Core Insights - The expiration of the compound patent for Pyraclostrobin in China has led to a surge in domestic interest, with companies increasing registration, production, and promotion efforts [1][6] - As of 2024, there are 62 registered Pyraclostrobin products in China, including 32 active ingredients and 30 formulations, primarily targeting wheat and peanut crops [1][6] - The global market for Pyraclostrobin has seen significant growth, with sales expected to rise from $973 million in 2015 to $2.014 billion by 2024, and projected to reach $2.172 billion by 2025 [5][11] Industry Overview - Pyraclostrobin, developed by Bayer in 2004, is a broad-spectrum fungicide known for its low toxicity and effectiveness against various plant diseases [2][3] - It is particularly effective against diseases affecting cereals and legumes, making it a key product in the global fungicide market, holding an 8% market share [3][5] Market Dynamics - The Chinese market for Pyraclostrobin is expanding rapidly due to the high incidence of wheat diseases, particularly Fusarium head blight, which can cause yield losses of 10% to 20% in epidemic years [7][11] - The area affected by Fusarium head blight in China is projected to reach 15 million acres in 2024, an increase of 6 million acres from 2023 [7][8] Competitive Landscape - Major companies in the Pyraclostrobin sector include Hailir, Anhui Jiuyi, Nantong Taihe, and Guangdong Guokang, among others, with many expanding production capacity [9][10] - Hailir reported a revenue of 3.391 billion yuan in the first nine months of 2025, a 5.5% increase year-on-year, indicating strong market performance [10] Future Trends - The demand for Pyraclostrobin is expected to continue rising due to increasing occurrences of wheat diseases and advancements in application methods [11] - The market is becoming increasingly competitive, with potential oversupply leading to price fluctuations, necessitating companies to optimize production and enhance brand presence [12] - The trend towards formulation mixtures is anticipated to grow, as combining Pyraclostrobin with other chemicals can delay resistance development and enhance efficacy [13]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report highlights the impact of the recent cancellation and reduction of export tax rebates on pesticides, particularly focusing on the potential for price increases and improved profitability for leading companies in the pesticide sector [5] - The report anticipates a reversal in the pesticide industry's performance due to rising export costs and the upcoming spring farming season, which is expected to boost demand and prices [5] - The ongoing "anti-involution" trend in the pesticide industry is expected to optimize supply and reshape value, encouraging companies to shift from low-end manufacturing to a focus on technology, branding, and service [5] Summary by Relevant Sections Industry Overview - The pesticide industry is experiencing a significant shift due to policy changes, with the cancellation of export tax rebates for various pesticide raw materials and intermediates, including glyphosate and other high-toxicity products [4][5] - China is projected to export 2.05 million tons of pesticides in 2024, with exports accounting for 90% of production [5] Market Dynamics - The domestic pesticide production peak season occurs from February to May, with a significant increase in demand for pesticide formulations during this period [5] - The report notes that the price of 95% glyphosate raw powder has recently increased to 46,000 yuan per ton, indicating a recovery in pricing [11] Key Companies and Recommendations - Recommended stocks include leading pesticide companies such as Yangnong Chemical, Limin Co., and Xingfa Group, which are expected to benefit from the price increases and the integrated "raw material-formulation" model [5] - Beneficiary stocks also include Jiangshan Chemical, Lier Chemical, and others involved in various segments of the pesticide supply chain [5]

证券日报网讯1月15日，润丰股份（301035）在互动平台回答投资者提问时表示，公司97%以上的营收 来自海外市场，汇率波动对于公司各项财务数据的影响还是较大的，至于对于公司财务数据的具体影 响，这不仅取决于人民币的汇率波动，还取决于主要海外子公司所在国的汇率波动。 ...

证券日报网讯1月15日，润丰股份（301035）在互动平台回答投资者提问时表示，公司登记方面的投入 根据不同类别的开支，分别费用化和资本化。公司销售费用-登记费仅是费用化的登记投入中的一部 分，资本化的登记投入在报表非流动资产中的开发支出以及无形资产里列示。 ...

Core Viewpoint - The recent strengthening of the RMB has a significant impact on the company's financial expenses related to exchange gains and losses, primarily due to its high revenue dependence on overseas markets [1]. Group 1: Company Financial Impact - Over 97% of the company's revenue comes from overseas markets, making it sensitive to exchange rate fluctuations [1]. - The specific impact on the company's financial data is influenced not only by the RMB's exchange rate changes but also by the exchange rate movements in the countries where its major overseas subsidiaries operate [1].

Group 1 - The glyphosate concept index declined by 0.02%, ranking among the top declines in the concept sector, with companies like Hebang Biotechnology, Jiangshan Shares, and Xingfa Group experiencing significant drops [1] - Among the companies in the glyphosate sector, 9 stocks saw price increases, with notable gains from Nuo Shun (up 4.20%), Li Er Chemical (up 3.45%), and Jiang Tian Chemical (up 2.26%) [1][3] Group 2 - The glyphosate concept sector experienced a net outflow of 234 million yuan, with 13 stocks seeing net outflows, and 5 stocks exceeding 10 million yuan in outflows, led by Hebang Biotechnology with a net outflow of 134 million yuan [2] - Other companies with significant net outflows include Jiangshan Shares (57.89 million yuan), Hongtaiyang (29.72 million yuan), and Xin'an Shares (23.04 million yuan) [2] - Conversely, the companies with the highest net inflows included Li Er Chemical (40.21 million yuan), Nuo Shun (18.77 million yuan), and Zhongnong Lihua (3.39 million yuan) [2]

Group 1 - The glyphosate concept sector declined by 0.44%, ranking among the top declines in the concept sector, with major declines seen in companies like Xin'an Chemical, Lier Chemical, and Jiangshan Chemical [1] - Among the companies in the glyphosate sector, eight stocks saw price increases, with Jiangtian Chemical, Taihe Co., and Nuofengxin leading the gains at 0.58%, 0.52%, and 0.46% respectively [1] - The main capital outflow from the glyphosate sector today was 146 million yuan, with 14 stocks experiencing net outflows, and six stocks seeing outflows exceeding 10 million yuan [1] Group 2 - Xin'an Chemical had the highest net capital outflow of 51.38 million yuan, followed by Nuofengxin, Xingfa Group, and Runfeng Co. with outflows of 19.73 million yuan, 14.59 million yuan, and 12.70 million yuan respectively [1] - The stocks with the highest net capital inflow included Yangnong Chemical and Ando Mai A, with inflows of 0.67 million yuan and 0.06 million yuan respectively [2] - The trading volume for Xin'an Chemical was 3.74%, while Lier Chemical had a turnover rate of 4.12% [1][2]

（文章来源：证券日报） 证券日报网讯 1月6日，润丰股份发布公告称，公司2026年第一次临时股东会审议通过《关于2026年度 接受担保暨关联交易的议案》等多项议案。 ...

证券代码：301035 证券简称：润丰股份 公告编号：2026-001 山东潍坊润丰化工股份有限公司 2026 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要提示： 1、本次会议无否决提案的情况； 2、本次会议不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 1、会议召开情况 （1）会议召集人：公司董事会 （2）会议召开时间： 现场会议时间：2026 年 01 月 06 日 14:00 网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2026 年 01 月 06 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互 联网投票系统投票的具体时间为 2026 年 01 月 06 日 9:15 至 15:00 的任意时间。 （3）股权登记日：2025 年 12 月 30 日（星期二） （4）召开地点：山东省济南市高新区汉峪金融商务中心五区 5 号楼 30 层大 会议室 （5）召开方式：本次股东会采取现场投票和网络投票相结合的方式。 （6）主持人：董事长王文才 （7）本次股东 ...

北京市中伦律师事务所 二〇二六年一月 北京 • 上海 • 深圳 • 广州 • 成都 • 武汉 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 香港 • 东京 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Chengdu • Wuhan • Chongqing • Qingdao • Hangzhou • NanJing • HaiKou • Hong Kong • Tokyo • London • New York • Los Angeles • San Francisco • Alma-Ata 关于山东潍坊润丰化工股份有限公司 2026 年第一次临时股东会的 法律意见书 北京市中伦律师事务所 关于山东潍坊润丰化工股份有限公司 2026 年第一次临时股东会的 法律意见书 致：山东潍坊润丰化工股份有限公司 北京市中伦律师事务所（"本所"）接受山东潍坊润丰化工股份有限公司 （"公司"）的委托，根据《中华人民共和国公司法》（"《公司法》"）、《中 华人民共和国证券法》《上市公司股东会规则》（"《股东会规则》"） ...