Core Viewpoint - Guangkang Biochemical (300804) announced an unusual trading notice, indicating that its chlorantraniliprole product has an environmental assessment design capacity of 10 tons per year, and the product has not yet been put into production. The expected contribution of this product to the company's overall performance is relatively small [1] Group 1 - The chlorantraniliprole product is currently not in production, and the company is in the process of completing the necessary production procedures [1] - The company's stock has experienced significant abnormal fluctuations, suggesting an overheated market sentiment and potential irrational trading behavior [1] - The company has issued a warning to investors about the risks associated with secondary market trading, urging rational decision-making and cautious investment [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。 特别提示： 1、广东广康生化科技股份有限公司（以下简称"公司"或"本公司"）的股票（证 券简称：广康生化，股票代码：300804）于 2025 年 6 月 5 日至 2025 年 6 月 9 日连续 三个交易日收盘价格涨幅偏离值累计超过 30%，根据《深圳证券交易所交易规则》的 相关规定，属于股票交易异常波动的情况。公司股票于 2025 年 5 月 27 日至 2025 年 6 月 9 日连续九个交易日收盘价格涨幅偏离值累计超过 100%，根据《深圳证券交易所 交易规则》的有关规定，属于股票交易严重异常波动的情况。 证券代码：300804 证券简称：广康生化 公告编号：2025-023 广东广康生化科技股份有限公司 股票交易异常波动及严重异常波动公告 2、截至本公告披露时，中证指数有限公司的最新数据显示，公司最新市盈率为 120.98 倍，显著高于公司所属中证行业分类"15101040 农药"对应的行业市盈率 33.05 倍。 3、近期，投资者对公司氯虫苯甲酰胺产品的产能及进展情况较为关注，公司现就 相关事项说明 ...

Group 1 - Guangkang Biochemical's stock price reached a historical high due to favorable news since May, prompting major shareholders to reduce their holdings [2] - On June 3, Guangkang Biochemical announced a reduction of 2.22 million shares, accounting for 6% of the total share capital, leading to a stock price drop of 13.16% on June 4 [2][3] - Following the initial drop, the stock rebounded with a 15.52% increase on June 5 and continued to rise, exceeding a 10% increase by June 6 [2] Group 2 - The stock price surge is attributed to two main events: the anti-dumping investigation on imported chlorpyrifos from India and the explosion at Youdao Chemical in Shandong [3][4] - The Ministry of Commerce's final ruling on May 6 imposed anti-dumping duties of 48.4% to 166.2% on Indian companies, which is expected to boost domestic chlorpyrifos prices [3] - Guangkang Biochemical, as a producer of chlorpyrifos intermediates, is positioned to benefit directly from these developments, with stock price increases of 7.67% on May 7 and 17.16% on May 8 [3] Group 3 - The explosion at Youdao Chemical, which has a significant production capacity of chlorpyrifos, raised concerns about potential supply shortages of key raw materials, further driving up Guangkang Biochemical's stock price by over 68% from May 27 to June 3 [4] - Guangkang Biochemical's Kamine production capacity is 2,500 tons, with environmental and safety approvals in progress [4] - The overall pesticide market has been experiencing a downturn since 2023, with significant price declines affecting profitability [6][7] Group 4 - In 2024, Guangkang Biochemical reported a revenue of 723 million yuan, a year-on-year increase of 46.15%, while net profit grew by 15.33% to 34.68 million yuan [6] - The company's main products include fungicides, insecticides, and herbicides, with a notable decline in prices observed in the market [6] - The pesticide market is expected to remain weak in 2025, with excess supply and slow inventory digestion posing challenges [7][8]

Core Viewpoint - The stock price of Guangkang Biochemical surged by 68% in just five trading days, driven by speculative trading rather than fundamental performance, leading to significant shareholder sell-offs [1][2][6]. Group 1: Stock Price Surge - Guangkang Biochemical's stock price increased from 26.53 yuan to 44.68 yuan between May 25 and June 3, 2024, marking a new high since its listing [2]. - The surge was primarily fueled by the hype surrounding innovative drug approvals, despite the company's core business being in pesticides [2][3]. Group 2: Supply Shock and Market Reaction - A tragic explosion at a key supplier, Youdao Chemical, on May 27, 2024, created a perceived supply shortage for the company's product, chlorantraniliprole, which further drove up the stock price [3]. - The actual supply situation indicated that the supplier's capacity only accounted for 20%-30% of global supply, and the industry faced an oversupply issue [3]. Group 3: Trading Dynamics - Initial buying was led by retail investors, followed by institutional investors who collectively purchased 36.48 million yuan worth of shares, making up 64% of the total buying on May 30 [5]. - On June 3, institutional investors sold off 57.42 million yuan worth of shares, triggering a significant price drop of 13.16% the following day [5]. Group 4: Shareholder Sell-Off - Original shareholders announced a 6% reduction plan, potentially cashing out nearly 200 million yuan based on the market value on June 3, 2024 [6]. - The reduction coincided with the stock reaching an all-time high, with original investors seeing a profit of over 160% compared to their IPO cost [7]. Group 5: Company Performance - The company experienced a 25% decline in revenue and a 68% drop in net profit in its first year post-IPO, with a projected revenue rebound of 46.15% in 2024 but continued decline in net profit [6]. - The gross margin fell from 35% in 2022 to 22% in 2024, indicating deteriorating profitability and loss of pricing power [6].

Core Viewpoint - The recent surge in Guangkang Biochemical's stock price has prompted major shareholders to initiate significant share reduction plans, potentially leading to substantial cashing out opportunities for them [1][2]. Group 1: Shareholder Actions - Guangkang Biochemical announced two share reduction plans from shareholders holding over 5% of the company's shares, with a total potential reduction of up to 6% of the company's total shares [1]. - The shareholders involved plan to reduce their holdings by a maximum of 222,000 shares each, which represents 3% of the total share capital [1]. - If the maximum reduction occurs at the closing price of 44.68 yuan per share on June 3, the total cashing out could reach approximately 198 million yuan [1]. Group 2: Stock Price Movement - From May 27 to June 3, Guangkang Biochemical's stock price increased from 26.53 yuan to 44.68 yuan, marking a significant rise of 68% over just five trading days [2]. - The stock price decline of over 13% on June 4 was likely influenced by the announcement of the major share reduction plans [3]. Group 3: Company Performance - Guangkang Biochemical's revenue and net profit have shown a notable decline in 2023, with revenues of 495 million yuan and a net profit of 30.07 million yuan, representing decreases of 24.99% and 68.73% year-on-year, respectively [3]. - The company's profitability has been declining, with a continuous drop in gross margin from 33.44% in Q1 2022 to 30.15% in Q1 2023 [4].

Core Viewpoint - Guangkang Biochemical experienced a significant stock price surge followed by a sharp decline, indicating a disconnect between its stock performance and fundamental financial health [1][3]. Group 1: Stock Performance - On June 4, Guangkang Biochemical opened with a drop exceeding 13%, following a remarkable increase of 68% over five trading days from May 25 to June 3, where the stock price rose from 26.53 yuan to a peak of 48 yuan [1][3]. - The stock's volatility was exacerbated by speculative trading, with institutional investors and retail traders actively participating in the market [5][6]. Group 2: Financial Performance - The company's net profit decreased from 96.17 million yuan in 2022 to 34.68 million yuan in 2024, representing a decline of approximately 64% [4]. - In the first quarter of 2025, the net profit continued to decline, showing a year-on-year decrease of 3.17% [4]. Group 3: Shareholder Actions - Following the stock price surge, major shareholders announced plans to reduce their holdings, with a total potential reduction of up to 6% of shares, equating to approximately 198 million yuan in cash [8][9]. - The significant selling pressure from shareholders, including private equity funds, indicates a lack of confidence in the stock's future performance [8][9]. Group 4: Market Dynamics - The initial stock price increase was driven by speculation around innovative drug concepts and anticipated supply shortages of chlorantraniliprole, a key product for Guangkang Biochemical [4][3]. - The innovative drug sector saw a notable rise, with the relevant index increasing from 1163 points to 1293 points during the same period [3].

Core Viewpoint - The stock price of Guangkang Biochemical (300804.SZ) has experienced a significant divergence from its fundamental performance, with a recent sharp decline following a substantial increase in price driven by speculative trading in the innovative drug sector [2][4]. Group 1: Stock Performance - On June 4, Guangkang Biochemical opened with a sharp decline, closing down over 13% after a previous surge of nearly 70% from a low of 26.53 yuan to a high of 48 yuan between May 25 and June 3 [2][3]. - The stock's volatility was exacerbated by institutional and retail investors' speculative trading, with institutions selling 57.42 million yuan worth of shares on June 3 [5][6]. Group 2: Financial Performance - The company's net profit is projected to decline from 96.17 million yuan in 2022 to 34.68 million yuan in 2024, representing a decrease of approximately 64% [4]. - In the first quarter of 2025, the net profit was reported at 17.11 million yuan, reflecting a year-on-year decline of 3.17% [4]. Group 3: Shareholder Actions - Following the stock price surge, major shareholders announced plans to reduce their holdings by up to 6%, potentially cashing out nearly 198 million yuan based on the closing price on June 3 [8][9]. - The controlling shareholder, Cai Danqun, is currently unable to sell shares due to a lock-up period but has pledged shares for financing [10][12].

Core Viewpoint - Guangkang Biochemical, primarily engaged in pesticide business, has seen its stock price surge by 68% in five trading days due to market enthusiasm for innovative drug concept stocks. However, a recent announcement of significant shareholder sell-offs has led to a sharp decline in stock price, dropping over 16% [1]. Stock Performance - The stock opened at 42.61, reached a high of 43.28, and closed at 44.68, with a market capitalization of 2.776 billion. The stock has a P/E ratio of 80.06 and a 52-week high of 48.00 [2]. Shareholder Actions - On June 3, Guangkang Biochemical announced two significant shareholder sell-off plans, with major shareholders citing "personal funding needs" as the reason for their actions. One shareholder, holding 5.6757%, plans to sell up to 222,000 shares, representing 3% of the total share capital. Additionally, four other shareholders from the "Huatuo system" plan to collectively sell up to 222,000 shares, also accounting for 3% of the total share capital [6][8]. Financial Performance - Guangkang Biochemical, established in 2003, focuses on the research, production, and sales of pesticide raw materials and intermediates. The company went public on the Growth Enterprise Market in June 2023. However, its financial performance post-listing has been disappointing, with a 25% decline in revenue and a 68% drop in net profit for 2023. Although revenue is expected to rebound by 46.15% in 2024, the net profit continues to decline by 11.45% [11][12]. Recent Developments - In the first quarter of 2025, the company reported a 5.16% increase in revenue, but net profit and non-recurring net profit fell by 3% and 9.6%, respectively. The recent stock price surge appears to be driven more by market speculation rather than improvements in the company's operational quality [13][14].

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Core Viewpoint - Guangkang Biochemical has seen a significant stock price increase of 68% over five trading days, attributed to the rising trend in innovative drug concept stocks, leading to major shareholders planning to reduce their holdings [2][3][4]. Shareholder Reduction Plans - Major shareholders, including Qiongcheng Ruihong Kaiyin No. 1 Equity Investment Fund, plan to reduce their holdings by up to 222,000 shares, representing 3% of the total share capital, within three months after the announcement [3][4]. - Additional shareholders collectively holding 355,000 shares, accounting for 4.7973% of the total share capital, are also involved in the reduction [3][4]. Company Overview - Guangkang Biochemical specializes in the research, production, and sales of pesticide raw materials, intermediates, and formulations, established in 2003, and is a significant player in Guangdong Province [4]. - The company went public on the ChiNext board on June 27, 2023, and this reduction marks the first instance of shareholder selling post-IPO lock-up expiration [4]. Financial Performance - In 2023, Guangkang Biochemical's revenue declined by 25%, with net profit and non-recurring net profit dropping by 68% and 73%, respectively [6]. - Although revenue showed recovery in 2024, non-recurring net profit continued to decline by 11.45% [6]. - In Q1 2025, both net profit and non-recurring net profit fell by approximately 3% and 9.6%, respectively [6]. Shareholding and Pledge Situation - The major shareholder and actual controller, Cai Danqun, is unable to reduce shares due to a 36-month lock-up period but has pledged shares for financing, with the pledge subject to high-interest rates from guarantee companies [8][9].