Yangnong Chemical(SH:600486) Zhong Guo Zheng Quan Bao·2025-08-21 12:08Core Viewpoint - Yangnong Chemical (600486) reported a revenue of 6.234 billion yuan for the first half of 2025, marking a year-on-year growth of 9.38%, with a net profit attributable to shareholders of 806 million yuan, up 5.60% year-on-year [4][5]. Financial Performance - The company achieved a total revenue of 62.34 billion yuan in H1 2025, a 9.38% increase from the same period last year [4]. - The net profit attributable to shareholders was 8.06 billion yuan, reflecting a 5.60% year-on-year growth [4]. - The net profit after deducting non-recurring items was 7.96 billion yuan, up 7.86% year-on-year [4]. - The net cash flow from operating activities was 1.727 billion yuan, a decrease of 34.34% compared to the previous year [22]. - Basic earnings per share for H1 2025 were 1.996 yuan, with a weighted average return on equity of 7.38% [4][20]. Dividend Distribution - The company proposed a dividend distribution plan of 2.4 yuan per 10 shares (including tax) for all shareholders [4]. Valuation Metrics - As of August 21, 2025, the company's price-to-earnings (P/E) ratio was approximately 22.47 times, the price-to-book (P/B) ratio was about 2.52 times, and the price-to-sales (P/S) ratio was around 2.55 times [5]. Business Overview - Yangnong Chemical specializes in the research, production, and sales of pesticide products, focusing on both patented and new pesticide development [12]. - The company has nearly 70 varieties of active ingredients, covering four main categories: insecticides, herbicides, fungicides, and plant growth regulators [12]. Cash Flow Analysis - The net cash flow from financing activities was -307 million yuan, a decrease of 202 million yuan year-on-year [22]. - The net cash flow from investing activities was -314 million yuan, compared to -1.468 billion yuan in the same period last year [22]. Asset and Liability Changes - As of H1 2025, accounts receivable increased by 46.39% compared to the end of the previous year, while accounts payable decreased by 2.42% [34][37]. - The company's inventory value was 1.026 billion yuan, accounting for 9.23% of net assets, with a decrease of 78.46 million yuan from the end of the previous year [40]. Liquidity Ratios - The current ratio was 1.2, and the quick ratio was 1.05 as of H1 2025 [44].