Core Insights - The company reported a revenue of 4.236 billion yuan for 2024, marking a year-on-year increase of 9.51%, with a net profit attributable to shareholders of 266 million yuan and basic earnings per share of 0.66 yuan [1] - In the first quarter of 2025, the company achieved a revenue of 1.033 billion yuan, reflecting an 18.50% year-on-year growth, with a net profit of 78.53 million yuan, up 50.94%, and a basic earnings per share of 0.19 yuan [1] Group 1 - The company primarily operates in the agricultural chemicals sector, focusing on the research, production, and sales of pesticides and functional chemicals, including fungicides and herbicides [3] - The company has established itself as a leading manufacturing enterprise with core technologies and products, leveraging its own technology and extensive manufacturing management experience [3] Group 2 - The company exports over 70% of its products globally, with a relatively low percentage directed towards the U.S. market, and is implementing a diversified supply chain strategy to mitigate the impact of U.S. tariffs [2] - The company is actively pursuing the registration of new pesticides, including the upcoming launch of cyhalofop-butyl, and is focused on green upgrades in traditional chemical manufacturing [2] - Brazil is identified as a key market for the company, which is seeking to expand its business opportunities in this significant agricultural market [2]

Core Viewpoint - Runfeng Co., Ltd. has postponed several fundraising projects initially planned for investment, citing complex and changing market conditions in the agricultural chemical industry as the primary reason for these delays [2][4][5]. Group 1: Project Delays - Runfeng Co., Ltd. announced the postponement of multiple fundraising projects, including the "9000 tons of Clomazone project," "38800 tons of herbicide project," "plant protection product R&D center project," and "25000 tons of glyphosate continuous technology transformation project" [1][3]. - Since mid-2022, Runfeng Co. has repeatedly adjusted the timelines for several fundraising projects, with some projects undergoing three adjustments over four years [1][2]. - The "25000 tons of glyphosate continuous technology transformation project" has been postponed from May 2024 to May 2026, while the "herbicide project" has also seen its timeline extended from July 2025 to July 2026 [3][5]. Group 2: Market Conditions - The agricultural chemical industry, where Runfeng operates, is currently at a cyclical low, characterized by oversupply, which has led to the postponement of investment projects [2][6]. - The company noted that the prices of most crop protection raw materials are at historical lows, and the market is expected to remain oversupplied due to increased production capacity in China and India [6]. - Runfeng Co. anticipates that the market will transition from "de-stocking" to "de-capacity" by 2025, leading to intensified competition and potential exits of non-competitive firms from the market [6]. Group 3: Strategic Adjustments - Runfeng Co. has indicated that the changes in fundraising project allocations are a response to evolving market demands and product pricing, reflecting a strategic adjustment to its business planning [2][5]. - Despite the delays, the company maintains that the postponed projects still align with its long-term strategic planning and remain necessary and feasible for future investment [5][6].

核心技术和先进制造双优势发威 核心产品行业地位突出 4月11日，南通泰禾化工股份有限公司(证券简称为"泰禾股份（301665）")正式在深交所创业板上市， 证券代码为"301665"。 作为一家在农药产品领域拥有行业领先地位的集团化制造企业，泰禾股份此次里程碑式的资本市场一 步，既是公司农化产品与功能化学品"双轮驱动"高质量发展的阶段成果，也是公司以国际化视野参与全 球产业链竞合的新起点。 泰禾股份位于江苏省如东县，主要从事农药产品以及功能化学品的研发、生产和销售，现有百菌清、嘧 菌酯、2,4-D等极具市场地位的农化产品，并推出了四氯丙烯等功能化学品。其中，嘧菌酯为全球第一 大杀菌剂，2,4-D为全球最大的苯氧羧酸类除草剂，百菌清为全球第二大的保护性杀菌剂。 公司坚持"上马产品必须要有持续的技术优势"原则，经过二十多年的发展，形成了以氨氧化、氯化、加 氢等反应技术为核心的技术创新体系，拥有363项专利。公司还设有农业部认证的GLP和GEP实验室， 建立了涵盖化合物设计、生物筛选、工艺研发、制剂研究的完整研发体系，先后承担4项国家"十二 五"科技支撑计划、1项"十三五"国家重点研发计划。 公司以高QHSE标准在 ...