Core Viewpoint - Yaxing Chemical is planning to acquire control of Shandong Tianyi Chemical Co., Ltd. through a combination of share issuance and cash payment, which is expected to constitute a major asset restructuring and related party transaction [1][2] Group 1: Transaction Details - The transaction is currently in the planning stage, with the preliminary counterparty being the controlling shareholder of Tianyi Chemical, Shandong Tianyi Holding Group Co., Ltd. [2] - The company has announced that this transaction will not lead to a change in the actual controller and does not constitute a restructuring listing [2] - Yaxing Chemical's stock will be suspended from trading starting November 4, with an expected suspension period of no more than 10 trading days [2] Group 2: Tianyi Chemical Overview - Tianyi Chemical, established in November 2002, has a registered capital of 897.994 million yuan and specializes in the research, development, and production of bromine series products [3] - The company has an annual production capacity of over 60,000 tons and an annual output value of 1 billion yuan, with products exported globally [3] - Tianyi Chemical holds a market share of over 50% in domestic brominated flame retardants and up to 70% in certain water-based functional monomers in the international market, positioning it as a "hidden champion" in its niche [3] Group 3: Strategic Implications - The acquisition is expected to enhance Yaxing Chemical's business diversification and synergy by integrating Tianyi Chemical's leading position and technical advantages in the bromine chemical sector, potentially improving long-term profitability and boosting market confidence [3] - Investors are advised to pay close attention to the valuation of the target assets, financing feasibility, and regulatory approval processes [3] Group 4: Company Developments - Yaxing Chemical has been active recently, with its core products, including chlorinated polyethylene, caustic soda, and hydrogen peroxide, generating a total revenue of 626 million yuan in the third quarter of 2025 [4] - The company is progressing steadily with its 45,000 tons/year high-end new materials project, with equipment installation nearly complete and expected to commence production in the fourth quarter [4]

证券代码：600486 证券简称：扬农化工 编号：临 2025-031 江苏扬农化工股份有限公司 2025 年半年度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 本公司根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》、《上市公司行业信息披露指引第十三号——化工》要求， 现将 2025 年半年度主要经营数据披露如下： 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 产量（吨） | 销量（吨） | 营业收入（万元） | | --- | --- | --- | --- | | 原药 | 57,751.21 | 56,707.28 | 365,520.49 | | 制剂（不折百） | 25,456.62 | 28,106.62 | 117,053.34 | 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 | | 2025 年 1-6 月 | 2024 年 1-6 月 | | | --- | --- | --- | --- | | | 平均销售价格 | 平均 ...

Core Viewpoint - The company, Jiangsu Suli Fine Chemical Co., Ltd., is facing challenges in the agricultural chemical sector due to declining product prices and increased depreciation costs from ongoing construction projects, leading to a projected net loss in 2024 [4][10]. Financial Performance - The company's revenue for 2022, 2023, and 2024 was 3.15 billion, 1.96 billion, and 2.31 billion yuan respectively, with a significant increase in sales volume attributed to capacity release and overseas market expansion [10]. - The gross profit margin decreased from 22.32% in 2022 to 12.20% in 2024, reflecting the impact of falling sales prices [10]. - As of March 2025, the company reported a total asset value of 4.68 billion yuan and total liabilities of 2.23 billion yuan, resulting in an asset-liability ratio of approximately 47.6% [2]. Industry Overview - The agricultural chemical industry is experiencing a downturn, with the pesticide price index dropping by 10.4% year-on-year as of December 2024, affecting the profitability of companies in this sector [6]. - The production of chemical pesticide raw materials in China saw a significant increase, with outputs of 3.675 million tons in 2024, up 22.2% year-on-year [5]. - The global flame retardant market is projected to grow from 10.38 billion USD in 2024 to 16.96 billion USD by 2033, with a compound annual growth rate of 5.56% [8]. Operational Insights - The company has a diversified product line, including pesticides and flame retardants, with a focus on maintaining a stable supply chain and production efficiency [10]. - The production capacity for pesticide and intermediate products increased significantly, with a capacity utilization rate of 90.15% in 2024 [10]. - The company’s sales strategy includes direct sales and distribution, with a notable increase in export sales, which accounted for 39.07% of total sales [10]. Future Outlook - The company is expected to maintain a stable credit quality in the coming months, despite the challenges posed by the agricultural chemical market [2]. - The ongoing construction projects and their operational effectiveness will be critical for the company's future profitability and financial health [4][10].

证券代码：600486 证券简称：扬农化工 编号：临 2025-020 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 | | 2025 年 1-3 | 月 | 2024 年 | 1-3 月 | | | | --- | --- | --- | --- | --- | --- | --- | | | 平均销售价格 | | 平均销售价格 | | 价格变动情况 | | | | （万元/吨） | | （万元/吨） | | | | | 原药 | | 6.30 | | 6.91 | | -8.77% | | 制剂 | | 5.66 | | 5.75 | | -1.63% | （二）主要原材料价格波动情况 | | 2025 年 1-3 月 | 2024 年 1-3 月 | | | --- | --- | --- | --- | | | 平均采购价格 | 平均采购价格 | 价格变动情况 | | | （元/吨） | （元/吨） | | | 液碱 | 2,740 | 2,250 | 21.8% | | 液钾 | 2,770 | 3,025 | -8.4% | | 碳酸钾 | 5,960 | 6,257 | -4. ...