1. Reported Industry Investment Rating - No information provided 2. Core View of the Report - The company's performance in the first half of 2025 increased year - on - year due to the rise in sales volume and price of some products and the effectiveness of cost - reduction and efficiency - improvement measures. The supply - demand situation of some products in the pesticide industry has improved, but the competition for many pesticide products remains fierce and prices are still low, so the industry development trend needs close observation [20] - The company is optimistic about the future development of glufosinate - ammonium and refined glufosinate - ammonium. The market demand for refined glufosinate - ammonium will continue to grow, and the company will expand its market share [22] - The company is positive about the market prospects of chlorantraniliprole and is building production facilities [23] 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - The research object is Lier Chemical, belonging to the pesticide and veterinary medicine industry. The reception time was July 25, 2025. The listed company's reception staff included Deputy General Manager and Board Secretary Liu Jun, and Director of the Board Office and Securities Affairs Representative Jin Yongheng [16] 3.2 Detailed Research Institutions - The research institutions include securities companies such as Changjiang Securities, CITIC Securities, and Industrial Securities, and fund management companies such as Huatai - PineBridge Fund, China Europe Fund, and Shibei Investment, along with their relevant personnel [17] 3.3 Main Content Data - **Measures to improve performance**: Ensure the completion of key projects on schedule, optimize existing process technologies, strengthen cooperation with strategic customers, establish international trade subsidiaries, develop the formulation business, increase R & D investment, and ensure safety production [21] - **Glufosinate - ammonium price trend**: The company is optimistic about the future of glufosinate - ammonium and refined glufosinate - ammonium. Although the price is falling, the market demand is growing, and the company will expand its market share [22] - **Refined glufosinate - ammonium project**: The 20,000 - ton/year enzymatic refined glufosinate - ammonium project in Hunan Jinshi has been put into production and is operating normally. The company is accelerating the registration and market layout of refined glufosinate - ammonium overseas [22] - **International market plan**: Strengthen cooperation with strategic customers, establish international trade subsidiaries, develop the international formulation business, and build a market intelligence network in core global markets [22] - **Cyanide project in Jingzhou Base**: The project is in the preliminary stage, and the specific situation is subject to the approval of the company's board of directors [22] - **Chlorantraniliprole project**: The company is optimistic about its market prospects. The production facilities (including key intermediates) are under construction [23] - **Change of controlling shareholder and actual controller**: The company is notified by the controlling shareholder, and the matter needs to go through a series of operations and state - owned asset approval processes. The company will disclose information as required [24]

Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Report Core View - The plant growth regulator industry has a large market capacity and its growth rate is higher than the average growth rate of the pesticide industry. The industry structure with small and scattered enterprises is beneficial to leading companies. Guoguang Co., Ltd. is taking various measures to increase its market share and actively return to shareholders [22][23]. 3. Section Summaries 3.1. Research Basic Information - The research object is Guoguang Co., Ltd., belonging to the pesticide and veterinary medicine industry. The reception time was on July 25, 2025. The listed company's reception staff included Li Chao, the representative of the securities affairs of Guoguang Co., Ltd., and Xiang Yang, the deputy minister of the securities investment department of Guoguang Co., Ltd. [16] 3.2. Detailed Research Institutions - The research institutions included securities companies such as Industrial Securities Co., Ltd., Changjiang Securities Co., Ltd., and Citic Securities Co., Ltd.; fund management companies such as China - Europe and Huatai - PineBridge Fund Management Co., Ltd.; and other institutions like Shanghai Shibei Nengxin Private Fund Management Partnership (Limited Partnership) [17]. 3.3. Research Institution Proportion - No relevant information provided. 3.4. Main Content Data - **Marketing Staff**: In 2025, the company recruited more than 300 fresh university graduates, and the scale of the technical marketing and technical service team exceeded 1,000 [21]. - **Industry Pattern**: There are about 450 enterprises in the plant growth regulator industry (including about 110 original drug registration enterprises). As of the end of 2024, there were 1,734 registration certificates in China, with 33 enterprises having 10 or more registration certificates, totaling 632 registration certificates. The industry is fragmented, which is beneficial to leading enterprises [22]. - **Shareholder Return**: The company's 2024 annual general meeting approved the 2025 interim dividend plan, and it will actively return to shareholders in 2025 according to the "Three - Year (2024 - 2026) Shareholder Return Plan" [23]. - **Industry Growth Rate**: The growth rate of the plant growth regulator industry is higher than the average growth rate of the pesticide industry due to its short application time in China and large market capacity [23]. - **Raw Material Price**: The prices of pesticide raw materials required for the company's main plant growth regulator preparation products have been relatively stable this year [24]. - **Market Share Increase**: The company's measures to increase market share include product - side actions (new product development, product optimization, increasing registration certificates, and field efficacy tests), production - side actions (strengthening quality management and improving supply capacity), and marketing - service - side actions (matching technical service personnel, enhancing service capabilities, optimizing the dealer system, and increasing the number of core channel partners) [25]. - **Gross Margin of Full - Process Solutions**: The gross margin of products in the full - process solutions has hardly changed. The company promotes full - process solutions to provide one - stop solutions and professional services, achieving a win - win situation for the company, channels, and growers [26]. - **Gross Margin Increase in Q1 2025**: The reasons for the increase in gross margin in the first quarter of 2025 were the change in product sales structure (increased sales of high - gross - margin products) and lower prices of some raw materials compared to the same period last year [27].

Core Viewpoint - Limin Co., Ltd. plans to reduce its shareholding by up to 13.1 million shares, accounting for 3% of its total equity, primarily to meet financing repayment needs, despite recent performance improvements in the company [1][2]. Group 1: Shareholding Reduction - The controlling shareholder, Li Ming, intends to reduce his stake through block trading and centralized bidding within 90 days after 15 trading days from the announcement date [1]. - The planned reduction will yield approximately 265 million yuan based on the closing price of 20.20 yuan per share on July 10 [1]. - Three senior executives also disclosed their plans to reduce their holdings, totaling 296,000 shares, for similar financing repayment reasons [1]. Group 2: Financial Performance - Limin Co., Ltd. has experienced a decline in net profit over the past three years, with figures of 307 million yuan, 219 million yuan, and 62.05 million yuan, reflecting year-on-year decreases of 20.49%, 28.63%, and 71.67% respectively [2]. - In 2024, the company reported a revenue of 4.237 billion yuan, a slight increase of 0.32%, and a net profit of 81.36 million yuan, marking a year-on-year growth of 31.11% [2]. - The first quarter of 2024 showed a significant turnaround with revenues of 1.211 billion yuan, up 22.28%, and a net profit of 108 million yuan, compared to a loss of 8.49 million yuan in the same period last year [2]. Group 3: Market Dynamics and Strategy - The company's strong performance in Q1 2024 is attributed to high demand for its leading products, particularly due to the outbreak of soybean rust in Brazil and low inventory levels [3]. - Price increases for key products like Mancozeb and Abamectin are driven by supply constraints and rising demand [3]. - Limin Co., Ltd. plans to enhance its formulation R&D, focus on international market expansion, and optimize asset structure through various capital operations, including mergers and acquisitions [3].

Market Overview - A-shares experienced narrow fluctuations on Wednesday, with major indices showing slight increases, while most individual stocks declined. The Shanghai Composite Index rose by 0.04% to 3388.81 points, and the Shenzhen Composite Index increased by 0.03% [1] - The total trading volume across A-shares was 12.218 trillion yuan, a slight decrease from 12.371 trillion yuan on Tuesday [1] Sector Performance - Bank stocks saw a broad increase, providing some support to the indices despite the decline in most individual stocks. Other sectors that performed relatively well included electronic components, consumer electronics, and wind power [1] - Conversely, sectors with significant declines included pesticides and veterinary drugs, beauty care, small metals, medical services, and household light industry [1] Financial Policy Announcements - The Lujiazui Forum opened on Wednesday, where the central bank governor announced eight financial opening measures, which likely contributed to the rise in bank stocks. The measures include establishing a trading report database for the interbank market and setting up a digital RMB international operation center [1] Market Sentiment and Future Outlook - The chairman of the China Securities Regulatory Commission discussed the Sci-Tech Innovation Board and the ChiNext at the Lujiazui Forum [2] - The U.S. stock market saw a slight decline overnight, with all three major indices dropping by less than 1%. The Hong Kong market experienced a general increase, although the Hang Seng Index fell by 1.12% [2] - The Federal Reserve's two-day interest rate meeting is ongoing, with expectations that there will be no interest rate cuts. Market focus is primarily on the Fed's statements [2] - Many institutions are adopting a defensive stance in their stock recommendations, indicating a cautious market sentiment. The A-share market is expected to continue its sideways trend until there is a noticeable improvement in the economic situation [2]

Group 1 - The People's Bank of China announced eight significant financial opening measures, leading to a slight increase in major A-share indices, with the Shanghai Composite Index rising by 0.04% to 3388 points and the Shenzhen Component Index increasing by 0.24% [1] - The total trading volume for the day was 1.22 trillion yuan, which is a decrease of 15.4 billion yuan compared to the previous trading day, with nearly 3500 stocks declining across the market [1] Group 2 - The PCB and electronic components sectors saw gains, with companies like Huadian Co., Ltd. (002463) hitting the daily limit, and the storage chip sector also surged, with Kexiang Co., Ltd. reaching a 20% limit up [3] - The blind box economy sector experienced a downturn, with Yuanlong Yatu (002878) dropping over 8%, while the pesticide and veterinary drug sectors also fell, with Sulihua Co., Ltd. (603585) hitting the daily limit down [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The company's profitability is continuously improving, with the 2025 Q1 net profit attributable to shareholders reaching 44.497 million yuan, a year - on - year increase of 371.23% [26]. - The company will adjust resource allocation, increase investment in pet drug R & D and market channel construction, and regard the pet drug sector as one of the key development directions [27]. - The company will continue to increase R & D and technological innovation investment, deepen the "raw material - preparation integration" strategy, improve the pet business layout, and actively explore overseas markets [27][30]. 3. Summaries by Relevant Catalogs 3.1. Research Basic Situation - Research object: Huisheng Biotechnology [16] - Industry: Pesticides and veterinary drugs [16] - Reception time: June 12, 2025 [16] - Reception personnel: Chairman Zhang Weiyuan, Deputy General Manager and Financial Controller Yang Kaijie, Board Secretary Wang Qingfeng [16] 3.2. Detailed Research Institutions - Reception object: Investors participating in the 2025 collective investor reception day event of listed companies in Hubei Province and the 2024 annual performance briefing online [19] - Reception object type: Others [19] 3.3. Main Content Data - **Export of raw materials**: In 2024, the company's raw material exports achieved sales revenue of 63.3903 million yuan (excluding trade exports), a year - on - year increase of 155.71%, covering more than 20 countries and regions. In Q1 2025, the export revenue decreased by 10.92% quarter - on - quarter compared with Q4 2024. The company is actively exploring overseas markets, and the current raw material export business is normal [23][29]. - **Vietnam project**: The Vietnam production base has obtained production approvals and veterinary drug sales licenses for some products, mainly produces chemical preparation products, with a designed annual production capacity of 1,500 tons [23][25]. - **Pet business**: The company's pet business has formed a relatively complete product matrix, with a small proportion of revenue but maintaining a good growth trend. The company will increase investment in this area, use a combination of online and offline methods for business expansion, and its pet drugs participated in some 6.18 activities [23][25][27]. - **Product price**: The price of tylosin is affected by many factors, and its future price change is uncertain. The change in raw material product prices will have a certain impact on the company's operating performance, but the price change is also uncertain [23][25]. - **Raw materials**: The company's self - produced raw materials are tiamulin and tylosin, and it does not produce tiamulin and oxytetracycline raw materials [26]. - **Convertible bond redemption**: The company's early redemption of convertible bonds is mainly for three reasons: high interest rates affecting net profit, improved profitability, and the need to create conditions for continuous dividends [26]. - **Company development plan**: The company will continue to increase R & D investment, focus on new veterinary drug development, deepen the "raw material - preparation integration" strategy, improve the pet business layout, and actively explore overseas markets [27][30].

Market Overview - The A-share market experienced a collective pullback, with the Shanghai Composite Index down by 0.18%, Shenzhen Component down by 0.61%, and ChiNext down by 0.68% [1] - The trading volume in the Shanghai and Shenzhen markets was 998.9 billion yuan, a slight decrease of 11 billion yuan from the previous day [1] - A total of 2,637 stocks rose while 2,576 stocks fell, indicating a mixed market sentiment [1] Fundraising and Investment - Recently, three ETFs managed by major funds such as Fuguo Fund, Jiashi Fund, and ICBC Credit Suisse Fund were established, with Beijing Chengtong Investment Co., Ltd. subscribing 600 million yuan in total, becoming the largest shareholder [1] - China Chengtong, a state-owned enterprise under the supervision of the State-owned Assets Supervision and Administration Commission, is committed to supporting the development of the capital market [2][3] Sector Performance New Consumption Sector - The food and beverage sector, particularly new consumption brands, showed strength, with stocks like Yong'an Pharmaceutical rising significantly by 111% over the last 12 trading days due to the popularity of its functional beverage [5] - The shift towards new consumption reflects a broader economic transformation, moving from traditional consumption to a focus on self-actualization needs [6] Pharmaceutical Sector - The pharmaceutical sector is gaining attention, driven by continuous innovation in drug development and a defensive shift in investment strategies [8] - There is a growing interest in traditional Chinese medicine brands from a long-term investment perspective [8] Chemical Sector - The chemical sector saw a rise due to an explosion incident at Shandong Youdao Chemical Co., which led to increased interest in pesticide and veterinary drug stocks [9] - The incident affected the stock performance of related companies, including Haomai Technology, which is associated with Youdao Chemical [10]

Market Performance - On Tuesday, A-shares experienced a slight decline, with the Shanghai Composite Index falling by 0.18% to 3340.69 points, the Shenzhen Composite Index down by 0.29%, the ChiNext Index down by 0.35%, and the STAR 50 Index down by 0.95%. In contrast, the Northern Stock Exchange 50 Index rose by 0.08% [1] Monetary Policy - The central bank has been actively injecting liquidity into the market, conducting a 7-day reverse repurchase operation of 382 billion yuan on Monday, resulting in a net injection of 247 billion yuan after 135 billion yuan of reverse repos matured. On Tuesday, another operation of 448 billion yuan was conducted, leading to a net injection of 91 billion yuan after 357 billion yuan matured [2] Economic Indicators - The National Bureau of Statistics reported a 1.4% increase in profits for industrial enterprises above designated size from January to April, which is an improvement of 0.6 percentage points compared to the 0.8% growth from January to March. Specifically, profits in April rose by 3.0% year-on-year, surpassing the 2.6% increase in March. However, the profit data may be distorted due to significant export and import activities during the period of heightened US-China tariff discussions, leading to a muted market reaction [3] Market Outlook - Despite the generally favorable news, the impact on the market is expected to be limited. The market is likely to maintain a balanced and fluctuating pattern, with investors advised to hold their positions and observe [4]

Group 1: Research Basic Information - The research object is Lier Chemical, belonging to the pesticide and veterinary medicine industry, and the reception time is May 22, 2025. The listed company's reception staff includes Deputy General Manager and Board Secretary Liu Jun, and Liu Yu from the Board Office [16] Group 2: Detailed Research Institutions - The research institutions include securities companies such as Everbright Securities, Tianfeng Securities, Orient Securities, and CITIC Construction Investment; asset management companies like Ruijun Asset and Taikang Asset; fund management companies including Penghyang Fund, Invesco Great Wall, and Huatai-PineBridge Fund; and investment companies such as Hezhong Yisheng and Zhongrui Heyin [17][18] Group 3: Proportion of Research Institutions - Securities companies account for 36%, asset management companies 7%, fund management companies 36%, and investment companies 14% [20] Group 4: Main Content Information - The company's Q1 2025 performance rebounded due to increased sales and prices of some products and effective cost - reduction and efficiency - improvement measures. Some peer companies also had good Q1 performance, indicating improved supply - demand for some pesticide products, but the overall industry trend still needs close observation [23] - As the price of glufosinate - ammonium technical gradually declines, the market demand and the company's sales volume are increasing. However, the industry competition is still fierce, and the price is at a historical low [24] - The company is optimistic about the market space of refined glufosinate - ammonium. As more enterprises obtain product registrations, promote the market, and improve production technology, market demand will continue to grow. The company, as the largest domestic producer of refined glufosinate - ammonium technical, will accelerate overseas registration and market layout [26] - In 2024, the company's international sales accounted for 47%, with exports to over thirty countries and regions including the US. The company's main technical products were on the exemption list during the previous US "reciprocal tariff" policy, and recent Sino - US tariff policy adjustments have little short - term impact on the company [27] - The company is not currently considering an incentive plan [28] - The acquisition of Shandong Huimeng is in the due - diligence and demonstration process [29] - The change of the company's controlling shareholder and actual controller is based on the notice from Jiuyuan Group. The progress needs to go through a series of operations and state - owned asset approval processes, and the company believes it will promote further development [30][31]

Group 1: Macroeconomic and Financial Data - DRO01 closed at 1.54, down 5.09 bp; DR007 closed at 1.78, up 3.35 bp; GC001 closed at 1.61, down 28.50 bp; GC007 closed at 1.68, down 17.00 bp; SHBOR 3M closed at 1.75, unchanged; LPR 5 - year closed at 3.60, unchanged; 1 - year treasury closed at 1.46, down 0.50 bp; 5 - year treasury closed at 1.51, down 2.00 bp; 10 - year treasury closed at 1.62, down 2.35 bp; 10 - year US treasury closed at 4.23, down 6.00 bp [3] - The central bank conducted 340.5 billion yuan of 7 - day reverse repurchase operations with an operating rate of 1.50%, resulting in a net investment of 120 billion yuan [3] - This week, 504.5 billion yuan of reverse repurchases will mature in the central bank's open market, with 176 billion, 220.5 billion, and 108 billion maturing from Monday to Wednesday respectively, and the funds due on Thursday and Friday will be postponed to the first trading day after the holiday [4] Group 2: Stock Index Futures and Options - The CSI 300 fell 0.17% to 3775.1; the SSE 50 fell 0.22% to 2645.5; the CSI 500 rose 0.12% to 5604.9; the CSI 1000 rose 0.45% to 5903.4. The trading volume of the two markets was 1.02 trillion yuan, a decrease of 34.3 billion yuan [5] - The central political bureau meeting on April 25 released limited incremental information on aggregate policies, emphasizing the implementation of existing policies and the refinement of support policies for specific areas [6] - The short - term trend of stock indices faces a situation of mixed long and short factors. The uncertainty of the Trump administration's actions complicates Sino - US tariff negotiations, while the better - than - expected Q1 economic data reduces the urgency of short - term incremental policies [6] - The short - term recommendation for stock index futures is to hold a light position and wait for the market direction to become clear. Before the May Day holiday, consider the double - buying strategy for stock index options due to overseas uncertainties and low option volatility [6] - The IF, IH, IC, and IM contracts have different levels of premium and discount rates for different delivery months [7]