SAL(SH:603970) Zheng Quan Zhi Xing·2025-08-26 16:13Core Viewpoint - The report highlights the financial performance and operational strategies of Sino-Agri Leading Biosciences Co., Ltd. for the first half of 2025, indicating a slight increase in revenue but a decline in net profit, alongside ongoing developments in the agricultural chemicals sector. Financial Performance - The total revenue for the first half of 2025 reached CNY 6,745.42 million, representing a 3.27% increase compared to CNY 6,531.90 million in the same period last year [2][3] - The total profit amounted to CNY 204.25 million, a decrease of 10.42% from CNY 228.00 million year-on-year [2][3] - The net profit attributable to shareholders was CNY 142.18 million, down 10.06% from CNY 158.09 million in the previous year [2][3] - The company's total assets increased by 20.54% to CNY 6,752.72 million from CNY 5,602.25 million [3] Business Overview - The company operates primarily in the agricultural chemicals sector, focusing on pesticide distribution and plant protection technology services, including the sale of pesticide raw materials and formulations [4][6] - The company has four main business segments: crop health, international business, chemical business, and joint sales, covering the entire pesticide industry chain [4][6] Market Conditions - The raw material prices remained low, with the pesticide raw material price index at 75.18 points, down 1.27% year-on-year [4] - Pesticide exports showed stable growth, with export volume and value reaching 180,000 tons and USD 4.88 billion, respectively, marking increases of 15.9% and 13.4% year-on-year [4] Operational Strategies - The company launched 11 new products in the first half of 2025, enhancing its product line and crop health solutions [6] - The company is focusing on optimizing its supply chain and product structure to respond to fluctuations in raw material prices [6] - The establishment of service centers in various regions aims to provide localized agricultural protection services [6] Competitive Advantages - The company has built a comprehensive supply chain with over 300 global suppliers, maintaining strategic partnerships with major international pesticide companies [8][9] - The company emphasizes research and development, with a dedicated center for pesticide application and ongoing collaborations with leading agricultural research institutions [10][11]