Key Points - The article highlights various significant announcements from companies, including revenue growth, investment projects, and share buybacks [1][2] Company Announcements - Baili Electric's revenue from related businesses in 2024 will account for less than 1% of the company's total revenue [1] - Taihe Co., Ltd. plans to invest up to $150 million in a pesticide and functional chemicals project in Egypt [1] - Huakang Clean is expected to win a bid for the renovation of the second inpatient building at West China Hospital of Sichuan University [1] - YTO Express reported a revenue of 5.755 billion yuan from express products in April, a year-on-year increase of 16.32% [1] - Shentong Express reported a revenue of 4.118 billion yuan from express services in April, a year-on-year increase of 16.39% [1] - Kangping Technology plans to acquire 100% equity of Souluke Electronics for 198 million yuan [1] - Hexing Packaging intends to repurchase shares worth between 50 million to 100 million yuan [1] - Guangxi Media's controlling shareholder and its concerted parties plan to reduce their holdings by no more than 1% [1] - Huading Co., Ltd. plans to reduce its holdings by no more than 3% [1] - Jingu Co., Ltd. received a notification from a leading global new energy vehicle company [1] - Wanrun New Energy signed a business cooperation agreement with CATL, expecting a total supply volume of approximately 1.3231 million tons [1][2] Investment Projects - Huaheng Biological plans to invest 320 million yuan in an "AI Precision Fermentation and Protein Engineering Shared Demonstration Project" [1] Share Buybacks - Kesi Technology plans to repurchase shares worth between 30 million to 50 million yuan [1] - Zhaoxun Media intends to repurchase 1.66% to 3.33% of its shares [2]

Vitamin Sector - The vitamin sector is expected to benefit from price increases in 2024 and Q1 2025, with revenue projected to grow by 22.5% and net profit by 162.6% year-on-year in 2024 [1] - In Q1 2025, revenue and net profit are anticipated to continue their upward trend, with increases of 10.8% and 110.3% year-on-year, respectively [1] - The demand for feed-grade vitamins remains rigid, and certain concentrated supply structures are expected to support price increases for products like Vitamin E, D3, and folic acid [1] Fine Chemicals Sector - The fine chemicals sector is projected to outperform the basic chemicals sector in 2024 and Q1 2025, with a decline of only 4.2% in 2024 compared to a 5.1% drop in basic chemicals [2] - By the end of Q1 2025, the fine chemicals index is expected to rebound to 6905.55 points, reflecting an 8.5% increase year-to-date, surpassing basic chemicals by 2.4 percentage points [2] - The fine chemicals industry benefits from relatively inelastic downstream demand and high production barriers, making it more resilient during downturns and more elastic during recoveries [2] Amino Acids Sector - The amino acids sector is forecasted to see revenue growth of 8.9% and net profit growth of 55.0% in 2024, driven by recovering demand and lower raw material costs [3] - In Q1 2025, the sector is expected to continue benefiting from lower corn prices and increased export demand, with revenue and net profit projected to rise by 9.0% and 74.6% year-on-year, respectively [3] - Notably, methionine prices are anticipated to rise due to low channel inventory and market expectations, presenting potential opportunities for price increases [3] Pesticides Sector - The pesticides sector is showing signs of a cyclical rebound from 2024 to Q1 2025, despite an overall oversupply in 2024 leading to a revenue decline of 2.3% and a net profit drop of 73% [4] - In Q1 2025, certain pesticide products are expected to experience rapid price increases due to temporary supply-demand imbalances, resulting in a revenue increase of 4.5% and a net profit increase of 57.2% year-on-year [4] - Future price increases may be driven by strong demand for specific crops and supply constraints due to uncontrollable factors [4] Sweeteners Sector - The sweeteners sector is projected to show resilience in revenue with a 2.1% increase in 2024, although net profit is expected to decline by 32.5% due to price drops in core products [5] - In Q1 2025, revenue is anticipated to grow by 7.1% and net profit by 81.1%, benefiting from price increases initiated in late 2024 and ongoing demand for functional sugars [5] - The sector may see further price increases for sucralose and potential growth opportunities following the approval of natural sweetener allulose in the domestic market [5]

Summary of Key Points from the Conference Call on the Pesticide Industry Industry Overview - The conference call focused on the pesticide industry, particularly the implications of Bayer's legal issues related to glyphosate and the overall market dynamics affecting various pesticide products. Core Insights and Arguments - **Bayer's Glyphosate Lawsuit**: Bayer faces significant financial pressure from glyphosate lawsuits, potentially leading to its exit from the U.S. herbicide market. Chinese companies, as major glyphosate producers, need to monitor market changes and risks closely [1][3] - **Supply Tightness in Acetochlor**: Environmental restrictions and safety incidents have led to tight supply and significant price increases for acetochlor, benefiting major producers like Shandong Xianda and Hebei Lansheng, while smaller firms are also ramping up production to fill market gaps [1][4] - **Price Volatility in Fungicides**: The fungicide market has seen price fluctuations due to environmental shutdowns. For instance, the price of Mancozeb peaked at 38,000 yuan due to supply-demand imbalances, while other fungicides like Chlorothalonil are benefiting from global restocking demands [1][5] - **Strong Performance of Avermectin and Methomyl**: Avermectin and Methomyl have shown robust price stability, with Avermectin exceeding 510,000 yuan per ton, attributed to effective capacity utilization and production scheduling by companies [1][7] - **Bayer's Potential Bankruptcy Strategy**: Bayer may consider bankruptcy restructuring as a strategy to compel U.S. government intervention in glyphosate lawsuits. A shutdown of Bayer's glyphosate production could impact its 370,000-ton capacity and transgenic seed business [1][8] - **Market Consolidation Trends**: The domestic herbicide market is experiencing consolidation trends, with market shrinkage due to drought and reduced pest issues, prompting companies to seek development opportunities [1][35] Additional Important Insights - **Global Pesticide Demand Recovery**: The pesticide industry is witnessing a recovery in demand, driven by last year's low price levels and increased environmental regulations leading to production halts. The global pesticide destocking phase has ended, entering a restocking phase [2] - **Impact of Monsanto's Glyphosate Issues**: The glyphosate issues faced by Monsanto (now part of Bayer) have led to significant litigation costs, estimated at around $10 billion, affecting its stock and business operations. The domestic market is currently at a low price level, around 22,000 to 23,000 yuan [3] - **Acetochlor's Market Dynamics**: Acetochlor prices surged from 60,000 yuan to over 100,000 yuan due to supply disruptions caused by environmental issues and safety incidents [4] - **Fungicide Market Demand**: The demand for fungicides is expected to grow, with Brazil's procurement of Chlorothalonil increasing to 45,000 tons in 2024, reflecting a recovery from previous destocking phases [5][25] - **Pesticide Market Growth Projections**: The pesticide market is projected to see a demand increase of 10% to 20% in 2025 compared to 2024, indicating a positive growth outlook [26] This summary encapsulates the critical points discussed during the conference call, highlighting the current state and future outlook of the pesticide industry, particularly in relation to Bayer's challenges and market dynamics.

Group 1: Financial Performance - In 2024, the company achieved total revenue of 4.236 billion yuan, a year-on-year increase of 9.51% [2] - The net profit attributable to shareholders was 266 million yuan, a decrease of 23.24% year-on-year; the non-recurring net profit was 258 million yuan, down 25.22% [2] - In Q1 2025, the company reported revenue of 1.033 billion yuan, an 18.50% year-on-year growth; net profit attributable to shareholders was 78.53 million yuan, up 50.93% [2] Group 2: International Business - Over 70% of the company's products are sold internationally; in 2024, overseas revenue reached 3.252 billion yuan, a 10.41% increase, accounting for 76.78% of total revenue [2] Group 3: Core Product Performance - The pesticide segment generated 3.602 billion yuan in revenue in 2024, an 11.40% increase; fungicide revenue was 1.465 billion yuan, up 23.39%, while herbicide revenue reached 1.929 billion yuan, a 2.64% increase [3] - The production and sales volume of pesticides increased by 6.27% and 4.37% respectively, with a production-sales rate of 99.04% and capacity utilization of 94.01% [3] Group 4: Product Development and Market Strategy - The company is focusing on the development of key products such as: - **Bacillus subtilis**: Stable global demand with adjusted sales strategies [3] - **Prothioconazole**: Enhanced market presence through improved production efficiency and cost control [3] - **2,4-D**: Maintained profitability despite market price fluctuations through strategic supplier partnerships [3] - The company is also expanding its portfolio with new products like: - **Prothioconazole**: Expected significant domestic market growth in 2025 [4] - **Oxathiapiprolin**: Aiming to increase market share with improved product recognition [4] Group 5: Future Plans and Risk Management - The company has not established clear merger and acquisition plans or identified potential targets, but will consider these based on strategic development and market conditions [5] - Emphasis on green development and environmental sustainability through energy-saving measures and technological advancements [4]

拜耳是全球草甘膦龙头，若孟山都破产或致使全球草甘膦供给格局重塑 当前草甘膦全球产能约118万吨，其中海外拜耳公司产能37万吨，其余81万吨产能都集中在中国。若拜 耳草甘膦致癌诉讼和解失败导致孟山都最终破产，或导致草甘膦龙头企业产能出清，全球草甘膦供需格 局或重塑，我国草甘膦生产企业有望凭借完善的产业链和成本优势掌握主动权。同时，产能出清背景下 或带来草甘膦盈利能力回暖，相关企业有望实现盈利增长。 方正证券发布研报称，据媒体报道，拜耳正在准备一项计划，以解决其在密苏里州因Roundup除草剂引 发的一些大规模诉讼，如果努力失败，拜耳还可能寻求旗下孟山都公司破产。草甘膦行业或处于供需格 局重塑的大变局之中，我国草甘膦生产企业有望凭借完善的产业链和成本优势掌握主动权，建议关注： 兴发集团（600141）、江山股份（600389）、和邦生物（603077）、扬农化工（600486）、广信股份 （603599）等。同时，草铵膦有望受草甘膦变局影响需求端迎来快速增长，建议关注：利尔化学 （002258）等。 方正证券主要观点如下： 草甘膦是全球用量最大的除草剂 作为一种非选择性除草剂，草甘膦可以同时杀死杂草和农作物，因此 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][22]. Core Views - The agricultural chemical industry is currently at a low point, and the company's performance is under short-term pressure. However, the company is expected to gradually strengthen its advantages in the industrial chain [1][10]. - The company is focusing on continuous investment in project construction, which is anticipated to enhance its market competitiveness [14][11]. - The potential acquisition of Shandong Huimeng is expected to further expand the company's industrial chain, enhancing overall competitiveness [12][14]. Financial Summary - For 2024, the company's revenue is projected to be 73.11 billion yuan, a decrease of 6.87% year-on-year, with a net profit of 2.15 billion yuan, down 64.34% year-on-year [1][2]. - The company's revenue for 2025 is estimated to recover slightly to 74.67 billion yuan, with a net profit of 4.04 billion yuan, reflecting an 87.4% year-on-year increase [13][14]. - The company's cash flow from operating activities for 2024 is expected to be 313 million yuan, a decline of 66.70% year-on-year [4][15]. Sales and Market Performance - In 2024, the company's sales volume for agricultural raw materials is expected to be 59,300 tons, an increase of 7.72% year-on-year, while the sales volume for agricultural formulations is projected to be 70,000 tons, up 16.14% year-on-year [3][2]. - Despite the increase in sales volume, the company's revenue and profit are under pressure due to declining prices for both raw materials and formulations [3][2]. Cost and Expense Analysis - The company's selling expenses are expected to rise by 16.79% year-on-year, with a selling expense ratio of 1.88% [3]. - Management expenses are projected to decrease by 19.45% year-on-year, while financial expenses are expected to increase significantly by 105.28% [3][4]. Future Outlook - The company is expected to see revenue growth of 11.1% in 2026 and 10.4% in 2027, with net profit growth of 26.4% and 26.8% respectively [14][13]. - The report suggests that the agricultural chemical industry is likely to recover as market inventory is digested and outdated production capacity is eliminated, benefiting leading companies with abundant registration resources [10][12].

2024年营业收入和利润总额累计降幅快速收窄 2024年农药行业营收和利润总额累计降幅快速收窄，行业效益表现出筑底回升态势。5月15日，在"2024 年度农药行业销售额5亿元以上企业名单"发布会上，中国农药工业协会副会长兼秘书长李钟华给出上述 判断。 中国农药工业协会在宁夏银川召开的上述发布会上给出的统计数据显示，2024年度农药行业销售额5亿 元以上企业115家，总销售额达到2848.87亿元；10亿元以上企业81家，较上年增加8家；50亿元以上企 业13家，较上年增加1家；其中4家企业销售额超过百亿元，行业集中度持续提升。 李钟华介绍说，2024年农药行业积极应对风险挑战，坚持稳中求进、以进促稳的基调，行业效益呈现筑 底回升态势。 国家统计局数据显示，2024年农药行业规模以上企业883家，创历史新高；规模以上企业累计营业收入 较上年增长3.2%，利润总额较上年下降3.4%，行业利润率5.7%，处于历史低位。两大板块中，化学农 药制造业营业收入较上年增长3.5%，利润总额较上年下降6.9%；生物化学农药及微生物农药制造业营 业收入较上年增长0.1%，利润总额较上年增长40.6%。从全年走势看，行业效益呈现 ...

Summary of Glyphosate Industry Update Industry Overview - The glyphosate industry is currently facing significant challenges, particularly for Bayer, which is dealing with a substantial number of lawsuits related to glyphosate's carcinogenic claims. Bayer has paid over $10 billion in settlements but still has approximately 60,000 lawsuits pending, with recent single compensation amounts reaching historical highs, intensifying financial pressure [1][2][4]. Key Points Bayer's Financial Struggles - Bayer's net profit is projected to decline by 46% in 2024, with its stock price hitting the lowest point since 2004, resulting in a market capitalization loss of $24 billion [1][2]. - The company has set aside $5.9 billion for litigation-related liabilities, but recent high judgments exceed its net profit, posing a severe threat to financial stability [2]. Potential Bankruptcy of Monsanto - Bayer is considering the bankruptcy of its subsidiary Monsanto to isolate litigation liabilities, although this strategy is controversial within the U.S. legal framework and is under scrutiny from global regulatory bodies [4][6]. - The Canadian Supreme Court has approved a class action lawsuit against Monsanto for up to CAD 1.2 billion, adding to the uncertainty surrounding the company [1][4]. Market Impact - The glyphosate segment has seen a 4% decline in sales, with profit expectations adjusted down to €10 billion due to the ongoing litigation and market confidence issues [5]. - If Monsanto ceases operations, it could lead to a search for alternative products in the U.S. market, potentially driving up prices for glyphosate and its substitutes, although no fully effective and cost-competitive alternatives currently exist [3][11]. Price Dynamics and Inventory Issues - Glyphosate prices are under pressure due to multiple factors, including the global economic crisis, the COVID-19 pandemic, the Russia-Ukraine conflict, and changes in tariff policies. Current overseas inventory levels indicate that 20%-25% still need to be processed [10][11]. - The market price for glyphosate has dropped significantly, influenced by these external factors, and is currently around 20,000 RMB, down from a peak of 80,000 RMB [11][14]. Production Capacity and Regional Demand - Monsanto's current production capacity is 370,000 tons, with an actual output of approximately 280,000 tons, primarily serving the South American market, especially Brazil [8]. - In China, glyphosate production capacities vary among companies, with significant players like Xingfa Group and Jiangshan Co. having capacities of 250,000 tons and 80,000 tons, respectively [9][21]. Future Industry Outlook - The glyphosate industry is under restructuring pressure, with potential bankruptcies looming, but the exact outcomes remain uncertain. The situation is expected to evolve until at least the second half of 2027 [13]. - The public perception of glyphosate's safety is critical, as any confirmation of its carcinogenic risks could lead to widespread industry reevaluation and potential product withdrawals [7][12]. Alternative Products - Alternatives to glyphosate, such as glufosinate, are available but are generally more expensive, limiting their market penetration. The effectiveness of these alternatives varies, and the long-term use of glyphosate has led to increased weed resistance, complicating the sustainability of its use [16][20]. Conclusion - The glyphosate industry is at a critical juncture, with Bayer's financial health and Monsanto's future hanging in the balance. The ongoing litigation, market pressures, and potential shifts in consumer preferences will shape the industry's landscape in the coming years.

Investment Rating - The report indicates a positive outlook for the chemical industry, with a recommendation for a defensive investment strategy due to ongoing market uncertainties [2][25]. Core Insights - The chemical market has seen an increase due to unexpected tariff reductions, with the Shenwan Chemical Index rising by 1.82%, outperforming the CSI 300 Index by 0.7% [2][10]. - The report highlights strong performance in military and robotics sectors, as well as stocks benefiting from tariff reductions [2]. - The easing of tariffs between China and the US, with a cancellation of 91% of additional tariffs, is expected to lead to a recovery in previously depressed export chains [2][3]. - Oil prices are projected to stabilize within a range, influenced by geopolitical factors and demand dynamics [2]. - The AI sector is showing significant growth, with major companies reporting substantial contributions from AI capabilities [2]. Summary by Sections Market Review - The Brent crude oil futures average price was $65.52 per barrel, up 5.6% from the previous week, while WTI futures averaged $62.58 per barrel, an increase of 5.98% [10]. - The basic chemical sector outperformed the index, while the petrochemical sector underperformed [10]. - The top three performing sub-industries were viscose (8.72%), polyester (8.63%), and coatings (6.3%) [11]. Recent Views from the Chemical Team - The tire industry is recovering with increased operating rates and demand, while raw material prices are rising [25]. - The sweetener market, particularly sucralose, is showing signs of improvement with stable pricing and reduced supply [26]. - The dye market remains stable, with steady pricing and normal production levels [27]. - The DMC market is experiencing upward price movement due to improved downstream demand [27]. Key Industry Information - The titanium dioxide market is under pressure due to weak demand and reduced production rates [28]. - The vitamin E market is facing downward price pressure, with significant fluctuations in pricing reported [29]. - The coal chemical sector is stabilizing, with coal prices under pressure but showing signs of bottoming out [38][39].

江苏扬农化工股份有限公司 2024 年年度股东大会会议资料 江苏扬农化工股份有限公司 二〇二四年年度股东大会 会议资料 二〇二五年五月二十六日 江苏扬农化工股份有限公司 2024 年年度股东大会会议资料 二〇二四年年度股东大会议程 ●会议召开的日期、时间： 现场会议召开时间为：2025年5月26日 下午14:00 网络投票起止时间：自2025年5月26日至2025年5月26日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为股东大会召开当日的交易时间段，即9:15-9:25， 大会召开当日的9:15-15:00 ●现场会议地点：扬州市开发西路203号 扬农大厦5楼会议室 ●主持人：董事长苏赋先生 ●议程： 一、向大会报告议案 二、独立董事作《独立董事 2024 年度述职报告》 三、报告本次股东大会股东及股东代表签到情况 四、审议议案并表决 五、统计表决票 六、宣读本次股东大会决议 七、宣读法律意见书 江苏扬农化工股份有限公司 2024 年年度股东大会会议资料 目 录 江苏扬农化工股份有限公司 2024 年年度股东大会会议资料 江苏扬农化工股份有限公司 一、公司经营管理回顾 （一）2024 年 ...