Summary of Key Points Core Viewpoint - Jiangsu Fengshan Group Co., Ltd. held a half-year performance briefing on August 19, 2025, to discuss its financial results and future strategies, highlighting significant revenue growth and ongoing projects in the agricultural chemicals and new energy sectors [1][2]. Group 1: Financial Performance - For the first half of 2025, the company achieved a revenue of 619 million yuan, representing an increase of 18.74% year-on-year [4]. - The net profit attributable to shareholders was 30 million yuan, showing a substantial rise of 235.40% compared to the previous year, driven by a recovery in the pesticide industry and successful market expansion efforts [4]. Group 2: Product and Market Development - The company reported that its pesticide categories (insecticides, herbicides, and fungicides) have been performing well, with specific revenue contributions detailed in prior disclosures [3]. - The company is actively pursuing a "second growth curve" by exploring projects in new energy electrolyte and fine chemical new materials, alongside its established pesticide business [5][6]. Group 3: Project Updates - The Hubei project commenced trial production on January 8, 2025, with products already being sold in batches, indicating progress in operational plans [5]. - The Hubei project is expected to produce various chemical products, including ortho-chlorotoluene and its derivatives, which are essential for pharmaceuticals and agricultural chemicals [9][10]. Group 4: Strategic Direction - The company aims to enhance its pesticide, new energy electronic chemicals, and fine chemical new materials sectors, focusing on quality improvement, market demand alignment, and safety management [6]. - The company anticipates that the pesticide industry will continue to grow due to increasing global food demand, emphasizing the importance of innovation and international market expansion [7]. Group 5: Research and Development - Research and development investments are focused on innovations in pesticide production processes, new product formulations, and the development of new electrolyte products for sodium-ion and lithium-ion batteries [11].

Company Overview - Fengshan Group reported significant performance growth in the first half of 2025, with total revenue reaching 619 million yuan, an increase of 18.74% year-on-year; net profit attributable to shareholders was 30.31 million yuan, up 235.4% year-on-year; and net profit after deducting non-recurring items was 25.78 million yuan, an increase of 219.44% year-on-year [2] - In Q2 alone, total revenue was 297 million yuan, a year-on-year increase of 14.81%; net profit attributable to shareholders was 13.94 million yuan, up 221.43% year-on-year; and net profit after deducting non-recurring items was 11.21 million yuan, an increase of 223.18% year-on-year [2] Profitability - The company's profitability significantly improved, with a gross margin of 15.23%, an increase of 85.4% year-on-year; and a net margin of 4.58%, up 200.12% year-on-year [3] - Despite the substantial increase in gross and net margins, the operating cash flow per share was -0.95 yuan, a decrease of 85.12% year-on-year, indicating considerable pressure on cash flow [3] Cost Control - The company achieved improvements in cost control, with total selling, administrative, and financial expenses amounting to 38.25 million yuan, representing 6.18% of revenue, a decrease of 19.55% year-on-year [4] Asset and Liability Status - As of the end of the reporting period, the company's cash and cash equivalents were 405 million yuan, a decrease of 32.21% year-on-year; interest-bearing liabilities were 613 million yuan, an increase of 19.20% year-on-year; and accounts receivable were 305 million yuan, up 12.22% year-on-year [5] - Notably, the company's receivables financing increased by 155.38%, primarily due to an increase in bank acceptance bills [5] Cash Flow Status - The net cash flow from operating activities was -0.95 yuan per share, a decrease of 85.12% year-on-year, mainly due to an increase in cash paid for goods purchased [6] - The net cash flow from investing activities increased by 43.75% year-on-year, primarily due to a decrease in cash paid for fixed asset purchases [6] - The net cash flow from financing activities decreased by 60.75% year-on-year, mainly due to an increase in cash paid for debt repayment [6] Industry Background - In the pesticide sector, production showed an expansion trend, with environmental policies accelerating the elimination of high-pollution capacities, leading to increased industry concentration as large enterprises leverage financial, technical, and scale advantages [7] - The global planting area for agricultural products remained stable, and the prevalence of pests and diseases stimulated pesticide demand, particularly for insecticides due to issues like soybean rust in South America and fall armyworm in North America [7] - In the new energy electronic chemicals sector, global electrolyte production reached 1.005 million tons in the first half of 2025, a year-on-year increase of 46.71%, with China's production at 941,000 tons, up 54.57% year-on-year, supported by the rising market for new energy vehicles and energy storage projects [8] - The fine chemical new materials sector is expected to see the market capacity for chlorotoluene reach 170,000 tons in 2025, with growing export volumes primarily to Southeast Asia and India, driven by the continuous development of the pesticide and pharmaceutical industries [9] Summary - Overall, Fengshan Group achieved significant profit growth in the first half of 2025, particularly in the pesticide and new energy electronic chemicals sectors. However, the company's cash flow situation is concerning, with a substantial decrease in operating cash flow per share, necessitating close attention to future cash flow management and debt status [11]

二、主要产品和原材料的价格变动情况 | 证券代码：603810 | 证券简称：丰山集团 | 公告编号：2025-053 | | --- | --- | --- | | 转债代码：113649 | 转债简称：丰山转债 | | 江苏丰山集团股份有限公司 2025 年上半年度主要经营数据公告 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。 江苏丰山集团股份有限公司（以下简称"公司"）根据上海证券交易所《上 市公司行业信息披露指引第十三号—化工》要求，现将 2025 年上半年度主要经 营数据披露如下： | 主要产品 | 产量（吨） | 销量（吨） | 营业收入（万元） | | --- | --- | --- | --- | | 除草剂 | 8,269.17 | 7,390.74 | 37,130.50 | | 杀虫剂 | 3,621.53 | 3,741.83 | 13,530.82 | | 杀菌剂 | 284.16 | 274.70 | 1,620.41 | | 精细化工 | 8,405.72 | 7,301.77 | 4,393. ...

Core Viewpoint - Jiangsu Fengshan Group Co., Ltd. maintains an AA- credit rating with a stable outlook, reflecting its strong product structure and customer quality, despite facing challenges in profitability and industry conditions [4][9]. Company Overview - The company primarily engages in the research, production, and sales of pesticide active ingredients, formulations, and fine chemical intermediates [11]. - The fine chemical segment has entered trial production, enhancing the company's product chain and competitiveness [6][11]. Financial Performance - Total assets as of March 2025 are 27.81 billion, with equity attributable to shareholders at 15.91 billion [4]. - Revenue for 2023 is reported at 3.22 billion, a decline from 10.44 billion in 2022, with a net profit of 0.15 billion, recovering from a loss of 0.42 billion in 2022 [4][5]. - The company’s operating cash flow has been negative, indicating challenges in cash generation [4]. Industry Environment - The pesticide industry is currently at a cyclical low, with a projected slight decline in revenue for 2024, while the net profit is expected to remain a loss of 0.39 billion [6][9]. - The global pesticide market is expected to grow from 790.6 billion in 2024 to 1,185.1 billion by 2031, driven by increasing food demand and pest control needs [14]. Risks and Challenges - The company faces risks related to the commercialization of sodium-ion electrolyte products, which are not progressing as expected, leading to underutilization of production capacity [7][8]. - Environmental and safety production risks are heightened due to stricter regulations in the chemical industry [8][9]. Market Position - The company has a competitive edge in its core pesticide products, with significant market share in active ingredients like Fluorochloromethane and Quinclorac [15][16]. - The sales concentration remains low, with a diverse customer base, reducing dependency on a few clients [19]. Future Outlook - The credit rating agency maintains a stable outlook for the company, anticipating gradual recovery in market demand and pricing for its main products [9][12]. - The company is actively managing inventory and production to align with market conditions, indicating a strategic approach to navigating current challenges [19].

Core Viewpoint - The Chinese chlorotoluene market is experiencing a significant shift due to domestic production capacity increases and technological advancements, leading to reduced import dependency and export challenges due to global economic slowdowns and trade barriers [1][13]. Industry Overview - Chlorotoluene is an organic compound with the formula C7H7Cl, characterized by its colorless liquid state and specific chemical properties [2]. - The industry has evolved through four main stages: initial reliance on imports, rapid domestic capacity expansion, high growth driven by downstream demand, and a current phase of optimization and competition [4][5][6]. Industry Development History - From 1970 to 2005, the industry was in its infancy, with limited domestic production and high reliance on imports [4]. - Between 2005 and 2010, domestic production capacity surged from 50,000 tons/year to 130,000 tons/year, making China the largest producer globally [5]. - The period from 2010 to 2015 saw continued growth, with consumption reaching 180,000 tons in 2013, driven by advancements in production technology and increased demand from agriculture and pharmaceuticals [5]. - Since 2015, the industry has entered a mature phase, focusing on technological upgrades and environmental sustainability [6]. Industry Chain - The upstream of the chlorotoluene industry includes raw materials like toluene and chlorine, while the downstream applications span pharmaceuticals, pesticides, and new materials [8]. Import and Export Situation - In the first four months of 2025, China imported 1 kg of chlorotoluene, with an import value of $13, a 72.92% decrease year-on-year [13]. - Exports during the same period totaled 75,800 kg, with a value of $78,216, reflecting a 76.52% decline in quantity and a 76.99% decline in value [13]. Key Companies' Performance - Wehua New Materials is a leading player in the chlorotoluene market, leveraging a complete supply chain and advanced technology to maintain a competitive edge [15]. - Anhui Haihua Technology holds a significant market share with over 50,000 tons/year production capacity, benefiting from integrated production processes [19]. - Jiangsu Changjiang Fine Chemical is recognized for its technological advancements and plans for capacity expansion [17]. Industry Development Trends 1. **Capacity Expansion and Technological Upgrades**: The industry is poised for growth driven by increased demand in agriculture, pharmaceuticals, and new materials, with companies like Anhui Haihua planning to enhance production capacity [20]. 2. **Structural Adjustment in Downstream Demand**: The demand for chlorotoluene is shifting towards high-end applications, particularly in pharmaceuticals and new materials, with significant growth potential in electric vehicle battery materials [22]. 3. **Green and Sustainable Development**: The industry is increasingly focusing on environmentally friendly production methods, with companies implementing waste reduction and energy efficiency measures [23].

江苏丰山集团股份有限公司（以下简称"公司"）根据上海证券交易所《上 市公司行业信息披露指引第十三号—化工》要求，现将 2024 年度主要经营数据 披露如下： 主要产品 产量（吨） 销量（吨） 营业收入（万元） 除草剂 14,242.96 16,013.36 76,219.72 杀虫剂 6,305.14 5,960.86 20,620.41 杀菌剂 337.18 397.19 2,587.07 电池材料 92.40 92.40 232.27 一、主要产品的产量、销量及收入实现情况 二、主要产品和原材料的价格变动情况 江苏丰山集团股份有限公司 （一）主要产品价格（不含税）变动情况 2024 年度主要经营数据公告 | 主要产品 | 2024 年 1-12 月平均 销售价格（元/吨） | 2023 年 1-12 月平均 销售价格（元/吨） | 年度变动比率（%） | | --- | --- | --- | --- | | 除草剂 | 47,597.58 | 55,364.66 | -14.03 | | 杀虫剂 | 34,592.99 | 36,043.28 | -4.02 | | 杀菌剂 | 65,134.21 | ...

| | | 江苏丰山集团股份有限公司 2025 年第一季度主要经营数据公告 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。 江苏丰山集团股份有限公司（以下简称"公司"）根据上海证券交易所《上 市公司行业信息披露指引第十三号—化工》要求，现将 2025 年第一季度主要经 营数据披露如下： | 主要产品 | 产量（吨） | 销量（吨） | 营业收入（万元） | | --- | --- | --- | --- | | 除草剂 | 4,827.59 | 4,013.56 | 20,844.25 | | 杀虫剂 | 2,312.19 | 2,030.85 | 6,832.53 | | 杀菌剂 | 197.57 | 133.40 | 724.01 | | 精细化工 | 2,516.50 | 1,946.12 | 1,307.60 | | 电池材料 | 451.53 | 358.50 | 409.35 | 一、主要产品的产量、销量及收入实现情况 二、主要产品和原材料的价格变动情况 （一）主要产品价格（不含税）变动情况 | 主要产品 | 20 ...

Core Viewpoint - The company, Fengshan Group, is focusing on three main business segments: pesticides, new energy electronic chemicals, and high-end fine chemicals. The pesticide segment is currently the primary revenue source, while the new energy segment is in a growth phase due to certification processes and product validation timelines [1]. Group 1: Pesticide Business - The recent price increase of pesticide products like chlorpyrifos and glyphosate is attributed to limited supply of upstream raw materials, particularly thionyl chloride, and production halts due to environmental compliance issues [2]. - The company has maintained stable relationships with suppliers, ensuring normal production and meeting demand despite market constraints. The capacity utilization rate is at historical highs, leading to improved profit margins due to price increases [2]. - The pesticide industry is experiencing a cyclical downturn in 2023 and 2024, with low inventory levels across the supply chain. However, as the market stabilizes, there is potential for increased purchasing activity driven by rising prices and inventory replenishment [3]. Group 2: Hubei Investment Project - The Hubei investment project focuses on producing various chlorinated compounds, which are widely used in agriculture, pharmaceuticals, dyes, and fragrances. The project has entered trial production and is already generating sales [3][4]. - The company is leveraging advanced technologies in production, such as automation and distillation, to reduce costs and enhance product competitiveness. This project is expected to significantly contribute to the company's performance [4].