国光股份总部基地一角 ◎记者 李少鹏 国光股份董事长何颉（左二）在新疆调研公司产品在棉花上的应用情况 "植物生长调节剂，又称植调剂，与大家通常所理解的农药不同，植调剂更像是作物生长的'营养 师'和'指挥官'。"近日，国光股份董事长何颉对上海证券报记者表示，这个被誉为"未来农业五大新技 术"的产品已走进现实，并广泛应用于农业种植、园林养护、园艺生产、林业植保等领域。 在今年农药制剂行业普遍低迷的大背景下，国光股份前三季度营收则同比增长6.09%，逆势突围的核心 驱动力正是何颉口中的植调剂。四十年磨一剑，深耕植调剂产业的国光股份愿望很简单，就是把这 份"增产法宝"送到更多种植者手中。 产品筑基 技术实力铸就行业地位 "拿大豆种植来说，东北冬季气温低，产量上不去，可以通过植调剂增强冬季大豆种植对抗低温的能 力。"何颉以大豆为例向记者介绍，植调剂主要用于调控植物自身的生长发育过程，如促进或抑制细胞 分裂、伸长，调节开花、结果、成熟等生理活动，从而达到提高作物产量、改善品质、增强抗逆性等目 的。 植调剂"用量低、效果显著、投入产出比高"这一优势，使得该类农药逐步成为现代农业不可或缺的生产 资料。据测算，如果实现100% ...

Revenue Structure - In 2024, the company's total revenue was 1.986 billion CNY, with pesticide revenue at 1.370 billion CNY (68.97%) and fertilizer revenue at 0.524 billion CNY (26.40%) [2] - For the first half of 2025, the company reported a revenue of 1.108 billion CNY, with pesticide revenue at 0.781 billion CNY (69.85%) and fertilizer revenue at 0.298 billion CNY (26.63%) [2] Production and Raw Material - The company has significant self-sufficiency in the production of raw materials for plant growth regulators, with a project to produce 15,000 tons of raw materials and intermediates annually [2] - In the first half of 2025, the prices of major raw materials were lower than the same period last year, positively impacting the company's performance [2] Profitability and Market Position - The company's higher gross margin in pesticides compared to peers is attributed to its focus on plant growth regulators, which are in a growth phase in China [3] - As of June 2025, there are over 500 registered companies for plant growth regulators in China, with approximately 1,900 effective products [5] - The company holds 150 registration certificates for plant growth regulators, accounting for 7.9% of the total and 20.5% of the top 35 companies [5] Future Development and Shareholder Returns - The company plans to continue focusing on the research, production, and sales of plant growth regulators and water-soluble fertilizers [5] - Since its listing, the company has maintained a cash flow with a sales collection rate above 90% and a low debt ratio, actively returning cash dividends to shareholders [5]