格隆汇12月18日丨润丰股份(301035.SZ)公布，第五届董事会审计委员会第三次会议、第五届董事会第 三次会议，分别审议通过了《关于变更部分募投项目及使用剩余超募资金投资实施新项目的议案》，鉴 于公司业务发展以及产品市场需求情况，为了提高募集资金使用效率和募集资金投资回报，同意公司终 止实施部分募集资金投资项目，并将剩余募集资金和剩余超募资金投资于农药产品全球登记项目，实施 主体为润丰股份、青岛润农化工有限公司（简称"青岛润农"），上述事项尚需股东会审议通过方可实 施。原投资项目名称：年产9000吨克菌丹项目、年产38800吨除草剂项目（一期）—30000吨/年草甘膦 可溶粒剂、年产25000吨草甘膦连续化技改项目、剩余超募资金。新项目名称及投资金额：农药产品全 球登记项目，项目总投资为74,645.40万元。变更募集资金投向的金额：47,024.47万元。 ...

格隆汇12月18日丨润丰股份(301035.SZ)公布，第五届董事会审计委员会第三次会议、第五届董事会第 三次会议，分别审议通过了《关于变更部分募投项目及使用剩余超募资金投资实施新项目的议案》，鉴 于公司业务发展以及产品市场需求情况，为了提高募集资金使用效率和募集资金投资回报，同意公司终 止实施部分募集资金投资项目，并将剩余募集资金和剩余超募资金投资于农药产品全球登记项目，实施 主体为润丰股份、青岛润农化工有限公司（简称"青岛润农"），上述事项尚需股东会审议通过方可实 施。原投资项目名称：年产9000吨克菌丹项目、年产38800吨除草剂项目（一期）—30000吨/年草甘膦 可溶粒剂、年产25000吨草甘膦连续化技改项目、剩余超募资金。新项目名称及投资金额：农药产品全 球登记项目，项目总投资为74,645.40万元。变更募集资金投向的金额：47,024.47万元。 ...

Group 1 - The company held a performance briefing on September 19, 2025, to discuss its mid-year results with investors [1] - The event was attended by the company's chairman, general manager, and financial director, allowing for in-depth communication with investors [1] Group 2 - Despite challenges in the agricultural chemical industry, the company achieved revenue and profit growth in the first half of the year due to improved market conditions and strong demand for specific products [2] - The company is focusing on enhancing cooperation with core customers and increasing production capacity, particularly for its Klobucan and Sterilization products, which are expected to drive further performance growth [2] - The company addressed concerns regarding its declining stock price and shareholder sell-offs, attributing these fluctuations to macroeconomic factors and stating that recent sell-offs were normal financial behaviors by long-term investors [2]

Group 1: Company Performance - The company achieved revenue and profit growth in the first half of the year despite challenges in the agricultural chemical industry, such as overcapacity and price pressure [2] - The company's production and sales of key products, such as Keguan Dan and Mie Jun Dan, have increased significantly, with the production capacity being fully utilized [2] - The company is actively advancing the expansion plan for Mie Jun Dan to meet the growing customer demand, which is expected to enhance its market share and competitiveness globally [2] Group 2: Market and Investor Relations - The recent decline in stock price and shareholder sell-offs are attributed to macroeconomic factors, industry cycles, and market sentiment, which are beyond the company's control [3] - The company emphasizes its commitment to maintaining market value and has disclosed a stock price stabilization plan in its prospectus, which will be executed if certain conditions are met [3] - The company reassures investors of its stable operational activities and strategic planning, expressing confidence in long-term growth and performance [3]

Core Insights - Guangkang Biochemical reported a revenue of 399 million yuan for the first half of 2025, marking a year-on-year increase of 25.55% [1] - The net profit attributable to shareholders reached 29.01 million yuan, up 32.13% year-on-year, with a significant increase of 190% in net profit after deducting non-recurring gains [1] - The company achieved a positive net cash flow from operating activities of 38.67 million yuan, reversing from a negative position in the same period last year [1] Revenue Breakdown - The revenue from the raw material business was 329 million yuan, an increase of 18.26%, accounting for 82.42% of total revenue [1] - The formulation business generated 69.05 million yuan, showing a substantial growth of 82.64% [1] - The growth in revenue is attributed to increased sales of fungicide products and expansion in the formulation business, alongside cost reduction through optimized production processes [1] R&D and Innovation - The company invested 16.70 million yuan in R&D, reflecting an 11.83% increase year-on-year [2] - Guangkang Biochemical achieved certification for the GB/T29490-2023 intellectual property compliance management system and was recognized as a provincial-level technology center [2] - The company has developed expertise in key technology areas such as chlorination and diazotization, supporting continuous product upgrades [2] Market Strategy and Product Development - The company adheres to a "differentiated and niche" competition strategy, which has proven effective [2] - Core products such as Kexingdan and Mieqingdan received a 15-year renewal approval from the EU, with usage restrictions lifted, expected to boost overseas market demand [2] - The production lines for Mieqingdan at the Yingde base are operating at full capacity, while the Kexingdan production capacity at the Shaoguan base is continuously increasing [2] Product Portfolio and International Collaboration - Guangkang Biochemical is a major supplier of succinate dehydrogenase inhibitors and trichloromethyl sulfur fungicides, with a strong product matrix including Benfluralin, Thifensulfuron, and Kexingdan [2] - The company is the sole domestic producer of Toxaphene, and its clean production processes for Kexingdan and Mieqingdan have received national invention patents [2] - The company maintains stable collaborations with multinational agrochemical firms such as UPL and ADAMA, with products distributed in major markets like the US and EU [2]

Core Viewpoint - Runfeng Co., Ltd. has postponed several fundraising projects initially planned for investment, citing complex and changing market conditions in the agricultural chemical industry as the primary reason for these delays [2][4][5]. Group 1: Project Delays - Runfeng Co., Ltd. announced the postponement of multiple fundraising projects, including the "9000 tons of Clomazone project," "38800 tons of herbicide project," "plant protection product R&D center project," and "25000 tons of glyphosate continuous technology transformation project" [1][3]. - Since mid-2022, Runfeng Co. has repeatedly adjusted the timelines for several fundraising projects, with some projects undergoing three adjustments over four years [1][2]. - The "25000 tons of glyphosate continuous technology transformation project" has been postponed from May 2024 to May 2026, while the "herbicide project" has also seen its timeline extended from July 2025 to July 2026 [3][5]. Group 2: Market Conditions - The agricultural chemical industry, where Runfeng operates, is currently at a cyclical low, characterized by oversupply, which has led to the postponement of investment projects [2][6]. - The company noted that the prices of most crop protection raw materials are at historical lows, and the market is expected to remain oversupplied due to increased production capacity in China and India [6]. - Runfeng Co. anticipates that the market will transition from "de-stocking" to "de-capacity" by 2025, leading to intensified competition and potential exits of non-competitive firms from the market [6]. Group 3: Strategic Adjustments - Runfeng Co. has indicated that the changes in fundraising project allocations are a response to evolving market demands and product pricing, reflecting a strategic adjustment to its business planning [2][5]. - Despite the delays, the company maintains that the postponed projects still align with its long-term strategic planning and remain necessary and feasible for future investment [5][6].

Core Viewpoint - Guangkang Biochemical (300804) has reported a total order volume of 3,630 tons for its Kegun Dan and Mie Jun Dan products, amounting to approximately 92.9067 million yuan, indicating strong market demand and potential for future growth [1] Group 1 - The company is actively promoting the expansion and transformation of Kegun Dan and Mie Jun Dan production, which is expected to enhance its market influence [1] - The anticipated production expansion is likely to have a positive impact on the company's future performance [1]

Core Viewpoint - The adjustment of U.S. tariffs will not have a significant adverse impact on the company's production and operations due to the low proportion of direct sales to U.S. customers and the strong dependency of the international market on Chinese raw materials [1] Group 1 - The company's direct sales to U.S. customers account for a low proportion of total revenue, indicating limited exposure to tariff changes [1] - The main products have weak substitutability, which strengthens the company's position in the market [1] - The international market's strong reliance on Chinese raw materials mitigates potential negative impacts from tariff adjustments [1] Group 2 - The company plans to implement pricing negotiation mechanisms to share potential cost pressures with customers [1] - There are plans to expand domestic sales and explore emerging markets to enhance risk resilience [1] Group 3 - The core products, Kexingdan and Mieqingdan, have received renewed approval from the EU, which is expected to aid in capacity release and performance growth [1]

股票简称：广康生化 股票代码：300804 广东广康生化科技股份有限公司 （Yingde Greatchem Chemicals Co., Ltd.） （英德市农用化工产业链专用基地（英德市沙口镇红丰管理区）） 首次公开发行股票并在创业板上市 之 上市公告书 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 2023 年 6 月 广东广康生化科技股份有限公司 上市公告书 特别提示 广东广康生化科技股份有限公司（以下简称"广康生化"、"本公司"、"发行 人"或"公司"）股票将于 2023 年 6 月 27 日在深圳证券交易所创业板市场上市。 创业板公司具有业绩不稳定、经营风险高、退市风险大等特点，投资者面临 较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风 险因素，审慎做出投资决定。 本公司提醒投资者应当充分关注定价市场化蕴含的风险因素，知晓股票上 市后存在跌破发行价的可能，切实提高风险意识，强化价值投资理念，避免盲 目炒作，监管机构、发行人和保荐人（主承销商）均无法保证股票上市后不会 跌破发行价格。 如无特别说明，本上市公告书中的简称或名词 ...

本次股票发行后拟在创业板市场上市，创业板公司具有创新投入大、新 旧产业融合成功与否存在不确定性、尚处于成长期、经营风险高、业绩不稳 定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解创 业板市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 创业板风险提示 广东广康生化科技股份有限公司 （Yingde Greatchem Chemicals Co., Ltd.） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） 发行概况 | 发行股票类型 | 人民币普通股（A 股） | | | | | --- | --- | --- | --- | --- | | 发行股数 | 本次公开发行股票 1,850 | | | 万股，占发行后总股本的比例为 25%。本次发行全部为新股发行，不涉及股东公开发售股份 | | | 的情形 | | | | | 每股面值 | 人民币 1.00 元 | | | | | 每股发行价格 | 人民币 42.45 元/股 | | | | | 发行日期 | 年 2023 13 | 6 | 月 | 日 | | 拟上市证券交易所和板块 | 深圳证券交易所创业板 | | | ...