BSM(SZ:300796) Quan Jing Wang·2025-08-21 07:34Core Viewpoint - The company, Beishimei, reported strong financial performance in the first half of 2025, driven by its robust market competitiveness in the environmentally friendly pesticide sector and strategic expansion into new materials [1][2]. Financial Performance - In the first half of 2025, Beishimei achieved revenue of 776 million yuan, a year-on-year increase of 16.57% [1] - The net profit attributable to shareholders reached 34.71 million yuan, up 109.70% year-on-year [1] - The basic earnings per share were 0.1 yuan, reflecting a 100.00% increase compared to the previous year [1] Industry Trends - The Chinese pesticide market is projected to reach 450 billion yuan in 2024 and exceed 480 billion yuan in 2025, with a compound annual growth rate (CAGR) of 6.5% [2] - The demand for efficient, safe, and environmentally friendly pesticide products is increasing, driven by agricultural modernization and green development initiatives [2] Product and Technology Development - Beishimei has established a complete industrial chain for its self-produced pesticides, covering intermediates, active ingredients, and formulations [2] - The company holds 62 authorized patents, including 33 invention patents, emphasizing its commitment to technological innovation [4] - The purity of its active ingredient, dimethenamid-P, exceeds 98%, surpassing domestic industry standards [4] Strategic Initiatives - Beishimei is implementing a strong chain and supplement strategy, focusing on the production of key intermediates and raw materials to ensure quality and cost control [3] - The company has launched a project to produce 8,500 tons of ketone series green materials, enhancing its position in the carbon five materials sector [8] International Expansion - Beishimei's subsidiary, Ningbo Jielike, has established a sales network in 79 countries, significantly contributing to the company's overseas revenue, which reached 571 million yuan in the first half of 2025 [6] - The company’s export volume of herbicides increased by 11.11% year-on-year, indicating strong growth in international markets [5] New Materials Strategy - The carbon five series products generated revenue of 61.24 million yuan, a year-on-year increase of 141.83%, highlighting the growth potential in this segment [7] - Beishimei is focusing on the development of high-end carbon five products to capture the import substitution opportunities in the market [7][8]