Core Insights - The company, Beishimei, reported impressive financial results for the first three quarters of 2025, with a revenue of 1.11 billion yuan, a year-on-year increase of 14.29%, and a net profit of 31 million yuan, reflecting a significant growth of 1,257.94% [1] - The company's dual strategy of focusing on its core business of Dimethenamid-P and extending into carbon five new materials has driven its performance, supported by a fully integrated supply chain that creates cost and technological barriers [1][2] Financial Performance - For the first nine months of 2025, the company achieved a net cash flow from operating activities of 75.56 million yuan, up 26.28% year-on-year, indicating improved operational efficiency [1] - The revenue for 2024 and the first half of 2025 was reported at 1.328 billion yuan and 776 million yuan, respectively, with overseas business contributing significantly to the revenue [4] Business Model and Competitive Advantage - Beishimei is the only domestic company with a complete production and R&D capability for Dimethenamid-P, covering the entire supply chain from raw materials to formulations [2] - The company has established a strong competitive moat through its integrated supply chain, which includes a production capacity of 12,000 tons for raw materials and 8,000 tons for intermediates [2][3] Market Demand and Industry Outlook - The global pesticide market is projected to grow from 79.06 billion USD in 2024 to 118.51 billion USD by 2031, with China expected to capture over 60% of the incremental growth [3] - The demand for efficient, low-toxicity, and environmentally friendly pesticides remains strong due to global population growth and food security concerns [3] Global Expansion Strategy - The company has expanded its global market presence through the acquisition of Ningbo Jielike, which has 1,129 overseas pesticide registration certificates, allowing it to export to 79 countries and regions [4] - In 2025, overseas business accounted for 73.58% of total revenue, highlighting the company's successful international strategy [4] New Growth Areas - Beishimei is actively developing high-value new materials, with projects in place for producing green materials such as ketones and cyclopentane, which are expected to enhance its competitive edge [5] - Revenue from carbon five series products reached 73.12 million yuan in 2024 and 61.24 million yuan in the first half of 2025, marking year-on-year growth of 526.11% and 141.83%, respectively [5]

Core Viewpoint - The actual controller of Beishimei, Chen Feng, has received a notice of investigation from the China Securities Regulatory Commission (CSRC) for failing to fulfill mandatory tender offer obligations and for violations of information disclosure regulations [1] Company Summary - Beishimei announced that Chen Feng resigned from all positions within the company over three months ago, including chairman and legal representative, due to work adjustments [1] - As of now, Chen Feng directly holds 966,400 shares of Beishimei and, together with his concerted actors, controls 29.37% of the company's equity, remaining the actual controller [1] - The company stated that the investigation pertains solely to Chen Feng as an individual and is unrelated to the daily operations and business activities of Beishimei, indicating no impact on the company's production and operations [1] Industry Summary - Beishimei is an environmentally friendly pesticide company, primarily engaged in the production and research of the environmentally friendly, efficient, and low-toxicity pesticide, Dimethenamid-P, including its raw materials, intermediates, and formulations [1] - The company is recognized as a leading player in the industry, possessing the full industrial chain production and research capabilities for Dimethenamid-P in China [1]

Core Viewpoint - The actual controller of Baismei, Chen Feng, is under investigation by the China Securities Regulatory Commission (CSRC) for failing to fulfill mandatory acquisition obligations and for violations of information disclosure regulations [1][3]. Company Overview - Baismei, established in March 2003 and listed on the Shenzhen Stock Exchange in November 2019, specializes in the research, production, and sales of environmentally friendly pesticide intermediates, active ingredients, and formulations [3][6]. - The company is recognized for its comprehensive production and R&D capabilities across the entire industrial chain of the pesticide dimethenamid, which is characterized as environmentally friendly, efficient, and low-toxicity [3][6]. Management Changes - On July 21, 2023, Chen Feng resigned from his positions as chairman and non-independent director of the company due to work adjustments, but he still retains control over 29.37% of the company's shares [3][6]. Financial Performance - For the first three quarters of 2025, Baismei reported a revenue of 1.11 billion yuan, reflecting a year-on-year increase of 14.29%. The net profit attributable to shareholders reached 31.17 million yuan, marking a significant year-on-year growth of 1257.94% [7]. Stock Performance - As of October 31, 2023, Baismei's stock price increased by 1.22%, closing at 9.98 yuan per share, with a total market capitalization of 3.604 billion yuan [8].

Core Viewpoint - The investigation into Chen Feng is personal and unrelated to the daily operations and business activities of the listed company, which will not be affected by this investigation [2]. Group 1: Company Management Changes - Chen Feng resigned from his positions as chairman, non-independent director, legal representative, and related committee roles due to work adjustments, and he no longer holds any position in the company [4]. - The current director and general manager, Zhong Xijun, has been elected as the new chairman of the company [4]. Group 2: Shareholding and Control - As of the announcement date, Chen Feng directly holds 966,400 shares of the company, with no unfulfilled commitments, and he and his concerted actors control a total of 29.37% of the company's shares, maintaining his status as the actual controller [5]. Group 3: Company Financial Performance - For the first three quarters of the year, the company achieved total operating revenue of 1.11 billion yuan, representing a year-on-year increase of 14.29% [6]. - The net profit attributable to shareholders reached 31.17 million yuan, a significant increase of 1,257.94% year-on-year [6]. - The net profit after deducting non-recurring gains and losses was 29.11 million yuan, marking a turnaround from losses [6]. - The company reported a basic earnings per share of 0.09 yuan, an increase of 800% year-on-year [7]. - As of the end of the reporting period, total assets amounted to approximately 3.25 billion yuan, reflecting a 2.78% increase from the previous year [7]. Group 4: Market Performance - As of October 31, the company's stock closed at 9.98 yuan per share, with a total market capitalization of 3.604 billion yuan, reflecting a rise of 1.22% [7].

Core Viewpoint - The actual controller of Beishimei, Chen Feng, is under investigation by the China Securities Regulatory Commission (CSRC) for failing to fulfill mandatory tender offer obligations and for violations related to information disclosure [1][4]. Company Overview - Beishimei specializes in the research, production, and sales of environmentally friendly pesticide intermediates, active ingredients, and formulations. It is one of the few companies in China with a complete industrial chain for the production and research of the pesticide Dimethenamid-P [7]. Financial Performance - In the first three quarters of the year, Beishimei achieved a total revenue of 1.11 billion yuan, representing a year-on-year increase of 14.29%. The net profit attributable to shareholders was 31.17 million yuan, a significant increase of 1257.94% compared to the previous year. The net profit after deducting non-recurring gains and losses was 29.11 million yuan, marking a turnaround from losses [7][8]. - The company's total assets as of October 31 amounted to approximately 3.25 billion yuan, reflecting a 2.78% increase from the end of the previous year [8]. Management Changes - Chen Feng, who was born in February 1969 and has been with Beishimei since 2003, resigned from all positions within the company on July 21, 2023. Following his resignation, the current director and general manager, Zhong Xijun, was elected as the new chairman [5][6].

Core Viewpoint - The actual controller of Beishimei, Chen Feng, is under investigation by the China Securities Regulatory Commission (CSRC) for failing to fulfill mandatory tender offer obligations and for violations of information disclosure regulations. This investigation is personal and does not affect the company's daily operations or business activities [2]. Company Overview - Beishimei specializes in the research, production, and sales of environmentally friendly pesticide intermediates, pesticide active ingredients, and pesticide formulations. The company is one of the few in China with the capability to produce and develop the entire industrial chain of the pesticide dimethenamid-P [5]. Financial Performance - For the first three quarters of 2025, Beishimei reported a revenue of 1.11 billion yuan, representing a year-on-year increase of 14.29% [5]. - The net profit attributable to shareholders reached 31.17 million yuan, showing a significant year-on-year growth of 1257.94% [5]. - The net profit after deducting non-recurring gains and losses was 29.11 million yuan, reflecting a year-on-year increase of 548.69% [5]. - The basic earnings per share were reported at 0.09 yuan [5].

Core Viewpoint - The company, Beishimei, reported strong financial performance in the first half of 2025, driven by its robust market competitiveness in the environmentally friendly pesticide sector and strategic expansion into new materials [1][2]. Financial Performance - In the first half of 2025, Beishimei achieved revenue of 776 million yuan, a year-on-year increase of 16.57% [1] - The net profit attributable to shareholders reached 34.71 million yuan, up 109.70% year-on-year [1] - The basic earnings per share were 0.1 yuan, reflecting a 100.00% increase compared to the previous year [1] Industry Trends - The Chinese pesticide market is projected to reach 450 billion yuan in 2024 and exceed 480 billion yuan in 2025, with a compound annual growth rate (CAGR) of 6.5% [2] - The demand for efficient, safe, and environmentally friendly pesticide products is increasing, driven by agricultural modernization and green development initiatives [2] Product and Technology Development - Beishimei has established a complete industrial chain for its self-produced pesticides, covering intermediates, active ingredients, and formulations [2] - The company holds 62 authorized patents, including 33 invention patents, emphasizing its commitment to technological innovation [4] - The purity of its active ingredient, dimethenamid-P, exceeds 98%, surpassing domestic industry standards [4] Strategic Initiatives - Beishimei is implementing a strong chain and supplement strategy, focusing on the production of key intermediates and raw materials to ensure quality and cost control [3] - The company has launched a project to produce 8,500 tons of ketone series green materials, enhancing its position in the carbon five materials sector [8] International Expansion - Beishimei's subsidiary, Ningbo Jielike, has established a sales network in 79 countries, significantly contributing to the company's overseas revenue, which reached 571 million yuan in the first half of 2025 [6] - The company’s export volume of herbicides increased by 11.11% year-on-year, indicating strong growth in international markets [5] New Materials Strategy - The carbon five series products generated revenue of 61.24 million yuan, a year-on-year increase of 141.83%, highlighting the growth potential in this segment [7] - Beishimei is focusing on the development of high-end carbon five products to capture the import substitution opportunities in the market [7][8]

Core Viewpoint - The company has decided to postpone the expected completion dates for certain fundraising projects due to the current market conditions and industry downturn, while maintaining the original investment purposes and scales [3][4][5]. Fundraising Overview - The company raised a total of RMB 43,177.50 million through the issuance of 30.3 million shares at a price of RMB 14.25 per share, with a net amount of RMB 39,297.76 million after deducting issuance costs [1]. - As of June 30, 2025, the company has allocated funds to various projects, including a technical transformation project for producing 6,000 tons of dimethylpentyl and a high-purity bauxite project [2]. Project Postponement Details - The expected completion date for the 6,000-ton dimethylpentyl technical transformation project has been postponed from September 2025 to September 2026 due to factors such as the pesticide industry's downturn and macroeconomic fluctuations [3][4]. - The decision aims to avoid risks associated with releasing production capacity during an industry low point, ensuring the safety and efficiency of the use of raised funds [3][4]. Impact of Postponement - The postponement does not involve changes to the project implementation entities, investment methods, or total investment amounts, and is not expected to adversely affect the company's normal operations [4][5]. - The board and supervisory committee have both approved the postponement, affirming that it aligns with the company's long-term development strategy and does not harm shareholder interests [5][6]. Regulatory Compliance - The postponement has been reviewed and approved by the board and supervisory committee, and is in compliance with relevant regulations and guidelines regarding the management of raised funds [6].

Core Viewpoint - The company has decided to postpone certain fundraising projects due to market uncertainties and aims to ensure the quality of investment projects while maintaining the safety and efficiency of raised funds [1][5]. Group 1: Fundraising Overview - The company raised a total of RMB 431.775 million by issuing 30.3 million shares at a price of RMB 14.25 per share in November 2019 [1]. - As of June 30, 2025, the company has specific fundraising projects with total investment amounts and cumulative investment amounts detailed in the report [1]. Group 2: Project Adjustments - The company has adjusted the investment total for the "Hydrogen Series and Dimethylpentyl Series Product Technological Transformation Project" and will use surplus funds for new projects, including a "6000 tons Dimethylpentyl Technological Transformation Project" and a "5000 tons High-Purity Bauxite Project" [2]. - The company plans to construct the "5000 tons High-Purity Bauxite Project" in two phases and will use its own funds for the second phase, avoiding the use of raised funds [2]. Group 3: Project Delay Reasons - The postponement of the "6000 tons Dimethylpentyl Technological Transformation Project" from September 2025 to September 2026 is due to the pesticide industry's downturn, macroeconomic fluctuations, and changes in market competition [4]. - The company aims to avoid releasing production capacity during an industry low point to mitigate potential profit declines and will continue to monitor market supply and demand [4]. Group 4: Impact of Delay - The delay does not involve changes to the project implementation entity, method, or total investment amount, and it is not expected to adversely affect the company's normal operations or shareholder interests [5]. - The decision aligns with the company's long-term development strategy and is deemed beneficial for all shareholders [5]. Group 5: Approval Process - The postponement of the fundraising project has been approved by the company's board of directors and supervisory board, complying with relevant regulations and ensuring the interests of all shareholders are protected [5].

Group 1: Company Overview and Strategic Projects - Shaoxing Bestmay Chemical Co., Ltd. is actively expanding its product lines in the C5 chemical sector, including the "Annual Production of 8,500 Tons of Ketone Series Green New Materials Project" and the "Annual Production of 12,100 Tons of Cyclopentane Series Green New Materials Project" [1][2][3] - The company has achieved stable operation of its ketone facility, with product quality meeting standards and sales status being steady [2][3] - The company is positioned as a leader in the domestic C5 comprehensive utilization field, enhancing its product offerings and reducing reliance on imports [2][3] Group 2: Financial Performance and Growth - In 2024, the company reported a revenue of 1.328 billion RMB, representing a year-on-year growth of 89.97% due to the full-year consolidation of Ningbo Jielike's operations following an 80% stake acquisition [5][6] - The revenue from C5 series products increased from 11.67 million RMB in 2023 to 73.12 million RMB in 2024, marking a growth of 5.26 times [20] Group 3: Research and Development - The company invested 45.52 million RMB in R&D in 2024, a 13.7% increase from the previous year, and holds 58 authorized patents, including 32 invention patents [6][8] - The focus on R&D has led to the development of proprietary technologies that enhance production efficiency and reduce costs, such as low-temperature continuous nitration and solid salt recovery technologies [18] Group 4: Market Position and Competitive Advantage - The company is recognized as a national high-tech enterprise and has established a complete production and R&D capability for the herbicide Dimethenamid-P, covering the entire industry chain from intermediates to formulations [8][15] - The company has a strong export presence, with its subsidiary Jielike operating in 79 countries, achieving over 75% of its revenue from overseas markets in 2024 [15][19] Group 5: Future Outlook and Strategic Initiatives - The company plans to continue focusing on environmentally friendly pesticide development and expand its C5 new materials product line to enhance market share and profitability [5][15] - The company aims to leverage its existing market channels and the acquisition of Jielike to penetrate emerging markets in South America, Africa, and Southeast Asia, thereby increasing sales of Dimethenamid-P [11][15]