四川国光农化股份有限公司 2025 年第三季度报告 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 证券代码：002749 证券简称：国光股份 公告编号：2025-069 号 四川国光农化股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 □是 否 1 四川国光农化股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 期增减 | | 比上年同期增减 | | 营业收入（元） | 404,099,067.07 | 2.79 ...

Group 1 - The core point of the article is that Guoguang Co., Ltd. has received a patent for a composition related to enhancing the color of red leaf photinia, which may present new opportunities for the company in the agricultural sector [1] - Guoguang Co., Ltd. reported that its revenue composition for the first half of 2025 is 99.02% from the manufacturing of chemical raw materials and chemical products, with service revenue accounting for 0.98% [1] - As of the report, Guoguang Co., Ltd. has a market capitalization of 7 billion yuan [1]

证券代码：002749 证券简称：国光股份 公告编号：2025-067号 四川国光农化股份有限公司 | 专利号 | 专利名称 | | 申请日期 | | 专利 期限 | 证书号 | 授权公告号 | | --- | --- | --- | --- | --- | --- | --- | --- | | ZL202410977606.4 | 一种组合物及其在红 叶石楠增色中的应用 | 2024 | 年7月19 | 日 | 20 年 | 第8220598号 | CN118923689B | 红叶石楠是一种观赏乔木，该发明可促进红叶石楠叶片的增色、增红，有效提 升红叶石楠叶色，增强红叶石楠观赏性。 关于获得发明专利证书的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 近日，四川国光农化股份有限公司（以下简称"公司"）二级子公司四川嘉智 生态科技有限公司（以下简称"四川嘉智"）收到国家知识产权局颁发的《发明专 利证书》，专利权人为四川嘉智，具体情况如下： 特此公告。 四川国光农化股份有限公司董事会 2025 年 10 月 24 日 上述专利的取得有效地保护了发明创造 ...

Investment Rating - The report maintains a neutral rating for the chemical industry [2]. Core Insights - The current cycle may be nearing its end, with expectations for demand recovery. Infrastructure and export demand are expected to remain strong in 2024, while the real estate cycle continues to decline. The chemical industry is anticipated to experience a phase of price and profit level rebound in Q2 2024, although overall performance for the year will remain under pressure [4][5]. - The report emphasizes the importance of identifying industries with marginal supply-demand changes, focusing on both domestic and global market dynamics [6][7]. Summary by Sections Industry Valuation and Economic Indicators - The report tracks various indicators such as the comprehensive prosperity index of the chemical industry and industrial added value [3]. Price Indicators - It includes analysis of PPI, PPIRM, and CCPI, along with price differentials for chemical products [3]. Supply-side Indicators - Key metrics include capacity utilization rates, energy consumption, fixed asset investment, inventory levels, and ongoing construction projects [3]. Import and Export Indicators - The report breaks down the contribution of import and export values [3]. Downstream Industry Performance - It examines the performance of downstream sectors such as PMI, real estate, home appliances, automotive, and textiles [3]. Economic Efficiency Indicators - The report discusses three major economic efficiency indicators for the industry [3]. Global Macro and End Market Indicators - It analyzes global macroeconomic indicators including purchasing manager indices, GDP year-on-year growth, civil construction starts, consumer confidence indices, and automotive sales [3]. Global Chemical Product Prices and Differentials - The report provides insights into the prices and differentials of chemical raw materials, intermediate products, and sub-industries like resins and fibers [3]. Global Industry Economic Efficiency Indicators - It covers changes in sales revenue, profitability, growth capacity, solvency, operational capacity, and per-share indicators [3]. Chemical Product Prices and Production Indicators in Europe and the US - The report includes prosperity indicators, confidence indices, capacity utilization rates, production indices, PPI, and production indices for the chemical industry in Europe and the US [3].

证券代码：002749 证券简称：国光股份 公告编号：2025-066 号 四川国光农化股份有限公司 关于使用闲置自有资金购买理财产品的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 四川国光农化股份有限公司（以下简称"公司"）2024 年 10 月 30 日召开第五届 董事会第二十四次会议审议通过了《关于使用闲置自有资金购买理财产品的议案》， 同意公司及子公司使用不超过人民币 50,000 万元（含本数）的闲置自有资金购买商 业银行及其他金融机构发行的安全性高、流动性好的理财产品，自公司董事会审议通 过之日起 12 个月内有效，在上述额度和期限内，资金可循环滚动使用。具体内容详 见 2024 年 10 月 31 日公司在指定信息披露媒体《证券时报》和巨潮资讯网 （www.cninfo.com.cn）上刊登的相关公告（公告编号：2024-118 号）。 近日，公司、子公司四川国光园林科技股份有限公司（以下简称"国光园林"） 收到与交通银行股份有限公司四川省分行（以下简称"交通银行四川省分行"）签订 的《交通银行"蕴通财富"定期型结构性存款协议》（以下 ...

Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Viewpoints - The report emphasizes that despite the postponement of the IMO net-zero framework vote, the trend towards green and low-carbon industries remains unchanged. The opposition mainly comes from the US and oil-producing countries in the Middle East, while the EU and China are aligned in their support for the framework. This indicates that even if the framework is not fully implemented globally, significant markets like the EU and China will still see good development opportunities [7] - The report highlights the potential for a recovery in the petrochemical and chemical industries driven by "anti-involution" policies, with key stocks including Sinopec, Hengli Petrochemical, and Wanhua Chemical being recommended for investment [3] Summary by Sections Investment Suggestions and Targets - The report recommends investing in Wankai New Materials (301216) for its leading position in the green polyester industry. It also suggests buying stocks in pesticide formulation companies like Runfeng Co. (301035), Guoguang Co. (002749), and Hailier (603639), which are less affected by trade disputes. Additionally, it identifies several petrochemical companies, including Sinopec (600028), Hengli Petrochemical (600346), and Rongsheng Petrochemical (002493), as potential beneficiaries of the expected industry recovery [3] Industry Development Trends - The report discusses the impact of the IMO meeting on green methanol expectations, noting that while there are concerns about market development certainty, the overall growth of the green low-carbon industry is expected to continue. The report points out that the development of green aviation fuel (SAF) and recycled plastics will not be affected by the IMO vote delay, as these areas are driven by global decarbonization policies and environmental concerns [7]

证券代码：002749 证券简称：国光股份 公告编号：2025-065 号 四川国光农化股份有限公司 关于使用闲置自有资金购买理财产品的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 四川国光农化股份有限公司（以下简称"公司"）2024 年 10 月 30 日召开第五届 董事会第二十四次会议审议通过了《关于使用闲置自有资金购买理财产品的议案》， 同意公司及子公司使用不超过人民币 50,000 万元（含本数）的闲置自有资金购买商 业银行及其他金融机构发行的安全性高、流动性好的理财产品，自公司董事会审议通 过之日起 12 个月内有效，在上述额度和期限内，资金可循环滚动使用。具体内容详 见 2024 年 10 月 31 日公司在指定信息披露媒体《证券时报》和巨潮资讯网 （www.cninfo.com.cn）上刊登的相关公告（公告编号：2024-118 号）。 近日，公司、子公司四川国光园林科技股份有限公司（以下简称"国光园林"）、 四川国光农资有限公司（以下简称"国光农资"）收到与兴业银行股份有限公司成都 分行（以下简称"兴业银行成都分行"）签订的《兴业银 ...

Group 1: Potash Industry - China is the largest potash fertilizer demand country globally, with a supply shortage and an import dependency exceeding 60% [1][2] - In 2024, China's potassium chloride production is expected to be 5.5 million tons, a decrease of 2.7% year-on-year, while imports are projected to reach 12.633 million tons, an increase of 9.1%, marking a historical high [1][2] - As of September 2025, domestic potassium chloride port inventory stands at 1.7292 million tons, down 1.356 million tons year-on-year, a decline of 43.95% [1][2] - The domestic potassium chloride market price slightly decreased in September, with an average price of 3,237 yuan/ton, a month-on-month decline of 1.43% but a year-on-year increase of 34.82% [2] Group 2: Phosphate Industry - The phosphate chemical industry is influenced by the price of phosphate rock, which is expected to maintain a high price level due to declining grades and increasing extraction costs [3] - The market price for 30% grade phosphate rock has remained above 900 yuan/ton for over two years, with current prices at 1,040 yuan/ton in Hubei and 970 yuan/ton in Yunnan [3] - The price difference between domestic and international phosphate fertilizers remains high, with significant price disparities benefiting companies with export quotas [3] Group 3: Pesticide Industry - The pesticide sector is experiencing a downturn, but demand is increasing due to rising grain planting areas in South America, leading to strong replenishment demand [4] - The price of glyphosate has been rising since April, reaching 27,700 yuan/ton by October 14, an increase of 4,500 yuan/ton or 19.40% [4] - The pesticide industry is expected to see a recovery as demand improves and industry consolidation efforts take effect [4] Group 4: Investment Recommendations - For potash, the company recommends focusing on resource-scarce firms like Yara International, with projected production of 2.8 million tons in 2025 and 4 million tons in 2026 [4] - In the phosphate sector, companies with rich phosphate reserves such as Yuntianhua and Xingfa Group are highlighted as key investment opportunities [4] - In the pesticide sector, companies like Yangnong Chemical and Lier Chemical are recommended for their growth potential and market position [5]

Key Recommendations - The report highlights the social services industry, particularly focusing on the chain restaurant sector, recommending leading brands that offer good value for money in the dining and tea beverage segments [7] - The construction industry report emphasizes the necessity of cleanroom engineering as a critical component of AI infrastructure, with global demand for construction rapidly increasing [11] Industry and Company Insights - In the restaurant sector, the report notes that in September 2025, the stock prices of major restaurant brands faced pressure, with notable increases for brands like Xiaobai Xiaobai (+33%) and Yum Brands (+4%) [7] - The mid-year financial summary indicates that the tracked chain restaurant leaders saw a 29% increase in net profit attributable to shareholders in the first half of 2025, with a 16% revenue growth, outperforming the overall retail dining market growth of 4% [7] - The cleanroom engineering market is driven by the need for controlled environments in precision product manufacturing, with investments in cleanroom engineering typically accounting for 10-20% of total project costs [11] - The global cleanroom market is expected to grow due to increasing demands for semiconductor manufacturing and data center construction, particularly in North America, which is identified as a market with significant potential [11] Market Dynamics - The report indicates that in September 2025, the domestic restaurant revenue showed a slight year-on-year increase of 1%, recovering from previous months' declines [7] - The cleanroom engineering demand is expected to rise as companies like TSMC ramp up investments in the U.S., with TSMC planning an additional $100 billion investment, indicating a robust growth trajectory for the cleanroom sector [11] Investment Recommendations - The report suggests focusing on leading companies in the cleanroom engineering space, such as Shenghui Integration and Yaxiang Integration, which are expected to benefit from the global semiconductor supply chain restructuring [12] - In the restaurant sector, it recommends investing in brands like Xiaobai Xiaobai, Gu Ming, and Mi Xue Group, which are positioned to capitalize on the recovery and growth in the dining market [9]

Investment Rating - The report maintains an "Outperform" rating for the agricultural chemical industry [6][9]. Core Views - The potassium fertilizer supply and demand remain tight, with international prices staying high. China's potassium chloride production is expected to decrease by 2.7% in 2024, while imports are projected to reach a historical high of 12.633 million tons, a year-on-year increase of 9.1% [1][24]. - The phosphoric chemical industry is expected to maintain a high price level due to the scarcity of resources and increasing demand from new applications such as lithium iron phosphate [2][5]. - The pesticide sector is anticipated to see a recovery in demand, driven by increased agricultural planting areas in South America and a rebound in inventory replenishment [4][8]. Summary by Sections Potassium Fertilizer - The domestic potassium chloride port inventory as of September 2025 is 1.7292 million tons, a decrease of 135.6 thousand tons year-on-year, representing a decline of 43.95% [1][26]. - The average market price for potassium chloride in China at the end of September is 3,237 yuan/ton, a month-on-month decrease of 1.43% but a year-on-year increase of 34.82% [1][41]. - Key recommendation includes focusing on "Yaji International," with expected potassium chloride production of 2.8 million tons in 2025 and 4 million tons in 2026 [4][48]. Phosphoric Chemicals - The domestic supply-demand balance for phosphate rock is tight, with the market price for 30% grade phosphate rock in Hubei at 1,040 yuan/ton and in Yunnan at 970 yuan/ton, both stable month-on-month [2][50]. - The report highlights the long-term price stability of phosphate rock due to declining grades and increasing extraction costs, with a market price of 900 yuan/ton maintained for over two years [2][5]. - Recommended companies include "Yuntianhua" and "Xingfa Group," which have rich phosphate reserves [5]. Pesticides - The pesticide sector is expected to recover as the "Zhengfeng Zhijuan" three-year action plan is initiated, with a significant increase in demand due to rising agricultural planting areas in South America [4][8]. - The price of glyphosate has been on the rise, reaching 27,700 yuan/ton by October 14, an increase of 4,500 yuan/ton since April, representing a 19.40% rise [4][8]. - Key recommendations include "Yangnong Chemical" and "Lier Chemical," which are positioned to benefit from the recovery in pesticide prices [8].