如今，山东省供销合作社系统实施大田作物全程托管服务530余万亩，平均降低化肥使用量20%左右、 农药使用量30%以上。 围绕"藏粮于地、藏粮于技"战略，供销合作社持续完善要素保障体系，建设多类型农业社会化服务综合 平台，引领带动小农户和各类农业经营主体共同提升现代农业的组织化、规模化、专业化水平。 中国供销集团所属中农控股公司研发的生物菌肥可改良土壤、防止板结；中农立华的"中农鼎粮柱"肥药 套餐，能让主粮作物亩均增产超8%；山东省供销合作社社有企业天鹅棉机公司生产的六行自走式棉花 打包机，实现高端采棉机国产化替代。 从农资流通到保供稳价，从农业社会化服务到畅通农产品销售渠道……供销合作社通过深化改革创新， 持续打造服务农民生产生活、助力现代农业发展的综合平台，在保障粮食安全、繁荣农村经济、推动乡 村振兴等领域发挥重要作用。 农资是保障国家粮食安全的重要战略物资。面对错综复杂的国内外经济贸易形势，供销合作社系统逐步 搭建起覆盖全国、上下联动、平急兼顾的农资流通服务体系，为推动农业高质量发展筑牢根基。 "以往遇上春耕等关键农时，系统内农资企业有时会出现协同不够等问题。"中华全国供销合作总社（以 下简称"总社"）农 ...

Financial Performance - The company achieved a net profit of 165 million CNY for the first three quarters of 2025, with a third-quarter net profit of 53.8 million CNY, representing a year-on-year increase of 602% [2] - The non-recurring net profit for the third quarter was 45.41 million CNY, up 291% year-on-year [2] - The operating cash flow net amount reached 440 million CNY, reflecting a 164% year-on-year growth [2] Business Operations - The company has a production capacity of 300,000 tons of sulfuric acid and 200,000 tons of monoammonium phosphate, with normal operational conditions [2] - The company is actively engaged in strategic cooperation with local mining enterprises, leveraging the abundant sulfur iron ore resources in the region [3] Shareholder Engagement - The company has implemented measures such as share buybacks and stable dividends to enhance shareholder returns and confidence in future growth [3] - A profit distribution plan for the first three quarters of 2025 has been disclosed, emphasizing the commitment to investor interests [3] Agricultural Services - The company operates as a leading entity in the agricultural input distribution sector, with over 70 distribution centers and more than 4,000 franchise stores across 32 provinces [4][5] - It focuses on a comprehensive agricultural service model, providing high-quality services across various agricultural processes, including supply, training, and financial services [5] Competitive Advantages - The company has established unique competitive advantages, including its supply chain background, comprehensive service capabilities, and a strong research and talent team [6] - Despite a higher asset-liability ratio compared to industry peers, the company plans to manage financial risks through refined internal management and exploring new growth opportunities [6]

在农资行业面临周期性波动的2025年， 辉隆股份 （002556）近日披露的前三季度利润分配方案，以"真 金白银"的分红承诺传递发展信心。作为供销社系统农资流通龙头企业，公司在实现经营质效稳步提升 的同时，拟向全体股东每10股派发现金红利0.5元（含税），总派现金额接近4600万元，用实际行动诠 释"投资者回报优先"的发展理念，为资本市场注入稳健力量。 全资子公司海华科技作为国内首家打通"间甲酚—百里香酚—L-薄荷醇"完整产业链的企业，其薄荷醇产 能已从3000吨/年提升至5000吨/年，持续优化工艺和节能技改，节能降耗成果显现。，与农资流通主业 形成"双轮驱动"格局，为辉隆股份抵御行业波动提供了有效缓冲。 持续分红是企业长期价值的试金石。此次利润分配方案中，近4600万元的现金分红，不仅是对投资者信 任的回报，更体现了公司对未来发展的坚定信心。 这份分红方案的底气，源于辉隆股份穿越行业周期的经营韧性。2025年前三季度，面对农资行业整体承 压的外部环境，辉隆股份实现营业总收入122.6亿元，在规模稳中有进的基础上，核心盈利能力显著提 升——扣非归母净利润达8013.83万元，同比大幅增长33.63%，呈现" ...

据了解，台州农资为新三板挂牌企业，业务范围基本覆盖全国各个省份。农药、肥料、农膜、种子是公 司的四大主营业务，公司经营的产品品类超过300种，业务模式主要为连锁配送、代理分销、大农户直 销(家庭农场)等多业态兼容模式。 2024年，台州农资实现营收6.03亿元，同比下降3.51%；净利润3936.09万元，同比下降19.42%。 在2024年年报中，台州农资指出，在宏观经济"三低一高"(低增长韧性、低通胀弹性、低市场预期、高 系统性风险)的复杂背景下，农资流通企业面临"三重断裂"与"双向挤压"的复杂挑战，农资市场环境呈 现出一些新的变化和特点：产能过剩，价格承压：出口贸易壁垒升级，进口原料成本上升，国际市场波 动加剧了国内库存压力和产品价格波动下行趋势，原药产能北移西扩全面过剩；供需双弱，销售受阻： 行业竞争白热化，产品供大于求且同质化严重；受极端天气频发、资本介入、农作物品质参差不齐等因 素影响，种植成本逐年上升，农产品价格持续低迷，农民种植收益缩水，种植户投资积极性受挫，对农 业生产资料的投入也相应减少，农资销售增长及盈利预期面临挑战。 筹划近半年后，中农立华（603970）公告拟终止收购台州农资股份。 ...

Core Viewpoint - The "National Agricultural Supply Online Platform" was officially launched on November 14, aiming to enhance efficiency in the fertilizer supply chain and stabilize market expectations through a centralized trading model [1] Group 1: Platform Launch and Participation - The platform commenced operations with 63 key fertilizer production and distribution companies participating, submitting procurement demands close to 400,000 tons, with a transaction volume of 79,000 tons on the first day [1] - The average transaction price for urea was 1,653.84 yuan per ton, while the average price for diammonium phosphate was 4,165.06 yuan per ton [1] Group 2: Benefits of the Platform - The platform is expected to significantly reduce the time spent on traditional price inquiries and negotiations, thereby improving the efficiency of the industry chain [1] - By facilitating competitive bidding, the platform aims to establish more accurate and timely pricing, which will help stabilize market expectations and foster a reliable industry credit environment [1] Group 3: Objectives and Future Operations - The platform was developed by the China Agricultural Supply and Marketing Cooperative and the National Cotton Trading Market, utilizing digital tools to address issues such as information asymmetry and inefficient resource allocation in fertilizer distribution [1] - Starting from November 14, the platform will implement regular auction transactions for national fertilizer commercial reserves, with trading scheduled every Tuesday and Friday at 10:00 AM [1]

Core Insights - The company reported a slight decline in revenue and net profit for the first three quarters of 2025, but showed significant improvement in core business profitability, particularly in Q3 [1][2] - The fine chemical segment is performing steadily, with successful upgrades in mint alcohol production capacity, which is expected to enhance revenue and profit [3] - The agricultural input business experienced growth despite industry challenges, supported by a strong distribution network and effective response to extreme weather [4] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 12.26 billion yuan, down 2.28% year-on-year, and a net profit of 165 million yuan, down 10.17% year-on-year [1] - In Q3 alone, revenue reached 3.98 billion yuan, up 9.86% year-on-year, with net profit soaring to 54 million yuan, a 601.80% increase year-on-year [1][2] - The company's cash flow from operating activities significantly improved, reaching 438 million yuan, a 164.39% increase year-on-year [2] Segment Performance - The fine chemical segment, particularly the mint alcohol production, has seen capacity upgrades from 3,000 tons/year to 5,000 tons/year, contributing positively to the company's financials [3] - The gross margin for fine chemical products was reported at 17.9%, significantly higher than that of agricultural products, indicating strong profitability in this segment [3] Agricultural Input Business - The agricultural input sector showed resilience with a notable increase in net profit and cash flow, attributed to the company's established distribution network and strategic business structure optimization [4] - The company has a robust presence in over 20 major agricultural provinces, with extensive distribution centers and franchise stores, enhancing its market position [4] Investment Outlook - The company is expected to maintain revenue growth projections of 16.97 billion yuan, 18.76 billion yuan, and 20.33 billion yuan for 2025 to 2027, with net profit forecasts of 210 million yuan, 263 million yuan, and 309 million yuan respectively [5] - The company's earnings per share (EPS) are projected to be 0.22 yuan, 0.28 yuan, and 0.33 yuan for the same period, indicating a positive growth trajectory [5]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Insights - The company reported a significant increase in Q3 performance, showcasing resilience in its core business development [2][3] - Despite a slight decline in revenue for the first three quarters, the core profitability improved significantly, with a notable increase in net profit for Q3 [3] - The fine chemical segment is operating steadily, with successful upgrades in production capacity for menthol, which is expected to enhance revenue and profit [4] - The agricultural input business showed growth despite industry challenges, supported by the company's strong distribution network and integrated service model [5] - Future growth is anticipated from new projects and the expansion of existing product lines [6] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 12.26 billion, a year-on-year decrease of 2.28%, and a net profit of 165 million, down 10.17%. However, the non-recurring net profit increased by 33.63% to 80 million [2] - Q3 alone saw revenue of 3.98 billion, up 9.86%, and net profit soaring by 601.80% to 54 million, with non-recurring net profit increasing by 290.86% to 45 million [2] Business Segments - The fine chemical segment, particularly menthol and BHT, is expected to contribute stable profits, with menthol production capacity upgraded to 5,000 tons per year [4] - The agricultural input segment benefited from a robust distribution network and strategic adjustments in product offerings, leading to improved profitability [5] Future Projections - Revenue projections for 2025 to 2027 are set at 16.97 billion, 18.76 billion, and 20.33 billion respectively, with net profits expected to reach 210 million, 263 million, and 309 million [7] - The company maintains a favorable PE ratio forecast for the coming years, indicating potential for growth [7]

Core Insights - The fourth G3 conference for the agricultural input industry was successfully held in Jiaxing, Zhejiang, organized by Zhejiang Nong Corporation, gathering key players in the sector [1] - The conference focused on strategic transformation and upgrading, discussing challenges and opportunities in the agricultural input supply chain [2] - A consensus was reached among the participating companies to enhance collaboration and drive high-quality development in the agricultural sector [3] Group 1: Conference Overview - The G3 conference brought together Zhejiang Nong Corporation, Huillong Corporation, and Tianhe Corporation, along with leaders from the China Agricultural Input Circulation Association and Zhejiang Supply and Marketing Cooperative [1] - Key topics included supply stability, service to farmers, and strategic planning for the 14th Five-Year Plan [2] Group 2: Strategic Collaboration - A consensus document was signed, emphasizing the commitment to serve farmers, maintain supply stability, and enhance the agricultural supply chain [3] - The companies aim to integrate technological innovation with industry transformation, focusing on digitalization, sustainability, and branding [3] Group 3: Industry Development - Two specialized sessions were held to discuss enhancing capital market recognition of the agricultural input sector and promoting high-quality development in the pesticide business [4] - Participants visited key projects operated by Zhejiang Nong Corporation, gaining insights into modern agricultural practices and service innovations [4] Group 4: Industry Recognition - The successful hosting of the conference reinforced strategic trust and cooperation among listed companies in the agricultural input sector [5] - Leaders from the China Agricultural Input Circulation Association and Zhejiang Supply and Marketing Cooperative acknowledged the companies' efforts to enhance core competitiveness and contribute to national development strategies [5]

Core Insights - The company reported a revenue of 12.26 billion yuan for the first three quarters of 2025, a year-on-year decrease of 2%, and a net profit attributable to shareholders of 165 million yuan, down 10% year-on-year. In Q3 2025, the company achieved a revenue of 3.983 billion yuan, an increase of 10% year-on-year, and a net profit of 54 million yuan, a significant increase of 602% year-on-year [1][2]. Financial Performance - The substantial growth in Q3's net profit excluding non-recurring items was primarily driven by the stable development of the agricultural input sector and increased exports [2]. - The gross profit margin for Q3 was 5.9%, a decrease of 1 percentage point year-on-year but an increase of 1 percentage point quarter-on-quarter. The expense ratio (including four fees and taxes) was 5.4%, down 1.1 percentage points year-on-year and up 0.5 percentage points quarter-on-quarter [2]. - The operating cash flow for the first three quarters was 440 million yuan, a year-on-year increase of 164% [2]. Business Development - The company is actively participating in the construction of a unified national market and is focused on optimizing its business model in line with rural revitalization and agricultural strength strategies. It has established over 70 distribution centers and more than 4,000 franchise stores across more than 20 major agricultural provinces, ranking among the top three in terms of network coverage and operational scale [3]. - The company has built 14 modern agricultural service centers in various locations, enhancing the quality of services provided to farmers. It is also focusing on research and development to support the construction of a strong agricultural nation through technological innovation [3]. Investment Outlook - The company is expected to achieve net profits attributable to shareholders of 200 million yuan, 280 million yuan, and 390 million yuan for the years 2025, 2026, and 2027, respectively, maintaining a "recommended" rating [4].

Financial Performance - The company achieved a net profit attributable to shareholders of 165 million yuan in the first three quarters of 2025, with a third-quarter net profit of 53.8 million yuan, representing a year-on-year increase of 602% [2] - The non-recurring net profit for the third quarter was 45.41 million yuan, up 291% year-on-year [2] - The operating cash flow for the first three quarters reached 440 million yuan, reflecting a 164% increase compared to the previous year [2] Business Development - The company has strengthened its network layout, enhancing its core function in agricultural materials distribution, with domestic fertilizer sales steadily progressing and exports significantly increasing compared to last year [2] - The pesticide business is advancing its national layout strategy, with sustained improvement in profitability [2] - The establishment of 14 agricultural service centers has enabled rapid resource allocation during extreme weather, and the "immediate collection and drying" service model has received positive feedback [2] Cost Management - Despite rising raw material costs, the company maintained a stable increase in gross margin by adjusting product structure and increasing the sales proportion of high-margin products [3] - Continuous efforts in cost reduction and efficiency improvement have effectively lowered overall costs [3] Strategic Planning - The company is actively participating in the construction of a unified national market, optimizing its business model in line with rural revitalization and agricultural strength strategies [3] - It operates over 70 distribution centers and more than 4,000 franchise stores across more than 20 major agricultural provinces, ranking among the top three in terms of network coverage and operational scale [3] Product Development - The mint alcohol production capacity has been upgraded from 3,000 tons/year to 5,000 tons/year, with stable market and customer conditions [4] - The company is focusing on technological innovation and product upgrades, continuously improving process routes and expanding its customer base [5] Regulatory Impact - The "one certificate, one product" policy introduced by the Ministry of Agriculture and Rural Affairs is expected to benefit the company's pesticide business by standardizing market order and protecting the interests of growers [5] Shareholder Engagement - The management is committed to enhancing shareholder value through measures such as executive share buybacks, share repurchases, and stable annual dividends [5]