近日，中华人民共和国洋山海关发布关于海利尔药业集团股份有限公司违反海关监管规定行政处罚决定书（沪洋山关缉违字〔2025〕746号）。 经我关调查，当事人有以下违法行为：海利尔药业集团股份有限公司委托上海通域国际物流有限公司于2025年5月20日以一般贸易方式向海关申报出口3%苄 氨基嘌呤，3%赤霉酸A3可溶液剂14000千克至柬埔寨，货物毛重为19200千克，申报总价为CIF159800美元，申报商品编号为3808939190，报关单号 222920250001815066。经查，实际货物包括吡虫啉100g/L4200千克,商品编号3808911990；多抗霉素10g/L纳他霉素17g/L3300千克，商品编号3808921090；噻 虫嗪25%4000千克，商品编号3808911990；阿维菌素50g/L3150千克，商品编号3808911990；氰氟草酯300g/L2390千克，商品编号3808931190；溴虫腈100g/L 虱螨脲70g/L2160千克，商品编号3808911990。上述货物出口均需提交《农药进出口登记管理放行通知单》。 经计核，货物价值共计人民币1139833.84元。 上述事实业已 ...

Investment Rating - The report maintains a positive outlook on the basic chemical industry, suggesting that leading companies with significant scale and cost advantages will benefit from economic recovery and demand resurgence [4][8]. Core Insights - The report highlights the recovery of the TDI production facility by Mitsui and the successful commissioning of a new ethylene plant by Jilin Petrochemical, indicating positive developments in the industry [3][4]. - It emphasizes the strong competitive position of domestic tire manufacturers and suggests that rare growth stocks in this sector are worth attention [4]. - The report notes a potential recovery in consumer electronics, recommending upstream material companies as beneficiaries of this trend [4]. - It identifies several resilient cyclical industries, such as phosphate and fluorine chemicals, which are expected to see improved market conditions due to supply constraints and rising demand [5][8]. Summary by Sections Market Performance - The Shanghai Composite Index fell by 1.18%, while the ChiNext Index rose by 2.35%. The CITIC Basic Chemical Index increased by 0.15%, and the Shenwan Chemical Index decreased by 1.36% [14][17]. - The top-performing sub-industries included organic silicon (3.59%), modified plastics (2.46%), and tires (2.22%), while the worst performers were other plastic products (-4.72%) and compound fertilizers (-3.04%) [17][18]. Industry Dynamics - Mitsui's TDI plant is set to resume production after a chlorine leak incident, with expectations of stable product supply [3]. - Jilin Petrochemical's new ethylene plant has successfully started operations, increasing its total ethylene capacity to 1.9 million tons per year [3]. Investment Themes - **Tire Sector**: Domestic tire companies are noted for their strong competitive edge, with recommendations to focus on companies like Sailun Tire and Linglong Tire [4]. - **Consumer Electronics**: A gradual recovery is anticipated, with upstream material companies expected to benefit from increased demand in the panel supply chain [4]. - **Cyclical Industries**: Phosphate and fluorine chemical sectors are highlighted for their resilience, with recommendations for companies like Yuntianhua and Juhua [5][8]. - **Leading Companies**: The report suggests that leading companies in the chemical sector, such as Wanhua Chemical and Hualu Hengsheng, will benefit from economic recovery and demand resurgence [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 20.90 CNY based on a projected EPS of 0.95, 1.35, and 1.79 CNY for 2025-2027 [4][7]. Core Views - The company experienced a year-on-year revenue growth of 6.84% in Q2, driven by a 9.20% increase in pesticide sales, despite a 1.26% decline in average product prices [10]. - The company's gross profit margin for Q2 was 23.79%, remaining stable year-on-year, while net profit increased by 35.24% to 0.97 billion CNY due to reduced asset impairment losses [10]. - The Hengning base is expected to continue reducing losses as its operational efficiency improves, potentially contributing positively in the future [10]. Financial Summary - Revenue for 2023 is projected at 4,398 million CNY, with a decline of 3.0% year-on-year, followed by a forecasted increase of 23.6% in 2025 [6]. - Operating profit is expected to drop to 242 million CNY in 2024, a decrease of 57.5%, before recovering to 378 million CNY in 2025 [6]. - The net profit attributable to the parent company is forecasted to be 473 million CNY in 2023, with a significant drop of 61.7% in 2024, followed by a recovery to 324 million CNY in 2025 [6]. - The company’s gross margin is expected to decline to 23.9% in 2024, before gradually improving to 25.7% by 2027 [6].

Core Viewpoint - The company's second-quarter performance showed a year-on-year increase driven by sales growth and a reduction in impairment losses, despite a generally low industry sentiment and price pressures on key products [1][2]. Group 1: Sales and Financial Performance - The company's pesticide business saw a 9.20% year-on-year increase in sales volume in the second quarter, leading to a revenue of 1.345 billion, which is a 6.84% increase year-on-year [1]. - The average price of the company's pesticide products decreased by 1.26% year-on-year in the second quarter, indicating stabilization after a period of decline [1]. - The net profit attributable to the parent company reached 97 million in the second quarter, reflecting a year-on-year growth of 35.24%, primarily due to reduced asset impairment losses [1]. Group 2: Operational Developments - The Hengning subsidiary, a key growth driver for the company, has seen an increase in operational efficiency, with total assets reaching nearly 2 billion [1]. - The Hengning project has faced challenges since its initial production in June 2022, resulting in losses of 141 million and 163 million for 2023 and 2024, respectively, attributed to high initial investment and low utilization rates [2]. - Improvements in the Hengning project are expected as production capacity utilization increases, leading to a reduction in losses and potential positive contributions in the future [2]. Group 3: Profit Forecast and Investment Recommendations - Due to the declining prices of key products in the pesticide industry, the company's earnings per share (EPS) forecasts for 2025-2027 have been adjusted to 0.95, 1.35, and 1.79, down from previous estimates [3]. - The target price is set at 20.90, based on a 22 times price-to-earnings ratio for comparable companies, while maintaining a buy rating [3].

Group 1 - The company has products, specifically the raw materials imidacloprid and thiamethoxam, that have a certain effectiveness in killing mosquitoes [2] - The Qingdao Hengning project, which will produce 1,500 tons of thiamethoxam annually, is set to enter trial production in December 2024 [2] - The combined sales revenue from imidacloprid and thiamethoxam raw materials is expected to account for less than 10% of the company's total revenue in 2024 [2]

格隆汇8月13日丨海利尔(603639.SH)在投资者互动平台表示，公司原药产品吡虫啉、呋虫胺对蚊子有一 定的灭杀效果，2024年12月青岛恒宁年产1500吨呋虫胺项目进入试生产，2024年吡虫啉原药、呋虫胺原 药合计销售收入占公司营收比重不到10%，公司暂时没有专门消杀蚊子的制剂产品。 ...

Group 1: Agricultural Chemicals Industry - The China Pesticide Industry Association launched a three-year "Rectification Action" to address issues like illegal production and hidden additives in the pesticide industry, aiming for improved market order and product quality by the end of 2027 [2][3]. - In 2022, 1.5% of pesticide samples tested were found to be fake, with illegal producers compromising product integrity, which poses risks to food and ecological safety [3]. - The pesticide industry has faced significant price declines, with the China Agricultural Raw Materials Price Index dropping 64.67% from its peak in October 2021 to 74.82 points as of July 20, 2025, leading to a 92.53% decrease in net profits for listed companies in 2024 compared to 2022 [4]. Group 2: Investment Recommendations - Investors are advised to focus on major pesticide products like glyphosate and companies with cost advantages, such as Yangnong Chemical [5]. - Companies expected to benefit from improved quality standards include Yangnong Chemical and Limin Co., as the industry moves towards a price recovery phase [5]. Group 3: Beverage Industry - Dongpeng Beverage - Dongpeng Beverage reported a 36.37% year-on-year increase in revenue for H1 2025, reaching 10.737 billion yuan, and a 37.22% increase in net profit, totaling 2.375 billion yuan [6][7]. - The company is transitioning into a multi-category beverage enterprise, launching new products that cater to health trends and expanding its market presence both domestically and internationally [7]. - Revenue projections for Dongpeng Beverage are optimistic, with expected revenues of 20.78 billion yuan in 2025, growing to 30.07 billion yuan by 2027, alongside net profits increasing to 6.37 billion yuan in 2027 [8].

Investment Rating - The report maintains an "Overweight" rating for the agricultural chemicals industry [1]. Core Viewpoints - The China Pesticide Industry Association has initiated a three-year "Rectification and Governance" action to address issues such as hidden additives, illegal production, and disorderly competition in the pesticide industry. This initiative aims to improve market order, enhance product quality, and strengthen compliance awareness among enterprises by the end of 2027 [3][4]. - The central government has shown a strong commitment to combating "involution" in the industry, emphasizing the need for self-discipline and the elimination of low-price competition. This includes the introduction of a new growth plan for the petrochemical and chemical industries [6][7]. - The pesticide industry is undergoing a structural optimization due to stricter environmental regulations, with a shift towards green, clean, and low-carbon production. The market is expected to see a rise in the use of high-efficiency, low-risk new chemical pesticides and biological pesticides, while phasing out older, more toxic products [8][9]. Summary by Sections Section 1: "Rectification and Governance" Action - The action prohibits the addition of hidden ingredients or unregistered active ingredients in products and aims to establish a credit information platform for pesticide companies [4][5]. - Companies are required to enhance quality control and resist using low-quality raw materials, while also promoting the improvement of product quality standards [5]. Section 2: Government Initiatives - The central government has frequently addressed the issue of "involution," indicating a strong desire to regulate industry competition and promote the exit of inefficient capacities [6][7]. - The Ministry of Industry and Information Technology is set to introduce a growth plan for key industries, including petrochemicals and chemicals, to optimize supply and eliminate outdated production capacities [7]. Section 3: Industry Trends - The pesticide industry is experiencing a shift towards cleaner production methods, with policies aimed at reducing pesticide usage and promoting sustainable practices [8][9]. - The market concentration in the pesticide production sector is expected to increase, with a focus on green development and the exit of non-compliant small enterprises [9].

Summary of the Agricultural Pesticide Industry Conference Call Industry Overview - The agricultural pesticide industry is currently experiencing a contraction in supply and rising costs due to environmental inspections, safety checks, and raw material price increases. The China Pesticide Industry Association has called for a reduction in internal competition, which may impact future supply-demand dynamics and cost control [1][2][20]. Key Trends and Highlights - The agricultural pesticide sector has seen a significant year in terms of prices, demand, and stock market performance, becoming a key focus in the chemical investment landscape. After four years of declining price indices, a resurgence has been noted [2][20]. - The market can be categorized into four main lines: 1. Supply-side contraction due to accidents and stricter inspections 2. Rising costs from raw material price increases 3. Demand growth driven by agricultural trends and pest issues 4. Overcapacity in the industry [3][20]. Specific Product Insights - **Chlorantraniliprole (康宽)**: Following the expiration of its patent, domestic production capacity has increased, leading to price fluctuations. Prices peaked at nearly 300,000 yuan due to an incident in Shandong but have since decreased to 245,000 yuan [5][20]. - **Imidacloprid (吡虫啉)**: Prices have rebounded from 66,000 yuan to around 70,000 yuan due to rising raw material costs, with expectations for further increases driven by seasonal demand in South America [9][20]. - **Acetochlor (烯草酮)**: Experienced a significant price increase due to a production halt, with prices rising from 80,000-85,000 yuan to over 100,000 yuan, indicating the impact of supply disruptions [11][20]. - **Isopropylamine (异丙甲草胺)**: Expected to benefit from raw material supply constraints and demand for alternatives to Ethyl Acetate, showing promising market prospects [12][20]. Trade Dynamics - Trade between China and India in the pesticide sector is on the rise, with significant increases in demand and inventory replenishment observed. The production of orange products is expected to grow by 15-20% in 2025 [18][20]. Cost Implications - Rising raw material costs have significantly impacted the pesticide industry, with examples such as borohydride prices increasing from 78,000 yuan to 92,000 yuan due to anti-dumping tariffs [19][20]. - The cost of key raw materials like diethylhexylamine has risen due to environmental inspections and factory shutdowns, further driving up overall production costs [16][20]. Regulatory Developments - The China Pesticide Industry Association has initiated a campaign against internal competition, focusing on strict management of highly regulated pesticides and implementing traceability for key products [33][34][20]. - Future product standards are expected to be revised to promote high-quality development, with an emphasis on improving impurity limits for major pesticides [35][20]. Market Outlook - The agricultural pesticide market is expected to maintain a positive outlook, with several products showing strong demand and price resilience. The overall supply-demand balance remains a critical factor to monitor [20][30].

Core Viewpoint - The Chinese pesticide industry is launching a three-year "Rectification and Governance" action to address issues such as hidden additives, illegal production, and disorderly competition, aiming for significant improvements by the end of 2027 [1][2]. Summary by Sections Overall Requirements and Goals - The action is guided by Xi Jinping's thoughts and aims to rectify industry chaos through self-discipline, standard improvement, and law enforcement collaboration, promoting high-quality development [2]. Key Tasks - **Prohibition of Hidden Additives**: Companies must comply with regulations regarding raw material procurement and maintain traceable sales records. A "white list" for suppliers is encouraged [3]. - **Detection Standards**: Experts will develop standards for detecting hidden components to support market inspections [4]. - **Integrity Evaluation**: Companies' compliance with regulations will be included in a credit evaluation system, and a credit information platform will be established [5]. - **Combat Illegal Production**: Companies should avoid sourcing from illegal production channels and cooperate with authorities for enforcement actions [6]. - **Reporting Mechanism**: A dedicated email for reporting illegal activities has been established, with rewards for verified reports [6]. - **Quality Control**: Companies must resist using unregistered low-quality raw materials and work on improving quality standards for key products [7]. - **Resisting Price Undercutting**: Companies are urged to avoid selling below cost and to innovate to enhance product quality and market competitiveness [8][9]. - **Industry Competition Norms**: Specific competition norms will be developed for products facing severe internal competition to curb malicious practices [10]. Support Measures - **Organizational Coordination**: A special task force will be established to oversee the action [11]. - **Standard System Improvement**: The association will work on developing relevant standards and promoting them to national and industry standards [11]. - **Social Supervision**: A four-party mechanism involving government, associations, enterprises, and operators will be established for active supervision [12]. - **Public Awareness**: Efforts will be made to educate the public and industry on the importance of compliant pesticide use [13].