Group 1 - The core viewpoint of the article highlights the continuous increase in glyphosate raw material prices since May, with a reported price of 27,500 yuan/ton for 95% purity and 28,000 yuan/ton for 97% purity, reflecting a 20% increase since early May [1] - Supply and demand analysis indicates that glyphosate weekly production reached 8,600 tons as of August 24, an 18.71% increase from the previous week, while inventory decreased to 27,800 tons, indicating a tight supply situation that supports price stability [1] - A total of 11 A-share companies are involved in glyphosate, with an average stock price increase of 2.42% on August 26, led by Jiangshan Chemical, Runfeng Co., and Xingfa Group with gains of 5.7%, 3.94%, and 3.85% respectively [1] Group 2 - Performance data from the semi-annual reports show that Zhongnong United turned a profit, while Ando麦 A reduced losses, and companies like Runfeng Co., Jiangshan Chemical, Guoguang Co., and Yangnong Chemical reported year-on-year profit growth [1] - The stock performance of glyphosate-related companies on August 26 shows significant variations in net profit growth, with Jiangshan Chemical at 98.18%, Runfeng Co. at 205.62%, and Xingfa Group at -9.72% [3]

四川国光农化股份有限公司 章程 1 目 录 2 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东会 第一节 股东的一般规定 第二节 控股股东和实际控制人 第三节 股东会的一般规定 第四节 股东会的召集 第五节 股东会的提案与通知 第六节 股东会的召开 第七节 股东会的表决和决议 第五章 董事和董事会 第一节 董事的一般规定 第二节 董事会 第三节 独立董事 第四节 董事会专门委员会 第六章 高级管理人员 第七章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第八章 通知与公告 第一节 通知 第二节 公告 第九章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十章 修改章程 第十一章 附则 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和行为，根据 《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证 券法》）和其他有关规定，制定本章程。 第二条 四川国光农化股份有限公司 ...

证券代码：002749 证券简称：国光股份 公告编号：2025-058 号 四川国光农化股份有限公司 2025 年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1.本次股东大会以现场表决与网络表决相结合的方式召开。 2.本次会议无增加、变更、否决议案的情况。 一、会议召开和出席情况 （一）会议召开情况 1.会议时间： （1）现场会议时间：2025 年 8 月 26 日下午 14:30 （2）网络投票时间 ①通过深交所交易系统投票的时间为：2025 年 8 月 26 日上午 9:15-9:25、9:30 至 11:30，下午 13:00 至 15:00。 ②通过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 8 月 26 日 上午 9:15 至下午 15:00 期间的任意时间。 1.出席本次会议的股东、股东授权委托代表及其持有的股份情况： | | | 其中 | | --- | --- | --- | | 会议出席情况 | 出席会议的股 | | | | 东及股东授权 委托代表 | 出席现场会议的股东 及股东授权 ...

北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-56916450 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 北京市康达律师事务所 关于四川国光农化股份有限公司 2025 年第二次临时股东大会的法律意见书 康达股会字【2025】第 0353 号 2．本所及本所律师依据《证券法》《律师事务所从事证券法律业务管理 办法》和《律师事务所证券法律业务执业规则（试行）》等规定及本《法律意 见书》出具日以前已经发生的或者存在的事实，严格履行了法定职责，遵循了 勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本《法律意见书》所 认定的事实真实、准确、完整，所发表的结论性意见合 ...

Group 1 - The company's overall gross margin reached 47% in the first half of 2025, with the core pesticide business gross margin at 51%, the highest level in five years, driven by the rapid sales growth of high-margin products like plant growth regulators [1] - The continuous growth in sales of plant growth regulators is attributed to the company's competitive advantages, being the largest company in terms of registered varieties and revenue in the domestic market, along with rich application experience [1] - The company achieved a net profit attributable to shareholders of 231 million yuan in the first half of 2025, representing a year-on-year growth of 6.05% [1] Group 2 - The company obtained 9 pesticide registration certificates and 11 fertilizer registration certificates in the first half of 2025, further enriching its product line [2] - R&D expenses increased by over 40% year-on-year, indicating a commitment to long-term competitiveness despite a slight slowdown in profit growth compared to revenue growth in the short term [2] - The plant growth regulator market is characterized by low usage but specific application methods, requiring a combination of different functional components, which complicates the development of single product logic [2] Group 3 - The implementation of the "one certificate, one product" policy is expected to benefit leading formulation companies by regulating the market and promoting the exit of non-compliant enterprises [3] - The company is expected to see an increase in competitive advantages due to its rich reserve of registration certificates and independent channel capabilities [3] - The profit forecasts for 2025-2027 have been adjusted to 430 million, 526 million, and 647 million yuan respectively, with a target price of 22.08 yuan based on a 24 times price-to-earnings ratio for comparable companies [3]

Group 1 - Glyphosate concept stocks increased by 2.03%, ranking 4th among concept sectors, with 15 stocks rising, led by Jiangtian Chemical, Yangnong Chemical, and Yingtai Biological, which rose by 10.47%, 5.33%, and 3.40% respectively [1] - The main funds net inflow into the glyphosate concept sector was 47 million yuan, with 8 stocks receiving net inflows, and 5 stocks seeing inflows exceeding 10 million yuan, led by Noposion with a net inflow of 38.12 million yuan [2] - The top three stocks by net inflow ratio were Taihe Co., Ltd., Lier Chemical, and Noposion, with net inflow ratios of 8.33%, 5.80%, and 5.40% respectively [3] Group 2 - The glyphosate concept stocks' performance included Noposion with a 2.61% increase, Jiangtian Chemical with a 10.47% increase, and Lier Chemical with a 2.12% increase, among others [3] - The overall market performance showed that the glyphosate concept was among the top gainers, indicating positive market sentiment towards this sector [2]

Investment Rating - The report maintains a "Recommended" rating for the basic chemical industry [1] Core Insights - The report highlights the price increases of lithium carbonate and photoinitiators, suggesting a potential recovery in the chemical industry driven by anti-involution trends [1] - The basic chemical sector has shown strong relative performance, with a 39.4% increase over the past 12 months compared to the 25.7% increase in the CSI 300 index [3] Summary by Sections Recent Trends - The report notes a decline in the Guohai Chemical Prosperity Index to 92.75 as of August 14, 2025, down 0.11 from August 7, 2025 [4] Investment Recommendations - Key opportunities identified include: 1. Low-cost expansion in companies such as Wanhua Chemical, Satellite Chemical, and others [5] 2. Improvement in industry prosperity for chromium salts, phosphate rock, and various chemical sectors [6] 3. Focus on new materials with high growth potential and low domestic substitution rates [7] 4. High dividend opportunities in state-owned enterprises like China Petroleum and Sinopec [8] Price Analysis of Key Products - Industrial-grade lithium carbonate price increased by 9.93% to 83,000 CNY/ton [10] - Photoinitiator (TPO) price rose by 5.56% to 95 CNY/kg [10] - Polyester filament price increased by 2.16% to 7,100 CNY/ton [10] Company Performance Tracking - Notable companies such as Zhenhua Co. reported a 10.17% increase in revenue for the first half of 2025 [13] - Wanhua Chemical's pure MDI price was reported at 17,900 CNY/ton, with a slight increase [11] Market Observations - The report indicates a potential inventory replenishment cycle in the chemical sector due to anticipated fiscal policy support in China and the US [29]

出海是趋势，但策略不一。近日，国内植物生长调节剂行业龙头国光股份发布公告称，公司与关联方颜 亚奇签署《代为培育协议》，委托其代为培育海外农药项目。 颜亚奇是国光股份控股股东、实控人颜昌绪之子，曾任公司董事长、总经理职务，现为上市公司旗下四 川国光农资有限公司执行董事、鹤壁全丰生物科技有限公司董事。这一安排顾及了海外农药业务前期投 资较大且周期较长、不确定性较多等因素。 寻找新的成长曲线，国光股份管理团队上下求索。"近些年，公司高管出国考察发现，海外市场很 大。"国光股份董事长、总裁何颉接受中国证券报记者采访时表示，一方面，海外总体对调节剂认知不 足，潜在市场空间大；另一方面，虽然海外农药产品登记证费用逐年递增，但相比国内仍偏低，农药企 业正加大海外登记力度。 抢占先机 海外市场空间大 过去10年，国光股份的外销收入占比均不及1%。如今发力出海，公司洞察到了什么机遇？ 何颉直言，"近年来，国内农药出口受到一定阻碍，加之国内竞争激烈，公司增长压力上升。虽然中国 农药企业持续减少，但市场规模未如预期增长。"国家统计局数据显示，2024年，中国农药行业规模以 上企业累计营业收入同比增长3.2%，但利润总额同比下降3. ...

出海是趋势，但策略不一。近日，国内植物生长调节剂行业龙头国光股份（002749）发布公告称，公司 与关联方颜亚奇签署《代为培育协议》，委托其代为培育海外农药项目。 颜亚奇是国光股份控股股东、实控人颜昌绪之子，曾任公司董事长、总经理职务，现为上市公司旗下四 川国光农资有限公司执行董事、鹤壁全丰生物科技有限公司董事。这一安排顾及了海外农药业务前期投 资较大且周期较长、不确定性较多等因素。 牌照为先 代培育降低风险 风险与机会并存。何颉表示："海外有些国家允许外商独资持有农药产品证件，但不太多，大多数国家 要求外商和当地公民成立公司，有些国家要求当地公民必须当董事，甚至做大股东。所以，上市公司直 接去做，确实会面临管理风险，以及审计风险。" 寻找新的成长曲线，国光股份管理团队上下求索。"近些年，公司高管出国考察发现，海外市场很 大。"国光股份董事长、总裁何颉接受中国证券报记者采访时表示，一方面，海外总体对调节剂认知不 足，潜在市场空间大；另一方面，虽然海外农药产品登记证费用逐年递增，但相比国内仍偏低，农药企 业正加大海外登记力度。 抢占先机 海外市场空间大 过去10年，国光股份的外销收入占比均不及1%。如今发力出海 ...

Core Viewpoint - The company is strategically expanding into overseas markets for plant growth regulators, recognizing significant growth potential despite challenges in domestic markets [1][2][3] Group 1: Market Opportunity - The company has historically had less than 1% of its revenue from exports, but is now focusing on international markets due to increased domestic competition and stagnant growth [2][3] - The global market for plant growth regulators is projected to grow at an average annual rate of 7%-8%, indicating substantial potential for expansion [3] - Southeast Asia, Africa, and Central Asia are identified as regions with low agricultural technology and high demand for plant growth regulators, presenting a significant opportunity for market penetration [2][3] Group 2: Strategic Approach - The company has signed a "cultivation agency agreement" with a related party to mitigate risks associated with overseas investments, allowing for a more flexible entry into foreign markets [1][4] - The company is adopting a "light asset" operational model, focusing on product registration and establishing sales channels before considering factory investments abroad [5] - The company plans to leverage its experience in providing comprehensive agricultural solutions, adapting successful domestic strategies to international markets [4][5] Group 3: Challenges and Considerations - The registration process for agricultural products in foreign markets can be lengthy and complex, with some regions requiring up to 8 years for approval [4][5] - The company is aware of the risks associated with brand reputation and product registration, emphasizing the importance of careful management in overseas operations [5] - The company is proactively recruiting international talent to support its overseas initiatives, ensuring a strong technical foundation for future market entry [5]