中农联合分析师会议-20250901

1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - The company has improved its overall performance in H1 2025, with net profit turning around and increasing by 109.85% year - on - year. It will continue to focus on market expansion, product structure optimization, and cost - reduction to achieve sustainable performance improvement [23][24]. 3. Summary According to Relevant Catalogs 3.1 Research Basic Situation - Research object: Zhongnong United [16] - Industry: Pesticides and veterinary drugs [16] - Reception time: September 1, 2025 [16] - Listed company reception staff: Director and General Manager Li Ning, Deputy General Manager and Board Secretary Yan Shijin, Chief Financial Officer Li Qiang [16] 3.2 Detailed Research Institutions - Reception object: All investors participating in the company's 2025 semi - annual online performance briefing online [19] - Reception object type: Others [19] 3.3 Research Institution Proportion - No relevant information provided. 3.4 Main Content Data - Strategic adjustment and share price: The company has always focused on the agricultural chemical industry. If there are strategic adjustments, it will be publicly disclosed. Share price fluctuations are affected by multiple factors [23]. - R & D investment: The change in R & D investment is due to different R & D stages of projects, and the investment plan remains unchanged [23]. - Performance growth: In H1 2025, revenue was 1,064,178,729.17 yuan, up 7.39% year - on - year; net profit was 3,209,704.14 yuan, up 109.85% year - on - year. The growth comes from flexible marketing strategies, product structure optimization, and cost - reduction [23][24]. - Operating cash flow: The company will strengthen accounts receivable management, optimize inventory management, and control costs to improve cash flow [24]. - Overseas business: In H1 2025, overseas revenue was 374 million yuan, up 11.19% year - on - year. The company has expanded in Southeast Asia, South Asia, and South America [25]. - Reorganization and "15th Five - Year Plan": Reorganization depends on multiple factors and will be disclosed if it occurs. The company will serve agriculture and rural revitalization during the "15th Five - Year Plan" [26]. - Production and sales: In H1 2025, pesticide production increased by 15.99% and sales increased by 20.67% year - on - year [26]. - Future strategy: The company will make strategic plans, expand business, optimize product structure, and strengthen management to achieve high - quality development [26]. - New business and investment: New business expansion, investment, and mergers depend on multiple factors and will be disclosed if they occur [27]. - Board of Directors换届: The fourth - term board of directors will be postponed, and information will be disclosed after preparation [27][28].