Group 1 - The company held its 2024 annual performance briefing on May 16, 2025, via an online interactive format [1] - Key executives, including the board secretary and CFO, participated in the briefing and addressed investor inquiries [1] - The company emphasized the significant potential of its innovative herbicides in overseas markets, particularly in rice cultivation areas in Latin America and Southeast Asia, where efficacy assessments have been completed [1][2] Group 2 - The company has two innovative herbicides already on the market, with another undergoing registration review, indicating a strong growth trajectory for innovative herbicide revenue in the coming years [1][2] - The company highlighted the broad application potential of its herbicide, Pyrazosulfuron, in rice fields, which are critical for weed management [1] - The company acknowledged the challenges of industry homogenization and stressed the importance of technological innovation and strategic positioning for future growth [1]

Core Viewpoint - Yabao Chemical (雅本化学) is navigating through a challenging industry cycle but shows signs of recovery with significant revenue growth in Q1 2025 and a substantial reduction in losses, driven by technological innovation and capacity optimization [1][4]. Group 1: Company Performance - In 2024, Yabao Chemical's performance was negatively impacted by industry downturns, market competition, and asset impairment, leading to an overall poor performance [1]. - The company reported a 43.52% year-on-year increase in revenue for Q1 2025, with losses narrowing by over 70%, indicating a recovery signal [1]. - The company’s R&D investment reached 123 million yuan in 2024, accounting for approximately 10% of total revenue [2]. Group 2: Technological Innovation - Yabao Chemical emphasizes the importance of technological innovation as a driving force for the CDMO industry, particularly in areas like continuous manufacturing and biocatalysis [2]. - The company has a total of 237 patents, including 122 invention patents, with a focus on biocatalysis and continuous flow tubular reactions [2]. - The company has successfully published articles in renowned journals, showcasing its research and development capabilities [3]. Group 3: Strategic Focus - The company is committed to a dual development strategy in innovative pesticides and pharmaceuticals, enhancing its integration into global supply chains [3]. - Future plans include optimizing core business areas, accelerating capacity transformation at various bases, and deepening collaborations with major clients [4]. - Yabao Chemical aims to strengthen cost control and supply chain resilience while enhancing sustainable development through ESG initiatives [4].

Core Viewpoint - The company is focusing on the development of new drugs and enhancing its product commercialization process to improve profitability and return value to investors [1][4][5] Group 1: Product Development and Market Strategy - The company is actively developing new drugs, including the integration of seed and pesticide solutions, with ongoing research and development efforts [2][4] - The new product, Pyrazol Quinclorac, is currently in the market promotion phase, indicating a strategic push for new product launches [4][5] - The company has completed the domestic market layout for its new products and is entering a phase of increasing sales volume [5][6] Group 2: Production Capacity and Sales - The monthly production capacity for Acetochlor is approximately 1,000 tons, and the company is currently operating at full capacity due to high demand [3][5] - The company is not planning to expand the production capacity for Acetochlor, focusing instead on new drug development [2][4] - The company anticipates significant profit growth in 2025 due to rising prices of Acetochlor and strong market demand [4][5] Group 3: Market Demand and Pricing - The global demand for Acetochlor is estimated at around 35,000 tons, with expectations for varying growth rates annually [3][4] - The company is experiencing a tight supply situation for Acetochlor, particularly during peak sales seasons [4][5] - The pricing of products is influenced by supply and demand dynamics, with recent price increases expected to enhance profitability [5][6]

Group 1: Financial Performance and Projections - The company experienced a slight decline in revenue in Q1, attributed to delayed purchases and shipments, with expectations for growth in the upcoming half-year report [3][7] - The projected profit growth for 2025 is expected to exceed revenue growth due to strategic planning [7] - The total dividend payout for 2024 is expected to maintain a ratio of over 30% relative to net profit, despite lower overall profits [5] Group 2: Production Capacity and Investment - The company’s original drug production capacity is not meeting expectations primarily due to market changes rather than funding issues [1][2] - The production line for the herbicide Sulfentrazone has been launched, with updates available through company announcements [2] - The company plans to enhance its production capacity in the future, with a focus on strategic investments [9] Group 3: Market Strategy and Management - The company is shifting its management approach from strategic control to operational control for better oversight of global subsidiaries [5][6] - The company aims to improve its gross profit margins by increasing the proportion of higher-margin products and expanding into more profitable markets [9] - The company is committed to maintaining a diverse product portfolio to facilitate one-stop procurement for customers [8] Group 4: Investor Relations and Communication - The company conducts quarterly earnings calls and engages in various investor activities to enhance communication with stakeholders [8] - The company encourages feedback from investors regarding its investor relations activities and is open to suggestions for improvement [8] - The company has launched a WeChat public account to provide timely and accurate information to investors [9]

Group 1: Investment Projects and Financial Impact - The company has several fundraising projects expected to positively impact profits, with projects like the Pyrethroid raw material project and others already reaching production capacity [1] - The two-chlorinated pentachloromethyl pyridine project is completed and expected to start trial production in 2025, contributing to operational performance [1] Group 2: Product Lines and Sales Performance - The company does not produce Acetamiprid-related products but has sales of Cypermethrin-related formulations, with an estimated sales revenue of approximately 11.76 million yuan for 2024 [1] Group 3: Industry Trends and Strategic Positioning - The agricultural pesticide industry is experiencing increased concentration, with top companies accelerating consolidation; the company aims to balance vertical extension and horizontal expansion through resource allocation and potential acquisitions [2] - The company plans to enhance its core business through mergers and acquisitions to expand market share and strengthen competitiveness [2] Group 4: Environmental Responsibility and Sustainability - The company has reported a 2.1% year-on-year reduction in carbon emissions per unit of output, which is below the industry average; it is committed to improving green production capabilities in line with carbon neutrality goals [2] - The company emphasizes sustainable development and environmental protection, integrating energy-saving and emission-reduction initiatives across various operational stages [2]

Core Viewpoint - The recent approval of the new herbicide Temper™ More by Adama Agricultural Solutions in the United States represents a significant advancement in managing herbicide-resistant weeds, providing farmers with an effective tool to combat persistent weed resistance [1][3]. Group 1: Product Features - Temper™ More utilizes Adama's proprietary Sesgama® formulation technology, enhancing the stability and ease of application of the active ingredients, isoxaflutole and glyphosate [4]. - The product combines two active ingredients with different modes of action, offering a broad spectrum of efficacy against glyphosate-resistant weeds, including pigweed, morning glory, and waterhemp [3][4]. - The dual-action mechanism of Temper™ More allows for prolonged effectiveness, optimizing weed management and reducing the frequency of applications, which can save farmers time and money [3][4]. Group 2: Market Impact - The introduction of Temper™ More addresses the growing challenge of herbicide resistance faced by farmers across the U.S., where traditional glyphosate applications are becoming less effective [2][3]. - The product's flexibility in application timing provides farmers with greater freedom in managing their crop protection strategies, alleviating mid-season application pressures [3][4]. - Adama has conducted extensive trials in key regions, demonstrating that Temper™ More consistently outperforms glyphosate and other single-agent herbicides, particularly against the most widespread and difficult-to-control resistant waterhemp [4].

Summary of the Agricultural Chemical Industry Conference Call Industry Overview - The agricultural chemical industry is expected to experience a weak recovery in demand in 2025 after a downturn in 2023-2024, but oversupply in certain products will continue to face capacity reduction pressures, while some non-oversupplied products may see price increases. Currently, most product prices are at the bottom range, requiring catalytic factors for upward movement [1][6] - The export share of the agricultural chemical industry is approximately 60% to 80%, primarily targeting multinational companies and traders. During the pandemic, high safety stock levels led to increased domestic raw material orders, boosting demand and prices. However, since early 2023, prices have begun to decline as inventory levels decreased and new capacities came online [2] Market Dynamics - Attendance at the agricultural chemical exhibition dropped to a low point in 2024, reflecting market expectations of low pesticide prices. However, attendance rebounded in March 2025, indicating increased market interest and potential for product reversals, although the overall outlook remains one of weak recovery [3][5] - Key products such as Bacillus thuringiensis, Abamectin, and Methomyl have seen price increases due to demand from South American soybean rust and supply tightness from leading companies. Companies like Limin Co. have reported significant performance benefits from these price increases [1][4] Price Trends and Influencing Factors - Abamectin prices have risen approximately 30% from the bottom, with an expected further increase of 30%. Methomyl is experiencing similar trends, driven by increased demand for Chlorantraniliprole and reduced intermediate supply, with future price increases anticipated due to capacity constraints [10] - Limin Co. reported a first-quarter performance of approximately 110 million yuan, with expectations of reaching 800 million yuan in the future due to price increases in key products [11] Company Performance Highlights - Lier Chemical's first-quarter growth was primarily driven by the production of Pyraflufen-ethyl and Chlorantraniliprole, despite overall profitability challenges in the industry [4][15] - Yangnong Chemical's first-quarter performance was strong, with significant contributions from the Huludao project, projecting a net profit of 1.5 billion yuan for the year [16] - Xinda Co. is focusing on innovative drugs, with products like Sunflower Ketone contributing to revenue growth, and further potential from upcoming product registrations [13] Future Outlook - The overall judgment for the agricultural chemical industry is a weak recovery trend, with certain products expected to reverse. The market is closely monitoring price movements and potential catalysts for growth [5][6] - Companies such as Yangnong Chemical, Lier Chemical, and Guangxin Co. are expected to see performance improvements, with a focus on innovation and strategic collaborations [12][17] Additional Insights - The agricultural chemical industry is characterized by a competitive landscape with potential for further price increases in products like Abamectin and Methomyl due to supply constraints and rising demand [10][18] - The innovative drug sector within the agricultural chemical industry is gaining traction, with companies like Yangnong Chemical and Xinda Co. making significant advancements [8][12]

Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Views - The agricultural pesticide market is experiencing a downturn, leading to significant pressure on the company's performance [5] - Despite a 10.52% increase in sales volume for pesticide and intermediate products in 2024, the decline in prices has resulted in a revenue drop of 17.17% for pesticides and 25.35% for intermediates [5] - The company has a comprehensive production system for pesticides, with a focus on self-research and technological upgrades to enhance efficiency and expand its product range [7][9] Summary by Sections Market Performance - The company reported a total revenue of 4.643 billion yuan in 2024, a year-on-year decrease of 20.88%, and a net profit of 779 million yuan, down 45.88% [4] Financial Metrics - The company's operating cash flow net amount was 535 million yuan in 2024, a decrease of 26.92% year-on-year [6] - The forecasted net profits for 2025, 2026, and 2027 are 817 million yuan, 1.003 billion yuan, and 1.128 billion yuan respectively, with corresponding PE ratios of 12.2, 9.9, and 8.8 [10][12] Industry Analysis - The global pesticide market has been affected by supply-demand imbalances and price fluctuations since the second half of 2022, impacting the company's performance [5] - The average price of the company's pesticide raw materials fell by 33.78% to 25,800 yuan per ton, while intermediate products dropped by 34.75% to 2,219 yuan per ton [5] Strategic Initiatives - The company aims to leverage its unique resources in phosgene production to enhance its product offerings and market competitiveness [9] - Plans include expanding into new materials and pharmaceuticals, as well as seeking strategic partnerships with international pesticide companies to increase market presence [9]

证券代码：605033 证券简称：美邦股份 公告编号：2025-027 陕西美邦药业集团股份有限公司 关于参加"2025年陕西辖区上市公司投资者集体接待日 暨2024年度业绩说明会"的公告 会议召开时间：2025 年 5 月 20 日 15:00-17:00 三、参加人员 董事长 张少武先生，独立董事 王楠先生，财务负责人 何梅喜女士，董事 会秘书 赵爱香女士（如遇特殊情况，参会人员可能进行调整）。 四、投资者参加方式 投资者可于 2025 年 5 月 20 日 15:00-17:00 登录"全景路演"（https://rs.p5w.net）， 在线参与本次业绩说明会。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 陕西美邦药业集团股份有限公司（以下简称"公司"）将参加陕西上市公司 协会联合深圳市全景网络有限公司举办的"2025 年陕西辖区上市公司投资者集 体接待日暨 2024 年度业绩说明会"活动，与投资者进行沟通和交流，广泛听取 投资者的意见和建议，欢迎广大投资者积极参与。 二、说明会召开的时间、地点和方 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Views - The agricultural pesticide market is experiencing a downturn, leading to significant pressure on the company's performance [5] - Despite a 10.52% increase in sales volume for pesticide and intermediate products in 2024, the decline in prices has resulted in a revenue drop of 17.17% for pesticides and 25.35% for intermediates [5] - The company is focusing on self-innovation and technological upgrades to enhance its competitive edge and expand its product offerings [7][9] Summary by Sections Market Performance - The company reported a total revenue of 4.643 billion yuan in 2024, a year-on-year decrease of 20.88%, and a net profit of 779 million yuan, down 45.88% [4] Financial Metrics - The company's operating cash flow net amount was 535 million yuan in 2024, a decrease of 26.92% year-on-year [6] - The forecasted net profits for 2025, 2026, and 2027 are 817 million yuan, 1.003 billion yuan, and 1.128 billion yuan respectively, with corresponding PE ratios of 12.2, 9.9, and 8.8 [10][12] Industry Analysis - The global pesticide market is facing challenges due to supply-demand imbalances and price fluctuations, which have adversely affected the company's performance [5] - The average price of the company's pesticide raw materials has decreased by 33.78% to 25,800 yuan per ton, while the average price of intermediates has dropped by 34.75% to 2,219 yuan per ton [5] Strategic Initiatives - The company aims to leverage its extensive chlorine gas resources to enhance its product range and improve the value-added aspects of its pesticide products [9] - Plans include expanding into new materials and pharmaceuticals, as well as seeking strategic partnerships with international pesticide companies to increase market presence [9]