利尔化学股份有限公司投资者关系活动记录表 编号：2025-08 | 投 资 | 者 关 | 系 | 活 | 特定对象调研 □分析师会议 | | --- | --- | --- | --- | --- | | 动类别 | | | | □媒体采访 □业绩说明会 | | | | | | □新闻发布会 □路演活动 | | | | | | □现场参观 □其他（请文字说明其他活动内容） | | 参 与 | 单 位 | 名 | 称 | 华创证券：申起昊 | | 及人员姓名 | | | | | | 时间 | | | | 年 月 日 2025 12 24 | | 地点 | | | | 公司会议室 | | 上 市 | 公 司 | 接 | 待 | 副总经理/董事会秘书：刘军 | | 人员姓名 | | | | 董事会办公室主任/证券事务代表：靳永恒 | | | | | | 1、对目前行业的看法？ | | | | | | 答：目前农药行业总体依旧竞争激烈，主要大宗农药产品 | | | | | | 价格仍在底部盘整，但全球农药市场库存逐步回归正常水平， | | | | | | 部分产品的市场需求回暖、价格也出现止跌回升的迹象，给行 | ...

证券研究报告 | 2025年12月12日 创制农药行业专题 优于大市 中国创制农药有望迎来"Me too "到"Me better 农药：非专利药市场占比高，专利药盈利水平高。2024 年全球农药市场规模 约 772 亿美元，十年复合增速 2.35%。据印度作物联合会（CCFI）数据，2022 年非专利农药在全球农药市场的份额已达到历史新高 93%，而专利农药的占 比仅为 7%。目前国内农药企业主要是为国外跨国制剂企业配套生产农药原 药，行业盈利受全球农化库存周期影响大，且多数非专利农药原药面临产能 过剩问题，农药企业盈利水平低下，抗风险能力较差。与四大跨国农化巨头 相比，国内农药企业的毛利率偏低，商业模式有待升级。 核心观点 行业研究·行业专题 基础化工·农化制品 新农药创制：难度持续提升。进入 21 世纪以来全球每十年引入的新农药活 性成分数量显著下降，目前成功上市 1 个新农药品种平均需要筛选约 16 万 个化合物，耗资约 3 亿美元，耗时约 12 年，反映出新农药创制难度提升， 研发周期拉长。新农药发展方向：高效、低毒、低成本。 中国农药行业实力全球领先，已具备新农药创制基础。中国已成为全球最大 的农 ...

编号：2025-07 | 投 资 者 | 关 | 系 | 活 | 特定对象调研 □分析师会议 | | --- | --- | --- | --- | --- | | 动类别 | | | | □媒体采访 □业绩说明会 | | | | | | □新闻发布会 □路演活动 | | | | | | □现场参观 □其他（请文字说明其他活动内容） | | 参 与 单 | 位 | 名 | 称 | 国金证券：王明辉 中哲物产：王嫣妮 | | 及人员姓名 | | | | 弘尚资产：沙正江 | | 时间 | | | 2025 | 年 12 月 10 日 | | 地点 | | | | 公司会议室 | | 上 市 公 | 司 | 接 | 待 | 副总经理/董事会秘书：刘军 | | 人员姓名 | | | | 董事会办公室：刘妤 | | | | | | 1、对目前行业的看法？ | | | | | | 答：目前农药行业总体依旧竞争激烈，主要大宗农药产品 | | | | | | 价格仍在底部盘整，但全球农药市场库存逐步回归正常水平， | | | | | | 部分产品的市场需求回暖、价格也出现止跌回升的迹象，给行 | | | | | | 业发 ...

Core Viewpoint - The company emphasizes its long-term value creation through various strategic initiatives and core competencies [2] Group 1: Core Products and Market Position - The company possesses global influence and technical barriers with core products such as pyridine, paraquat, glyphosate, and chlorantraniliprole [2] Group 2: Technological Advancements and Efficiency - The company is continuously advancing technological upgrades and capacity enhancements to improve industry chain efficiency and cost advantages [2] Group 3: New Energy and Sustainability Initiatives - The company is actively investing in biomanufacturing and biomass new energy sectors, aligning with the national "dual carbon" strategy [2] Group 4: Governance and Compliance - The company is committed to improving its governance structure, enhancing compliance operations, and internal control supervision to lay a foundation for sustainable development [2] Group 5: Focus on Core Business - The company will continue to focus on its main business, enhance operational quality, and strive to create long-term stable returns for shareholders [2]

Core Viewpoint - The company is actively working on technological upgrades for its core products and is making steady progress on new projects despite delays in their launch [1] Group 1 - The company has been focusing on technological upgrades for its main products, including Paraquat, Glyphosate, and Chlorantraniliprole [1] - Important intermediates such as Pyridine, 2,3-Dichloropyridine, 2,2'-Bipyridine, and Pyrazole acid are also undergoing successful technological improvements [1] - The new projects are progressing steadily, indicating a commitment to future growth and development [1]

Core Viewpoint - The company expresses confidence in its overall performance for 2025, citing strong operational results as a foundation for its value and stock performance [1] Group 1: Product Portfolio and Market Position - The company offers a diverse range of products including herbicides, insecticides, and intermediates, with key products like pyridine, paraquat, diquat dichloride, and chlorantraniliprole holding significant market influence [1] - It is anticipated that the price of paraquat will stabilize and recover in 2025, contributing to profit growth as the agricultural pesticide industry recovers [1] Group 2: Cost Management and Efficiency Improvements - The company is actively pursuing technological upgrades and efficiency improvements in its pyridine and chlorantraniliprole production chains, aiming to reduce costs and enhance productivity through process optimization and supply chain integration [1] Group 3: New Projects and Growth Drivers - New projects, such as L-phosphinothricin, are progressing as planned and are expected to provide new growth momentum for the company [1] Group 4: Market Expansion and Export Recovery - The company is making strides in product registration and partnership agreements in both domestic and international markets, leading to a recovery in export business [1] - The company aims to enhance profitability and development quality through solid operations, continuous innovation, and meticulous management, ultimately creating long-term stable returns for investors [1]

Group 1 - The core viewpoint of the report highlights the potential for phosphate fertilizer exports to alleviate domestic overcapacity and maintain profitability for companies in the sector, with specific guidance on export quotas and timelines for 2025 [1][2] - The report suggests focusing on companies with strong performance in the first half of the year, particularly Saint Quan Group and Hailide, due to their resilience to macroeconomic fluctuations and benefits from AI-related capital investments [2] - The phosphate fertilizer export window is expected to open, with the first batch scheduled for May to September 2025, and a reduction in total export quotas compared to the previous year [1][2] Group 2 - The chemical industry is facing increased scrutiny due to frequent safety incidents, such as the explosion at Youdao Chemical, which may lead to stricter regulations and a potential recovery in the pesticide sector as non-compliant production capacities are phased out [3] - The report indicates that the pesticide industry may see an overall improvement in market conditions as a result of heightened safety inspections and the elimination of unsafe production processes [3]

Group 1 - The core viewpoint is that the phosphate fertilizer export window has opened, and high demand for phosphate fertilizers is expected to continue [1][2] - Phosphate fertilizer exports in 2025 may occur in phases, with the first batch concentrated in the peak period from May to September, and the second batch adjusted based on domestic supply and demand dynamics [1][2] - The total export quota for phosphate fertilizers in 2025 is expected to decrease compared to last year, which may help alleviate domestic overcapacity issues [1][2] Group 2 - The report highlights companies with strong performance in the first half of the year, recommending attention to Shengquan Group and Hailide [2] - Shengquan Group benefits from the AI capital investment in the new materials industry, being a major domestic supplier of electronic resins for AI servers, with expected performance improvements as server shipments increase [2] - Hailide, a leading enterprise in the polyester industrial yarn sector, is expected to benefit from the US tariff conflict due to its overseas factories [2] Group 3 - Frequent chemical safety accidents have raised concerns, with a recent explosion at Youdao Chemical prompting national attention [3] - The incident involved a hazardous chemical process, leading to expectations of nationwide safety inspections in the pesticide industry, which may help improve the industry's overall outlook [3] - Non-compliant production capacity involving dangerous processes may be accelerated for elimination, contributing to a recovery in the pesticide sector [3]

Financial Performance - The company reported a total revenue of 1.46 billion yuan for the first half of 2025, a decrease of 11.08% year-on-year [1] - The net profit attributable to shareholders was -208 million yuan, representing a decline of 1081.73% compared to the previous year [1] - In Q2 2025, the total revenue was 613 million yuan, down 23.09% year-on-year, with a net profit of -238 million yuan, a decrease of 20678.09% [1] - The gross margin fell to 6.02%, down 76.69% year-on-year, while the net margin was -14.67%, a drop of 1310.07% [1] Financial Ratios - The current ratio increased to 0.64, indicating rising short-term debt pressure [1] - Total expenses (selling, administrative, and financial) amounted to 307 million yuan, accounting for 21.02% of revenue, an increase of 2.23% year-on-year [1] - The earnings per share (EPS) was -0.16 yuan, a significant decline of 1185.14% year-on-year [1] Cash Flow and Debt - Cash flow per share was 0.1 yuan, down 49.52% year-on-year [1] - The company’s cash and cash equivalents decreased by 47.98% to 163 million yuan [1] - The ratio of financial expenses to the average operating cash flow over the past three years reached 64.51% [3] Product and Capacity Overview - The company produces various intermediates with capacities including 75,000 tons/year of pyridine alkaloids and 15,000 tons/year of 2,2'-bipyridine [4] - Herbicide production includes 32,000 tons/year of paraquat and 5,000 tons/year of dichloropropene [4] - The company is developing new insecticide technologies and has ongoing projects in Yunnan with significant production capacities planned [4]

Core Viewpoint - Li Er Chemical (002258) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit, indicating positive growth trends in the agricultural chemical industry [1][5]. Financial Performance - Total revenue for the first half of 2025 reached 4.507 billion yuan, a year-on-year increase of 35.36% [1]. - Net profit attributable to shareholders was 271 million yuan, up 191.21% compared to the previous year [1]. - In Q2 2025, revenue was 2.421 billion yuan, reflecting a 24.87% increase year-on-year, while net profit was 118 million yuan, up 160.75% [1]. - Gross margin improved to 18.53%, an increase of 8.34% year-on-year, and net margin rose to 7.26%, up 86.08% [1]. - The company reported a significant increase in accounts receivable, which rose by 54.12% year-on-year [1]. Business Model and Strategy - The company's performance is primarily driven by R&D and capital expenditures, with a focus on ensuring the completion of key projects and optimizing existing processes to enhance product quality and reduce costs [3][6]. - Li Er Chemical plans to strengthen cooperation with strategic customers and accelerate the registration and development of new products [6]. - The company is also expanding its international presence by establishing a trade subsidiary and enhancing its marketing channels [11]. Market Outlook - The company remains optimistic about the future of its products, particularly glyphosate and its derivatives, despite ongoing competitive pressures in the agricultural chemical market [7][9]. - The production of the enzyme-based glyphosate project in Hunan has commenced, and the company is actively pursuing market registration and expansion efforts internationally [8][9]. Shareholder Information - Notable funds have recently increased their holdings in Li Er Chemical, indicating growing investor interest [4].