国光股份：公司的核心竞争壁垒

Group 1 - The pesticide industry is strictly regulated by the state, with high entry barriers due to the production and product licensing system. Obtaining registration certificates for new active ingredients requires extensive testing over three years and costs ranging from millions to tens of millions [2] - The company is a leader in the plant growth regulator industry, holding the highest number of registration certificates for both formulations and active ingredients. It has over 40 years of experience in R&D, production, sales, and technical services, which has led to a unique technical service model and high customer loyalty [2] - The company established a Crop Regulation Technology Research Institute in 2017 to enhance product R&D and application development, focusing on the application technology of plant growth regulators in crops. This institute serves as a research front, a technology promotion engine, and a training base for technical talents, further strengthening the company's advantages in the application field of plant growth regulators [2] Group 2 - The company offers a rich product matrix and is the largest holder of plant growth regulator registration certificates in China, providing high-quality crop solutions that align with the trends of large-scale and intensive agricultural development due to accelerated land transfer [2] - The company has developed comprehensive crop regulation technology solutions and full-process crop management solutions, which enhance user stickiness and create "binding cooperation" while helping users increase production and income [2] - Other core competitive advantages include a nationwide sales network that reaches down to county and township levels, as well as advantages in the industrial chain from active ingredients to formulations [2]