11月14日，山东农大肥业科技股份有限公司（以下简称农大科技）将迎来北交所上市委的审议，其IPO进程进入关键阶段。 这家以腐植酸肥料、控释肥料见长，在细分领域销量领先的肥料企业，此番计划募集4.13亿元用于扩产及补充流动资金。《每日经济新闻》记者注意到，在 其冲刺资本市场的背后，公司正面临营收连续下滑、在手订单缩水、核心产品价格承压等行业逆风。 此外，募投项目紧急"瘦身"、报告期内大额分红与理财行为，以及关联交易定价公允性等疑问，都为此次IPO增添了诸多看点与不确定性。 在手订单逐年下滑 招股书显示，农大科技成立于2002年6月，主营业务为新型肥料及新型肥料中间体的研发、生产、销售和技术服务，主要产品包括腐植酸增效肥料、控释肥 料、水溶肥料等新型肥料及包膜尿素等新型肥料中间体。该公司包膜尿素产销量位居行业第一，腐植酸复合肥料产销量位居行业第二。 亮眼的市场地位之下，其近年的业绩增长却有些乏力。2022年至2024年及2025年上半年，农大科技营业收入分别为26.76亿元、26.37亿元、23.63亿元和14.95 亿元，呈现下滑趋势。 相比之下，同期净利润分别为1.01亿元、1.01亿元、1.45亿元和1.2 ...

Core Viewpoint - Shandong Agricultural University Fertilizer Technology Co., Ltd. (referred to as "Nongda Technology") is set to undergo an IPO review on November 14, with Guojin Securities as the sponsor [2] Company Overview - Nongda Technology was established in June 2002, focusing on the research, production, sales, and technical services of new fertilizers and their intermediates [2] - Main products include humic acid-enhanced fertilizers, controlled-release fertilizers, water-soluble fertilizers, and coated urea [2] Financial Performance - Revenue for the years 2022 to 2024 and the first half of 2025 is projected to be 2.676 billion, 2.637 billion, 2.363 billion, and 1.495 billion yuan respectively [2] - Net profit for the same periods is expected to be 101 million, 101 million, 145 million, and 127 million yuan respectively [2] - Gross profit margins are forecasted at 13.27%, 15.04%, 18.83%, and 17.49% for the respective years [2] Capital Structure - Total assets as of the first half of 2024 are approximately 1.293 billion yuan, with total equity of about 691.59 million yuan [4] - The company's debt-to-asset ratio has shown a decreasing trend, from 79.56% to 46.53% over the reported periods [4] IPO Fundraising Adjustments - Nongda Technology has revised its IPO fundraising projects, canceling the "Annual Production of 150,000 Tons of Micro-ecological Preparations" project, which was expected to raise 129 million yuan [5] - The total amount intended to be raised has decreased from 552 million yuan to 413 million yuan, a reduction of 25.27% [5] Investment Projects - The adjusted investment projects include: - Annual production of 300,000 tons of humic acid intelligent tower compound fertilizer project with an investment of 201.27 million yuan - Annual production of 150,000 tons of biological fertilizer production line construction project with an investment of 110.03 million yuan - Environmental low-carbon biological research and development center with an investment of 61.22 million yuan - Supplementing working capital with an investment of 40 million yuan [6][7] Shareholding Structure - The company is primarily controlled by Ma Xuewen and his associate Ma Ke, who collectively hold 76.10% of the shares [8] - Xinchen Industrial is the largest external investor, holding a 7% stake, with New Oriental founder Yu Minhong owning 10% of Xinchen Industrial [8]

Core Viewpoint - Shandong Agricultural University Fertilizer Technology Co., Ltd. (referred to as "the Company") is scheduled for a review meeting on November 14, 2025, to discuss its performance forecast for 2025, which indicates a potential decline in revenue and net profit compared to previous years [1][3]. Financial Performance - The Company has experienced a decline in revenue for two consecutive years, with significant fluctuations in gross profit margins, which were 13.27%, 15.04%, 18.83%, and 17.49% from 2022 to 2025 [3][4]. - For 2025, the Company forecasts revenue between 2.2 billion to 2.4 billion yuan, representing a year-on-year change of -6.91% to 1.56%, and net profit between 140 million to 160 million yuan, with a year-on-year change of -3.64% to 10.13% [4][5]. Business Operations - The Company specializes in the research, production, and sales of new fertilizers and their intermediates, including humic acid-enhanced fertilizers and controlled-release fertilizers [2]. - The Company has a diverse customer base, including major agricultural input companies and government clients, which has led to an increase in accounts receivable, reaching 387 million yuan by the end of the reporting period [7]. Production Capacity and Utilization - The Company has a low production capacity utilization rate, below 60%, while still planning to expand production capacity significantly [9][10]. - The Company plans to raise funds for new projects, including a 300,000-ton humic acid intelligent high-tower compound fertilizer project and a 150,000-ton bio-fertilizer production line [9]. Corporate Governance and Financial Management - The Company’s major shareholder is Mingquan Investment, controlled by Ma Xuewen and his son, who collectively hold 76.10% of the shares [11]. - Despite a significant cash dividend of 180 million yuan in 2022, the Company plans to raise 40 million yuan to supplement its working capital, raising questions about its financial management strategy [13][14].

Core Insights - The core viewpoint of the articles highlights the successful internationalization and innovative agricultural solutions of Henan Xinlianxin Chemical Industry Group Co., Ltd. (Xinlianxin Group), particularly in the field of nitrogen fertilizers and humic acid products, showcased at the IFA 2025 Asia-Pacific Conference in Bangkok [1][7]. Group 1: Product Development - Xinlianxin Group has developed high-efficiency fertilizer products such as humic acid, controlled-release fertilizers, and polymer-coated urea, which enhance agricultural productivity [2]. - Since 2021, the company has undertaken several national research projects, demonstrating that its efficient urea products can reduce fertilizer application by 6% to 20% while maintaining crop yields, and can increase yields by approximately 10% under the same fertilizer application [2]. - In specific projects, such as the "Obstructed Farmland" initiative, Xinlianxin's products have shown yield increases of 17% to 24% compared to traditional methods [2]. Group 2: Technological Innovation - Xinlianxin Group has made significant advancements in agricultural technology, particularly in water-fertilizer integration, which has been implemented in regions like Xinjiang, covering over 600,000 acres and achieving water savings of 15% to 20% while increasing yields by 3% to 5% [3]. - The company plans to expand its water-fertilizer integration technology to over 50,000 acres in Henan, with expected yield increases of over 110 kg per acre for wheat and over 70 kg for peanuts [3][4]. Group 3: Service Model - Xinlianxin Group has innovated its agricultural service model, focusing on a "two major one minor" service approach that connects the company with end farmers, enhancing service delivery [5][6]. - The company has established over 100 efficient agricultural service centers and 200 fertilizer distribution stations nationwide, providing comprehensive agricultural solutions from soil testing to yield verification [6]. Group 4: International Expansion - Xinlianxin Group is leveraging its membership in IFACCG to promote its effective agricultural solutions globally, with initiatives in countries like Thailand, Laos, Malaysia, South Korea, and Vietnam [7]. - The company aims to integrate its successful domestic agricultural practices with global market needs, contributing to food security and sustainable agricultural transformation worldwide [7].

记者在近日由中国氮肥工业协会于安徽阜阳主办的2025年中国氮肥、甲醇技术大会上了解到，目前大颗 粒尿素产品正迎来广阔的市场前景。 统计数据显示，2024年国内大颗粒尿素产量达1177.86万吨，较2023年增加76.11万吨。其中，一次造粒 大颗粒尿素产量为1046.67万吨，比2023年减少5.66万吨；二次造粒大颗粒尿素产量为131.19万吨，较 2023年增加81.77万吨。从产品产量变化来看，2024年国内大颗粒尿素总产量较上年增加显著，主要得 益于二次造粒大颗粒尿素明显增产。 "预计2025年尿素市场规模将达1400万吨，年复合增长率约为5.5%，将继续保持稳定增长。"山东晋控明 水化工集团有限公司副总经理任延东表示。 据任延东介绍，近年来大颗粒尿素之所以受到重视，皆因其三大特性：一是颗粒硬度高，不易吸潮结 块，适合长距离运输和远洋出口及长期储存。二是颗粒大、溶解慢，能减少氮流失从而延长肥效，有效 减轻土壤酸化。三是粉尘含量极低、流动性好，在工业用途上可作为烟气脱硝剂等。 从大颗粒尿素需求结构来看，大致涉及三方面。首先是用做农业基肥。近年来大颗粒尿素在尿素产品中 占比逐年上升，已占到农业基肥用肥的6 ...

Group 1 - Shandong Agricultural University Fertilizer Technology Co., Ltd. (referred to as "Agricultural Technology") has completed the first round of inquiry letter responses, addressing 11 questions related to "business and technology," "reasonableness of performance changes," "reasonableness of large inventory," and "use of raised funds" [2] - Agricultural Technology's production capacity utilization rates for 2022 to 2024 are projected to be 65.14%, 68.72%, and 56.63%, respectively, indicating a year-on-year decline of 17.59% in 2024 [5] - The company plans to raise 552 million yuan through its IPO, which will be used for various projects, including a 300,000-ton annual production project for humic acid intelligent high tower compound fertilizer and a 150,000-ton annual production line for biological fertilizers [4] Group 2 - Agricultural Technology's main products include humic acid-enhanced fertilizers, controlled-release fertilizers, and water-soluble fertilizers, with its coated urea production and sales ranking first in the industry and humic acid compound fertilizers ranking second [4] - The inquiry letter highlights concerns regarding the reasonableness of Agricultural Technology's fundraising for capacity expansion, given its insufficient capacity utilization [2][5] - The overall fertilizer industry has experienced significant idle capacity, with average capacity utilization rates for listed companies in the sector being 47.07%, 52.78%, and 46.50% from 2022 to 2024 [5]