证券代码：603086 证券简称：先达股份 公告编号：2025-026 | 产品 | 主要产品 | 2023 年平均售价 | 2024 年平均售价 | 变动比率（%） | | --- | --- | --- | --- | --- | | 类别 | | （万元/吨） | （万元/吨） | | | 除草剂 | 烯草酮系列 | 9.02 | 7.63 | -15.41 | | | 咪草烟系列 | 20.03 | 15.19 | -24.16 | | | 灭草烟系列 | 24.43 | 19.98 | -18.22 | | | 异噁草松系列 | 8.70 | 7.46 | -14.25 | | 杀菌剂 | 烯酰吗啉系列 | 6.00 | 6.00 | 0.00 | 三、主要原材料的价格变动情况 | 主要原材料 | 2023 年平均进价 | 2024 | 年平均进价 | 变动比率（%） | | --- | --- | --- | --- | --- | | | （万元/吨） | | （万元/吨） | | | 氯代特戊酰氯 | 2.08 | 1.74 | -16.35 | | --- | --- | --- | --- ...

一、主要产品的产量、销量及收入实现情况 证券代码：603086 证券简称：先达股份 公告编号：2025-027 山东先达农化股份有限公司 2025 年第一季度主要经营数据公告 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个别及连带责任。 根据上海证券交易所《上市公司行业信息披露指引第十八号—化工》等相关 规定，山东先达农化股份有限公司（以下简称"公司"）现将 2025 年第一季度 主要经营数据披露如下（均不含税）： | 产品 | 主要产品 | 2025 年 | 1-3 | 月产 | 2025 | 年 1-3 | 月销 | 2025 年 | 1-3 | 月销 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 类别 | | | 量（吨） | | | 量（吨） | | 售金额（万元） | | | | 除草剂 | 烯草酮系列 | | 2,977.16 | | | 2,325.88 | | 17,844.45 | | | | | 咪草烟系列 | | 6 ...

Market Overview - The A-share market showed significant divergence today, with strong performance in the financial and real estate sectors, helping the Shanghai Composite Index to rise above 3300 points, while the ChiNext Index declined [1] - The Shanghai Composite Index closed up 0.25% at 3299.76 points, while the Shenzhen Component Index fell 0.36% to 9870.05 points, and the ChiNext Index dropped 0.82% to 1928.43 points [1] Sector Performance - The cross-border payment concept continued to perform strongly, with companies like New Morning Technology and Lakala hitting the 20% limit up, and others like Xinya Data and Qingdao King gaining for two consecutive days [2][3] - The agricultural pesticide sector saw a surge, with companies such as Meibang Co. and Zhongnong United hitting the limit up [2][5] - The retail sector was active again, with Guofang Group achieving 12 limit-up days in 13 trading days [2][8] - The real estate sector rose, with Tianbao Infrastructure achieving four consecutive limit-up days [2] - The banking sector strengthened, with Agricultural Bank of China rising over 2% to set a new historical high [2] - The food and beverage sector also performed well, with Anji Food hitting the limit up for six consecutive days [2][9] Company Highlights - Guofang Group reported a revenue of 757 million yuan for the 2024 fiscal year, a year-on-year decrease of 21.92%, and a net profit of 58.01 million yuan, down 63.23% year-on-year [8] - Anji Food's stock price surged, leading to a six-day limit-up streak, while the company noted that its business operations remain stable despite the price increase [9] - Hongbaoli and Leshan Electric Power also saw significant stock price increases, with Hongbaoli rising over 180% since March 20 [9] Policy and Industry Trends - The recent issuance of the "Opinions on Enhancing the Strategic Implementation of Free Trade Pilot Zones" aims to boost the competitiveness of foreign trade and promote the development of digital trade [4] - The People's Bank of China and other regulatory bodies have introduced measures to enhance cross-border financial services, which may benefit cross-border payment companies [4][5] - The agricultural pesticide industry is expected to benefit from increased demand due to favorable agricultural policies and rising prices of certain pesticide raw materials [7]

| 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 供销社 | 3.93 | 中国AI 50 | -2.09 | | 跨境支付(CIPS) | 3.65 | 人形机器人 | -1.59 | | 草甘膦 | 3.57 | 英伟达概念 | -1.48 | | 中韩自贸区 | 3.16 | 同花顺果指数 | -1.38 | | 自由贸易港 | 3.05 | 算力租赁 | -1.32 | | 统一大市场 | 2.74 | 液冷服务器 | -1.28 | | 数字货币 | 2.63 | 华为手机 | -1.22 | | 转基因 | 2.62 | AI手机 | -1.21 | | 信托概念 | 2.33 | MLOps概念 | -1.21 | | 电子身份证 | 2.04 | 太赫兹 | -1.21 | 资金面上看，今日草甘膦概念板块获主力资金净流入1.47亿元，其中，11股获主力资金净流入，7股主 力资金净流入超千万元，净流入资金居首的是中农联合，今日主力资金净流入7446.07万元，净流入资 金居前的还有利尔化学、润丰股份、ST红太阳等，主力资金 ...

其中，公司 2024Q4 实现营收 20.80 亿元，同比-0.7%，环比+4.9%；实 现归母净利润 0.28 亿元，同比-34.3%，环比+65.9%；ROE 为 1.88%， 同比下降 1.15 个百分点，环比增加 0.73 个百分点。销售毛利率 8.5%， 同比下降 2.1 个百分点，环比增加 1.5 个百分点；销售净利率 1.9%，同 比下降 0.2 个百分点，环比增加 1.1 个百分点。 投资要点: 2024 年公司实现稳健经营，出口量额齐升 | | 2025 | 年 月 04 | 日 20 | 公司研究 | 评级：买入(首次覆盖) | | --- | --- | --- | --- | --- | --- | | 研究所： 证券分析师： | | 李永磊 | S0350521080004 | [Table_Title] 营收稳步增长，出口量额齐增， | | | | | liyl03@ghzq.com.cn | | | | | 证券分析师： | | 董伯骏 | S0350521080009 | 加速完善全球农化流通服务网络 | | | | | dongbj@ghzq.com.cn | | | | | ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - In the first quarter of 2025, China's economy started steadily, with a GDP of 31.88 trillion yuan, growing by 5.4% year-on-year, which is higher than the 5% growth rate for the entire year of 2024 [5][24] - The manufacturing purchasing managers' index (PMI) for March 2025 was 50.5%, indicating a recovery in market confidence [25][27] - There is a continuous increase in domestic demand, with retail sales of consumer goods reaching 12.47 trillion yuan in the first quarter, up 4.6% year-on-year [5][31] Summary by Sections Industry Trends - The chemical industry index underperformed the CSI 300 index by 0.28% this week [19] - The CCPI (China Chemical Product Price Index) reported 4043 points, down 1.25% from the previous week [22] Agricultural Chemicals - The agricultural chemical market is experiencing a seasonal stocking up, with the raw material price index for agricultural chemicals at 73.28 points, down 5.5% year-on-year but up 1.31% month-on-month [6][32] - The market is entering a traditional peak season, with increased inquiries and trading activity [6][32] Key Product Tracking - The price of polyester filament has decreased, while phosphate rock and monoammonium phosphate prices have remained stable [42] - The operating rate of weaving machines in Jiangsu and Zhejiang has decreased to 64.26% [42][44] Recommended and Beneficiary Stocks - Recommended stocks include leading chemical companies such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical [7] - Beneficiary stocks include companies in the chemical and fiber sectors, such as Xin Fengming and Tongkun Co [7][47]

Financial Performance - The company reported a basic earnings per share (EPS) of 0.3000 yuan for Q1 2025, a significant increase of 1600% compared to -0.0200 yuan in Q1 2024 [1] - Net profit for Q1 2025 was 1.08 billion yuan, a substantial increase of 1450% from a net loss of 0.08 billion yuan in Q1 2024 [1] - Operating revenue reached 12.11 billion yuan in Q1 2025, representing a growth of 22.32% compared to 9.9 billion yuan in Q1 2024 [1] - The return on equity (ROE) improved to 3.95% in Q1 2025 from -0.31% in Q1 2024, indicating a recovery in profitability [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 11,238.27 million shares, accounting for 34.44% of the circulating shares, with a decrease of 646.87 million shares from the previous period [2] - Major shareholders include Li Ming with 7,373.41 million shares (22.60%), and new entrants such as CITIC Securities with 288.07 million shares [2] - Notable exits from the top ten shareholders include Yu Jun and Xiang Shang, who have withdrawn from the list [2] Dividend Policy - The company has decided not to distribute dividends or transfer shares in the current period [3]

Company Overview - The company is a leading enterprise in the niche market of the herbicide Dimethenamid-P, possessing a complete production and R&D system across the entire industry chain [18][19] - The main products include environmentally friendly, efficient, and low-toxicity herbicides, specifically Dimethenamid-P, which has a broad application range in various crops [18][19] Industry Analysis Pesticide Industry - The global pesticide market is experiencing weak short-term demand but has strong long-term resilience, with stable growth momentum overall [6][7] - The pesticide industry is becoming increasingly concentrated, with major international players like Syngenta, Bayer, BASF, and Corteva dominating the market, leading to greater growth opportunities for leading raw material companies [7][8] - The production capacity of pesticide raw materials is shifting from developed regions to the Asia-Pacific, fostering the development of local pesticide companies [8][9] - China has become a significant global pesticide producer, with a complete industrial system and ongoing improvements in product quality and technology [9][10] Carbon Five New Materials Industry - The global carbon five new materials market is thriving, with significant production capacity concentrated in North America, the Middle East, Northeast Asia, and Western Europe [13][14] - China is one of the largest producers of cracked carbon five, with production expected to increase significantly due to integrated refining projects [15][17] - The domestic carbon five industry is primarily focused on producing low-end products like petroleum resins and rubber, with high-value applications still in the early stages [17][18] - There is substantial potential for domestic carbon five products to replace imports, particularly in high-end applications [18][19] Financial Performance - The company has not restated or adjusted previous years' financial data, indicating stability in its financial reporting [38] - The company’s financial indicators and major accounting data are consistent with previously disclosed quarterly reports, reflecting a stable financial position [38] Market Position - The company is recognized as a leading pesticide exporter in China, with its subsidiary, Ningbo Jielike, establishing sales channels in 79 countries and regions [28][29] - The company’s agricultural products are exported to over 180 countries, with a significant increase in export volume from 145,300 tons in 2000 to 1,927,200 tons in 2022, achieving a compound annual growth rate of 12.47% [28][29]

Group 1 - The core point of the article is that YingTai Bio reported its Q1 2025 revenue of 1.387 billion yuan, showing a year-on-year growth of 0.96% [1] - The net profit for the same period was 2.3484 million yuan, reflecting a significant year-on-year increase of 107.89% [1]