JSAC(SH:600389) Xin Lang Cai Jing·2025-10-31 06:54Core Viewpoint - Jiangshan Co., Ltd. is a leading domestic pesticide manufacturer with a strong focus on herbicides and insecticides, showing promising growth potential in the agricultural chemicals sector [1][6]. Financial Performance - For Q3 2025, Jiangshan's revenue reached 4.516 billion yuan, ranking 8th among 32 companies in the industry, while net profit was 422 million yuan, placing it 6th [2]. - The industry leader, Adama Agricultural Solutions, reported revenue of 21.678 billion yuan, and the average revenue in the industry was 3.784 billion yuan [2]. Financial Ratios - As of Q3 2025, Jiangshan's debt-to-asset ratio was 53.73%, higher than the previous year's 48.00% and above the industry average of 46.06% [3]. - The gross profit margin for Q3 2025 was 17.89%, an increase from 13.60% year-on-year, but still below the industry average of 21.70% [3]. Executive Compensation - Chairman Wang Li's salary decreased from 927,200 yuan in 2023 to 730,000 yuan in 2024, a reduction of 197,200 yuan [4]. - General Manager Meng Changchun's salary also saw a decline from 827,200 yuan to 675,200 yuan, a decrease of 152,000 yuan [4]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 9.05% to 19,100, while the average number of shares held per shareholder increased by 9.95% to 22,500 [5]. - Notable changes among the top ten shareholders included a decrease in holdings by Hong Kong Central Clearing Limited and Guangfa Stable Growth Mixed Fund [5]. Market Outlook - According to Zhongjin Company, Jiangshan's Q3 2025 performance met expectations, with significant year-on-year increases in herbicide and insecticide sales, and price increases for glyphosate starting to reflect in operational data [5]. - The company’s new product JST-205 has entered trial production, with expectations for a positive impact on future earnings and valuation [5]. Business Highlights - Jiangshan's main product prices showed a recovery in Q2, with glyphosate prices steadily increasing into Q3, while prices for amide and insecticides remained stable [6]. - New projects are progressing, including the trial production of the benzoyl herbicide project and the heating center project expected to start trial production within the year [6]. - The JS-T205 project is anticipated to have a post-tax internal rate of return of 25.84%, indicating potential for growth [6].