Group 1: Investment and Production Capacity - Current production capacity meets expected scale, with pre-sale coverage achieved and sufficient market demand support. Expected increase in capacity utilization next year, with stable supply and cost reduction through intermediate production [2] - The company’s core product market prices: Bacillus thuringiensis raw material approximately 30,000 CNY/ton, and Pyraclostrobin raw material currently around 140,000 CNY/ton [2] Group 2: Financial Performance and Growth Drivers - Q3 performance driven by price increases of main products, improving gross profit margins [3] - Significant contribution from the sales volume of COS series pesticide products in Q3 [3] Group 3: Market Trends and Future Outlook - Short-term price stability expected for 2,4-D, with medium to long-term demand linked to the promotion of transgenic crops, leading to steady market expansion [3] - Bacillus thuringiensis market demand remains tight, with increased usage frequency driving up consumption [3] Group 4: New Product Launches - Innovative pesticide, Cyhalofop-butyl, set to launch domestically in November 2025, with domestic registration obtained in October and overseas registration in progress, expected to contribute to future growth [3] - Risk warning: Information regarding external environment assessments, company strategies, and future plans does not constitute a commitment to investors, urging rational investment and risk awareness [3]