杀菌剂、杀虫剂双轮驱动，利民股份上半年净利大增747%，海外收入增势强劲

Core Viewpoint - Limin Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by strong performance in its core products, fungicides and insecticides, indicating a positive outlook for the company's future performance [1] Group 1: Financial Performance - In the first half of 2025, Limin Co., Ltd. achieved revenue of 2.452 billion yuan, a year-on-year increase of 6.69% [1] - The company's net profit attributable to shareholders surged by 747.13% to 269 million yuan [1] - The company experienced substantial growth in both the first and second quarters, with a notable increase in performance compared to previous periods [1] Group 2: Product Demand and Market Trends - The global agricultural chemical inventory cycle is nearing its end, leading to a gradual recovery in prices for certain pesticide products [2] - Key products such as Bacillus subtilis and Mancozeb are experiencing increased demand, particularly in South America due to favorable weather conditions and crop diseases [2] - The price of Bacillus subtilis rose from 18,000 yuan/ton in January 2024 to 29,000 yuan/ton in May 2025, reflecting a significant market shift [2] Group 3: Product Pricing and Profitability - Mancozeb's market price increased from 23,500 yuan/ton to 25,000 yuan/ton between March and May 2025, benefiting from reduced raw material costs [3] - The company's revenue from agricultural fungicides and insecticides reached 1.24 billion yuan and 748 million yuan, respectively, with year-on-year growth of 12.36% and 5.19% [3] - International revenue saw a substantial increase of 22.42% to 848 million yuan in the first half of the year [3] Group 4: Technological Innovation and Global Expansion - Limin Co., Ltd. is investing in synthetic biology and AI technology to enhance its product development and operational efficiency [4] - The company has established a synthetic biology laboratory and is advancing projects that utilize fluorochemical technology for product upgrades [4] - Limin Co., Ltd. is expanding its global presence, particularly in South America and Africa, by forming strategic partnerships with local distributors [5] Group 5: Sustainability and Future Strategy - The company integrates ESG principles into its operations, with all five production bases certified as national green factories [5] - Limin Co., Ltd. aims to enhance its core competitiveness and sustainable development by focusing on green chemical synthesis and new compound research [5]