The First Quarter Financial Report of 2025 To be a Global Leading Crop Protection Company Stock code: 301035 Stock abbreviation: Rainbow Agro Announcement No.: 2025-025 SHANDONG WEIFANG RAINBOW CHEMICAL CO., LTD The First Quarter Financial Report of 2025 The Company and all members of the Board of Directors warrant that the information disclosed is true, accurate, and complete, without false records, misleading statements, or material omissions. 1. Consolidated balance sheet Prepared by: Shandong Weifang Ra ...

complete, without false records, misleading statements, or material omissions. The Annual Financial Report of 2024 To be a Global Leading Crop Protection Company Stock code: 301035 Stock abbreviation: Rainbow Agro Announcement No.: 2025-024 SHANDONG WEIFANG RAINBOW CHEMICAL CO., LTD The Annual Financial Report of 2024 The Company and all members of the Board of Directors warrant that the information disclosed is true, accurate, and 1. Consolidated balance sheet Prepared by: Shandong Weifang Rainbow Chemical ...

Investor Presentation 2024 Annual Report 2025 Quarter 1 Report Rainbow Global Global Operation Center Manufacturing Base Subsidiary / Office R&D Centers 27.48 17.21 28.62 22.33 18.90 24.86 22.99 25.47 24.06 25.18 24.48 18.77 24.92 22.54 26.93 14.39 11.95 17.43 14.43 15.41 17.10 22.21 21.83 23.11 19.57 19.25 19.75 18.51 10.50 15.96 12.83 18.75 20.70 21.33 17.99 14.67 13.82 14.42 13.21 10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00 26.00 28.00 30.00 1 2 3 4 5 6 7 8 9 10 11 12 2025 2024 2023 2022 • The total ...

证券代码：301035 证券简称：润丰股份 公告编号：2025-023 山东潍坊润丰化工股份有限公司 为满足公司生产经营需求，山东潍坊润丰化工股份有限公司（以下简称"公 司"）拟向平安银行股份有限公司潍坊分行申请综合授信额度人民币 5 亿元、敞 口 2 亿元，全资子公司山东润科国际贸易有限公司为上述事项提供担保，金额不 超过 2.60 亿元人民币。 根据《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《公司章程》等相关规定，上述担保事项已经山东润科国际贸易有限 公司履行审议程序通过，无需提交公司董事会审议。 二、被担保人基本情况 1、被担保人基本信息 公司名称：山东潍坊润丰化工股份有限公司 类型：股份有限公司（外商投资、上市） 成立日期：2005 年 6 月 23 日 住所：山东省潍坊市滨海经济开发区氯碱路 03001 号 关于全资子公司为公司提供担保的公告 本公司及董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、担保情况概述 法定代表人：王文才 注册资本：28,077.0974 万元 经营范围： 许可项目：农药生产；农药批发；农药零售 ...

证券代码：301035 证券简称：润丰股份 公告编号：2025-022 山东潍坊润丰化工股份有限公司 关于回购公司股份进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 重要内容提示 | 回购方案首次披露日 | 2024 年 月 日 | 11 | 4 | | --- | --- | --- | --- | | 回购方案实施期限 | 自董事会审议通过本次回购股份方案之日起 12 个 月内 | | | | 预计回购金额 | 拟使用不低于人民币 6,500.00 万元（含本数）且 不超过人民币 13,000.00 万元（含本数）自有资金 | | | | | 及股票回购专项贷款资金 | | | | 回购用途 | 用于股权激励计划 | | | | 累计已回购股数 | 2,497,945 股 | | | | 累计已回购股数占总股本比例 | 0.89% | | | | 累计已回购金额 | 124,815,120.34 元 | | | | 实际回购价格区间 | 46.96 元/股~51.50 元/股 | | | 山东潍坊润丰化工股份有限公司（以下简称"公司"）根据《上 ...

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - The report highlights a significant decline in oil prices, suggesting a focus on domestic demand and opportunities in domestic substitutes for new materials. It emphasizes the importance of companies with strong fundamentals that are less correlated with oil prices [13][14] - The report recommends several companies for investment, including WanHua Chemical, Huangma Technology, Runfeng Co., Guoguang Co., and Hualu Hengsheng, citing their strong market positions and improving profitability [13] Summary by Sections 1. Core Viewpoints - The report indicates a substantial drop in oil prices, with Brent crude falling 8.3% to $61.29 per barrel as of May 2, 2025. This decline is attributed to OPEC+ production increases and global trade tensions affecting supply and demand dynamics [14] - The report suggests focusing on companies with strong fundamentals and less sensitivity to oil price fluctuations, particularly in the agricultural chemicals sector, which is experiencing robust demand due to the spring farming season [13] 2. Oil and Chemical Price Information - As of April 25, 2025, U.S. crude oil commercial inventories stood at 440.4 million barrels, with a weekly decrease of 270 thousand barrels. Gasoline inventories decreased by 4 million barrels to 225.5 million barrels, while distillate inventories increased by 900 thousand barrels to 107.8 million barrels [14] - The report monitors 188 chemical products, noting that the top three price increases for the week were for liquid chlorine (up 58.8%), natural gas (up 14.0%), and monoammonium phosphate (up 3.9%). Conversely, the largest declines were seen in formic acid (down 7.7%), pure benzene (down 6.5%), and vitamin A (down 6.4%) [15] 3. Investment Recommendations - Recommended companies include: - WanHua Chemical: Core product MDI shows recent profit improvement, with upcoming petrochemical and new material projects [13] - Huangma Technology: A leader in specialty polyether, responding well to previous macro demand challenges [13] - Runfeng Co.: A rare investment target with a global layout for formulation registration and sales channels [13] - Guoguang Co.: A leading domestic differentiated formulation company in the plant growth regulator sector [13] - Hualu Hengsheng: Core product prices are recovering alongside a decline in coal prices, leading to improved margins [13]

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Views - The report highlights a significant decline in oil prices, suggesting a focus on domestic demand and opportunities in domestic substitutes for new materials. It emphasizes the importance of companies with strong fundamentals that are less correlated with oil prices [13][14] - The report recommends several companies based on their market positions and recent performance improvements, particularly in the agricultural chemicals sector due to the ongoing spring farming season [13] Summary by Sections 1. Core Views - The report indicates a substantial drop in oil prices, with Brent crude down 8.3% to $61.29 per barrel as of May 2, 2025. This decline is attributed to OPEC+ production increases and global trade tensions affecting supply-demand dynamics [14] - The report suggests focusing on companies with strong alpha characteristics that are less affected by oil price fluctuations, particularly in the agricultural chemicals sector, which is experiencing robust demand [13] 2. Oil and Chemical Price Information - As of April 25, 2025, U.S. crude oil commercial inventories stood at 440.4 million barrels, with a weekly decrease of 270 thousand barrels. Gasoline inventories decreased by 4 million barrels to 225.5 million barrels, while distillate inventories increased by 900 thousand barrels to 107.8 million barrels [14] - Among 188 monitored chemical products, the top three price increases this week were for liquid chlorine (up 58.8%), natural gas (up 14.0%), and monoammonium phosphate (up 3.9%). The largest declines were seen in formic acid (down 7.7%), pure benzene (down 6.5%), and vitamin A (down 6.4%) [15] 3. Investment Recommendations - Recommended companies include: - Wanhua Chemical: Core product MDI shows recent profit improvement, with upcoming petrochemical and new material projects [13] - Huamao Technology: A leader in specialty polyether, responding well to previous macro demand pressures [13] - Runfeng Co., Ltd.: A rare company with global formulation registration and sales channels [13] - Guoguang Co., Ltd.: A leader in differentiated formulations in the plant growth regulator sector [13] - Hualu Hengsheng: Core product prices are recovering alongside falling coal prices, leading to improved margins [13]

Core Insights - The company reported a total revenue of 13.296 billion yuan in 2024, representing a year-on-year increase of 15.77%, but the net profit attributable to shareholders was only 450 million yuan, a significant decline of 41.63% [1] Global Operations and Market Expansion - The company continued to advance its global operational management system, aiming for over 95% global coverage of systems like SAP and CRM by the end of 2029 [4] - Significant progress was made in building a global marketing network, entering new markets such as Mexico, Australia, and Italy, and launching the Rainbow brand [4] - The company obtained over 1,000 new pesticide registrations, bringing the total to over 7,700 domestically and internationally [4] - High operational costs and management expenses were key factors in the decline of net profit, exacerbated by currency fluctuations and debt default risks in emerging markets like Brazil and Argentina [4] Business Structure Adjustment and Gross Margin Changes - The revenue share of the TOC business (targeting end customers) increased from 33.82% in 2023 to 37.65% in 2024, with a slight gross margin increase to 28.99% [5] - Revenue share from the EU and North America rose from 5.69% to 9.75%, while the share of insecticide and fungicide business slightly increased from 25.41% to 25.71% [5] - The establishment of a global bioproducts team achieved sales of approximately 10 million dollars in its first year [5] - Despite some improvements in specific business margins, overall gross margin did not significantly improve due to fluctuations in raw material prices and high energy costs, which account for over 30% of total production costs [5][6] Future Outlook and Potential Risks - For 2025, the company anticipates increased operational uncertainty due to rising trade protectionism, particularly regarding tariffs and market access policies [6] - The company expects a gradual recovery in terminal market prices and gross margins, with an increase in gross margins for most subsidiaries in target countries [6] - Ongoing challenges include currency fluctuations, debt default risks, and raw material price volatility, particularly in emerging markets [6] - Increased investments in environmental protection and compliance may further raise operational costs, especially in environmental assessments and qualification maintenance [6]

Investment Rating - The report maintains a "Positive" outlook on the chemical industry, highlighting the recovery at the bottom of the cycle and the focus on undervalued high-growth stocks [1]. Core Insights - The macroeconomic assessment of the chemical industry indicates a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium to long term. Natural gas prices are fluctuating at the bottom [3][4]. - The report forecasts a gradual recovery in profitability for the chemical sector in Q1 2025, driven by terminal inventory replenishment and improved demand, despite ongoing construction projects peaking and declining [3]. - The overall revenue for the chemical sector in 2024 is projected to reach 2.0601 trillion yuan, a 3% year-on-year increase, while net profit is expected to decline by 3% to 109.8 billion yuan, aligning with market expectations [3]. Summary by Sections Industry Dynamics - Current oil prices are influenced by the easing of the Russia-Ukraine conflict and U.S. tariff policies, with Brent crude averaging $80.93 per barrel in 2024, down 2% year-on-year. NYMEX natural gas futures are expected to average $2.41 per million British thermal units, down 10% year-on-year [3][4]. - The chemical industry is experiencing a "V"-shaped recovery in market conditions, with Q1 2025 revenue reaching 496.9 billion yuan, a 6% increase year-on-year, and net profit rising by 9% year-on-year to 32.8 billion yuan [3]. Investment Analysis - The report suggests focusing on traditional cyclical stocks with strong fundamentals, such as Wanhua Chemical and Hualu Chemical, as well as growth stocks in semiconductor materials and OLED technologies [3]. - The tire industry is expected to benefit from domestic demand recovery and cost reductions, with companies like Sailun Tire and Linglong Tire highlighted for potential investment [3]. - The report emphasizes the importance of identifying undervalued stocks with growth potential in the chemical sector, particularly in segments like agricultural chemicals and specialty chemicals [3]. Price and Inventory Changes - The report notes that the chemical industry is experiencing a gradual recovery in price differentials, with PPI data showing a slow recovery from negative values towards zero [3][4]. - The report highlights the importance of monitoring inventory levels and price movements in key chemical products, as these factors will influence future profitability and investment opportunities [3][4].

Core Insights - The company reported a revenue of 13.3 billion yuan for 2024, representing a year-on-year increase of 15.8%, but the net profit attributable to shareholders decreased by 41.6% to 450 million yuan [1] - In Q1 2025, the company achieved a revenue of 2.69 billion yuan, showing a slight year-on-year decline of 0.3% and a significant quarter-on-quarter decrease of 23.5%, while net profit attributable to shareholders increased by 68.0% year-on-year [1] - The company plans to distribute a cash dividend of 4.1 yuan per 10 shares, with total cash dividends and share buybacks for 2024 amounting to 290 million yuan, which is 64.2% of the net profit for the year [1] Company Overview - The company is a leading player in the domestic pesticide formulation industry, with R&D teams and centers located in Jinan and Weifang, Shandong, and manufacturing bases in multiple locations including Argentina and Spain [2] - The company operates over 110 subsidiaries globally and conducts business in more than 100 countries, actively enhancing its global marketing network [2] Market Dynamics - The pesticide market continues to show steady growth despite a decline in the pesticide price index, with a 30.0% increase in export quantity and an 11.7% increase in export value for 2024 [2] - The gross margin for the company in 2024 was 19.8%, down 1.4 percentage points year-on-year, while the net margin was 4.0%, down 3.4 percentage points year-on-year [2] Financial Performance - The company experienced a significant increase in sales expenses by 51.1% due to rising overseas employee salaries and other costs, while financial expenses surged by 1930.4% primarily due to substantial foreign exchange losses amounting to 550 million yuan in 2024 [2] Industry Outlook - The global pesticide industry has entered a mature phase but still experiences significant cyclical fluctuations, with a 9.2% year-on-year growth in global pesticide sales in 2022 [3] - The market is characterized by oligopolistic competition, with the top five global pesticide companies holding a 75% market share [3] Strategic Initiatives - The company has established a five-year strategic plan focusing on increasing the share of TOC business, expanding operations in North America and the EU, enhancing the insecticide and fungicide segments, and strengthening the biopesticide sector [4] - The company aims for rapid growth in the pesticide formulation market through a "fast market entry platform" and has registered over 7,700 products globally [3][4] Future Projections - The company forecasts net profits attributable to shareholders of 1.02 billion yuan, 1.36 billion yuan, and 1.62 billion yuan for the years 2025 to 2027, respectively [4]