证券日报网12月17日讯国光股份在12月16日回答调研者提问时表示，由于海外农药业务存在部分国家或 地区农药产品登记制度复杂且周期较长、不同国家或地区要求差异巨大、部分国家或地区存在系统性准 入壁垒或隐性壁垒等多重挑战，导致海外农药业务前期投资较大、投资周期较长、不确定性因素较多、 投资风险较高，同时上市公司资金出境还存在一定的管理风险。为降低上市公司前述风险并有效获取商 业机会，实现中长期战略发展目标，同时避免公司与关联方构成潜在同业竞争，最大限度保护公司及全 体股东特别是中小股东利益，公司与关联方颜亚奇先生签署《代为培育协议》（经公司股东大会审议通 过后生效），委托颜亚奇先生按照市场原则在亚洲、非洲、拉丁美洲等地区的海外目标市场国家或地区 为公司代为培育海外农药项目。 （文章来源：证券日报） ...

证券日报网12月17日讯国光股份在12月16日回答调研者提问时表示，公司的研发活动系应用研发。今年 前三季度研发费用增加，主要是因为公司加大了新产品登记力度。 （文章来源：证券日报） ...

证券日报网12月17日讯国光股份在12月16日回答调研者提问时表示，公司技术服务模式对终端推广人员 的需求较大。近年来公司加大了技术服务人员和技术营销人员的配置。2025年公司招聘应届大学毕业生 300余名，其中绝大部分在农林院校接受过系统、专业的学习。截至目前，公司技术营销及技术服务团 队的整体规模已突破千人。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网12月17日讯国光股份在12月16日回答调研者提问时表示，公司采取渠道销售模式，即"公司 —经销商—零售商—客户"四主体三环节的销售模式，经销商网络下沉到县乡一级，最终消费群体主要 为种植户、园林绿化养护单位等。公司对经销商的销售主要采取的是先款后货的结算方式，通过技术服 务的方式，指导种植者科学合理用药，帮助种植者提高种植水平、提质增产。 ...

Industry Overview - The plant growth regulator industry has approximately 540 licensed enterprises, with over 120 being active in raw material registration [1] - By mid-2025, it is projected that there will be over 1,900 registered plant growth regulators in China [1] Company Position - The company holds 150 plant growth regulator registration certificates, representing 7.8% of the total industry certificates [1] - There are 39 companies that possess 10 or more registration certificates, collectively holding 733 certificates [1] Market Dynamics - The industry is characterized by small and dispersed enterprises, which is favorable for the development of leading companies [1]

Core Viewpoint - The announcement of the Ministry of Agriculture and Rural Affairs regarding the regulation of pesticide labels and instructions is expected to enhance market consistency and quality in the pesticide industry, leading to increased market concentration and competitive advantages for companies with quality registration certificates [1] Industry Summary - The Ministry of Agriculture and Rural Affairs issued Announcement No. 925 on December 16, 2025, which will be implemented starting January 1, 2026 [1] - The announcement mandates that pesticide products with the same registration certificate number must display the same trademark, ensuring consistency in branding across the country [1] - The regulation allows for one or multiple trademarks to be displayed on products with the same registration number, provided that the branding remains consistent for market sales [1] - This initiative aims to further standardize pesticide labeling, safeguard product quality, maintain fair competition in the pesticide market, protect the rights of growers, and promote the healthy and sustainable development of the pesticide industry [1] - The implementation of the "one certificate, one product" policy is anticipated to increase market concentration within the pesticide industry [1]

Group 1: Sales and Marketing Strategy - The company employs a channel sales model involving "Company - Distributor - Retailer - Customer," with a focus on reaching end consumers like growers and landscaping maintenance units [2] - Sales to distributors are primarily conducted on a prepayment basis, with technical services provided to guide growers in effective pesticide use [2] - The full-cycle solution promotion is executed through collaboration between technical marketing personnel, distributors, and retailers, utilizing both on-site and online services [2] Group 2: Industry Landscape - There are approximately 540 licensed enterprises in the plant growth regulator industry, with over 1,900 registration certificates in China as of mid-2025 [3] - The company holds 150 plant growth regulator registration certificates, accounting for 7.8% of the total industry certificates, indicating a fragmented market that favors leading enterprises [3] Group 3: Human Resources and Recruitment - The company has increased its recruitment of technical service and marketing personnel, hiring over 300 recent graduates in 2025, primarily from agricultural universities [3] - The total size of the technical marketing and service team has surpassed 1,000 members [3] Group 4: International Business Development - The signing of the "Cultivation Agreement" aims to mitigate risks associated with overseas pesticide registration complexities and to enhance long-term strategic development [3] - The agreement allows a related party to cultivate overseas pesticide projects in various regions, including Asia, Africa, and Latin America [3] Group 5: Regulatory Impact - The "One Certificate, One Product" policy, effective January 1, 2026, aims to standardize pesticide labeling and enhance market order, potentially increasing market concentration in the pesticide industry [4][5] - Companies with high-quality registration certificates will gain a competitive advantage under this new regulation [5] Group 6: Research and Development - The company's R&D expenses have significantly increased in the first three quarters of 2025 due to intensified efforts in new product registrations [5]

Core Insights - Guoguang Co., Ltd. has achieved a revenue growth of 6.09% year-on-year in the first three quarters, driven by the increasing application of plant growth regulators (PGRs) in agriculture, despite a generally sluggish pesticide formulation industry [3][4] - The company holds 150 registration certificates for PGRs, accounting for nearly 8% of the total in China, establishing it as a leading player in the industry [4] - Guoguang Co., Ltd. is focusing on expanding its market presence both domestically and internationally, with plans to enhance its technical service capabilities and explore overseas markets [8][9] Company Performance - The company has been deeply involved in the PGR industry since the early 1990s and aims to deliver its "yield-increasing treasure" to more growers [3] - Guoguang Co., Ltd. has a professional technical service team of over 1,200 members, providing tailored support to farmers, which enhances customer loyalty and addresses management challenges [5] - R&D expenses have increased from 56.39 million to 66.94 million CNY from 2022 to 2024, with new pesticide registration certificates and patents being obtained during this period [6] Industry Position - The PGR market in China has a potential total market capacity of 63 billion CNY if a 100% penetration rate is achieved, indicating significant growth opportunities [4] - The company emphasizes the importance of professional guidance for the effective use of PGRs, which requires a high level of technical service capability [5] - The current low penetration rate of PGRs in the market suggests that there are still many untapped opportunities and crops that can benefit from these products [8] Strategic Initiatives - Guoguang Co., Ltd. is exploring international markets, particularly in regions with crop similarities to China, such as Central Asia and Southeast Asia [8] - The company has signed a cultivation agreement with an affiliate to facilitate overseas pesticide projects, aiming to mitigate risks associated with high initial investments and long cycles in foreign markets [8] - The long-term goal is to become a globally recognized enterprise, providing products that benefit millions of users [9]

（文章来源：证券日报） 证券日报网12月12日讯国光股份在12月10日回答调研者提问时表示，公司的研发活动系应用研发。今年 前三季度研发费用增加，主要是因为公司加大了新产品登记力度。公司的研发工作主要由两个部门承 担，一是研发部，主要工作是产品剂型、配方、工艺流程研发；二是作物技术部，主要负责应用实验， 一方面对研发部开发的新产品进行验证，另一方面，通过应用试验发现新的应用对象、应用阶段以及在 不同环境下的最佳应用效果。 ...

（文章来源：证券日报） 证券日报网12月12日讯国光股份在12月10日回答调研者提问时表示，作物全程方案推广由公司技术营销 人员、经销商、零售商共同完成，采取实地巡田服务+线上实时服务的技术服务模式与农户实时对接， 通过分工合作、双向协同，及时帮助种植户解决作物管理过程中遇到的问题。 ...