步入利民股份的智能制造车间，现代化生产的图景扑面而来：智能立体仓库中，货位指示灯有序闪烁， 出库物料自动输送至待运区；MES管控平台的大屏上，生产进度、设备负载等数据实时跳动，精准呈 现每一道工序的运行状态。这里生产的农药制剂，凭借其低毒、环保的特性，已成为备受信赖的"绿色 利器"。如今，这些产品正从利民股份的生产线出发，走向全球130多个国家和地区，成为中国农药工业 高质量出海的一张亮眼名片。 近日，利民股份副董事长张庆在接受上海证券报记者专访时表示："'十五五'期间，我们将持续聚焦合 成生物领域，以绿色化制造、AI驱动研发、全球化布局为抓手，加快形成农业新质生产力。" 合成生物农药抢占先机 随着我国新一轮千亿斤粮食产能提升行动的扎实推进，农药行业在保障国家粮食安全中的战略地位愈发 凸显。 面对机遇，利民股份的底气源于深厚的产业根基：公司已形成覆盖农兽药原药与制剂、新能源材料的全 产业链布局。在代森锰锌、三乙膦酸铝、草铵膦、阿维菌素和甲维盐等核心产品领域，其产能均位居国 内前列。依托完善的产品体系，利民的产品能够广泛适用于大田作物与经济作物，精准响应多样化的病 虫害防控需求。 当前，中国农药行业正处于转型升 ...

中新社巴黎1月4日电 (记者 李洋)法国官方4日表示，将加强对进口农产品的检查，以回应法国农民的关 切。 法国总理勒科尔尼当天表示，含有欧盟禁用的代森锰锌、草铵膦、甲基硫菌灵、多菌灵等除草剂或农药 残留的进口农产品将被暂停进入法国市场。 勒科尔尼表示，将派出专业队伍就此展开更严格的检查，以确保相关农产品符合法国的卫生标准。他形 容这是保护法国的供应链和消费者、"打击不公平竞争"的第一步，也关系到对法国农民的公平性问题。 法国农业部长热纳瓦尔称，苹果、草莓、葡萄等农产品只有在没有上述物质残留的情况下，才会在法国 销售；来自南美的多种水果在符合法国标准的情况下才会被允许进入法国市场。 法国农民仍在抗议南方共同市场-欧盟自由贸易协定，认为该协定将导致来自南美国家的农产品冲击法 国农业。此外，法国农业部近期采取的遏制牲畜疾病的有关措施也引发部分农民不满。 勒科尔尼将于下周会见法国农业工会组织代表，南方共同市场-欧盟自由贸易协定及遏制牲畜疾病被认 为将是主要讨论议题。(完) 勒科尔尼4日晚通过社交媒体发表致法国农民的公开信，重申将采取坚定而有力的措施，暂停进口来自 南美国家的不符合标准的食品。他还表示将采取必要措施帮助 ...

证券日报网讯 利民股份11月26日在互动平台回答投资者提问时表示，公司产品价格变动主要系供需关 系影响。公司杀菌剂如代森锰锌和百菌清等产品由于需求端旺盛，2025年产品价格持续上涨；阿维菌素 等产品在四季度处于淡季，需求下降导致价格下跌，后续价格预计会周期性反弹。对公司业绩的影响除 了考虑价格变动之外，还需考虑体量以及成本等多种因素。综合考虑价格、成本、体量等因素来看，代 森锰锌和百菌清对业绩的影响会更大。 （编辑 袁冠琳） ...

Group 1 - The core viewpoint of the article is that the price changes of the company's products are primarily influenced by supply and demand dynamics, with significant price increases for key products like Mancozeb and Chlorothalonil, while prices for products like Abamectin are expected to rebound after a seasonal decline [2][3] - The company indicated that the strong demand for its fungicides, such as Mancozeb and Chlorothalonil, is expected to lead to sustained price increases through 2025 [2] - The impact on the company's performance is influenced not only by price changes but also by factors such as volume and costs, with Mancozeb and Chlorothalonil expected to have a greater overall impact on performance compared to Abamectin [2]

利民股份（002734.SZ）11月26日在投资者互动平台表示，公司代森锰锌产能为45000吨/年，处于满产 满销状态；公司持有新河公司34%的股份，新河公司百菌清产能为30000吨/年，处于满产满销状态。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司拳头产品代森锰锌和百菌清，最新的产能是多 少？目前产能利用率怎么样？ ...

Group 1 - The core viewpoint of the report is that Limin Co., Ltd. (002734.SZ) is rated as "Buy" due to several positive factors influencing its performance [1] - The price increase of Manganese Zinc is expected to drive the company's performance growth [1] - The company's subsidiary, Deyanjichuang, has signed a cooperation agreement with BASF, indicating potential for future growth [1] - The company's proposed new energy project has passed the review, suggesting it may benefit from the increasing demand for new energy in the future [1]

Group 1: Macro Economic Insights - Construction activity is weakening, with the construction opening rate falling to historical lows, and industrial production remains at a historically high level [5][6] - Demand in the construction sector is weak, with low apparent demand for rebar and building materials, while automobile sales are also declining [5] - Recent weeks show a mixed performance in commodity prices, with black metals and coal prices recovering, while chemical products are experiencing a decline [6] Group 2: Industry Performance - The retail sales growth rate for October 2025 shows a year-on-year increase of 2.9%, but the growth rate continues to decline, particularly in the home appliance and automotive sectors [18][19] - The white liquor industry is in a bottoming phase, with structural recovery in demand during the holiday season, while the snack food sector shows resilience due to high-frequency demand [20] - In the poultry sector, chicken prices are supported by seasonal demand, while egg prices are declining, leading to accelerated culling of laying hens [22][23] Group 3: Company Updates - Li Min Co. (002734.SZ) has seen a price increase in its manganese-based products, and a strategic partnership with BASF has been established to enhance growth potential [37][38] - Bilibili (09626.HK) reported a significant increase in Q3 revenue, driven by advertising and new game launches, maintaining a "buy" rating [41][42] - Tencent Holdings (00700.HK) continues to experience high growth in revenue and net profit, with strong performance in both new and existing games, supported by AI applications [46][48] Group 4: Investment Opportunities - The 2025 private placement market is showing signs of recovery, with a significant increase in the number of new proposals and financing scale [10][12] - The Robotaxi industry is gaining traction, with companies like Xiaoma Zhixing and Wenyan Zhixing going public, indicating growth potential in the autonomous driving sector [31] - The outdoor camping and barbecue market is expected to thrive, with companies like Guoquan focusing on expanding their product offerings in this area [34]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The increase in the price of Mancozeb and the successful collaboration with BASF open up growth opportunities for the company [1][7] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 560 million, 712 million, and 828 million yuan respectively, with corresponding EPS of 1.26, 1.60, and 1.86 yuan [6] - The company is well-positioned to benefit from the growing demand in the lithium battery sector due to its planned investment in new energy projects [8] Financial Summary - Revenue is projected to increase from 4,224 million yuan in 2023 to 5,699 million yuan in 2025, reflecting a year-on-year growth of 34.5% [9] - The net profit is expected to rise significantly from 62 million yuan in 2023 to 560 million yuan in 2025, indicating a year-on-year growth of 587.8% [9] - The gross margin is forecasted to improve from 17.0% in 2023 to 27.4% in 2025, while the net margin is expected to increase from 1.5% to 9.8% over the same period [9][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company achieved significant year-on-year growth in performance, with revenue of 3.6 billion yuan in the first three quarters of 2025, up 7.6% year-on-year, and a net profit attributable to shareholders of 390 million yuan, up 661.7% year-on-year [4][12] - The growth is attributed to increased sales and prices of key products, improved gross margins, and increased investment income from affiliated companies [13] - The company is strategically positioning itself in AI and synthetic biology, with plans for the first fluorinated insecticide to be mass-produced in 2025 and collaborations to enhance pesticide development efficiency [14][15] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 3.6 billion yuan, a net profit of 390 million yuan, and a non-recurring net profit of 380 million yuan, showing substantial increases of 7.6%, 661.7%, and 1014.9% respectively [4][12] - In Q3 2025, revenue was 1.15 billion yuan, up 9.7% year-on-year but down 7.6% quarter-on-quarter, with a net profit of 120 million yuan, reflecting a year-on-year increase of 522.3% but a quarter-on-quarter decrease of 24.6% [12][13] - The company expects revenue growth of 21%, 9%, and 8% for 2025, 2026, and 2027 respectively, with net profit growth of 528%, 12%, and 12% for the same years [15][16] Market Position and Strategy - The company is focusing on synthetic biology and AI applications to enhance its product development capabilities, which is expected to open new growth avenues [14][15] - The strategic partnership with Green Xin Nuo Bio aims to develop peptide-based biopesticides, indicating a move towards industrialization of synthetic biology strategies [14] - The company has also adjusted prices for key products in response to raw material cost increases and market demand, indicating proactive market strategies [13]

Macro Economic Overview - October exports are expected to remain resilient, with port throughput increasing by 8.9% year-on-year compared to 2024, indicating a potential export growth of approximately 1.9% [7] - Industrial production remains stable, with the manufacturing PMI falling to 49.0%, indicating a contraction in manufacturing activity, while the non-manufacturing PMI slightly improved to 50.1% [21][22] - Construction activity is weak, with building starts at historically low levels, while industrial operations are relatively strong, particularly in the chemical sector [4] Industry Performance - The media, coal, oil and petrochemical, steel, and banking sectors showed the highest gains in stock performance, with media leading at 3.125% [3] - Conversely, the non-ferrous metals, home appliances, automotive, and beauty care sectors experienced declines, with non-ferrous metals down by 1.210% [3] Real Estate Sector - New housing transactions have seen a significant year-on-year decline, with major cities reporting a 34% drop compared to 2023 and 2024 [6] - The second-hand housing market remains weak, with transaction volumes in major cities still negative compared to previous years [6] Agricultural Sector - The agricultural sector reported a revenue increase of 6.44% year-on-year for the first three quarters of 2025, but Q3 profits fell by 58.8% due to declining pig prices [35] - The pig farming sector is entering a de-stocking phase, while the feed and veterinary sectors are expected to improve as pig farming volumes recover [36] REITs Market - The REITs sector outperformed both stocks and bonds in the first half of 2025, with a total return of 13.41%, driven by policy support and demand resilience [42] - The second half of 2025 has seen a decline in REITs performance, highlighting a divergence in sector performance, particularly among consumption and logistics REITs [43] Computer Industry - The computer sector has shown a 25.12% increase year-to-date, with a low fund holding ratio of 2.92%, indicating potential for growth [46][47] - Key trends include rapid advancements in AI and domestic software and hardware, with significant opportunities for investment in AI applications and domestic technology [48] Wind Power Industry - The domestic wind power sector is expected to see significant growth, with a target of 120GW of new installations during the 14th Five-Year Plan period [51] - The industry is recovering from price wars, with improved bidding practices leading to better profitability for wind turbine manufacturers [52]