化肥贸易规模增长与毛利率下滑被问询，农发种业回复

Core Viewpoint - The company, Nongfa Seed Industry, is facing a decline in gross profit margin and net profit attributable to shareholders, primarily due to the poor performance of its pesticide business and changes in revenue composition [1][2]. Summary by Sections Gross Profit Margin and Net Profit Changes - The company's gross profit margins for the reporting periods were 10.51%, 8.19%, 7.46%, and 6.18% respectively, while net profits attributable to shareholders were 230.072 million, 127.014 million, 46.887 million, and 63.038 million [1]. - The decline in gross profit margin from 2022 to 2024 was mainly influenced by the pesticide business, which saw its gross profit margin drop from 31.73% to 3.72%, with its revenue share decreasing from 16.64% to 5.94% [1]. Fertilizer Business Performance - The revenue from the fertilizer business for the reporting periods was 2,475.5804 million, 3,972.0236 million, 3,169.2437 million, and 2,248.9562 million [2]. - In 2023, the fertilizer business revenue increased by 60.45% year-on-year, driven by a significant drop in potash import contract prices from $590 per ton in 2022 to $307 per ton, which boosted market demand [2]. - The revenue growth in the first three quarters of 2025 is attributed to the expectation of price increases following Belarus's proposal to jointly reduce potash production with Russia by 10%-11%, prompting the company to increase procurement to meet spring farming needs [2].