登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：603585 公司简称：苏利股份 转债代码：113640 转债简称：苏利转债 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 1.2本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.3公司全体董事出席董事会会议。 1.4本半年度报告未经审计。 1.5董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 第二节 公司基本情况 2.1公司简介 ■ 2.2主要财务数据 ■ 2.4截至报告期末的优先股股东总数、前10名优先股股东情况表 □适用 √不适用 2.5控股股东或实际控制人变更情况 □适用 √不适用 2.6在半年度报告批准报出日存续的债券情况 □适用 √不适用 第三节 重要事项 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 公司应当根据重要性原则，说明报告期内公司经营情况的重 ...

证券代码：603585 证券简称：苏利股份 公告编号：2025-067 转债代码：113640 转债简称：苏利转债 江苏苏利精细化工股份有限公司 公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据中国证券监督管理委员会（以下简称"中国证监会"）《上市公司监管指引第 管指引第 1 号—规范运作》、《上海证券交易所上市公司自律监管指南第 1 号—公告格 式》及《上海证券交易所股票上市规则》等相关法规和规范性文件的要求，现将江苏苏 利精细化工股份有限公司（以下简称"公司"或"苏利股份"）2025 年半年度募集资金 存放与使用情况专项说明如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 根据中国证监会《关于核准江苏苏利精细化工股份有限公司公开发行可转换公司债 券的批复》（证监许可[2021]）3928 号)核准，于 2022 年 2 月 16 日公开发行可转换公 司债券（以下简称"可转债"）9,572,110 张，每张面值 100 元，募集资金总额为人民 币 957,211,000.00 元，扣除发行费用人民币 ...

Group 1: Company Development and Strategy - The company started with trade and gradually transitioned to manufacturing, focusing on R&D and establishing an integrated manufacturing base [2] - Since 2010, the company has concentrated on core generic drug R&D, enhancing manufacturing standards through independent innovation and establishing a new drug creation system [2] - The company has set up overseas branches to expand its market presence, focusing on high-value compound production and global marketing [2] Group 2: Product Orders and Pricing - Orders are generally determined quarterly, with adjustments based on market conditions [3] - Pricing is based on market prices, with adjustments made during significant price fluctuations [3] - The company employs different pricing strategies for major clients, balancing cost and market prices [3] Group 3: International Market and Registration - The company has invested approximately €14 million in obtaining registration certificates for products in Europe, with plans to expand in the US and Brazil [3] - Sales primarily occur in the B2B sector, with transactions in USD, EUR, or RMB, and the company collaborates with partners for overseas sales [3] Group 4: R&D and Innovation - The company is developing innovative drugs with specific pricing strategies based on market analysis and profit considerations [4] - The creation of compounds involves both internal selection and collaboration with academic institutions and multinational companies [4] Group 5: Product Expansion and Market Strategy - The company prioritizes new products that complement existing fungicides and herbicides, considering market space and technical barriers [4] - The global market for the product Pyraclostrobin reached $1.328 billion in 2023, with expected growth in domestic usage by 2025 [4] - The company is a major producer of the fungicide Azoxystrobin and aims to increase market share as recognition of the product grows [4] Group 6: Risk Management - Key risks include fluctuations in global agricultural product prices, trade policy uncertainties, and foreign exchange risks [5] - The company manages risks through inventory optimization, sales strategy adjustments, and financial hedging tools [5]

Group 1: Product Performance - The overall revenue for fungicides in 2024 is 1.465 billion CNY, representing a year-on-year growth of 23.39% [2] - The overall revenue for herbicides in 2024 is 1.929 billion CNY, with a year-on-year growth of 2.64% [3] - The overall revenue for functional chemicals in 2024 is 474 million CNY, showing a year-on-year decline of 6.30% [3] Group 2: Q1 2025 Financial Performance - In Q1 2025, the company achieved a revenue of 1.033 billion CNY, reflecting a year-on-year increase of 18.50% [4] - The net profit attributable to shareholders in Q1 2025 is 78.53 million CNY, marking a year-on-year growth of 50.94% [4] - The net profit excluding non-recurring items in Q1 2025 is 75.45 million CNY, with a year-on-year increase of 59.79% [4] Group 3: Product Development and Market Trends - The newly developed pesticide, cyhalofop-butyl, received export registration in July 2024 and is expected to obtain domestic registration by the end of the year [5] - The company has signed a cooperation agreement with Syngenta and a global strategic partnership with UPL for the development and commercialization of cyhalofop-butyl [5] - The market for pesticides is currently stable, with sufficient product demand, and the company plans to establish overseas manufacturing bases to meet future demand [6][7] Group 4: Profitability and Market Strategy - The decline in herbicide gross margin is attributed to overall market price decreases [7] - The company considers product growth potential, competitiveness, customer demand, and market share when developing new products [7] - Environmental policies have minimal impact on the company's products, focusing mainly on emission standards and management [7] Group 5: R&D and Future Planning - The company has over 10 years of experience in new pesticide development, establishing a comprehensive R&D system with advanced facilities [8] - Future R&D will focus on resistance and mechanism-related directions, although specific details are not disclosed [8] - The company emphasizes quality over blind expansion, prioritizing products that align with its core technologies and customer base [8]

Group 1: Financial Performance - In 2024, the company achieved total revenue of 4.236 billion yuan, a year-on-year increase of 9.51% [2] - The net profit attributable to shareholders was 266 million yuan, a decrease of 23.24% year-on-year; the non-recurring net profit was 258 million yuan, down 25.22% [2] - In Q1 2025, the company reported revenue of 1.033 billion yuan, an 18.50% year-on-year growth; net profit attributable to shareholders was 78.53 million yuan, up 50.93% [2] Group 2: International Business - Over 70% of the company's products are sold internationally; in 2024, overseas revenue reached 3.252 billion yuan, a 10.41% increase, accounting for 76.78% of total revenue [2] Group 3: Core Product Performance - The pesticide segment generated 3.602 billion yuan in revenue in 2024, an 11.40% increase; fungicide revenue was 1.465 billion yuan, up 23.39%, while herbicide revenue reached 1.929 billion yuan, a 2.64% increase [3] - The production and sales volume of pesticides increased by 6.27% and 4.37% respectively, with a production-sales rate of 99.04% and capacity utilization of 94.01% [3] Group 4: Product Development and Market Strategy - The company is focusing on the development of key products such as: - **Bacillus subtilis**: Stable global demand with adjusted sales strategies [3] - **Prothioconazole**: Enhanced market presence through improved production efficiency and cost control [3] - **2,4-D**: Maintained profitability despite market price fluctuations through strategic supplier partnerships [3] - The company is also expanding its portfolio with new products like: - **Prothioconazole**: Expected significant domestic market growth in 2025 [4] - **Oxathiapiprolin**: Aiming to increase market share with improved product recognition [4] Group 5: Future Plans and Risk Management - The company has not established clear merger and acquisition plans or identified potential targets, but will consider these based on strategic development and market conditions [5] - Emphasis on green development and environmental sustainability through energy-saving measures and technological advancements [4]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company reported better-than-expected performance driven by the peak season for formulations in Q1 2025, while continuing to advance the construction of the Hengning base to strengthen its integrated strategy of intermediates, active ingredients, and formulations [1][6] Financial Performance Summary - In 2024, the company achieved total revenue of 39.08 billion yuan, a year-on-year decrease of 11.2%, and a net profit attributable to the parent company of 1.81 billion yuan, down 61.7% year-on-year [5][6] - For Q1 2025, the company reported revenue of 12.64 billion yuan, a year-on-year increase of 10.2%, and a net profit of 1.05 billion yuan, up 16% year-on-year [6] - The company plans to distribute a cash dividend of 5 yuan per 10 shares, representing 93.7% of the net profit attributable to the parent company [6] Revenue and Profit Forecast - Projected total revenue for 2025 is 44.52 billion yuan, with a year-on-year growth rate of 13.9% [5] - The forecasted net profit for 2025 is 3.65 billion yuan, reflecting a significant increase of 101.3% compared to 2024 [5][6] - The company expects to gradually reduce losses from the Hengning base in 2025, with new investments supporting future growth [6] Market and Product Insights - The company's pesticide business saw a sales volume of 56,600 tons in 2024, with a revenue of 38.08 billion yuan, despite a year-on-year price decline of 14% [6] - In Q1 2025, the pesticide business achieved a sales volume of 17,200 tons, with revenue of 12.31 billion yuan, indicating a recovery in demand [6] - The report highlights that the formulation business is expected to contribute nearly half of the company's revenue during the peak sales season in H1 2025 [6]

Core Viewpoint - Jiangsu Suli Fine Chemical Co., Ltd. continues to use part of the raised funds to provide loans to its subsidiary, Suli (Ningxia) New Materials Technology Co., Ltd., for the implementation of fundraising projects, amounting to RMB 308,562,741.39 with a three-year term [1][4]. Summary by Sections Fundraising Overview - The company issued 9,572,110 convertible bonds on February 16, 2022, with a total amount of RMB 957,211,000, netting RMB 943,619,440.12 after deducting issuance costs [1][2]. Investment Project Details - The raised funds will be allocated to various projects, including the construction of production lines for fine chemical products, with a total planned investment of RMB 148,328.09 million and a fundraising investment amount of RMB 94,361.94 million [3]. Loan Provision to Subsidiary - The company previously provided a loan of RMB 554,040,372.66 to Suli Ningxia, which is set to mature on March 29, 2025, at an interest rate of 4.9% [4][5]. - The new loan of RMB 308,562,741.39 will also have a three-year term and will be subject to the same interest rate as Suli Ningxia's project loans [4][6]. Subsidiary Information - Suli (Ningxia) New Materials Technology Co., Ltd. is a limited liability company with a registered capital of RMB 60078.125 million, primarily engaged in the production and sale of pesticides and chemical products [6]. Impact of Loan on Company - The loan is intended to support the implementation of fundraising projects, ensuring compliance with the fundraising plan and protecting shareholder interests [6][7]. Fund Management - The raised funds will be managed in a dedicated account, with a tripartite supervision agreement signed among the company, Suli Ningxia, and the sponsoring institution [7][8].

Investment Rating - The report maintains an "Overweight" rating for the organic silicon industry [5]. Core Viewpoints - The peak production period for organic silicon has passed, and companies are collaborating to reduce output, leading to a potential price recovery from the bottom [1]. - Domestic organic silicon DMC capacity increased from 1.515 million tons/year in 2019 to 3.44 million tons/year by 2024, with limited new capacity expected in the future [1]. - As of March 19, 2025, the average market price for organic silicon was 14,500 CNY/ton, reflecting an 11.5% increase since the beginning of the year, although profit margins remain negative [1]. - The demand for organic silicon is steadily growing, with a CAGR of approximately 10.7% from 2020 to 2024, driven primarily by the construction and electronics sectors [3]. - The report suggests that the limited new supply and increasing demand will likely stabilize and improve the pricing and profitability of organic silicon products [1][3]. Summary by Sections Section 1: Industry Overview - The organic silicon industry is experiencing a supply reduction due to increased maintenance and repairs among producers, with 182,000 tons of capacity under maintenance as of February 19, 2025 [2]. - The inventory levels of organic silicon DMC are stable, with a slight increase since September 2024, but still within the median range of the past three years [2]. Section 2: Demand and Applications - The apparent consumption of organic silicon DMC in China rose from 1.21 million tons in 2020 to 1.82 million tons in 2024, with significant growth in exports at a CAGR of 22.5% during the same period [3]. - Key application areas for organic silicon include construction and electronics, which account for 25% and 23% of consumption, respectively [3]. - The report highlights the potential for growth in high-end construction sealants and materials for photovoltaic and electric vehicle sectors, driven by policy support and technological advancements [3]. Section 3: Investment Recommendations - The report recommends focusing on companies in the organic silicon production sector such as Hoshine Silicon Industry, Xingfa Group, and New安股份, as well as application companies like Ruifeng New Materials and Silica宝科技 [3].