国光股份2025年中报：营收与净利润稳步增长，研发投入加大

Core Viewpoint - Guoguang Co., Ltd. (002749) demonstrates stable growth in its 2025 mid-year report, with total operating revenue reaching 1.119 billion yuan, a year-on-year increase of 7.33% [2] Business Overview - As of the end of the reporting period, the company achieved a net profit attributable to shareholders of 231 million yuan, up 6.05% year-on-year, and a net profit excluding non-recurring items of 227 million yuan, up 6.15% year-on-year [2] - In the second quarter, total operating revenue was 734 million yuan, reflecting an 8.47% year-on-year growth, while net profit attributable to shareholders was 152 million yuan, a 1.55% increase year-on-year [3] Main Financial Indicators - Gross margin stands at 47.42%, an increase of 2.31% year-on-year, while net margin is at 22.0%, a decrease of 0.72% year-on-year [9] - The ratio of operating expenses to revenue is 17.4%, up 0.81% year-on-year [9] Revenue Composition - The main sources of revenue are pesticides and fertilizers, accounting for 69.85% and 26.63% of total revenue, respectively [5] - Major sales regions include Northwest, Southwest, East China, Central China, North China, and South China, contributing 17.45%, 16.03%, 15.76%, 15.66%, 15.37%, and 13.27% to total revenue [5] Development Review and Outlook - Guoguang Co., Ltd. focuses on the research, production, and sales of plant growth regulators and water-soluble fertilizers, holding a leading position in the domestic market [7] - The company has 330 pesticide product registration certificates, including 150 for plant growth regulators and 132 for fertilizers [7] - The agricultural chemical industry is moving towards high efficiency, low toxicity, and environmental friendliness, presenting significant market potential for eco-friendly pesticides [7] Competitive Advantages - The company possesses a strong first-mover advantage and brand influence, with deepening marketing channels and enhanced technical services [10] - Guoguang Co., Ltd. has a rich product matrix and strong innovation capabilities, providing high-quality crop solutions [10]