Group 1 - The company Baismei (SZ 300796) announced on August 6 that it has repurchased a total of 5.6 million shares, accounting for 1.55% of its total share capital, with a total transaction amount of approximately 53.22 million yuan [1] - The share repurchase was conducted through a special securities account via centralized bidding, with a maximum transaction price of 10.81 yuan per share and a minimum price of 8.21 yuan per share [1] - The total amount of funds used for the share repurchase has reached the lower limit of the repurchase plan, and the repurchase plan has been fully implemented [1] Group 2 - For the fiscal year 2024, the company's revenue composition indicates that pesticide intermediates and the active ingredient dimethenamid-P accounted for 99.94% of total revenue, while other businesses contributed 0.06% [1] - As of the report date, the market capitalization of Baismei is 3.9 billion yuan [1]

（文章来源：每日经济新闻） 每经AI快讯，华泰证券表示，近期，农业农村部等发布"一证一品"等政策，我们认为农药质量及农药市 场秩序或得到优化。我国目前一些同一登记证号的农药产品在市场销售时标注不同商标，"一证一品"政 策或使借证、租证的企业生产的产品无法在市场上销售，未来农药品牌或锐减，登记证较多的制剂企业 竞争力有望增强。在制剂应当标注所用原药登记证号和生产企业名称等规定下，原药质量及合规合法的 重要性更加凸显，原药格局进入优胜劣汰。 ...

一是规范农药登记申请和代理。农药登记申请人需指定本单位专人负责农药登记申请相关工作，委托代 为办理登记业务的应提交授权委托书；加大登记造假行为处罚力度，完善申请人和代理机构登记违法行 为的处罚措施。二是强化委托加工管理。原药(母药)不得委托生产，禁止以委托加工、分装为名出租、 出借农药登记证；委托方需提供必要技术资料。三是规范互联网经营农药行为。利用互联网经营农药 的，应当取得农药经营许可证并向发证机关备案，在相关网页公示许可证照和产品标签等信息；第三方 平台要建立并实施资质核验、网络经营行为监督等管理制度，配合农业农村部门监管执法工作；不得利 用互联网经营限制使用农药和农业农村部规定的其他农药。四是加强农药登记试验单位监管。试验单位 需建立试验全过程记录制度，及时将试验信息上传至农药管理信息平台；健全对农药登记试验单位的检 查制度；明确不遵守农药登记试验质量规范、出具虚假试验报告的具体情形及法律责任。 近日，农业农村部部长韩俊签发2025年第3号农业农村部令，公布《农业农村部关于修改和废止部分规 章的决定》(以下简称《决定》)。聚焦解决农药管理领域突出问题，《决定》修改了《农药登记管理办 法》《农药生产许可 ...

华泰证券表示，近期，农业农村部等发布"一证一品"等政策，我们认为农药质量及农药市场秩序或得到 优化。我国目前一些同一登记证号的农药产品在市场销售时标注不同商标，"一证一品"政策或使借证、 租证的企业生产的产品无法在市场上销售，未来农药品牌或锐减，登记证较多的制剂企业竞争力有望增 强。在制剂应当标注所用原药登记证号和生产企业名称等规定下，原药质量及合规合法的重要性更加凸 显，原药格局进入优胜劣汰。 ...

Group 1 - The core point of the article is that Limin Co., Ltd. has announced a price increase for its product, Mancozeb, due to rising production costs driven by high temperatures and tight raw material supply [1] - The price increase will take effect from August 6, with a 5% rise in the prices of Mancozeb raw materials and related formulations [1]

Core Viewpoint - Jiangsu Fengshan Group Co., Ltd. has signed an irrevocable maximum guarantee agreement with China Merchants Bank Yancheng Branch to provide guarantees for its wholly-owned subsidiaries Fengshan Biochemical and Fengshan Agricultural Chemical to meet their funding needs [2][10]. Summary by Sections 1. Basic Situation of the Guarantee - The company has agreed to provide a maximum guarantee of up to RMB 935 million for Fengshan Biochemical and RMB 149 million for Fengshan Agricultural Chemical for the year 2025 [3][10]. 2. Internal Decision-Making Process - The company held board meetings on April 28, 2025, and a shareholders' meeting on May 19, 2025, to approve the guarantee limits for the subsidiaries [3][11]. 3. Basic Information of the Guaranteed Parties - The guaranteed parties are Jiangsu Fengshan Biochemical Technology Co., Ltd. and Jiangsu Fengshan Agricultural Chemical Co., Ltd. [5]. 4. Main Content of the Guarantee Agreement - The guarantee covers loans and other credit principal balances up to RMB 150 million for Fengshan Biochemical and RMB 30 million for Fengshan Agricultural Chemical, including related interest and fees [6][8]. 5. Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary to support the operational plans of the subsidiaries, ensuring funding needs and enhancing decision-making efficiency, which aligns with the long-term interests of the company [10]. 6. Cumulative External Guarantee and Overdue Guarantee - As of August 5, 2025, the actual guarantee amount provided by the company to its subsidiaries is RMB 291.14 million, accounting for 18% of the net assets attributable to shareholders [12].

Group 1 - The stock price of Guangkang Biochemical closed at 42.52 yuan on August 5, 2025, down 0.47% from the previous trading day [1] - The stock exhibited volatility, with a minimum price of 41.89 yuan and a maximum of 43.31 yuan, resulting in a fluctuation of 3.32% [1] - A notable rebound occurred around 13:02, where the stock price increased by over 2% within five minutes, reaching 43.08 yuan [1] Group 2 - Guangkang Biochemical's main business includes the research, production, and sales of pesticide raw materials and formulations, covering categories such as insecticides, fungicides, and herbicides [1] - The company's products are primarily used in agricultural production, addressing the needs for crop protection [1] Group 3 - On August 5, the net outflow of main funds was 4.9359 million yuan, with a cumulative net outflow of 41.048 million yuan over the past five trading days [1] - The trading volume for the day was 26,073 hands, with a transaction amount of 111 million yuan and a turnover rate of 9.48% [1]

Investment Rating - The report maintains an "Outperform" rating for the agricultural chemical industry [4][8]. Core Viewpoints - The agricultural chemical industry is experiencing upward price trends in potassium and glyphosate, with an expanding price gap for phosphate exports [1][3]. - The supply-demand balance for potassium fertilizer is tight, with international prices continuing to rise, while domestic production is expected to decrease slightly in 2024 [1][23]. - The phosphate chemical sector is expected to maintain a high price level due to the scarcity of resources and increasing demand from new applications such as lithium iron phosphate [2][46]. - The pesticide sector is anticipated to see a recovery as the "rectification and reform" initiative progresses, with demand increasing due to rising agricultural planting areas in South America [3][4]. Summary by Sections Potassium Fertilizer - The global potassium fertilizer market is characterized by a supply-demand imbalance, with China being the largest consumer and an import dependency exceeding 60% [1][23]. - Domestic potassium chloride production is projected to be 5.5 million tons in 2024, a decrease of 2.7% year-on-year, while imports are expected to reach a record high of 12.633 million tons, up 9.1% [1][23]. - The average price of potassium chloride in July rose from 3,239 CNY/ton to 3,399 CNY/ton, stabilizing at 3,230 CNY/ton by the end of the month [1][40]. Phosphate Chemicals - The long-term price center for phosphate rock is expected to remain high due to declining grades and increasing extraction costs, with the market price for 30% grade phosphate rock remaining above 900 CNY/ton for over two years [2][46]. - As of July 31, 2025, the price for 30% grade phosphate rock in Hubei was 1,040 CNY/ton, while in Yunnan it was 970 CNY/ton, both stable compared to the previous month [2][46]. - The price gap between domestic and international phosphate fertilizers has widened, benefiting companies with export quotas [3][46]. Pesticides - The pesticide sector is entering a recovery phase, with demand driven by increased agricultural planting areas in South America [3][4]. - The pesticide price index has seen a significant decline over the past three years, but demand is expected to strengthen as inventory levels are replenished [3][4]. - Key companies in the pesticide sector include Yangnong Chemical and Lier Chemical, which are recommended for investment [4][8].

Group 1: Financial Performance and Projections - The contribution of the agricultural CDMO business to revenue is expected to remain around 50% for both 2023 and 2024 [1] - The company anticipates gradual recovery in the agricultural sector, with improved demand from downstream customers [25] - The company has conducted reasonable impairment provisions for goodwill in 2023 and 2024, with risks of further impairment existing [12] Group 2: Market Trends and Competitive Landscape - The market for chlorantraniliprole intermediates is experiencing intense competition due to a surge in domestic production capacity, impacting raw material prices [2][3] - The company maintains a "big client strategy" to navigate the competitive landscape and enhance cost control for downstream clients [3] Group 3: Strategic Partnerships and Collaborations - The company has established a strategic partnership with Hengrui Medicine, focusing on a full lifecycle collaboration model for product development and commercialization [7][8] - The collaboration with Hengrui is expected to cover major therapeutic areas, including oncology and cardiovascular diseases, with a focus on supply chain needs [8][16] Group 4: Production Capacity and Development Plans - The company is in the process of upgrading its production bases, with a focus on core raw material production and innovative product development [9][14] - The Lanzhou base is expected to see performance improvements as the agricultural sector recovers and customer demand increases [13] Group 5: Risk Management and Inventory Control - The company employs dynamic inventory management based on historical sales data and market trends to ensure stable supply for major clients [11] - The company is closely monitoring international trade policies and their impact on export operations, maintaining flexibility in supply chain management [14]

Group 1 - The company *ST Huifeng (SZ 002496) announced the convening of its ninth board meeting on August 5, 2025, to discuss the appointment of the auditing firm for the fiscal year 2025 [2] - For the fiscal year 2024, the company's revenue composition is as follows: pesticides and pesticide intermediates account for 49.81%, oil products and bulk chemical storage, transportation, and trade account for 29.67%, and other industries account for 20.52% [2]