Market Overview - As of May 16, the Shanghai Composite Index closed at 3367.46 points, down 13.36 points, a decrease of 0.40% [1] - The Shenzhen Component Index closed at 10179.60 points, down 6.85 points, a decrease of 0.07% [1] - The ChiNext Index closed at 2039.45 points, down 3.80 points, a decrease of 0.19% [1] Stock Performance - A total of 113 A-shares had a turnover rate exceeding 20% on this day, indicating significant trading activity [1] - Notable stocks with high turnover rates included: - C Zairun (301636) with a turnover rate of 79.01% and a price increase of 99.52% [1] - C Hanbang (688755) with a turnover rate of 75.65% and a price increase of 102.46% [1] - Ningbo Yuanyang (601022) with a turnover rate of 67.73% and a price increase of 9.98% [1] - Tian Gong Co. (920068) with a turnover rate of 53.83% and a price decrease of 7.78% [1] - Bawei Co. (837023) with a turnover rate of 50.87% and a price decrease of 12.12% [1] Additional Notable Stocks - Other stocks with significant turnover rates included: - Hongqiang Co. (002809) at 49.79% with a price increase of 9.99% [1] - Huafang Co. (600448) at 49.78% with a price decrease of 2.10% [1] - Huaguang Yuanhai (872351) at 46.17% with a price decrease of 11.43% [1] - Jinjiang Shipping (601083) at 41.68% with a price decrease of 8.89% [1] - Zhongzhou Special Materials (300963) at 41.61% with a price increase of 20.00% [1]

Core Insights - The article discusses the increasing demand for the fungicide Bacillus thuringiensis (also known as 2,4,5,6-tetrachloro-1,3-benzodioxole), driven by factors such as the outbreak of soybean rust in Brazil, the growing need for global disease resistance management, and the expansion of crop planting areas in emerging markets like China, India, and Southeast Asia [1][8][10]. Industry Overview - Bacillus thuringiensis is a broad-spectrum protective fungicide with advantages such as high efficiency, low toxicity, broad-spectrum activity, low residue, and long efficacy period [1][8]. - The global demand for Bacillus thuringiensis has increased from 20,000 tons in 2012 to over 60,000 tons in 2024, with projections to reach 72,000 tons by 2025 [1][8]. - The production supply of Bacillus thuringiensis is tightening due to strict environmental policies and limited new production capacity, leading to a continuous increase in market prices [8][10]. Application Demand - Bacillus thuringiensis is widely used in agriculture and forestry for the prevention of fungal diseases, particularly in vegetables and fruits, and is also utilized in non-agricultural areas such as golf courses and ornamental plants [6][8]. - The application demand breakdown shows that 30.45% is in vegetable cultivation, 27.36% in peanuts and grains, 29.36% in fruit cultivation, and 6.22% in other non-agricultural areas [6]. Market Dynamics - The market for Bacillus thuringiensis is highly concentrated, with major production capacities located in China, where leading companies include Zhejiang Limin Holdings, Taihe Co., and Jiangyin Sulin Chemical [14][21]. - The competitive landscape is characterized by a "three-legged" structure dominated by Limin, Sulin, and Jiangsu New River, with the top two companies holding over 80% of the market share [14][21]. Future Trends - The industry is expected to see continued consolidation, with leading companies enhancing their market position through economies of scale and technological barriers [21][22]. - Emerging markets, particularly in Southeast Asia and Brazil, are driving demand growth, prompting domestic companies to accelerate global expansion and establish partnerships with multinational agrochemical firms [22][23]. - The industry is shifting towards green transformation and high-end formulation research, with a focus on developing low-toxicity and low-residue products to meet stricter environmental standards [23].

Core Insights - The report highlights the annual compensation of chairpersons from listed companies in Jiangsu for 2024, showcasing the financial performance and management talent in the region [1][3]. Compensation Rankings - WuXi AppTec's chairman, Li Ge, leads the list with a total compensation of 41.8 million yuan, followed by Taihe Group's Tian Xiaohong with 10.5193 million yuan, marking the only two chairpersons in Jiangsu to exceed 10 million yuan [3]. - A total of 11 chairpersons earn over 5 million yuan, with the pharmaceutical and hardware sectors dominating the high compensation landscape, indicating a strong demand for high-level management talent in high-tech industries [3]. - The semiconductor industry also shows significant compensation levels, with chairpersons from companies like Saiteng Co., Tongfu Microelectronics, and Zhaosheng Microelectronics earning between 3 million and 6 million yuan, reflecting ongoing investments in Jiangsu's chip industry [3]. Gender and Education Disparities - Among the top 100 compensated chairpersons, only one female, Mo Ruoli from Xiangsheng Medical, appears, highlighting the ongoing gender disparity in corporate leadership roles [3]. - There is a strong correlation between educational background and compensation, with many top earners holding doctoral degrees, such as Li Ge (WuXi AppTec) and XIAOLIN ZHANG (Dizhe Pharmaceutical-U) [3]. Age Distribution - Over 50% of the chairpersons are aged between 50 and 60, with those born in the 1970s becoming the main management force. The youngest chairpersons are from Kangli Elevator, Baoli International, and Jujie Microfiber, all aged 32 [3]. Performance and Compensation Concerns - Despite the high compensation figures, there are concerns regarding the alignment of pay with company performance, particularly for ST companies like ST Huifeng and ST Yigou, where the chairpersons' salaries do not correspond with the companies' financial struggles [4].

Group 1: Company Performance and Strategy - The company aims to continuously improve operational efficiency and profitability to enhance investment value and shareholder returns [2] - Over 70% of the company's products are exported, with a low proportion sold to the U.S. market [4] - The company is actively seeking business opportunities in Brazil, a key market for agricultural protection [3] Group 2: Product Development and Market Expansion - The company is working on launching the new pesticide, Cyhalofop-butyl, which requires domestic registration [3] - Plans to diversify into low-carbon chemical products and fluorinated new materials are underway [3] - The company is monitoring trade policy changes to adapt its strategies and maintain market competitiveness [4] Group 3: Financial Concerns and Market Reactions - The company acknowledges that stock price fluctuations are influenced by macroeconomic conditions and market trends [5] - As of the end of 2024, the company has unsold resources amounting to 120 billion yuan, with a high debt ratio of 85% [6] - The company emphasizes that it does not plan to sell core assets or equity as part of its debt restructuring efforts [6]

Core Insights - The company reported a revenue of 4.236 billion yuan for 2024, marking a year-on-year increase of 9.51%, with a net profit attributable to shareholders of 266 million yuan and basic earnings per share of 0.66 yuan [1] - In the first quarter of 2025, the company achieved a revenue of 1.033 billion yuan, reflecting an 18.50% year-on-year growth, with a net profit of 78.53 million yuan, up 50.94%, and a basic earnings per share of 0.19 yuan [1] Group 1 - The company primarily operates in the agricultural chemicals sector, focusing on the research, production, and sales of pesticides and functional chemicals, including fungicides and herbicides [3] - The company has established itself as a leading manufacturing enterprise with core technologies and products, leveraging its own technology and extensive manufacturing management experience [3] Group 2 - The company exports over 70% of its products globally, with a relatively low percentage directed towards the U.S. market, and is implementing a diversified supply chain strategy to mitigate the impact of U.S. tariffs [2] - The company is actively pursuing the registration of new pesticides, including the upcoming launch of cyhalofop-butyl, and is focused on green upgrades in traditional chemical manufacturing [2] - Brazil is identified as a key market for the company, which is seeking to expand its business opportunities in this significant agricultural market [2]

证券代码：301665 证券简称：泰禾股份 公告编号：2025-022 南通泰禾化工股份有限公司 南通泰禾化工股份有限公司（以下简称"公司"）的《2024 年年度报告》 《2024 年年度报告摘要》及《2025 年一季度报告》已于 2025 年 4 月 28 日在巨 潮资讯网（www.cninfo.com.cn）披露。 为使投资者进一步了解公司的财务状况、经营情况及公司发展规划，公司 将于 2025 年 5 月 12 日（星期一）以网络远程方式举行 2024 年度暨 2025 年第 一季度业绩说明会。现将有关事项公告如下： 一、会议时间 2025 年 5 月 12 日（星期一）15:00-17:00 二、会议方式 本次业绩说明会将采用 网 络 远 程 方 式， 投 资 者 可 登 录 "全景 路 演 " （ https://ir.p5w.net/）参与本次业绩说明会。 三、参加方式 为充分尊重投资者，提升交流的针对性，现就本次说明会提前向投资者公 开征集问题，广泛听取投资者的意见和建议。投资者可于 2025 年 5 月 12 日 （星期一）15:00 前访问 https://ir.p5w.net/zj/，或扫 ...

- The report does not include any quantitative models or factors for analysis, construction, or testing results[1][2][3]

Group 1: Company Performance - In 2024, the company achieved a total operating revenue of 4.236 billion yuan, representing a year-on-year increase of 9.51%, and a net profit attributable to shareholders of 266 million yuan [1] - For Q1 2025, the company reported an operating revenue of 1.033 billion yuan, up 18.50% year-on-year, and a net profit of 79 million yuan, reflecting a significant growth of 50.94% [1] - The company's performance indicates that its strategic layout has begun to yield benefits, showcasing stronger development capabilities [1] Group 2: Agricultural Chemicals Market - The global pesticide market is showing signs of recovery in 2024, despite an expected contraction of 6.3% in the overall industry [2] - China, as the world's largest pesticide exporter, saw a 30.0% year-on-year increase in the export volume of herbicides, insecticides, and fungicides, totaling approximately 2.814 million tons [2] - The price of the protective fungicide, Bacillus subtilis, has rebounded by 66.67% since May 2024, significantly exceeding early 2024 levels [2] Group 3: Product and Innovation Development - The company has established itself as a "hidden champion" in the plant protection sector, with core products like Bacillus subtilis, 2,4-D, and pyraclostrobin achieving world-class production scale and quality [3] - The company is building a comprehensive product matrix covering the entire pesticide industry chain, having completed trial production of over 50 formulation products during the reporting period [3] - In 2024, pesticide products contributed 3.602 billion yuan in revenue, with insecticides and herbicides generating 1.465 billion yuan and 1.929 billion yuan, respectively, reflecting year-on-year growth of 23.39% and 2.64% [2][3] Group 4: Research and Development - The company has invested 147 million yuan in R&D, maintaining a stable investment level to promote the development of new pesticide varieties [4] - The company has synthesized over 3,000 compounds and identified multiple high-potential candidate compounds during the reporting period [4] - The company has achieved initial results in new pesticide creation, with its self-developed pesticide receiving export registration and forming a global strategic partnership for further development [4]

南通泰禾化工股份有限公司 2024 年度内部控制自我评价报告 南通泰禾化工股份有限公司（以下简称"本公司"或"公司"）为强化和规范公司内 部控制制度，防范和化解经营风险，促进公司持续发展和规范运作，根据《企业内部控制基 本规范》及其配套指引的规定和其他内部控制要求，以运营效率与效果、财务报告的可靠性 和法律法规的遵循为目标，对公司内部控制制度的健全与有效性开展了全面的自我评估，并 形成自我评价报告如下： 一、重要声明 按照公司内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性， 如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进 行监督。管理层负责组织领导公司内部控制的日常运行。 公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存在任何虚假记 载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法律 责任。 公司内部控制的目标是保证经营管理合法合规、资产安全、财务报告及相关信息真实 完整，提高经营效率和效果，促进实现发展战略。 由于内部控制存在的固有局限性，故仅能为实现上述目标提供合理保证。此外，由于情 况的变化可能导致内部控制变得 ...

Core Viewpoint - 泰禾股份 has demonstrated significant growth in its financial performance post-IPO, with a notable increase in revenue and profitability in 2024 and the first quarter of 2025 [2][3]. Financial Performance - In 2024, 泰禾股份 achieved a total revenue of 4.236 billion yuan, representing a year-on-year growth of 9.51%, and a net profit attributable to shareholders of 266 million yuan [2]. - The company plans to distribute a cash dividend of 4 yuan per 10 shares, totaling 180 million yuan, which accounts for 67.68% of its net profit [2]. - For Q1 2025, 泰禾股份 reported a revenue of 1.033 billion yuan, up 18.50% year-on-year, and a net profit of 78.53 million yuan, reflecting a 50.93% increase [2]. Core Business Performance - The pesticide segment is the core business of 泰禾股份, generating 3.602 billion yuan in revenue in 2024, a growth of 11.40% year-on-year [2]. - The revenue from fungicides reached 1.465 billion yuan, increasing by 23.39%, while herbicides generated 1.929 billion yuan, up 2.64% [2]. Production and Market Dynamics - In 2024, the production and sales volume of pesticides grew by 6.27% and 4.37% respectively, with a production-sales rate of 99.04% and a capacity utilization rate of 94.01% [3]. - The recovery in the pesticide market, particularly in overseas markets, has contributed to the company's performance, with price increases for herbicides and fungicides in the second half of 2024 [3]. Product Development and Innovation - 泰禾股份 is focused on optimizing production processes to enhance cost efficiency and market competitiveness, with ongoing projects aimed at improving synthesis technology and resource utilization [4]. - The company has successfully completed trials for new products, including the self-developed cyhalofop-butyl, which has received export registration [4]. - The expansion of the product line and the introduction of new formulations are expected to open new market opportunities and drive revenue growth [4][5]. Strategic Vision - 泰禾股份 aims to strengthen its core pesticide business while expanding into new agricultural chemical innovations, aspiring to transition from a traditional agricultural chemical company to a global plant protection enterprise [5].