Core Viewpoint - Yangnong Chemical achieved a net profit attributable to shareholders of 1.055 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 2.88% [1] Financial Performance - In Q3 2025, the net profit attributable to shareholders was 250 million yuan, showing a year-on-year decrease of 5.01% and a quarter-on-quarter decrease of 32.72% [1] Business Development - The company is advancing the construction of dual bases in both northern and southern regions [1] - The raw material business continues to grow, with price increases in certain pesticide products [1] Project Updates - The Huludao base's first phase, with an annual production capacity of 15,700 tons of raw materials and 7,000 tons of intermediates, officially commenced construction in June 2023, with production expected to start in December 2025 [1] - The first phase has begun trial production as of July 2024, with all products meeting design capacity [1] - The second phase of the first phase is scheduled for equipment and electrical installation completion by June 2025 [1] Product Coverage - Upon full production, the facility will cover the entire chain of insecticides, fungicides, herbicides, and plant growth regulators [1] Capacity Expansion - Subsidiary Jiangsu Youjia is advancing a project to expand production of 3,000 tons of Pyrazole and 22,665 tons of by-products, which will further enhance the company's capacity advantages upon full production [1] Investment Rating - The company maintains a "Buy" rating [1]