利尔化学分析师会议-20250725

1. Reported Industry Investment Rating - No information provided 2. Core View of the Report - The company's performance in the first half of 2025 increased year - on - year due to the rise in sales volume and price of some products and the effectiveness of cost - reduction and efficiency - improvement measures. The supply - demand situation of some products in the pesticide industry has improved, but the competition for many pesticide products remains fierce and prices are still low, so the industry development trend needs close observation [20] - The company is optimistic about the future development of glufosinate - ammonium and refined glufosinate - ammonium. The market demand for refined glufosinate - ammonium will continue to grow, and the company will expand its market share [22] - The company is positive about the market prospects of chlorantraniliprole and is building production facilities [23] 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - The research object is Lier Chemical, belonging to the pesticide and veterinary medicine industry. The reception time was July 25, 2025. The listed company's reception staff included Deputy General Manager and Board Secretary Liu Jun, and Director of the Board Office and Securities Affairs Representative Jin Yongheng [16] 3.2 Detailed Research Institutions - The research institutions include securities companies such as Changjiang Securities, CITIC Securities, and Industrial Securities, and fund management companies such as Huatai - PineBridge Fund, China Europe Fund, and Shibei Investment, along with their relevant personnel [17] 3.3 Main Content Data - Measures to improve performance: Ensure the completion of key projects on schedule, optimize existing process technologies, strengthen cooperation with strategic customers, establish international trade subsidiaries, develop the formulation business, increase R & D investment, and ensure safety production [21] - Glufosinate - ammonium price trend: The company is optimistic about the future of glufosinate - ammonium and refined glufosinate - ammonium. Although the price is falling, the market demand is growing, and the company will expand its market share [22] - Refined glufosinate - ammonium project: The 20,000 - ton/year enzymatic refined glufosinate - ammonium project in Hunan Jinshi has been put into production and is operating normally. The company is accelerating the registration and market layout of refined glufosinate - ammonium overseas [22] - International market plan: Strengthen cooperation with strategic customers, establish international trade subsidiaries, develop the international formulation business, and build a market intelligence network in core global markets [22] - Cyanide project in Jingzhou Base: The project is in the preliminary stage, and the specific situation is subject to the approval of the company's board of directors [22] - Chlorantraniliprole project: The company is optimistic about its market prospects. The production facilities (including key intermediates) are under construction [23] - Change of controlling shareholder and actual controller: The company is notified by the controlling shareholder, and the matter needs to go through a series of operations and state - owned asset approval processes. The company will disclose information as required [24]