Group 1: Export Performance - The total export quantity under HS code 3808 increased by 17.07% year-on-year in the first half of 2025, with a significant increase of 22.67% in the second quarter [4] - The total export value under HS code 3808 increased by 13.72% year-on-year in the first half of 2025, with a 20.69% increase in the second quarter [4] - The average export price (USD/Kg) remained stable, with a slight decrease from USD 2.87/Kg in January to USD 2.85/Kg in April 2025 [4] Group 2: Financial Performance - The company's revenue in the first half of 2025 grew by 14.94% year-on-year, while net profit attributable to shareholders increased by 205.62% [4] - In the second quarter, revenue grew by 28.64% year-on-year, and net profit increased by 932.30% [4] - Cash flow from operating activities increased by 743.73% in the first half of 2025 [4] Group 3: Strategic Focus - The company aims to increase the proportion of TO C business, which rose from 37.52% in the first half of 2024 to 40.14% in the reporting period [5] - The revenue share from the EU and North America increased from 11.42% in the first half of 2024 to 14.08% [5] - The revenue share from insecticides and fungicides increased from 24.15% in the first half of 2024 to 26.59% [5] Group 4: Operational Quality - The company has adjusted performance targets to focus on quality improvement, increasing the weight of operational quality indicators such as gross margin and overdue accounts [8] - The company has established a global operational management system (GMS) to enhance operational capabilities [7] - The company aims to improve operational quality while maintaining stable revenue growth [8] Group 5: Market Trends - The agricultural chemical industry has shown resilience, with exports from China and India continuing to grow despite market challenges [24] - The preference for cost-effective non-patented products has increased, leading to a shift in purchasing habits towards reduced inventory and fragmented procurement [23] - The company anticipates cautious optimism for overall performance in 2025, with expected increases in revenue, gross margin, and net profit [14] Group 6: Global Expansion - The company has plans for deeper market penetration in India, with ongoing registration of active ingredients and formulations [29] - The focus on building a global operational management system is seen as crucial for sustainable growth [21] - The company recognizes the need for effective management and integration of overseas operations to mitigate risks [30]

Group 1 - The company's overall gross margin reached 47% in the first half of 2025, with the core pesticide business gross margin at 51%, the highest level in five years, driven by the rapid sales growth of high-margin products like plant growth regulators [1] - The continuous growth in sales of plant growth regulators is attributed to the company's competitive advantages, being the largest company in terms of registered varieties and revenue in the domestic market, along with rich application experience [1] - The company achieved a net profit attributable to shareholders of 231 million yuan in the first half of 2025, representing a year-on-year growth of 6.05% [1] Group 2 - The company obtained 9 pesticide registration certificates and 11 fertilizer registration certificates in the first half of 2025, further enriching its product line [2] - R&D expenses increased by over 40% year-on-year, indicating a commitment to long-term competitiveness despite a slight slowdown in profit growth compared to revenue growth in the short term [2] - The plant growth regulator market is characterized by low usage but specific application methods, requiring a combination of different functional components, which complicates the development of single product logic [2] Group 3 - The implementation of the "one certificate, one product" policy is expected to benefit leading formulation companies by regulating the market and promoting the exit of non-compliant enterprises [3] - The company is expected to see an increase in competitive advantages due to its rich reserve of registration certificates and independent channel capabilities [3] - The profit forecasts for 2025-2027 have been adjusted to 430 million, 526 million, and 647 million yuan respectively, with a target price of 22.08 yuan based on a 24 times price-to-earnings ratio for comparable companies [3]

2025 年 8 月 23 日 公司研究 事件：公司发布 2025 年半年度报告。2025 年上半年，公司实现营收 62.34 亿 元，同比增长 9.38%；实现归母净利润 8.06 亿元，同比增长 5.60%；实现扣非 后归母净利润 7.96 亿元，同比增长 7.86%。2025Q2，公司单季度实现营收 29.93 亿元，同比增长 18.63%，环比减少 7.64%；实现归母净利润 3.71 亿元，同比 增长 11.06%，环比减少 14.72%。 点评： 原药产销量稳步提升，提质增效期间费用率降低。2025H1，公司原药业务实现 营收 36.55 亿元，同比增长 10.0%；实现产量 5.78 万吨，同比增长 17.1%；实 现销量 5.67 万吨，同比增长 13.4%。制剂业务实现营收 11.7 亿元，同比减少 2.8%；实现产量 2.55 万吨，同比增长 6.0%；实现销量 2.81 万吨，同比增长 0.1%。 2025H1，公司原药业务销量及销售额实现逆势增长，一方面得益于公司采用灵 活策略大力拓展区域市场以抵消关税问题对美业务的影响，另一方面则得益于辽 宁优创产能的逐步释放。费用端，公司持续开展提 ...

Core Viewpoint - The company reported a revenue of 6.23 billion yuan for the first half of 2025, with a year-on-year growth of 9.4%, and a net profit attributable to shareholders of 810 million yuan, reflecting a year-on-year increase of 5.6% [1] Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 2.99 billion yuan, representing a year-on-year increase of 18.6%, and a net profit of 370 million yuan, up 11.1% year-on-year [1] - For H1 2025, the company's raw materials and formulations revenue were 3.66 billion yuan and 1.17 billion yuan, showing a year-on-year increase of 10.0% and a decrease of 2.8% respectively [2] - The gross margin for H1 2025 was 23.6%, down 0.6 percentage points year-on-year, while the net margin was 12.9%, down 0.5 percentage points year-on-year [2] Group 2: Market Conditions - The agricultural chemical industry is expected to recover as global pesticide distribution channel inventories have been reduced to reasonable levels, following previous price declines due to new capacity and inventory destocking by major players [3] - As of August 15, 2025, the price indices for herbicides and insecticides have shown increases of 0.33% and 2.81% year-on-year, respectively, indicating a stabilization and potential recovery in prices [3] Group 3: Growth Prospects - The company is progressing steadily with its ongoing projects, including the Liaoning Youchuang Phase I project, which has achieved a revenue of 550 million yuan in H1 2025 [4] - The company anticipates continued performance improvement as new products from ongoing projects are gradually released into the market, alongside the recovery of the agricultural chemical industry [4] Group 4: Profit Forecast and Valuation - The company forecasts net profits attributable to shareholders for 2025-2027 to be 1.41 billion, 1.72 billion, and 2.02 billion yuan, with year-on-year growth rates of 17.04%, 22.17%, and 17.26% respectively [5] - The current price-to-earnings ratios are projected to be 20.1, 16.5, and 14.1 times for the respective years, indicating a favorable valuation as production projects come online and product prices stabilize [5]

据证券之星公开数据整理，近期扬农化工（600486）发布2025年中报。截至本报告期末，公司营业总收 入62.34亿元，同比上升9.38%，归母净利润8.06亿元，同比上升5.6%。按单季度数据看，第二季度营业 总收入29.93亿元，同比上升18.63%，第二季度归母净利润3.71亿元，同比上升11.06%。本报告期扬农 化工公司应收账款体量较大，当期应收账款占最新年报归母净利润比达259.82%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率23.64%，同比减2.45%，净利率12.93%，同比减 3.47%，销售费用、管理费用、财务费用总计2.84亿元，三费占营收比4.55%，同比减18.35%，每股净资 产27.43元，同比增10.31%，每股经营性现金流4.26元，同比减34.18%，每股收益2.0元，同比增6.28% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 56.99 Z | 62.34亿 | 9.38% | | 归母净利润(元) | 7.63亿 | 8.06亿 | 5.60% | | 扣 ...

Core Viewpoint - The stock price of Beishimei is reported at 11.50 yuan as of August 22, 2025, reflecting a decrease of 0.06 yuan or 0.52% from the previous trading day [1] Group 1: Company Overview - Beishimei's main business includes the research, production, and sales of pesticide raw materials and formulations, with additional involvement in the new materials sector [1] - The company operates in various segments, including pesticides and veterinary drugs, Zhejiang sector, and ChiNext Composite Index [1] Group 2: Technological Advancements - The company has claimed expertise in several new material technologies, including "isoprene raw material pretreatment technology" and "isoprene selective hydrogenation technology," which are expected to support future development in high-end carbon five new materials [1] Group 3: Financial Performance - On August 22, 2025, the main capital outflow for Beishimei was 16.54 million yuan, with a cumulative net outflow of 116 million yuan over the past five days [1] - The trading volume on the same day was 185 million yuan, with a turnover rate of 4.45%, and the total market capitalization stood at 4.153 billion yuan [1]

Core Insights - Guangkang Biochemical reported a revenue of 399 million yuan for the first half of 2025, marking a year-on-year increase of 25.55% [1] - The net profit attributable to shareholders reached 29.01 million yuan, up 32.13% year-on-year, with a significant increase of 190% in net profit after deducting non-recurring gains [1] - The company achieved a positive net cash flow from operating activities of 38.67 million yuan, reversing from a negative position in the same period last year [1] Revenue Breakdown - The revenue from the raw material business was 329 million yuan, an increase of 18.26%, accounting for 82.42% of total revenue [1] - The formulation business generated 69.05 million yuan, showing a substantial growth of 82.64% [1] - The growth in revenue is attributed to increased sales of fungicide products and expansion in the formulation business, alongside cost reduction through optimized production processes [1] R&D and Innovation - The company invested 16.70 million yuan in R&D, reflecting an 11.83% increase year-on-year [2] - Guangkang Biochemical achieved certification for the GB/T29490-2023 intellectual property compliance management system and was recognized as a provincial-level technology center [2] - The company has developed expertise in key technology areas such as chlorination and diazotization, supporting continuous product upgrades [2] Market Strategy and Product Development - The company adheres to a "differentiated and niche" competition strategy, which has proven effective [2] - Core products such as Kexingdan and Mieqingdan received a 15-year renewal approval from the EU, with usage restrictions lifted, expected to boost overseas market demand [2] - The production lines for Mieqingdan at the Yingde base are operating at full capacity, while the Kexingdan production capacity at the Shaoguan base is continuously increasing [2] Product Portfolio and International Collaboration - Guangkang Biochemical is a major supplier of succinate dehydrogenase inhibitors and trichloromethyl sulfur fungicides, with a strong product matrix including Benfluralin, Thifensulfuron, and Kexingdan [2] - The company is the sole domestic producer of Toxaphene, and its clean production processes for Kexingdan and Mieqingdan have received national invention patents [2] - The company maintains stable collaborations with multinational agrochemical firms such as UPL and ADAMA, with products distributed in major markets like the US and EU [2]

Group 1 - The research team from Shandong Province is conducting a price monitoring survey to collect primary data for the improvement of the monitoring system [1] - The survey focuses on the prices of industrial products such as soda ash and compound fertilizers, as well as pesticides including acetochlor, chlorpyrifos, and cypermethrin [1] - The team visited companies like Stanley (002588) and Jinzhengdai (002470), along with two pesticide retail points, to gather insights on fertilizer and pesticide pricing [1] Group 2 - The survey aims to enhance cooperation between pricing departments and grassroots monitoring points, which is significant for the future revision and improvement of the monitoring system [1] - Discussions were held regarding the inclusion of emerging fertilizer and pesticide categories into the monitoring framework [1]

开源证券8月22日发布研报称，给予扬农化工（600486.SH）买入评级。评级理由主要包括：1）中报业 绩符合预期，拟分红回报股东，辽宁优创项目有序推进；2）2025H1原药、制剂量升价跌，辽宁优创一 阶段项目快速爬坡。风险提示：项目进展不及预期、农药价格下跌、安全环保风险、汇率波动等。 （文章来源：每日经济新闻） ...

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 （记者 王瀚黎） 每经AI快讯，开源证券8月22日发布研报称，给予扬农化工（600486.SH）买入评级。评级理由主要包 括：1）中报业绩符合预期，拟分红回报股东，辽宁优创项目有序推进；2）2025H1原药、制剂量升价 跌，辽宁优创一阶段项目快速爬坡。风险提示：项目进展不及预期、农药价格下跌、安全环保风险、汇 率波动等。 每经头条（nbdtoutiao）——核心产品净值仅剩7毛钱，昔日"公募一哥"任泽松怎么了？牛市踏空真相曝 光 ...