所及巨潮资讯网。 本次章程修订事项尚需提交公司 2025 年第二次临时股东大会并以特别决议议 案审议。 二、修订、制定其他相关制度的情况 为进一步规范公司信息披露管理，与最新的《中华人民共和国公司法》《上市 公司章程指引》《深圳证券交易所股票上 ...