公司的外文名称缩写 QJBIOCH 公司的法定代表人 朱燕刚 浙江钱江生物化学股份有限公司2025 年半年度报告 二、 联系人和联系方式 董事会秘书 证券事务代表 姓名 陆萍燕 蒋振伟 联系地址 浙江省海宁市海洲街道钱江西路178号钱 浙江省海宁市海洲街道钱江西路178号钱 江大厦 江大厦 电话 0573-87088718 0573-87038237 传真 0573-87035640 0573-87035640 电子信箱 qjbioch@600796.com qjbioch@600796.com 三、 基本情况变更简介 公司注册地址 浙江省海宁市海洲街道钱江西路178号钱江大厦19-21层 公司注册地址的历史变更情况 1999年12月21日，公司注册地址由"浙江省海宁市硖石镇南"变更 为"浙江省海宁市硖石镇西山路598号"；2006年8月8日，公司注 册地址由"浙江省海宁市硖石镇西山路598号"变更为"浙江省海 宁市西山路598号"；2010年7月14日，公司注册地址由"浙江省海 宁市西山路598号"变更为"浙江省海宁市西山路598号7楼"；2016 年9月9日，公司注册地址由"浙江省海宁市西山路598号7楼 ...

| 市场数据：2025 年 8 月 | 25 日 | | | --- | --- | --- | | 收盘价（元）： | | 71.25 | | 年内最高/最低（元）： | | 71.77/46.12 | | 流通A股/总股本（亿）： | | 4.04/4.05 | | 流通 A 股市值（亿）： | | 287.84 | | 总市值（亿）： | | 288.85 | | 年 基础数据：2025 | 月 6 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 2.00 | | 摊薄每股收益(元)： | | | 2.00 | | 每股净资产(元)： | | | 27.45 | | 净资产收益率(%)： | | | 7.24 | 公司近一年市场表现 分析师： 李旋坤 执业登记编码：S0760523110004 邮箱：lixuankun@sxzq.com 王金源 执业登记编码：S0760525080001 邮箱：wangjinyuan@sxzq.com 农药 扬农化工（600486.SH） 买入-B(维持) 投资建议 预计公司 2025-2027 年归母净利 ...

Core Viewpoint - The company is strategically expanding into overseas markets for plant growth regulators, recognizing significant growth potential despite challenges in domestic markets [1][2][3] Group 1: Market Opportunity - The company has historically had less than 1% of its revenue from exports, but is now focusing on international markets due to increased domestic competition and stagnant growth [2][3] - The global market for plant growth regulators is projected to grow at an average annual rate of 7%-8%, indicating substantial potential for expansion [3] - Southeast Asia, Africa, and Central Asia are identified as regions with low agricultural technology and high demand for plant growth regulators, presenting a significant opportunity for market penetration [2][3] Group 2: Strategic Approach - The company has signed a "cultivation agency agreement" with a related party to mitigate risks associated with overseas investments, allowing for a more flexible entry into foreign markets [1][4] - The company is adopting a "light asset" operational model, focusing on product registration and establishing sales channels before considering factory investments abroad [5] - The company plans to leverage its experience in providing comprehensive agricultural solutions, adapting successful domestic strategies to international markets [4][5] Group 3: Challenges and Considerations - The registration process for agricultural products in foreign markets can be lengthy and complex, with some regions requiring up to 8 years for approval [4][5] - The company is aware of the risks associated with brand reputation and product registration, emphasizing the importance of careful management in overseas operations [5] - The company is proactively recruiting international talent to support its overseas initiatives, ensuring a strong technical foundation for future market entry [5]

Core Viewpoint - The Ministry of Finance, in collaboration with the Ministry of Agriculture and Rural Affairs, has allocated 1.146 billion yuan to support 13 major grain-producing provinces in implementing measures to stabilize autumn grain production and ensure food security [1] Group 1: Financial Support - The central government has provided financial assistance specifically for the application of plant growth regulators, foliar fertilizers, stress resistance agents, and pesticides to key autumn crops such as corn, soybeans, and medium rice [1] - This funding aims to enhance disaster prevention and mitigation efforts, thereby ensuring stable production of autumn grains and contributing to overall food security for the year [1]

Group 1: Company Overview - Sichuan Guoguang Agricultural Chemical Co., Ltd. is the company with the most registered products for plant growth regulators in China, holding 150 registration certificates, which accounts for approximately 7.9% of the total 1,900 registered products in the country [2][4] - The market size for plant growth regulators is estimated to be around 60 billion yuan [2] Group 2: Industry Characteristics - The industry is characterized by a focus on raw material production and sales, with a majority of raw material producers primarily exporting [2] - Only 7% of companies in the industry hold more than 10 registration certificates, indicating limited product variety among most firms [2] - High user stickiness is observed due to the significant impact of improper use of growth regulators on crop development [4] Group 3: Growth Drivers - The penetration rate of plant growth regulators is currently low, suggesting potential for accelerated promotion and application, leading to stable market demand growth [3] - Factors contributing to growth include low usage costs, quick effectiveness, and the increasing demand for high-quality agricultural products driven by rising living standards [3] Group 4: Competitive Advantages - The company benefits from being an early entrant in the plant growth regulator market, providing a clear first-mover and brand advantage [3] - A broad product line and strong technical service capabilities enhance the company's competitive position [3] Group 5: Marketing and R&D Strategy - The company plans to continue its solution-based marketing strategy to improve planting efficiency and product quality as agricultural modernization progresses [5] - R&D expenses have increased significantly in the first half of 2025 due to intensified efforts in new product registration, with ongoing commitments to enhance industry competitiveness through continued R&D investment [5] Group 6: Dividend Policy - The company plans to distribute a cash dividend of 4.00 yuan per 10 shares (before tax) to all shareholders for the first half of 2025, as part of its commitment to return value to shareholders [5]

Core Viewpoint - The Ministry of Finance, in collaboration with the Ministry of Agriculture and Rural Affairs, has allocated 1.146 billion yuan to support disaster prevention and relief in agricultural production, focusing on stabilizing autumn grain production in 13 major grain-producing provinces [1] Group 1: Financial Support - The central government has provided financial assistance specifically for the application of plant growth regulators, foliar fertilizers, stress resistance agents, and pesticides to key autumn grain crops such as corn, soybeans, and medium rice [1] - This funding aims to ensure stable autumn grain production and contribute to a successful overall grain harvest for the year [1]

Core Viewpoint - The Ministry of Finance, in collaboration with the Ministry of Agriculture and Rural Affairs, has allocated 1.146 billion yuan to support 13 major grain-producing provinces in implementing measures to stabilize autumn grain production and ensure food security [1] Group 1: Financial Support - A total of 1.146 billion yuan has been designated for agricultural disaster prevention and relief funding [1] - The funding aims to assist in the application of plant growth regulators, foliar fertilizers, stress resistance agents, and pesticides for key autumn grain crops [1] Group 2: Targeted Crops - The financial support specifically targets major autumn grain crops such as corn, soybeans, and medium rice [1] - The initiative is part of a broader effort to ensure stable production and a bountiful harvest for the entire year [1]

Sales Model - The company's main customers include agricultural distributors, landscaping companies, government procurement departments, large group users, and large-scale planting units, with the end consumers primarily being planters and landscaping maintenance units [3] - The sales model consists of two types: distributor sales and direct sales, with distributor sales being the primary method, following a "Company - Distributor - Retailer - Customer" model [3][4] Policy Impact - The "One Certificate, One Product" policy, effective from January 1, 2026, aims to standardize pesticide labels and ensure consistency in trademarks across products with the same registration number, which is expected to enhance market concentration in the pesticide industry [4] Pricing Strategy - The company's pricing strategy includes value-based pricing and cost-plus pricing, with price adjustments considering market competition, supply-demand relationships, and pricing goals [5] Development Strategy - The company focuses on internal growth through the development and sales of core products like plant growth regulators and water-soluble fertilizers, while also considering mergers and acquisitions for external growth [6] Dividend Plan - The 2025 semi-annual dividend plan proposes a cash dividend of 4.00 CNY per 10 shares (tax included), with a commitment to actively and sustainably return value to shareholders [6] Industry Position - As of June 2023, there are over 500 registered enterprises for plant growth regulators in China, with approximately 1,900 effective products. The company holds 150 registration certificates, accounting for 7.9% of the total and 20.5% of the top 35 enterprises [7] Raw Material Prices - The prices of upstream raw materials have remained stable since the second half of 2024, with little likelihood of significant fluctuations in the near future [7] Gross Margin Improvement - The increase in gross margin in the first half of 2025 compared to the same period in 2024 is attributed to a higher sales volume of high-margin products and lower raw material prices [8]

Core Viewpoint - The company reported a revenue of 1.119 billion yuan for the first half of 2025, showing a year-on-year growth of 7.33%, with a net profit attributable to shareholders of 231 million yuan, up 6.05% year-on-year [4][5]. Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 734 million yuan, reflecting an 8.47% year-on-year increase and a 90.44% quarter-on-quarter growth [4]. - The company's net profit for Q2 2025 was 152 million yuan, which is a 1.55% year-on-year increase and a 93.30% quarter-on-quarter increase [4]. - The company maintained a high cash dividend payout ratio of 80.92%, proposing a cash dividend of 4.00 yuan per 10 shares, totaling approximately 187 million yuan [5]. Group 2: Business Segments - The pesticide business generated a revenue of 781 million yuan in H1 2025, marking a 7.81% year-on-year growth, while the fertilizer business achieved a revenue of 298 million yuan, up 6.99% year-on-year [5]. - The gross margin for the pesticide business improved by 1.12 percentage points year-on-year, attributed to increased sales of high-margin products and a decrease in raw material prices [5]. Group 3: Capacity and Product Registration - As of June 30, 2025, the company held 330 pesticide product registration certificates (over 50 for biopesticides) and 132 fertilizer registration certificates, with 9 new pesticide and 11 new fertilizer registrations added in H1 2025 [6]. - The company has a current production capacity of 14,500 tons/year for pesticide active ingredients, 88,900 tons/year for pesticide formulations, and 16,000 tons/year for water-soluble fertilizers, which is sufficient to meet anticipated business growth [6]. - Ongoing projects funded by convertible bonds are expected to add 22,000 tons/year of formulations, 50,000 tons/year of water-soluble fertilizers, and 15,000 tons/year of active ingredients and intermediates, with completion anticipated by the end of 2027 [6].

Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company achieved a revenue of 1.119 billion yuan in the first half of 2025, representing a year-on-year growth of 7.33%, and a net profit attributable to shareholders of 231 million yuan, up 6.05% year-on-year [1] - The cash dividend payout ratio exceeded 80% in the first half of 2025, with a proposed cash dividend of 4.00 yuan per 10 shares, totaling approximately 187 million yuan [2] - The company continues to enhance its pesticide registration certificate layout, holding a total of 330 pesticide product registration certificates and 132 fertilizer registration certificates as of June 30, 2025 [3] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 734 million yuan, a year-on-year increase of 8.47% and a quarter-on-quarter increase of 90.44% [1] - The pesticide business generated 781 million yuan in revenue in the first half of 2025, with a gross margin increase of 1.12 percentage points year-on-year due to higher sales of high-margin products and lower raw material prices [2] Cost and Expenses - Sales, management, and R&D expenses increased by 10.76%, 2.42%, and 42.84% respectively in the first half of 2025, while financial expenses decreased by 2.48% [2] Capacity and Production - The company has a current capacity of 14,500 tons/year for pesticide active ingredients, 88,900 tons/year for pesticide formulations, and 16,000 tons/year for water-soluble fertilizers, with additional projects expected to be operational by the end of 2027 [3] Profit Forecast and Valuation - The company forecasts net profits attributable to shareholders of 428 million yuan, 526 million yuan, and 634 million yuan for 2025, 2026, and 2027 respectively, maintaining the profit estimates for 2025-2027 [3]