Group 1 - The company has implemented unique ore selection and slag utilization technologies to enhance the utilization rate of phosphate resources, which helps production enterprises reduce energy consumption and improve production efficiency [1] - The slow/controlled release technology increases fertilizer utilization rates, promotes structural adjustments in fertilizer products, and facilitates the upgrading of the chemical fertilizer industry [1] - The company is focusing on functional and nutritional fertilizer additives that effectively optimize the fertilizer production process, improve product quality, and reduce environmental impacts during production and usage [1] Group 2 - In the modern agriculture sector, the company leverages its platforms, Kangxin Bio and Fubon Xiangyu, to drive product quality improvement, application scenario optimization, and sales strategy enhancement through a dual approach of "technological innovation + market expansion" [1] - The company is systematically integrating and upgrading the industrial chain, innovation chain, and value chain to continuously enhance the quality and efficiency of its modern agriculture business development [1]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index in the next six months [5][18]. Core Viewpoints - The company is leveraging technological innovation to drive cost reduction and increased production in agriculture, aiming for a global strategic layout [1][10]. - The company's revenue for the first half of 2025 was 685 million yuan, a year-on-year increase of 6.5%, while net profit attributable to shareholders was 61 million yuan, a year-on-year decrease of 12.47% [1][2]. - The decline in profitability is attributed to the rising costs of fertilizer additives and biological products outpacing revenue growth [2][10]. Financial Performance Summary - Revenue projections for 2025-2027 are 1.417 billion yuan, 1.705 billion yuan, and 2.171 billion yuan, respectively, with year-on-year growth rates of 14.7%, 20.3%, and 27.4% [1][10]. - Net profit attributable to shareholders is expected to reach 123 million yuan, 172 million yuan, and 244 million yuan for the same period, with growth rates of 31.7%, 39.4%, and 42.2% [1][10]. - The company's return on equity (ROE) is projected to improve from 8.3% in 2025 to 12.9% in 2027 [1][10]. Market Development Summary - The company has made significant progress in expanding its agricultural chemical additives market, achieving a 0.3% year-on-year growth in domestic additive revenue to 188 million yuan and a 9.14% increase in overseas additive revenue to 309 million yuan in the first half of 2025 [4][10]. - The company has established partnerships with leading agricultural platforms to promote nitrogen-fixing products and nematode control products, enhancing its market presence [9][10].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The company adheres to the development mission of empowering global agriculture with biological and digital technologies, focusing on the "biotechnology + digital technology" dual - wheel drive for global agricultural modernization transformation, aiming to become a leading global agricultural technology service enterprise [25][26][28]. - In 2025 H1, the company achieved stable business development, with overall revenue of 684.5976 million yuan, a year - on - year increase of 6.50%. The modern agriculture business achieved revenue of 122.3698 million yuan, a year - on - year increase of 13.31% [28][31][34]. - The company will continue to deepen its global strategic layout, optimize resource allocation, upgrade product structure, and improve operational efficiency to enhance profitability and sustainable development capabilities [31][36]. 3. Summary by Directory 3.1. Research Basic Situation - Research object: Fubang Co., Ltd. - Industry: Fertilizer industry - Reception time: August 26, 2025 - Reception personnel: Company's chairman and general manager Wang Renzong, independent director Guo Fei, deputy general manager and financial controller Wan Gang, deputy general manager and board secretary Yi Min [16] 3.2. Detailed Research Institutions - The reception objects are investors who participated in the company's 2025 semi - annual online performance briefing through the Panorama Network live interactive platform [19]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - **Agro - chemical Auxiliary Business**: In 2025 H1, the auxiliary business won the title of "No. 1 in global fertilizer auxiliary sales" by Sullivan, achieving revenue of 496.4149 million yuan, a year - on - year increase of 5.62%. The company promotes transformation and upgrading, focusing on R & D of customized products in the domestic market and expanding overseas markets through localization operations [23]. - **Core Technologies and Products**: The company focuses on technological innovation, researching and applying new materials, and launching products and service models in biological and digital agriculture, aiming to build a modern agricultural ecosystem [24]. - **Land Transfer**: The company built a digital agriculture industrial park in Sanhe Town, Yingcheng City, introducing intelligent technologies in facility agriculture [25]. - **Modern Agriculture Business Strategy**: The biological agriculture segment focuses on four product areas and builds a full - chain R & D system. The digital agriculture segment provides full - process products and services, aiming to build a modern agricultural ecosystem [26]. - **Digital Economy Layout**: The company responds to national strategies, introduces advanced technologies, and sets up the "Tomato Commune" as a demonstration park [26][27]. - **Performance of Modern Agriculture Business**: In 2025 H1, it achieved revenue of 122.3698 million yuan, a year - on - year increase of 13.31%. It made progress in R & D, market expansion, and established a new marketing model [28]. - **Digital Agriculture Layout**: The company focuses on "biotechnology + digital technology", and has advantages in digital soil testing, intelligent water and fertilizer management, and orchard yield estimation [29]. - **Sub - company Wuhan Sotu Data Technology Co., Ltd.**: It developed a "soil digital map" and related digital solutions, currently in the demonstration application stage [30]. - **Overseas Cooperative Organization**: The company established Forbon Technology Netherlands Holdings Co. Cooperatief U.A. in the Netherlands in 2015 to promote international cooperation and business development [30]. - **2025 H1 Operating Performance**: The company achieved revenue of 684.5976 million yuan, a year - on - year increase of 6.50%. Domestic revenue was 365.0579 million yuan, a year - on - year increase of 5.10%, accounting for 53.32% of total revenue; overseas revenue was 319.5397 million yuan, a year - on - year increase of 8.16%, accounting for 46.68% of total revenue [31]. - **Exchange Rate Risk Management**: The company uses natural hedging and diversified settlement strategies to reduce the impact of exchange rate fluctuations [32]. - **Auxiliary Business R & D**: The company focuses on R & D of high - efficiency and environmentally friendly auxiliary products and promotes frontier project research [33]. - **Investment in Wuhan Shuanglvyuan Chuangxin Technology Co., Ltd.**: It developed a leading genomic intelligent breeding system based on biological breeding gene chips [33]. - **Market Promotion of Biological Agriculture Products**: The company's products in biological agriculture are in the demonstration and verification stage, and the "Tianshengdan" project is being promoted [34]. - **Reasons for Net Profit Decline in 2025 H1**: The company increased strategic investment, promoted large - scale demonstration projects, and faced impacts from overseas market expansion [34][35][36]. - **Measures to Address Financial Risks**: The company will improve the capital management system, evaluate goodwill regularly, and actively communicate with the market [36].

Core Viewpoint - Fubon Technology (300387) reported a revenue of 685 million yuan for the first half of 2025, marking a year-on-year growth of 6.50%, with a net profit attributable to shareholders of 61.217 million yuan. The company's new business in modern agriculture showed significant performance, achieving a revenue of 122 million yuan, up 13.31% year-on-year [2]. Group 1: Business Performance - The overall modern agriculture market in China is expected to experience rapid growth, prompting the company to seize opportunities in biological and digital agriculture, launching products such as nitrogen-fixing agents, root-knot nematode control agents, and digital agriculture support services [2]. - The agricultural additive business, which primarily serves nitrogen, phosphorus, potassium, and compound fertilizer companies, generated a revenue of 496 million yuan, reflecting a year-on-year increase of 5.62%. The business was recognized as the "global leader in fertilizer additive sales" by a reputable international consulting firm [4]. Group 2: Market Potential - Longcheng Securities highlighted the significant market potential for nitrogen-fixing products, estimating a potential market space of approximately 28.935 billion yuan based on a unit price of 15 yuan per mu for the nitrogen-fixing products, with the national arable land area projected to be around 1.929 billion mu in 2024 [2]. - The biological nematicide market is projected to grow at a compound annual growth rate of 14.6%, reaching a market size of 2.1 billion USD by 2030, indicating a promising research direction in ecological pest control [2]. Group 3: Technological Development - Fubon Technology has established partnerships with research teams from Huazhong Agricultural University and the Chinese Academy of Agricultural Sciences to advance projects in nitrogen-fixing agents and root-knot nematode control [3]. - The company has introduced five new microbial nematode control products and three new nitrogen-fixing products during the reporting period, enhancing market conversion efficiency [4].

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided report. 2. Core Viewpoints - The company has established a comprehensive R & D innovation guarantee mechanism, focusing on the construction of strain resource libraries, development of efficient fermentation processes, and research on field application technologies in the modern agriculture field [23]. - The company's auxiliary business achieved both quality and efficiency improvement in 2024, with an operating income of 902.47 million yuan, a year - on - year increase of 9.35%. The future will be customer - demand - oriented, improving the global integrated operation system [23]. - The company will continue to rely on carriers and research platforms, focus on the "fertilizer - water - pesticide coupling + digital technology" path, and launch a new generation of modern agricultural products [25]. - In the marketing model, the company will implement the "1 + X" strategic marketing model, and actively promote the globalization layout [26]. - In the bio - agriculture field, the company will strengthen the exploration of application scenarios, focus on business ecosystem construction, and promote the "Tian Sheng Dan" project and overseas cooperation [28]. - The company plans to expand market share in Asia, Europe, Africa, and the former Soviet Union regions, and has specific overseas business plans for 2025 [28][29]. 3. Summary by Directory 3.1. Research Basic Situation - The research object is Fubang Co., Ltd., belonging to the fertilizer industry. The reception time was on June 12, 2025. The company's reception personnel included the chairman, general manager, deputy general manager, financial director, deputy general manager, board secretary, and independent director [16]. 3.2. Detailed Research Institutions - The institutions participated in the 2025 Hubei Province listed companies' online collective investor reception day through the Panorama Network live interactive platform [19]. 3.3. Research Institutions Proportion There is no relevant information provided in the report. 3.4. Main Content Data - **R & D and Transformation**: The company has a R & D innovation guarantee mechanism, and focuses on modern agriculture R & D. It aims to ensure core technology breakthroughs, build a collaborative innovation system, and optimize the transformation path [23]. - **Auxiliary Business**: In 2024, the auxiliary business had good performance. In the future, it will improve the global integrated operation system, expand domestic and overseas markets [23][24][25]. - **Digital and Biological Technology Integration**: The company will rely on carriers and platforms, focus on the "fertilizer - water - pesticide coupling + digital technology" path, and launch new products and solutions [25]. - **Marketing Model**: Implement the "1 + X" strategic marketing model, and promote globalization [26]. - **Bio - agriculture**: Strengthen application scenario exploration, research and development, team building, and project construction, and promote overseas business [28]. - **Regional Layout**: Expand market share in Asia, Europe, Africa, and the former Soviet Union regions, and has specific plans for 2025 [28][29]. - **Overseas Business**: In 2024, the overseas business performance improved significantly, outputting various products and services. The company adheres to the "biotechnology + digital technology" dual - wheel drive strategy [31]. - **Market Value Management**: The company will consider stock repurchase and dividend policies, and promote the extension development strategy through mergers and acquisitions [32][33]. - **2025 Strategy**: The company will promote product upgrade, focus on "cost - reduction and yield - increase" solutions, and deepen the "going - out" strategy [35]. - **Mergers and Acquisitions**: Explore strategic mergers and acquisitions globally, following relevant principles [35]. - **Goodwill Management**: Conduct annual goodwill impairment tests [37]. - **Dividend Policy**: In 2025, the company completed the 2024 profit distribution, with no mid - term dividend plan currently [37]. - **Exchange Rate Risk**: The company has relatively small foreign exchange transaction risks in Europe and Africa, but there may be foreign currency conversion risks [38]. - **Brand Building**: The company attaches importance to market value management, participates in industry expos, and promotes the matching of market value and product competitiveness [38]. - **Smart Agriculture**: Adopt the "digital + biological" technology as the core, and use the industry - university - research cooperation model to promote the implementation of smart agriculture [39]. - **Business Expansion**: Based on industry trends, the company will optimize the layout of its core business segments [40]. - **Policy Adaptation**: Adjust and optimize business expansion and technological innovation according to national policies [42]. - **Order and Capacity**: The company's current orders and capacity utilization are normal [42]. - **Digital Agriculture Services**: The company has advantages in digital soil testing and fertilizer formulation, intelligent water - fertilizer integration, and orchard yield estimation. It has established demonstration bases and will promote the application of intelligent equipment [42][44]. - **Digital Agriculture Business**: In 2024, the digital agriculture business achieved significant revenue growth. In the future, it will deepen innovation, upgrade services, and promote green transformation [44][45]. - **2024 Operating Conditions**: In 2024, the company's overall operating income was 1.2350748 billion yuan, a year - on - year increase of 17.79%. The overseas business accounted for 45.48% of the total revenue [45][46].