行 业 及 产 业 基础化工 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 任杰 A0230522070003 renjie@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 周超 A0230525090001 zhouchao@swsresearch.com 李绍程 A0230525070002 lisc@swsresearch.com 赵文琪 A0230523060003 zhaowq@swsresearch.com 联系人 马昕晔 (8621)23297818× maxy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 10 月 12 日 钛白粉近期二次提价，四季度制冷 剂长协价大幅上涨 看好 ——《化工周报 25/10/09-25/10/10》 本期投资提示： ⚫ 投资分析意见： 请务 ...

钢铁股广东明珠以最高10.71倍的业绩增速紧随其后，公司预计2025年前三季度归属于母公司所有者的 净利润为2.15亿元-2.63亿元，同比增长858.45%到1071.44%。扣非净利润为2.15亿元-2.63亿元，同比增 长428.49%至545.93%。业绩大幅增长主要因全资子公司明珠矿业扩帮工程新增矿石产出，技术改造提 升铁精粉产量和块矿销售，产销量同比显著增加。据计算，Q3净利预计环比增长62%-123%。 国内杀菌剂龙头企业利民股份预计2025年前三季度归属于上市公司股东的净利润为3.84亿元-3.94亿元， 比上年同期增长649.71%-669.25%。预计第三季度归属于上市公司股东的净利润为1.15亿元-1.25亿元， 同比增长490.85%-542.23%。报告期内，公司主要产品销量和价格同比上涨，毛利率提升，同时参股公 司业绩增长带动投资收益增加，推动盈利大幅上升。 轻稀土龙头北方稀土预计归母净利润为15.1亿元-15.7亿元，同比增加272.54%-287.34%。报告期内，公 司紧抓市场变化，强化预算管理与降本增效，科学组织生产，加强市场研判和营销运作，推进重点项目 建设和科研创新，主 ...

天眼查App显示，近日，五常市春运种子有限公司成立，法定代表人为蒋林瀚，注册资本200万人民 币，经营范围为许可项目：农作物种子经营；农药生产；农药批发；农药零售；肥料生产。（依法须经 批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为 准）一般项目：农作物种子经营（仅限不再分装的包装种子）；化肥销售；肥料销售；饲料原料销售； 互联网销售（除销售需要许可的商品）。（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动）。 ...

Group 1 - The core point of the article is that Zhongnong United (SZ 003042) held its 15th meeting of the fourth board of directors on October 10, 2025, to review the proposal for revising the "Audit Committee Work Rules" [1] - For the first half of 2025, Zhongnong United's revenue composition was 97.8% from the pesticide industry, 2.13% from the chemical industry, and 0.07% from other sources [1] - As of the time of reporting, Zhongnong United's market capitalization was 2.3 billion yuan [1]

Group 1 - The glyphosate concept sector rose by 1.92%, ranking fifth among concept sectors, with 15 stocks increasing in value, led by Jiangshan Co., AnDowMai A, and Hongtaiyang, which rose by 6.34%, 3.97%, and 3.92% respectively [1] - The main funds in the glyphosate concept sector experienced a net outflow of 185 million yuan, with nine stocks seeing net inflows, the highest being Xin'an Co. with a net inflow of 28.9 million yuan [2] - The net inflow ratios for leading stocks in the glyphosate concept included Xin'an Co. at 11.20%, Guoguang Co. at 10.47%, and Jiangtian Chemical at 3.97% [3] Group 2 - The top gainers in the glyphosate concept included Xin'an Co. with a 1.21% increase, Xingfa Group with a 2.18% increase, and Jiangtian Chemical with a 3.37% increase [3] - Stocks with significant net outflows included Hebang Bio, which fell by 1.75% with a net outflow of 24.54 million yuan, and Jiangshan Co., which rose by 6.34% but had a negative net flow of 145.26 million yuan [4]

Core Viewpoint - Limin Holdings Group Co., Ltd. (Limin Co., 002734) is expected to achieve significant profit growth in the first three quarters of 2025, with net profit projected between 384 million to 394 million yuan, representing a year-on-year increase of 649.71% to 669.25% [1] Company Performance - The company anticipates a net profit of 115 million to 125 million yuan for the third quarter of 2025, reflecting a year-on-year growth of 490.85% to 542.23% [1] - The stock price of Limin Co. rose by 5.77% to 19.07 yuan per share, with a total market capitalization of 8.469 billion yuan as of October 10 [1] - The increase in profit is attributed to higher sales and prices of main products, improved gross margins, and increased investment income from affiliated companies [1] Industry Outlook - The global pesticide market is projected to grow steadily, surpassing 80 billion USD by 2025, providing ample development space for industry players [2] - New regulations are promoting the pesticide industry towards standardization and greening, with safety standards raising entry barriers and encouraging companies to enhance production management [2] - The dual characteristics of "rigid constraints + positive incentives" in the policy environment are expected to accelerate the exit of small capacities and increase industry concentration [2] Strategic Initiatives - Limin Co. is focusing on technological innovation and global market expansion to capture more benefits from industry growth [3] - The company has invested 87 million yuan in R&D in the first half of 2025, a year-on-year increase of 33.41%, and has established a multi-level R&D platform [3] - Limin Co. is advancing the development of green pesticide products, including RNAi biopesticides and small peptide biopesticides, aligning with industry trends [3] Market Expansion - The company has established a mature market channel in Tanzania and successfully expanded into Kenya, while also preparing to set up subsidiaries in Southeast Asia [4] - Limin Co. is steadily advancing its operations in Brazil and Mexico in the Latin American market [4] - The company plans to focus on "biopesticide R&D, AI technology empowerment, intelligent production, and global layout" as its four core strategies for high-quality development [4]

齐鲁晚报·齐鲁壹点记者于山东省应急厅官网行政处罚公示栏了解到，近日，山东大成生物化工有限公司（下称"山东大成生物"）收到罚单，处罚机关为淄 博市张店区应急管理局。 据山东大成生物官网介绍，公司是一家集研发、生产、销售为一体的国家农药定点生产企业，公司的前身是世界500强企业——中国中化旗下的全资子公司 山东大成农药股份有限公司。大成生物依托新民基集团及中国中化强大的综合农业布局和资源优势，在化学农药、生物农药、功能性肥料、农业服务、农产 品深加工等多项业务领域，共同挖掘项目、共享客户资源。 国家企业信用信息公示系统显示，山东大成生物化工有限公司成立于2015年，注册资本13696.5002万元人民币，法定代表人为张海朋。 处罚决定书内容显示，山东大成生物的违法事实为：生产经营单位未对安全设备进行经常性维护、保养和定期检测或者检查的。对此，淄博市张店区应急管 理局依据《中华人民共和国安全生产法》相关规定，结合《山东省应急管理行政处罚自由裁量基准》（裁量细则）第19号第B档，对其罚款贰万元 （￥20000）整。行政处罚决定书文号为（鲁淄张）应急罚﹝2025﹞45号。 | 快乐工作 共同大成 | | 网站首页 | ...

10月9日，润丰股份跌0.16%，成交额1.70亿元。两融数据显示，当日润丰股份获融资买入额1052.12万 元，融资偿还944.60万元，融资净买入107.52万元。截至10月9日，润丰股份融资融券余额合计2.05亿 元。 融资方面，润丰股份当日融资买入1052.12万元。当前融资余额2.04亿元，占流通市值的0.91%，融资余 额超过近一年80%分位水平，处于高位。 融券方面，润丰股份10月9日融券偿还0.00股，融券卖出4600.00股，按当日收盘价计算，卖出金额36.68 万元；融券余量1.62万股，融券余额129.16万元，超过近一年60%分位水平，处于较高位。 资料显示，山东潍坊润丰化工股份有限公司位于山东省济南市高新区汉峪金融商务中心五区5号楼 3001，成立日期2005年6月23日，上市日期2021年7月28日，公司主营业务涉及农药原药及制剂的研发、 生产和销售。主营业务收入构成为：除草剂72.04%，杀虫剂16.26%，杀菌剂10.33%，其他1.14%，其他 (补充)0.22%。 截至6月30日，润丰股份股东户数6828.00，较上期增加22.12%；人均流通股41058股，较上期减少 1 ...

2024年以来草甘膦价格始终维持低位，于2025年3月触及2.31万元(吨价，下同)的阶段性低点，随后开启 修复行情。截至9月21日，95%含量草甘膦报价已回升至2.75万元左右，97%含量草甘膦报价达到2.8万 元。首创证券分析师翟绪丽预计，草甘膦市场的景气度正逐渐回暖。 产能增量有限推涨价格 从国内市场结构来看，目前国内草甘膦市场70%～80%消费依赖出口。2024年，我国其他非卤化有机磷 衍生物，主要是草甘膦出口数量为60.2万吨，同比增长30.6%；2025年1至5月，我国其他非卤化有机磷 衍生物出口数量为27.2万吨，同比增长13.3%。 据观研天下发布的《中国草甘膦行业发展趋势研究与投资前景分析报告(2025—2032年)》，目前全球草 甘膦总产能为118万吨/年，其中拜耳以37万吨/年的产能居第一，剩余81万吨/年产能全部集中在中国， 主要分布于兴发集团、福华化学、新安股份、江山股份等企业。 长城证券分析师肖亚平认为，拜耳的草甘膦产能存在不确定性，且海外草甘膦产能同样呈现"只减不 增"的态势。 在中农纵横研究员吴江看来，草甘膦价格变动周期的驱动因素虽不尽相同，但总体而言，供给侧对价格 的影响权重 ...

Core Insights - Limin Co., Ltd. expects a significant increase in net profit for the first three quarters of 2025, projecting between 384 million to 394 million yuan, representing a year-on-year growth of 649.71% to 669.25% [1] - The company attributes this growth to increased sales and prices of its main products, improved gross margins, and higher investment income from its equity investments [1] Company Performance - In Q3 2025, Limin Co., Ltd. anticipates a net profit of 115 million to 125 million yuan, reflecting a year-on-year increase of 490.85% to 542.23% [1] - The company's non-recurring net profit for the same period is expected to be between 113 million to 124 million yuan, with a staggering growth of 1993.39% to 2192.79% [1] - For the first half of the year, Limin Co., Ltd. reported revenue of 2.452 billion yuan, a year-on-year increase of 6.69%, and a net profit of 269 million yuan, up 747.13% [2] Industry Overview - The global pesticide market is projected to exceed 80 billion USD by 2025, driven by stable demand and supportive policies [2] - The pesticide industry is experiencing a trend towards stricter regulations and a green orientation, promoting technological innovation to ensure food security and high-quality development [2][3] - The industry concentration is increasing, with more companies achieving significant sales milestones, indicating a robust growth trajectory [3]