Core Viewpoint - The company experienced a decline in performance in 2024 due to foreign exchange losses, but the proportion of C-end revenue continues to rise, with a strong start to 2025 as the net profit attributable to shareholders increased by 67.98% year-on-year in Q1 2025 [1] Financial Performance - In 2024, the company achieved operating revenue of 13.296 billion yuan, a year-on-year increase of 15.77%, while the net profit attributable to shareholders was 450 million yuan, a year-on-year decrease of 41.63% [2] - In Q4 2024, the company reported operating revenue of 3.511 billion yuan, a year-on-year increase of 18.38% but a quarter-on-quarter decrease of 14.44%, with a net profit of 109 million yuan, a year-on-year increase of 119.23% but a quarter-on-quarter decrease of 32.08% [2] - In Q1 2025, the company achieved operating revenue of 2.686 billion yuan, a year-on-year decrease of 0.26% and a quarter-on-quarter decrease of 23.49%, with a net profit of 257 million yuan, a year-on-year increase of 67.98% and a quarter-on-quarter increase of 136.59% [2] Business Development - The company is focusing on the growth of its TO C business, with the revenue share from TO C increasing from 33.82% in 2023 to 37.65% in 2024, and the TO C business gross margin rising to 28.99%, an increase of 0.09% year-on-year [3] - The company has seen an increase in its EU and North America business share, rising from 5.69% in 2023 to 9.75% in 2024, and the share of insecticide and fungicide business revenue increased from 25.41% to 25.71% [3] - The company has strengthened its biopesticide segment by establishing a global bioproducts team, achieving first-year sales of approximately 10 million USD [3] - The company has enhanced its global marketing network, obtaining over 1,000 new registrations in 2024, totaling over 7,700 pesticide registration certificates domestically and internationally by December 31, 2024 [3]

Core Insights - The glyphosate concept sector saw an increase of 1.44%, ranking 8th among concept sectors, with 11 stocks rising, including Zhongnong Lihua which hit the daily limit, and notable gains from Nuobixin, Jiangshan Co., and Runfeng Co. [1] Market Performance - The top-performing concept sectors today included graphite electrodes (+2.57%), recombinant proteins (+2.52%), and gold concepts (+2.06%), while sectors like PEEK materials (-1.79%) and camping economy (-1.56%) experienced declines [2] - The glyphosate concept sector attracted a net inflow of 0.68 billion yuan, with seven stocks receiving net inflows, led by Nuobixin with a net inflow of 36.78 million yuan [2] Fund Flow Analysis - The leading stocks in terms of net inflow ratios included Zhongnong Lihua (19.28%), Yangnong Chemical (6.79%), and Jiangshan Co. (4.80%) [3] - The glyphosate concept fund inflow rankings showed Nuobixin with a daily increase of 6.80% and a turnover rate of 10.75%, followed by Zhongnong Lihua with a 10.00% increase and a turnover rate of 4.30% [3]

证券代码：301035 证券简称：润丰股份 公告编号：2025-029 山东潍坊润丰化工股份有限公司，2021 年年度权益分派方案已获 2022 年 4 月 21 日召开的 股东大会审议通过，现将权益分派事宜公告如下： 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。 特别提示： 1、根据《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 9 号——回购股份》等相关规定，回购专户中持有的本公司股份不享有参与 利润分配的权利。因此，山东潍坊润丰化工股份有限公司（以下简称"公司"） 2024 年年度权益分派以现有总股本 280,770,974 股剔除已回购股份 2,497,945 股后的 278,273,029 股为基数。 2、本次权益分派实施后计算除权除息价格时，以公司总股本 280,770,974 股（含回购股份）折算后的每 10 股现金分红红利=现金分红总额/总股本（含回 购股份）*10=114,091,941.89 元/280,770,974 股*10=4.063523 元（保留六位小 数，最后一位直接截取，不四舍五入）。本次权益分派实施后的除权 ...

暗盘资金一眼洞悉庄家意图>> 草甘膦板块尾盘拉升，江天化学（300927）涨停，和邦生物（603077）、诺普信（002215）、利尔化学 （002258）、润丰股份（301035）、广信股份（603599）等纷纷走高。 ...

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Views - The report highlights that the recent US-China tariff policy has been implemented, leading to a further increase in oil prices. The focus remains on leading companies with strong alpha that are less correlated with oil prices, suggesting a bottom-up investment approach. There is significant uncertainty regarding the US tariff policy, and short-term attention should be on domestic demand and opportunities for domestic substitutes in new materials. The agricultural chemical sector, characterized by rigid demand and dividend attributes, is recommended for investment [13][14]. Summary by Sections 1. Core Views - The report emphasizes the importance of focusing on leading companies with strong fundamentals that are less affected by oil price fluctuations. It suggests a bottom-up investment strategy and highlights the agricultural chemical sector as a promising area due to its rigid demand [13]. 2. Oil and Chemical Price Information 2.1 Oil - As of May 16, Brent oil prices increased by 2.3% to $65.41 per barrel. The report notes that while oil prices are rising, the increase in US oil inventories has somewhat restrained the price growth. As of May 9, US commercial oil inventories stood at 441.8 million barrels, with a weekly increase of 3.5 million barrels [14]. 2.2 Chemicals - Among the 188 monitored chemical products, the top three price increases this week were for butadiene (up 21.1%), SBS (up 13.6%), and benzene (up 11.4%). Conversely, the largest declines were seen in liquid chlorine (down 464.3%), natural gas (down 8.1%), and formic acid (down 7.4%). The report attributes the significant rise in butadiene prices to increased downstream demand and supply constraints [15][16]. 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 positively to previous macro demand pressures [13]. - Runfeng Co., Ltd.: A rare company with global formulation registration and sales channels [13]. - Guoguang Co., Ltd.: A leading domestic differentiated formulation company in the plant growth regulator sector [13]. - Hualu Hengsheng: Core product prices are recovering alongside falling coal prices, leading to improved price differentials [13].

证券代码：301035 证券简称：润丰股份 公告编号：2025-028 山东潍坊润丰化工股份有限公司 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。 2024 年年度股东大会决议公告 重要提示： 1、本次会议不存在变更、否决提案的情况； 2、本次股东大会不涉及变更前次股东大会决议。 一、会议召开和出席情况 1、会议通知情况 山东潍坊润丰化工股份有限公司（以下简称"公司"）2024 年年度股东大会 通知于 2025 年 4 月 25 日以公告形式发出，具体内容详见公司在巨潮资讯网 （www.cninfo.com.cn）上披露的《关于召开 2024 年年度股东大会的通知》（公 告编号：2025-020）。 2、会议召开日期、时间 （1）现场会议召开时间：2025 年 5 月 15 日（星期四）下午 14:00 （2）网络投票时间：2025 年 5 月 15 日（星期四），其中： ②通过深圳证券交易所交易系统进行网络投票的时间为：2025 年 5 月 15 日 上午 9:15—9:25，9:30 至 11:30，下午 13:00-15:00。 30 层大会议室； 3、 ...

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 2024 年年度股东大会的 法律意见书 二〇二五年五月 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 2024 年年度股东大会的 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》《上市公司股东大会规则》（"《股东大会规则》"）等法 律、法规、规范性文件 ...

Group 1: Financial Performance and Projections - The company experienced a slight decline in revenue in Q1, attributed to delayed purchases and shipments, with expectations for growth in the upcoming half-year report [3][7] - The projected profit growth for 2025 is expected to exceed revenue growth due to strategic planning [7] - The total dividend payout for 2024 is expected to maintain a ratio of over 30% relative to net profit, despite lower overall profits [5] Group 2: Production Capacity and Investment - The company’s original drug production capacity is not meeting expectations primarily due to market changes rather than funding issues [1][2] - The production line for the herbicide Sulfentrazone has been launched, with updates available through company announcements [2] - The company plans to enhance its production capacity in the future, with a focus on strategic investments [9] Group 3: Market Strategy and Management - The company is shifting its management approach from strategic control to operational control for better oversight of global subsidiaries [5][6] - The company aims to improve its gross profit margins by increasing the proportion of higher-margin products and expanding into more profitable markets [9] - The company is committed to maintaining a diverse product portfolio to facilitate one-stop procurement for customers [8] Group 4: Investor Relations and Communication - The company conducts quarterly earnings calls and engages in various investor activities to enhance communication with stakeholders [8] - The company encourages feedback from investors regarding its investor relations activities and is open to suggestions for improvement [8] - The company has launched a WeChat public account to provide timely and accurate information to investors [9]

027 证券代码：301035 证券简称：润丰股份 公告编号：2025- 山东潍坊润丰化工股份有限公司 关于控股股东部分股份质押及解除质押的公告 控股股东山东润源投资有限公司保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 山东潍坊润丰化工股份有限公司（以下简称"公司"）于 2025 年 5 月 14 日 收到控股股东山东润源投资有限公司（以下简称"润源投资"）的通知，获悉其 所持有本公司的部分股份办理了质押及解除质押的业务，相关手续已在中国证券 登记结算有限责任公司办理完成。具体事项如下： | 股东 | 是否为控股股东或第一 | | 股份数量 | 本次解除质押 | 占其所持 | 占公司总 | 质押开始 | 解除质押 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东及其一致行动人 | | | （股） | 股份比例 | 股本比例 | 日期 | 日期 | | | 润源 | | 是 | | 1,570,0 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5][24]. Core Views - The company achieved a revenue of 13.296 billion yuan in 2024, representing a year-on-year growth of 15.77%, while the net profit attributable to shareholders decreased by 41.63% to 450 million yuan [1][10]. - The C-end business is identified as the main source of revenue and gross profit growth, with a revenue contribution of 50.06 billion yuan, reflecting a year-on-year increase of 28.9% [2][12]. - The company faced significant financial losses due to exchange rate fluctuations, particularly in key markets like Brazil and Argentina, leading to a total loss of approximately 5.65 billion yuan in financial expenses, investment income, and fair value changes [3][19]. Financial Performance - In 2024, the company reported a comprehensive gross margin of 19.8%, down 1.4 percentage points year-on-year, with a gross profit of 2.631 billion yuan, an increase of 198 million yuan from the previous year [2][11]. - The revenue from the herbicide, insecticide, and fungicide segments was 9.732 billion yuan, 2.105 billion yuan, and 1.313 billion yuan respectively, with herbicides being the primary revenue driver [11][12]. - The company’s financial forecast estimates net profits of 1.261 billion yuan, 1.409 billion yuan, and 1.594 billion yuan for 2025, 2026, and 2027 respectively, indicating a significant recovery from the previous year's losses [24][26]. Business Model Analysis - The A+B model generated revenue of 8.29 billion yuan, a year-on-year increase of 9.1%, while the C model's revenue increased by 28.9% to 5.006 billion yuan, raising its contribution to total revenue from 34% in 2023 to 38% in 2024 [2][12]. - The gross profit from the C model rose by 29.3% to 1.451 billion yuan, with a gross margin of 29%, up 0.1 percentage points year-on-year [12][19]. Market Expansion - The company has been actively expanding its global marketing network, with 7,700 registration certificates obtained, including new markets in Senegal, Italy, and the UK [22].