中农立华生物科技股份有限公司2025 年半年度报告 公司代码：603970 公司简称：中农立华 中农立华生物科技股份有限公司 中农立华生物科技股份有限公司2025 年半年度报告 中农立华生物科技股份有限公司2025 年半年度报告 中农立华生物科技股份有限公司2025 年半年度报告 中农立华生物科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人苏毅、主管会计工作负责人李灿美及会计机构负责人（会计主管人员）李灿美 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告涉及的未来计划、发展战略等前瞻性陈述不代表公司盈利预测，不构成公司对投资者 的实质承诺，敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程 ...

Group 1 - The core viewpoint is that Meibang Co., Ltd. (605033) experienced extreme volatility with a rapid rise and fall in stock price, highlighting the speculative nature of the market [1][3] - The stock surged 48% over five consecutive trading days, driven by speculative trading tactics, including creating hype around policy themes like "Western Development + Green Pesticides," despite the company's biological pesticide revenue being less than 10% [3][4] - The trading volume reached 63 million, with a significant fluctuation of 20% in a short period, indicating high volatility and speculative trading behavior [1][3] Group 2 - The stock's opening surge was followed by a sharp decline, with a peak trading volume of 6.74 billion, suggesting that the initial enthusiasm was not backed by solid fundamentals [3][4] - The company's fundamentals are weak, with a price-to-earnings ratio of 159, significantly higher than the industry average of 30, and a 32.6% decline in net profit in the first quarter [3][4] - The agricultural pesticide industry is facing overcapacity, and Meibang's market share is below 1%, with a growth rate of only 5%, raising concerns about its ability to sustain high valuations [4]

Core Viewpoint - The research conducted by scientists at the Tobacco Research Institute of the Chinese Academy of Agricultural Sciences has successfully transformed waste fruits into a natural biopesticide, Ikuamycins, through fermentation, addressing both fruit waste and the need for green pesticide production [2][4]. Group 1: Research and Development - The discovery of Ikuamycins' significant inhibitory effect on various plant pathogenic fungi was made during research on the fungus D39, indicating its potential for industrialization [3]. - The research team shifted from solid fermentation to liquid fermentation to enhance production efficiency, utilizing waste fruits as a cost-effective carbon source for fermentation [4][6]. - The use of waste apple extract as a fermentation medium resulted in an Ikuamycins yield of 20.8 mg/L, achieving a 60% reduction in raw material costs compared to traditional methods [4]. Group 2: Environmental and Economic Impact - Ikuamycins is expected to provide both environmental and economic benefits, as it is produced through microbial fermentation without complex chemical synthesis, thus reducing costs and environmental impact [7]. - The biopesticide has shown effectiveness in controlling diseases in crops such as grapes, tobacco, and wheat, with field trials indicating a disease control efficacy of over 70%, comparable to chemical pesticides [7][8]. - The research promotes the recycling of food processing waste, significantly lowering production costs while enhancing resource utilization [7]. Group 3: Future Prospects - The potential for Ikuamycins to become a new target natural product pesticide is highlighted, as it offers a unique structure not found in current chemical pesticides, which may help reduce environmental pollution and pesticide residues [8]. - The research team is collaborating with pesticide companies to develop formulations of Ikuamycins, aiming to create a closed-loop industry chain that utilizes waste fruits for biopesticide production, potentially processing millions of tons of waste annually [9].