Core Viewpoint - The controlling shareholder of Limin Co., Ltd., Li Ming, has completed a share reduction plan, selling a total of 11,629,102 shares, which amounts to approximately 217 million yuan [1][2]. Summary by Sections Share Reduction Plan - Li Ming announced a plan to reduce his holdings from August 1, 2025, to October 29, 2025, with a maximum reduction of 13,104,920 shares, representing 3% of the total share capital after deducting repurchased shares [1]. - The reduction was executed through two methods: a maximum of 2% via block trading and 1% via centralized bidding [1]. Execution of Share Reduction - From October 10 to October 22, 2025, Li Ming sold 4,365,002 shares through centralized bidding, accounting for 0.99235% of the total shares, at an average price of 19.06 yuan per share [1]. - Between August 15 and October 22, 2025, he sold 7,264,100 shares through block trading, representing 1.6514% of the total shares, at an average price of 18.44 yuan per share [1]. - The total amount raised from the share reduction was 217 million yuan [1]. Shareholding Post-Reduction - Before the reduction, Li Ming held 73,734,050 shares, which was 16.76% of the total share capital [2]. - After the reduction, his holdings decreased to 62,104,948 shares, representing 14.12% of the total share capital [2].

股票代码：002734 股票简称：利民股份 公告编号：2025-082 利民控股集团股份有限公司关于 控股股东、实际控制人减持股份计划实施完成的公告 公司控股股东、实际控制人李明及一致行动人李新生、李媛媛保证向本公司 提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 利民控股集团股份有限公司（以下简称"公司"）2025 年 7 月 11 日在巨潮资 讯网披露了《关于公司控股股东、实际控制人减持计划的预披露公告》，公司控股 股东、实际控制人李明计划在 2025 年 8 月 1 日至 2025 年 10 月 29 日以大宗交易 及集中竞价方式减持公司股份不超过 13,104,920 股（占扣减回购股份公司总股本 的 3%），其中以大宗交易方式减持公司股份不超过公司总股本的 2%，以集中竞价 交易方式减持公司股份不超过公司总股本的 1%。 近日，公司收到李明先生出具的关于股份减持计划实施情况的《告知函》，具 体情况如下： 注：减持比例按扣除公司回购专用证券账户股份后总股本 439,874,428 股计算，合计减持价格为合计减 持 ...

Core Insights - The A-share market is experiencing a peak in the disclosure of Q3 reports and forecasts, with 146 companies having released their forecasts by October 22, 2025, of which 121 companies reported positive earnings expectations, indicating a strong operational signal for the market [2][3] Company Performance - Among the 121 companies with positive earnings forecasts, 60 companies expect their net profits to double, and 5 companies anticipate profit increases exceeding 10 times, including XianDa Co., ChuJiang New Materials, YingLian Co., ShuoBeiDe, and Guangdong Ming [3][4] - XianDa Co. expects a net profit of 180 million to 205 million yuan, representing a year-on-year increase of 2807.87% to 3211.74%, driven by significant price increases of its main product, and operational reforms [4] - ChuJiang New Materials forecasts a net profit of 350 million to 380 million yuan, with a year-on-year increase of 2057.62% to 2242.56%, attributed to product upgrades and capacity release [4] Turnaround Companies - Nine companies successfully transitioned from losses to profits, including BingChuan Network, Shandong Steel, and GuangSheng Nonferrous, with BingChuan Network reporting a net profit of 435 million to 565 million yuan [5][6] - Shandong Steel's profit is around 140 million yuan, while GuangSheng Nonferrous expects a profit of 100 million to 130 million yuan, with improvements in efficiency and cost reductions driving their performance [5] Industry Highlights - The non-ferrous metals and chemical industries are leading the positive earnings forecasts, with companies benefiting from price increases and demand recovery [7][8] - Notable performers in the non-ferrous metals sector include YaHua Group, which expects a net profit of 320 million to 360 million yuan, and BeiFang Rare Earth, with a forecast of 1.51 billion to 1.57 billion yuan, reflecting significant year-on-year growth [7] - In the chemical sector, LiMin Co. anticipates a net profit of 384 million to 394 million yuan, while BaTian Co. expects 676 million to 736 million yuan, both showing substantial year-on-year increases [8]

Core Insights - The fungicide industry is experiencing rapid growth in China, driven by increasing public health awareness and environmental policies, with the market size projected to grow from 23.67 billion yuan in 2019 to 40.5 billion yuan by 2024, representing a compound annual growth rate (CAGR) of 11.34% [2][10] - The demand for environmentally friendly and biological fungicides is expected to rise significantly, particularly in the agricultural sector, which is the primary consumer market for fungicides [2][10] Industry Overview - Fungicides, also known as biocides, are chemical agents that effectively control or kill microorganisms such as bacteria, fungi, and algae [3] - The classification of fungicides can be based on application fields (industrial and agricultural), raw materials (inorganic, organic sulfur, organic phosphorus, etc.), usage methods (protective and therapeutic), and conduction characteristics (systemic and non-systemic) [3][8] Industry Policies - The Chinese fungicide industry is at a critical juncture influenced by policy changes and market transformations, with recent regulations aimed at promoting green and efficient fungicide production [5][7] - Key policies include the restriction of high-toxicity and high-residue pesticide production, as outlined in the "Industrial Structure Adjustment Guidance Catalog (2024 Edition)" [5][7] Industry Chain - The fungicide industry chain consists of upstream raw materials and production equipment, midstream research and manufacturing, and downstream applications in agriculture, forestry protection, urban greening, industrial corrosion prevention, and medical disinfection [8][10] Current Market Status - The global fungicide market is steadily expanding, with a projected market size of 19.704 billion USD in 2024, reflecting a year-on-year growth of 3.15% [10] - The growth is driven by the need for agricultural yield enhancement, public health protection, and food safety assurance, with expectations for the market to reach 22.942 billion USD by 2028 [10]

Core Viewpoint - The key to breaking the deadlock lies in the rhythm and realization of pesticide production volume [1] Group 1: Company Performance - XianDa Co., Ltd. (603086.SH) expects a net profit attributable to shareholders of 180 million to 205 million yuan for the first three quarters of 2025, representing a year-on-year growth of 2,807.87% to 3,211.74%, the highest growth rate among companies that have disclosed their third-quarter performance [4] - The significant profit increase in 2025 is attributed to three main factors: a low base from previous losses, a substantial rise in the market price of its main product, Acetochlor, and the sales of its newly developed product, Pyrazolyl Quinclorac [6][8][12] Group 2: Market Dynamics - The domestic pesticide industry stabilized in the first half of 2025, with the pesticide price index stopping its decline and showing slight recovery [11] - The price of Acetochlor rose dramatically from 68,000 yuan/ton at the beginning of 2024 to 160,000 yuan/ton by July 2025, an increase of over 135% [11] Group 3: Product Development - XianDa has developed a product matrix centered around Quinclorac, Pyrazolyl Quinclorac, and Benzoyl Acetochlor, targeting specific climatic and agricultural conditions in China [14][21] - Quinclorac is the first innovative product, launched in December 2020, designed for selective weed control in sorghum fields, with a sales target of 5 million acres and an estimated annual revenue of around 40 to 50 million yuan [15][16] - Pyrazolyl Quinclorac, approved for registration in September 2024, is expected to generate annual sales of approximately 1 billion yuan over three years, although current performance indicates a significant gap from this target [18][19] - Benzoyl Acetochlor is currently under review and aims to effectively control resistant weeds in Southeast Asia [20] Group 4: Future Outlook and Challenges - Despite the impressive growth, XianDa's performance heavily relies on Acetochlor prices, and the future revenue expectations from the three innovative products are not high, making it difficult to escape this dependency in the short term [22] - The potential for significant fluctuations in performance exists if Acetochlor prices decline or if competitors resume production, which could impact profitability [23][25]

1. Report Industry Investment Rating No information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - Last week, the median convertible bond price dropped from 132 yuan to 129 yuan, with the average daily turnover in the entire convertible bond market remaining at a relatively low level of 65.2 billion yuan. The median conversion premium rate increased from 27.8% to 28.5%, and the implied volatility decreased from 37% to 35.5% (historical quantile of 73%). The trading sentiment of convertible bonds recovered, and the turnover rates of extremely low - balance and low - rated convertible bonds increased. After the market adjustment, the proportion of dual - low convertible bonds in industries such as commercial trade, banking, non - banking, and transportation increased [1]. - Last week, the risk appetite of funds continued to decline. The share of gold ETFs increased significantly by 22.7%, the share of dividend - concept ETFs increased by 5.2%, while the shares of stock - type and convertible bond ETFs decreased, with the decrease rate of convertible bond ETF fund shares (-3.5%) slightly larger than that of the overall stock - type ETFs (-2.6%) [2]. - After the TACO transaction was confirmed last weekend, the market risk appetite recovered. Structurally, overall attention should be paid to the performance realization of the underlying stocks. Combine performance and focus on Q3 performance - promising targets and sub - new convertible bonds [3][4]. 3. Summary by Relevant Catalogs Market Performance - The median convertible bond price decreased from 132 yuan to 129 yuan, the average daily turnover in the entire convertible bond market was 65.2 billion yuan, remaining at a low level. The median conversion premium rate rose from 27.8% to 28.5%, and the implied volatility dropped from 37% to 35.5% (historical quantile of 73%). The trading sentiment of convertible bonds improved, and the turnover rates of extremely low - balance and low - rated convertible bonds went up. Due to the protection of the bond floor in a falling market, the valuation of low - price convertible bonds increased significantly, outperforming other sectors. After the market adjustment, the proportion of dual - low convertible bonds in commercial trade, banking, non - banking, and transportation increased [1]. Funds Sentiment - Comparing the share fluctuations of various broad - based indexes, bond - type, and major commodity (gold) ETFs, last week, the risk appetite of funds continued to decline. The share of gold ETFs increased by 22.7%, the share of dividend - concept ETFs increased by 5.2%, while the shares of stock - type and convertible bond ETFs decreased. The decrease rate of convertible bond ETF fund shares (-3.5%) was slightly larger than that of the overall stock - type ETFs (-2.6%) [2]. - In September, bond investors such as insurance, social security, and securities asset management concentrated on reducing their holdings of convertible bonds, with the reduction amplitude significantly larger than the shrinkage amplitude of the convertible bond market scale. Retail investors maintained a selling trend in a relatively strong stock market. Convertible bond ETFs provided certain liquidity to the convertible bond market, and the public - offering convertible bond holdings remained stable [23]. Investment Strategy - After the TACO transaction was confirmed last weekend, the market risk appetite recovered. Focus on the performance realization of the underlying stocks and pay attention to the following directions: - Q3 performance - promising targets: 1) Technologically leading manufacturers in the domestic substitution field, such as Dinglong Co., Ltd. (Dinglong Convertible Bond) and Guoli Electronics (Guoli Convertible Bond). 2) Companies in high - growth sectors with continuous technological upgrades, like Daotong Technology (Daotong Convertible Bond) and Luxshare Precision (Luxshare Convertible Bond). 3) Industries benefiting from anti - involution price increases, such as power equipment and chemicals, including Zhuhai Guanyu (Guanyu Convertible Bond) and Limin Co., Ltd. (Limin Convertible Bond) [3]. - Sub - new convertible bonds: Due to the intensified supply - demand contradiction in the convertible bond market, the elasticity and valuation of sub - new convertible bonds have been pushed up, and many are popular themes with good performance. They are worth paying attention to during market pullbacks, such as Jinwei Convertible Bond, Weidao Convertible Bond, etc. [4]. - Considering the performance realization, convertible bonds such as Changyin Convertible Bond, Chongyin Convertible Bond, etc., are worthy of attention. The dumbbell strategy portfolio remained unchanged this period and outperformed the CSI Convertible Bond Index by 1.77 percentage points last week [28][29].

Core Viewpoint - The report highlights the impact of renewed US-China trade tensions and fluctuating international oil prices on the chemical industry, suggesting a focus on import substitution, domestic demand, and high-dividend opportunities [1][2]. Price Movements - Significant price increases were observed in sulfuric acid (up 26.15%), ethylene acetate (up 4.87%), and sulfur (up 4.58%), while notable declines were seen in PS (down 9.96%), natural gas (down 7.74%), and ammonium chloride (down 6.25%) [2][3]. - Brent crude oil closed at $61.29 per barrel, down 2.30% from the previous week, and WTI crude oil at $57.54 per barrel, down 2.31% [1][2]. Industry Performance - The chemical industry remains in a weak position overall, with mixed performance across sub-sectors due to past capacity expansions and weak demand [3][4]. - Some sub-sectors, such as lubricants, have shown better-than-expected performance [3]. Investment Recommendations - Focus on the glyphosate industry, which is showing signs of recovery with decreasing inventory and rising prices, recommending companies like Jiangshan Chemical, Xingfa Group, and Yangnong Chemical [4]. - Select stocks with strong competitive positions and growth potential, such as Ruifeng New Materials in the lubricant additives sector and Baofeng Energy in the coal-to-olefins sector [4]. - Emphasize domestic chemical fertilizer and certain pesticide sub-products that are self-sufficient and have stable demand, recommending companies like Hualu Hengsheng and China Heartlink Fertilizer [4]. - Continue to favor major oil companies with high asset quality and dividend yields, particularly Sinopec, which benefits from lower raw material costs due to falling oil prices [4].

Industry Investment Rating - The investment rating for the basic chemical industry is "Outperform" [1] Core Views - The basic chemical industry is currently under pressure due to global trade sentiment, with a focus on cyclical bottoming and potential recovery in leading companies such as Wanhua Chemical, Yangnong Chemical, Hengli Petrochemical, and Hualu Hengsheng [4][5] - The basic chemical sector has experienced a decline of 5.83% this week, underperforming the CSI 300 index by 3.61 percentage points [5][18] Summary by Sections Industry Overview - The closing index for the basic chemical sector is 3951.07, with a 52-week high of 4195.72 and a low of 3081.91 [1] Market Performance - The basic chemical sector has underperformed the CSI 300 index year-to-date, with a decline of 18.96 percentage points compared to the index's increase of 33.31% [18] - This week, the sector's performance was marked by significant fluctuations, with notable gainers including Sanfu Co. (up 33.17%) and Chengxing Co. (up 25.12%) [6][18] Price Movements - Key products in the lithium battery materials sector have seen price increases, with liquid chlorine rising by 184.91% and lithium cobalt oxide by 19.74% [8][23] - Conversely, R22 prices have dropped significantly by 51.52% [9][25] Key Companies and Investment Ratings - Wanhua Chemical: Buy rating, closing price at 61.5, market cap of 192.56 billion, 2025E EPS of 135.5 [11] - Yangnong Chemical: Buy rating, closing price at 68.8, market cap of 27.89 billion, 2025E EPS of 13.9 [11] - Hengli Petrochemical: Buy rating, closing price at 24.6, market cap of 52.29 billion, 2025E EPS of 37.3 [11]

Summary of Conference Call Records Industry Overview - The records primarily discuss the **potash fertilizer**, **phosphate chemical**, and **pesticide** industries, highlighting their current conditions and future outlooks. Key Points on Potash Fertilizer Industry - Global potash supply is limited, with only **3 million tons** of new capacity expected from **Asia Potash International** [1] - High prices of phosphate and nitrogen fertilizers are driving increased demand for potash, with a projected apparent growth rate of **3-4%** in demand from **2025 to 2026** [2] - Domestic potash inventory has risen but remains significantly below historical highs, with current port inventory at **180-190 thousand tons**, compared to **400 thousand tons** in previous years [2] - Anticipated price increases for domestic potash before spring planting due to tight supply and demand dynamics [2][4] - The **Q3** supply-demand balance remains tight, with a forecasted demand of **75 million tons** globally by **2025**, growing at **2-3%** annually [2] Key Points on Phosphate Chemical Industry - The core of the phosphate chemical sector is **phosphate rock**, which maintains a high level of market activity [5] - The lithium battery supply chain is experiencing an upward trend, with **lithium hexafluorophosphate** prices rising to over **60,000 yuan/ton**, a **9%** increase [5] - Phosphate rock prices are supported by rigid supply, with a long-term price center expected to remain high due to resource scarcity [5][6] - Production costs for monoammonium phosphate and diammonium phosphate have increased due to rising sulfur and ammonia prices [5] - The demand for lithium iron phosphate batteries in the electric vehicle sector is significant, with **75%** of power battery sales attributed to this type [6] Key Points on Pesticide Industry - China is the world's largest pesticide exporter, with **80-90%** of production aimed at export markets [7] - The peak export seasons are from **June to August** for South America and from **November to January** for the Northern Hemisphere [7] - In **2025**, China's pesticide exports are expected to reach a record high, with exports to Brazil increasing by over **40%** [7] - Significant price increases have been observed in certain pesticide varieties, including **glyphosate**, which rose from **23,000 yuan** to **27,700 yuan** [8] - The opening rate for **glufosinate** has exceeded **90%**, with expectations of price increases in the coming months [9][10] Additional Insights - The demand for herbicides is expected to drive price increases in the upcoming months, particularly in November and December [10] - New pesticide products are anticipated to receive registration by December, potentially benefiting companies like **Yangnong Chemical** and **Jiangshan Co.** [10][11] - The overall trend in the Chinese agricultural chemical industry is positive, driven by strong demand and supply-side disruptions leading to price increases [12]

Report Industry Investment Rating There is no information regarding the report's industry investment rating provided in the content. Core Viewpoints - As of October 18, 2025, 117 listed companies have disclosed their Q3 earnings forecasts, the lowest in the past five years. About 84% of them announced positive news, similar to 2024. Most companies issued pre - increase announcements (60% of all forecasts). Only 10 convertible bond companies disclosed Q3 earnings forecasts, half the number of 2024, with 9 announcing positive news [2][6][14]. - Basic chemicals, electronics, non - ferrous metals, and machinery industries had more positive news. The non - ferrous metals and media industries showed significant improvement compared to 2024. Seven non - ferrous metal companies announced pre - increase, and 2 announced turnaround; 1 media company announced turnaround and 1 pre - increase [2][8]. - Four convertible bond listed companies, Luxshare, Limin, Bojun, and Downtow, reported positive Q3 earnings for two consecutive years. Luxshare expects a 20% - 25% net profit increase in Q3, Limin may see a year - on - year net profit increase of over 600%, Bojun expects a 50% - 80% net profit increase, and Downtow's Q3 profit may increase by over 30% [2][13][14]. - The market style may be switching, and geopolitical uncertainties increase market volatility. The risk appetite in the convertible bond market may have declined. Selecting high - quality convertible bonds during the earnings season may be a key strategy, especially those with consistently excellent performance [2][14]. Summaries by Directory 1. Q3 Earnings Forecasts: How to View the Convertible Bond Market - The number of listed companies disclosing Q3 earnings forecasts in 2025 is the lowest in the past five years, with a similar structure to 2024. The proportion of companies with positive news is about 84%, the same as in 2024. In the convertible bond market, only 10 companies disclosed forecasts, half the number of 2024, with 9 announcing positive news [2][6][14]. - Basic chemicals, electronics, non - ferrous metals, and machinery are industries with more positive news. Non - ferrous metals and media industries improved significantly compared to 2024. 15 companies mentioned AI contributions in their earnings forecasts, with 14 reporting positive results and most planning to increase AI investment [2][8][11]. - Four convertible bond listed companies had positive Q3 earnings for two consecutive years, with specific reasons for profit growth provided for each company [2][13][14]. 2. One - Week Market Performance - As of Friday's close, the Shanghai Composite Index closed at 3839.76, down 1.47% for the week; the CSI Convertible Bond Index closed at 474.22, down 2.35% for the week. The top - three rising industries in the stock market were banks (+4.99%), coal (+4.27%), and food and beverages (+0.85%), while electronics (-7.10%), media (-6.28%), and automobiles (-6.24%) declined [15]. - No new convertible bonds were listed this week. 45 convertible bonds rose, accounting for 11%. The top - five and bottom - five in terms of price changes are listed. 266 convertible bonds' conversion premium rates increased, accounting for 64%, and the top - five and bottom - five in terms of valuation changes are also listed [17]. 3. Major Shareholders' Convertible Bond Reductions - Nanjing Pharmaceutical announced a convertible bond reduction this week. A table shows the convertible bonds with high major shareholder holding ratios and their reduction status [25][26][27]. 4. Convertible Bond Issuance Progress - The primary - market approval process remains fast. Zhongqi Co., Ltd. (1.039 billion yuan), Mankun Technology (760 million yuan), and Huatong Cable (800 million yuan) have board proposals. Haitian Co., Ltd. (801 million yuan) has passed the shareholders' meeting, and Tianzhun Technology (872 million yuan) has received CSRC approval [27][28]. 5. Private EB Project Updates There were no progress updates on private EB projects this week [28]. 6. Style & Strategy: Large - Scale High - Rating Bonds Prevailed This Week - Using month - end rebalancing for back - testing and excluding bonds rated below A - and those with announced forced redemptions, large - scale high - rating convertible bonds prevailed this week. High - rating bonds had a 2.63pct excess return over low - rating bonds, large - scale bonds had a 1.89pct excess return over small - scale bonds, and equity - biased bonds had a - 8.24pct excess return over debt - biased bonds [29]. 7. One - Week Convertible Bond Valuation Performance: Convertible Bond Valuations Declined - The convertible bond market's 100 - yuan premium rate declined. As of the last trading day of the week, it closed at 29.31%, down 0.29% from the previous week, at the 86.5% historical percentile in the past six months and 93.6% in the past year. The median full - scope conversion premium rate increased by 0.78pct to 28.61%, and the market - value - weighted conversion premium rate (excluding banks) increased by 1.69pct to 41.46% [40]. - For equity - biased convertible bonds, the median conversion premium rate closed at 10.58%, down 1.12pct from the previous week, at the 80.6% historical percentile in the past six months. For debt - biased convertible bonds, the median pure - debt premium rate closed at 10.78%, down 1.43pct from the previous week, at the 71.4% historical percentile in the past six months [40]. - In terms of extreme pricing, as of the last trading day of the week, there was 1 convertible bond below par value, 0 below the bond floor, and 2 with a YTM greater than 3, at the 9.2%, 0%, and 6.7% historical percentiles since 2016 respectively. The median YTM of bank convertible bonds was - 3.97%, 5.84pct lower than the 3 - year AAA corporate bond yield; the median YTM of AA - to AA+ debt - biased convertible bonds was - 1.48%, 3.59pct lower than the 3 - year AA corporate bond yield [44]. - The adjusted 100 - yuan premium rate remained flat. After excluding factors such as bond nature and remaining term, it was at the 84.3% historical percentile in the past six months and 68.9% since 2018. Considering only the bond floor, it was at the 82.6% historical percentile in the past six months and 34.8% since 2018 [56].