四川国光农化股份有限公司投资者关系活动记录表 编号：2025-029 | | □分析师会议 ☑特定对象调研 | | | --- | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | | | □新闻发布会 □路演活动 | | | 活动类别 | □现场参观 | | | | □其他（ ） | | | | 光大证券股份有限公司 | 周家诺 | | | 中信证券股份有限公司 | 孙臣兴 | | | 四川海子投资管理有限公司 | 陈海林 | | 活动参与人员 | 四川发展证券投资基金管理有限公司 | 周玉婷 | | | 福泽源（上海）私募基金 | 吴金勇 | | | 银杏长青（西安）私募基金有限公司 | 边陇刚 | | | 国光股份 董事会秘书 颜铭 | | | 时间 | 2025 年 12 月 3 日 | | | 地点 | 公司龙泉办公区 | | | 形式 | 现场会议 | | | | 问 1：公司 2025 年全程解决方案的推广情况如何？ | | | | 答：2025 年，公司主要在玉米、小麦、水稻、棉花、花生、柑 | | | | 橘、葡萄、大樱桃等作物上推广全程方案。截至目前，公司全程方 ...

Core Viewpoint - The 26th Central (Hunan) Agricultural Expo has introduced a new agricultural input section, showcasing Hunan's innovations in the green pesticide sector through the participation of eight key pesticide production companies [1][2] Group 1: Event Overview - The expo took place from November 14 to 17, featuring a dedicated agricultural input section for the first time [1] - The Hunan Pesticide Association organized the participation of eight major pesticide companies, including Hunan Haili and Lier Chemical, to highlight the province's advancements in green pesticides [1] Group 2: Participating Companies - The participating companies represent critical segments of the pesticide industry chain, including raw material giants like Hunan Haili, which has established the world's largest carbamate pesticide production base [1] - Other notable companies include Lier Chemical, recognized for its achievements in formulation, along with Haohua Chemical, Nongda Haite Agricultural Chemicals, Shenlong Technology, Dafang Agricultural Chemicals, Wanjiafeng Technology, and Zefeng Agricultural Chemicals, forming a comprehensive industry display matrix [1] Group 3: Innovations and Impact - The companies showcased their latest achievements in green pesticide research and development, precision application technology, integrated pest management solutions, and environmentally friendly formulation products [1] - Representatives from participating companies expressed that the expo provided significant exposure for their green products, enhancing brand influence and facilitating precise connections with upstream and downstream resources [1] Group 4: Future Directions - The Hunan Pesticide Association aims to continue serving as a bridge for the industry, promoting a focus on green technology research and driving the transformation of Hunan's pesticide industry towards efficiency, safety, and environmental sustainability [2]

Corteva shares reversed course and traded lower Monday morning following a report that the manufacturer of crop seeds and pesticides is considering splitting itself in two. https://t.co/JLYf3MmHt8 ...

Business Strategy - Corteva is considering separating its seed and pesticide businesses into two separate companies [1] Market Dynamics - The Wall Street Journal reported the potential separation, citing sources [1]

Core Insights - The company reported a revenue of 3.36 billion yuan for the first half of 2025, marking a year-on-year increase of 6.07% [1] - The net profit attributable to shareholders reached 338 million yuan, showing a significant year-on-year growth of 98.18% [1] Revenue and Profit Analysis - In Q2 2025, the company achieved a revenue of 1.61 billion yuan, continuing the upward trend [1] - The increase in revenue is attributed to a notable recovery in glyphosate prices, alongside growth in sales and revenue from pesticide and chlor-alkali products [1] - Sales revenue for herbicides and insecticides in H1 2025 amounted to 1.63 billion yuan and 422 million yuan, respectively [1] Project Development - The company is actively advancing key project constructions, particularly focusing on the research of the new herbicide JS-T205 [1] - The JS-T205 project in Hubei and the Jiangshan 998 base project for isopropyl methylamine have entered the trial production phase [1] - The first phase of the heating center project has been completed [1] Earnings Forecast and Valuation - Due to the recovery in glyphosate and other pesticide prices, the company has revised its profit forecasts for 2025-2026 and introduced a forecast for 2027 [1] - The expected net profits attributable to shareholders for 2025-2027 are projected to be 548 million yuan (up 59.9%), 741 million yuan (up 84.4%), and additional forecasts for 2027 [1]

Investment Rating - The report maintains a "Buy" rating for Chanhen (002895 CH), Yuntianhua (600096 CH), and NHU (002001 CH), while Skshu (603737 CH) and Yuhong (002271 CH) are rated "Hold" [3][4][8]. Core Insights - The phosphate sector is experiencing strong performance, with companies like NHU expecting a profit increase of 50-70% in 1H25, driven by resilient agricultural demand and rising prices [3]. - Chanhen and Yuntianhua are highlighted as top picks due to their earnings momentum and robust dividend profiles, with expected earnings growth of over 40% year-on-year for Chanhen in 2Q and around 10% for Yuntianhua [3][8]. - The report notes potential catalysts for growth, including rising fertilizer export prices and elevated phosphate rock prices during the peak planting season [3]. Summary by Sections Phosphate Sector - Phosphate companies are expected to lead the sector, with Chanhen and Yuntianhua showing strong earnings growth and dividend yields exceeding 6% in 2025 [3][8]. - NHU's profit guidance indicates overall sector strength, with a projected increase of 50-70% [3]. Building Materials - Skshu has issued positive profit guidance for 2Q, projecting earnings growth of 69-118% year-on-year, but the report maintains a "Hold" rating due to the growth being largely priced in [4]. - Yuhong is expected to face ongoing weakness in earnings due to challenges in new housing and engineering construction [4]. Commodity Chemicals - Satellite Chemical is facing headwinds with expected earnings declines due to turbulence in ethane/propane imports and operational risks [5]. - Wanhua and LB Group are also under pressure from anti-dumping duties affecting their core products, leading to a negative outlook for their 2Q earnings [5].

Core Insights - The article discusses the increasing demand for the fungicide Bacillus thuringiensis (also known as 2,4,5,6-tetrachloro-1,3-benzodioxole), driven by factors such as the outbreak of soybean rust in Brazil, the growing need for global disease resistance management, and the expansion of crop planting areas in emerging markets like China, India, and Southeast Asia [1][8][10]. Industry Overview - Bacillus thuringiensis is a broad-spectrum protective fungicide with advantages such as high efficiency, low toxicity, broad-spectrum activity, low residue, and long efficacy period [1][8]. - The global demand for Bacillus thuringiensis has increased from 20,000 tons in 2012 to over 60,000 tons in 2024, with projections to reach 72,000 tons by 2025 [1][8]. - The production supply of Bacillus thuringiensis is tightening due to strict environmental policies and limited new production capacity, leading to a continuous increase in market prices [8][10]. Application Demand - Bacillus thuringiensis is widely used in agriculture and forestry for the prevention of fungal diseases, particularly in vegetables and fruits, and is also utilized in non-agricultural areas such as golf courses and ornamental plants [6][8]. - The application demand breakdown shows that 30.45% is in vegetable cultivation, 27.36% in peanuts and grains, 29.36% in fruit cultivation, and 6.22% in other non-agricultural areas [6]. Market Dynamics - The market for Bacillus thuringiensis is highly concentrated, with major production capacities located in China, where leading companies include Zhejiang Limin Holdings, Taihe Co., and Jiangyin Sulin Chemical [14][21]. - The competitive landscape is characterized by a "three-legged" structure dominated by Limin, Sulin, and Jiangsu New River, with the top two companies holding over 80% of the market share [14][21]. Future Trends - The industry is expected to see continued consolidation, with leading companies enhancing their market position through economies of scale and technological barriers [21][22]. - Emerging markets, particularly in Southeast Asia and Brazil, are driving demand growth, prompting domestic companies to accelerate global expansion and establish partnerships with multinational agrochemical firms [22][23]. - The industry is shifting towards green transformation and high-end formulation research, with a focus on developing low-toxicity and low-residue products to meet stricter environmental standards [23].

Group 1 - Nantong Taihe Chemical Co., Ltd. officially listed on the ChiNext board on April 11, raising 462 million yuan by issuing 45 million shares at a price of 10.27 yuan per share, marking the first listing in Nantong for 2025 [1] - Taihe is a leading player in the domestic pesticide industry, focusing on the research and production of three core products: Bacillus thuringiensis, pyraclostrobin, and 2,4-D, with a globally leading production base established in the Youkou Chemical Industrial Park [1] - The company has maintained a production capacity utilization rate exceeding 100% for three consecutive years for its three core products, with a market presence in multiple countries and regions, establishing long-term strategic partnerships with multinational companies such as Syngenta, Dow, and UPL [1] Group 2 - Taihe has developed a product matrix covering 229 overseas self-registration certificates, with its self-created product, cyhalofop-butyl, receiving a special export pesticide registration certificate from the Ministry of Agriculture and Rural Affairs in July 2024, enabling the company to expand its business scope and industry position [2] - The company holds a total of 363 patents, including 73 overseas invention patents and 148 domestic invention patents, with R&D investment consistently above 3%, forming an innovation system centered on ammonia oxidation, chlorination, and hydrogenation reaction technologies [2] - The listing of Taihe has increased the total number of listed companies in Nantong to over 59, creating a "double 59" pattern with the number of companies listed on the New Third Board, reflecting Nantong's proactive approach to capital market reforms and innovation-driven development [2]

Market Overview - A-shares and Hong Kong stocks opened lower today, but overall performance remained stable and outperformed other major Asia-Pacific markets [1][18][22] A-share Market Highlights - The A-share market was driven by international gold prices reaching new highs, leading to a collective surge in gold concept stocks, which became a significant highlight of the morning session [2][11] - Chip stocks in the A-share market also performed notably well, with many stocks hitting the daily limit up [3][7] - The Shanghai Composite Index opened down 0.13% but closed up 0.12% at 3227.65 points, while the Shenzhen Component Index and the ChiNext Index also saw slight gains [5] Sector Performance - In terms of sector performance, trade agency, mineral products, non-ferrous metals, and media entertainment sectors showed relatively strong performance, while agriculture, telecommunications, food and beverage, and coal sectors were weaker [6] Gold and Semiconductor Stocks - The gold concept stocks saw significant gains, with Sichuan Gold hitting the daily limit and Chifeng Gold rising over 9% during the session [11] - The semiconductor sector was particularly strong, with the Wind Semiconductor Concept Index rising over 5%, and several stocks like Fuman Micro and Naxin Micro hitting the daily limit [7][9] New Listings - A new stock, Taihe Co., was listed today and saw a dramatic increase of over 330% at one point. The company specializes in the research, production, and sales of pesticide products and functional chemicals, holding a leading position in several core products [15][16][17] Hong Kong Market Highlights - The Hong Kong market opened lower, with the Hang Seng Index down 0.6%, but experienced minor fluctuations throughout the morning [19][22] - Notable performers included Geely Automobile, which opened up over 4% with a projected net profit increase of 220%-270% year-on-year for the first quarter [21] - Semiconductor stocks in Hong Kong also saw significant gains, with Huahong Semiconductor rising over 10% and SMIC up over 5% [22]