北交所信息更新 农药"反内卷"与海外补库助 "走出泥泞"，亏损收窄迎破局 颖泰生物（920819.BJ） ——北交所信息更新 2026 年 02 月 12 日 投资评级：增持（维持） | 日期 | 2026/2/12 | | --- | --- | | 当前股价(元) | 3.91 | | 一年最高最低(元) | 5.09/3.31 | | 总市值(亿元) | 47.93 | | 流通市值(亿元) | 47.37 | | 总股本(亿股) | 12.26 | | 流通股本(亿股) | 12.12 | | 近 3 个月换手率(%) | 49.23 | 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 初步核算公司 2025 年归母净利润为-2.50 亿元，同比减亏 57.45% 公司发布 2025 年业绩快报，经过初步核算，公司 2025 年营收为 55.31 亿元，同 比下降 2.27%，归母净利润为-2.50 亿元，同比减亏 57.45%。2025 年农药行业呈 局部回暖、分化复苏态势，公司聚焦产品与基地布局，严格管控成本费用，持续 推进组织优化与 ...

Group 1 - The pesticide industry is experiencing favorable policies that are accelerating the elimination of outdated production capacity, focusing on compliance and profitability recovery among leading companies [3][11] - A new policy effective from January 1, 2026, mandates "one certificate, one product," which will significantly reduce the number of market brands and enhance industry concentration, benefiting compliant enterprises with abundant registration resources [12][11] - The recent adjustment in export tax policies aims to address overcapacity and high-toxicity products, pushing the industry towards high-quality development centered on technology and branding [11][3] Group 2 - The North Exchange's chemical new materials sector saw an increase of 5.11% in the week of January 19-23, 2026, outperforming other sectors [24][25] - Key stocks in the chemical new materials sector, such as Meibang Technology and Tianli Composite, experienced significant weekly gains of 32.89% and 16.47%, respectively [32][34] - The overall market performance indicates a recovery trend, with the North Exchange 50 index closing at 1588.66 points, reflecting a weekly increase of 2.60% [24][27] Group 3 - Ying Tai Biological's net profit for 2025 is projected to be between -2.6 billion and -2.0 billion yuan, a significant improvement from -5.87 billion yuan in 2024, indicating a recovery in profitability [5][21] - Jilin Carbon Valley is expected to report a net profit of 1.80 to 2.20 billion yuan in 2025, representing a year-on-year growth of 92.81% to 135.66% [5][67] - The overall recovery in the pesticide sector is reflected in the net profit growth rates, which turned positive in the fourth quarter of 2024 and continued to improve in 2025 [20][23]

Core Viewpoint - The cancellation of certain pesticide raw material export tax rebates starting April 2026 is expected to lead to short-term price increases and long-term elimination of outdated production capacity in China's pesticide industry [1][3]. Group 1: Policy Changes - The Ministry of Finance and the State Taxation Administration announced that from April 1, 2026, certain pesticide products, including herbicides, insecticides, fungicides, and plant growth regulators, will no longer qualify for VAT export tax rebates [2]. - Previously, China implemented export tax rebate policies for most pesticide raw materials, with rebate rates generally between 9% and 13% [3]. Group 2: Market Implications - In the short term, the adjustment of export tax rebates may trigger a rush to export as overseas clients anticipate increased costs post-policy implementation, potentially supporting price increases [3]. - In the long term, the profit margins for low-end products will be further compressed, pushing companies to shift from price competition to quality competition, leading to the exit of high-pollution and high-energy-consuming outdated production capacity [3]. Group 3: Industry Outlook - The pesticide industry in China is experiencing a recovery phase, with many pesticide varieties operating at low capacity utilization rates of 30%-60% [5]. - The global pesticide supply chain is in a restocking phase, and domestic spring farming is expected to support demand for pesticides [5]. - The peak production season for domestic spring farming occurs from February to May, leading to early demand for raw materials [5]. Group 4: Key Companies - Relevant companies in the industry include: - Yangnong Chemical, a leading company with a complete range of agricultural chemical products [5] - Runfeng Co., which has a comprehensive overseas marketing network and numerous overseas registration certificates [5] - Lier Chemical, a leader in the production of specific herbicides [5] - Jiangshan Chemical, a leader in glyphosate and other insecticides [5] - Guoguang Co., a leader in plant growth regulators [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report highlights the impact of the recent cancellation and reduction of export tax rebates on pesticides, particularly focusing on the potential for price increases and improved profitability for leading companies in the pesticide sector [5] - The report anticipates a reversal in the pesticide industry's performance due to rising export costs and the upcoming spring farming season, which is expected to boost demand and prices [5] - The ongoing "anti-involution" trend in the pesticide industry is expected to optimize supply and reshape value, encouraging companies to shift from low-end manufacturing to a focus on technology, branding, and service [5] Summary by Relevant Sections Industry Overview - The pesticide industry is experiencing a significant shift due to policy changes, with the cancellation of export tax rebates for various pesticide raw materials and intermediates, including glyphosate and other high-toxicity products [4][5] - China is projected to export 2.05 million tons of pesticides in 2024, with exports accounting for 90% of production [5] Market Dynamics - The domestic pesticide production peak season occurs from February to May, with a significant increase in demand for pesticide formulations during this period [5] - The report notes that the price of 95% glyphosate raw powder has recently increased to 46,000 yuan per ton, indicating a recovery in pricing [11] Key Companies and Recommendations - Recommended stocks include leading pesticide companies such as Yangnong Chemical, Limin Co., and Xingfa Group, which are expected to benefit from the price increases and the integrated "raw material-formulation" model [5] - Beneficiary stocks also include Jiangshan Chemical, Lier Chemical, and others involved in various segments of the pesticide supply chain [5]

据"遵义审判"消息，12月26日，贵州省遵义市中级人民法院依法对被告人刘仲杰故意杀人案进 行一审公开宣判， 以故意杀人罪判处被告人刘仲杰死刑 ，剥夺政治权利终身。 刘仲杰与其子女。资料图 法院经审理查明， 被告人刘仲杰不能正确处理夫妻感情纠纷，哄骗两名未成年子女喝农药"敌 敌畏"，致二人死亡（殁年10岁、7岁）。 法院经审理认为，被告人刘仲杰作为亲生父亲，在子女年龄尚幼、心智尚未成熟之际，利用孩 子对父母天然的依赖与信任，以哄骗的方式让两名未成年子女喝下农药，之后未采取任何救助 措施，导致两名年幼无辜的未成年人死亡，后果令人痛心。被告人刘仲杰故意杀人犯意坚决， 严重违背人伦底线、道德底线和法律底线，犯罪手段特别残忍，犯罪后果特别严重，社会影响 特别恶劣，罪行极其严重，应依法惩处。 被告人及被害人亲属、部分人大代表、政协委员和社会各界群众旁听了宣判。 此前报道 2025年5月22日，32岁的刘仲杰在家中给10岁儿子和7岁女儿服用农药，导致儿女死亡。刘仲 杰自杀未遂，经抢救后脱离生命危险。案发前，刘仲杰和妻子黄玉飞正处在离婚冷静期。案发 后，刘仲杰因涉嫌故意杀人被当地警方刑事拘留。 8月21日，案件在遵义市凤冈县 ...

法院经审理认为，被告人刘仲杰作为亲生父亲，在子女年龄尚幼、心智尚未成熟之际，利用孩子对父母 天然的依赖与信任，以哄骗的方式让两名未成年子女喝下农药，之后未采取任何救助措施，导致两名年 幼无辜的未成年人死亡，后果令人痛心。被告人刘仲杰故意杀人犯意坚决，严重违背人伦底线、道德底 线和法律底线，犯罪手段特别残忍，犯罪后果特别严重，社会影响特别恶劣，罪行极其严重，应依法惩 处。 被告人及被害人亲属、部分人大代表、政协委员和社会各界群众旁听了宣判。 据"遵义审判"消息，12月26日，贵州省遵义市中级人民法院依法对被告人刘仲杰故意杀人案进行一审公 开宣判，以故意杀人罪判处被告人刘仲杰死刑，剥夺政治权利终身。 法院经审理查明，被告人刘仲杰不能正确处理夫妻感情纠纷，哄骗两名未成年子女喝农药"敌敌畏"，致 二人死亡（殁年10岁、7岁）。 据此前报道，2025年5月22日，32岁的刘仲杰在家中给10岁儿子和7岁女儿服用农药，导致儿女死亡。刘 仲杰自杀未遂，经抢救后脱离生命危险。案发前，刘仲杰和妻子黄玉飞正处在离婚冷静期。案发后，刘 仲杰因涉嫌故意杀人被当地警方刑事拘留。 8月21日，案件在遵义市凤冈县法院一审开庭。凤冈县公安局作 ...

Core Viewpoint - Jiangshan Chemical's performance in the first three quarters of 2025 shows significant growth in revenue and net profit, driven by effective marketing strategies and cost reduction efforts [1][2] Group 1: Company Performance - In the first nine months of 2025, Jiangshan Chemical achieved a revenue of 4.516 billion yuan, a year-on-year increase of 5.20% [1] - The net profit attributable to shareholders reached 425 million yuan, marking a substantial year-on-year growth of 147.91% [1] - The net profit after deducting non-recurring gains and losses was 335 million yuan, up 103.62% year-on-year [1] - In Q3 2025, the company reported a revenue of 1.157 billion yuan, a 2.75% increase compared to the same period last year [2] - The net profit for Q3 was 86.73 million yuan, showing an extraordinary year-on-year growth of 11,890.01% [2] Group 2: Product and Market Dynamics - Jiangshan Chemical's main products include herbicides and insecticides, with significant production volumes reported: 69,200 tons of herbicides, 18,100 tons of insecticides, and 700,300 tons of chlor-alkali products in the first nine months [1] - The company is focusing on increasing the sales proportion of its formulation products, which have shown a growth trend in recent years [3] - The global agrochemical market is experiencing a recovery, with the industry transitioning from scale expansion to quality and efficiency [2] Group 3: Strategic Initiatives - The company is implementing a "3+1" industrial direction and a dual-driven strategy of "industry + capital" to enhance its core business layout [2] - Jiangshan Chemical is committed to continuous research and development investments, with several projects, including a 10,000-ton green and efficient chiral herbicide project, entering trial production [3] - The company is optimizing its procurement management system to achieve significant cost reductions [2]

Core Viewpoint - The company, Jiangshan Chemical, emphasizes the accuracy and completeness of its financial disclosures and plans to hold an investor meeting to discuss its third-quarter performance and financial indicators [8][9][16]. Financial Data Summary - The third-quarter financial report has not been audited, and the company assures the authenticity of the financial information presented [3][7]. - The report includes significant non-recurring gains from the sale of part of Jiangtian Chemical's shares [4]. Shareholder Information - The company confirms that there are no changes in the major shareholders or their shareholding status compared to the previous period [5]. Investor Meeting Details - An investor meeting is scheduled for November 5, 2025, from 14:00 to 15:00, to discuss the third-quarter results and address investor questions [11][12]. - Investors can submit questions from October 29 to November 4, 2025, through the Shanghai Stock Exchange Roadshow Center or via company email [9][13]. Operational Data - The company plans to disclose key operational data for the third quarter, including production volumes, sales, and revenue [16]. - The report will also cover price changes for major products and raw materials, although these data are not audited [17].

Core Viewpoint - The company reported a significant increase in revenue and net profit for the first half of 2025, driven by the recovery in glyphosate prices and growth in pesticide sales [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 3.359 billion yuan, a year-on-year increase of 6.07%, and a net profit attributable to shareholders of 338 million yuan, a year-on-year increase of 98.18% [1]. - In Q2 2025, the company recorded revenue of 1.613 billion yuan, a year-on-year increase of 1.98%, but a quarter-on-quarter decrease of 7.61%. The net profit for Q2 was 183 million yuan, a year-on-year increase of 106.61% and a quarter-on-quarter increase of 17.66% [1]. Group 2: Product Performance - The company saw significant growth in pesticide sales, with herbicides and insecticides achieving sales of 1.626 billion yuan and 422 million yuan, respectively, representing year-on-year changes of +14.9% and +12.4%. The sales volume for herbicides and insecticides increased by 35.2% and 15.0%, totaling 61,300 tons and 15,700 tons, respectively [2]. - Glyphosate prices have rebounded significantly, with an average market price of 27,100 yuan/ton as of August 29, 2025, reflecting a year-on-year increase of 9.4%. The company, being one of the four major glyphosate producers in China, is expected to benefit from this price increase [2]. Group 3: Project Development - The company is actively advancing key project constructions, including the JS-T205 herbicide project and the Jiangshan 998 base project, which have entered trial production phases. The heating center phase one project has been completed and is expected to enter trial production within the year [3]. - The company has a glyphosate production capacity of 70,000 tons/year, with plans to add an additional 50,000 tons/year upon completion of the Guizhou project. The company also produces various insecticides with a combined annual capacity of nearly 30,000 tons [3]. Group 4: Profit Forecast and Valuation - The company has adjusted its profit forecasts for 2025-2026, with net profits expected to be 548 million yuan (up 59.9%) for 2025 and 741 million yuan (up 84.4%) for 2026. The forecast for 2027 is set at 870 million yuan [4]. - The gradual depletion of global pesticide inventories is expected to improve the demand for pesticide raw materials, leading to a recovery in the company's profitability. The company is also focusing on new profit growth points, such as flame retardants [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the next six months [5]. Core Insights - The company reported significant growth in its financial performance for the first half of 2025, with total revenue reaching 3.359 billion yuan, a year-on-year increase of 6.07%, and a net profit attributable to shareholders of 338 million yuan, up 98.18% year-on-year [1]. - The core products of the company have seen price increases, particularly for glyphosate, which is expected to enhance profitability in the upcoming quarters [2]. - The company is accelerating capacity expansion, with several projects expected to enter trial production within the year, which is anticipated to contribute to revenue growth [3]. - The financial forecasts have been adjusted upwards, with expected revenues of 7.307 billion yuan, 8.386 billion yuan, and 8.865 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 753 million yuan, 860 million yuan, and 1.127 billion yuan for the same years [3]. Financial Summary - For the first half of 2025, the company achieved a revenue of 3.359 billion yuan and a net profit of 338 million yuan, with significant growth in both metrics compared to the previous year [1]. - The average price of glyphosate increased from 23,403 yuan per ton in Q2 2025 to 26,899 yuan per ton by August 25, 2025, indicating a positive trend for the company's profitability [2]. - The company has a projected revenue growth rate of 34.54% for 2025, with a net profit growth rate of 235.47% [4][10].