Summary of Nopson's Conference Call Company Overview - **Company**: Nopson - **Industry**: Blueberry cultivation and related agricultural products Key Points Industry and Market Dynamics - Average price of blueberries is approximately 60,000 yuan per ton, slightly higher than the previous season, but production has declined due to weather conditions, particularly in Honghe and Wenshan regions [2][3] - The company expects the planting area for the next season to reach 35,000 mu, adhering to a "production-based sales" strategy to ensure supply chain stability [2][7] - Blueberry yield in Yunnan is about 1.4 tons per mu, with significant total production growth anticipated [2][8] Production and Quality Improvement - The company has reduced the loss rate from 1.8% to 0.3%-0.4% through improvements in harvesting and cold chain systems [4] - Total land area held by the company is 56,000 mu, with 28,000 mu currently in production, expected to reach 35,000 mu next year [4][14] - The company is facing challenges in acquiring quality land due to high compensation costs and limited availability [17] Pricing and Sales Strategy - Blueberry prices are volatile, reaching up to 100,000 yuan per ton initially, then dropping to 20,000-30,000 yuan later [11] - The company aims to increase supply in high-price ranges despite a long-term downward price trend, maintaining a focus on high-profit periods [11] - The marketing strategy emphasizes blueberry trade and domestic sourcing to enhance brand sales channels [10] Brand Strategy and Market Expansion - Nopson focuses on two main brands, Aimeike and Rosemary, with strong market feedback for Ainan Cosmetics [6] - The company has made progress in overseas market expansion, including regions like Hong Kong, Kuala Lumpur, Jakarta, and Japan [6] Future Plans and Expectations - The company plans to maintain a production area of 35,000 mu for the next planting season, with a focus on meeting market demand [7] - The juice processing capacity is approximately 30,000 tons per year, primarily targeting the Guangdong market [18][19] - The pesticide business is expected to grow by 10%-20% in 2025, with a profit contribution of around 100 million yuan in Q1 2025 [20] Challenges and Risks - The company faces difficulties in land acquisition, with a focus on high-altitude areas suitable for blueberry cultivation [17] - The overall market for blueberries is evolving, with increasing demand and higher standards from consumers [23] Additional Insights - The company is not currently planning to expand beyond blueberries, focusing on optimizing the blueberry supply chain [22] - The import market for blueberries from South America is expected to grow, but at a slower pace compared to domestic production [23]

Group 1: Investment Recommendations - The report maintains a positive outlook on undervalued, high-dividend, and well-performing "three major oil companies" and oil service sectors, recommending attention to China National Petroleum, China Petroleum & Chemical, China National Offshore Oil, CNOOC Services, and others [2] - It also highlights the potential of domestic substitution trends in material companies, particularly in semiconductor and panel materials, suggesting a focus on Jingrui Electric Materials, Tongcheng New Materials, and Aolide [2] - The report expresses optimism for the pesticide, fertilizer, and private refining sectors, recommending companies like Wanhua Chemical, Hualu Hengsheng, and Huajin [2] - Additionally, it sees potential in the vitamin and methionine sectors, advising attention to Andis, Zhejiang Medicine, and New Hualian [2] Group 2: Company-Specific Insights - Hainan Huatie plans to list in Singapore to accelerate its overseas expansion and enhance its upstream channel, aiming to ensure smooth procurement of computing power equipment [3] - The report maintains profit forecasts for Hainan Huatie for 2025-2027 at 848 million, 1.202 billion, and 1.523 billion respectively, sustaining a "buy" rating [3] Group 3: Automotive Sector Analysis - NIO's first quarter of 2025 shows pressure on fundamentals, but the second quarter is expected to see a recovery in gross margins, with cost reduction efforts gradually materializing [4] - The report revises the projected non-GAAP net losses for NIO for 2025-2027 to 17.2 billion, 10.7 billion, and 8.1 billion respectively, indicating a more optimistic outlook compared to previous estimates [4] - The report highlights the potential for NIO's three major brands to initiate a new product cycle in 2025, along with advantages in smart technology and battery swapping [4]

Core Viewpoint - ST Hongtai (SZ000525) announced a price adjustment for its 97% chlorantraniliprole product to 300,000 yuan/ton due to upstream raw material shortages, leading to a stock price surge and increased interest in related stocks [1][3][6]. Company Summary - ST Hongtai's stock price reached a limit-up on June 5, closing at 7.79 yuan, with a market capitalization of 10.112 billion yuan [1]. - The company cited a significant increase in production costs due to limited supply of upstream raw materials, prompting the price adjustment [3][6]. - ST Hongtai holds a market share of approximately 35% in the chlorantraniliprole sector and plans to establish a circular economy industrial chain project with an annual capacity of 6,000 tons by 2025 [6]. Industry Summary - The chlorantraniliprole market is experiencing tight supply, exacerbated by an explosion at Shandong Youdao Chemical Co., which accounted for 40.4% of the industry's total production capacity [7]. - The price of chlorantraniliprole has increased by over 40% compared to last year's low, with current prices around 300,000 yuan/ton, while the original price was approximately 210,000 yuan/ton [8]. - Demand for chlorantraniliprole is expected to remain strong, particularly in Southeast Asia and South America, as the market is entering a peak demand season [8].

2025 年 6 月 5 日 行业研究 2025 年欧美 SAF 政策落地，国内 SAF 出口渠道顺利打通 ——石化化工交运行业日报第 73 期（20250604） 要点 生物柴油下游应用领域持续扩大，发展空间可期。生物柴油具有环保性能 好、发动机启动性能好、燃料性能好、原料来源广泛、可再生等特性。大力 发展生物柴油对经济可持续发展、推进能源替代、减轻环境压力、控制城市 大气污染具有重要的战略意义。目前，生物柴油主要应用于道路交通领域， 航海、航空领域已经开始逐步推广试用。根据国际航空运输协会（IATA）的 分析，到 2050 年，航空领域 65%的减排将通过使用生物航煤来实现。与此 同时，在法国、英国等西欧国家，生物柴油用于发电正在加速发展。在我国 "3060"双碳战略目标背景下，国家《"十四五"可再生能源发展规划》提 出"大力发展非粮生物质液体燃料，支持生物柴油、生物航空煤油等领域先 进技术装备研发和推广使用"。国家《"十四五"生物经济发展规划》中强 调，要积极推进生物柴油等生物能源的应用，推动化石能源向绿色低碳可再 生能源转型。政策推动背景下，随着生物柴油应用领域持续拓宽，未来需求 增长空间可期。 20 ...

2025 年 6 月 5 日 行业研究 2025 年欧美 SAF 政策落地，国内 SAF 出口渠道顺利打通 ——石化化工交运行业日报第 73 期（20250604） 要点 生物柴油下游应用领域持续扩大，发展空间可期。生物柴油具有环保性能 好、发动机启动性能好、燃料性能好、原料来源广泛、可再生等特性。大力 发展生物柴油对经济可持续发展、推进能源替代、减轻环境压力、控制城市 大气污染具有重要的战略意义。目前，生物柴油主要应用于道路交通领域， 航海、航空领域已经开始逐步推广试用。根据国际航空运输协会（IATA）的 分析，到 2050 年，航空领域 65%的减排将通过使用生物航煤来实现。与此 同时，在法国、英国等西欧国家，生物柴油用于发电正在加速发展。在我国 "3060"双碳战略目标背景下，国家《"十四五"可再生能源发展规划》提 出"大力发展非粮生物质液体燃料，支持生物柴油、生物航空煤油等领域先 进技术装备研发和推广使用"。国家《"十四五"生物经济发展规划》中强 调，要积极推进生物柴油等生物能源的应用，推动化石能源向绿色低碳可再 生能源转型。政策推动背景下，随着生物柴油应用领域持续拓宽，未来需求 增长空间可期。 20 ...

2025 年 6 月 5 日 行业研究 2025 年欧美 SAF 政策落地，国内 SAF 出口渠道顺利打通 ——石化化工交运行业日报第 73 期（20250604） 要点 生物柴油下游应用领域持续扩大，发展空间可期。生物柴油具有环保性能 好、发动机启动性能好、燃料性能好、原料来源广泛、可再生等特性。大力 发展生物柴油对经济可持续发展、推进能源替代、减轻环境压力、控制城市 大气污染具有重要的战略意义。目前，生物柴油主要应用于道路交通领域， 航海、航空领域已经开始逐步推广试用。根据国际航空运输协会（IATA）的 分析，到 2050 年，航空领域 65%的减排将通过使用生物航煤来实现。与此 同时，在法国、英国等西欧国家，生物柴油用于发电正在加速发展。在我国 "3060"双碳战略目标背景下，国家《"十四五"可再生能源发展规划》提 出"大力发展非粮生物质液体燃料，支持生物柴油、生物航空煤油等领域先 进技术装备研发和推广使用"。国家《"十四五"生物经济发展规划》中强 调，要积极推进生物柴油等生物能源的应用，推动化石能源向绿色低碳可再 生能源转型。政策推动背景下，随着生物柴油应用领域持续拓宽，未来需求 增长空间可期。 增持 ...

Group 1 - The pesticide sector experienced a significant upward movement, with Lianhua Technology achieving a remarkable performance of 6 boards in 5 days [1] - Other companies in the sector, such as Sulih Shares, Shenda Shares, Zhongqi Shares, Yangnong Chemical, and Meibang Shares, also saw increases following the trend [1] - Hongyang announced a price adjustment for its 97% chlorantraniliprole product to 300,000 yuan per ton, with limited supply [1]

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证券研究报告 | 2025年06月04日 化肥及农药行业：2025 年 5 月月度观察 优于大市 国际钾肥价格持续上涨，突发事件影响农药供给 核心观点 行业研究·行业月报 基础化工 优于大市·维持 证券分析师：杨林 证券分析师：薛聪 010-88005379 010-88005107 yanglin6@guosen.com.cn xuecong@guosen.com.cn 0755-81981222 wangxinhang@guosen.com.cn 市场走势 相关研究报告 《钾肥、磷化工行业：2025 年 4 月月度观察-国际钾肥价格持续 上行，磷矿石价格高位运行》 ——2025-05-07 《钾肥、磷化工行业：2025 年 3 月月度观察-春耕需求旺季来临， 钾肥磷肥价格上涨》 ——2025-04-02 《季戊四醇专题-行业阶段性供需错配，产品价格利润快速上行》 ——2025-03-26 《钾肥行业点评-白俄罗斯、俄罗斯钾肥相继减产，全球钾肥有 望景气复苏》 ——2025-02-24 《有机硅行业点评-需求持续增长，扩产高峰已过，有机硅中间 体（DMC）涨价大势所趋》 ——2025-02-15 S0980 ...

Group 1 - The third round of the fourth batch of central ecological environment protection inspections has been fully launched, with eight inspection teams focusing on five provinces and three central enterprises [2] - The pesticide industry is undergoing capacity optimization, with the recent explosion at Youdao Chemical affecting the supply of chlorantraniliprole, which may lead to price increases [3] - Chlorantraniliprole is a highly efficient and low-toxicity insecticide, currently the top-selling insecticide globally, with the explosion impacting short-term supply [3] Group 2 - The organic pigment industry is experiencing continuous consolidation, with a focus on high-performance organic pigment domestic substitution due to stricter environmental policies and tightening profit margins [4] - High-performance organic pigments are becoming a new trend in the industry, with few domestic companies mastering core production technologies, leading to a favorable competitive landscape for industry leaders [4]