四川国光农化股份有限公司 2025 年第三季度报告 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 证券代码：002749 证券简称：国光股份 公告编号：2025-069 号 四川国光农化股份有限公司 2025 年第三季度报告 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。 □是 否 1 四川国光农化股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 期增减 | | 比上年同期增减 | | 营业收入（元） | 404,099,067.07 | 2.79 ...

每经头条（nbdtoutiao）——四次登上央视，知名大佬"消失"5年，我们在水果仓库找到了他！从月薪 5000到千亿市值公司联席总裁，他45岁再创业 2025年1至6月份，国光股份的营业收入构成为：化学原料及化学制品制造业占比99.02%，服务收入占 比0.98%。 截至发稿，国光股份市值为70亿元。 每经AI快讯，国光股份（SZ 002749，收盘价：15.09元）10月23日晚间发布公告称，近日，四川国光农 化股份有限公司二级子公司四川嘉智生态科技有限公司收到国家知识产权局颁发的《发明专利证书》， 专利权人为四川嘉智。专利名称为"一种组合物及其在红叶石楠增色中的应用"。 （记者 曾健辉） ...

证券代码：002749 证券简称：国光股份 公告编号：2025-067号 四川国光农化股份有限公司 | 专利号 | 专利名称 | | 申请日期 | | 专利 期限 | 证书号 | 授权公告号 | | --- | --- | --- | --- | --- | --- | --- | --- | | ZL202410977606.4 | 一种组合物及其在红 叶石楠增色中的应用 | 2024 | 年7月19 | 日 | 20 年 | 第8220598号 | CN118923689B | 红叶石楠是一种观赏乔木，该发明可促进红叶石楠叶片的增色、增红，有效提 升红叶石楠叶色，增强红叶石楠观赏性。 关于获得发明专利证书的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 近日，四川国光农化股份有限公司（以下简称"公司"）二级子公司四川嘉智 生态科技有限公司（以下简称"四川嘉智"）收到国家知识产权局颁发的《发明专 利证书》，专利权人为四川嘉智，具体情况如下： 特此公告。 四川国光农化股份有限公司董事会 2025 年 10 月 24 日 上述专利的取得有效地保护了发明创造 ...

证券代码：002749 证券简称：国光股份 公告编号：2025-066 号 四川国光农化股份有限公司 关于使用闲置自有资金购买理财产品的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 四川国光农化股份有限公司（以下简称"公司"）2024 年 10 月 30 日召开第五届 董事会第二十四次会议审议通过了《关于使用闲置自有资金购买理财产品的议案》， 同意公司及子公司使用不超过人民币 50,000 万元（含本数）的闲置自有资金购买商 业银行及其他金融机构发行的安全性高、流动性好的理财产品，自公司董事会审议通 过之日起 12 个月内有效，在上述额度和期限内，资金可循环滚动使用。具体内容详 见 2024 年 10 月 31 日公司在指定信息披露媒体《证券时报》和巨潮资讯网 （www.cninfo.com.cn）上刊登的相关公告（公告编号：2024-118 号）。 近日，公司、子公司四川国光园林科技股份有限公司（以下简称"国光园林"） 收到与交通银行股份有限公司四川省分行（以下简称"交通银行四川省分行"）签订 的《交通银行"蕴通财富"定期型结构性存款协议》（以下 ...

证券代码：002749 证券简称：国光股份 公告编号：2025-065 号 四川国光农化股份有限公司 关于使用闲置自有资金购买理财产品的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 四川国光农化股份有限公司（以下简称"公司"）2024 年 10 月 30 日召开第五届 董事会第二十四次会议审议通过了《关于使用闲置自有资金购买理财产品的议案》， 同意公司及子公司使用不超过人民币 50,000 万元（含本数）的闲置自有资金购买商 业银行及其他金融机构发行的安全性高、流动性好的理财产品，自公司董事会审议通 过之日起 12 个月内有效，在上述额度和期限内，资金可循环滚动使用。具体内容详 见 2024 年 10 月 31 日公司在指定信息披露媒体《证券时报》和巨潮资讯网 （www.cninfo.com.cn）上刊登的相关公告（公告编号：2024-118 号）。 近日，公司、子公司四川国光园林科技股份有限公司（以下简称"国光园林"）、 四川国光农资有限公司（以下简称"国光农资"）收到与兴业银行股份有限公司成都 分行（以下简称"兴业银行成都分行"）签订的《兴业银 ...

Key Recommendations - The report highlights the social services industry, particularly focusing on the chain restaurant sector, recommending leading brands that offer good value for money in the dining and tea beverage segments [7] - The construction industry report emphasizes the necessity of cleanroom engineering as a critical component of AI infrastructure, with global demand for construction rapidly increasing [11] Industry and Company Insights - In the restaurant sector, the report notes that in September 2025, the stock prices of major restaurant brands faced pressure, with notable increases for brands like Xiaobai Xiaobai (+33%) and Yum Brands (+4%) [7] - The mid-year financial summary indicates that the tracked chain restaurant leaders saw a 29% increase in net profit attributable to shareholders in the first half of 2025, with a 16% revenue growth, outperforming the overall retail dining market growth of 4% [7] - The cleanroom engineering market is driven by the need for controlled environments in precision product manufacturing, with investments in cleanroom engineering typically accounting for 10-20% of total project costs [11] - The global cleanroom market is expected to grow due to increasing demands for semiconductor manufacturing and data center construction, particularly in North America, which is identified as a market with significant potential [11] Market Dynamics - The report indicates that in September 2025, the domestic restaurant revenue showed a slight year-on-year increase of 1%, recovering from previous months' declines [7] - The cleanroom engineering demand is expected to rise as companies like TSMC ramp up investments in the U.S., with TSMC planning an additional $100 billion investment, indicating a robust growth trajectory for the cleanroom sector [11] Investment Recommendations - The report suggests focusing on leading companies in the cleanroom engineering space, such as Shenghui Integration and Yaxiang Integration, which are expected to benefit from the global semiconductor supply chain restructuring [12] - In the restaurant sector, it recommends investing in brands like Xiaobai Xiaobai, Gu Ming, and Mi Xue Group, which are positioned to capitalize on the recovery and growth in the dining market [9]

Investment Rating - The report maintains an "Outperform" rating for the agricultural chemical industry [6][9]. Core Views - The potassium fertilizer supply and demand remain tight, with international prices staying high. China's potassium chloride production is expected to decrease by 2.7% in 2024, while imports are projected to reach a historical high of 12.633 million tons, a year-on-year increase of 9.1% [1][24]. - The phosphoric chemical industry is expected to maintain a high price level due to the scarcity of resources and increasing demand from new applications such as lithium iron phosphate [2][5]. - The pesticide sector is anticipated to see a recovery in demand, driven by increased agricultural planting areas in South America and a rebound in inventory replenishment [4][8]. Summary by Sections Potassium Fertilizer - The domestic potassium chloride port inventory as of September 2025 is 1.7292 million tons, a decrease of 135.6 thousand tons year-on-year, representing a decline of 43.95% [1][26]. - The average market price for potassium chloride in China at the end of September is 3,237 yuan/ton, a month-on-month decrease of 1.43% but a year-on-year increase of 34.82% [1][41]. - Key recommendation includes focusing on "Yaji International," with expected potassium chloride production of 2.8 million tons in 2025 and 4 million tons in 2026 [4][48]. Phosphoric Chemicals - The domestic supply-demand balance for phosphate rock is tight, with the market price for 30% grade phosphate rock in Hubei at 1,040 yuan/ton and in Yunnan at 970 yuan/ton, both stable month-on-month [2][50]. - The report highlights the long-term price stability of phosphate rock due to declining grades and increasing extraction costs, with a market price of 900 yuan/ton maintained for over two years [2][5]. - Recommended companies include "Yuntianhua" and "Xingfa Group," which have rich phosphate reserves [5]. Pesticides - The pesticide sector is expected to recover as the "Zhengfeng Zhijuan" three-year action plan is initiated, with a significant increase in demand due to rising agricultural planting areas in South America [4][8]. - The price of glyphosate has been on the rise, reaching 27,700 yuan/ton by October 14, an increase of 4,500 yuan/ton since April, representing a 19.40% rise [4][8]. - Key recommendations include "Yangnong Chemical" and "Lier Chemical," which are positioned to benefit from the recovery in pesticide prices [8].

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The basic chemical industry is facing short-term challenges due to renewed US-China trade disputes, which have raised concerns about demand and led to a significant drop in international oil prices, with Brent crude oil prices falling by 4.8% [8] - Despite short-term pressures, the long-term outlook for the petrochemical industry remains positive, as high tariffs from trade disputes are unlikely to have a lasting impact, and domestic companies have gained valuable experience in navigating such challenges [8] - The green low-carbon sector is expected to become a new industry trend, with significant market potential for green methanol, bio-aviation fuel, and green polyester, which are anticipated to achieve rapid growth as they align with sustainable development goals [8] Summary by Sections Investment Recommendations and Targets - The report recommends buying shares of Wan Kai New Materials (301216) for its leading position in the green polyester industry. Other recommended stocks include: - Runfeng Co., Ltd. (301035) - Guoguang Co., Ltd. (002749) - Hailier (603639) - Sinopec (600028) - Hengli Petrochemical (600346) - Rongsheng Petrochemical (002493) - Wanhua Chemical (600309) - Huayi Group (600623) [3]

Core Viewpoint - The announcement from Guoguang Co. emphasizes the dual impact of plant growth regulators on crops, highlighting that proper application can enhance quality and yield, while improper use may lead to reduced yield or crop failure [2] Summary by Relevant Categories Application Factors - The effectiveness of plant growth regulators is influenced by several factors, including the appropriate timing of application, which is closely related to the crop's growth stage [2] - Each plant growth regulator has a specific suitable application period that must align with the crop's growth cycle, necessitating precise control of the growth stage as per registration data [2] - The concentration of the plant growth regulator is critical due to its high efficiency in small quantities, affecting the overall application results [2] - Different application methods, such as spraying and soaking, can significantly impact the effectiveness of the plant growth regulators [2] - When using the spraying method, it is essential to target the specific parts of the plant, while soaking methods require careful consideration of treatment duration for cuttings, seeds, and ripening fruits [2]

Group 1 - The pesticide industry is strictly regulated by the state, with high entry barriers due to the production and product licensing system. Obtaining registration certificates for new active ingredients requires extensive testing over three years and costs ranging from millions to tens of millions [2] - The company is a leader in the plant growth regulator industry, holding the highest number of registration certificates for both formulations and active ingredients. It has over 40 years of experience in R&D, production, sales, and technical services, which has led to a unique technical service model and high customer loyalty [2] - The company established a Crop Regulation Technology Research Institute in 2017 to enhance product R&D and application development, focusing on the application technology of plant growth regulators in crops. This institute serves as a research front, a technology promotion engine, and a training base for technical talents, further strengthening the company's advantages in the application field of plant growth regulators [2] Group 2 - The company offers a rich product matrix and is the largest holder of plant growth regulator registration certificates in China, providing high-quality crop solutions that align with the trends of large-scale and intensive agricultural development due to accelerated land transfer [2] - The company has developed comprehensive crop regulation technology solutions and full-process crop management solutions, which enhance user stickiness and create "binding cooperation" while helping users increase production and income [2] - Other core competitive advantages include a nationwide sales network that reaches down to county and township levels, as well as advantages in the industrial chain from active ingredients to formulations [2]