Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company's fungicide business shows steady growth, focusing on technological innovation and market expansion [5] - The company achieved a revenue of 2.452 billion yuan in the first half of 2025, representing a year-on-year increase of 6.69%, with a net profit of 269 million yuan, up 747.13% year-on-year [4] - The company is enhancing its competitiveness through a robust domestic and international market layout, with overseas market revenue increasing by 22.42% [5] Summary by Sections Market Performance - The company has maintained growth in sales of agricultural fungicides and insecticides, with fungicide revenue reaching 1.24 billion yuan, up 12.36% year-on-year, and insecticide revenue at 748 million yuan, up 5.19% year-on-year [5] Financial Performance - The company reported a significant increase in operating cash flow, with a net cash flow from operating activities of 91.44 million yuan, up 180.08% year-on-year [6] Technological Innovation - The company has made substantial progress in the field of biopesticides, particularly in microbial synthesis technology, enhancing its R&D capabilities and market responsiveness [7][8] - The establishment of a synthetic biology laboratory marks a significant advancement in the company's technological reserves in biopesticides [8] Profit Forecast - The company is projected to achieve net profits of 407 million yuan, 465 million yuan, and 584 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.92 yuan, 1.05 yuan, and 1.32 yuan [9][11]

Group 1: Financial Performance - In the first half of 2025, the company achieved total revenue of 6.531 billion yuan, a year-on-year increase of 14.94% [1] - The net profit attributable to shareholders reached 555.6 million yuan, up 205.62% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 549 million yuan, an increase of 211.85% year-on-year [1] - In the second quarter of 2025, total revenue was 3.844 billion yuan, reflecting a year-on-year growth of 28.64% [1] - The net profit attributable to shareholders in Q2 2025 was 299 million yuan, a staggering increase of 932.30% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses in Q2 2025 was 293 million yuan, up 1094.39% year-on-year [1] Group 2: Market Trends - The global crop protection market demand is expected to continue recovering, with low inventory levels in the pesticide overseas market [2] - The export quantity of crop protection products from January to June 2025 increased by 17.07% year-on-year, while the export value rose by 13.72% [2] - The demand for crop protection products remains strong, with a gradual recovery in gross margins across most end markets as supply-side costs decrease [2] Group 3: Strategic Initiatives - The company aims to become a leading global crop protection company, with four growth strategies being implemented [3] - The proportion of ToC (To Consumer) business increased to 40.14% in 1H25, with a gross margin of 30.21% [3] - Revenue from the EU and North America increased to 14.08% in 1H25 [3] - The company's insecticide and fungicide business revenue share rose to 26.59% in 1H25 [3] - The company is expanding its biopesticide segment, launching Rainbow Bio in more countries across Africa, Asia, and the Americas [3] - The company has obtained over 600 new registrations, totaling more than 8,400 pesticide registrations domestically and internationally as of June 30, 2025 [3] Group 4: Investment Outlook - The company is expected to benefit from its global registration layout and ToC channel development, leading to profit growth [3] - Projected net profits for 2025-2027 are 1.175 billion yuan, 1.417 billion yuan, and 1.748 billion yuan, with year-on-year growth rates of 161.01%, 20.58%, and 23.40% respectively [3] - Corresponding PE ratios are projected at 16X, 14X, and 11X for the respective years [4]

Core Viewpoint - The company reported a steady performance in the first half of 2025, with revenue and net profit showing moderate growth, while the global crop protection market is expected to recover, benefiting the company’s position as a leading player in the pesticide industry [1][2][3]. Financial Performance - In 1H25, the company achieved total revenue of 6.234 billion yuan, a year-on-year increase of 9.38% - The net profit attributable to shareholders was 806 million yuan, up 5.60% year-on-year - The non-recurring net profit was 796 million yuan, reflecting a 7.86% increase year-on-year - In Q2 2025, total revenue reached 2.993 billion yuan, a year-on-year increase of 18.63% - The net profit attributable to shareholders for Q2 was 371 million yuan, up 11.06% year-on-year [1]. Product Performance - The average selling price of raw materials in 1H25 was 64,500 yuan/ton, down 3.04% year-on-year, with sales volume at 56,700 tons, an increase of 13.4% - The average selling price of formulations was 41,600 yuan/ton, down 2.89% year-on-year, with sales volume at 28,100 tons, a slight increase of 0.1% - The company’s main products, including various pesticides, showed mixed price trends, with some products experiencing price declines while others saw increases [1]. Market Outlook - The global crop protection market is expected to see a continued recovery, with low inventory levels in overseas markets and stable demand for crop protection products - Export quantities for crop protection products increased by 17.07% year-on-year in the first half of 2025, with export value rising by 13.72% [2]. - The company, as a leading player in the pesticide industry, is well-positioned to benefit from this market recovery [2]. Project Development - The Youchuang project is progressing steadily, with the first phase of the Liaoning Youchuang project achieving design capacity - The project is included in China Sinochem's "14th Five-Year Plan" and is expected to generate significant revenue growth, with projected annual revenue of 1.5 billion yuan by 2026 and 4 billion yuan by 2030 [3]. - The project aims to resolve bottlenecks faced by the subsidiary Shenyang Kexin and optimize the company's production layout, enhancing its competitive position [3]. Investment Perspective - The company is expected to benefit from the recovery in the pesticide industry, with projected net profits of 1.34 billion yuan, 1.52 billion yuan, and 1.74 billion yuan for 2025-2027, reflecting year-on-year growth rates of 11.62%, 13.65%, and 13.86% respectively [3].

贝斯美所属申万行业为：基础化工-农化制品-农药。所属概念板块包括：专精特新、新材料、小盘、高 送转、送转填权等。 截至6月30日，贝斯美股东户数1.99万，较上期增加82.96%；人均流通股18160股，较上期减少45.34%。 2025年1月-6月，贝斯美实现营业收入7.76亿元，同比增长16.57%；归母净利润3470.64万元，同比增长 109.70%。 分红方面，贝斯美A股上市后累计派现6287.00万元。近三年，累计派现3852.19万元。 8月27日，贝斯美盘中下跌2.02%，截至13:59，报11.17元/股，成交1.31亿元，换手率3.20%，总市值 40.34亿元。 资金流向方面，主力资金净流出1633.18万元，特大单买入379.57万元，占比2.90%，卖出682.22万元， 占比5.22%；大单买入2920.25万元，占比22.33%，卖出4250.78万元，占比32.51%。 贝斯美今年以来股价涨9.40%，近5个交易日跌6.92%，近20日涨3.71%，近60日涨3.81%。 资料显示，绍兴贝斯美化工股份有限公司位于浙江省绍兴市上虞区杭州湾上虞经济技术开发区经十一路 2号，成立日期 ...

Core Viewpoint - Yangnong Chemical has shown significant stock performance with a year-to-date increase of 29.92% and a recent 5-day increase of 13.44% [1] Group 1: Stock Performance - As of August 27, Yangnong Chemical's stock price rose by 2.12% to 74.30 CNY per share, with a trading volume of 1.41 billion CNY and a turnover rate of 0.48%, resulting in a total market capitalization of 30.121 billion CNY [1] - The stock has experienced a 31.69% increase over the past 60 days [1] Group 2: Financial Performance - For the first half of 2025, Yangnong Chemical reported a revenue of 6.234 billion CNY, representing a year-on-year growth of 9.38%, and a net profit attributable to shareholders of 806 million CNY, up 5.60% year-on-year [2] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 6.01% to 18,100, while the average circulating shares per person increased by 6.40% to 22,271 shares [2] - The company has distributed a total of 2.735 billion CNY in dividends since its A-share listing, with 1.04 billion CNY distributed in the last three years [2] Group 4: Major Shareholders - As of June 30, 2025, Hong Kong Central Clearing Limited is the fourth-largest shareholder with 16.2928 million shares, an increase of 754,800 shares from the previous period [2] - Other notable shareholders include E Fund Yufeng Return Bond A and E Fund New Income Mixed A, with changes in their holdings compared to the previous period [2]

Financial Performance - The company reported a total operating revenue of 591 million yuan, an increase of 52.29 million yuan compared to the same period last year, achieving a year-on-year growth of 9.70% [1] - The net profit attributable to shareholders reached 90.59 million yuan, marking an increase of 22.39 million yuan from the previous year, with a year-on-year growth of 32.84% [1] - The net cash inflow from operating activities was 82.57 million yuan [1] Key Financial Ratios - The latest debt-to-asset ratio stands at 27.10%, ranking 7th among disclosed peers [3] - The gross profit margin is 35.37%, ranking 3rd among disclosed peers, with an increase of 2.30 percentage points from the previous quarter and a year-on-year increase of 3.92 percentage points [3] - The return on equity (ROE) is 7.44%, ranking 10th among disclosed peers, with a year-on-year increase of 1.59 percentage points [3] - The diluted earnings per share (EPS) is 0.58 yuan, ranking 11th among disclosed peers, with a year-on-year increase of 31.82% [3] - The total asset turnover ratio is 0.36 times, ranking 15th among disclosed peers, with a year-on-year increase of 1.41% [3] - The inventory turnover ratio is 3.25 times, ranking 10th among disclosed peers [3] Shareholder Information - The number of shareholders is 7,818, with the top ten shareholders holding a total of 115 million shares, accounting for 73.59% of the total share capital [3] - The largest shareholder is Zhejiang Xinhui Investment Co., Ltd., holding 54.5 million shares [3]

Core Viewpoint - Glyphosate has experienced a turnaround after three years of low performance, with prices rising from 22,000 yuan to 26,000 yuan per ton, marking an increase of nearly 20% [1] Group 1: Price and Demand Dynamics - The price of glyphosate has significantly increased due to low industry inventory and the traditional export peak season to South America from June to August, leading to tight market supply [2] - Glyphosate's demand is heavily reliant on exports, with 70% of its demand coming from international markets, particularly during the procurement season in South America [2] - The export volume of glyphosate in the first half of the year reached 331,000 tons, a year-on-year increase of 14.2%, while the export value was $970 million, up 11.1% year-on-year [2] Group 2: Supply Chain and Cost Factors - The production of glyphosate is constrained by strict policies on yellow phosphorus capacity and energy consumption, leading to price fluctuations [3] - The average price of yellow phosphorus in the first half of the year was 23,300 yuan, an increase of 464 yuan compared to the average price in 2024 [3] - There has been no new production capacity added in the glyphosate industry from 2018 to the first half of 2025, with effective domestic capacity expected to stabilize around 800,000 tons [3] Group 3: Future Price Trends - Glyphosate prices are expected to continue rising due to strong order intake from major companies and low inventory pressure [4] - The market demand for glyphosate is projected to grow with the expansion of genetically modified crop planting and the banning of alternative herbicides [4] - The industry is likely to see an improvement in supply-demand structure, with leading domestic companies potentially increasing their market share due to uncertainties in Monsanto's production capacity [4]

上市企业：扬农化工（600486）,安道麦Ａ（000553）,先达股份（603086）,ST红太阳（000525）,诺普 信（002215）,利尔化学（002258）,润丰股份（301035）,新安股份（600596） 数据来源：国家统计局，智研咨询整理 相关报告：智研咨询发布的《2025-2031年中国农药行业市场全景调研及前景战略研判报告》 根据国家统计局数据显示：2025年6月中国化学农药原药(折有效成分100％)产量为37.1万吨，同比增长 10.4%；2025年1-6月中国化学农药原药(折有效成分100％)累计产量为208.5万吨，累计增长9.7%。 2020-2025年上半年中国化学农药原药(折有效成分100％)产量统计图 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

东海证券近日发布基础化工行业周报：据韩国《中央日报》报道，8月20日，韩国10家 主要石化企业签署了有关业务重组的协议，包括大幅削减石化产能，承诺将努力削减270万 ~370万吨的石脑油裂解(NCC)产能，相当于韩国总产能(1470万吨)的25%。韩国政府提出的 石化行业结构调整主要有三个方向：减少过剩产能并转向附加值更高的产品，改善企业的财 务健康状况，以及尽量减少对经济和就业的影响。 以下为研究报告摘要： 供给侧有望结构性优化，挑选弹性及优势品种板块。国内方面，国家政策端对供给侧要 求（"反内卷"）频繁提及；海外方面，上涨的原料成本+亚洲产能冲击，欧美化工企业近期 多经历关停、产能退出等事件。短期来看，地缘摩擦反复，海外化工供应不确定性有所增 加；长期来看，我国化工产业链竞争优势明显，凭借显著的成本优势和不断突破的技术实 力，中国化工企业正迅速填补国际供应链的空白，有望重塑全球化工产业的格局。在此背景 下，我们认为从供给角度，1）若供给侧改革强化，关注供给压缩弹性较大板块：有机硅、 膜材料、氯碱、染料，关注板块代表企业合盛硅业、兴发集团（有机硅&草甘膦）、东材科 技、君正集团、浙江龙盛、闰土股份等；2）供 ...

Core Viewpoint - The chemical industry is expected to experience a recovery in the pesticide sector following a recent explosion incident at Youdao Chemical, which has prompted heightened safety inspections across the industry [1][3]. Group 1: Chemical Industry Overview - The recent explosion at Youdao Chemical involved the synthesis of chlorantraniliprole, which includes hazardous processes such as nitration and diazotization [1][3]. - The State Council has taken the incident seriously and is overseeing safety checks, which may lead to the elimination of non-compliant production capacities in the pesticide sector [1][3]. Group 2: Investment Opportunities - Companies with strong performance in the upcoming semi-annual reports are highlighted, including Shengquan Group, Hailide, Zhuoyue New Energy, and Ruile New Materials, which are expected to benefit from favorable market conditions [2]. - Shengquan Group is positioned as a key domestic supplier of electronic resins for AI servers, with anticipated performance improvements due to increased server shipments [2]. - Hailide, a leader in the industrial polyester filament sector, is expected to benefit from the ongoing U.S. tariff conflicts [2]. - Zhuoyue New Energy is projected to see performance growth due to new projects and product launches [2]. - Ruile New Materials has announced a significant expected increase in net profit for the first half of 2025, driven by substantial growth in its pharmaceutical segment [2]. Group 3: Phosphate Fertilizer Market - The phosphate fertilizer export window is opening, with exports expected to occur in phases from May to September 2025, potentially alleviating domestic overcapacity issues [3]. - The total export quota for phosphate fertilizers in 2025 is expected to decrease compared to the previous year, which may help maintain profitability for companies with phosphate mineral resources, such as Yuntianhua [3].