Core Insights - The company, Beishimei, reported impressive financial results for the first three quarters of 2025, with a revenue of 1.11 billion yuan, a year-on-year increase of 14.29%, and a net profit of 31 million yuan, reflecting a significant growth of 1,257.94% [1] - The company's dual strategy of focusing on its core business of Dimethenamid-P and extending into carbon five new materials has driven its performance, supported by a fully integrated supply chain that creates cost and technological barriers [1][2] Financial Performance - For the first nine months of 2025, the company achieved a net cash flow from operating activities of 75.56 million yuan, up 26.28% year-on-year, indicating improved operational efficiency [1] - The revenue for 2024 and the first half of 2025 was reported at 1.328 billion yuan and 776 million yuan, respectively, with overseas business contributing significantly to the revenue [4] Business Model and Competitive Advantage - Beishimei is the only domestic company with a complete production and R&D capability for Dimethenamid-P, covering the entire supply chain from raw materials to formulations [2] - The company has established a strong competitive moat through its integrated supply chain, which includes a production capacity of 12,000 tons for raw materials and 8,000 tons for intermediates [2][3] Market Demand and Industry Outlook - The global pesticide market is projected to grow from 79.06 billion USD in 2024 to 118.51 billion USD by 2031, with China expected to capture over 60% of the incremental growth [3] - The demand for efficient, low-toxicity, and environmentally friendly pesticides remains strong due to global population growth and food security concerns [3] Global Expansion Strategy - The company has expanded its global market presence through the acquisition of Ningbo Jielike, which has 1,129 overseas pesticide registration certificates, allowing it to export to 79 countries and regions [4] - In 2025, overseas business accounted for 73.58% of total revenue, highlighting the company's successful international strategy [4] New Growth Areas - Beishimei is actively developing high-value new materials, with projects in place for producing green materials such as ketones and cyclopentane, which are expected to enhance its competitive edge [5] - Revenue from carbon five series products reached 73.12 million yuan in 2024 and 61.24 million yuan in the first half of 2025, marking year-on-year growth of 526.11% and 141.83%, respectively [5]

Core Viewpoint - The company, Beishimei, reported strong financial performance in the first half of 2025, driven by its robust market competitiveness in the environmentally friendly pesticide sector and strategic expansion into new materials [1][2]. Financial Performance - In the first half of 2025, Beishimei achieved revenue of 776 million yuan, a year-on-year increase of 16.57% [1] - The net profit attributable to shareholders reached 34.71 million yuan, up 109.70% year-on-year [1] - The basic earnings per share were 0.1 yuan, reflecting a 100.00% increase compared to the previous year [1] Industry Trends - The Chinese pesticide market is projected to reach 450 billion yuan in 2024 and exceed 480 billion yuan in 2025, with a compound annual growth rate (CAGR) of 6.5% [2] - The demand for efficient, safe, and environmentally friendly pesticide products is increasing, driven by agricultural modernization and green development initiatives [2] Product and Technology Development - Beishimei has established a complete industrial chain for its self-produced pesticides, covering intermediates, active ingredients, and formulations [2] - The company holds 62 authorized patents, including 33 invention patents, emphasizing its commitment to technological innovation [4] - The purity of its active ingredient, dimethenamid-P, exceeds 98%, surpassing domestic industry standards [4] Strategic Initiatives - Beishimei is implementing a strong chain and supplement strategy, focusing on the production of key intermediates and raw materials to ensure quality and cost control [3] - The company has launched a project to produce 8,500 tons of ketone series green materials, enhancing its position in the carbon five materials sector [8] International Expansion - Beishimei's subsidiary, Ningbo Jielike, has established a sales network in 79 countries, significantly contributing to the company's overseas revenue, which reached 571 million yuan in the first half of 2025 [6] - The company’s export volume of herbicides increased by 11.11% year-on-year, indicating strong growth in international markets [5] New Materials Strategy - The carbon five series products generated revenue of 61.24 million yuan, a year-on-year increase of 141.83%, highlighting the growth potential in this segment [7] - Beishimei is focusing on the development of high-end carbon five products to capture the import substitution opportunities in the market [7][8]

长江商报奔腾新闻记者 江楚雅 随着全球农药市场景气度提升，新型农药企业贝斯美业绩持续增长。 长江商报奔腾新闻记者注意到，2024年，受核心业务周期性影响，公司净利润出现显著亏损。2024年， 公司实现营业总收入13.28亿元，同比增长89.97%；但归属净利润亏损3286.46万元，同比下降 137.17%，扣非净利润亏损3603.61万元，同比下降142.58%。 此后，公司加码产品结构优化和渠道布局，业绩实现回暖。2025年一季度业绩实现扭亏，营收及净利润 同比双增，基本面改善显著。一季度公司实现营业收入为4.23亿元，同比增长19.35%；净利润为 2598.15万元，同比增长29.10%；扣非净利润为2408.81万元，同比增长32.92%。 业绩大幅回升的同时，公司加码产能扩建。6月10日，贝斯美在投资者互动平台表示，当前公司二甲戊 灵原药产能为年产12000吨。公司正在积极推进年产6000吨二甲戊灵扩产项目，该项目已完成政府审批 手续，预计扩产后总产能将达到18000吨/年，以更好承接海外市场需求。同时，公司的年产8500吨戊酮 系列绿色新材料项目已顺利投产，进一步强化上游产业链协同。 值得一提的 ...

Group 1 - The company expects a net profit of between 33.11 million and 44.42 million RMB for the current reporting period, representing a year-on-year growth of 100.07% to a decline of 168.38% [1] - The net profit attributable to shareholders is projected to be 16.55 million RMB, with a significant increase of 105.33% to a decline of 183.05% compared to the same period last year [1] - The preliminary financial data has been communicated with the auditing firm, and there are no significant discrepancies regarding the performance forecast [1][2] Group 2 - The company has optimized its product structure and achieved significant results from the layout of new products and international trade channels, leading to a substantial increase in profits from trade-related products in the first half of 2025 [2] - The gross profit from the "8,500 tons of ketone series green materials" project has turned positive, contributing to the overall performance improvement [2] - The specific financial data will be detailed in the company's 2025 semi-annual report, and investors are advised to make cautious decisions [2]

Core Viewpoint - The company Beishimei (300796) expects a significant increase in net profit for the first half of 2025, driven by product optimization and successful international trade channel development [1] Financial Performance - The projected net profit attributable to shareholders for January 1 to June 30, 2025, is estimated to be between 33.11 million yuan and 44.42 million yuan, compared to 16.55 million yuan in the same period last year, representing a year-on-year growth of 100.07% to 168.38% [1] - The expected net profit after deducting non-recurring gains and losses is forecasted to be between 29.87 million yuan and 41.18 million yuan, up from 14.55 million yuan in the previous year, indicating a growth of 105.33% to 183.05% [1] Drivers of Growth - The growth in performance is primarily attributed to the optimization of product structure, the successful introduction of new products, and the effective establishment of international trade channels [1] - There has been a significant increase in profits from trade-related products, and the gross profit margin for the fundraising project "8500 tons of ketone series green new materials" has turned positive [1]

Group 1: Company Overview and Strategic Projects - Shaoxing Bestmay Chemical Co., Ltd. is actively expanding its product lines in the C5 chemical sector, including the "Annual Production of 8,500 Tons of Ketone Series Green New Materials Project" and the "Annual Production of 12,100 Tons of Cyclopentane Series Green New Materials Project" [1][2][3] - The company has achieved stable operation of its ketone facility, with product quality meeting standards and sales status being steady [2][3] - The company is positioned as a leader in the domestic C5 comprehensive utilization field, enhancing its product offerings and reducing reliance on imports [2][3] Group 2: Financial Performance and Growth - In 2024, the company reported a revenue of 1.328 billion RMB, representing a year-on-year growth of 89.97% due to the full-year consolidation of Ningbo Jielike's operations following an 80% stake acquisition [5][6] - The revenue from C5 series products increased from 11.67 million RMB in 2023 to 73.12 million RMB in 2024, marking a growth of 5.26 times [20] Group 3: Research and Development - The company invested 45.52 million RMB in R&D in 2024, a 13.7% increase from the previous year, and holds 58 authorized patents, including 32 invention patents [6][8] - The focus on R&D has led to the development of proprietary technologies that enhance production efficiency and reduce costs, such as low-temperature continuous nitration and solid salt recovery technologies [18] Group 4: Market Position and Competitive Advantage - The company is recognized as a national high-tech enterprise and has established a complete production and R&D capability for the herbicide Dimethenamid-P, covering the entire industry chain from intermediates to formulations [8][15] - The company has a strong export presence, with its subsidiary Jielike operating in 79 countries, achieving over 75% of its revenue from overseas markets in 2024 [15][19] Group 5: Future Outlook and Strategic Initiatives - The company plans to continue focusing on environmentally friendly pesticide development and expand its C5 new materials product line to enhance market share and profitability [5][15] - The company aims to leverage its existing market channels and the acquisition of Jielike to penetrate emerging markets in South America, Africa, and Southeast Asia, thereby increasing sales of Dimethenamid-P [11][15]