hailir(SH:603639) Xin Lang Cai Jing·2025-10-30 13:25Core Viewpoint - Hailir, a significant player in the domestic pesticide industry, focuses on the research and production of pesticide formulations, active ingredients, and intermediates, showcasing substantial investment value due to its full industry chain advantages [1] Group 1: Business Performance - In Q3 2025, Hailir reported revenue of 3.391 billion yuan, ranking 12th among 32 peers, with the industry leader, Adama Agricultural Solutions, generating 21.678 billion yuan [2] - The main business revenue composition includes pesticide revenue of 3.808 billion yuan (97.46%), fertilizer revenue of 66.8459 million yuan (1.71%), and agricultural services revenue of 27.6076 million yuan (0.71%) [2] - The net profit for the same period was 208 million yuan, placing Hailir 11th in the industry, with the top performer, Yangnong Chemical, achieving a net profit of 1.056 billion yuan [2] Group 2: Financial Ratios - Hailir's debt-to-asset ratio in Q3 2025 was 50.39%, higher than the previous year's 47.12% and above the industry average of 46.06% [3] - The gross profit margin for Q3 2025 was 24.22%, slightly up from 24.05% year-on-year and above the industry average of 21.70% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 14.70% to 13,000, while the average number of circulating A-shares held per shareholder increased by 17.23% to 26,200 [5] - Notable changes among the top ten circulating shareholders include new entries from two funds, with one holding 2.7215 million shares and another holding 1.5519 million shares [5] Group 4: Management Compensation - The chairman, Ge Jiacheng, received a salary of 1.8463 million yuan in 2024, an increase of 320,300 yuan from 2023 [4] Group 5: Market Outlook - Analysts predict a gradual improvement in Hailir's performance, with expected net profits for 2025-2027 of 396 million yuan, 503 million yuan, and 543 million yuan, respectively, despite downward adjustments in forecasts [6]