分产品板块来看，农药板块实现营业收入7.81 亿元，同比增长7.8%，毛利率51.0%，同比+1.1 个pct；肥 料板块实现营业收入2.98 亿元，同比增长7.0%，毛利率36.9%，同比-0.6 个pct。 2025 年H1 分红比例达81%，注重股东回报 投资要点： 高毛利产品销量增加、原材料价格同比降低，2025 年H1 营收及净利润同比双增长 2025 年上半年，公司实现营业收入11.19 亿元，同比增长7.33%；实现归母净利润2.31 亿元，同比增长 6.05%；实现扣非后归母净利润2.27 亿元，同比增长6.15%；销售毛利率47.42%，同比提升1.07 个百分 点，销售净利率22.00%，同比减少0.17 个百分点；加权ROE为11.24%，同比减少1.14 个百分点；经营 活动现金流净额为1.89 亿元。 2025Q2 单季度，公司实现营业收入7.34 亿元，同比增长8.47%，环比增长90.44%；实现归母净利润1.52 亿元，同比增长1.55%，环比增长93.30%；扣非后归母净利润1.49 亿元，同比增长1.45%，环比增长 93.20%。 2025 年上半年，公司的毛利率和净利润 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a year-on-year revenue growth of 7.33% and a net profit growth of 6.05% in H1 2025, driven by increased sales of high-margin products and lower raw material prices [4][5] - The company maintains a high dividend payout ratio of 81%, emphasizing shareholder returns [6] - The company is advancing its convertible bond projects, which are expected to enhance its core competitiveness [7][8] Financial Performance - In H1 2025, the company reported revenue of 1.119 billion yuan and a net profit of 231 million yuan, with a gross margin of 47.42% [4][5] - The second quarter of 2025 saw a revenue of 734 million yuan, marking an 8.47% year-on-year increase and a 90.44% quarter-on-quarter increase [4] - The company’s product segments include a pesticide segment with revenue of 781 million yuan (up 7.8% year-on-year) and a fertilizer segment with revenue of 298 million yuan (up 7.0% year-on-year) [5][12] Future Projections - Revenue projections for 2025, 2026, and 2027 are 2.368 billion yuan, 2.828 billion yuan, and 3.383 billion yuan respectively, with corresponding net profits of 453 million yuan, 543 million yuan, and 652 million yuan [9][10] - The company is expected to maintain a PE ratio of 16, 13, and 11 for the years 2025, 2026, and 2027 respectively, indicating a positive outlook for growth [10][18]

据证券之星公开数据整理，近期国光股份（002749）发布2025年中报。根据财报显示，国光股份营收净 利润同比双双增长。截至本报告期末，公司营业总收入11.19亿元，同比上升7.33%，归母净利润2.31亿 元，同比上升6.05%。按单季度数据看，第二季度营业总收入7.34亿元，同比上升8.47%，第二季度归母 净利润1.52亿元，同比上升1.55%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率47.42%，同比增2.31%，净利率22.0%，同比减 0.72%，销售费用、管理费用、财务费用总计1.95亿元，三费占营收比17.4%，同比增0.81%，每股净资 产4.42元，同比增0.96%，每股经营性现金流0.41元，同比减8.2%，每股收益0.5元 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 10.42 乙 | 11.19亿 | 7.33% | | 归母净利润(元) | 2.17亿 | 2.31亿 | 6.05% | | 扣非净利润(元) | 2.14亿 | 2.27亿 | 6.15% | | 货币资 ...

Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Report Core View - The plant growth regulator industry has a large market capacity and its growth rate is higher than the average growth rate of the pesticide industry. The industry structure with small and scattered enterprises is beneficial to leading companies. Guoguang Co., Ltd. is taking various measures to increase its market share and actively return to shareholders [22][23]. 3. Section Summaries 3.1. Research Basic Information - The research object is Guoguang Co., Ltd., belonging to the pesticide and veterinary medicine industry. The reception time was on July 25, 2025. The listed company's reception staff included Li Chao, the representative of the securities affairs of Guoguang Co., Ltd., and Xiang Yang, the deputy minister of the securities investment department of Guoguang Co., Ltd. [16] 3.2. Detailed Research Institutions - The research institutions included securities companies such as Industrial Securities Co., Ltd., Changjiang Securities Co., Ltd., and Citic Securities Co., Ltd.; fund management companies such as China - Europe and Huatai - PineBridge Fund Management Co., Ltd.; and other institutions like Shanghai Shibei Nengxin Private Fund Management Partnership (Limited Partnership) [17]. 3.3. Research Institution Proportion - No relevant information provided. 3.4. Main Content Data - **Marketing Staff**: In 2025, the company recruited more than 300 fresh university graduates, and the scale of the technical marketing and technical service team exceeded 1,000 [21]. - **Industry Pattern**: There are about 450 enterprises in the plant growth regulator industry (including about 110 original drug registration enterprises). As of the end of 2024, there were 1,734 registration certificates in China, with 33 enterprises having 10 or more registration certificates, totaling 632 registration certificates. The industry is fragmented, which is beneficial to leading enterprises [22]. - **Shareholder Return**: The company's 2024 annual general meeting approved the 2025 interim dividend plan, and it will actively return to shareholders in 2025 according to the "Three - Year (2024 - 2026) Shareholder Return Plan" [23]. - **Industry Growth Rate**: The growth rate of the plant growth regulator industry is higher than the average growth rate of the pesticide industry due to its short application time in China and large market capacity [23]. - **Raw Material Price**: The prices of pesticide raw materials required for the company's main plant growth regulator preparation products have been relatively stable this year [24]. - **Market Share Increase**: The company's measures to increase market share include product - side actions (new product development, product optimization, increasing registration certificates, and field efficacy tests), production - side actions (strengthening quality management and improving supply capacity), and marketing - service - side actions (matching technical service personnel, enhancing service capabilities, optimizing the dealer system, and increasing the number of core channel partners) [25]. - **Gross Margin of Full - Process Solutions**: The gross margin of products in the full - process solutions has hardly changed. The company promotes full - process solutions to provide one - stop solutions and professional services, achieving a win - win situation for the company, channels, and growers [26]. - **Gross Margin Increase in Q1 2025**: The reasons for the increase in gross margin in the first quarter of 2025 were the change in product sales structure (increased sales of high - gross - margin products) and lower prices of some raw materials compared to the same period last year [27].

Financial Performance - In Q1 2025, the company achieved a revenue of 385 million yuan, representing a year-on-year growth of 5.23% [4] - Revenue from pesticides was 249 million yuan, with a growth of 2.05%, while fertilizer revenue reached 120 million yuan, growing by 14.28% [4] - The overall gross profit margin was 46.25%, an increase of 2.42 percentage points year-on-year [4] - Net profit attributable to shareholders was 79 million yuan, reflecting a year-on-year increase of 16% [4] Growth Drivers - Expansion of the company's comprehensive crop solutions and increased promotion area contributed to revenue growth [4] - Enhanced marketing efforts for key products and new media promotion stimulated sales [4] - Recovery in prices of certain pesticides and fertilizers boosted consumer demand [4] - Rising grain prices encouraged farmers to invest more in agricultural inputs [4] Sales Structure and Product Performance - Significant growth in revenue from raw materials, compound fertilizers, growth regulators, and water-soluble fertilizers, with raw materials increasing by 47% and compound fertilizers by over 20% [5] - The company plans to promote comprehensive solutions over an area of 1.5 million mu in 2025, focusing on key crops such as wheat, corn, and cotton [5] Regional Performance - The Northeast region has shown rapid growth, with the company planning to continue resource allocation to enhance business growth in this area [7] Human Resources and Recruitment - The company aims to recruit 300 graduates from agricultural colleges in 2025, with over 200 interns from the 2024 autumn recruitment already in place [6] - There is a high demand for technical service personnel due to the company's marketing strategy and the need for specialized training for distributors and farmers [6]