Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2023 annual report shows a revenue of 11.485 billion yuan (YoY -21%) and a net profit attributable to shareholders of 771 million yuan (YoY -45%), with a gross margin of 21.19% [1] - In Q4 2023, the company achieved a revenue of 2.966 billion yuan (YoY +17%, QoQ -15%) and a net profit of 49 million yuan (YoY -54%, QoQ -83%), which aligns with the performance forecast [1] - The company reported a revenue of 2.693 billion yuan in Q1 2024 (YoY +21%, QoQ -9%) and a net profit of 153 million yuan (YoY -16%, QoQ +209%), indicating that the quarterly performance is generally in line with expectations [1] - The company is focusing on enhancing its global marketing network and accelerating its global registration layout, which is expected to support long-term growth [1] Financial Summary - In 2023, the company's total revenue was 11.485 billion yuan, with a significant decline in herbicide revenue to 8.423 billion yuan (YoY -31%) and an increase in insecticide revenue to 1.544 billion yuan (YoY +54%) [2][7] - The projected revenues for 2024, 2025, and 2026 are 13.767 billion yuan, 16.330 billion yuan, and 19.377 billion yuan, respectively, with expected growth rates of 19.9%, 18.6%, and 18.7% [2][7] - The net profit attributable to shareholders is forecasted to be 1.010 billion yuan in 2024, 1.323 billion yuan in 2025, and 1.700 billion yuan in 2026, with corresponding growth rates of 31.0%, 31.0%, and 28.4% [2][7] Market Data - As of April 25, 2024, the closing price of the company's stock was 55.81 yuan, with a market capitalization of 4.986 billion yuan [3] - The company's price-to-earnings ratio is projected to be 15, 12, and 9 for the years 2024, 2025, and 2026, respectively [2][3] Strategic Initiatives - The company is actively expanding its C-end business to capture market share during the industry's downturn, with a focus on channel and inventory management to maintain stable profit margins [1] - The company has completed the acquisition of a pesticide formulation factory in Texas, USA, to accelerate its market expansion in the U.S. [1]

Financial Performance - The company's operating revenue for Q1 2024 was ¥2,693,191,598.95, representing a 20.59% increase compared to ¥2,233,266,009.68 in the same period last year[3] - Net profit attributable to shareholders decreased by 16.39% to ¥152,843,351.25 from ¥182,814,094.72 year-on-year[3] - Total revenue for the current period reached ¥2,693,191,598.95, an increase of 20.6% compared to ¥2,233,266,009.68 in the previous period[19] - Net profit for the current period was ¥165,301,073.39, a decrease of 14.5% from ¥193,454,997.94 in the previous period[20] - Total operating costs amounted to ¥2,502,450,985.18, up from ¥2,118,502,804.32, reflecting a year-over-year increase of 18.1%[19] Cash Flow - The net cash flow from operating activities improved by 32.10%, reaching -¥297,983,503.10 compared to -¥438,843,869.41 in Q1 2023[3] - Cash inflow from operating activities totaled CNY 2,666,623,340.64, down from CNY 3,069,410,770.68, indicating a decrease of about 13.14%[22] - Cash outflow from operating activities was CNY 2,964,606,843.74, compared to CNY 3,508,254,640.09 in the previous period, a reduction of approximately 15.5%[22] - Cash flow from investing activities showed a net outflow of CNY -200,887,594.72, slightly improved from CNY -221,061,261.02 in the previous period[23] - Cash inflow from financing activities was CNY 1,406,622,528.15, significantly higher than CNY 749,802,593.08 in the previous period, marking an increase of about 87.6%[23] Assets and Liabilities - Total assets increased by 1.08% to ¥15,058,876,550.60 from ¥14,897,954,098.13 at the end of the previous year[3] - Current liabilities totaled ¥7,769,710,815.08, slightly down from ¥7,893,559,071.34, indicating a decrease of 1.6%[18] - Non-current liabilities increased to ¥183,403,658.39 from ¥164,703,065.07, marking an increase of 11.1%[18] - Total current assets amount to 11,891,077,642.92 RMB, slightly up from 11,880,975,984.65 RMB at the beginning of the period[15] Shareholder Information - Total number of common shareholders at the end of the reporting period is 6,225[10] - The largest shareholder, Shandong Runyuan Investment, holds 41.24% of shares, totaling 114,911,237 shares[10] - KONKIA INC holds 21.96% of shares, totaling 13,105,690 shares[10] - The top ten shareholders account for a significant portion of the total share capital, with the largest shareholder holding over 41%[10] Expenses - Research and development expenses decreased by 35.75% to ¥36,086,891.09 from ¥56,162,380.67 year-on-year[7] - The company reported a 79.25% increase in selling expenses, totaling ¥136,012,126.19, primarily due to expansion costs in overseas markets[7] Other Financial Metrics - The company’s basic earnings per share decreased by 16.67% to ¥0.55 from ¥0.66 in the same period last year[3] - The total equity attributable to shareholders increased by 3.81% to ¥6,795,513,988.12 from ¥6,546,153,851.24 at the end of the previous year[3] - The company reported a significant increase in other comprehensive income, with a net amount of ¥91,155,404.99 compared to a loss of ¥30,738,258.68 in the previous period[20] - Total comprehensive income attributable to the parent company's owners was CNY 239,746,499.85, an increase from CNY 159,753,231.53 in the previous period, representing a growth of 50%[21] Cash and Cash Equivalents - Cash and cash equivalents decreased to 2,610,782,485.67 RMB from 3,271,577,916.51 RMB[16] - The ending balance of cash and cash equivalents was CNY 982,128,040.57, down from CNY 2,053,916,567.30 in the previous period[23] Audit Status - The company has not undergone an audit for the first quarter report[24]

Company Performance - The company's operating revenue for 2023 was CNY 11,484,792,643.38, a decrease of 20.58% compared to CNY 14,460,175,154.41 in 2022[28]. - Net profit attributable to shareholders for 2023 was CNY 771,120,761.85, down 45.44% from CNY 1,413,238,278.11 in 2022[28]. - The net profit after deducting non-recurring gains and losses for 2023 was CNY 762,265,074.25, a decrease of 46.23% compared to CNY 1,417,676,562.72 in 2022[28]. - The basic earnings per share for 2023 were CNY 2.78, down 45.70% from CNY 5.12 in 2022[28]. - The weighted average return on net assets for 2023 was 12.30%, a decrease of 13.40% from 25.70% in 2022[28]. - The net cash flow from operating activities for 2023 was negative CNY 1,350,375,311.36, compared to positive CNY 1,370,655,408.25 in 2022, representing a decline of 198.52%[28]. - The company reported quarterly revenues of CNY 2,233,266,009.68 in Q1, CNY 2,810,236,694.34 in Q2, CNY 3,475,391,281.15 in Q3, and CNY 2,965,898,658.21 in Q4 of 2023[29]. - The company received government subsidies amounting to CNY 10,539,793.70 in 2023, down from CNY 12,079,027.93 in 2022[32]. Market Expansion and Global Presence - The company ranked third in the 2023 China pesticide sales top 100 list and maintained its position as the number one exporter of agricultural chemicals in China for 2022[6]. - The company has established new wholly-owned and joint venture subsidiaries in Australia, New Zealand, Turkey, Guyana, Ghana, the Dominican Republic, Tunisia, and Algeria, enhancing its global marketing network[5]. - The company is actively expanding its global marketing network, having conducted in-depth market research in the USA, Canada, Mali, Guinea, Moldova, Mongolia, and others[5]. - The company has a strong global presence, operating in over 100 countries and maintaining a robust international market expansion team[10]. - The company plans to establish local teams in at least 25 new target countries by the end of 2024 to support its B-C business[57]. - The company aims to complete the construction of a "rapid market entry platform" in all major global markets, excluding the US, Canada, and Japan, by 2024[57]. Research and Development - The company has increased its technical team by 77 members in 2023, further enhancing its R&D capabilities[5]. - The company is engaged in research and development of new products and technologies to enhance its competitive edge in the market[18]. - The company is focusing on research and development, with a new plant protection product R&D center project approved on August 15, 2023, to enhance its product offerings[50]. - The research and development investment for 2023 amounts to approximately CNY 335.27 million, representing 2.92% of the company's operating revenue, an increase from 2.32% in 2022[88]. - The number of R&D personnel increased by 7.47% from 509 in 2022 to 547 in 2023, although the proportion of R&D personnel to total staff decreased from 13.70% to 12.36%[87]. Financial Management and Investment - The company plans to distribute a cash dividend of 10 RMB per 10 shares (including tax) to all shareholders, based on a total of 278,662,094 shares[17]. - The company has committed to projects with a total investment of RMB 22,000 million for herbicide processing, which has been fully utilized[105]. - The company has a project for overseas registration of pesticide products with an investment of RMB 27,648.28 million, of which RMB 18,988.03 million has been utilized, accounting for 68.68%[105]. - The company has a total of RMB 30,000 million in temporarily unused raised funds, which are stored in a dedicated account for project use[103]. - The company raised a total of RMB 152,186.20 million through its initial public offering, with a net amount of RMB 142,880.93 million after deducting expenses[103]. Environmental Compliance and Sustainability - The company emphasizes the importance of environmental protection and plans to improve pollution control measures in response to stricter regulations[120]. - The company has successfully renewed pollution discharge permits for multiple plants, with validity extending until 2029[175]. - The company reported no instances of exceeding pollution discharge limits across its facilities[177]. - The company has implemented measures to eliminate outdated production capacity and reduce pollutant emissions[174]. - The company has established a robust framework for managing VOC emissions, with specific focus on compliance at various production sites[179]. Corporate Governance and Shareholder Relations - The financial report is guaranteed to be true, accurate, and complete by the company's board and management, ensuring accountability[16]. - The company has established a comprehensive governance structure, including a board of directors with 9 members, 3 of whom are independent directors[126]. - The company is focused on protecting shareholder and investor rights through transparent communication and a stable profit distribution policy[191]. - The company has a dedicated investor relations management team to facilitate communication and maintain transparency with investors[128]. - The company has implemented a stock incentive plan to motivate and retain key personnel[127]. Employee Development and Safety - The company has a commitment to employee growth and satisfaction, implementing diverse policies to ensure fair treatment and career development opportunities[192]. - The company conducts regular safety training for employees, including a three-tier safety education system for new hires and annual retraining for existing staff[195]. - The company has established a health care program for employees, providing health knowledge dissemination and psychological counseling[199]. - The company has implemented a comprehensive safety management system, enhancing safety awareness and emergency management among employees[193]. - The company emphasizes occupational health management, conducting regular health checks and monitoring workplace hazards to ensure employee well-being[196].

注： ①表中非经营性占用部分，关联方范围依照《创业板上市规则》确定。 ②无控股股东、实际控制人的公司，存在第一大股东或第一大股东关联人非经营性占用资金的，也应填写本表非经营性占用部分。 山东潍坊润丰化工股份有限公司 2023 年年度非经营性资金占用及其他关联资金往来情况汇总表 法定代表人： 王文才 主管会计工作负责人：邢秉鹏 会计机构负责人（会计主管人员）：张宝林 单位：万元 非经营性资金占用 资金占用方 名称 占用方与上 市公司的关 联关系 上市公司核算 的会计科目 2023 年期初 占用资金余 额 2023 年占用累计 发生金额（不含 利息） 2023 年度占用 资金的利息（如 有） 2023 年度偿 还累计发生 金额 2023 年期 末占用资金 余额 占用形 成原因 占用性质 控股股东、实际控制人及 其附属企业 非经营性占用 非经营性占用 小计 - - - - 前控股股东、实际控制人 及其附属企业 非经营性占用 非经营性占用 小计 - - - - 其他关联方及附属企业 非经营性占用 小计 总计 - - - - 其它关联资金往来 资金往来方 名称 往来方与上 市公司的关 联关系 上市公司核算 的会计科目 ...

山东潍坊润丰化工股份有限公司 2023 年度董事会工作报告 2023 年度，山东潍坊润丰化工股份有限公司（以下简称"公司"）董事会严格按 照《中华人民共和国公司法》（以下简称《公司法》）《中华人民共和国证券法》（以 下简称《证券法》）等法律法规和《山东潍坊润丰化工股份有限公司章程》（以下简称 《公司章程》）等相关规定，从切实维护公司和股东尤其是中小股东的合法权益出发， 勤勉尽责，切实履行董事会职责，认真贯彻执行股东大会的各项决议，积极有效地行使 董事会职责，不断强化内控管理，积极推动公司各项业务的发展和规范公司治理，维护 全体股东及公司的权益。 现将董事会 2023 年度主要工作情况报告如下： 一、2023 年重点工作情况 （一）公司 2023 年度经营情况 2023 年度，公司实现营业收入 11,484,792,643.38 元，比上年同期降低 20.58%； 完成利润总额 940,377,038.16 元，比上年同期降低 46.35%；归属于母公司所有者的净 利润为 771,120,761.85 元，比上年同期降低 45.44%。截至 2023 年 12 月 31 日，公司 总资产为 14,897,954 ...

证券代码：301035 证券简称：润丰股份 公告编号：2024-018 山东潍坊润丰化工股份有限公司 第四届监事会第十八次会议决议公告 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 4 月 24 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十八次 会议。会议通知已于 2024 年 4 月 14 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》（以下简称《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》（以下简称《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《关于<2023 年年度报告>及其摘要的议案》 经审核，监事会认为公司《2023 年年度报告》全文及《2023 年年度报告摘 要》的内容真实、准确、完整地反映了 ...

证券代码：301035 证券简称：润丰股份 公告编号：2024-017 山东潍坊润丰化工股份有限公司 第四届董事会第十八次会议决议公告 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、董事会会议召开情况 山东潍坊润丰化工股份有限公司（以下简称"公司"）于 2024 年 4 月 24 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董事会第十八次 会议。会议通知已于 2024 年 4 月 14 日以书面通知的形式送达给全体董事。会议 应到董事 9 人（包含 3 名独立董事），实到 9 人，公司监事和高级管理人员列席 了本次董事会。本次会议由公司董事长王文才先生召集和主持。本次会议的召集 和召开符合《中华人民共和国公司法》（以下简称《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》（以下简称《公司章程》）的有关规定。 二、董事会会议审议情况 会议经全体董事讨论后形成如下决议： 1、审议通过《关于<2023 年年度报告>及其摘要的议案》 经审核，董事会认为公司《2023 年年度报 ...

证券代码：301035 证券简称：润丰股份 公告编号：2024- 021 山东潍坊润丰化工股份有限公司 关于会计政策变更的公告 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。 山东潍坊润丰化工股份有限公司（以下简称"公司"）根据财政部发布的《关 于印发〈企业会计准则解释第 16 号〉的通知》（财会〔2022〕31 号）（以下简 称"准则解释第 16 号"）的要求变更会计政策。本次会计政策变更是公司根据 法律法规和国家统一的会计制度的要求进行的变更，不会对公司财务状况、经营 成果和现金流量产生重大影响。 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》等有关规定，公司本次会计政策变更无需提交董事会、股东大会审议。 现将有关事项公告如下： 一、会计政策变更的概述 （一）会计政策变更原因及日期 1、2022 年 11 月 30 日，财政部发布了《关于印发<企业会计准则解释第 16 号>的通知》(财会[2022]31 号)(以下简称"准则解释第 16 号")，对"关于单项 交易产生的资产和负债相关的递延所得税不适用初始确认豁免的会计处理" ...

2024 年 4 月 26 日 山东潍坊润丰化工股份有限公司 董事会关于独立董事独立性自查情况的专项意见 根据《 中华人民共和国公司法》 上市公司独立董事管理办法》 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》等法律法规和 规范性文件及《 山东潍坊润丰化工股份有限公司章程》的相关规定，山东潍坊润 丰化工股份有限公司《 以下简称《 公司"）就 2023 年度在任独立董事黄方亮先生、 孟庆强先生和牛红军先生提交的 2023 年度独立董事独立性自查情况报告》进 行评估并出具如下专项意见： 经核查独立董事黄方亮先生、孟庆强先生和牛红军先生的任职经历以及签署 的相关自查文件，上述人员未在公司担任除独立董事以外的任何职务，其配偶、 父母、子女、主要社会关系也未在公司任职，也未在公司主要股东公司担任任何 职务，与公司以及主要股东之间不存在利害关系或其他可能妨碍其进行独立客观 判断的关系。因此，公司独立董事符合 上市公司独立董事管理办法》 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》中对独立 董事独立性的相关要求。 山东潍坊润丰化工股份有限公司 董事会 ...

2023 年度独立董事述职报告 （独立董事牛红军） 本人作为山东潍坊润丰化工股份有限公司（以下简称"公司"）第四届董事 会的独立董事，2023年严格按照《中华人民共和国公司法》《上市公司独立董事 管理办法》《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》等法律法规和《山东潍坊润丰化工股份有限公司章程》《山东潍坊润 丰化工股份有限公司独立董事工作制度》等公司相关规定和要求，谨慎、认真、 勤勉、独立地履行职责，积极出席相关会议，维护公司整体利益和全体股东的合 法权益。现将2023年度履职情况汇报如下： 一、独立董事的基本情况 牛红军：男，中国国籍，出生于1972年，无永久境外居留权，中国人民大学 管理学博士，硕士生导师。1995年至2005年任石家庄铁道大学经济管理学院讲师； 2005年至2008年于中国人民大学商学院攻读管理学博士；2008年至今任北京工商 大学商学院讲师、本公司独立董事。另担任华耀德睿（北京）管理咨询有限公司 监事、北京数字认证股份有限公司独立董事、深圳通业科技股份有限公司独立董 事。 山东潍坊润丰化工股份有限公司 作为公司的独立董事，本人未在公司担任除独立董事以外的其 ...