从业绩表现来看，农大科技经营状况并不稳定，且出现"营收下滑、净利上涨"的非常规走势。2022年至 2024年，公司营业收入分别为26.76亿元、26.37亿元和23.63亿元，呈现逐年下降趋势；净利润则分别为 1.01亿元、1.01亿元和1.45亿元，在2024年实现显著增长。2025年上半年，公司营收14.95亿元，净利润 1.26亿元。 该经营情况也引起了监管关注。在北交所的第一轮问询中，监管明确指出，报告期内公司经营利润增速 远高于收入增速，要求其结合行业景气度、细分产品市场供求变化等因素，说明利润增速显著高于收入 增速的原因及合理性。 农大科技在回复问询函中表示，报告期内，主营业务的毛利率在提升，2023年度较2022年度毛利额增加 4153.1万元，因2023年度不可抗力因素影响消除，公司商业活动大幅增加，销售费用及管理费用上升， 期间费用大幅增加3053.23万元，使得公司净利润相对平稳。2024年度较2023年度，毛利额增加4844.52 万元，但期间费用有所管控，稳中有降，使得净利润增速高于营业收入增速具有一定的合理性。 1月28日，山东农大肥业科技股份有限公司（以下简称"农大科技"）在北京证 ...

农大科技在回复问询函中表示，报告期内，主营业务的毛利率在提升，2023年度较2022年度毛利额增加 4153.1万元，因2023年度不可抗力因素影响消除，公司商业活动大幅增加，销售费用及管理费用上升， 期间费用大幅增加3053.23万元，使得公司净利润相对平稳。2024年度较2023年度，毛利额增加4844.52 万元，但期间费用有所管控，稳中有降，使得净利润增速高于营业收入增速具有一定的合理性。 存客户集中度高、行业竞争加剧等风险 1月28日，山东农大肥业科技股份有限公司（以下简称"农大科技"）在北京证券交易所挂牌上市，成为 今年山东省首家登陆A股的上市公司。该股开盘报49.9元，截至收盘报52.89元，涨幅111.56%，成交额 7.03亿元，换手率95.03%，总市值40.20亿元。 然而，亮眼的股票涨幅背后，公司近年营收持续下滑、净利润却逆势增长的反常走势曾引发监管对其业 绩合理性的质疑。同时，客户集中度高、行业竞争激烈等问题，也为这家新型肥料企业的后续发展增添 了不确定性。 营收下滑净利增长被质疑 资料显示，农大科技的主营业务为新型肥料及新型肥料中间体的研发、生产、销售和技术服务。公司主 要产品包括 ...

Investment Rating - The investment rating for the company is "Buy," indicating an expected relative increase of over 15% in the next 6-12 months compared to the relevant market index [34]. Core Insights - The company, Nongda Technology, specializes in the research, production, and sales of new fertilizers and their intermediates, leveraging proprietary technologies such as humic acid activation and controlled-release technology [7][16]. - The company has shown significant revenue growth in recent years, with projected revenues of 2.676 billion CNY in 2022, 2.637 billion CNY in 2023, and 2.363 billion CNY in 2024, reflecting a year-over-year growth of 50.56%, -1.43%, and -10.40% respectively [8][4]. - The net profit attributable to the parent company is expected to increase from 101 million CNY in 2022 to 145 million CNY in 2024, with a year-over-year growth of -20.75%, 0.06%, and 43.53% respectively [8][4]. - The company is positioned to benefit from the increasing demand for new fertilizers, which are essential for sustainable agricultural practices, as the composite fertilizer usage rate in China is only 47.81%, significantly lower than the 80% in developed agricultural countries [25][27]. Summary by Sections Basic Financial Status - The company achieved revenues of 2.676 billion CNY in 2022, 2.637 billion CNY in 2023, and 2.363 billion CNY in 2024, with corresponding year-over-year growth rates of 50.56%, -1.43%, and -10.40% [8][4]. - The net profit attributable to the parent company was 101 million CNY in 2022, remaining the same in 2023, and increasing to 145 million CNY in 2024, with year-over-year growth rates of -20.75%, 0.06%, and 43.53% [8][4]. Industry Situation - The new fertilizer industry is crucial for agricultural production, with the market size in China expected to grow from 3,072.32 billion CNY in 2023 to 3,191 billion CNY by 2025, reflecting a compound annual growth rate of 1.8% [17][19]. - The demand for new fertilizers is projected to increase due to the rising population and the need for sustainable agricultural practices, with the consumption of new fertilizers expected to grow at an annual rate of 9% over the next five years [20][24]. Company Highlights - The company has developed a strong market position in humic acid-based fertilizers and controlled-release urea, with production volumes ranking first in the industry for the years 2020-2022 [28]. - The company benefits from its strategic location in the Huanghuaihai region, which is vital for national food security and has a large user base due to its proximity to major agricultural provinces [28]. - The company plans to invest in three projects through its IPO, including a 300,000-ton intelligent high-tower compound fertilizer project, a 150,000-ton bio-fertilizer production line, and an environmental low-carbon biological research center [29][30].

Group 1: Zhenstone Co., Ltd. (振石股份) - Zhenstone Co., Ltd. is a national high-tech enterprise focused on the research, production, and sales of fiber-reinforced materials in the clean energy sector, covering industries such as wind power, photovoltaic power, new energy vehicles, and construction materials [1][5] - The company plans to raise funds for projects including a fiberglass product production base (17 billion yuan), a composite materials production base (16.48 billion yuan), and a research center (2.75 billion yuan) [4] - Zhenstone holds over 35% of the global market share for wind power fiberglass fabric in 2024, making it the leading manufacturer in this field [5] Group 2: Agricultural University Technology Co., Ltd. (农大科技) - Agricultural University Technology Co., Ltd. specializes in the research, production, and sales of new fertilizers and their intermediates, including humic acid fertilizers and controlled-release fertilizers [7][14] - The company plans to allocate funds for projects such as a 300,000-ton humic acid intelligent high-tower composite fertilizer project (2.01 billion yuan) and a 150,000-ton bio-fertilizer production line (1.10 billion yuan) [11][12] - The company has been recognized as a national "manufacturing single champion demonstration enterprise" and ranks first in the industry for the production and sales of coated urea [14]

Investment Rating - The report suggests a "Focus" on the company, indicating a positive outlook for investment opportunities in the new fertilizer sector [2][4]. Core Insights - The company is recognized as a national-level "Manufacturing Single Champion Demonstration Enterprise" in the new fertilizer industry, with plans to expand production capacity for organic fertilizers [2][14]. - The company has a strong market position, ranking second in the production and sales of humic acid compound fertilizers in China, and has achieved significant innovation with 45 invention patents and 35 utility model patents [2][14]. - The company’s revenue from new fertilizers has shown a stable trend, with a projected revenue of CNY 2.363 billion in 2024, despite a slight decline in growth rates [2][19][30]. Summary by Sections Initial Offering - The company plans to issue 16 million shares at a price of CNY 25 per share, with an expected market capitalization of CNY 760 million post-issue [5][6]. - The funds raised will be allocated to projects including a 300,000-ton annual production of humic acid intelligent high tower compound fertilizer and a 150,000-ton biological fertilizer production line [12][13]. Business Overview - The company specializes in new fertilizers, including humic acid-enhanced fertilizers, controlled-release fertilizers, and water-soluble fertilizers, with a focus on innovation and technology [14][19]. - The revenue from new fertilizers for 2022 to the first half of 2025 was CNY 1.968 billion, CNY 1.939 billion, CNY 1.924 billion, and CNY 1.248 billion, respectively, with a significant contribution to the main business revenue [19][20]. Industry Analysis - The global fertilizer market is expected to grow, with a projected demand of 224 million tons by 2029, driven by increasing agricultural needs [2][38]. - The Chinese new fertilizer market has expanded from CNY 235.2 billion in 2015 to CNY 307.2 billion in 2023, with a forecasted growth rate of approximately 9% annually over the next five years [2][50]. Financial Performance - The company’s net profit is expected to rise from CNY 128 million in 2021 to CNY 145 million in 2024, reflecting a compound annual growth rate of 4.41% [30][33]. - The projected revenue for 2025 is between CNY 2.2 billion and CNY 2.4 billion, with a potential net profit of CNY 135 million to CNY 155 million [30][31].

Group 1 - The company plans to construct a high-efficiency, automated production line for 300,000 tons of humic acid intelligent tower compound fertilizer, with a total investment of 201.26 million yuan, covering an area of 13,680 square meters. The project is expected to achieve an average annual profit of 55.08 million yuan and a net profit of 41.31 million yuan after reaching full production [1] - The company is also implementing a project for a production line of 150,000 tons of bio-fertilizer, with a total investment of 110.03 million yuan, utilizing existing production facilities and advanced equipment. This project aims to enhance the product structure and promote the rapid development of the bio-fertilizer industry in China [1][2] - The company specializes in the research, production, sales, and technical services of new fertilizers and their intermediates, leveraging proprietary technologies such as humic acid activation and controlled-release technology. It has been recognized as a leading manufacturer in the industry, ranking first in the production and sales of coated urea and second in humic acid compound fertilizers from 2020 to 2022 [2][3] Group 2 - The company is conducting an initial public offering (IPO) with 16 million shares at a price of 25 yuan per share, aiming to raise a total of 400 million yuan. The expected price-to-earnings ratio is 13.4, with a pre-issue net asset value of 9.43 yuan per share [4] - The company has shown a significant increase in revenue and net profit over the years, with a projected revenue growth rate of 60% for 2024 compared to previous years [6] - The company’s cash flow from operating activities was 128 million yuan in 2024, a decrease of 46.66% year-on-year, while the cash flow from financing activities showed an increase of 58.43 million yuan [21]

Financial Performance - The company achieved a revenue of 2025 million yuan in the first three quarters, representing a year-on-year growth of 1.10% [2] - Net profit attributable to shareholders reached 158.70 million yuan, with a year-on-year increase of 0.86% [2] - The net profit after deducting non-recurring items was 6.63 million yuan, showing a significant growth of 13.46% year-on-year [2] - Basic earnings per share stood at 0.56 yuan, reflecting a year-on-year increase of 1.82% [2] Business Challenges - The company faced short-term operational pressure due to fluctuations in raw material prices and extreme weather conditions, which delayed the demand for autumn fertilizers [2] - The sales peak for industrial-grade ammonium phosphate and water-soluble ammonium phosphate has ended, impacting short-term business activities [2] Product Development and Market Trends - The company is optimizing its product structure, focusing on high-value products such as new compound fertilizers and industrial-grade ammonium phosphate, which saw a year-on-year increase in sales [3] - The new fertilizer market is rapidly developing, driven by agricultural structure adjustments and government support, with a low current penetration rate for new fertilizers in China [3] - The market for new fertilizers is expected to expand further due to increasing demand for efficient and functional fertilizers [3] Production Capacity and Projects - The yellow phosphorus business has an annual production capacity of 60,000 tons, achieving full production and sales with improved gross margins [4] - The company is advancing its 700,000-ton ammonia synthesis project, with core equipment installation completed and ongoing construction of supporting facilities [5] - The company holds a 49% stake in Shenglong Mining, which is developing the Erba phosphate-lead-zinc mine, enhancing phosphate reserves and ensuring stable supply [6] Resource Management - The company’s Lei Bo base has a total phosphate resource of approximately 549 million tons, with ongoing projects to enhance resource utilization [7] - The integration of different phosphate mines is expected to improve the overall efficiency of phosphate resource utilization [6] Market Dynamics - The concentration in the compound fertilizer market is increasing due to upgraded market demand and optimized competition [7] - Modern agricultural development is driving demand for high-quality fertilizers, with larger farming operations preferring well-known brands [7] - Smaller companies are exiting the market due to rising production costs and stricter environmental regulations, accelerating industry consolidation [7]

Core Insights - The new fertilizer market is experiencing significant growth driven by optimized planting structures and large-scale agricultural operations, indicating a promising development outlook for the industry [1] - Traditional fertilizers are increasingly unable to meet the precise fertilization needs due to the growing planting area of economic crops, leading to a rapid penetration of high-efficiency and functional new fertilizers [1] - The government is promoting high-standard farmland construction, which raises the requirements for soil improvement and fertilizer utilization, further boosting the application of new fertilizers in major crops [1] Company Developments - The company is aligning with market trends by focusing on "high efficiency, precision, and functionality" to enhance its product competitiveness in the new compound fertilizer sector [1] - The market share of the company's new fertilizers, such as efficiency-enhancing and specialty fertilizers, has been steadily increasing during the reporting period [1] - The company is concentrating on three main areas for new product development: specialty fertilizers, efficiency-enhancing fertilizers, and crop-specific fertilizers, launching innovative products like fully water-soluble calcium-magnesium medium element fertilizer and small molecule oligopeptide fully water-soluble tower compound fertilizer [1]