证券日报网讯1月6日，安道麦A（000553）在互动平台回答投资者提问时表示，公司的产品组合包括 300多款原药及1580款复配产品及制剂，公司产品在经销的各个阶段均需要在公司计划销售的各个国家 获取登记证。为积极支撑公司销售的顺利开展，公司在全球八十多个国家和地区拥有本地登记的实力， 2024年在全球共取得190张新产品登记证。"一证同标"政策是针对中国国内农药市场的规范性政策， 2024年公司在国内的销售业务仅占公司全球销售业务的12%。 ...

华安证券主要观点如下： 综合整治内卷式竞争，积极把握周期反转机会 国产替代引领成长主线，布局正当时 智通财经APP获悉，华安证券发布研报称，2026年全球宏观面临极大不确定性，在全球贸易格局重塑、 化工资本开支放缓的情况下，该行建议关注两大确定性较高的投资主线：反内卷与国产替代。25年受上 游大宗能源价格下降及化工品供需承压影响，中国化工产品价格指数回落至低位。 生物基材料受国家政策大力扶持，企业加速技术突破与产业化，从生物基单体到复材制品的国产化生态 逐步成形;润滑油添加剂国内企业加速技术突破，战略转型成效显著，多款高端产品通过国际认证，进 出口结构逆转国产替代进入快车道;全球显示面板市场稳定增长，国内企业加速推进材料升级迭代及材 料研发，国产化进程显著加速;电子陶瓷海外厂商三超多强，MLCC国产突破伴随AI/汽车需求转暖，供 需向好;氟化液3M退出市场格局重塑，液冷与半导体制造需求正盛，看好国产厂商市场占有率提升;AI服 务器爆发性增长，电子级聚苯醚凭借优异介电性能成为关键材料，国内厂商实现技术突破并量产，进入 头部供应链，国产替代提速;晶圆产能全球进入扩张周期，电子化学品作为必须耗材在制程提升与产能 扩 ...

Core Viewpoint - The report from Huazhong Securities highlights the peak of domestic silicon production capacity, the exit of overseas manufacturers, and the potential recovery of the polyester chain's prosperity due to concentrated production capacity in the polyester filament sector [1][3]. Group 1: Industry Trends - Domestic silicon production capacity has reached its peak, while leading companies are driving industry recovery as overseas manufacturers continue to exit [1][3]. - The PTA production capacity expansion is nearing its end, leading to a concentration in polyester filament production capacity, which is expected to improve the prosperity of the polyester chain [1][3]. - The price of caprolactam has dropped to a low point, prompting the industry to initiate self-driven anti-involution measures [3]. - The raw material price index has rebounded after hitting a bottom, with frequent safety incidents causing significant risks to the global supply chain of key pesticides [3]. - The price of spandex has remained below the cost line, leading to widespread industry losses, but a slowdown in new capacity releases may optimize the supply structure and drive price recovery [3]. - The vitamin market is expected to see significant price increases in 2024 due to a tightening global supply [3]. Group 2: Investment Opportunities - The report emphasizes two main investment themes: anti-involution and domestic substitution, particularly in the context of global macroeconomic uncertainties and a slowdown in chemical capital expenditures [2][4]. - The biobased materials sector is receiving strong support from national policies, with companies accelerating technological breakthroughs and industrialization [4][6]. - The lubricating oil additive sector is witnessing rapid technological advancements among domestic companies, with several high-end products achieving international certification [4][6]. - The electronic ceramics market is seeing strong demand driven by AI and automotive sectors, with domestic manufacturers making breakthroughs in MLCC production [4][6]. - The exit of 3M from the fluorinated liquids market is reshaping the competitive landscape, with domestic manufacturers expected to increase their market share [4][6]. - The explosive growth of AI servers is driving demand for electronic-grade polyphenylene ether, with domestic manufacturers achieving technological breakthroughs and entering key supply chains [4][6].

Investment Strategy Overview - The report emphasizes two main investment themes for the chemical industry: anti-involution policies and domestic substitution, which are expected to drive recovery and growth in the sector [4][5][6] Anti-Involution and Cycle Recovery - The report suggests that the chemical industry is at a turning point, with anti-involution measures leading to a recovery in the cycle. Key areas include the peak of new capacity in organic silicon, the end of PTA capacity expansion, and a rebound in prices for certain chemicals due to supply chain disruptions [4][5] - The China Chemical Product Price Index (CCPI) has decreased significantly, dropping to 3865 points by November 30, 2025, down 16.37% from early 2024 and 10.71% from the beginning of 2025 [4][20] Domestic Substitution as a Growth Driver - Domestic substitution is highlighted as a key growth driver, with significant support from national policies for bio-based materials and advancements in technology leading to a more robust domestic supply chain [4][6] - The report identifies several companies positioned to benefit from these trends, including KaiSai Bio and RuiFeng New Materials, which are making strides in bio-based materials and lubricant additives, respectively [5][6] Market Dynamics and Price Recovery - The report notes that while the chemical market is experiencing a downturn, certain segments are expected to see price recovery due to improved supply-demand dynamics and reduced capacity expansion [4][22] - Specific chemical products have shown varied price movements, with some experiencing significant declines while others are stabilizing or recovering [22] Manufacturing Sector Recovery - The manufacturing sector is showing signs of recovery, which is anticipated to support the chemical industry. The report mentions that the real estate market is stabilizing, and automotive production has increased, indicating a potential uptick in demand for chemical products [25][33] Capital Expenditure Trends - Capital expenditure growth in the chemical industry is slowing, with a notable decline in new projects. The report indicates that the total construction in progress for the chemical sector was 327.57 billion yuan in Q3 2025, down 17.64% year-on-year [34][39] Inventory and Consumption Trends - High inventory levels in the chemical sector are being addressed as consumer demand begins to recover. The report suggests that the inventory-to-revenue ratio for the basic chemical industry was 0.62 in Q3 2025, indicating a slight increase from the previous year [41][42] Profitability and Financial Performance - The report highlights a recovery in profitability for the chemical industry, with gross margins and return on equity (ROE) showing improvement in Q3 2025 compared to previous periods [56][60] - Specific sub-sectors, such as agrochemicals and fluorochemicals, have demonstrated significant profit growth, with some exceeding 100% year-on-year increases [55][56]

Core Viewpoint - Meibang Co., Ltd. has made significant progress in the Indonesian market by obtaining five drug registration certificates, enhancing its presence in Southeast Asia [1] Group 1 - Meibang Co., Ltd. has received approval for five original drug registration certificates in Indonesia [1] - The company is actively registering multiple products in Indonesia, with expectations for more approvals in the next two years [1]

Group 1 - The company currently holds 53 original drug registration certificates [2]

Company Overview - The company is focused on strategic planning and main business development, with a significant emphasis on pharmaceutical collaboration with Heng Rui Pharmaceutical [2][9]. - The company has eight production bases, six of which are core facilities, and is optimizing its production capacity and layout [2][4]. Financial Performance - The company reported a significant improvement in sales, with the Lanzhou base achieving approximately CNY 0.88 billion in sales for 2024, and reaching CNY 1.4 billion by June 30, 2025, indicating a notable growth trend [2]. - The company experienced a narrowing of losses in Q3 2023, attributed to intensified market competition and insufficient customer demand for older products [2]. Production Capacity and Utilization - The overall production capacity utilization is currently low due to the cyclical downturn in the pesticide industry and the gradual release of new product capacities [2][4]. - The company is investing in new projects primarily at the Lanzhou and Nantong bases, focusing on innovative pesticide intermediates and pharmaceutical products [5][6]. Research and Development - The company has established four major R&D centers and is enhancing its capabilities in pilot testing, with a focus on anti-viral drug production [7][11]. - The company is pursuing a cautious diversification strategy, concentrating on core areas such as synthetic biology and health, while exploring new materials at an early stage [7][10]. Market Outlook - The agricultural chemical market is expected to stabilize as customer inventory adjustments conclude and demand for innovative products increases [5]. - The company anticipates a balanced development between its pharmaceutical and agricultural businesses, aiming for a 20-30% revenue contribution from the pharmaceutical sector in the coming years [10][11]. Strategic Partnerships - The company has established a strategic partnership with Heng Rui Pharmaceutical, covering all stages from preclinical to commercial production, with over 20 projects currently in progress [9][10]. - The company plans to leverage its CDMO capabilities to enhance customer engagement and expand its market presence [9][10].

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Insights - The company reported a revenue of 9.156 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 14.23%, and a net profit attributable to the parent company of 1.055 billion yuan, up 2.88% year-on-year [1] - In Q3 2025, the company achieved a revenue of 2.923 billion yuan, with a year-on-year increase of 26.15% but a quarter-on-quarter decrease of 2.34%. The net profit for Q3 was 250 million yuan, down 5.01% year-on-year and 32.72% quarter-on-quarter [1][2] - The gross profit margin for Q1-Q3 2025 was 22.35%, a decrease of 1.67 percentage points year-on-year, while the net profit margin was 11.53%, down 1.27 percentage points year-on-year [2] - The company is experiencing a steady increase in the sales volume of raw materials, with Q3 raw material production at 29,200 tons and sales at 29,600 tons, a year-on-year increase of 13.53% [2][3] - The price of glyphosate has shown an upward trend, with a price of 27,295 yuan per ton as of October 27, 2025, reflecting a year-to-date increase of 15.62% [3] Financial Performance Summary - For 2025, the company is expected to achieve a net profit of 1.438 billion yuan, with a corresponding PE ratio of 19.0 [4][10] - The projected revenue for 2025 is 11.484 billion yuan, with a growth rate of 10.1% [4] - The company’s gross profit margin is expected to be 24.6% in 2025, with a net profit margin of 12.5% [4]

Core Viewpoint - Yangnong Chemical reported a revenue of 9.156 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 14.23%, with a net profit attributable to shareholders of 1.055 billion yuan, up 2.88% year-on-year [1] Revenue and Profit Analysis - The company achieved a revenue of 2.923 billion yuan in the third quarter, a year-on-year increase of 26.15%, but the net profit attributable to shareholders decreased by 5.01% to 250 million yuan [1][2] - Earnings per share for the third quarter were 0.62 yuan, with operating cash flow per share at 5.24 yuan [1] Business Segment Performance - For the first three quarters, the revenue breakdown is as follows: - Active pharmaceutical ingredients (APIs) revenue was 5.409 billion yuan, an increase of approximately 588 million yuan year-on-year - Formulations revenue was 1.332 billion yuan, a decrease of 64 million yuan year-on-year - Trade and other business revenue was approximately 2.424 billion yuan, an increase of 617 million yuan year-on-year [3] - The sales volume for APIs and formulations was 86,300 tons and 33,200 tons, respectively, with year-on-year changes of +10,200 tons and -1,100 tons [3] - The average selling prices for APIs and formulations were 62,700 yuan/ton and 44,400 yuan/ton, reflecting year-on-year declines of 1.1% and 4.9% respectively [3] Gross Margin and Expenses - The overall gross margin for the first three quarters was 22.4%, down 1.7 percentage points year-on-year; the gross margin for the third quarter was 19.6%, down 3.9 percentage points year-on-year and down 2.9 percentage points quarter-on-quarter [4] - Research and development expenses for the third quarter were 111 million yuan, an increase of approximately 29 million yuan year-on-year, while management expenses decreased by about 33 million yuan to 111 million yuan [4] - Credit impairment losses were approximately 5.34 million yuan, an increase of 33.29 million yuan year-on-year, negatively impacting net profit [4] Profit Forecast and Valuation - Considering product price changes and project progress, the forecasted net profits attributable to shareholders for 2025 to 2027 are 1.3 billion, 1.62 billion, and 1.93 billion yuan respectively, with previous estimates being 1.47 billion, 1.78 billion, and 2.04 billion yuan [5]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：600486 证券简称：扬农化工 编号：临 2025-040 江苏扬农化工股份有限公司 2025 年第三季度主要经营数据公告 （二）主要原材料价格波动情况 | | 2025 年 1-9 月 | 2024 年 1-9 月 | | | --- | --- | --- | --- | | | 平均采购价格 （元/吨） | 平均采购价格 （元/吨） | 价格变动情况 | | 液碱 | 2,617 | 2,271 | 15.3% | | 液钾 | 2,875 | 2,740 | 4.9% | | 碳酸钾 | 6,121 | 5,904 | 3.7% | | 氢溴酸 | 12,551 | 10,075 | 24.6% | | 异戊二烯 | 9,849 | 8,478 | 16.2% | | 一氯甲烷 | 2,073 | 1,875 | 10.6% | 1 | | 2025 年 1-9 月 | 2024 年 1-9 月 | | | --- | --- | --- | --- | | ...