（编辑 姚尧） 证券日报网讯 8月12日晚间，中农联合发布公告称，公司第四届董事会、监事会任期将于2025年8月15 日届满。公司正在推进公司治理架构改革工作。公司董事会换届选举工作尚在筹备中，为确保公司董事 会、监事会工作的连续性和稳定性，公司第四届董事会、监事会将延期换届，公司董事会各专门委员会 及高级管理人员的任期亦相应顺延。 ...

山东中农联合生物科技股份有限公司(以下简称"公司")第四届董事会、监 事会任期将于 2025 年 8 月 15 日届满。根据《中华人民共和国公司法》《上市公 司章程指引》及《关于新<公司法>配套制度规则实施相关过渡期安排》的相关规 定，公司正在推进公司治理架构改革工作。公司董事会换届选举工作尚在筹备中， 为确保公司董事会、监事会工作的连续性和稳定性，公司第四届董事会、监事会 将延期换届，公司董事会各专门委员会及高级管理人员的任期亦相应顺延。 证券代码：003042 证券简称：中农联合 公告编号：2025-022 山东中农联合生物科技股份有限公司 关于董事会延期换届的提示性公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假 记载、误导性陈述或者重大遗漏。 2025 年 8 月 13 日 在公司董事会换届选举工作完成之前，公司第四届董事会、监事会全体成员、 全体高级管理人员仍将依照相关法律法规和《公司章程》的有关规定，继续履行 董事、监事及高级管理人员相应的职责和义务。 公司董事会延期换届不会影响公司的正常运营。公司将积极推进董事会换届 工作，并及时履行信息披露义务。 特此公告。 山东中农联 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2] Core Viewpoints - The report highlights the potential reopening of the market for the herbicide glyphosate in the U.S. following the EPA's proposal to approve three glyphosate-containing products, which is expected to drive new demand [4][5] - Glyphosate's demand is anticipated to grow due to the elimination of high-toxicity pesticides and the promotion of glyphosate-resistant crops, particularly in the U.S. market [5] - The report suggests that glyphosate's price has reached a historical low, indicating significant potential for price increases in the future [5] Market Performance - The report provides a market performance comparison, indicating a decline of 17% for the basic chemical sector compared to the CSI 300 index [3] Supply and Demand Analysis - The supply side is concentrated, with major producers like BASF and domestic companies in Jiangsu and Zhejiang provinces [5] - The report notes that the demand for glyphosate is expected to benefit from the promotion of glyphosate-resistant crop seeds [5] Price Outlook - The report expresses optimism regarding the future price increase potential for glyphosate, with current prices at approximately 54,000 yuan per ton, significantly lower than the peak price of 145,000 yuan per ton in 2014, suggesting a potential increase of about 169% [5] Recommended Stocks - The report recommends关注标的: Yangnong Chemical, Changqing Co., Zhongnong United, and Runfeng Co. as potential investment opportunities in the glyphosate market [5]

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The basic chemical sector has outperformed the market, with the industry index rising by 1.8% from July 11 to July 18, compared to a 0.7% increase in the Shanghai Composite Index [9][20] - The report highlights significant price increases in TDI, glyphosate, and glufosinate due to supply disruptions and rising demand, particularly in South America [6][31][33] Summary by Sections 1. Core Viewpoints - The basic chemical sector is expected to benefit from supply-side reforms and improved demand due to recent government policies aimed at stabilizing the economy [17] - The report emphasizes the potential for long-term investment in core assets as the profitability of chemical products has likely bottomed out, suggesting a recovery in valuations [17][18] 2. Overall Performance of the Chemical Sector - The basic chemical industry index has shown a year-to-date increase of 10.8%, outperforming both the Shanghai Composite and ChiNext indices by 5.4% and 4.5%, respectively [20][26] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the basic chemical sector, 251 stocks rose while 162 fell during the reporting week, with notable gainers including Shangwei New Materials (+148.8%) and Dongcai Technology (+33.2%) [29][30] 4. Key News and Company Announcements - A fire at Covestro's TDI plant in Germany has led to significant supply disruptions, creating opportunities for price increases in TDI [31][32] - Glyphosate prices have increased to 25,500 CNY per ton, reflecting a 7.16% month-over-month rise, driven by reduced inventory levels [33] - New regulations on glufosinate are expected to constrain supply, potentially leading to price increases as the market adjusts [34]

Shandong Zhongnong United Biotechnology Co., Ltd. 2025 Semi-Annual Performance Forecast [Performance Forecast Overview](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) H1 2025 net profit attributable to shareholders is projected at 3.05-3.95 million CNY, marking a significant turnaround from the previous year's loss Key Performance Indicators for H1 2025 Performance Forecast | Indicator | Current Period (2025 H1 Est.) | Prior Year (2024 H1) | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Profit: 3.05 million – 3.95 million CNY | Loss: 32.5777 million CNY | | *Year-over-Year Growth* | *109.36% - 112.12%* | - | | **Net Profit Excluding Non-Recurring Items** | Profit: 1.85 million – 2.75 million CNY | Loss: 35.3477 million CNY | | *Year-over-Year Growth* | *105.23% - 107.78%* | - | | **Basic Earnings Per Share** | Profit: 0.02 CNY/share – 0.03 CNY/share | Loss: 0.23 CNY/share | [Reasons for Performance Change](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Change) Despite low market prices, the company achieved a turnaround by optimizing operations, expanding markets, adjusting sales strategies, and enhancing cost-efficiency - The core driver for the company's performance improvement is **optimized internal operational management**, addressing intense external market competition and low product prices[4](index=4&type=chunk) - Key initiatives include actively strengthening market expansion, flexibly adjusting sales strategies, comprehensively promoting innovation, and deeply advancing cost reduction and efficiency improvement[4](index=4&type=chunk) - These measures directly resulted in a **steady increase in product output, sales volume, and operating revenue**, ultimately driving the company's operating performance to **turn profitable** compared to the previous year[4](index=4&type=chunk) [Other Notes and Risk Warnings](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm%20and%20IV.%20Risk%20Warning) This preliminary, unaudited performance forecast is based on internal estimates; final data will be in the 2025 semi-annual report, cautioning investors about risks - The financial data related to this performance forecast has **not been audited by certified public accountants**[3](index=3&type=chunk) - This forecast represents a preliminary estimate by the company's finance department; final data will be based on the officially released 2025 semi-annual report[5](index=5&type=chunk) - The company advises investors to exercise **caution in decision-making** and be aware of **investment risks**[5](index=5&type=chunk)

Summary of Key Points Core Viewpoint - Shandong Zhongnong United Biotechnology Co., Ltd. has provided guarantees exceeding 50% of its latest audited net assets for its wholly-owned subsidiary, Shandong United Pesticide Industry Co., Ltd., to support its operational financing needs [1][2]. Group 1: Guarantee Overview - The company has provided a joint liability guarantee for a loan of 25 million yuan taken by its subsidiary from the Bank of Communications [1]. - The total guarantee amount approved for the company and its subsidiaries is 220 million yuan, with Shandong United providing a guarantee of 770 million yuan to the company [2]. Group 2: Subsidiary Information - Shandong United Pesticide Industry Co., Ltd. was established on July 31, 1995, with a registered capital of 55 million yuan and is wholly owned by the company [2][3]. - The subsidiary's business scope includes pesticide production, biological pesticide production, and related sales and services [2]. Group 3: Financial Data - As of December 31, 2024, Shandong United reported total assets of 2,835.77 million yuan, liabilities, and a net profit of -33.63 million yuan [3].

Core Viewpoint - Zhongnong United announced the provision of guarantees for its wholly-owned subsidiary, Shandong United Pesticide Industry Co., Ltd., to support its operational financing needs [1][2]. Group 1: Guarantee Details - Shandong United Pesticide Industry Co., Ltd. signed a loan agreement with a total borrowing amount of 25 million yuan (2,500万元) from the Bank of Communications [1]. - The company provided a total guarantee amount of 220 million yuan (22,000万元) for its subsidiary, while the subsidiary provided a guarantee of 770 million yuan (77,000万元) for the company, resulting in a total guarantee amount of 990 million yuan (99,000万元) [1]. - The guarantees include both new guarantees and the extension or renewal of existing guarantees, which can be used in a revolving manner within the authorized period [1]. Group 2: Financial Overview of Shandong United Pesticide Industry Co., Ltd. - As of December 31, 2024, Shandong United Pesticide Industry Co., Ltd. had total assets of 2,835.77 million yuan (283,576.83万元) and total liabilities of 1,835.81 million yuan (183,581.45万元), resulting in a debt-to-asset ratio of 64.74% [2]. - The company's equity stood at 999.95 million yuan (99,995.38万元), with an annual revenue of 1,523.76 million yuan (152,375.72万元) and a net loss of 33.63 million yuan (3,362.97万元) for the fiscal year 2024 [2]. - The total balance of guarantees provided by the company and its subsidiaries after this announcement is 662.06 million yuan (66,206.39万元), which accounts for 48.86% of the company's most recent audited net assets [2].

证券代码：003042 证券简称：中农联合 公告编号：2025-020 山东中农联合生物科技股份有限公司 关于为全资子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 截至本公告披露日，经审议的公司及全资子公司之间互相提供担保额度的总 额超过公司最近一期经审计净资产的 50%。 公司的担保均为公司与全资子公司之间互相提供的担保。 公司及全资子公司未发生逾期担保、涉及诉讼的担保及因担保被判决败诉而 应承担损失的情况。 一、担保情况概述 近日，山东中农联合生物科技股份有限公司（以下简称"公司"）全资子公 司山东省联合农药工业有限公司（以下简称"山东联合"）因日常经营需要与交 通银行股份有限公司泰安分行（以下简称"交通银行泰安分行"）签订了《流动 资金借款合同》，借款金额为 2,500 万元，公司为上述借款提供连带责任保证。 公司于 2025 年 4 月 24 日召开第四届董事会第十三次会议、第四届监事会第 十一次会议，于 2025 年 5 月 16 日召开了 2024 年度股东大会，会议审议通过了 《关于 2025 年度公司及子公 ...

Group 1 - The glyphosate concept sector rose by 1.40%, ranking 8th among concept sectors, with 14 stocks increasing in value, including Hongtaiyang which hit the daily limit, and Zhongqi Co., Taihe Co., and Runfeng Co. which rose by 7.12%, 4.19%, and 3.59% respectively [1] - The leading decliners in the glyphosate sector included Jiangtian Chemical, Guoguang Co., and Jiangshan Co., which fell by 4.82%, 1.17%, and 1.00% respectively [1] Group 2 - The glyphosate concept sector saw a net inflow of 205 million yuan from main funds, with nine stocks receiving net inflows, led by Hongtaiyang with a net inflow of 222 million yuan [2] - Other notable net inflows included Xingfa Group, Zhongqi Co., and Zhongnong United, with net inflows of 31.75 million yuan, 16.12 million yuan, and 8.37 million yuan respectively [2] Group 3 - In terms of fund inflow ratios, Hongtaiyang, Xingfa Group, and Zhongnong United had the highest net inflow rates at 15.22%, 10.95%, and 7.14% respectively [3] - The top stocks in the glyphosate concept based on fund inflow included Hongtaiyang with a daily increase of 9.99% and a turnover rate of 16.46%, followed by Xingfa Group with a 2.01% increase and a turnover rate of 1.21% [3][4]

Group 1 - The A-share pesticide sector experienced a short-term surge, with Lianhua Technology hitting the daily limit, indicating strong investor interest [1] - Guangkang Biochemical rose over 10%, reflecting positive market sentiment towards the sector [1] - Other companies such as Zhongnong United, Hunan Haili, Guoguang Co., Jiangshan Co., and Runfeng Co. also saw significant gains, suggesting a broader rally in the pesticide industry [1]