Xin Lang Cai Jing·2025-09-29 01:47Core Viewpoint - Sichuan Guoguang Agricultural Chemical Co., Ltd. (Guoguang) is focusing on its main business of plant growth regulators and water-soluble fertilizers, with a stable revenue structure and plans for shareholder returns through cash dividends. Revenue Structure - Guoguang's revenue structure is stable, with pesticide revenue accounting for over 60%. In 2024, total revenue reached 1.986 billion yuan, with pesticide revenue at 1.370 billion yuan (68.97%) and fertilizer revenue at 524 million yuan (26.40%). For the first half of 2025, revenue was 1.108 billion yuan, with pesticide revenue at 781 million yuan (69.85%) and fertilizer revenue at 298 million yuan (26.63%) [2][6]. Production Capacity and Raw Material Prices - The company has significant self-supply capability for the raw materials needed for its plant growth regulator formulations. The ongoing project for an annual production capacity of 15,000 tons of raw materials and intermediates will further enhance this capability. However, there have been fluctuations in the prices of key raw materials in the first half of 2025 [3][4]. Profit Margin and Competitive Advantages - Guoguang's plant growth regulators have a high profit margin due to several factors: the industry has substantial growth potential, the company holds a leading position with the most registration certificates and largest sales scale, it has a strong technical service advantage, and it benefits from a comprehensive sales network and supply chain [4][5]. Registration Certificates - As of June 30, 2025, Guoguang holds 150 registration certificates for plant growth regulators, representing 7.9% of the total and 20.5% of the certificates held by the top 35 companies in the industry. This makes Guoguang the company with the most registration certificates in China [5]. Focus on Main Business and Shareholder Returns - Guoguang will continue to focus on its main businesses of plant growth regulators and water-soluble fertilizers, aiming for strategic development through comprehensive solutions. The company has maintained good operating cash flow since its listing, with a sales collection rate exceeding 90% and a low debt-to-asset ratio. It plans to continue returning value to shareholders according to its three-year shareholder return plan from 2024 to 2026 [6].