证券日报网12月17日讯国光股份在12月16日回答调研者提问时表示，由于海外农药业务存在部分国家或 地区农药产品登记制度复杂且周期较长、不同国家或地区要求差异巨大、部分国家或地区存在系统性准 入壁垒或隐性壁垒等多重挑战，导致海外农药业务前期投资较大、投资周期较长、不确定性因素较多、 投资风险较高，同时上市公司资金出境还存在一定的管理风险。为降低上市公司前述风险并有效获取商 业机会，实现中长期战略发展目标，同时避免公司与关联方构成潜在同业竞争，最大限度保护公司及全 体股东特别是中小股东利益，公司与关联方颜亚奇先生签署《代为培育协议》（经公司股东大会审议通 过后生效），委托颜亚奇先生按照市场原则在亚洲、非洲、拉丁美洲等地区的海外目标市场国家或地区 为公司代为培育海外农药项目。 （文章来源：证券日报） ...

Financial Performance - In the first half of 2025, the company achieved a revenue of 1.118 billion CNY, representing a year-on-year growth of 7.33% [4] - Pesticide sales revenue was 781 million CNY, an increase of 7.81%, while fertilizer sales revenue reached 298 million CNY, growing by 6.99% [4] - The net profit attributable to shareholders was 230 million CNY, up by 6.05%, and the net profit excluding non-recurring gains and losses was 226 million CNY, reflecting a year-on-year increase of 6.15% [5] Profitability Metrics - The overall gross margin was 47.42%, which is an increase of 1.07 percentage points year-on-year [5] - In Q2 2025, the gross margin reached 48.02%, marking a year-on-year growth of 0.32 percentage points [5] Dividend Policy - The company plans to distribute a cash dividend of 4.00 CNY (including tax) for every 10 shares to all shareholders for the first half of 2025 [5] - The company is committed to actively and sustainably returning value to shareholders as per the three-year shareholder return plan (2024-2026) [5] Regulatory Impact - The "One Certificate, One Product" policy, effective from January 1, 2026, aims to standardize pesticide labeling and documentation, enhancing product quality and market fairness [5] - This policy is expected to benefit companies with high-quality registration certificates, providing them with a competitive advantage [5] Pricing Strategy - The company's pricing mechanism is stable and continuous, with adjustments based on market competition, supply-demand dynamics, and pricing objectives [6] - For products in competitive markets, prices are adjusted in response to similar products from competitors, while other products maintain relative price stability [6] International Expansion - The company signed a "Cultivation Agreement" to mitigate risks associated with overseas pesticide registration complexities and market entry barriers [7] - This agreement allows a designated individual to develop overseas pesticide projects in targeted markets, aiming to achieve long-term strategic goals while protecting shareholder interests [7]