利民股份公告，预计2025年度归属于上市公司股东的净利润为盈利4.65亿元-5亿元，比上年同期增长 471.55%-514.57%。预计扣除非经常性损益后的净利润为盈利4.43亿元-4.8亿元，比上年同期增长 765.53%-837.82%。主要原因是：公司主要产品销量和价格同比上涨、毛利率提升以及参股公司业绩上 涨带来投资收益增加。 ...

投资分析意见：维持公司2025-2027 年归母净利润预测为11.48、13.97、16.90 亿元，当前市值对应PE 分 别为19、16、13X，行业景气度稳步修复，战略规划持续推进，运营质量不断改善，维持"买入"评级。 风险提示：1）原材料价格大幅波动；2）汇率变动风险；3）产品出口退税政策变动；4）主要农药进口 国政策变化等。 公司发布2025 年业绩预告：报告期内，公司预计实现营收145.5-147.5 亿元（YoY+9%至+11%），归母 净利润10.3-11.7 亿元（YoY+129%至160%），扣非归母净利润10.5-11.9亿元（YoY+125%至156%）。其 中，25Q4 单季度预计实现营收36.4-38.4 亿元（YoY+4%至9%，QoQ-17%至-12%），归母净利润1.4-2.8 亿元（YoY+9%至+119%，QoQ-62%至-25%），扣非归母净利润1.7-3.1 亿元（YoY+34%至+146%， QoQ-50%至-8%），单季度业绩符合预期。 25 年采购需求逐步恢复，多数产品价格触底，公司业绩同比实现大幅改善。25 年以来，全球农药终端 市场高成本库存清减，采购需求持续 ...

上 市 公 司 公 司 研 究 / 公 司 点 证 券 研 究 报 告 评 买入（维持） | 市场数据： | 2026 年 01 月 20 日 | | | --- | --- | --- | | 收盘价（元） | | 78.60 | | 一年内最高/最低（元） | 83.12/45.55 | | | 市净率 | | 3.0 | | 股息率%（分红/股价） | | 0.97 | | 流通 A 股市值（百万元） | 22,035 | | | 上证指数/深证成指 | 4,113.65/14,155.63 | | | 注："股息率"以最近一年已公布分红计算 | | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 26.01 | | 资产负债率% | 55.83 | | 总股本/流通 A 股（百万） | 281/280 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -20% 0% 20% 40% 60% 80% 01-20 02-20 03-20 04-20 05-20 06-20 07-20 08-20 09-20 ...

旺季刺激+抢出口，草铵膦、草甘膦价格上涨 事件：#草甘膦、草铵膦价格上调。 1月9日财政部和国家税务总局宣布自2026年4月1日起，部分农药及原药中间体等产品增值税出口退税率取消/下 调。 1月16日草铵膦提价至46000元/吨，较前日上调2100元/吨；1月19日草甘膦提价至23296元/吨，较前日上调200元/ 吨。 1、#2010年草甘膦退税取消加速行 旺季刺激+抢出口，草铵膦、草甘膦价格上涨 事件：#草甘膦、草铵膦价格上调。 1月9日财政部和国家税务总局宣布自2026年4月1日起，部分农药及原药中间体等产品增值税出口退税率取消/下 调。 1月16日草铵膦提价至46000元/吨，较前日上调2100元/吨；1月19日草甘膦提价至23296元/吨，较前日上调200元/ 吨。 1、#2010年草甘膦退税取消加速行业出清。 回溯此前，2010年7月草甘膦出口退税率取消，叠加2010年草甘膦价格低至19600元/吨震荡，处于行业成本线之下 运行，与此同时国内加紧环保核查，草甘膦供给端出清加速，最终草甘膦周期启动，价格涨至45000元/吨。 2、#草铵膦格局有望大幅优化。 草铵膦格局和2010年的草甘膦类似，根据百 ...

A股逐步迎来业绩预告高峰。截至1月20日晚间，已有超过500家A股公司披露2025年业绩预告或业绩快 报。 良好的业绩推动回盛生物股价大幅攀升。自业绩预告披露后，1月12日至1月20日，回盛生物区间涨幅接 近40%。 在已披露预告的企业中，预计盈利规模最大的是矿业龙头紫金矿业（601899）。早在2025年12月30日， 紫金矿业就率先披露了2025年业绩预告，预计2025年归母净利润为510亿元至520亿元，同比增加约189 亿元至199亿元，同比增幅59%至62%。 紫金矿业在高基数上保持高速增长，主要得益于其矿产品产量上升，且价格同比上升。2025年，紫金矿 业的矿产金、矿产铜、矿产银价格同比均上升。2025年内，紫金矿业的股价累计涨幅达133%。 除紫金矿业外，洛阳钼业（603993）、药明康德（603259）、立讯精密（002475）、宝丰能源 （600989）等多家公司预计2025年归母净利润规模超百亿元，上述公司盈利规模同比均有明显增长。 2025年，在AI技术的强势赋能下，科技领域多个细分赛道保持高景气态势，产业链上下游大量企业凭 借技术迭代与需求释放，实现了业绩的稳健增长。而光伏、白酒、生猪 ...

Group 1: Company Performance Overview - The company did not meet its sales revenue budget for 2025 due to the cancellation of significant contracts in Brazil and Argentina, influenced by rising credit risks [5][6] - The gross margin for Q4 2025 exceeded 25%, marking the highest quarterly gross margin in the past decade, with an annual increase of over 3 percentage points compared to 2024 [5][8] - The total expenses as a percentage of sales slightly decreased compared to 2024, ending the upward trend seen in the previous two years [5][10] Group 2: Market Risks and Projections - Credit risks in Brazil and Argentina are expected to remain high in 2026, potentially impacting sales revenue growth [6][7] - The company anticipates a higher sales revenue growth rate in 2026 compared to 2025, driven by new product registrations and team expansions in Brazil [7][8] - The company aims to maintain a gross margin higher than 2025 due to strategic planning and product registration efforts [10][11] Group 3: Financial Management and Cost Control - The company plans to keep the total expense ratio stable while reducing management expenses and increasing sales and R&D expenses [10][11] - Asset impairment provisions for 2024 and 2025 are estimated at approximately 200 million, reflecting challenges in accounts receivable risk management [13][14] - The company aims to reduce asset impairment provisions to below 0.5% by the end of 2029 [13][14] Group 4: International Trade and Product Pricing - China's agricultural pesticide exports remain strong, attributed to the competitive pricing of Chinese products, with no significant inventory buildup reported globally [15][16] - The cancellation of export tax rebates for certain raw pesticide products is expected to benefit the export of finished pesticide formulations [15][16] - Current raw pesticide prices are at historical lows, with uncertain timing for potential price rebounds [15][16] Group 5: Operational Developments - The U.S. manufacturing facilities are operating at full capacity, supporting business growth in the region [18][19] - The company plans to establish a new processing facility in the U.S. by 2027 to enhance production capabilities [18][19]

Group 1 - The core viewpoint of the article is that Noposion (002215) is making significant strides in its overseas expansion with the establishment of a base in Laos, which is a crucial step for the company [1] - The first phase of the base has been completed, indicating progress in the company's international operations [1] - The expected contribution to production from this base is projected for the 2026-2027 production season, highlighting the long-term planning and investment strategy of the company [1]

Group 1 - The core point of the article highlights that Lier Chemical's trading volume reached 1.005 billion RMB, marking a new high since May 30, 2025 [2] - The latest stock price of Lier Chemical increased by 3.11%, with a turnover rate of 7.48% [2] - The previous trading day saw a total trading volume of 635 million RMB for the stock [2] Group 2 - Lier Chemical Co., Ltd. was established on July 26, 2000, with a registered capital of 800.437228 million RMB [2]

Core Viewpoint - Hebang Biotechnology (603077) produces glyphosate as an active ingredient, primarily serving pesticide formulation manufacturers, brand owners, and distributors [1] Group 1 - The company's products enter the EU market through agricultural service providers, formulation brand owners, and distributors, making it difficult to directly quantify the revenue contribution from the EU region [1]

Core Insights - The article emphasizes the importance of modernizing agriculture as a key goal in the "14th Five-Year Plan," providing direction for accelerating agricultural modernization, which presents new opportunities for companies like Beishimei (300796) [1] - Beishimei is expected to achieve a net profit attributable to shareholders of 23.68 million to 34.06 million yuan in 2025, representing a significant year-on-year increase of 172.05% to 203.64%, indicating a turnaround from losses [1] - The company focuses on environmentally friendly, efficient, and low-toxicity pesticides, particularly the herbicide Dimethenamid-P, and has established a complete production and R&D chain for this product [1] Company Strategy - In 2025, Beishimei aims to navigate a complex market environment by adhering to its core principles of innovation, safety, and regulatory compliance, while actively pursuing strategic initiatives to enhance product structure and operational efficiency [2] - The company is implementing a "strong chain, extended chain" strategy to optimize its product offerings and has made significant progress in new product development and international trade channels, leading to a positive turnaround in net profit [2] - Beishimei is committed to digital and intelligent upgrades across its operations to improve efficiency and ensure sustainable long-term growth [2] Industry Context - The global demand for pesticides remains resilient, with high-efficiency and low-toxicity products becoming mainstream, while domestic policies are driving industry consolidation and creating opportunities for import substitution in high-efficiency pesticides and carbon five new materials [3] - Beishimei possesses a full industry chain advantage in the pesticide sector, ensuring high-quality Dimethenamid-P production with a purity of ≥98% and low nitrosamine levels, which has been validated by EU assessments [3] - The company has a strong patent portfolio with 62 patents covering key processes in pesticides and carbon five materials, focusing on high-end product development and expanding its export reach to 79 countries [3]