Group 1: Export Performance - The total export quantity under item 3808 increased by 20.91% year-on-year from January to September 2025, with a significant increase of 28.69% in the third quarter [3] - The total export value under item 3808 increased by 16.48% year-on-year from January to September 2025, with a notable increase of 21.61% in the third quarter [4] - The average export price rose from USD 2.87/Kg in January to USD 2.96/Kg in September 2025, showing stability [4] Group 2: Company Strategy and Growth - The company's TO C business revenue share increased from 37.73% in the first nine months of 2024 to 41.39% in the reporting period [6] - The revenue share from the EU and North America increased from 8.53% in the first nine months of 2024 to 11.35% in the reporting period [6] - The revenue share from insecticides and fungicides increased from 25.46% to 28.64% during the same period [6] Group 3: Market Challenges - The company faced delays in the planting and procurement seasons in Brazil and Argentina, impacting sales [9] - Credit risk in Brazil and Argentina has risen, leading to the cancellation of contracts worth approximately USD 40 million in the third quarter [9] - The company has identified accounts receivable risk as a top operational risk in its 2025-2029 strategic plan [9] Group 4: Financial Outlook - The company aims for a gradual increase in gross margin and net margin from 2025 to 2029, with specific numerical targets set [14] - The gross margin is expected to rise due to the increasing share of TO C business, which has a gross margin approximately 15 percentage points higher than TO B business [14] - The company anticipates that the gross margin will benefit from the successful expansion of biological agents, which currently have the highest gross margin among product categories [15] Group 5: Competitive Landscape - The separation of seed and crop protection businesses by multinational companies like Corteva is expected to benefit non-patented crop protection companies by reducing customer loyalty to bundled products [10] - The company has not yet included seed business in its strategic planning, focusing instead on becoming a leading crop protection company [11] Group 6: Future Projections - The company expects steady growth in revenue and net profit in 2026, primarily driven by markets in Brazil, Argentina, the EU, North America, Africa, and Australia/New Zealand [18] - The company aims to achieve a 10% global market share in the crop protection market, which is valued at approximately USD 75 billion [22]