长江商报消息 ●长江商报记者 黄聪 一颗小小的蓝莓，让长期扎根农村的诺普信（002215.SZ）业绩持续向好，并要扩大种植。 11月25日晚间，诺普信发布2025年度向特定对象发行A股股票预案，公司本次向特定对象发行股票募集 资金总额不超过14.5亿元（含本数），扣除发行费用后拟投资于"蓝莓基地新增扩建项目"等。 其中，诺普信用于"蓝莓基地新增扩建项目"的募资达11亿元，占总数约76%。 近年来，诺普信业绩保持增长，2025年前三季度，公司实现营业收入40.86亿元，同比增长4.92%；归母 净利润5.76亿元，同比增长18.03%。 诺普信介绍，前三季度，公司生鲜消费类业务销售收入增加2.83亿元，同比增长18.12%。 进一步优化财务结构 11月25日晚间，诺普信发布2025年度向特定对象发行A股股票预案，公司本次向特定对象发行的股票数 量将按照募集资金总额除以发行价格确定，且不超过公司本次发行前总股本的30%，即不超过3.02亿股 （含本数）。 公告显示，诺普信本次向特定对象发行股票募集资金总额不超过14.5亿元（含本数），扣除发行费用后 拟投资于"蓝莓基地新增扩建项目"（拟投资总额12.21亿元，拟用 ...

诺普信（002215）11月25日晚间公告，拟通过定向增发募资不超过14.5亿元，主要用于云南蓝莓基地新 增扩建、小浆果国际研发中心建设及补充流动资金，加码现代特色生鲜消费业务布局。 诺普信为我国农药制剂行业龙头企业，2021年公司正式进入云南建立农场、种植蓝莓以来，截至2025年 9月，公司在蓝莓产业投资超40亿元，建设完成60多个农场、40多座冷链加工中心，分布在云南省红 河、文山、楚雄、普洱、保山、德宏、大理、西双版纳等10多个市(州)，发展成为全球前列的单体基质 蓝莓产业集群，2024年至2025年产季蓝莓单品销售额超20亿元，成为中国蓝莓销量位居前列的企业。公 司已连续四个产季实现蓝莓的增产和盈利，形成了收入增长的第二增长曲线，大幅提升了公司业绩水 平。 此次募投项目落地后，公司将进一步扩大蓝莓种植规模，提升高品质冬春蓝莓供应能力，同时强化小浆 果领域研发实力。据行业数据，2024年全国蓝莓总产量78万吨，2025年需求量预计超100万吨，市场规 模约500亿元，我国蓝莓人均消费量仅为美国的1/10，市场增长空间广阔。除了总体供应仍不能满足市 场需求，高品质冬春蓝莓供应更是短缺。蓝莓作为高端鲜果代表 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [10]. Core Insights - The company reported a revenue of 10.91 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 11.5%. The net profit attributable to shareholders reached 890 million yuan, up 160.5% year-on-year, while the net profit after deducting non-recurring gains and losses was 880 million yuan, an increase of 159.2% year-on-year. In Q3 alone, the company achieved a revenue of 4.38 billion yuan, a year-on-year increase of 6.8% and a quarter-on-quarter increase of 13.9%. The net profit for Q3 was 330 million yuan, up 109.1% year-on-year and 11.8% quarter-on-quarter [2][7]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 10.91 billion yuan, with a net profit of 890 million yuan and a net profit after deducting non-recurring items of 880 million yuan. In Q3, the revenue was 4.38 billion yuan, with a net profit of 330 million yuan [2][7]. - The company recorded a gross margin of 23.1% in Q3, an increase of 2.5 percentage points year-on-year, and a net margin of 8.5%, up 4.0 percentage points year-on-year [14]. Market Position and Strategy - The company is a leading player in the domestic pesticide formulation industry, with a strong global presence, including 120 subsidiaries and operations in over 100 countries. It has established seven manufacturing bases across various regions [14]. - The company has been focusing on increasing its TOC (Team-Operated Company) business, which saw its revenue share rise from 38.02% to 43.25% year-on-year, with a gross margin increase from 29.59% to 31.80% [14]. - The company aims to enhance its market share through a five-year strategic plan that includes increasing TOC business, expanding North American and European operations, and strengthening the biopesticide segment [14]. Industry Outlook - The pesticide market is expected to continue its steady growth, supported by a rigid global demand for crop protection products. The global pesticide sales reached 80.17 billion USD in 2022, with a year-on-year growth of 9.2% [14]. - The global pesticide industry has entered a mature phase, characterized by oligopolistic competition, with the top five companies holding a 75% market share [14].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [10] Core Views - The company reported a revenue of 6.53 billion yuan for the first half of 2025, representing a year-on-year increase of 14.9%. The net profit attributable to shareholders was 560 million yuan, up 205.6% year-on-year, and the net profit excluding non-recurring items was 550 million yuan, an increase of 211.9% year-on-year [2][7] - In Q2 2025, the company achieved a revenue of 3.84 billion yuan, reflecting a year-on-year growth of 28.6% and a quarter-on-quarter increase of 43.1%. The net profit attributable to shareholders reached 300 million yuan, a staggering year-on-year increase of 932.3% and a quarter-on-quarter increase of 16.4% [2][7] - The company plans to distribute a cash dividend of 3.5 yuan per 10 shares (tax included) [2][7] Company Overview - The company is a leading player in the domestic pesticide formulation industry, with R&D teams and centers located in Jinan and Weifang, Shandong. It operates six manufacturing bases across China and internationally, including in Argentina, Spain, and the USA [12] - The global pesticide market is expected to continue its steady growth, supported by strong demand for crop protection products. The company has seen a significant increase in its gross margin to 22.9% in Q2 2025, up 2.6 percentage points year-on-year, and a net margin of 9.1%, up 7.4 percentage points year-on-year [12] - The company has established a "fast market entry platform" to expand its market share and has increased its revenue from TOC (local team sales of proprietary brands) to 41.35% of total revenue, up from 37.84% year-on-year [12] Financial Projections - The company forecasts net profits attributable to shareholders of 1.1 billion yuan, 1.52 billion yuan, and 1.97 billion yuan for the years 2025, 2026, and 2027, respectively [12]

Core Viewpoint - Nopson (002215) reported a revenue increase of 8.2% year-on-year for the first half of 2025, reaching 3.679 billion yuan, with a net profit increase of 17.35% to 648 million yuan, indicating overall positive financial performance despite a significant drop in quarterly net profit in Q2 2025 [1][2]. Financial Performance Summary - Total revenue for H1 2025 was 3.679 billion yuan, up from 3.4 billion yuan in H1 2024, reflecting an 8.2% increase [1]. - Net profit attributable to shareholders reached 648 million yuan, a 17.35% increase compared to 552 million yuan in the previous year [1]. - Gross margin improved to 37.71%, up 3.05% year-on-year, while net margin increased to 17.62%, up 10.64% [1]. - Total expenses (selling, administrative, and financial) amounted to 568 million yuan, accounting for 15.45% of revenue, down 11.97% year-on-year [1]. - Earnings per share rose to 0.66 yuan, a 17.35% increase from 0.56 yuan [1]. Key Financial Changes - Accounts receivable increased by 8.78% to 1.189 billion yuan, attributed to increased credit from seasonal business [2]. - Short-term borrowings rose by 18.87% due to operational needs during peak season [2]. - Contract liabilities decreased by 54.55% due to reduced prepayments from seasonal sales [2]. - Operating costs increased by 6.29%, in line with revenue growth [2]. - Sales expenses decreased by 17.33% due to reduced advertising and promotional costs [2]. Cash Flow and Investment - Net cash flow from operating activities decreased by 20.19%, primarily due to increased operational expenditures related to blueberry production [3]. - Investment cash flow increased by 65.03%, driven by the recovery of large deposits and structured savings [3]. - Financing cash flow decreased by 83.38%, reflecting reduced bank borrowings [3]. Business Model and Strategy - The company relies heavily on capital expenditure and marketing efforts, necessitating close monitoring of capital projects and spending [5]. - The company aims to control costs through improved organizational efficiency and process optimization [7][8]. Market Position and Analyst Expectations - Analysts project a net profit of 885 million yuan for 2025, with an average earnings per share of 0.89 yuan [6].

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].