证券日报网讯1月7日，利民股份（002734）在互动平台回答投资者提问时表示，"一证一品"政策的实施 对于公司这种登记资源丰富、具备规模优势、品牌影响力强的合法合规厂家是有利的，主要体现在行业 集中度提升，市场竞争力提升和品牌力提升三个方面：1."一证一品"政策的实施，提高了国内制剂行业 的门槛，未来行业集中度有望进一步提升。公司将持续开展登记工作，增加优质登记资源储备，打造新 政策下的新护城河；2.公司目前拥有各类农药证件共328个，其中原药登记证50个、制剂登记证278个， 覆盖杀菌剂、杀虫剂、除草剂、土壤调节剂和种衣剂等多类产品。在丰富登记资源的支撑下，公司可提 供多品类一站式应用解决方案，公司国内制剂产品的市场竞争力有望进一步提升；3.公司将依托现有优 势原药品种的原药制剂一体化优势，聚焦现有大单品，持续进行制剂产品开发和品牌塑造升级，力求打 造新的大单品，公司的品牌影响力有望进一步提升。 ...

针对上述提问，利民股份回应称："尊敬的投资者：'一证一品'政策的实施对于公司这种登记资源丰 富、具备规模优势、品牌影响力强的合法合规厂家是有利的，主要体现在行业集中度提升，市场竞争力 提升和品牌力提升三个方面:1.'一证一品'政策的实施，提高了国内制剂行业的门槛，未来行业集中度有 望进一步提升。公司将持续开展登记工作，增加优质登记资源储备，打造新政策下的新护城河；2.公司 目前拥有各类农药证件共328个，其中原药登记证50个、制剂登记证278个，覆盖杀菌剂、杀虫剂、除草 剂、土壤调节剂和种衣剂等多类产品。在丰富登记资源的支撑下，公司可提供多品类一站式应用解决方 案，公司国内制剂产品的市场竞争力有望进一步提升；3.公司将依托现有优势原药品种的原药制剂一体 化优势，聚焦现有大单品，持续进行制剂产品开发和品牌塑造升级，力求打造新的大单品，公司的品牌 影响力有望进一步提升。感谢关注！" 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 有投资者在互动平台向利民股份提问："请问董秘，根据农业农村部发布的第925号公告，自2026年1月1 日起，'一证一品'政策正式施行，该政策对 ...

证券日报网12月17日讯国光股份（002749）在12月16日回答调研者提问时表示，2025年6月29日，农业 农村部为了规范农药标签和说明书管理，发布925号公告，并宣布自2026年1月1日起实施。第925号公告 规定，同一个登记证号的农药产品应当标注同样的商标，以确保全国范围内销售产品使用商标的一致 性。具体而言，在符合《农药标签和说明书管理办法》第三十一条规定的前提下，同一登记证号的农药 产品可以根据实际需要标注一个或多个商标，但必须保持市场销售的同一登记证号的农药产品标注商标 的一致性。该公告对农药标签作出进一步规范，有利于保障农药质量、维护公平竞争的农药市场秩序、 保障广大种植户的合法权益、促进农药产业健康持续发展。拥有优质登记证件的农药企业将更具竞争优 势，因此随着"一证一品"政策的实施，未来农药行业的市场集中度有望进一步提升。 ...

四川国光农化股份有限公司投资者关系活动记录表 编号：2025-031 投资者关系 活动类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（） 活动参与人员 汇添富基金管理股份有限公司 杨涛、费海墅 国光股份 董事会秘书 颜铭 国光股份 证券事务代表 李超 时间 2025 年 12 月 16 日 地点 公司龙泉办公区 形式 现场会议 交流内容及具 体问答记录 问 1：公司的销售模式如何？ 答：公司采取渠道销售模式，即"公司—经销商—零售商—客 户"四主体三环节的销售模式，经销商网络下沉到县乡一级，最终 消费群体主要为种植户、园林绿化养护单位等。公司对经销商的销 售主要采取的是先款后货的结算方式，通过技术服务的方式，指导 种植者科学合理用药，帮助种植者提高种植水平、提质增产。 问 2：全程方案推广采取怎样的模式？ 答：作物全程方案推广由公司技术营销人员、经销商、零售商 共同完成，采取"实地巡田服务+线上实时服务"的技术服务模式 与种植户实时对接，通过分工合作、双向协同，及时帮助种植户解 决作物管理过程中遇到的问题。 问 3：请介绍一下行业格局。 答：据统计， ...

Group 1: Company Strategy and Market Potential - The company is increasing the promotion of its comprehensive solutions for field crops to align with national policies aimed at enhancing grain and oil crop yields [3][4] - The market potential for plant growth regulators in field crops is significant, with a projected market capacity of approximately RMB 25 billion if a 100% penetration rate is achieved [3] - The acceleration of land transfer and rural revitalization policies is expected to lead to a rise in large-scale farming operations, making the comprehensive solutions essential for meeting the needs of these growers [4] Group 2: Product Performance and Customer Engagement - In 2025, the comprehensive solutions have shown to increase yields in wheat, corn, and rice compared to control groups, leading to high customer satisfaction and retention [4] - The comprehensive solutions do not significantly affect product prices or gross margins, as they aim to provide a one-stop solution for farmers' needs throughout the crop cycle [4] Group 3: Promotion and Implementation Strategies - The promotion of comprehensive solutions is carried out through collaboration between the company's technical marketing staff, distributors, and retailers, utilizing both on-site and online services [5] - The "One Certificate, One Product" policy, effective from January 1, 2026, aims to standardize pesticide labeling, which is expected to enhance market competition and benefit compliant companies [6] Group 4: Research and Development Investment - The company's R&D expenses have significantly increased in the first three quarters of 2025 due to intensified efforts in new product registrations [6] - R&D activities are primarily focused on application research, with two departments responsible for product formulation and field testing [6]

Industry Overview - The domestic plant growth regulator industry has approximately 540 companies, with around 1,900 registration certificates, averaging 3.6 certificates per company. About 400 companies hold fewer than the average, while over 30 companies hold more than 10 certificates, accounting for approximately 33% of all certificates [2][3]. - As of June 30, the company holds 150 plant growth regulator registration certificates, representing 7.7% of the total, making it the company with the most certificates in the industry [2][3]. Product Characteristics - Plant growth regulators (PGRs) are chemical substances that regulate plant growth and physiological functions, offering low dosage, significant effects, and high input-output ratios, making them essential in modern agriculture [3][4]. - PGRs differ from other pesticides in their purpose, production processes, industry maturity, and technical application requirements [3][4]. Sales Model - The company's primary customers include agricultural distributors, landscaping companies, government procurement departments, and large-scale planting units, with the end consumers being farmers and landscaping maintenance units [5][6]. - The sales model primarily involves a "company-distributor-retailer-customer" structure, with a focus on technical marketing to enhance distributor sales channels and improve planting techniques [6][7]. Competitive Advantages - The company benefits from high industry entry barriers due to strict regulations and lengthy, costly registration processes for pesticides, with new registrations taking over three years and costing millions [7][8]. - The company has over 40 years of experience in PGR research, production, and sales, supported by a skilled technical service team and a dedicated research institute for crop regulation technology [7][8]. - The extensive product line allows the company to offer comprehensive crop management solutions, enhancing customer loyalty and adapting to the trend of large-scale, intensive agriculture [8][9]. Technical Service Importance - The dual impact of PGRs on crops necessitates scientific application to achieve desired effects, with factors such as application timing, concentration, and method being critical for success [9][10]. Regulatory Impact - The "one certificate, one product" policy, effective from January 1, 2026, aims to standardize pesticide labeling and enhance market order, potentially increasing market concentration and competitive advantages for companies with quality registration certificates [10][11].

Core Viewpoint - The announcement by Guoguang Co., Ltd. regarding the implementation of the Ministry of Agriculture and Rural Affairs' No. 925 announcement is expected to enhance the consistency of pesticide labeling and improve market order, benefiting both the industry and farmers [2]. Industry Summary - The Ministry of Agriculture and Rural Affairs issued Announcement No. 925 on October 9, 2023, which will take effect on January 1, 2026, to standardize pesticide labels and instructions [2]. - The announcement mandates that pesticide products with the same registration number must display the same trademark, ensuring consistency across national sales [2]. - The new regulations are designed to protect pesticide quality, maintain fair competition, safeguard the rights of farmers, and promote the sustainable development of the pesticide industry [2]. - Companies with high-quality registration certificates are expected to gain a competitive advantage, leading to increased market concentration in the pesticide industry as the "one certificate, one product" policy is implemented [2].

Group 1: Differences Between Plant Growth Regulators and Other Pesticides - Plant growth regulators (PGRs) are designed to regulate plant growth and physiological functions, unlike other pesticides that target harmful organisms [2][3] - PGRs have a low dosage requirement, significant effects, and a high input-output ratio, making them essential in modern agriculture [2][3] - The application of PGRs requires high technical expertise, with strict control over application timing and dosage [3][6] Group 2: Core Competitive Barriers of the Company - The pesticide industry has high entry barriers due to strict regulations and lengthy, costly product registration processes, often exceeding several million yuan [4][5] - The company has over 40 years of experience in PGR research, production, and sales, leading to a wealth of validated application technology and a strong technical service team of over 1,000 professionals [5][8] - The company holds the most PGR registration certificates in China, providing a diverse product matrix that meets the needs of modern agricultural practices [5][9] Group 3: Customer Base and Stability - The company's main customers include agricultural distributors, landscaping companies, government procurement departments, and large-scale farming units, with a focus on end-users like farmers [8][9] - The company employs a "company-distributor-retailer-customer" sales model, enhancing customer stickiness through effective technical services [8][9] - The professional technical marketing team provides customized services, addressing pain points in crop management and increasing customer loyalty [8][9] Group 4: Impact of the "One Certificate, One Product" Policy - The policy, effective from January 1, 2026, aims to standardize pesticide labeling and ensure consistency across products with the same registration number [9] - This regulation is expected to enhance product quality, promote fair competition, and protect the rights of farmers, leading to a healthier pesticide industry [9] - Companies with superior registration certificates will gain a competitive edge, potentially increasing market concentration in the pesticide sector [9]

Sales Model - The company's main customers include agricultural distributors, landscaping companies, government procurement departments, large group users, and large-scale planting units, with the end consumers primarily being planters and landscaping maintenance units [3] - The sales model consists of two types: distributor sales and direct sales, with distributor sales being the primary method, following a "Company - Distributor - Retailer - Customer" model [3][4] Policy Impact - The "One Certificate, One Product" policy, effective from January 1, 2026, aims to standardize pesticide labels and ensure consistency in trademarks across products with the same registration number, which is expected to enhance market concentration in the pesticide industry [4] Pricing Strategy - The company's pricing strategy includes value-based pricing and cost-plus pricing, with price adjustments considering market competition, supply-demand relationships, and pricing goals [5] Development Strategy - The company focuses on internal growth through the development and sales of core products like plant growth regulators and water-soluble fertilizers, while also considering mergers and acquisitions for external growth [6] Dividend Plan - The 2025 semi-annual dividend plan proposes a cash dividend of 4.00 CNY per 10 shares (tax included), with a commitment to actively and sustainably return value to shareholders [6] Industry Position - As of June 2023, there are over 500 registered enterprises for plant growth regulators in China, with approximately 1,900 effective products. The company holds 150 registration certificates, accounting for 7.9% of the total and 20.5% of the top 35 enterprises [7] Raw Material Prices - The prices of upstream raw materials have remained stable since the second half of 2024, with little likelihood of significant fluctuations in the near future [7] Gross Margin Improvement - The increase in gross margin in the first half of 2025 compared to the same period in 2024 is attributed to a higher sales volume of high-margin products and lower raw material prices [8]

Group 1 - The core viewpoint of the article highlights the recent research conducted by Huamei International on Guoguang Co., which includes insights on the company's dividend plan and competitive advantages in the pesticide market [1] - Guoguang Co. plans to distribute a cash dividend of 4.00 yuan (including tax) for every 10 shares for the first half of 2025, indicating a commitment to shareholder returns over the next three years [1] - The "one certificate, one product" policy effective from January 1, 2026, will require pesticide products with the same registration certificate number to be labeled with the same trademark, enhancing product quality assurance and market order [1] - Guoguang Co. adjusts product prices based on competitive environment, supply-demand relationships, and end-user demand, with more frequent adjustments for competitive products [1] - To mitigate risks in overseas pesticide business and seize commercial opportunities, Guoguang Co. has signed a cultivation agreement with related party Yan Yaqi to develop overseas pesticide projects in Asia, Africa, and Latin America [1] Group 2 - Huamei International Investment Group Co., established in 2000, has a registered capital of 138 million yuan and is located in Tianhe District, Guangzhou [2] - The company obtained private fund management qualifications in 2015 and has established research centers in major cities including Beijing, Shanghai, Shenzhen, Guangzhou, and Hong Kong [2] - The investment research team comprises members from well-known public and private funds, as well as securities and futures institutions, indicating a wealth of research and investment experience [2]