周三，和讯投顾冯珂分析称，今天大盘上涨的关键首先就在于证券板块，这个板块堪称咱们牛市的旗 手，也是权重板块和中小盘板块的纽带。只要它涨，大盘就能涨，中小盘个股也能跟涨。从昨天开始， 证券板块每天上午就放量冲高，而今天收盘更是站稳了5天均线，周线也出现了底背离。所以今天大盘 在他的带领之下就出现了一个普涨，其次今天消息面也全都是利好。首先新能源汽车下乡活动不但带动 了汽车板块的反弹，而且整个电池板块也掀起了涨停潮，而政务数据共享条例以及AI15取得突破的消 息，又让算力人工智能为首的大科技板块持续的反弹，成交量也不断放大。此外还有诸多的利好消息， 让大盘也出现了久违的普涨格局。 那大盘明天能三连阳吗？中午的时候分析称，今天上午的盘面堪称完美，唯一美中不足的就是量能萎缩 252亿。如果下午能放量的话，明天呢就能继续上涨，果然最终全天放量116亿，实现了量价齐升。而且 最后10分钟大盘放量60亿，说明有很多资金尾盘抢筹，这样明天上涨的概率就很大。明天板块的主线方 向在哪里？昨天给大家讲了本周三条主线，数字货币、创新药，还有兽药农药这三个板块今天都继续上 涨。另外今天再加一条主线，新零售！为什么是新零售而不是军工？因 ...

Core Viewpoint - The stock price of Guangkang Biochemical surged by 68% in just five trading days, driven by speculative trading rather than fundamental performance, leading to significant shareholder sell-offs [1][2][6]. Group 1: Stock Price Surge - Guangkang Biochemical's stock price increased from 26.53 yuan to 44.68 yuan between May 25 and June 3, 2024, marking a new high since its listing [2]. - The surge was primarily fueled by the hype surrounding innovative drug approvals, despite the company's core business being in pesticides [2][3]. Group 2: Supply Shock and Market Reaction - A tragic explosion at a key supplier, Youdao Chemical, on May 27, 2024, created a perceived supply shortage for the company's product, chlorantraniliprole, which further drove up the stock price [3]. - The actual supply situation indicated that the supplier's capacity only accounted for 20%-30% of global supply, and the industry faced an oversupply issue [3]. Group 3: Trading Dynamics - Initial buying was led by retail investors, followed by institutional investors who collectively purchased 36.48 million yuan worth of shares, making up 64% of the total buying on May 30 [5]. - On June 3, institutional investors sold off 57.42 million yuan worth of shares, triggering a significant price drop of 13.16% the following day [5]. Group 4: Shareholder Sell-Off - Original shareholders announced a 6% reduction plan, potentially cashing out nearly 200 million yuan based on the market value on June 3, 2024 [6]. - The reduction coincided with the stock reaching an all-time high, with original investors seeing a profit of over 160% compared to their IPO cost [7]. Group 5: Company Performance - The company experienced a 25% decline in revenue and a 68% drop in net profit in its first year post-IPO, with a projected revenue rebound of 46.15% in 2024 but continued decline in net profit [6]. - The gross margin fell from 35% in 2022 to 22% in 2024, indicating deteriorating profitability and loss of pricing power [6].

| | ☑特定对象调研□分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访□业绩说明会 | | 动类别 | □新闻发布会□路演活动 | | | □ 现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称 | 泰康资产 陈佳艺、肖锐 | | 及人员姓名 | 天风证券 唐婕、刘思远 | | | 远信资本 谢振东、黄垲锐 | | 时间 | 2025 年 6 月 4 日 | | 地点 | 公司会议室 | | 上市公司接待 | 1. 董事、副总经理、董事会秘书亓轶群 | | | 2. 战略与投资部经理 王亚丽 | | 人员姓名 | 3.投资者关系 张瑾 | | | 本次活动主要交流内容如下： | | | 1. 请介绍下公司核心产品情况及美国关税的影响 | | | （1）百菌清：作为公司重要的杀菌剂产品之一，在全球市场具 | | | 有稳定的需求。市场对百菌清的采购节奏有所变化，公司及时 | | | 调整销售策略，优化库存管理，实现百菌清销售额较往年保持 | | 投资者关系活 | | | 动主要内容介 | 平稳。 | | 绍 | （2）嘧菌酯：是公司杀菌剂产品矩阵中的明星产 ...

公告显示，持有广康生化股份420万股（占公司总股本比例5.68%）的股东共青城瑞宏凯银壹号股权投 资基金合伙企业（有限合伙），计划自公告披露日起15个交易日后的3个月内减持公司股份不超过222万 股，即不超过公司总股本的3%。 广康生化成立于2003年，是广东省内颇具规模的国家定点农用化学品生产企业，2023年6月27日在创业 板挂牌上市。 6月3日晚间，广康生化发两份减持公告，一份是持股5%以上股东减持计划，一份是特定股东减持计 划。 共青城华拓至盈贰号投资合伙企业（有限合伙）、深圳市华拓至远投资企业（有限合伙）、深圳市华拓 至远贰号投资企业（有限合伙）、深圳市华拓至远叁号投资企业（有限合伙）合计持有广康生化股份 355万股，占公司总股本的4.80%，上述股东共同的基金管理人（执行事务合伙人）为深圳市华拓私募 股权投资基金管理有限公司。上述股东计划自公告披露日起的3个交易日后的3个月内，计划减持广康生 化股份不超过222万股，即不超过总股本的3%。 两方合计减持不超过6%的股份，如果以广康生化6月3日收盘价44.68元/股计算，顶格减持的话，或将套 现1.98亿元。 股东抛出大手笔减持计划的背后，是广康生化 ...

2025.06. 04 本文字数：2404，阅读时长大约4分钟 作者 | 第一财经 王方然 广康生化急涨后，又突然开始暴跌。 6月4日，广康生化（300804.SZ）开盘即大跌，随后震荡走低，收盘跌幅超过13%。而在5月25日 至6月3日，该股五个交易日累计暴涨68%，从低点的26.53元一路上扬，最高触及48元，达到上市 以来新高。 广康生化主营农药，在近期的创新药概念炒作热潮中，成为资金追逐对象。但大涨之后，该公司基本 面与股价严重背离。财报显示，该公司的净利润，从2022年的9617万元，降至2024年的3468万 元，缩水约64%。2025年一季度颓势未改，净利润同比下滑3.17%。 伴随股价冲高，部分股东火速抛出合计6%的减持计划，按昨日收盘市值测算套现规模近2亿元。机 构与游资的接力炒作进一步放大波动，龙虎榜数据显示，6月3日机构席位单日卖出5742万元，资金 撤离信号明显。实控人蔡丹群虽因限售无法减持，今年1月却向担保公司质押限售股融资。 急涨后暴跌 6月4日，广康生化开盘即大跌，盘中最大跌幅一度超过16%，随后跌幅虽然收窄，但达到 13.16%。 广康生化的营收波动较大，基本面已与股价背离。2 ...

Core Viewpoint - The stock price of Guangkang Biochemical (300804.SZ) has experienced a significant divergence from its fundamental performance, with a recent sharp decline following a substantial increase in price driven by speculative trading in the innovative drug sector [2][4]. Group 1: Stock Performance - On June 4, Guangkang Biochemical opened with a sharp decline, closing down over 13% after a previous surge of nearly 70% from a low of 26.53 yuan to a high of 48 yuan between May 25 and June 3 [2][3]. - The stock's volatility was exacerbated by institutional and retail investors' speculative trading, with institutions selling 57.42 million yuan worth of shares on June 3 [5][6]. Group 2: Financial Performance - The company's net profit is projected to decline from 96.17 million yuan in 2022 to 34.68 million yuan in 2024, representing a decrease of approximately 64% [4]. - In the first quarter of 2025, the net profit was reported at 17.11 million yuan, reflecting a year-on-year decline of 3.17% [4]. Group 3: Shareholder Actions - Following the stock price surge, major shareholders announced plans to reduce their holdings by up to 6%, potentially cashing out nearly 198 million yuan based on the closing price on June 3 [8][9]. - The controlling shareholder, Cai Danqun, is currently unable to sell shares due to a lock-up period but has pledged shares for financing [10][12].

策略研究 | 证券研究报告 — 总量周报 2025 年 6 月 4 日 策略周报 蓄势破局 弱补库趋势大概率仍将延续，市场持续"抱团缩圈"，大市值风格有望阶段 性恢复。 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：徐沛东 (8621)20328702 peidong.xu@bocichina.com 证券投资咨询业务证书编号：S1300518020001 证券分析师：郭晓希 (8610)66229019 xiaoxi.guo@bocichina.com 证券投资咨询业务证书编号：S1300521110001 证券分析师：徐亚 (8621)20328506 ya.xu@bocichina.com 证券投资咨询业务证书编号：S1300521070003 证券分析师：高天然 tianran.gao@bocichina.com 证券投资咨询业务证书编号：S1300522100001 6 月市场等待破局，大市值风格或有望迎来修复。内需动能有待 ...

Core Viewpoint - Meibang Co., Ltd. announced a share reduction plan involving major shareholders, indicating potential changes in ownership structure and market sentiment [1][2]. Share Reduction Plan - Meiping Consulting plans to reduce up to 416,274 shares (0.31% of total shares) and 832,547 shares (0.62% of total shares) within three months after 15 trading days from the announcement [1]. - Meifeng Consulting intends to reduce up to 579,937 shares (0.43% of total shares) and 1,159,874 shares (0.86% of total shares) within the same timeframe [1]. - Hao Xinxin plans to reduce up to 355,789 shares (0.26% of total shares) and 711,579 shares (0.53% of total shares) under similar conditions [1]. Shareholding Structure - As of the announcement date, Meiping Consulting holds 3,510,000 shares (2.60% of total shares), while Meifeng Consulting holds 4,890,000 shares (3.62% of total shares) [2]. - Hao Xinxin holds 3,000,000 shares (2.22% of total shares) [2]. Indirect Shareholding by Executives - Company executives hold shares indirectly through the aforementioned consulting firms, with significant holdings by directors and senior management [3]. - For instance, the general manager Zhang Tong holds 2,507,000 shares indirectly through Meiping and Meifeng Consulting [3]. Actual Controllers - Zhang Shaowu, Zhang Tong, and Zhang Qiufang are identified as actual controllers of the company, with familial ties among them [4]. - The company was listed on the Shanghai Stock Exchange on September 16, 2021, with a total public offering of 33.8 million shares at a price of 12.69 yuan per share [4]. Fundraising and Use of Proceeds - The total fundraising amount was 429 million yuan, with a net amount of 392 million yuan after deducting issuance costs [4]. - The funds are intended for projects including the production base for environmentally friendly pesticide formulations and marketing network development [4]. Issuance Costs - The total issuance costs amounted to 37.08 million yuan, with significant portions allocated to underwriting and legal fees [5].

Core Viewpoint - Guangkang Biochemical, primarily engaged in pesticide business, has seen its stock price surge by 68% in five trading days due to market enthusiasm for innovative drug concept stocks. However, a recent announcement of significant shareholder sell-offs has led to a sharp decline in stock price, dropping over 16% [1]. Stock Performance - The stock opened at 42.61, reached a high of 43.28, and closed at 44.68, with a market capitalization of 2.776 billion. The stock has a P/E ratio of 80.06 and a 52-week high of 48.00 [2]. Shareholder Actions - On June 3, Guangkang Biochemical announced two significant shareholder sell-off plans, with major shareholders citing "personal funding needs" as the reason for their actions. One shareholder, holding 5.6757%, plans to sell up to 222,000 shares, representing 3% of the total share capital. Additionally, four other shareholders from the "Huatuo system" plan to collectively sell up to 222,000 shares, also accounting for 3% of the total share capital [6][8]. Financial Performance - Guangkang Biochemical, established in 2003, focuses on the research, production, and sales of pesticide raw materials and intermediates. The company went public on the Growth Enterprise Market in June 2023. However, its financial performance post-listing has been disappointing, with a 25% decline in revenue and a 68% drop in net profit for 2023. Although revenue is expected to rebound by 46.15% in 2024, the net profit continues to decline by 11.45% [11][12]. Recent Developments - In the first quarter of 2025, the company reported a 5.16% increase in revenue, but net profit and non-recurring net profit fell by 3% and 9.6%, respectively. The recent stock price surge appears to be driven more by market speculation rather than improvements in the company's operational quality [13][14].

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [5] Core Insights - The third round of the fourth batch of central ecological environment protection inspections has been fully launched, focusing on five provinces and three central enterprises, which may impact the chemical industry [21][22] - The pesticide industry is undergoing capacity optimization due to stricter environmental regulations, with many non-compliant small enterprises exiting the market [24] - The explosion at Youdao Chemical has affected the supply of chlorantraniliprole, potentially leading to price increases [25][29] - The organic pigment industry is consolidating, with a positive outlook for high-performance organic pigments due to increasing domestic production capabilities and environmental regulations [30][33] Summary by Sections Industry Investment Rating - The basic chemical industry is rated as "Overweight" [5] Industry Dynamics - The central ecological environment protection inspections are expected to tighten regulations on the chemical industry, impacting production and compliance [21][22] - The pesticide sector is seeing a shift towards greener production methods, with a focus on reducing pesticide usage and promoting bio-pesticides [22][24] Pesticide Industry - The pesticide industry is experiencing a structural optimization, with a significant reduction in high-toxicity products and an increase in the market share of low-risk alternatives [24] - The recent explosion at Youdao Chemical has disrupted the supply of chlorantraniliprole, which is the leading insecticide globally, potentially leading to price increases [25][29] Organic Pigment Industry - The organic pigment sector is witnessing consolidation, with a focus on high-performance products that meet stricter environmental standards [30][33] - Domestic companies are increasingly capable of producing high-performance organic pigments, which are expected to replace traditional pigments in the market [30][33]