证券日报网讯安道麦A（000553）8月18日在互动平台回答投资者提问时表示，截至2025年8月8日，公 司A股股东人数为25，725户。 ...

Core Viewpoint - The company has established a complete industrial chain layout for pesticide production, ensuring stable production capacity and readiness to meet increased market demand due to severe drought and flooding conditions this year [1] Production Capacity Summary - The company has disclosed its production capacity in the 2024 annual report, detailing the following: - Pesticide intermediates have a designed capacity of 23,000 tons per year, with a current utilization rate of 62.34% [1] - Dimethenamid-P active ingredient has a designed capacity of 12,000 tons per year, with a current utilization rate of 76.76% [1] - Dimethenamid-P formulation has a designed capacity of 4,000 kiloliters per year, with a current utilization rate of 53.85% [1] - The existing production capacity and technological reserves of the company can support a rapid response to market demand growth [1]

安道麦A（000553.SZ）8月18日在投资者互动平台表示，公司此前发布新闻的创新化合物GilboaTM（氟 磺菌酮，flumetylsulforim）属于农业领域的创新药。GilboaTM经杀菌剂抗性管理行动委员会（Fungicide Resistance Action Committee）认证为全新谷物杀菌作用机制。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问下公司是否有创新药概念？ ...

Group 1 - The chemical sector experienced a volatile upward trend on August 18, with the Chemical ETF (516020) opening high and fluctuating in positive territory, rising over 1% at one point and closing up 0.59% [1] - Key stocks in the sector included lithium battery and fluorochemical companies, with notable gains from Xinzhou Bang and Kaisa Bio, both up over 6%, and other companies like Juhua Co. and Lianhong Xinke rising over 4% [1][2] - The chemical ETF's underlying index had a price-to-book ratio of 2.11, indicating a low valuation at the 29.22 percentile over the past decade, suggesting attractive long-term investment opportunities [3] Group 2 - Analysts predict that the chemical industry will see a stabilization in domestic demand due to the implementation of various expansion policies, although competition on the supply side may lead to weaker product prices and lower capacity utilization [1][3] - The chemical market is expected to undergo a phase of recovery, particularly in sub-sectors like pesticides, organic silicon, and polyester filament, as the industry addresses issues of overcapacity and excessive competition [3] - The Chemical ETF (516020) provides a diversified investment approach, covering various sub-sectors and concentrating nearly 50% of its holdings in large-cap leading stocks, which allows investors to capitalize on strong market trends [4]

Group 1 - The chemical sector experienced a volatile upward trend on August 18, with the chemical ETF (516020) opening high and fluctuating in the red, showing a rise of 0.59% at the time of reporting [1] - Key stocks in the lithium battery and fluorochemical sectors saw significant gains, with companies like Xinzhou Bang and Kaisa Bio rising over 6%, while others like Juhua Co. and Lianhong Xinke increased by over 4% [1] - The chemical ETF (516020) tracks the sub-index of the chemical industry, which has a price-to-book ratio of 2.11, indicating a low valuation compared to the historical average [3] Group 2 - Analysts from Zhongyuan Securities suggest that the ongoing rectification in the chemical industry will alleviate issues of redundant capacity and excessive competition, leading to a phase of improved market conditions [4] - Huazhong Securities notes a clear differentiation in chemical product prices, with expectations for gradual recovery as global chemical industries adjust to energy structure transformations and macroeconomic policies [4] - The chemical ETF (516020) provides an efficient way to invest in the chemical sector, with nearly 50% of its holdings concentrated in large-cap leading stocks, allowing investors to capitalize on strong market leaders [5]

根据《中国农药工业协会科学技术奖奖励办法》规定，经过中国农药工业协会科学技术奖评审委员会的 评审，中国农药工业协会决定授予"新型除草剂吡唑喹草酯的创制和应用"等5项成果技术发明奖，其中 一等奖2项、二等奖1项、三等奖2项;授予"苯唑草酮绿色高效制备工艺的开发与产业化"等14项成果科技 进步奖，其中二等奖9项、三等奖5项。 中化新网讯 记者从中国农药工业协会了解到，8月14日，第十八届中国农药工业协会科学技术奖在青岛 第六届全国农药行业创新交流会主题大会上举行颁奖仪式。 ...

金融界8月18日消息，有投资者在互动平台向安道麦A提问："一品一证"政策将于2026年1月1号开始执 行，据说全国80%的借证生产的农药将被迫退市，大量大型经销商将不得不终止借证贴牌生产，而转向 龙头公司采购农药制剂，请问这个政策的执行对公司的影响如何？ 公司回答表示：您好！2025年6月29日，农业农村部为了规范农药标签和说明书管理，发布925号公告， 并宣布自2026年1月1日起实施。该公告对农药标签做出进一步规范，有利于维护公平竞争的农药市场秩 序。作为全球领先的植保企业之一，公司拥有丰富的登记证储备，公司将积极响应政府要求，为农药产 业健康持续发展贡献一份力量。 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [6]. Core Views - The pesticide industry is experiencing a recovery in market demand, leading to a significant improvement in the company's net profit attributable to shareholders in the first half of 2025 [1][2]. - The company achieved a revenue of 2.083 billion yuan in 25H1, a year-on-year increase of 7.3%, and a net profit of 42 million yuan, up 117.8% year-on-year [1]. - The company is focusing on optimizing its product structure and accelerating overseas market registration to capture orders, resulting in export sales of 1.087 billion yuan, a year-on-year increase of 19.61% [2]. Summary by Sections Financial Performance - In 25H1, the company reported revenues from herbicides, insecticides, fungicides, and regulators of 1.06 billion, 790 million, 170 million, and 80 million yuan respectively, with year-on-year changes of +14.8%, +0.5%, -3.3%, and +40.1% [2]. - The gross margins for these products were 11.1%, 15.7%, 13.9%, and 26.9%, with year-on-year changes of -4.1, +8.6, -0.1, and +17.3 percentage points [2]. Capacity and Production - As of the end of 2024, the company has a raw material production capacity of 43,910 tons per year and a formulation capacity of 20,000 tons per year, with an additional 5,500 tons per year of raw material capacity under trial operation or construction [3]. - The company is advancing its production debugging and safety production for the relocation project along the Yangtze River, which is expected to support its performance in 2025 [2]. Profit Forecast and Valuation - The report adjusts the profit forecast for 2025-2026 downwards, with the expected net profits for 2025, 2026, and 2027 being 74 million, 128 million, and 181 million yuan respectively [4]. - The company is expected to benefit from the release of its construction capacity, which will support sustainable and healthy development [4].

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly focusing on heat dissipation materials and helium gas from Russia, as well as incidents affecting Zhongkun Chemical [3][4]. Core Insights - The macroeconomic judgment indicates that non-OPEC countries are expected to lead an increase in oil production, with a significant overall supply growth anticipated. Global GDP growth is projected at 2.8%, with stable oil demand despite some slowdown due to tariffs [3][4]. - The trend towards liquid cooling in AI servers is highlighted, with significant power requirements leading to increased demand for specialized cooling materials. The report suggests monitoring companies like Bayi Shikong, New Era, Dongyangguang, Yonghe Co., and Juhua Co. [3][4]. - Recent incidents affecting helium supply in Russia and a fire at Zhongkun Biotech are expected to positively impact the helium supply-demand balance, with recommendations to focus on companies like Guanggang Gas, Huate Gas, and Jinhong Gas [3][4]. Summary by Sections Industry Dynamics - Oil supply is expected to increase significantly, with non-OPEC countries leading the way. Global oil demand remains stable, but growth may slow due to tariff impacts. Coal prices are expected to stabilize at low levels, while natural gas export facilities in the U.S. may reduce import costs [4][5]. Chemical Sector Configuration - The report notes a decrease in oil prices and an increase in coal prices, with industrial product PPI showing a year-on-year decline of 3.6%. Manufacturing PMI recorded at 49.3%, indicating a slight contraction in manufacturing activity [3][5]. Investment Analysis - Traditional cyclical investments should focus on leading companies in their respective sectors, including Wanhu Chemical, Hualu Hengsheng, and Baofeng Energy. Growth sectors include semiconductor materials and OLED panel materials, with specific companies highlighted for their potential [3][4][17].

Investment Rating - Industry Rating: Outperform the Market (upgraded from Neutral) [5] Core Insights - The US has imposed a 50% tariff on Indian imports, which may impact the pesticide industry significantly [12] - India is the world's third-largest producer and exporter of agricultural chemicals, with a production capacity of 389,000 tons and an output of 258,000 tons in 2022-23 [2][13] - The global pesticide formulation export value is projected to be approximately $39.5 billion in 2024, with India contributing $4.142 billion, making it the third-largest exporter [2][23] - The export structure of Indian pesticides shows that herbicides account for 39% of export value, while fungicides account for 43% of export volume [2][23] - From FY 2014-15 to FY 2023-24, India's pesticide export value has grown at a compound annual growth rate (CAGR) of 12.6%, while imports have grown at a slower pace of 7.7% [31] Summary by Sections Section 1: US Tariffs on Indian Imports - The US has announced a 25% tariff on Indian imports, which will be effective from August 7, 2023, leading to a total tariff rate of 50% [12] Section 2: India's Agricultural Chemical Industry - India ranks as the fourth-largest agricultural chemical producer globally, with a significant focus on exports [2][23] - The production structure is dominated by insecticides and fungicides, which account for 47% and 34% of total production capacity, respectively [13] Section 3: US Pesticide Imports - The US heavily relies on China and India for pesticide imports, with China exporting $9 billion and India $4.1 billion in 2024 [3][34] - The US's dependence on Indian imports includes 77% of certain insecticides and 90% of specific fungicides [4][44] Section 4: Recommended Stocks - Key recommendations include Yangnong Chemical and Runfeng Co., with expected net profits of 1.47 billion, 1.78 billion, and 2 billion yuan for Yangnong from 2025 to 2027 [56] - Runfeng Co. is projected to achieve net profits of 1.26 billion, 1.41 billion, and 1.59 billion yuan in the same period [57]