盈利预测、估值与评级：考虑草甘膦等农药价格有所回升，我们上调25-26 年公司盈利预测，新增27 年 的盈利预测，预计公司25-27 年的归母净利润分别为5.48（上调59.9%）/7.41（上调84.4%）/8.70 亿元。 伴随着全球农药库存的逐步去化，农药原药需求有望逐步好转，公司盈利能力将逐步恢复。同时，公司 积极布局阻燃剂等新的利润增长点，有望持续发力，维持公司"增持"评级。 风险提示：产能落地进展不及预期、原材料价格波动、下游需求不及预期风险。 积极稳妥推进重点项目建设，重点推进创制除草剂JS-T205 的相关研究。25H1，公司湖北枝江JS-T205 项目、江山998 号基地精异丙甲草胺项目已进入试生产阶段；供热中心一期项目已完成项目建设，预计 年内投入试生产；贵州瓮安磷化工资源综合利用项目已进入设备、管道安装阶段，力争年内实现试生 产。农药方面，公司是国内四大草甘膦生产企业之一，拥有草甘膦原药产能7 万吨/年，其中甘氨酸路 线产能3 万吨/年，IDAN 路线产能4 万吨/年，贵州项目建成后将新增草甘膦产能5 万吨/年；公司杀虫剂 产品包括敌百虫、敌敌畏、二嗪磷等产品，合计年产能近3 万吨。阻燃 ...

Core Viewpoint - Jiangshan Agrochemical and Chemical Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, indicating strong operational performance despite challenges in the agricultural chemical industry [1][4]. Financial Performance - The company achieved a revenue of CNY 3.36 billion, a year-on-year increase of 6.07% [2][11]. - The total profit reached CNY 419.06 million, up 92.81% compared to the previous year [2][11]. - Net profit attributable to shareholders was CNY 338.48 million, reflecting a 98.18% increase year-on-year [2][11]. - The basic earnings per share rose to CNY 0.79, a 97.50% increase from the previous year [3][11]. - The company's net assets amounted to CNY 4.01 billion, a 7.87% increase from the end of the previous year [2][11]. Business Overview - The company primarily engages in the research, production, and sales of pesticides, chemical products, and steam from cogeneration [4][8]. - Key products include glyphosate, herbicides, and various chemical intermediates [4][8]. - The company operates under an integrated model of research, production, supply, and sales, with a focus on technological innovation and quality improvement [4][8]. Industry Context - The global agricultural chemical market is experiencing a recovery, with demand for pesticides increasing amid a backdrop of geopolitical tensions and fluctuating oil prices [4][8]. - The Chinese pesticide industry is currently facing overcapacity, leading to low profits and intense competition [4][8]. - Regulatory changes are expected to impact the market, with new labeling requirements set to take effect in 2026, potentially eliminating low-quality products [4][8]. Strategic Initiatives - The company is focusing on sustainable development and enhancing its competitive edge through technological advancements and market expansion [4][5]. - Ongoing projects include the trial production of new products and the establishment of a cogeneration facility [5][6]. - The company is also enhancing its talent acquisition strategy to fill key positions and improve overall workforce quality [6][9]. Risk Management - The company emphasizes safety and environmental management, achieving a "green" credit rating and implementing measures to reduce waste generation [4][10]. - A comprehensive internal control system is in place to mitigate operational risks and ensure compliance with regulations [10][11].