BSM(SZ:300796) Quan Jing Wang·2025-11-02 23:05Core Insights - The company, Beishimei, reported impressive financial results for the first three quarters of 2025, with a revenue of 1.11 billion yuan, a year-on-year increase of 14.29%, and a net profit of 31 million yuan, reflecting a significant growth of 1,257.94% [1] - The company's dual strategy of focusing on its core business of Dimethenamid-P and extending into carbon five new materials has driven its performance, supported by a fully integrated supply chain that creates cost and technological barriers [1][2] Financial Performance - For the first nine months of 2025, the company achieved a net cash flow from operating activities of 75.56 million yuan, up 26.28% year-on-year, indicating improved operational efficiency [1] - The revenue for 2024 and the first half of 2025 was reported at 1.328 billion yuan and 776 million yuan, respectively, with overseas business contributing significantly to the revenue [4] Business Model and Competitive Advantage - Beishimei is the only domestic company with a complete production and R&D capability for Dimethenamid-P, covering the entire supply chain from raw materials to formulations [2] - The company has established a strong competitive moat through its integrated supply chain, which includes a production capacity of 12,000 tons for raw materials and 8,000 tons for intermediates [2][3] Market Demand and Industry Outlook - The global pesticide market is projected to grow from 79.06 billion USD in 2024 to 118.51 billion USD by 2031, with China expected to capture over 60% of the incremental growth [3] - The demand for efficient, low-toxicity, and environmentally friendly pesticides remains strong due to global population growth and food security concerns [3] Global Expansion Strategy - The company has expanded its global market presence through the acquisition of Ningbo Jielike, which has 1,129 overseas pesticide registration certificates, allowing it to export to 79 countries and regions [4] - In 2025, overseas business accounted for 73.58% of total revenue, highlighting the company's successful international strategy [4] New Growth Areas - Beishimei is actively developing high-value new materials, with projects in place for producing green materials such as ketones and cyclopentane, which are expected to enhance its competitive edge [5] - Revenue from carbon five series products reached 73.12 million yuan in 2024 and 61.24 million yuan in the first half of 2025, marking year-on-year growth of 526.11% and 141.83%, respectively [5]