公司研究丨点评报告丨润丰股份（301035.SZ） [Table_Title] TOC 业务稳步提升，公司迈入快车道 报告要点 丨证券研究报告丨 [Table_Summary] 公司发布 2025 年中报，上半年实现收入 65.3 亿元（同比+14.9%），实现归属净利润 5.6 亿元 （同比+205.6%），实现归属扣非净利润 5.5 亿元（同比+211.9%）。2025Q2 实现收入 38.4 亿 元（同比+28.6%，环比+43.1%），实现归属净利润 3.0 亿元（同比+932.3%，环比+16.4%）， 实现归属扣非净利润 2.9 亿元（同比+1094.4%，环比+14.9%）。公司拟每 10 股派发现金红利 3.5 元（含税）。 分析师及联系人 [Table_Author] 马太 王明 SAC：S0490516100002 SAC：S0490521030001 SFC：BUT911 SFC：BVA881 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 事件评论 风险提示 1、新市场开拓不及预期； 2、新项目进度低于预期。 丨证券研究报告丨 2025- ...

Core Viewpoint - Shenzhen Noposion Agrochemical Co., Ltd. reported a revenue increase of 8.20% year-on-year for the first half of 2025, driven by growth in its specialty fresh consumption and pesticide formulation businesses [1][2]. Company Overview and Key Financial Indicators - The company did not distribute cash dividends or issue bonus shares for the reporting period [1]. - Total revenue for the first half of 2025 was approximately CNY 3.68 billion, compared to CNY 3.40 billion in the same period last year [2]. - Net profit attributable to shareholders increased by 17.35% to approximately CNY 648 million [2]. - The company’s total assets grew by 9.33% to approximately CNY 12.28 billion [2]. Business Operations - The company focuses on the specialty fresh consumption sector, particularly blueberries, and aims to establish a comprehensive supply chain for this product [3][4]. - Noposion has been enhancing its agricultural technology services and distribution channels, particularly in the pesticide formulation sector, to strengthen its market position [5][6]. Financial Performance Analysis - Revenue from the pesticide formulation business was approximately CNY 1.49 billion, representing a growth of 8.94% [8]. - The specialty fresh consumption business generated approximately CNY 1.82 billion, with an increase of 18.62% year-on-year [8]. - The company’s operating costs rose by 6.29% to approximately CNY 2.29 billion, reflecting the increase in revenue [8]. Competitive Advantages - The company has established a strong distribution network and technical service team, enhancing its ability to serve large agricultural producers [5]. - Noposion's focus on a single crop strategy allows for a more integrated approach to product and service offerings, which has been well-received by farmers [4][5]. - The company has invested in modern agricultural practices, including automated and technology-driven farming methods, which create high barriers to entry in the industry [4]. Cash Flow and Investment Activities - The net cash flow from operating activities was approximately CNY 254 million, a decrease of 20.19% compared to the previous year [8]. - The net cash flow from investment activities improved significantly, with a reduction in outflows by 65.03% [8]. - The net cash flow from financing activities decreased by 83.38%, indicating reduced borrowing [8].

Group 1 - The stock price of Noposion is reported at 11.61 yuan, down by 0.27 yuan from the previous trading day, with a trading volume of 313,148 lots and a transaction amount of 366 million yuan [1] - Noposion operates in the pesticide and veterinary drug sector, focusing on the research, production, and sales of pesticide formulation products, including insecticides, fungicides, and herbicides, making it a significant player in China's pesticide formulation industry [1] - The actual controller, Lu Boqiang, released a pledge of 16.83 million shares on August 7, accounting for 6.30% of his holdings. As of the announcement date, Lu Boqiang and his concerted parties have pledged a total of 73.10 million shares, representing 7.27% of the company's total share capital [1] Group 2 - In the first quarter of 2025, the company achieved an operating income of 2.101 billion yuan and a net profit of 627 million yuan [1]

Core Viewpoint - The company plans to acquire the remaining 51% equity of Guangdong Haode Crop Technology Co., Ltd. for RMB 22.083 million, aiming to enhance its formulation business and overall market competitiveness in the sector [1] Group 1: Acquisition Details - The acquisition will be funded through the company's own or self-raised funds amounting to RMB 22.083 million [1] - Upon completion of the transaction, Guangdong Haode will become a wholly-owned subsidiary and will be included in the company's consolidated financial statements [1] Group 2: Strategic Intent - The purpose of the acquisition is to assist the company in expanding its formulation business and broadening its business segments [1] - The move is expected to improve the company's product offerings and enhance its competitiveness in the formulation field [1]

Core Viewpoint - Tianyuan Biochemical Co., Ltd. is preparing for an IPO on the Shenzhen Stock Exchange, aiming to raise 630 million yuan for industrial development, despite concerns over stagnant revenue and product quality issues [1][3][4]. Financial Performance - The company has maintained profitability over the past three years, with net profits of 162 million yuan, 229 million yuan, and 249 million yuan from 2022 to 2024, showing a growth rate of 41.46% in 2023 and 8.71% in 2024 [4][5]. - However, revenue has stagnated around 1.7 billion yuan for three consecutive years, with slight fluctuations: 1.712 billion yuan in 2022, 1.774 billion yuan in 2023, and 1.750 billion yuan in 2024, indicating a decline of 1.34% in 2024 [4][5]. Research and Development - The company's R&D expense ratio has been low compared to industry peers, with R&D expenses of 43.31 million yuan, 48.04 million yuan, and 74.26 million yuan from 2022 to 2024, representing 2.53%, 2.71%, and 4.24% of revenue respectively [8][9]. - In 2024, R&D expenses increased by 54.58%, attributed to the formal registration of a new pesticide and payments for technical services, but still lag behind the industry average of 4.98% to 5.29% [9]. Distribution and Sales Model - The company heavily relies on a distributor model, with distributor revenues of 1.626 billion yuan, 1.728 billion yuan, and 1.701 billion yuan, accounting for over 96% of total revenue during the reporting period [6][7]. - A significant portion of sales comes from distributors controlled by former employees, contributing 334 million yuan to total revenue over three years [7]. Legal and Compliance Issues - Tianyuan Biochemical has faced multiple legal disputes and administrative penalties, including fines for selling counterfeit pesticides and other compliance issues involving subsidiaries [11][12]. - The company has unregistered properties totaling 11,432.79 square meters, which could pose risks of administrative penalties if deemed illegal [13][14]. IPO and Future Prospects - The IPO aims to raise 630 million yuan for five projects, including a new production facility for pesticide granules, which could replace existing production sites [13]. - Despite the company's claims of being a leader in agricultural technology innovation, concerns remain about its ability to sustain growth and manage operational risks effectively [8][9].

Core Viewpoint - Guangxi Tianyuan Biochemical Co., Ltd. is undergoing a listing review on the Shenzhen Stock Exchange, aiming to raise 629.75 million yuan, and is recognized as a leading enterprise in the pesticide formulation industry with significant technological achievements [1]. Company Overview - The company specializes in the research, production, and sales of pesticide formulations, gradually becoming a leading domestic enterprise in this sector and one of the few with the capability to industrialize innovative pesticides [1]. - It has received two National Science and Technology Progress Awards, highlighting its commitment to innovation in non-patented, created, and high-efficiency pesticide formulations [1]. Financial Performance - The company's operating revenues for the reporting periods were 1.712 billion yuan, 1.774 billion yuan, and 1.750 billion yuan, indicating stable business performance [2]. - Net profits for the same periods were 162 million yuan, 229 million yuan, and 249 million yuan, reflecting a solid profit level [2]. Key Financial Metrics - Total assets as of December 31, 2024, are projected to be 1.618 billion yuan, up from 1.364 billion yuan in 2023 and 1.355 billion yuan in 2022 [3]. - The equity attributable to shareholders is expected to reach 960 million yuan in 2024, compared to 784 million yuan in 2023 and 697 million yuan in 2022 [3]. - The asset-liability ratio is projected to decrease to 44.59% in 2024 from 51.19% in 2023 and 63.18% in 2022, indicating improved financial stability [3]. Profitability and Efficiency - Projected net profit for 2024 is 248.36 million yuan, an increase from 228.35 million yuan in 2023 and 161.89 million yuan in 2022 [4]. - The basic earnings per share are expected to be 2.37 yuan in 2024, up from 2.18 yuan in 2023 and 1.39 yuan in 2022 [4]. - Research and development expenditure is projected to account for 4.24% of operating revenue in 2024, compared to 2.71% in 2023 and 2.53% in 2022, indicating a growing focus on innovation [4].

Group 1: Company Overview and IPO Progress - Guangxi Tianyuan Biochemical Co., Ltd. (referred to as "Tianyuan Biochemical") has completed its IPO counseling report and is officially targeting the capital market with annual revenue exceeding 1.7 billion yuan [1] - The company, founded in 1994, focuses on three main business segments: pesticide formulations, medicinal fertilizers, and smart agricultural machinery [5] - The company signed a counseling agreement in April 2022 with Guohai Securities as the counseling institution, optimizing its equity structure during the counseling period [7] Group 2: Financial Performance and Concerns - The company has shown a continuous increase in net profit over three years, with figures of 162 million yuan in 2022, 229 million yuan in 2023, and 249 million yuan in 2024 [3] - However, there are concerns regarding a revenue decline in 2024 and a drop in product prices across the board, with a significant 36.5% decrease in herbicide prices from 39.63 yuan/kg in 2022 to 25.16 yuan/kg in 2024 [12][13] - The company distributed a total of 221 million yuan in dividends in the two years leading up to the IPO, raising questions about the rationale behind such distributions prior to seeking 630 million yuan in fundraising [15][26] Group 3: Sales Model and Risks - The company relies heavily on a distribution network, with over 95% of revenue coming from distributors from 2022 to 2024, which poses risks such as management control issues and potential channel loss [10][12] - The pricing control has been challenging, as evidenced by the continuous decline in average selling prices of all main products during the reporting period [12][13] Group 4: Research and Development (R&D) Challenges - The company's R&D expenditure rates were 2.53%, 2.71%, and 4.24% from 2022 to 2024, consistently below the industry average of 4.98%, 5.29%, and 5.18% [15][17] - The company has justified its lower R&D spending by citing the high output from its medicinal fertilizer products, but this "catch-up" approach to R&D may raise concerns about its long-term innovation capabilities [19] Group 5: Compliance and Regulatory Issues - The company faces potential compliance issues, including 11,400 square meters of unlicensed property, which could be classified as illegal construction [20] - There have been administrative penalties related to the sale of counterfeit pesticides and misrepresentation of product origins, highlighting vulnerabilities in production quality control and supply chain management [23][25]

Core Viewpoint - The legal opinion letter discusses the achievement of unlocking conditions for the second unlocking period of the 2022 stock incentive plan and the first unlocking period of the 2023 stock incentive plan for Shenzhen Noposion Agrochemical Co., Ltd, along with adjustments to the repurchase price of restricted stocks [1][2][26]. Group 1: Unlocking Conditions - The company has fulfilled the necessary procedures for the unlocking and adjustment matters as per the relevant laws and regulations [6][7]. - The second unlocking period of the 2022 first phase stock incentive plan allows for a 30% release of restrictions after 24 months from the grant date, with the second unlocking period allowing for another 30% after 36 months [7][12]. - The first unlocking period of the 2023 stock incentive plan allows for a 25% release of restrictions after 12 months from the completion of stock registration [21][25]. Group 2: Repurchase Price Adjustments - The repurchase price for the 2022 first phase stock incentive plan has been adjusted to 2.33 yuan per share, accounting for dividends [24][25]. - The repurchase price for the 2022 second phase stock incentive plan has been adjusted to 2.12 yuan per share, also considering dividends [24][25]. - The repurchase price for the 2023 stock incentive plan has been adjusted to 3.53 yuan per share, factoring in dividends [25][26]. Group 3: Performance Assessment - The unlocking conditions for the stock incentive plans are contingent upon the company's financial performance, specifically a net profit growth of not less than 60% compared to 2021 [11][20]. - Individual performance assessments are required for unlocking, with specific criteria set for different business segments [21][22].

Core Viewpoint - The domestic blueberry industry in China is rapidly growing, with companies like Noposion Agricultural Science Co., Ltd. playing a significant role in this transformation, as consumers shift from imported to locally produced blueberries [2][3]. Company Performance - Noposion achieved a revenue of 5.288 billion yuan in 2024, marking a year-on-year increase of 28.37%, and a net profit of 585 million yuan, up 148.10% [3]. - The fresh consumption business, primarily focused on blueberries, generated 2.139 billion yuan in revenue, reflecting a remarkable growth of 251.28%, accounting for 40.45% of total revenue [3]. Blueberry Production and Technology - The company plans to expand its blueberry planting area to approximately 35,000 to 40,000 mu (about 5,833 to 6,667 acres) by the 2025-2026 production season [3]. - The yield per mu is expected to increase from 1.3 tons in the 2023-2024 season to 1.4 tons in the 2024-2025 season, with a target of over 1.5 tons for the next year [3]. - Noposion's blueberries have a large fruit rate of nearly 70% for fruits with a diameter of over 18 mm, thanks to advanced selection and early promotion techniques [3]. Agricultural Technology and Innovation - Noposion leverages its agricultural technology advantages, employing a research team composed of experts who work closely in the field to enhance blueberry cultivation [4][5]. - The company has developed a new agricultural research system that integrates local and scientific expertise, focusing on various research projects to improve cultivation techniques [5]. - The industrialized agricultural model adopted by Noposion, including automated irrigation and fertilization systems, represents a significant shift from traditional farming practices [5]. Market Trends - The development of the blueberry industry in China is seen as a typical example of technology empowering agriculture, aligning with consumer trends towards fresh, high-quality domestic fruits over imported frozen options [5].

Core Viewpoint - The company reported significant growth in its financial performance for 2024 and Q1 2025, with notable increases in revenue and net profit, driven by strong performance in fresh produce and pesticide formulation businesses [1][2]. Financial Performance - In 2024, the company achieved revenue of 5.29 billion yuan, a year-on-year increase of 28.4%, and a net profit of 580 million yuan, up 148.1% [1]. - For Q1 2025, revenue reached 2.1 billion yuan, reflecting a 15.0% year-on-year growth, with net profit at 630 million yuan, an increase of 38.0% [1]. Business Segments - The fresh produce segment saw a remarkable revenue increase of 251.28%, contributing to 40.5% of total revenue [2]. - The application of early harvesting technology improved gross margins in the planting business by 8 percentage points to 43.9% [2]. - The pesticide formulation business experienced over 30% revenue growth for major products like "Aifengshou" and "Maidongli," supported by a decline in raw material prices [2]. Operational Efficiency - The company expanded its key account (KA) customer base, with KA channel shipments exceeding 30% of total shipments [3]. - The expense ratios for sales, management, and finance in Q1 2025 were 7.7%, 5.9%, and 1.1%, respectively, showing a reduction compared to the previous year [3]. Future Outlook - The company anticipates an increase in blueberry planting area to over 35,000 acres, with a target yield of over 1.5 tons per acre, indicating continued growth in production [2]. - Revenue projections for 2025-2027 are estimated at 5.81 billion, 6.77 billion, and 7.31 billion yuan, with corresponding net profits of 829 million, 1.156 billion, and 1.33 billion yuan [3].