证券日报网12月17日讯国光股份在12月16日回答调研者提问时表示，作物全程方案推广由公司技术营销 人员、经销商、零售商共同完成，采取"实地巡田服务+线上实时服务"的技术服务模式与种植户实时对 接，通过分工合作、双向协同，及时帮助种植户解决作物管理过程中遇到的问题。 （文章来源：证券日报） ...

证券日报网12月17日讯国光股份在12月16日回答调研者提问时表示，公司的研发活动系应用研发。今年 前三季度研发费用增加，主要是因为公司加大了新产品登记力度。 （文章来源：证券日报） ...

证券日报网12月17日讯国光股份在12月16日回答调研者提问时表示，公司技术服务模式对终端推广人员 的需求较大。近年来公司加大了技术服务人员和技术营销人员的配置。2025年公司招聘应届大学毕业生 300余名，其中绝大部分在农林院校接受过系统、专业的学习。截至目前，公司技术营销及技术服务团 队的整体规模已突破千人。 （文章来源：证券日报） ...

Group 1: Chemical Sector Performance - The chemical raw materials index decreased by 1.75%, while the chemical machinery index increased by 0.47%. The pharmaceutical index fell by 0.24%, and the pesticide and fertilizer index dropped by 1.48% [1] - In the petroleum sector, the petroleum processing index declined by 2.65%, the petroleum extraction index fell by 2.49%, and the petroleum trading index decreased by 7.22% [1] Group 2: Oil Price Trends - International crude oil prices decreased, with the NYMEX West Texas Intermediate crude oil futures settling at $57.44 per barrel, down 4.39% from December 5. The ICE Brent crude oil futures settled at $61.12 per barrel, down 4.13% from December 5 [1] Group 3: Petrochemical Product Price Changes - The top five petrochemical products with price increases were lithium battery electrolyte (up 5.50%), vitamin VA (up 5.21%), bisphenol A (up 4.42%), sulfuric acid (up 4.36%), and sulfur (up 4.21%) [1] - The top five petrochemical products with price decreases were liquid chlorine (down 32.88%), 2% biotin (down 5.45%), vitamin D3 (down 5.11%), aniline (down 4.36%), and DEG (down 4.15%) [1] Group 4: Capital Market Performance of Chemical Companies - The top five performing listed chemical companies were Zai Sheng Technology (up 61.19%), Guoci Materials (up 23.46%), Lanxiao Technology (up 18.13%), Qiaoyuan Co. (up 15.18%), and Yongguan New Materials (up 14.34%) [2] - The top five underperforming listed chemical companies were Fanli Technology (down 22.56%), Qingshuiyuan (down 18.42%), Hengtong Co. (down 16.12%), Letong Co. (down 15.53%), and Asia Pacific Industry (down 14.06%) [2]

（文章来源：证券日报） 证券日报网12月12日讯国光股份在12月10日回答调研者提问时表示，公司的研发活动系应用研发。今年 前三季度研发费用增加，主要是因为公司加大了新产品登记力度。公司的研发工作主要由两个部门承 担，一是研发部，主要工作是产品剂型、配方、工艺流程研发；二是作物技术部，主要负责应用实验， 一方面对研发部开发的新产品进行验证，另一方面，通过应用试验发现新的应用对象、应用阶段以及在 不同环境下的最佳应用效果。 ...

（文章来源：证券日报） 证券日报网12月12日讯国光股份在12月10日回答调研者提问时表示，作物全程方案推广由公司技术营销 人员、经销商、零售商共同完成，采取实地巡田服务+线上实时服务的技术服务模式与农户实时对接， 通过分工合作、双向协同，及时帮助种植户解决作物管理过程中遇到的问题。 ...

证券日报网12月12日讯国光股份（002749）在12月10日回答调研者提问时表示，首先，近年来，全国各 地深入推进粮油作物大面积单产提升行动，推行良田、良种、良法、良机、良制"五良"集成融合。公司 全程方案在大田作物领域经过近年的推广应用验证可实现较为可观的增产，因此，为顺应国家政策导 向，促进下游种植业高质量发展，公司加大了在大田作物领域推广应用全程方案的力度。其次，大田作 物全程方案市场空间广阔。单就植物生长调节剂产品而言，按大田单亩投入植物生长调节剂成本10元/ 亩次，如果实现100%的渗透率，植物生长调节剂在大田作物领域的市场容量可达250亿元人民币左右， 可见大田作物全程方案市场空间非常广阔。再次，随着土地流转加速以及乡村振兴政策的不断推进，种 植大户(特别是大田作物领域)将大量涌现，土地规模化、专业化经营将成为趋势，全程方案精准回应了 下游规模化种植户追求效益的核心诉求，因此为顺应下游行业的发展趋势，促进公司业务高质量发展， 公司确立全程方案作为推动公司实现战略发展目标的重要抓手，加大大田作物全程方案推广应用力度是 落实公司发展战略的应有之义。 ...

Core Viewpoint - Guoguang Co., Ltd. (002749) has shifted its focus from primarily promoting comprehensive solutions for fruit trees, which have high economic value and farmer engagement, to also include other economic crops in recent years [1] Group 1 - The company previously concentrated on fruit trees for promoting comprehensive solutions due to their higher economic value [1] - There has been a gradual expansion in promoting comprehensive solutions to other economic crops in recent years [1]

Core Viewpoint - The company held a performance briefing on December 11, 2025, to discuss its operational performance and profit distribution with investors, addressing key concerns raised during the session [1]. Group 1: Company Performance and Projects - The Hengning project is expected to achieve breakeven as the second phase is put into production, with improved operational conditions anticipated [2]. - The company's total production capacity is 111,200 tons, with 32,700 tons for active ingredients and 78,500 tons for formulations [3]. - The company reported a significant increase in sales expenses in Q3, attributed to the full-chain plant protection services provided to various crops [3]. - The decline in profit reported in the Q3 financials was due to maintenance activities at the active ingredient factory, leading to increased management costs [4]. Group 2: Market Outlook and Innovations - The company anticipates stable prices in the pesticide market for Q1 of the following year [5]. - The second phase of the Hengning project has begun trial production of several products, with plans for further investment to enhance product structure and competitiveness [7]. - AI technology is being explored for drug development and production efficiency, although specific quantitative data on its impact is not yet available [8]. Group 3: Product Lines and Agricultural Support - The core product lines include organic water-soluble fertilizers, macro-element water-soluble fertilizers, and microbial fertilizers, with various application methods tailored to different crops [9][10]. - The company is actively involved in rural revitalization efforts, providing technical services and customized agricultural solutions to enhance crop yields and farmer incomes [13]. - The company has established a comprehensive supply chain service model to support farmers, addressing challenges in agricultural production and logistics [14].

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [6] Core Views - The chemical industry is expected to see a continuous recovery in its economic environment, driven by improving supply-demand dynamics and macroeconomic conditions [5][3] - The Consumer Price Index (CPI) has turned positive, and the Producer Price Index (PPI) decline is narrowing, indicating a potential stabilization in chemical product prices [1] - Capital expenditures in the chemical industry are decreasing, which, combined with recovering demand, is likely to improve the supply-demand balance and enhance industry prosperity [3] Summary by Sections 1. Market Overview - The basic chemical sector has experienced a slight decline of 0.5% in the past week, ranking 21st among all sectors [10] - The basic chemical index's Price-to-Earnings (PE) ratio is at 43.8 times, while the Price-to-Book (PB) ratio is at 2.47 times, indicating a higher PE valuation compared to historical PB levels [2] 2. Supply and Demand Dynamics - The chemical industry has passed its peak production capacity, leading to a reduction in capital expenditures, with fixed asset investments down by 5.6% year-on-year in the first nine months of 2025 [3] - The report highlights that the chemical product price index (CCPI) was 3882 points as of December 4, 2025, reflecting a 10.4% decrease since the beginning of the year [1] 3. Policy and Regulatory Environment - Recent government initiatives aim to optimize market competition and eliminate outdated production capacity in the chemical sector, which is expected to foster healthy industry development [4] - The Ministry of Industry and Information Technology has introduced a growth stabilization plan for the petrochemical and chemical industry, targeting an average annual growth of over 5% from 2025 to 2026 [4] 4. Investment Recommendations - The report suggests focusing on leading companies in sectors such as phosphate chemicals, potassium fertilizers, pesticides, MDI, titanium dioxide, and lithium battery materials, which have strong cost control capabilities [5] - It also recommends companies in semiconductor materials, OLED materials, and other high-tech chemical fields that possess technological barriers and customer validation advantages [5]