Group 1: Company Performance and Strategy - The company aims to continuously improve operational efficiency and profitability to enhance investment value and shareholder returns [2] - Over 70% of the company's products are exported, with a low proportion sold to the U.S. market [4] - The company is actively seeking business opportunities in Brazil, a key market for agricultural protection [3] Group 2: Product Development and Market Expansion - The company is working on launching the new pesticide, Cyhalofop-butyl, which requires domestic registration [3] - Plans to diversify into low-carbon chemical products and fluorinated new materials are underway [3] - The company is monitoring trade policy changes to adapt its strategies and maintain market competitiveness [4] Group 3: Financial Concerns and Market Reactions - The company acknowledges that stock price fluctuations are influenced by macroeconomic conditions and market trends [5] - As of the end of 2024, the company has unsold resources amounting to 120 billion yuan, with a high debt ratio of 85% [6] - The company emphasizes that it does not plan to sell core assets or equity as part of its debt restructuring efforts [6]

Core Insights - The agricultural chemical industry is undergoing a significant transformation from "quantity" to "quality" driven by global food security demands and modernization processes [2] - Taihe Co., Ltd. is positioned as a leader in the domestic market and is showcasing China's manufacturing capabilities on the international stage [2] - The company is transitioning from imitation to innovation, emphasizing its strategic management and operational execution to build a competitive moat [2] Industry Overview - The global agricultural pesticide market reached $74.8 billion in 2023, with a compound annual growth rate (CAGR) of 5.74% over the past five years [9] - The demand for pesticides is driven by global population growth and limited arable land, with herbicides, fungicides, and insecticides accounting for 47.2%, 24.96%, and 24.97% of the market, respectively [9] - The Asia-Pacific region and Latin America are the largest markets for pesticides, with sales of $25.08 billion and $22.07 billion in 2022, respectively [9] Company Positioning - Taihe Co., Ltd. focuses on the research, production, and sales of pesticide products and functional chemicals, with a strong emphasis on meeting international market demands since its establishment in 2004 [4] - The company has achieved significant revenue from its core products, with fungicides generating ¥1.187 billion (31.07% of total revenue) and herbicides generating ¥1.879 billion (49.18% of total revenue) in 2023 [4] - Taihe Co., Ltd. has established a robust research and development (R&D) system, with 363 patents (73 overseas) and participation in national key research plans [6] Technological Advancements - The company has developed a systematic technological advantage in key synthesis techniques, significantly reducing production costs and enhancing environmental performance [6][7] - Taihe Co., Ltd. has established long-term partnerships with international agricultural giants, ranking 6th in domestic pesticide exports in 2023 [8] - The company has expanded its product offerings in functional chemicals, increasing their share from 4.07% in 2021 to 14.07% in the first half of 2024 [5] Strategic Development - Taihe Co., Ltd. is transitioning from imitation to innovation by establishing a dedicated team for new pesticide creation and investing in the development of new compounds [11][12] - The company has successfully navigated the entire product development process, leading to the successful registration of new products, including the self-created compound that received export registration in July 2024 [13] - The company aims to leverage its technological capabilities and market insights to capture opportunities in high-potential overseas markets [9][10]

每经编辑 陈楠 深耕农化领域二十余载的南通泰禾化工股份有限公司（以下简称泰禾股份）成功登陆深交所创业板。本 次泰禾股份发行价格定为10.27元/股，开盘价45.00元/股。 长期以来，凭借深厚的技术底蕴，泰禾股份在百菌清、嘧菌酯、2,4-D三大核心产品领域独占鳌头，无 论是生产规模，还是综合技术水平，均屹立于行业潮头。 技术创新，无疑是泰禾股份持续领跑的核心驱动力。作为国内农药行业中为数不多拥有自主创制能力的 企业，近年来，泰禾股份已推出新农药环丙氟虫胺以及四氯丙烯、1,4-BAC等新物质，不断拓宽技术边 界，为行业发展注入新的活力。 在迈向国际化的进程中，泰禾股份已然成为中国农化行业国际化发展的一面旗帜。"新一轮科技革命带 来的生产变革将深刻影响泰禾乃至全球科技的发展。"泰禾股份董事长田晓宏表示，"我们唯有不断创 新，才能在竞争中脱颖而出。" 三大核心单品构筑护城河 泰禾股份成立于2004年4月。成立二十余年来，公司已从一家初创企业成长为手握多个农药"冠军产 品"的行业领军者。 围绕百菌清、嘧菌酯、2,4-D三大核心产品，泰禾股份构建起完整的产业链布局——旗下新河农用坐稳 全球百菌清原药生产龙头地位，江西天 ...

Core Viewpoint - The listing of Taihe Co., Ltd. (301665.SZ) on the ChiNext board marks a significant event, as the company is a leader in the pesticide and functional chemicals industry, with a strong position in key products such as Bacillus subtilis, pyraclostrobin, and 2,4-D [1][2]. Group 1: Company Overview - Taihe Co., Ltd. specializes in the research, production, and sales of pesticide products and functional chemicals, holding a leading position in the industry in terms of production scale and comprehensive technology level [1]. - The company has established long-term strategic partnerships with multinational corporations such as Syngenta, Dow, and Honeywell, expanding its market reach to regions including South America, North America, Southeast Asia, and Europe [3]. Group 2: Financial Metrics - The initial public offering (IPO) price was set at 10.27 CNY per share, with an institutional offering price of 10.68 CNY per share, resulting in a market capitalization of 46.22 billion CNY [2]. - The company’s earnings report indicates a significant growth trajectory, with a projected revenue increase of 60% [2]. - The company’s issuance price corresponds to a price-to-earnings (P/E) ratio of 13.40, compared to the industry average P/E ratio of 23.01 [2]. Group 3: Fund Utilization - The company plans to allocate 8.96 billion CNY (85.76%) of the raised funds towards a fungicide project and 1.49 billion CNY (14.24%) towards a research and development center project [2]. Group 4: Export Performance - From 2021 to 2024, the company’s overseas sales revenue was 28.01 billion CNY, 45.49 billion CNY, 29.46 billion CNY, and 14.54 billion CNY, representing 78.42%, 89.58%, 77.10%, and 74.43% of total operating income, respectively [3].

田晓宏 ◎钱佳滢 记者 仲茜 初见泰禾股份董事长田晓宏，以为他是一位文艺范的艺术家。可他一句"我是做农药的"，让记者十分意 外，又肃然起敬。 从企业创立之初，田晓宏就瞄准了国际市场需求进行产品布局："为了进入国际市场，过去十几年里， 我们先后制造和生产出了达到国际农药标准的多个产品，我们的销售网络也已经覆盖南美、北美、东南 亚、欧洲等多个主要农业市场。" 经过多年研发投入和企业出海，泰禾从"迎合标准"走向了"引领标准"。"我们参与制定了'2,4-D'原药产 品的FAO2020年标准，同时也是唯一参与'2,4-D'国际产业标准升级的中国企业。"田晓宏介绍，泰禾股 份在美国、巴西等核心市场已累计获得229项农药自主登记证，打破了办理海外自主登记的业务壁垒。 数据显示，2024年，我国农药出口规模已突破200万吨。 以好产品赢得全球市场 "30年前，我开始涉足农药贸易，那时我很忌讳说自己是卖农药的，但现在我会很坦然地告诉你，我从 事农药研发生产和国际贸易。"近日对记者谈起自己从事的行业时，田晓宏的神情充满了自豪，眼神中 闪烁着睿智。 "为什么谈农药色变？大概是因为农药对环境不友好、农药残留对人体有害，可这些都已经是 ...