Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that exchange losses have negatively impacted the company's performance, but there is optimism regarding the company's long-term growth potential [1][3] - The company aims to become a global leader in crop protection, with significant investments in IT and process improvements to enhance global operational capabilities [2] - The company is focusing on increasing its ToC (To Consumer) business share and expanding its product registration globally, particularly in high-barrier markets [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 9.785 billion yuan, a year-on-year increase of 14.86% [1] - The net profit attributable to the parent company for the same period was 342 million yuan, a decrease of 52.67% year-on-year [1] - In Q3 2024, the company reported total revenue of 4.103 billion yuan, up 18.07% year-on-year and 37.30% quarter-on-quarter [1] - The net profit for Q3 2024 was 160 million yuan, down 46.25% year-on-year but up 451.86% quarter-on-quarter [1] Future Earnings Forecast - The company’s projected net profits for 2024, 2025, and 2026 are 542 million yuan, 807 million yuan, and 1.045 billion yuan respectively, with year-on-year growth rates of -29.7%, +48.9%, and +29.5% [3][5] - The expected P/E ratios for the same years are 25X, 17X, and 13X [3] Strategic Growth Initiatives - The company has outlined four main growth strategies in its new five-year plan: increasing the share of ToC business, expanding operations in North America and the EU, enhancing the share of insecticides and fungicides, and strengthening the development of the biopesticide segment [2]

Group 1: Export Status of Agricultural Chemical Products - Export quantity from January to September 2024 increased by 30.84% year-on-year, but the growth rate has decreased compared to the first half of 2024 (52.70%) [3] - Export value from January to June 2024 increased by 9.11% year-on-year, down from 13.01% in the first half of 2024 [3] - Average export price (USD/Kg) showed a decline from USD4.44/Kg in January 2023 to USD3.00/Kg in December 2023, with a recovery to USD3.10/Kg by September 2024 [3] - Significant drop in both export quantity and value in September 2024, with expectations of reduced growth in Q4 2024 compared to the first three quarters [3] Group 2: Company Performance in 2024 - Revenue for the first three quarters of 2024 increased by 14.86% year-on-year, with Q3 showing an 18.07% increase [4] - The proportion of TO C business revenue rose from 32.88% in 2023 to 37.73% in 2024, with expectations to reach approximately 40% for the full year [4] - TO C business gross margin is approximately 14 percentage points higher than TO B, reaching 29.37% [4] Group 3: Strategic Planning and Challenges - The company’s five-year strategic plan focuses on increasing TO C business share, expanding in North America and the EU, enhancing insecticide and fungicide business, and strengthening the biopesticide sector [4] - High inventory costs in subsidiaries, particularly in Brazil and Argentina, have negatively impacted gross margins [4] - Exchange rate fluctuations have led to a profit decrease of approximately 300 million yuan in the first three quarters of 2024 [4] Group 4: Sales and Marketing Expenses - Sales expenses increased by approximately 189.22 million yuan in the first three quarters, with significant rises in overseas employee salaries and travel expenses [5] - The company anticipates continued growth in sales expenses due to ongoing investments in TO C business development [5] - The sales expense ratio is expected to stabilize as revenue scales up, while management expense ratios are decreasing [5] Group 5: Market Risks and Future Outlook - The company faces collection risks in Latin America due to prolonged payment terms and declining farmer incomes [6] - Approximately 60% of the company’s business is in Latin America, which poses risks to financial metrics such as inventory turnover and debt ratios [6] - The company is cautious about growth in Latin America and is focusing on increasing its market share in North America and the EU to mitigate risks [6] Group 6: Incentive Plans and Communication - The company has launched a restricted stock incentive plan based on achieving a 30% growth target for 2025 and 45% for 2026, considering 2024 as a cyclical low [8] - The company has established a WeChat public account for timely and accurate communication with investors [8]

Investment Rating - The report maintains a "Buy" rating for the company [5][10]. Core Views - The company's Q3 performance shows strong recovery, with revenue nearing the levels seen in Q3 2022, indicating robust growth potential [2][3]. - The company is expected to enter a new development phase in 2025, driven by increased business in Europe and the US, which will provide greater revenue elasticity [3]. - The report forecasts EPS for 2024, 2025, and 2026 to be 2.17, 3.41, and 4.63 CNY respectively, with a target price set at 58.23 CNY [3][5]. Financial Summary - Revenue for 2022 was 14,460 million CNY, with a projected decline to 11,485 million CNY in 2023, followed by a slight increase to 11,733 million CNY in 2024 [1]. - Net profit attributable to the parent company was 1,413 million CNY in 2022, expected to drop to 771 million CNY in 2023, and further decline to 605 million CNY in 2024, before recovering to 950 million CNY in 2025 and 1,290 million CNY in 2026 [1]. - The company’s net profit margin is projected to improve from 4.47% in Q3 2023 to 9.0% in 2026 [3][9]. - The company’s total assets are expected to grow from 14,898 million CNY in 2023 to 20,596 million CNY by 2026 [9]. Performance Metrics - The company reported a Q3 revenue of 4,103 million CNY, a year-on-year increase of 18.07% and a quarter-on-quarter increase of 37.30% [3]. - The gross margin for Q3 was 20.56%, showing a slight increase from previous quarters [3]. - The company’s market capitalization is currently 13,228 million CNY, with a current share price of 47.47 CNY [6][10]. Strategic Initiatives - The company has launched a new equity incentive plan with net profit as the performance target for the years 2025-2027, reflecting a strategic focus on improving profitability [3]. - The agricultural chemical prices are showing signs of bottoming out, with expectations of price recovery in 2024 due to improved supply-demand dynamics [3].

证券代码：301035 证券简称：润丰股份 公告编号： 2024-052 山东潍坊润丰化工股份有限公司 第四届监事会第二十二次会议决议公告 本公司及监事会全体成员保证信息披露内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 山东潍坊润丰化工股份有限公司（以下简称"公司"）于 2024 年 10 月 25 日在公司会议室以现场与通讯表决相结合的方式召开了第四届监事会第二十二 次会议。会议通知已于 2024 年 10 月 18 日以书面通知的形式送达给全体监事。 会议应到监事 3 人，实到 3 人。会议由公司监事会主席孙建国先生召集和主持。 本次会议的召集和召开符合《中华人民共和国公司法》《深圳证券交易所上市公 司自律监管指引第 2 号——创业板上市公司规范运作》和《山东潍坊润丰化工股 份有限公司章程》的有关规定。 二、监事会会议审议情况 会议经全体监事讨论后形成如下决议： 1、审议通过《关于 2024 年第三季度报告的议案》 经审议，监事会认为：公司编制的《2024 年第三季度报告》符合法律、行 政法规、中国证监会和深圳证券交易所的规定，报告内容真实、准确、完整地反 映了公司 ...

证券简称：润丰股份 证券代码：301035 山东潍坊润丰化工股份有限公司 2024 年限制性股票激励计划（草案） 之 独立财务顾问报告 2024 年 10 月 | 一、释义 3 | | --- | | 二、声明 4 | | 三、基本假设 5 | | 四、本激励计划的主要内容 6 | | （一）激励对象的范围及分配情况 6 | | （二）激励方式、来源及数量 7 | | （三）限制性股票的有效期、授予日、归属安排 8 | | （四）限制性股票的授予价格及授予价格的确定方法 10 | | （五）激励计划的授予与归属条件 11 | | （六）激励计划其他内容 14 | | 五、独立财务顾问意见 15 | | （一）对润丰股份 年限制性股票激励计划是否符合政策法规规定的核查 2024 | | 意见 15 | | （二）对公司实行股权激励计划可行性的核查意见 16 | | （三）对激励对象范围和资格的核查意见 16 | | （四）对股权激励计划权益额度的核查意见 17 | | （五）对上市公司是否为激励对象提供任何形式的财务资助的核查意见 17 | | （六）对激励计划授予价格定价方式的核查意见 17 | | （七）股 ...

证券代码：301035 证券简称：润丰股份 公告编号：2024-054 一、公司 2021 年限制性股票激励计划已履行的相关审批程序 1、2021 年 10 月 14 日，公司召开第三届董事会第二十五次会议和第三届监 事会第十五次会议，审议通过了《关于公司<2021 年限制性股票激励计划（草案）> 及其摘要的议案》《关于公司<2021 年限制性股票激励计划实施考核管理办法> 的议案》等议案，公司独立董事就本次股权激励计划发表了独立意见，律师、独 立财务顾问出具了相应的报告。 2、2021 年 10 月 20 日，公司召开第三届董事会第二十六次会议和第三届监 事会第十六次会议，审议通过了《关于公司<2021 年限制性股票激励计划（草案 修订稿）>及其摘要的议案》《关于公司<2021 年限制性股票激励计划实施考核 管理办法（修订稿）>的议案》等议案，公司独立董事就本次股权激励计划发表 了独立意见，律师、独立财务顾问出具了相应的报告。 3、2021 年 10 月 15 日至 2021 年 10 月 24 日，公司对 2021 年限制性股票激 励计划首次授予部分激励对象名单与职务在公司内部进行了公示，在公示期内， 没 ...

| 序号 | 姓名 | 职务 | | --- | --- | --- | | 1 | 王文胜 | 董事会认为需要激励的其他人员 | | 2 | 周志平 | 董事会认为需要激励的其他人员 | | 3 | 李志清 | 董事会认为需要激励的其他人员 | | 4 | 李涛 | 董事会认为需要激励的其他人员 | | 5 | 冯晓云 | 董事会认为需要激励的其他人员 | | 6 | 李冬冬 | 董事会认为需要激励的其他人员 | | 7 | 官桂玉 | 董事会认为需要激励的其他人员 | | 8 | 王亮 | 董事会认为需要激励的其他人员 | 山东潍坊润丰化工股份有限公司 2024 年限制性股票激励计划首次授予部分 激励对象名单 注：1、上述任何一名激励对象通过全部有效的股权激励计划获授的本公司股票均未超过公司总股本的 1%。公司全部有效的激励计划所涉及的标的股票总数累计不超过本激励计划提交股东大会时公司股本总额 的 20%。 2、本计划激励对象不包括独立董事、监事，首次授予的激励对象中也不包括董事、单独或合计持有公 司 5%以上股份的股东或实际控制人及其配偶、父母、子女及外籍员工。预留授予部分是否包含上述人员依 据公司后续 ...

润丰股份 2024年第三季度报告说明 山东潍坊润丰化工股份有限公司 SHANDONG WEIFANG RAINBOW CHEMICAL CO.,LTD 最佳 丰富而优秀 性价比 的产品组合 可信赖 高效 的服务 的伙伴 股票简称:润丰股份 股票代码:301035 中国海关编码3808项下产品出口数量变化趋势图 2022年 2024年 2023年 25.00 24.20 24.00 23.93 万吨 23.12 22.89 21.83 21.34 21.32 21.97 20.09 20.00 20.81 18.55 18.23 18.53 18.2 17 17.68 18.22 17.42 16.63 16.38 15.00 13.8 14.04 13.96 14.76 13.7 13.29 12 7/ 11.5 12 55 10.00 0.11 万吨 10月 1月 2月 3月 4月 5月 6月 7月 8月 9月 11月 12月 2024年前三季度3808项下总出口数量同比增加30.84% 成为全球领先的作物保护公司 中国海关编码3808项下产品出口金额变化趋势图 ambou ll about growing ...

Financial Performance - The company's revenue for the third quarter reached ¥4,103,439,313.20, representing an increase of 18.07% compared to the same period last year[3]. - The net profit attributable to shareholders was ¥159,769,717.17, a decrease of 46.25% year-on-year[3]. - The basic earnings per share (EPS) was ¥0.57, down 46.73% from the previous year[3]. - Total operating revenue for the current period reached ¥9,785,195,972.58, compared to ¥8,518,893,985.17 in the previous period, indicating a growth of approximately 14.8%[21]. - Net profit for the period was ¥400,017,282.86, down from ¥775,948,170.20, indicating a decline of approximately 48%[22]. - The net profit attributable to shareholders of the parent company was ¥341,563,969.19, compared to ¥721,621,504.36, a decrease of around 53%[23]. - Comprehensive income totaled ¥357,466,436.40, down from ¥783,865,993.54, reflecting a decline of about 54%[23]. - Basic earnings per share decreased to ¥1.23 from ¥2.60, a drop of approximately 53%[23]. Cash Flow - Operating cash flow generated was ¥459,081,421.38, showing a significant increase of 286.56% year-on-year due to higher sales collections[10]. - The net cash flow from operating activities was 459,081,421.38, compared to a negative cash flow of -246,078,338.95 in the previous period[24]. - Total cash inflow from operating activities amounted to 10,399,075,461.40, an increase from 8,335,916,824.75[24]. - Cash outflow from operating activities totaled 9,939,994,040.02, up from 8,581,995,163.70[24]. - The net cash flow from investing activities decreased by 40.59%, amounting to -380,872,460.35 RMB, primarily due to increased investment income from the disposal of derivative financial assets during the reporting period[11]. - The net cash flow from financing activities increased by 40.43%, reaching 577,415,944.78 RMB, mainly due to an increase in borrowings compared to the previous year[11]. - The company reported a net increase in cash and cash equivalents of 753,903,490.36, compared to a decrease of -461,463,895.61 previously[25]. Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥16,015,227,979.32, reflecting a 7.50% increase from the end of the previous year[3]. - Current assets totaled ¥12,633,701,004.31, an increase from ¥11,880,975,984.65 at the beginning of the period, reflecting a growth of about 6.3%[19]. - Total liabilities reached ¥9,153,192,216.00, compared to ¥8,058,262,136.41 in the previous period, showing an increase of approximately 13.6%[20]. - Non-current assets amounted to ¥3,381,526,975.01, up from ¥3,016,978,113.48, indicating a growth of around 12.1%[19]. - The company's total assets increased to ¥16,015,227,979.32 from ¥14,897,954,098.13, reflecting a growth of approximately 7.5%[20]. - The total equity attributable to shareholders was ¥6,510,044,339.17, slightly down from ¥6,546,153,851.24, indicating a decrease of about 0.6%[20]. Expenses - The company reported a 80.76% increase in selling expenses, totaling ¥423,513,169.91, primarily due to higher overseas employee compensation and travel expenses[9]. - Research and development expenses decreased by 47.71% to ¥125,724,753.40, attributed to reduced trial costs related to registration[9]. - Financial expenses surged by 1223.03% to ¥523,064,338.76, mainly due to significant foreign exchange losses[9]. - Total operating costs increased to ¥9,252,287,316.15 from ¥7,417,203,067.22, representing a year-over-year increase of approximately 25%[22]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 6,707, with the top 10 shareholders holding a significant portion of the shares[12]. - Shandong Runyuan Investment Co., Ltd. held 41.24% of the shares, amounting to 114,911,237 shares, with 51,008,000 shares pledged[12]. - KONKIA INC. held 21.96% of the shares, totaling 61,191,800 shares[12]. - The top 10 shareholders included various institutional and individual investors, with the largest being Shandong Runyuan Investment Co., Ltd. and KONKIA INC.[12]. - The company plans to lift restrictions on 114,911,237 shares held by Shandong Runyuan Investment Co., Ltd. on July 28, 2024[17]. - The company also plans to lift restrictions on 61,191,800 shares held by KONKIA INC. on the same date[17]. - The total number of shares held by the top 10 shareholders participating in margin trading was 7,850,013 shares[15]. - The company has not disclosed any related party relationships among the top shareholders, except for those controlled by the actual controllers Wang Wencai, Sun Guoqing, and Qiu Hongbing[13].

归属名单的核查意见 山东潍坊润丰化工股份有限公司 监事会关于公司 2021 年限制性股票激励计划 首次授予部分第三个归属期及预留授予部分第二个归属期 （二）预留授予部分第二个归属期可办理归属的激励对象名单 预留授予部分除 3 名激励对象因个人原因离职已不符合激励条件外，其余预 留授予的 27 名激励对象中，有 23 名激励对象 2023 年绩效考核结果:X≧80 分， 可按个人层面归属比例的 100%归属，有 4 名激励对象 2023 年绩效考核结果:60 分＜X＜80 分，可按个人层面归属比例的 80%归属。上述 27 名激励对象作为公 司本次可归属的激励对象主体资格合法、有效。 - 1 - 本次拟归属的上述激励对象符合《公司法》《证券法》等法律、法规和规范 性文件以及《公司章程》规定的任职资格，符合《上市公司股权激励管理办法》 《上市规则》等法律、法规和规范性文件规定的激励对象条件，符合本激励计划 规定的激励对象范围，其作为公司本激励计划激励对象的主体资格合法、有效， 首次授予部分第三个归属期及预留授予部分第二个归属期的归属条件已成就。 监事会同意为 2021 年股权激励计划首次授予部分及预留授予部分的激 ...