利尔化学股份有限公司 证券代码：002258 证券简称：利尔化学 作用，积极推进制剂业务的发展；持续增加有效的研发投入， 建好上海研发中心，做好和成都研发中心的协同，加强对外合 作；全面推进落实《安全生产治本攻坚三年行动方案》，确保 安全生产。 3、公司对未来草铵膦的价格趋势有什么样的看法？ 答：随着草铵膦价格逐步走低，市场需求量继续增长，公 司依然看好草铵膦和精草铵膦的未来发展，但目前行业竞争依 旧激烈，公司将持续提升现有优势，稳步扩大市场份额。 4、公司精草铵膦项目建设进展？ 答：湖南津市 2 万吨/年酶法精草铵膦项目已经投产，生 产情况正常。 5、精草铵膦的市场前景如何？ 答：公司非常看好精草铵膦的市场空间，未来随着越来越 多企业产品登记的取得、市场推广开展、生产技术的改进，市 场需求的规模将持续增长。公司作为目前国内最大规模的精草 铵膦原药生产企业，将持续加快推进实施精草铵膦在海外多个 国家的登记和市场布局工作，积极做好市场铺垫。 6、公司的氯虫苯甲酰胺建设进展如何？ 答：公司非常看好氯虫的市场前景，前期在国内外做了大 量的市场布局，并花了大量精力在优化生产工艺，目前生产装 置正在有序建设之中。 7、 ...

[Table_Main] 证券研究报告 | 行业点评 资格编号：S0120524100001 邮箱：wanghb3＠tebon.com.cn 潘云鹤 资格编号：S0120525070001 邮箱：panyh3＠tebon.com.cn 市场表现 资料来源：德邦研究所，聚源数据 -12% -6% 0% 6% 12% 18% 24% 2024-07 2024-11 2025-03 2025-07 基础化工 沪深300 基础化工 2025 年 07 月 18 日 基础化工 优于大市（维持） 证券分析师 王华炳 信息披露 分析师声明 相关研究 1.《供给端扰动，关注草甘膦投资机 会》，2025.5.30 南美需求启动，关注双草投资机会 —草甘膦行业点评② [Table_Summary] 投资要点： 请务必阅读正文之后的信息披露和法律声明 事件：①根据百川盈孚，截至 7 月 14 日，我国草甘膦价格 2.55 万元，同比上周 +0.79%，同比上月+7.16%。②7 月 7 日中国农药工业协会提出并归口的 T/CCPIA 275—2025《草铵膦可溶液剂（水剂）氯离子限量》团体标准发布实施，《标准》 中规定了草铵膦可溶 ...

Group 1 - The company has widely applied its green pesticide products in drone spraying scenarios [1] - There are currently no plans for the company to collaborate with leading AI robotics firms to develop pesticide spreading business [1]

5月中旬以来，农药大单品草甘膦的价格出现了回暖。卓创资讯数据显示，截至7月16日，草甘膦原药价 格在2.62万元/吨左右，较5月中旬2.34万元/吨的低价累计上涨11.97%，较去年同期上涨4.80%；行业毛 利率由负转正达到2.54%，毛利666元/吨。 7月16日，《华夏时报》记者就草甘膦价格表现致电兴发集团（600141.SH）董秘办，接听工作人员表 示，近期草甘膦价格有所上涨，但是仍处于相对低位。"价格上涨与市场整体库存低位、美国孟山都停 产传闻，以及出口旺季来临有关，国内草甘膦大部分用于出口，主要出口目的地是美洲，巴西会更多一 点。" 对于后续草甘膦价格走势，卓创资讯草甘膦分析师刘欣7月16日告诉《华夏时报》记者，后期草甘膦在 产企业交付订单为主，叠加部分企业有检修计划，市场流通货源偏紧或将继续维持，预计草甘膦市场或 仍有一定上行空间。 供需格局优化 草甘膦作为全球第一大农药品种，主要用于大豆、果蔬和玉米等产品，约占全球除草剂市场30%份额。 2024年全球草甘膦原药产能约为118.3万吨，生产企业总计在10家左右，其中拜耳拥有产能约37万吨/ 年，剩余产能主要集中在中国。 复盘近年来草甘膦价格走势 ...

尚纬股份（SH603333，股价8.16元，市值50.72亿元）"易主"不到两个月，新的控股股东就要包揽上市 公司定增股份。 7月16日晚间，尚纬股份披露定增预案，公司拟向控股股东福华通达化学股份公司（以下简称福华化 学）发行股票，募集资金总额不超过11.44亿元。截至2025年3月31日，尚纬股份流动负债占总负债比例 已达85.67%。高流动负债增加了公司的财务风险和短期偿债压力，本次募资将主要用于补充公司流动 性，有效降低资产负债率。 福华化学持股将超40% 定增预案显示，尚纬股份拟向控股股东福华化学发行股票，发行价格为6.31元/股，募集资金总额不超 过11.44亿元，发行数量不超过1.81亿股（不超过本次发行前剔除库存股后的公司总股本的30%）。募集 资金将用于数智化升级及综合能力提升建设项目、营销中心及品牌推广建设项目和补充流动资金。 《每日经济新闻》记者注意到，此次定增发行价格相当于公司5月23日起涨时的股价。5月22日至5月29 日，尚纬股份连续六个涨停，股价一度超过10元。5月23日晚间，尚纬股份公告控股股东、实际控制人 发生变更，公司控股股东由李广胜变更为福华化学，实际控制人由李广胜变更为张 ...

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry, indicating a positive outlook for the sector in Q2 2025 [6]. Core Insights - The chemical industry is experiencing a recovery after a significant decline in prices, with supply disruptions increasing and clear bottom signals emerging. The industry is expected to see improved performance as demand gradually picks up [5][6]. - Key sub-sectors expected to show significant profit growth in H1 2025 include pesticides, fluorochemicals, civil explosives, potassium fertilizers, sweeteners, semiconductor manufacturing and packaging materials, display materials, and modified plastics [5]. - The report highlights the importance of focusing on specific segments that are likely to benefit from improved supply-demand dynamics, including traditional cyclical sectors and emerging growth areas such as electronic materials and new energy materials [6][7]. Summary by Sections Industry Overview - In Q2 2025, the chemical industry is projected to recover from previous downturns, with Brent crude oil prices averaging $68.03 per barrel, down 20% year-on-year and 10% quarter-on-quarter. Natural gas prices increased by 52% year-on-year but decreased by 9% quarter-on-quarter [5]. - The report notes that the overall operating rate in the industry is expected to rise, with downstream demand gradually following suit, despite previous inventory levels being relatively high [5]. Key Company Forecasts - Major companies in the chemical sector are expected to report varying profit results for Q2 2025. For instance, Wanhua Chemical is projected to achieve a net profit of 2.5 billion yuan, down 38% year-on-year, while Baofeng Energy is expected to report a profit of 3 billion yuan, up 59% year-on-year [5][9]. - The report emphasizes the performance of specific companies, such as Juhua Co., which is expected to see a profit of 1.25 billion yuan, up 139% year-on-year, and Sanmei Co., projected to achieve 600 million yuan, up 162% year-on-year [5][9]. Sector-Specific Insights - The fluorochemical sector is highlighted for its ongoing positive trends, with the report suggesting that the adjustment of quota systems will not alter the long-term upward trajectory of refrigerants [7]. - The tire industry is also noted for potential recovery, with major players expected to benefit from improved cost structures and demand dynamics despite facing challenges from trade tariffs [7]. Growth Opportunities - The report identifies growth opportunities in the semiconductor materials sector, with companies like Yake Technology expected to report stable earnings. The domestic semiconductor industry is progressing towards greater self-sufficiency, which is anticipated to drive demand for related materials [7]. - New energy materials are also highlighted, with companies like Xinzhou Bang expected to see growth in profits, reflecting the ongoing transition towards sustainable energy solutions [7].

Group 1 - Aigle (Shanghai) Biotechnology Co., Ltd. was fined RMB 89,000 for falsely declaring pesticide products during export, violating customs regulations [1][2][3] - The company exported a batch of goods to Uruguay, declaring it as "41% glyphosate isopropylamine soluble solution," but it was actually "50.3% glyphosate dimethylamine salt," which requires specific export permits [2] - The total value of the goods involved was RMB 894,506.61, and the company failed to provide necessary documentation for the export [2][3] Group 2 - Aigle (Shanghai) Biotechnology Co., Ltd. was established on April 29, 2014, with a registered capital of RMB 75 million, and is located in the Shanghai Free Trade Zone [8] - The company is a subsidiary of Sino-Agri Leading Biosciences Co., Ltd., which is involved in agrochemical circulation and provides agricultural production materials [8] - Aigle focuses on global pesticide sales and registration, with operations in over 40 countries across five continents, emphasizing quality and customer service [6][8]

每经记者｜胥帅 每经编辑｜张海妮 尚纬股份（603333.SH，股价7.98元，市值49.6亿元）"易主"不到两个月，新的控股股东就要包揽上市公 司定增。 7月16日晚间，尚纬股份披露了定增预案，公司拟向控股股东福华通达化学股份公司（以下简称福华化 学）发行股票，募集资金总额不超过11.44亿元。 截至2025年3月31日，尚纬股份流动负债占总负债比例已达85.67%。高流动负债增加了公司的财务风险 和短期偿债压力。本次发行将进一步优化公司财务结构，有效降低资产负债率。 定增完成后，福华化学的持股比例将超过30% 定增预案显示，公司拟向控股股东福华化学发行股票，发行价格为6.31元/股，募集资金总额不超过 11.44亿元，发行数量不超过1.81亿股（不超过本次发行前剔除库存股后的公司总股本的30%）。募集资 金将用于数智化升级及综合能力提升建设项目、营销中心及品牌推广建设项目和补充流动资金。 预案中还进一步披露了福华化学去年的财务数据：去年公司实现营业收入76.7亿元，净利润为6.03亿 元。 尚纬股份提到了此次定增发行的目的：随着产业发展逐渐进入成熟期，产业资本的密集度逐步提高，大 型企业已经开始占据市场的 ...

Group 1 - Glyphosate is the second most used herbicide globally, with significant market demand growth driven by the ban and restriction of paraquat and increasing resistance issues with glyphosate [1] - Glyphosate has a unique herbicidal mechanism that inhibits the synthesis of glutamine in plants, leading to ammonia accumulation and cell metabolism disruption, establishing its important position in the pesticide market [1] - The global market share for glyphosate is projected to reach $499 million in 2024 [1] Group 2 - China is the largest producer of glyphosate, with a total production capacity of 151,000 tons by 2025, including major producers like Inner Mongolia Lingsheng (75,000 tons) and Shandong Yisheng (24,000 tons) [2] - BASF plans to cease glyphosate production at its Knapsack and Frankfurt facilities by the end of 2024 and 2025, respectively [2] - UPL's production capacity is only 8,000 tons [2] Group 3 - As of July 14, 2025, the average market price for glyphosate raw powder is 43,700 yuan per ton, below the industry cost of 56,900 yuan per ton [3] - Current inventory levels in the glyphosate industry have decreased by 8.94% week-on-week and 27.3% from the year's peak [3] - Demand from regions like South America and Southeast Asia is expected to drive price recovery, with some companies already scheduling orders into late August [3]

Summary of Conference Call Notes Industry Overview - The conference primarily discusses the **oil and petrochemical sector** and its investment outlook, particularly focusing on the impact of oil prices and production adjustments by OPEC. - The discussion also touches on **chemical additives** and **agricultural chemicals**, highlighting market dynamics and pricing trends. Key Points on Oil and Petrochemical Sector - Oil prices have shown a trend of **decline followed by recovery** since May, influenced by OPEC's decision to increase production by approximately **40 million barrels** in June, which was above market expectations, creating downward pressure on prices [1][2]. - OPEC's production increase aligns with both its internal interests and the U.S. inflation control efforts, suggesting a strategic move to stabilize market share while addressing economic pressures [2][4]. - The **operating rate** in the petrochemical sector remains below **50%**, indicating a tightening supply domestically, while older power plants in Europe are also facing high energy costs, contributing to a global supply adjustment [6]. - Despite pressures, the market has adjusted expectations, and there is a belief that the sector will see a **long-term recovery** as it approaches a bottoming out phase [6][8]. - Companies like **Sinopec** and **CNOOC** are highlighted for their operational resilience despite falling oil prices, with Sinopec showing significant year-on-year growth [10]. Key Points on Chemical Additives and Agricultural Chemicals - The **demand for health-related additives** has increased, with significant growth in the first quarter driven by rising consumer health awareness [12]. - The **sugar substitute market** is experiencing robust demand, with companies in this sector seeing substantial year-on-year growth due to price increases and strong market demand [12]. - The **export cycle** for agricultural chemicals has been shortened this year, with a notable decrease in export volumes compared to last year, primarily due to regulatory changes [13][14]. - The **price disparity** between domestic and international markets for certain chemicals is significant, with domestic prices being over **1,000 yuan per ton** lower than international rates, indicating potential for export growth if regulations ease [14]. - The **herbicide market** is expected to benefit from tariff adjustments, which may enhance domestic producers' competitiveness in the U.S. market [41]. Additional Insights - The **chemical industry** is expected to see a **price increase** in the second half of the year as inventory levels normalize, with a projected demand growth rate of **8-10%** annually [11]. - The **organic silicon sector** is anticipated to grow despite previous trade tensions, with a long-term upward trend in demand expected as tariffs are adjusted [39]. - The **agricultural chemicals sector** is also poised for growth, particularly in products like glyphosate, which may see price increases due to supply constraints in the U.S. market [40][41]. - The **robotics materials sector** is highlighted for its potential growth, driven by increasing demand for advanced materials in robotics and automation applications [34]. Conclusion - The overall sentiment in the oil and petrochemical sector is cautiously optimistic, with expectations of recovery and growth in specific segments, particularly as market conditions stabilize and regulatory environments evolve. - The chemical additives and agricultural chemicals markets are also positioned for growth, driven by changing consumer preferences and favorable regulatory adjustments.