格隆汇8月14日丨利民股份(002734.SZ)公布半年度报告，报告期内，实现营业收入24.52亿元，同比增长 6.69%，归属于母公司股东的净利润2.69亿元，同比增长747.13%。公司盈利能力得到提升，资产负债率 明显下降。技术研发支撑力不断增强，化学合成创制计划稳步推进，与跨国公司的创新药开发合作进展 顺利，产品规划梯次形成，配方研究水平不断提高，生物合成的研究方向扎实开展。国内外市场渠道日 趋成熟，品牌建设全面深化。生产基地管理迭代升级成果明显，综合效益大幅提升。社会责任进一步彰 显，安全环保压舱石的基础更加牢固。集团业务流程再造效果显著，运营质量更加高效。 ...

第六届监事会第六次会议决议公告 本公司及监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"）第六届监事会第六次会议于 2025 年 8 月 4 日以电话和邮件形式发出会议通知，会议于 2025 年 8 月 14 日以通 讯表决方式在子公司双吉化工会议室召开。应参加本次会议的监事为 3 人，实际 参加本次会议的监事为 3 人。会议符合《公司法》和《公司章程》等的有关规定， 会议合法有效。 会议由李柯先生主持。与会监事经过认真讨论并做出决议如下： 会议以赞成票 3 票，反对票 0 票，弃权票 0 票，审议通过了《关于<公司 2025 年半年度报告及其摘要>的议案》。 经核查，监事会认为：董事会编制的《公司 2025 年半年度报告及其摘要》的 程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反 映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 股票代码：002734 股票简称：利民股份 公告编号：2025-071 利民控股集团股份有限公司 2025 年 08 月 14 日 1 备查文件： 1、公司第 ...

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（以下简称"公司"）第六届董事会第九次会议于 2025 年 8 月 14 日 09:00 以现场和通讯表决相结合方式在子公司双吉化工会议室召 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。 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<公司 2025 年半年度报告及其摘要>的议案》。 《公司 2025 年半年度报告全文》及《公司 2025 年半年度报告摘要》刊登于巨 潮资讯网，并批准 2025 年半年度财务报告对外报出。《公司 2025 年半年度报告摘 要》还刊登于 2025 年 8 月 15 日出版的《证券时报》和《中国证券报》。 备查文件： 1、公司第六届董事会第九次会议决议； 2、深圳证券交易所要求的其他文件。 特此公告。 利民控股集团股份有限公司董事会 2025 年 08 月 14 日 股票代码：002734 股票简称：利民股份 公告编号 ...

[Section 1 Important Notices, Table of Contents, and Definitions](index=2&type=section&id=Section%201%20Important%20Notices%2C%20Table%20of%20Contents%2C%20and%20Definitions) [Important Notices](index=2&type=section&id=Important%20Notices) The company's management guarantees the authenticity and completeness of the report, highlights key risks, and states there will be no dividend distribution for the period - The Board of Directors, Board of Supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the report's contents[4](index=4&type=chunk) - Company head Li Xinsheng, Chief Accountant Shen Shuyan, and head of the accounting department Hou Yanli declare the financial report to be true, accurate, and complete[4](index=4&type=chunk) - The company faces risks including **market competition, fluctuations in raw material prices, environmental protection, production safety, and exchange rate volatility**[4](index=4&type=chunk) - The company **does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital**[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section outlines the semi-annual report's structure, providing a quick navigation guide to its nine main chapters and their corresponding page numbers - The report comprises nine main chapters, covering important notices, company profile, management discussion, corporate governance, significant events, share changes, bonds, financial reports, and other data[7](index=7&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms and company names used in the report to ensure consistent understanding, covering the reporting period, company abbreviations, and core business concepts - The reporting period is defined as **January 1, 2025, to June 30, 2025**[10](index=10&type=chunk) - It clarifies that "Limin Shares," "the Group," "the Company," and "Company" all refer to Limin Holding Group Co, Ltd[10](index=10&type=chunk) - Core business terms such as pesticide, veterinary drug, fungicide, insecticide, and herbicide are defined[10](index=10&type=chunk) [Section 2 Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) Limin Holding Group Co, Ltd (stock code: 002734) is listed on the Shenzhen Stock Exchange, with no changes to its contact information during the reporting period - The company's stock short name is "Limin Shares" with stock code "002734", listed on the Shenzhen Stock Exchange[13](index=13&type=chunk) - The company's legal representative is Li Xinsheng[13](index=13&type=chunk) - The company's registered address, office address, website, email, and information disclosure locations remained unchanged during the reporting period[15](index=15&type=chunk)[16](index=16&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company achieved significant financial growth in the first half of 2025, with a notable 747.13% increase in net profit attributable to shareholders Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,452,036,963.81 | 2,298,206,905.57 | 6.69% | | Net Profit Attributable to Shareholders | 268,846,594.55 | 31,736,154.99 | 747.13% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 256,660,377.55 | 28,378,829.33 | 804.41% | | Net Cash Flow from Operating Activities | 91,439,060.38 | -114,178,134.33 | 180.08% | | Basic Earnings Per Share (RMB/share) | 0.69 | 0.09 | 666.67% | | Diluted Earnings Per Share (RMB/share) | 0.60 | 0.09 | 566.67% | | Weighted Average Return on Equity | 7.56% | 1.17% | 6.39% | | **Period-End Indicators** | **End of Current Period (RMB)** | **End of Prior Year (RMB)** | **Change from Prior Year-End** | | Total Assets | 6,778,126,280.47 | 6,660,284,764.42 | 1.77% | | Net Assets Attributable to Shareholders | 3,477,352,811.66 | 2,642,805,549.03 | 31.58% | [VI. Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) The company's non-recurring profit and loss totaled RMB 12.19 million, primarily from government grants and fair value changes of financial assets Non-recurring Profit and Loss Items and Amounts for H1 2025 | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -1,680,739.62 | | Government Grants Recognized in Current Profit or Loss | 7,377,257.57 | | Gains/Losses from Fair Value Changes of Financial Assets and Liabilities Held by Non-financial Enterprises, and from their Disposal | 9,362,336.69 | | Reversal of Impairment Provision for Individually Tested Receivables | 16,644.86 | | Other Non-operating Income and Expenses | -2,060,068.13 | | Less: Income Tax Impact | -60,018.57 | | Less: Impact on Minority Interests (After Tax) | 889,232.94 | | **Total** | **12,186,217.00** | [Section 3 Management Discussion and Analysis](index=9&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [I. Principal Business Activities during the Reporting Period](index=9&type=section&id=I.%20Principal%20Business%20Activities%20during%20the%20Reporting%20Period) The company specializes in the R&D, production, and sale of pesticides and veterinary drugs, strengthening its industry leadership through innovation and strategic expansion [Industry Development](index=9&type=section&id=Industry%20Development) The pesticide and veterinary drug industries are experiencing steady growth driven by food security needs, stricter regulations, and a focus on green technology innovation - The global pesticide market is projected to exceed **$80 billion by 2025**, with relatively stable demand[25](index=25&type=chunk) - The pesticide industry's policy and regulatory environment is characterized by strict standards and a green orientation, accelerating the elimination of outdated capacity[25](index=25&type=chunk) - Technological innovation is led by **green alternatives, smart R&D, and biotechnology**, with AI accelerating development through initiatives like the "AI Green Pesticide Research Institute"[26](index=26&type=chunk) - The veterinary drug industry is undergoing accelerated structural adjustment and transformation, with stricter regulations and an urgent need for green transition[26](index=26&type=chunk) [Company's Industry Position](index=9&type=section&id=Company's%20Industry%20Position) The company solidified its leading position in the domestic fungicide market, ranking 17th in sales among China's top 100 pesticide companies and achieving an AA ESG rating - The company reinforced its leading position in the domestic fungicide market, ranking **17th in sales among China's top 100 pesticide companies** and elevating its Wind ESG rating to **AA**[26](index=26&type=chunk) - The company operates **five major production bases**, all certified as high-tech enterprises and national/provincial green factories[27](index=27&type=chunk) - Its diversified product line covers fungicides, insecticides, and herbicides, with a market network spanning over **130 countries and regions** globally[27](index=27&type=chunk) - The company is a pioneer in the industrial development of bio-fermentation products like Avermectin and continues to invest heavily in biosynthesis R&D[27](index=27&type=chunk) - Subsidiary Veyong Pharma is a **top 10 veterinary API enterprise in China**, with products certified by international authorities like the US FDA and EU CEP[27](index=27&type=chunk)[28](index=28&type=chunk) [Company's Basic Situation](index=10&type=section&id=Company's%20Basic%20Situation) The company reported significant profit growth and a lower debt-to-asset ratio, driven by enhanced R&D, mature market channels, and upgraded production management Company's Basic Financials for H1 2025 | Indicator | Amount (RMB billion) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 2.45 | 6.69% | | Net Profit Attributable to Parent Company Shareholders | 0.27 | 747.13% | - The company's profitability improved, and its **asset-liability ratio decreased significantly**[28](index=28&type=chunk) - R&D capabilities were strengthened through solid progress in chemical synthesis and biosynthesis research programs[28](index=28&type=chunk) - Domestic and international market channels have matured, brand building has deepened, and production base management has been upgraded, yielding significant results[28](index=28&type=chunk) [Product Categories](index=10&type=section&id=Product%20Categories) The company's products include pesticide technical materials and veterinary drugs, covering a wide range of fungicides, insecticides, herbicides, and animal health products - Pesticide technical products mainly include **fungicides** (Dithiocarbamates, Chlorothalonil), **insecticides** (Avermectin, Emamectin Benzoate), and **herbicides** (Glufosinate-ammonium, Glufosinate-P)[28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk) - Veterinary products primarily consist of **Ivermectin, Eprinomectin, Tiamulin Fumarate, and Valnemulin Hydrochloride** as both APIs and formulations[28](index=28&type=chunk)[30](index=30&type=chunk) - The specific applications of various products are detailed, such as Emamectin Benzoate for controlling various pests and Mancozeb for preventing multiple plant diseases[29](index=29&type=chunk)[30](index=30&type=chunk) [Business Model](index=11&type=section&id=Business%20Model) The company operates an integrated industry chain of production, supply, sales, and R&D, with distinct procurement, production, and sales strategies for domestic and international markets - The company possesses an **independent and complete integrated industry chain** covering production, supply, sales, and R&D[30](index=30&type=chunk) - The procurement model combines centralized bidding, price comparison, and decentralized purchasing by bases, establishing strategic reserves and promoting supply chain localization[31](index=31&type=chunk) - The production model is guided by customer demand and market forecasts, managed through an information system[31](index=31&type=chunk) - Sales are divided into domestic and international markets, with technical materials sold to factories and multinational corporations, and small-package formulations sold through distributors[31](index=31&type=chunk) - Product pricing is mostly market-driven, with some major clients using a contract-based pricing model[31](index=31&type=chunk) [II. Core Competitiveness Analysis](index=11&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core strengths lie in its large-scale intelligent production, innovation-driven R&D, global layout, regulatory compliance, and commitment to sustainable development - The company operates **five major production bases** with an annual capacity of 110,200 tons of technical materials and 132,700 tons of formulations, actively developing smart factories to enhance efficiency[32](index=32&type=chunk)[33](index=33&type=chunk) - **Innovation is a core engine**, with two postdoctoral workstations, a national-level enterprise technology center, 288 authorized patents, and forward-looking investments in biosynthesis using AI tools[33](index=33&type=chunk) - The company is accelerating its **global expansion strategy**, using its Singapore overseas operations center to connect with strategic markets in Africa, Southeast Asia, and Latin America[33](index=33&type=chunk) - An extensive pesticide registration portfolio (316 items) and certifications like OECD GLP and CNAS accreditation ensure strong market access and compliance[34](index=34&type=chunk) - Guided by dual-carbon goals, all five production bases are certified as national/provincial green factories, and the company's **ESG rating was upgraded to AA in 2025**[34](index=34&type=chunk) [III. Main Business Analysis](index=12&type=section&id=III.%20Main%20Business%20Analysis) The company's main business revenue grew by 6.69% to RMB 2.45 billion, driven by strong performance in the veterinary and international segments, leading to a significant increase in overall gross profit margin YoY Changes in Key Financial Data for H1 2025 | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,452,036,963.81 | 2,298,206,905.57 | 6.69% | No significant change | | Operating Costs | 1,811,210,766.32 | 1,883,853,711.24 | -3.86% | No significant change | | Income Tax Expense | 46,197,556.25 | 19,206,461.33 | 140.53% | Increased taxable income base due to higher profits | | R&D Investment | 87,453,814.49 | 65,550,486.35 | 33.41% | Increased investment due to R&D project progress | | Net Cash Flow from Operating Activities | 91,439,060.38 | -114,178,134.33 | 180.08% | Increased cash collection from sales | | Net Increase in Cash and Cash Equivalents | -59,910,695.92 | -279,311,045.31 | 78.55% | No significant change | Operating Revenue Breakdown for H1 2025 (by Industry, Product, Region) | Category | Item | Amount (RMB) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Pesticide | 2,199,509,246.15 | 89.70% | 4.63% | | | Veterinary Drug | 229,087,895.54 | 9.34% | 27.73% | | **By Product** | Agricultural Fungicide | 1,240,003,377.80 | 50.57% | 12.36% | | | Agricultural Insecticide | 748,140,069.20 | 30.51% | 5.19% | | | Agricultural Herbicide | 207,708,866.69 | 8.47% | -25.87% | | **By Region** | Domestic | 1,604,394,681.88 | 65.43% | -0.09% | | | International | 847,642,281.93 | 34.57% | 22.42% | Main Business Gross Profit Margin for H1 2025 | Category | Item | Gross Profit Margin | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | **By Industry** | Pesticide | 26.45% | 8.71% | | | Veterinary Drug | 21.66% | 1.48% | | **By Product** | Agricultural Fungicide | 33.77% | 7.70% | | | Agricultural Insecticide | 24.32% | 11.72% | | | Agricultural Herbicide | -9.52% | -7.47% | | **By Region** | Domestic | 24.95% | 4.89% | | | International | 28.38% | 15.05% | [IV. Non-core Business Analysis](index=14&type=section&id=IV.%20Non-core%20Business%20Analysis) Non-core activities positively impacted profits, with investment income of RMB 47.70 million being the largest contributor, primarily from equity investments and financial asset disposals Non-core Business Analysis for H1 2025 | Item | Amount (RMB) | % of Total Profit | Explanation | | :--- | :--- | :--- | :--- | | Investment Income | 47,698,980.50 | 14.56% | Income from equity investments and disposal of trading financial assets | | Fair Value Change Gains/Losses | 5,033,478.22 | 1.54% | Fair value changes of trading financial assets | | Asset Impairment | -11,614,313.75 | -3.55% | Provision for inventory write-down | | Credit Impairment Loss | -11,842,652.87 | -3.62% | Provision for credit loss on accounts receivable | | Other Income | 16,979,533.34 | 5.18% | Income-related government grants | - Investment income from long-term equity investments is sustainable, while gains or losses from other investment items are not[41](index=41&type=chunk) [V. Analysis of Assets and Liabilities](index=14&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) The company's total assets grew modestly while net assets attributable to shareholders increased significantly by 31.58%, mainly due to convertible bond conversions which reduced liabilities and boosted capital reserves [Significant Changes in Asset Composition](index=14&type=section&id=Significant%20Changes%20in%20Asset%20Composition) Total assets reached RMB 6.78 billion, while net assets attributable to shareholders grew to RMB 3.48 billion, driven by a significant reduction in bonds payable and a corresponding increase in capital reserves from convertible bond conversions Significant Changes in Asset Composition for H1 2025 | Item | Closing Balance (RMB) | % of Total Assets | Opening Balance (RMB) | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 647,003,039.86 | 9.55% | 666,121,894.29 | 10.00% | -0.45% | | Accounts Receivable | 598,958,712.90 | 8.84% | 369,992,859.18 | 5.56% | 3.28% | | Inventory | 729,874,193.07 | 10.77% | 763,151,351.60 | 11.46% | -0.69% | | Fixed Assets | 3,071,489,521.08 | 45.31% | 3,218,834,911.07 | 48.33% | -3.02% | | Short-term Borrowings | 878,079,549.87 | 12.95% | 763,357,623.48 | 11.46% | 1.49% | | Contract Liabilities | 80,904,020.20 | 1.19% | 252,640,760.06 | 3.79% | -2.60% | | Long-term Borrowings | 195,430,000.00 | 2.88% | 322,760,000.00 | 4.85% | -1.97% | | Bonds Payable | 267,783,894.73 | 3.95% | 916,189,432.49 | 13.76% | -9.81% | | Capital Reserves | 1,480,989,805.29 | 21.85% | 829,988,070.64 | 12.46% | 9.39% | - **Bonds payable decreased significantly by 9.81%** due to the conversion of the company's convertible bonds into shares[43](index=43&type=chunk) - **Capital reserves increased significantly by 9.39%** due to the conversion of the company's convertible bonds into shares[43](index=43&type=chunk) [Assets and Liabilities Measured at Fair Value](index=15&type=section&id=Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) At the end of the period, the company held financial assets measured at fair value totaling RMB 137.75 million, primarily consisting of trading financial assets and derivative financial assets Assets and Liabilities Measured at Fair Value for H1 2025 | Item | Opening Balance (RMB) | Current Period Fair Value Change (RMB) | Closing Balance (RMB) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 105,127,141.21 | 3,879,949.73 | 137,388,381.37 | | Derivative Financial Assets | 0 | 358,900.27 | 358,900.27 | | Financial Assets Subtotal | 105,127,141.21 | 4,238,850.00 | 137,747,281.64 | | Trading Financial Liabilities | 794,628.22 | -794,628.22 | 0 | [Restricted Assets as of the Reporting Period End](index=16&type=section&id=Restricted%20Assets%20as%20of%20the%20Reporting%20Period%20End) As of the period end, assets with a net book value of RMB 771.98 million were restricted, primarily for security deposits, pledged notes, and collateralized borrowings Restricted Assets as of H1 2025 | Item | Gross Book Value (RMB) | Net Book Value (RMB) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 246,658,616.07 | 246,658,616.07 | Security deposits, frozen funds | Guarantee, Frozen | | Notes Receivable | 305,886,825.76 | 305,886,825.76 | Endorsed but not matured/derecognized | Pledge | | Fixed Assets | 318,569,882.52 | 215,119,817.06 | Collateral for borrowings and notes | Mortgage | | Intangible Assets | 6,962,344.34 | 4,314,827.14 | Collateral for borrowings and notes | Mortgage | | **Total** | **878,077,668.69** | **771,980,086.03** | **-** | **-** | [VI. Investment Analysis](index=16&type=section&id=VI.%20Investment%20Analysis) The company's total investment decreased by 28.99% year-over-year, with a primary focus on derivative instruments for hedging purposes to mitigate exchange rate risks [Overall Situation](index=16&type=section&id=Overall%20Situation) The company's investment amount during the reporting period was RMB 37.01 million, a decrease of 28.99% compared to the same period last year Investment Amount for H1 2025 | Indicator | Amount (RMB) | | :--- | :--- | | Investment in Reporting Period | 37,008,487.21 | | Investment in Prior Year Period | 52,119,188.35 | | Change | -28.99% | [Financial Asset Investment](index=16&type=section&id=Financial%20Asset%20Investment) The company primarily engaged in derivative investments for hedging, including forward foreign exchange contracts and options, to mitigate the impact of currency fluctuations Derivative Investments for Hedging Purposes in H1 2025 | Derivative Investment Type | Opening Amount (RMB 10,000) | Closing Amount (RMB 10,000) | Closing Investment Amount as % of Net Assets | | :--- | :--- | :--- | :--- | | Forward FX Contracts and Options | 47,234.05 | 3,154.21 | 0.91% | | Total | 47,234.05 | 3,154.21 | 0.91% | - During the reporting period, settled forward foreign exchange contracts generated a fair value change loss (including investment income) of **RMB 0.65 million**, while unsettled contracts had a gain of **RMB 1.15 million**[50](index=50&type=chunk) - Hedging transactions effectively mitigated the impact of exchange rate fluctuations during the reporting period[50](index=50&type=chunk) - The company faces risks related to exchange rate fluctuations, customer defaults, collection forecasting, and internal controls, and has implemented corresponding control measures[50](index=50&type=chunk) [VIII. Analysis of Major Subsidiaries and Investees](index=19&type=section&id=VIII.%20Analysis%20of%20Major%20Subsidiaries%20and%20Investees) Major subsidiaries and investees demonstrated strong performance in H1 2025, with increased sales, cost reductions, and improved gross margins leading to significant year-over-year profit growth - Major subsidiaries and investees experienced **increased product sales and prices**, while cost reductions from efficiency improvements boosted gross margins[56](index=56&type=chunk) - The operating performance of major subsidiaries and investees **increased substantially** year-over-year[56](index=56&type=chunk) Financial Data of Major Subsidiaries and Investees | Company Name | Company Type | Main Business | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | | Limin Chemical | Subsidiary | Pesticide production & sales | 817,713,477.86 | 132,155,566.40 | | Veyong Bio-Chemical | Subsidiary | Pesticide production & sales | 971,604,297.77 | 6,782,159.21 | | Xin Veyong | Subsidiary | Pesticide production | 369,319,164.69 | 52,587,584.01 | | Shuangji Chemical | Subsidiary | Pesticide production & sales | 319,558,846.52 | 64,193,181.26 | | Veyong Pharma | Subsidiary | Veterinary drug production & sales | 229,157,580.39 | 16,573,330.87 | | Xinhe Company | Investee | Pesticide production & sales | 464,153,492.63 | 134,897,515.93 | [X. Risks and Countermeasures](index=19&type=section&id=X.%20Risks%20and%20Countermeasures) The company faces risks from market competition, raw material prices, environmental regulations, production safety, exchange rates, and climate, which it addresses through a multi-faceted strategy - **Market Competition Risk**: Addressed through technical upgrades, cost control, new product R&D, and expanding the global marketing network[57](index=57&type=chunk) - **Raw Material Price Fluctuation Risk**: Mitigated by centralized procurement, strategic reserves, strengthening supplier partnerships, localizing the supply chain, and optimizing production processes[57](index=57&type=chunk) - **Environmental Compliance Risk**: Managed by promoting clean production, a circular economy, enhancing carbon reduction capabilities, developing green synthesis processes, and improving risk warning systems[59](index=59&type=chunk) - **Production Safety Risk**: Countered by building a dual prevention mechanism, strengthening employee training, upgrading automated equipment, and implementing standardized management[59](index=59&type=chunk) - **Exchange Rate Fluctuation Risk**: Handled by closely monitoring exchange rate changes and using financial derivatives to hedge foreign exchange risk[59](index=59&type=chunk) - **Extreme Climate and Agricultural Cycle Risk**: Hedged by market forecasting, diversifying product categories, strengthening cooperation with core customers, and optimizing logistics networks[59](index=59&type=chunk) [XII. Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=20&type=section&id=XII.%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan%20Implementation) The company has disclosed the implementation progress of its "Dual Improvement in Quality and Returns" action plan in an announcement on April 30, 2025 - The company has disclosed the "Progress Announcement on the Action Plan for Dual Improvement in Quality and Returns"[60](index=60&type=chunk) [Section 4 Corporate Governance, Environment, and Society](index=20&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [I. Changes in Directors, Supervisors, and Senior Management](index=20&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, and senior management during the reporting period[62](index=62&type=chunk) [II. Profit Distribution and Capitalization of Capital Reserves for the Current Reporting Period](index=20&type=section&id=II.%20Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserves%20for%20the%20Current%20Reporting%20Period) The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans **not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital** for the semi-annual period[63](index=63&type=chunk) [IV. Environmental Information Disclosure](index=21&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its five main subsidiaries are included in the list of enterprises required to disclose environmental information by law, with reports available online - The company and its **five main subsidiaries** are included in the list of enterprises required to disclose environmental information by law[66](index=66&type=chunk) - The listed subsidiaries include Limin Chemical, Hebei Veyong Bio-Chemical, Hebei Shuangji Chemical, Inner Mongolia Xin Veyong Bio-Chemical, and Hebei Veyong Pharma[66](index=66&type=chunk) [V. Social Responsibility](index=21&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities by protecting stakeholder interests, promoting green development, and engaging in public welfare and community support initiatives - The company strictly protects shareholder rights, maintains good relationships with suppliers, customers, and creditors, and values employee development and safety[67](index=67&type=chunk) - The company emphasizes environmental protection and safety management, reporting **no major safety incidents in H1 2025**, and has published its second ESG report[68](index=68&type=chunk)[69](index=69&type=chunk) - The company is committed to building "smart factories" guided by its "Three-Year Smart Factory Construction Plan" and continues to pursue intelligent and digital transformation[69](index=69&type=chunk) - The company actively participates in social welfare activities, including supporting veterans, assisting households in need, blood donations, tree planting, and sponsoring sports teams[69](index=69&type=chunk)[70](index=70&type=chunk) - The company organized technology lectures and agricultural support activities, benefiting approximately **20,800 farmers** and contributing to agricultural efficiency and income growth[70](index=70&type=chunk) [Section 5 Important Matters](index=23&type=section&id=Section%205%20Important%20Matters) [I. Commitments Fulfilled or Overdue by Relevant Parties](index=23&type=section&id=I.%20Commitments%20Fulfilled%20or%20Overdue%20by%20Relevant%20Parties) There were no commitments fulfilled or overdue by the company's controlling shareholders, related parties, or the company itself during the reporting period - The company had no fulfilled or overdue commitments during the reporting period[72](index=72&type=chunk) [II. Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=23&type=section&id=II.%20Non-operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) There was no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - The company reports no non-operating fund occupation by controlling shareholders or other related parties[73](index=73&type=chunk) [III. Irregular External Guarantees](index=23&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[74](index=74&type=chunk) [IV. Appointment and Dismissal of Accounting Firm](index=23&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firm) The company's semi-annual financial report has not been audited - The company's semi-annual report is unaudited[75](index=75&type=chunk) [VIII. Litigation Matters](index=23&type=section&id=VIII.%20Litigation%20Matters) There were no material litigation or arbitration matters involving the company during the reporting period - The company had no material litigation or arbitration matters during this reporting period[77](index=77&type=chunk) [IX. Penalties and Rectifications](index=24&type=section&id=IX.%20Penalties%20and%20Rectifications) The company was not subject to any penalties or rectifications during the reporting period - The company reports no penalties or rectifications during the period[78](index=78&type=chunk) [XI. Major Related Party Transactions](index=24&type=section&id=XI.%20Major%20Related%20Party%20Transactions) The company's only major related party transaction was the procurement of raw materials from an affiliate, which was within the approved annual limit Related Party Transactions in Connection with Daily Operations for H1 2025 | Related Party | Transaction Type | Transaction Content | Transaction Amount (RMB 10,000) | % of Similar Transactions | Approved Limit (RMB 10,000) | Exceeded Limit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Xinhe Agrochemical Co, Ltd | Purchase of goods | Purchase of Chlorothalonil | 753.59 | 100.00% | 5,000 | No | - The company did not engage in any related party transactions involving the acquisition or sale of assets or equity during the reporting period[80](index=80&type=chunk) - There were no non-operating related party credit or debt transactions during the reporting period[82](index=82&type=chunk) [XII. Major Contracts and Their Performance](index=25&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) The company had no custody, contracting, or leasing matters but provided significant guarantees for its subsidiaries and engaged in wealth management activities [Major Guarantees](index=26&type=section&id=Major%20Guarantees) The company provided significant guarantees primarily for its subsidiaries, with a total outstanding balance of RMB 1.12 billion, representing 32.11% of the company's net assets Company's Guarantees for Subsidiaries in H1 2025 (Partial) | Guaranteed Party | Guarantee Limit (RMB 10,000) | Actual Guarantee Amount (RMB 10,000) | Guarantee Type | Guarantee Period | | :--- | :--- | :--- | :--- | :--- | | Veyong Bio-Chemical | 63,500 | 13,900 | General Guarantee | 5 years | | Limin Chemical | 69,000 | 6,300 | Joint and Several Liability | 2.25 years | | Shuangji Chemical | 12,500 | 1,000 | General Guarantee | 1 year | | Xin Veyong | 40,000 | 1,205 | General Guarantee | 5 years | | Veyong Pharma | 3,000 | 1,000 | Joint and Several Liability | 3 years | Total Company Guarantees in H1 2025 | Indicator | Amount (RMB 10,000) | | :--- | :--- | | Total Approved Guarantee Limit in Reporting Period | 214,000 | | Total Actual Guarantees Provided in Reporting Period | 59,119.65 | | Total Approved Guarantee Limit at Period-End | 282,619 | | Total Outstanding Guarantee Balance at Period-End | 111,648.65 | | Ratio of Total Actual Guarantees to Company's Net Assets | 32.11% | [Entrusted Wealth Management](index=31&type=section&id=Entrusted%20Wealth%20Management) The company engaged in entrusted wealth management with bank products, having an outstanding balance of RMB 43.00 million at the period end, with no overdue amounts Entrusted Wealth Management in H1 2025 | Type | Amount Incurred (RMB 10,000) | Outstanding Balance (RMB 10,000) | Overdue Amount (RMB 10,000) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | 4,353.39 | 4,300.28 | 0 | - The funds for entrusted wealth management were from the company's own capital[97](index=97&type=chunk) [XIII. Explanation of Other Major Matters](index=32&type=section&id=XIII.%20Explanation%20of%20Other%20Major%20Matters) There were no other major matters requiring explanation during the reporting period - The company has no other significant matters to report for the period[99](index=99&type=chunk) [XIV. Major Matters Concerning Company Subsidiaries](index=32&type=section&id=XIV.%20Major%20Matters%20Concerning%20Company%20Subsidiaries) Subsidiary Xin Veyong was certified as a "High-tech Enterprise," and subsidiary Limin Chemical obtained an investment project filing certificate - Subsidiary Inner Mongolia Xin Veyong Bio-Chemical Co, Ltd was certified as a "High-tech Enterprise" for a three-year period[100](index=100&type=chunk) - Subsidiary Limin Chemical Co, Ltd obtained the "Jiangsu Province Investment Project Filing Certificate"[100](index=100&type=chunk) [Section 6 Changes in Share Capital and Shareholders](index=33&type=section&id=Section%206%20Changes%20in%20Share%20Capital%20and%20Shareholders) [I. Changes in Share Capital](index=33&type=section&id=I.%20Changes%20in%20Share%20Capital) The company's total shares increased by 20.23% to 441.04 million shares, primarily due to the conversion of convertible bonds into equity Changes in Share Capital in H1 2025 | Share Type | Shares Before Change (shares) | Increase/Decrease (shares) | Shares After Change (shares) | | :--- | :--- | :--- | :--- | | Restricted Shares | 42,236,645 | -818,921 | 41,417,724 | | Unrestricted Shares | 324,633,830 | 74,985,157 | 399,618,987 | | Total Shares | 366,870,475 | 74,166,236 | 441,036,711 | - The primary reason for the change in share capital was the **conversion of convertible bonds into shares**[104](index=104&type=chunk) - The conversion of convertible bonds led to a slight decrease in basic EPS, diluted EPS, and net assets per share attributable to common shareholders[104](index=104&type=chunk) [2. Changes in Restricted Shares](index=34&type=section&id=2.%20Changes%20in%20Restricted%20Shares) The total number of restricted shares decreased from 42.24 million to 41.42 million, mainly due to the release of shares from executive lock-up periods Changes in Restricted Shares in H1 2025 | Shareholder Name | Restricted Shares at Start of Period (shares) | Shares Released This Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Li Xinsheng | 33,553,215 | 0 | 33,553,215 | Executive Lock-up | | Sun Jingquan | 5,639,772 | 0 | 5,639,772 | Executive Lock-up | | Zhao Lifeng | 450 | 450 | 0 | Executive Lock-up | | Other Restricted Shareholders | 818,471 | 818,471 | 0 | Executive Lock-up | | Total | 42,236,645 | 818,921 | 41,417,724 | -- | [III. Number of Shareholders and Shareholding Status](index=35&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the period end, the company had 69,205 common shareholders, with the top 10 including controlling shareholders, institutional investors, and foreign entities - The total number of common shareholders at the end of the reporting period was **69,205**[109](index=109&type=chunk) Top 10 Shareholders or Shareholders with >5% Holding as of H1 2025 | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period-End (shares) | Restricted Shares (shares) | Unrestricted Shares (shares) | Pledged, Marked, or Frozen Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Li Ming | Domestic Natural Person | 16.72% | 73,734,050 | 0 | 73,734,050 | 29,080,915 | | Li Xinsheng | Domestic Natural Person | 10.14% | 44,737,620 | 33,553,215 | 11,184,405 | 24,020,000 | | Sun Jingquan | Domestic Natural Person | 1.71% | 7,519,696 | 5,639,772 | 1,879,924 | 2,400,000 | | Goldman Sachs International - Proprietary | Foreign Legal Entity | 1.16% | 5,126,927 | 0 | 5,126,927 | 0 | | Zhou Guoyi | Domestic Natural Person | 1.07% | 4,716,835 | 0 | 4,716,835 | 2,160,000 | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | Foreign Legal Entity | 0.89% | 3,942,530 | 0 | 3,942,530 | 0 | | UBS AG | Foreign Legal Entity | 0.87% | 3,836,307 | 0 | 3,836,307 | 0 | | Zhang Qinghua | Domestic Natural Person | 0.60% | 2,658,607 | 0 | 2,658,607 | 0 | | BARCLAYS BANK PLC | Foreign Legal Entity | 0.59% | 2,620,006 | 0 | 2,620,006 | 0 | | China International Capital Corporation Limited | State-owned Legal Entity | 0.44% | 1,934,626 | 0 | 1,934,626 | 0 | - Mr. Li Ming and Mr. Li Xinsheng are the company's controlling shareholders, actual controllers, and parties acting in concert; Mr. Li Xinsheng is the chairman, and they are father and son[110](index=110&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=37&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - The shareholdings of the company's directors, supervisors, and senior management remained unchanged from the beginning to the end of the reporting period, with no increases or decreases[111](index=111&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=37&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[112](index=112&type=chunk) - The company's actual controller did not change during the reporting period[112](index=112&type=chunk) [Section 7 Bond-related Information](index=38&type=section&id=Section%207%20Bond-related%20Information) [IV. Convertible Corporate Bonds](index=38&type=section&id=IV.%20Convertible%20Corporate%20Bonds) The outstanding amount of "Limin Convertible Bonds" decreased significantly due to conversions, with RMB 697 million converted, while the company's debt profile and credit rating remained stable [1. Convertible Bond Issuance](index=38&type=section&id=1.%20Convertible%20Bond%20Issuance) The company issued RMB 980 million of convertible corporate bonds in March 2021, with a six-year term and a conversion period starting September 2021 - In March 2021, the company publicly issued convertible corporate bonds with a total face value of **RMB 980 million**, known as "Limin Convertible Bond" (code "128144")[118](index=118&type=chunk) - The bonds have a **6-year term**, with the conversion period from September 6, 2021, to February 28, 2027[118](index=118&type=chunk) [2. Guarantors and Top Ten Bondholders](index=38&type=section&id=2.%20Guarantors%20and%20Top%20Ten%20Bondholders) The "Limin Convertible Bond" had 8,130 holders at the period end, with no guarantor, and the top ten holders were primarily funds and foreign institutions - The "Limin Convertible Bond" had **8,130 holders** at the period end and has no guarantor[119](index=119&type=chunk) Top Ten Convertible Bondholders in H1 2025 (Partial) | No. | Bondholder Name | Bondholder Type | Number of Bonds Held at Period-End (units) | Percentage of Bonds Held at Period-End | | :--- | :--- | :--- | :--- | :--- | | 1 | China Merchants Bank Co, Ltd - Bosera CSI Convertible Bond & Exchangeable Bond ETF | Other | 285,452 | 10.10% | | 2 | Industrial and Commercial Bank of China Limited - ZOE Convertible Bond Fund | Other | 156,662 | 5.54% | | 4 | MORGAN STANLEY & CO. INTERNATIONAL PLC. | Foreign Legal Entity | 83,990 | 2.97% | [3. Changes in Convertible Bonds during the Reporting Period](index=39&type=section&id=3.%20Changes%20in%20Convertible%20Bonds%20during%20the%20Reporting%20Period) During the period, the outstanding amount of "Limin Convertible Bonds" decreased by RMB 696.51 million due to conversions, leaving a balance of RMB 282.74 million Changes in Convertible Bonds in H1 2025 | Convertible Bond Name | Balance Before Change (RMB) | Increase/Decrease (Conversion) (RMB) | Balance After Change (RMB) | | :--- | :--- | :--- | :--- | | Limin Convertible Bond | 979,250,100.00 | 696,506,400.00 | 282,743,700.00 | [4. Cumulative Conversion Status](index=39&type=section&id=4.%20Cumulative%20Conversion%20Status) As of the period end, a cumulative total of RMB 697.26 million of "Limin Convertible Bonds" had been converted into 74.23 million shares Cumulative Conversion Status as of H1 2025 | Convertible Bond Name | Cumulative Conversion Amount (RMB) | Cumulative Number of Shares Converted (shares) | Converted Shares as % of Pre-conversion Total Shares | Unconverted Amount (RMB) | Unconverted Amount as % of Total Issuance | | :--- | :--- | :--- | :--- | :--- | :--- | | Limin Convertible Bond | 697,256,300.00 | 74,233,589 | 19.93% | 282,743,700.00 | 28.85% | [5. Historical Adjustments and Revisions to the Conversion Price](index=40&type=section&id=5.%20Historical%20Adjustments%20and%20Revisions%20to%20the%20Conversion%20Price) The conversion price of the "Limin Convertible Bond" has been adjusted multiple times due to profit distributions and board proposals, with the latest price set at RMB 8.10 per share - The conversion price of the "Limin Convertible Bond" has been adjusted from an initial **RMB 13.98 per share to the current RMB 8.10 per share**[125](index=125&type=chunk) - Adjustments were primarily due to profit distribution plans and downward revisions proposed by the Board of Directors[125](index=125&type=chunk) - As of the end of this reporting period, the latest conversion price is **RMB 8.10 per share**[125](index=125&type=chunk) [6. Company's Debt, Credit Status, and Future Repayment Arrangements](index=41&type=section&id=6.%20Company's%20Debt%2C%20Credit%20Status%2C%20and%20Future%20Repayment%20Arrangements) The company's debt profile improved, with the asset-liability ratio decreasing to 47.78% and the interest coverage ratio rising to 10.49, while maintaining a stable AA credit rating Debt and Credit Status for H1 2025 | Item | June 30, 2025 / H1 2025 | Dec 31, 2024 / H1 2024 | Change / Change Ratio | | :--- | :--- | :--- | :--- | | Asset-Liability Ratio | 47.78% | 59.53% | -11.75% | | Interest Coverage Ratio | 10.49 | 2.18 | 381.19% | | Interest Payment Ratio | 100% | 100% | 0% | - China Chengxin International Credit Rating Co, Ltd maintained the company's corporate credit rating at **AA** with a **"Stable"** outlook[126](index=126&type=chunk) [VI. Key Accounting Data and Financial Indicators for the Last Two Years](index=41&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Last%20Two%20Years) Key financial indicators over the last two years show significant improvements in liquidity, solvency, and profitability, evidenced by higher liquidity ratios and interest coverage multiples Key Accounting Data and Financial Indicators for the Last Two Years | Item | Current Period-End / Current Period | Prior Year-End / Prior Year Period | Change from Prior Year-End / Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Current Ratio | 0.9884 | 0.8798 | 12.34% | | Asset-Liability Ratio | 47.78% | 59.53% | -11.75% | | Quick Ratio | 0.6736 | 0.5461 | 23.35% | | Net Profit after Non-recurring Items (RMB 10,000) | 25,666.04 | 2,837.88 | 804.41% | | Interest Coverage Ratio | 10.49 | 2.18 | 381.19% | | Cash Interest Coverage Ratio | 3.70 | -1.76 | 310.23% | | EBITDA Interest Coverage Ratio | 16.29 | 6.89 | 136.43% | | Loan Repayment Ratio | 100.00% | 100.00% | 0.00% | | Interest Payment Ratio | 100.00% | 100.00% | 0.00% | [Section 8 Financial Report](index=42&type=section&id=Section%208%20Financial%20Report) [I. Audit Report](index=42&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report has not been audited - The company's semi-annual financial report is unaudited[129](index=129&type=chunk) [II. Financial Statements](index=42&type=section&id=II.%20Financial%20Statements) This section presents the consolidated and parent company financial statements for H1 2025, including balance sheets, income statements, cash flow statements, and statements of changes in equity [1. Consolidated Balance Sheet](index=42&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were RMB 6.78 billion, while total liabilities decreased by 18.29% to RMB 3.24 billion Key Data from Consolidated Balance Sheet as of June 30, 2025 | Item | Closing Balance (RMB) | Opening Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 6,778,126,280.47 | 6,660,284,764.42 | | Total Liabilities | 3,238,642,290.91 | 3,964,780,386.48 | | Total Equity | 3,539,483,989.56 | 2,695,504,377.94 | | Cash and Cash Equivalents | 647,003,039.86 | 666,121,894.29 | | Accounts Receivable | 598,958,712.90 | 369,992,859.18 | | Inventory | 729,874,193.07 | 763,151,351.60 | | Fixed Assets | 3,071,489,521.08 | 3,218,834,911.07 | | Short-term Borrowings | 878,079,549.87 | 763,357,623.48 | | Bonds Payable | 267,783,894.73 | 916,189,432.49 | | Share Capital | 441,036,711.00 | 366,870,475.00 | | Capital Reserves | 1,480,989,805.29 | 829,988,070.64 | [2. Parent Company Balance Sheet](index=44&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were RMB 4.58 billion, while total liabilities decreased by 23.47% to RMB 1.76 billion Key Data from Parent Company Balance Sheet as of June 30, 2025 | Item | Closing Balance (RMB) | Opening Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 4,582,073,264.16 | 4,236,492,938.27 | | Total Liabilities | 1,764,084,422.02 | 2,304,970,036.56 | | Total Equity | 2,817,988,842.14 | 1,931,522,901.71 | | Cash and Cash Equivalents | 182,454,604.64 | 216,051,713.93 | | Accounts Receivable | 241,934,823.35 | 119,776,485.05 | | Long-term Equity Investments | 2,667,500,051.13 | 2,651,772,554.50 | | Bonds Payable | 267,783,894.73 | 916,189,432.49 | | Share Capital | 441,036,711.00 | 366,870,475.00 | | Capital Reserves | 1,591,797,284.50 | 940,795,549.85 | [3. Consolidated Income Statement](index=47&type=section&id=3.%20Consolidated%20Income%20Statement) For H1 2025, the company's consolidated total operating revenue was RMB 2.45 billion, and net profit attributable to parent company shareholders surged by 747.13% to RMB 269 million Key Data from Consolidated Income Statement for H1 2025 | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 2,452,036,963.81 | 2,298,206,905.57 | | Total Operating Costs | 2,166,723,808.63 | 2,205,125,556.35 | | Operating Profit | 331,039,445.83 | 54,716,672.14 | | Total Profit | 327,591,352.96 | 56,157,139.66 | | Net Profit | 281,393,796.71 | 36,950,678.33 | | Net Profit Attributable to Parent Company Shareholders | 268,846,594.55 | 31,736,154.99 | | Basic Earnings Per Share | 0.69 | 0.09 | | Diluted Earnings Per Share | 0.60 | 0.09 | [4. Parent Company Income Statement](index=49&type=section&id=4.%20Parent%20Company%20Income%20Statement) For H1 2025, the parent company's operating revenue was RMB 1.84 billion, and it achieved a net profit of RMB 326 million, a significant turnaround from a loss in the prior year Key Data from Parent Company Income Statement for H1 2025 | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Operating Revenue | 1,838,692,752.56 | 1,530,452,129.99 | | Operating Costs | 1,808,572,366.08 | 1,512,620,029.85 | | Operating Profit | 326,579,422.19 | -29,438,890.68 | | Total Profit | 326,455,663.97 | -29,285,978.90 | | Net Profit | 325,843,499.16 | -29,285,978.90 | [5. Consolidated Cash Flow Statement](index=50&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) For H1 2025, the company's consolidated net cash flow from operating activities turned positive to RMB 91.44 million, a 180.08% increase from the prior year period Key Data from Consolidated Cash Flow Statement for H1 2025 | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 91,439,060.38 | -114,178,134.33 | | Net Cash Flow from Investing Activities | -56,526,408.71 | -50,729,029.38 | | Net Cash Flow from Financing Activities | -98,167,454.41 | -118,766,578.26 | | Net Increase in Cash and Cash Equivalents | -59,910,695.92 | -279,311,045.31 | | Closing Balance of Cash and Cash Equivalents | 400,344,423.79 | 314,039,225.59 | [6. Parent Company Cash Flow Statement](index=51&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) For H1 2025, the parent company's net cash outflow from operating activities was RMB 32.52 million, showing an improvement compared to the prior year period Key Data from Parent Company Cash Flow Statement for H1 2025 | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -32,519,855.17 | -125,837,103.61 | | Net Cash Flow from Investing Activities | 46,541,121.27 | 229,321,822.22 | | Net Cash Flow from Financing Activities | -106,908,727.41 | -265,904,848.05 | | Net Increase in Cash and Cash Equivalents | -92,897,109.29 | -162,418,884.14 | | Closing Balance of Cash and Cash Equivalents | 161,628,301.39 | 92,106,526.54 | [7. Consolidated Statement of Changes in Equity](index=52&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Equity) In H1 2025, the company's consolidated total equity increased by RMB 844 million, primarily driven by comprehensive income and capital contributions from convertible bond conversions Consolidated Statement of Changes in Equity for H1 2025 (Partial) | Item | Opening Balance (RMB) | Change This Period (RMB) | Closing Balance (RMB) | | :--- | :--- | :--- | :--- | | Share Capital | 366,870,475.00 | 74,166,236.00 | 441,036,711.00 | | Other Equity Instruments | 183,186,669.88 | -130,291,582.27 | 52,895,087.61 | | Capital Reserves | 829,988,070.64 | 651,001,734.65 | 1,480,989,805.29 | | Less: Treasury Stock | 100,001,505.53 | -70,001,053.87 | 30,000,451.66 | | Retained Earnings | 1,205,786,126.28 | 164,590,729.30 | 1,370,376,855.58 | | Total Equity Attributable to Parent Company | 2,642,805,549.03 | 834,547,262.63 | 3,477,352,811.66 | | Minority Interests | 52,698,828.91 | 9,432,348.99 | 62,131,177.90 | | Total Equity | 2,695,504,377.94 | 843,979,611.62 | 3,539,483,989.56 | - Total comprehensive income for the period was **RMB 281.27 million**, with RMB 268.75 million attributable to parent company owners[140](index=140&type=chunk) - Capital contributions from owners increased by **RMB 664.88 million**, mainly due to the conversion of convertible bonds which increased share capital and capital reserves[148](index=148&type=chunk) [8. Parent Company Statement of Changes in Equity](index=57&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Equity) In H1 2025, the parent company's total equity increased by RMB 886 million, driven by comprehensive income and capital contributions from convertible bond conversions Parent Company Statement of Changes in Equity for H1 2025 (Partial) | Item | Opening Balance (RMB) | Change This Period (RMB) | Closing Balance (RMB) | | :--- | :--- | :--- | :--- | | Share Capital | 366,870,475.00 | 74,166,236.00 | 441,036,711.00 | | Other Equity Instruments | 183,186,669.88 | -130,291,582.27 | 52,895,087.61 | | Capital Reserves | 940,795,549.85 | 651,001,734.65 | 1,591,797,284.50 | | Less: Treasury Stock | 100,001,505.53 | -70,001,053.87 | 30,000,451.66 | | Retained Earnings | 388,527,750.05 | 221,587,633.91 | 610,115,383.96 | | Total Equity | 1,931,522,901.71 | 886,465,940.43 | 2,817,988,842.14 | - Total comprehensive income for the period was **RMB 325.84 million**[156](index=156&type=chunk) - Capital contributions from owners increased by **RMB 664.88 million**, mainly due to the conversion of convertible bonds which increased share capital and capital reserves[157](index=157&type=chunk) [III. Company Basic Information](index=60&type=section&id=III.%20Company%20Basic%20Information) Limin Holding Group Co, Ltd, established in 1996 and listed in 2015, operates in the pesticide and chemical sectors, with its financial statements approved on August 14, 2025 - The company, formerly Limin Chemical Co, Ltd, was founded on December 17, 1996, and listed on the Shenzhen Stock Exchange on January 27, 2015[161](index=161&type=chunk) - The company has a registered capital of RMB 371.22 million, its legal representative is Li Xinsheng, and its registered address is in the Xinyi Economic Development Zone, Jiangsu[162](index=162&type=chunk) - The company's business scope includes pesticide wholesale and retail, import/export, equity investment, chemical product sales, and biochemical product R&D[162](index=162&type=chunk) - These financial statements were approved for issuance by the Board of Directors on August 14, 2025[163](index=163&type=chunk) [IV. Basis of Preparation of Financial Statements](index=61&type=section&id=IV.%20Basis%20of%20Preparation%20of%20Financial%20Statements) The financial statements are prepared on a going concern basis, in accordance with the Ministry of Finance's enterprise accounting standards and related regulations - The company prepares its financial statements on a **going concern basis**, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance[164](index=164&type=chunk) - The Board of Directors believes the company has sufficient working capital to continue operating for the next 12 months[165](index=165&type=chunk) [V. Significant Accounting Policies and Estimates](index=61&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates used in preparing the financial statements, covering areas such as business combinations, financial instruments, revenue recognition, and government grants - The financial statements comply with enterprise accounting standards, providing a true and complete view of the company's financial position, performance, and cash flows[167](index=167&type=chunk) - The company defines an accounts receivable as significant if it is individually assessed for bad debt and exceeds **RMB 3 million**[171](index=171&type=chunk) - A non-wholly-owned subsidiary is considered significant if its revenue exceeds 5% of consolidated revenue or its net profit exceeds 5% of consolidated net profit attributable to the parent[171](index=171&type=chunk) - Financial assets are initially measured at fair value and subsequently classified based on business models and contractual cash flow characteristics[182](index=182&type=chunk)[183](index=183&type=chunk)[184](index=184&type=chunk)[185](index=185&type=chunk) - Revenue is recognized when the company fulfills its performance obligations in a contract, i.e, when the customer obtains control of the goods or services[235](index=235&type=chunk) - The company adopted "CAS Interpretation No 17" and "CAS Interpretation No 18" from January 1, 2024, with no material impact on its financial reports[249](index=249&type=chunk) [VI. Taxes](index=79&type=section&id=VI.%20Taxes) The company is subject to various taxes including VAT and corporate income tax, and benefits from several tax incentives such as VAT exemptions and reduced income tax rates for high-tech enterprises Main Taxes and Rates | Tax Type | Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13%, 9%, 6%, 5% | | Urban Maintenance and Construction Tax | 7%, 5%, 1% | | Corporate Income Tax | 15%, 20%, 25%, 30% | - Lifeng Co, Ltd and Limin Chemical (Cambodia) Co, Ltd are exempt from VAT on their pesticide products[252](index=252&type=chunk) - Several subsidiaries (e.g, Hebei Shuangji Chemical, Hebei Veyong Bio-Chemical, Limin Chemical) enjoy a reduced **15% corporate income tax rate** due to their high-tech enterprise status[252](index=252&type=chunk)[253](index=253&type=chunk)[254](index=254&type=chunk) - Some subsidiaries qualify as small and micro-enterprises, benefiting from a reduced corporate income tax rate of 20% on 25% of their taxable income[254](index=254&type=chunk) - Certain subsidiaries enjoy reductions on "six local taxes and two fees"[255](index=255&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=80&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed disclosures on items in the consolidated financial statements, including cash, receivables, inventory, fixed assets, bonds payable, and equity, highlighting the impact of convertible bond conversions - As of June 30, 2025, **RMB 246.54 million** of the cash balance was restricted security deposits[257](index=257&type=chunk) Accounts Receivable and Bad Debt Provision for H1 2025 | Item | Closing Gross Balance (RMB) | Closing Bad Debt Provision (RMB) | Closing Net Value (RMB) | | :--- | :--- | :--- | :--- | | Total Accounts Receivable | 635,754,155.53 | 36,795,442.63 | 598,958,712.90 | | Of which: Aging Portfolio | 632,275,099.05 | 33,782,577.09 | 598,492,521.96 | | Individually Assessed | 3,479,056.48 | 3,012,865.54 | 466,190.94 | Inventory Classification and Write-down Provision for H1 2025 | Item | Closing Gross Balance (RMB) | Closing Write-down Provision (RMB) | Closing Net Value (RMB) | | :--- | :--- | :--- | :--- | | Raw Materials | 131,797,166.18 | 1,559,864.29 | 130,237,301.89 | | Finished Goods | 587,468,007.64 | 8,430,780.55 | 579,037,227.09 | | Total | 739,864,837.91 | 9,990,644.84 | 729,874,193.07 | - During the reporting period, "Limin Convertible Bonds" decreased by **RMB 696.51 million** due to conversion into 84.00 million shares, resulting in a **RMB 74.17 million** increase in share capital and a **RMB 650.94 million** increase in capital reserves[414](index=414&type=chunk)[419](index=419&type=chunk) - The company used **9,837,590 treasury shares** from its stock repurchase program for convertible bond conversions, with a transaction value of RMB 70.00 million[423](index=423&type=chunk) Breakdown of Operating Revenue and Costs for H1 2025 | Contract Classification | Operating Revenue (RMB) | Operating Costs (RMB) | | :--- | :--- | :--- | | **Business Type** | | | | Pesticide | 2,199,509,246.15 | 1,617,734,948.04 | | Veterinary Drug | 229,087,895.54 | 179,477,735.36 | | Other | 23,439,822.12 | 13,998,082.92 | | **By Operating Region** | | | | Domestic Sales | 1,604,394,681.88 | 1,204,169,606.31 | | Overseas Sales | 847,642,281.93 | 607,041,160.01 | [VIII. R&D Expenditures](index=129&type=section&id=VIII.%20R&D%20Expenditures) The company's total R&D expenditure for the period was RMB 87.45 million, a 33.41% year-over-year increase, with RMB 4.80 million capitalized for pesticide registration projects R&D Expenditure for H1 2025 | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Direct Materials | 24,931,242.38 | 18,039,018.62 | | Personnel Salaries | 36,677,355.35 | 30,833,964.52 | | Outsourced R&D Expenses | 3,108,851.24 | 4,022,701.01 | | Equipment Depreciation & Amortization | 16,618,065.47 | 8,769,380.45 | | Lab Testing Expenses | 4,382,915.39 | 3,047,648.03 | | Other Expenses | 1,735,384.66 | 837,773.72 | | **Total** | **87,453,814.49** | **65,550,486.35** | | Of which: Expensed R&D | 82,652,384.11 | 62,849,505.89 | | Capitalized R&D | 4,801,430.38 | 2,700,980.46 | - Capitalized R&D expenditures are primarily for pesticide registration certificate projects, with a closing balance of **RMB 18.20 million**[484](index=484&type=chunk) [IX. Changes in the Scope of Consolidation](index=129&type=section&id=IX.%20Changes%20in%20the%20Scope%20of%20Consolidation) There were no changes in the company's scope of consolidation during the reporting period from business combinations, disposals, or other reasons - The company had no business combinations under non-common control during the reporting period[486](index=486&type=chunk) - The company had no business combinations under common control during the reporting period[487](index=487&type=chunk) - The company had no reverse acquisitions during the reporting period[487](index=487&type=chunk) - The company had no transactions or events leading to a loss of control over subsidiaries during the reporting period[487](index=487&type=chunk) - There were no other changes to the scope of consolidation during the reporting period[488](index=488&type=chunk) [X. Interests in Other Entities](index=130&type=section&id=X.%20Interests%20in%20Other%20Entities) The company holds interests in various subsidiaries and associates, with key non-wholly-owned subsidiary Hebei Shuangji Chemical and key associate Jiangsu Xinhe Agrochemical being significant contributors - The company owns several subsidiaries, including Nanjing Limin Chemical, Lifeng Co, Ltd, Hebei Shuangji Chemical, and Hebei Veyong Bio-Chemical[489](index=489&type=chunk)[490](index=490&type=chunk) Financial Information of Significant Non-wholly-owned Subsidiaries for H1 2025 | Subsidiary Name | Minority Interest Ratio | Profit/Loss Attributable to Minority Interests (RMB) | Dividends Declared to Minority Interests (RMB) | Closing Balance of Minority Interests (RMB) | | :--- | :--- | :--- | :--- | :--- | | Hebei Shuangji Chemical Co, Ltd | 20.49% | 13,155,511.45 | 2,459,232.00 | 55,666,968.28 | - Significant associates include Jiangsu Xinhe Agrochemical Co, Ltd and Jiangsu Xinyi Taihe Chemical Co, Ltd, both with a **34.00%** shareholding and accounted for using the equity method[498](index=498&type=chunk) Financial Information of Significant Associate Jiangsu Xinhe Agrochemical Co, Ltd for H1 2025 | Item | Closing Balance / Current Period Amount (RMB) | | :--- | :--- | | Total Assets | 1,182,550,105.38 | | Total Liabilities | 280,680,965.62 | | Equity Attributable to Parent Company Shareholders | 901,869,139.76 | | Book Value of Investment in Associate | 305,586,178.40 | | Operating Revenue | 464,153,492.63 | | Net Profit | 134,897,515.93 | [XI. Government Grants](index=137&type=section&id=XI.%20Government%20Grants) During the period, the company recognized government grants totaling RMB 16.74 million in current profit or loss, comprising both asset-related and income-related grants Government Grants Recognized in Current Profit or Loss for H1 2025 | Account | Current Period Amount (RMB) | | :--- | :--- | | Asset-related Government Grants | 2,920,085.96 | | Income-related Government Grants | 13,823,427.47 | Liability Items Involving Government Grants for H1 2025 | Account | Opening Balance (RMB) | New Grants This Period (RMB) | Closing Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 29,413,141.14 | 0 | 26,493,055.18 | Asset-related | | Deferred Income | 826,932.68 | 0 | 794,087.68 | Income-related | [XII. Risks Related to Financial Instruments](index=138&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages market, credit, and liquidity risks through various measures, including hedging with derivatives, credit control, and maintaining sufficient cash reserves - The company's foreign exchange risk is mainly related to its USD-denominated assets and liabilities; a **5% depreciation of the RMB would increase annual profit by approximately RMB 14.87 million**[509](index=509&type=chunk)[510](index=510&type=chunk) - The company's interest rate risk primarily arises from floating-rate borrowings[512](index=512&type=chunk) - A **50 basis point increase/decrease in interest rates** would decrease/increase the net profit attributable to parent company owners for H1 2025 by **RMB 1.78 million**[512](index=512&type=chunk) - The company mitigates credit risk by controlling credit limits, conducting credit approvals, and

证券之星消息，8月14日农化制品板块较上一交易日下跌1.35%，宏达股份领跌。当日上证指数报收于 3666.44，下跌0.46%。深证成指报收于11451.43，下跌0.87%。农化制品板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600331 | 宏达股份 | 10.02 | -5.47% | 63.40万 | 6.50亿 | | 870866 | 绿亭科技 | 9.52 | -4.42% | 3.56万 | 3457.43万 | | 002734 | 利民股份 | 21.65 | -4.12% | 38.98万 | 8.67 Z | | 002513 | 蓝丰生化 | 5.46 | -3.87% | 8.22万 | 4571.81万 | | 600596 | 新安股份 | 9.67 | -3.40% | 27.83万 | 2.74亿 | | 30 ...

8月13日晚间，利民股份发布公告称，公司第六届董事会第八次会议审议通过了《关于不提前赎回"利民 转债"的议案》。该决议表明公司暂不执行可转债的提前赎回权。 截至8月13日收盘，利民股份报22.58元，较前一交易日上涨0.14元。当日成交量为35.67万手，成交金额 达8.02亿元，换手率为8.93%。 利民股份主营业务为农药、兽药等产品的研发、生产和销售。公司产品涵盖杀虫剂、杀菌剂、除草剂等 多个品类，广泛应用于农业生产领域。 从资金流向来看，8月13日主力资金净流出1.16亿元，占流通市值的1.29%。近五个交易日累计净流出 1.76亿元，占流通市值的1.95%。 风险提示：投资有风险，入市需谨慎。 ...

证券日报网讯 8月13日晚间，利民股份发布公告称，公司第六届董事会第八次会议审议通过了《关于不 提前赎回"利民转债"的议案》。 （文章来源：证券日报） ...

（文章来源：每日经济新闻） 利民股份8月13日晚间发布公告称，公司第六届第八次董事会会议于2025年8月13日召开，会议审议了 《关于不提前赎回"利民转债"的议案》等文件。 ...

股票代码：002734 股票简称：利民股份 公告编号：2025-068 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 7 月 24 日至 2025 年 8 月 13 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 公司于 2025 年 8 月 13 日召开第六届董事会第八次会议，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 8 月 14 日至 2025 年 11 月 13 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。以 2025 年 11 月 13 日后首个交易日（即 2025 年 11 月 14 日）重新计算，若 "利民转债"再次触发赎回条款，届时董事会将另行召开 ...

第六届董事会第八次会议决议公告 股票代码：002734 股票简称：利民股份 公告编号：2025-067 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 备查文件： 特此公告。 利民控股集团股份有限公司董事会 -1- 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"）第六届董事会第八次会议于 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》。 ...