Core Viewpoint - Guangxi Tianyuan Biochemical Co., Ltd. is undergoing a listing review on the Shenzhen Stock Exchange, aiming to raise 629.75 million yuan, and is recognized as a leading enterprise in the pesticide formulation industry with significant technological achievements [1]. Company Overview - The company specializes in the research, production, and sales of pesticide formulations, gradually becoming a leading domestic enterprise in this sector and one of the few with the capability to industrialize innovative pesticides [1]. - It has received two National Science and Technology Progress Awards, highlighting its commitment to innovation in non-patented, created, and high-efficiency pesticide formulations [1]. Financial Performance - The company's operating revenues for the reporting periods were 1.712 billion yuan, 1.774 billion yuan, and 1.750 billion yuan, indicating stable business performance [2]. - Net profits for the same periods were 162 million yuan, 229 million yuan, and 249 million yuan, reflecting a solid profit level [2]. Key Financial Metrics - Total assets as of December 31, 2024, are projected to be 1.618 billion yuan, up from 1.364 billion yuan in 2023 and 1.355 billion yuan in 2022 [3]. - The equity attributable to shareholders is expected to reach 960 million yuan in 2024, compared to 784 million yuan in 2023 and 697 million yuan in 2022 [3]. - The asset-liability ratio is projected to decrease to 44.59% in 2024 from 51.19% in 2023 and 63.18% in 2022, indicating improved financial stability [3]. Profitability and Efficiency - Projected net profit for 2024 is 248.36 million yuan, an increase from 228.35 million yuan in 2023 and 161.89 million yuan in 2022 [4]. - The basic earnings per share are expected to be 2.37 yuan in 2024, up from 2.18 yuan in 2023 and 1.39 yuan in 2022 [4]. - Research and development expenditure is projected to account for 4.24% of operating revenue in 2024, compared to 2.71% in 2023 and 2.53% in 2022, indicating a growing focus on innovation [4].

Core Viewpoint - The pesticide industry, crucial for food security, is under scrutiny as Tianyuan Biochemical Co., Ltd. initiates its IPO process amidst a challenging market environment marked by stagnant revenue growth and high reliance on distributors [1][3]. Financial Performance - Tianyuan Biochemical's revenue from 2022 to 2024 shows minimal growth, with figures of 1.71 billion, 1.77 billion, and 1.75 billion yuan respectively, while net profits increased from 161.63 million to 248.55 million yuan [3][4]. - The company's total assets grew from 1.35 billion yuan in 2022 to 1.62 billion yuan in 2024, with a notable decrease in asset-liability ratio from 63.18% to 44.59% [4]. - The sales revenue from distributors accounted for over 96% of total revenue during the same period, indicating a heavy dependence on this sales model [4][5]. Market Dynamics - The pesticide market is characterized by intense competition and product homogenization, leading to declining sales prices, particularly for herbicides, which fell by 18.26% from 2023 to 2024 [6][7]. - The average gross margin of Tianyuan Biochemical is lower than that of comparable companies, with a gross margin of 36.07% in 2024 compared to an industry average of 36.22% [8]. R&D and Innovation - The company has consistently invested less in R&D compared to industry peers, with R&D expense ratios of 2.53%, 2.71%, and 4.24% from 2022 to 2024, which is below the industry average [9][10]. - There is a significant gap between R&D expenses and sales expenses, with R&D costs amounting to 74.26 million yuan in 2024 compared to over 226 million yuan in sales expenses [10][11]. Regulatory and Legal Issues - Tianyuan Biochemical has faced legal challenges and administrative penalties, including fines for selling unregistered pesticide products, which raises concerns about internal governance and compliance [13][14]. - The company has unresolved property rights issues, with 11,432.79 square meters of real estate lacking proper documentation, posing risks of administrative penalties [14][15]. Investor Sentiment - Recent cash dividends totaling 221 million yuan have raised concerns among investors about the company's financial management, particularly in light of its IPO fundraising of approximately 630 million yuan [16].

Group 1 - The second wave of IPO现场检查 in 2025 includes 12 companies, with 8 applying for the Shanghai Stock Exchange and 4 for the Shenzhen Stock Exchange [1] - 惠科股份 is the only company making a second IPO attempt, previously applying for the创业板 with a planned fundraising of 9.5 billion yuan [1][4] - In 2023 and 2024, the number of companies undergoing IPO现场检查 was significantly lower, with only 17 and 4 respectively, while 14 companies have been selected in 2025 so far [1] Group 2 - The 12 selected companies have an average net profit of 498 million yuan over the past year, with a total fundraising target of 24.81 billion yuan [2] - Seven of the companies are expected to generate over 1 billion yuan in revenue in 2024, with net profits exceeding 200 million yuan [3] Group 3 - 惠科股份 is the largest company among the selected, with a planned fundraising of 8.5 billion yuan, specializing in semiconductor display panels and smart display terminals [4] - 惠科股份 has seen its revenue grow from 27.134 billion yuan in 2022 to an estimated 40.31 billion yuan in 2024, with net profits recovering from a loss of 1.428 billion yuan in 2022 to a profit of 3.339 billion yuan in 2024 [4] Group 4 - The panel industry is known for its cyclical volatility, with 惠科股份 previously withdrawing its IPO application due to declining LCD panel prices [5] - The industry is showing signs of recovery in 2023, but concerns remain about potential future volatility in the TV panel market [5] Group 5 -芯密科技, the smallest company among the selected, focuses on semiconductor-grade perfluoroether rubber materials, with a planned fundraising of 785 million yuan [7] -芯密科技's revenue has grown from approximately 41.59 million yuan in 2022 to 208 million yuan in 2024, but it has a high customer concentration risk [7][8] Group 6 - The chemical industry has the highest number of selected companies, totaling 5, including田园生化 and东岳未来, with varying revenue and profit trends [9] - The computer, communication, and other electronic equipment manufacturing sector has 3 companies selected, including 惠科股份 and芯密科技, with significant revenue contributions from major clients [9] Group 7 - The 12 IPO projects involve 9 different securities firms, with 中信证券 and 中金公司 being the most active [10] - The current IPO regulatory environment emphasizes strict scrutiny and market-oriented approaches, with a focus on identifying high-quality companies [10][12] Group 8 - The termination rate for IPO现场检查 has been high, with only 22 out of 115 companies successfully listing since 2021 [10][11] - The regulatory approach has shifted from merely gatekeeping to actively screening for quality, particularly for traditional industries and high-tech companies [12][13]

Group 1 - The article discusses the common concerns and safety measures related to the use of electric mosquito swatters, particularly regarding the risk of electric shock and proper usage guidelines [3][5][9] - It highlights that while electric mosquito swatters operate at high voltages, the current is low, making serious electric shock unlikely under normal conditions, but warns that poor quality or damaged devices can increase risk [3][5] - The article emphasizes the importance of using reputable brands and avoiding cheap, unverified products to ensure safety [5][6] Group 2 - Proper usage instructions include checking the device for damage before use, ensuring it is charged for the appropriate duration, and avoiding contact with wet hands [6][7][9] - It is crucial to keep electric mosquito swatters away from flammable substances, particularly insecticides, as the combination can lead to dangerous explosions [11][12][14] - The article advises against using electric mosquito swatters in damp environments and recommends cleaning and maintaining the device properly to prolong its lifespan [10][12]

6月23日至29日，证监会新增披露，杭州腾励传动科技股份有限公司（下称"腾励传动"）、江苏方意摩擦材料股份有限公司（下 称"方意股份"）、浙江华盛雷达股份有限公司（下称"华盛雷达"）、荣耀终端股份有限公司（下称"荣耀"）、兰升生物科技集团股 份有限公司（下称"兰升生物"）、宁波培源股份有限公司（下称"培源股份"）、紫光展锐（上海）科技股份有限公司（下称"紫光展 锐"）、宏泽（江苏）科技股份有限公司（下称"宏泽科技"）等8家公司进行了辅导备案。 IPO日报注意到，腾励传动曾于2024年7月撤回创业板上市申请，时隔一年再次辅导；方意股份6月22日刚刚定向增发融资6000万 元，现辅导备案；华盛雷达共经历了七轮融资，吸引了包括中信建投资本、维度资本、国民创投在内的多家知名投资机构；荣耀或 成中国第三家上市的智能手机巨头；国开金融、河北产业投资引导基金参投的兰升生物现估值17.52亿元；国内汽车减震器活塞杆领 域的隐形冠军遭遇增收不增利问题；紫光展锐有望冲击国产智能手机芯片第一股，公司投后估值已达700亿元左右；宏泽科技2024年 营业收入和净利润明显下滑。 AI制图 一年前创业板上市失败 腾励传动于2025年6月2 ...

| 投资者关系活动类别 | 特定对象调研 分析师会议 | | --- | --- | | | 媒体采访 业绩说明会 | | | 新闻发布会 路演活动 | | | 现场参观  其他（反路演活动） | | 活动参与人员 | 万家基金：汪洋 | | | 国泰基金：邓时锋、丁小丹、钱晓杰 | | | 国海富兰克林：张瑞 | | | 平安养老：袁帅 | | | 长信基金：陈言午、黄振华 | | | 华宝基金：汤祺、张坤、袁银泉 | | | 沣谊投资：窦金虎 | | | 公司董事、副总经理：金逸中 | | | 公司董事会秘书、副总经理：张江山 | | | 公司证券事务代表：王英 | | 时间 | 2025 年 6 月 25 日-6 月 26 日 | | 地点 | 上海 | | 形式 | 反路演活动 一、公司的基本情况 | | | 公司成立于 1999 年，并于 2009 年上市，总部位于 浙江省台州市，是一家全球领先的含氟精细化学品制造 | | | 商，是行业内少数几家横跨无机及有机氟化工行业的企 | | 交流内容及具体问答记 | 业。以含氟技术为核心，公司已经覆盖的业务包括新型 | | 录 | 材料（新 ...

Group 1 - The Chinese market has become an essential presence for overseas brands, especially during significant sales events like the 618 shopping festival [1][4] - During the 618 event, overseas brands have shown strong enthusiasm, with some companies doubling their inventory compared to the previous year [2][4] - Data from Beijing Customs indicates that during the 618 period, cross-border e-commerce import clearances reached 802,800, a year-on-year increase of 10.98%, with a total value of approximately 126 million RMB, up 23.53% [2] Group 2 - In the first quarter of this year, 487 overseas brands opened their first stores in China through Tmall International, with the fastest growth seen from French, Canadian, and British brands, particularly a twofold increase in French brands [3] - E-commerce channels have become a convenient way for brands to test the Chinese market, with many brands expressing interest in the potential of the Chinese consumer market [4][6] - Tmall International has implemented a collection method for merchants to test the market with smaller quantities of products, reducing logistics costs [4] Group 3 - Tmall International's Tokyo warehouse allows for a five-day delivery of Japanese goods, facilitating real-time product launches in China [5] - The platform has introduced over 20 third-party quality inspection agencies to ensure the authenticity of imported goods, enhancing consumer trust [5] - Many overseas brands are customizing products for the Chinese market based on consumer feedback, such as Kagami's adaptation of their whiskey glasses to suit Chinese baijiu culture [8] Group 4 - The 618 shopping festival serves not only as a sales opportunity but also as a crucial window for overseas brands to understand the Chinese market [6][7] - There is a growing demand for specialized, high-quality, and personalized products among Chinese consumers, leading to a sustained influx of overseas brands [6][8] - Local brands are increasingly capturing market share from international brands, with domestic brands' market share rising from 66% in 2012 to 76% in 2024 in the fast-moving consumer goods sector [8]

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 06 月 16 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 国内农药价格有所分化，关注北交所农药行业领先企业颖泰生物 ——北交所消费服务产业跟踪第十八期（20250613） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 源引金融活水润泽中华大地 内容目录 | 1. | 国内农药价格有所分化，静待价格走出周期低谷 | 4 | | --- | --- | --- | | 1.1. | 全球农药市场稳中有升，中国原药产量居世界前列 4 | | | 1.2. | 北交所企业：颖泰生物—位列国内农药销售百强榜前十 | 7 | | 2. | 总量：北交所消费服务股股价涨跌幅中值-1.81% | 11 | | 3. | 行业：泛消费产业市盈率 中值+16.93%至 TTM 78.5X | 13 | | 4. | 公告：锦波生物成为服贸基金二期的有限合伙人 ...

扬农化工（600486）在互动平台表示，菊酯类杀虫剂、四氯虫酰胺与氯虫苯甲酰胺具有类似的杀虫谱， 其中四氯虫酰胺是公司创制品种，与氯虫苯甲酰胺具有相同的杀虫机理，该产品杀虫谱广，活性高、速 效好、内吸传导性好、持效期长，对隐蔽性害虫有更好的效果，具有良好的市场前景。 ...

Core Viewpoint - The credit rating of Limin Holdings Group Co., Ltd. remains stable at AA, reflecting its strong market position in the pesticide industry and improved financial metrics since 2024 [4][5][9]. Company Overview - Limin Holdings is recognized as one of the key pesticide manufacturers in China, maintaining a high market share in the domestic raw material market with a diverse product structure and strong R&D capabilities [4][9]. - The company has seen a continuous increase in patent authorizations and product registrations, indicating robust innovation [4][15]. Financial Performance - Total assets for Limin Holdings were reported at 70.56 billion yuan in 2022, with total liabilities at 42.16 billion yuan, resulting in a debt-to-asset ratio of 59.75% [6][20]. - The company’s net profit improved significantly from 0.64 billion yuan in 2022 to 2.27 billion yuan in 2022, with a notable increase in operating revenue from 42.24 billion yuan to 50.16 billion yuan [6][17]. - EBITDA increased to 6.12 billion yuan, reflecting improved operational efficiency [7][17]. Market Position and Risks - The company has a strong market presence with a diverse product range, including fungicides, insecticides, herbicides, and veterinary drugs, and has expanded production capacity in recent years [10][11]. - However, the company faces challenges such as fluctuating raw material prices and the need to manage new production capacity effectively [5][9][10]. Investment and R&D - Limin Holdings has maintained a consistent investment in R&D, with expenditures amounting to 2.06 billion yuan in 2022, representing 4.12% of its operating revenue [15][16]. - The company has established multiple R&D platforms and has been collaborating with various biotech firms to develop new agricultural products [15][16]. Future Outlook - The credit outlook for Limin Holdings is stable, with potential for upgrades if capital strength and profitability significantly improve [5][9]. - The company is expected to continue benefiting from favorable market conditions and policy support in the agricultural sector, although it must remain vigilant regarding supply and demand dynamics [9][10].