Investment Rating - The report maintains a "Recommendation" rating for the pesticide industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [2][39]. Core Insights - The demand for glufosinate-ammonium is expected to continue growing due to improved cost-effectiveness and accelerated registration processes overseas [2]. - The glufosinate-ammonium industry has seen significant improvements in operational rates and inventory levels, with production increasing by 27.85% year-on-year from January to November 2025 [5][6]. - The report highlights the increasing global acceptance of glufosinate-ammonium, particularly in key agricultural markets such as the US, Canada, and Brazil, where registration certificates have expanded rapidly [13][22]. Summary by Sections 1. Significant Improvement in Cost-Effectiveness of Glufosinate-Ammonium - The unit efficacy of glufosinate-ammonium is approximately 3.5 times that of glyphosate, with refined glufosinate-ammonium reaching about 6.3 times, making it more cost-effective despite higher nominal prices [8][11]. 2. Rapid Expansion of Overseas Registration Certificates for Glufosinate-Ammonium - The US saw a surge in registration certificates from 13 in 2019 to 90 in 2020, maintaining a high level in subsequent years, while Brazil and Canada have also shown significant growth in registrations [13][16]. 3. Biodiesel Demand Enhancing Economic Viability of Canola Cultivation - Canola-related applications account for approximately 39% of glufosinate-ammonium's downstream demand, driven by the increasing economic viability of canola cultivation in the context of biodiesel production [22][23]. 4. Investment Recommendations - The report suggests focusing on glufosinate-ammonium and refined glufosinate-ammonium industries, particularly companies like Lier Chemical and Hebei Chengxin, which are expected to seize opportunities in the accelerating industry growth [29].

Group 1 - The company is a standardized joint-stock enterprise established by integrating the core assets of Taihe Group, focusing on the development of crop protection and new materials, with plans to be listed on the Shenzhen Stock Exchange's ChiNext in April 2025 [4] - The company has developed a product matrix centered around core pesticide products such as Bacillus thuringiensis, 2,4-D, and others, and has established four production bases in Jiangsu and Jiangxi provinces, adhering to high QHSE standards [4] - The company has established overseas institutions in key agricultural markets such as North America, Europe, and South America, and has formed long-term strategic partnerships with multinational giants like Syngenta and Dow [4] Group 2 - The global pesticide industry is expected to recover, with core product prices rising, leading to significant improvements in the company's profitability [5] - By the third quarter of 2025, pesticide channel inventories in most regions have returned to pre-2020 levels, marking a turning point for industry recovery [5] - The company plans to build a pesticide and functional chemicals project in Egypt to enhance its international competitiveness and expand its global market share [5] Group 3 - The company has successfully launched a new insecticide, Cyhalofop-butyl, which has received approval from the Ministry of Agriculture and Rural Affairs, showcasing its capability in innovative compound research and development [6] - The company has a planned production capacity of 500 tons per year for Cyhalofop-butyl and has signed exclusive strategic cooperation agreements with Syngenta for the Chinese rice market [6] - The successful launch of this product is expected to open up new high-value growth opportunities for the company [6] Group 4 - The company has extended its functional chemicals layout, leveraging its core technologies in ammonia oxidation, hydrogenation, and chlorination to develop products like tetrachloroethylene and MXDA [7] - The company has established a production capacity of 7,000 tons per year for tetrachloroethylene and has formed a supply relationship with Honeywell [8] - MXDA, an important fine chemical intermediate, has a production capacity of 20,000 tons per year, while benzophenone, another key intermediate, has a capacity of 10,000 tons per year [8]

证券日报网讯 12月19日晚间，诺普信发布公告称，公司实际控制人卢柏强及其一致行动人诺普信控股 于2025年12月1日至12月18日通过集中竞价及大宗交易减持1005.2万股，占公司总股本1%，减持后合计 持股比例由35%降至34%。 （文章来源：证券日报） ...

证券日报网讯12月19日，苏利股份（603585）在互动平台回答投资者提问时表示，"一证一品"是农业农 村部为了规范农药市场，打击借证套证推出的管理措施。公司一直以来都是依法依规开发国内市场，以 后也将一如既往地按主管部门的要求做好市场开发工作。 ...

Core Viewpoint - The company, Meibang Co., Ltd. (605033), confirmed that its production and operations are normal and there is no undisclosed significant information [1] Group 1 - The company stated it will strictly adhere to relevant laws and regulations regarding information disclosure [1] - Investors are reminded to rely on announcements disclosed through legal channels and to invest rationally [1]

Core Viewpoint - The company, Sully Co., is the second-largest producer of the fungicide technical material, Bacillus subtilis, globally, with production lines in Jiangsu and Ningxia, operating at full capacity and achieving industry-leading efficiency [1] Group 1: Production and Capacity - The company has a single-line production capacity of 10,000 tons in Ningxia, which is the largest in China [1] - Both production sites are currently operating at full capacity, indicating strong operational efficiency [1] Group 2: Market Demand and Pricing - There is a stable global demand for Bacillus subtilis, particularly in South America, where usage is significantly high [1] - The price of Bacillus subtilis is on the rise, reflecting the increasing demand [1] Group 3: Sales and Supply Chain - The company supplies Bacillus subtilis to major international manufacturers and is also directly selling formulated products, with rapid growth in sales scale [1] - The company is actively researching to provide high-quality Bacillus subtilis products in response to observed supply chain risks in the market [1] - The company is engaged in negotiations with customers regarding product pricing to enhance shareholder value [1]

证券日报网讯 12月18日，长青股份在互动平台回答投资者提问时表示，公司氟磺胺草醚市场需求良 好，产销量均较同期上升，目前产能利用率达90%以上。 （文章来源：证券日报） ...

Group 1 - The core viewpoint of the news is that Limin Co., Ltd. has shown significant stock performance and financial growth, with a notable increase in share price and net profit [1][2]. - As of December 19, Limin's stock price increased by 2.01% to 16.24 CNY per share, with a total market capitalization of 7.306 billion CNY [1]. - The company has experienced a 110.28% increase in stock price year-to-date, with a recent 3.90% rise over the last five trading days [1]. Group 2 - Limin Co., Ltd. operates in the agricultural chemical sector, focusing on the research, production, and sales of agricultural fungicides, insecticides, veterinary drugs, and herbicides [1][2]. - The company's revenue composition includes agricultural fungicides (50.57%), insecticides (30.51%), veterinary drugs (9.34%), herbicides (8.47%), and other products [1]. - For the period from January to September 2025, Limin achieved a revenue of 3.599 billion CNY, representing a year-on-year growth of 7.62%, and a net profit of 390 million CNY, reflecting a substantial increase of 661.66% [2]. Group 3 - Limin Co., Ltd. has distributed a total of 918 million CNY in dividends since its A-share listing, with 321 million CNY distributed over the past three years [3].

投资者提问： 您好，公司上半年以及前三季度同比均保持40%以上增长，今年以来，公司一直积极开展各项经营管理 工作，公司2025年最终经营情况需会计师事务所出具审计报告。谢谢关注！查看更多董秘问答>> 董秘您好！*ST辉丰（002496）已被实施退市+其他风险警示，2025前三季度续亏且经营现金流净流 出，有息负债高企、短期偿债能力弱，子公司还进入破产清算。请问公司后续扭亏及债务化解有何实质 方案？2025年能否达标避免退市？ 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 董秘回答(*ST辉丰SZ002496)： ...

Group 1 - The core point of the article is that Nongshim Technology (001231) reported its shareholder count as of December 10, 2025, which stands at 12,542 households [1] Group 2 - The company engaged with investors through an interactive platform to provide this information [1]