Core Insights - Anhui Jiuyi Agricultural Co., Ltd. (referred to as "Jiuyi Co.") has filed for IPO guidance with the Anhui Securities Regulatory Bureau, with Guoyuan Securities as the advisory institution [1] - Jiuyi Co. previously submitted an IPO application to the ChiNext in June 2022 but withdrew it in October 2024 due to strategic adjustments [1] - Established in 2001, Jiuyi Co. specializes in the R&D, production, and sales of green pesticide products and is listed on the New Third Board with stock code 831006 [1] - The company ranked 54th among China's top 100 pesticide companies in 2024, with key products including efficient and environmentally friendly herbicides and fungicides [1] Industry Performance - Jiuyi Co. reported a revenue of 917 million yuan in the first half of 2025, representing a year-on-year growth of 6.02%, with a net profit of 91.93 million yuan [2] - The Chinese pesticide industry has seen growth in production, prices, and exports in 2025, but is facing increased differentiation due to policy adjustments and raw material price fluctuations [2] - The industry is moving towards high-quality and green development, necessitating compliance with new regulations and innovation in technology and product structure [2] Product Development - Jiuyi Co. has successfully overcome several foreign technical barriers in the past five years, launching multiple new products that have gained significant attention domestically and internationally [1] - The company’s product, Pymetrozine, has been widely adopted, with a cumulative application area exceeding 20 million acres, significantly improving the control of major diseases like wheat scab [1] - In 2023, Jiuyi Co.'s Pymetrozine was selected for the Ministry of Agriculture and Rural Affairs' "2024-2026 National Disaster Relief Pesticide Reserve Project" [1] - Jiuyi Co. led the formulation of the international standard for Pymetrozine in 2024 [1] Shareholding Structure - The controlling shareholder of Jiuyi Co. is Shen Yunhe, who holds a direct stake of 62.85% [3]

Core Viewpoint - Anhui Jiuyi Agricultural Co., Ltd. has announced its application for a public stock offering and listing on the Shenzhen Stock Exchange, marking a significant step in its growth strategy [1][4]. Group 1: Company Overview - Anhui Jiuyi Agricultural Co., Ltd. was established in 2001 and specializes in the research, production, and sales of green pesticide products [4]. - The company is listed on the "New Third Board" innovation layer and ranked 54th among China's top 100 pesticide companies in 2024 [4]. Group 2: Financial Performance - According to the company's mid-year report for 2025, it achieved a revenue of 916.9 million yuan, representing a year-on-year growth of 6.02% [5]. - The net profit for the same period was 91.93 million yuan [5]. Group 3: Stock Offering Details - On November 26, 2025, the company signed a stock issuance and listing guidance agreement with Guoyuan Securities Co., Ltd. [1]. - The company submitted relevant materials for the initial public offering and listing guidance to the Anhui Regulatory Bureau of the China Securities Regulatory Commission on the same day [1].

Core Viewpoint - Jiangsu Fengshan Group Co., Ltd. maintains an AA- credit rating with a stable outlook, reflecting its strong product structure and customer quality, despite facing challenges in profitability and industry conditions [4][9]. Company Overview - The company primarily engages in the research, production, and sales of pesticide active ingredients, formulations, and fine chemical intermediates [11]. - The fine chemical segment has entered trial production, enhancing the company's product chain and competitiveness [6][11]. Financial Performance - Total assets as of March 2025 are 27.81 billion, with equity attributable to shareholders at 15.91 billion [4]. - Revenue for 2023 is reported at 3.22 billion, a decline from 10.44 billion in 2022, with a net profit of 0.15 billion, recovering from a loss of 0.42 billion in 2022 [4][5]. - The company’s operating cash flow has been negative, indicating challenges in cash generation [4]. Industry Environment - The pesticide industry is currently at a cyclical low, with a projected slight decline in revenue for 2024, while the net profit is expected to remain a loss of 0.39 billion [6][9]. - The global pesticide market is expected to grow from 790.6 billion in 2024 to 1,185.1 billion by 2031, driven by increasing food demand and pest control needs [14]. Risks and Challenges - The company faces risks related to the commercialization of sodium-ion electrolyte products, which are not progressing as expected, leading to underutilization of production capacity [7][8]. - Environmental and safety production risks are heightened due to stricter regulations in the chemical industry [8][9]. Market Position - The company has a competitive edge in its core pesticide products, with significant market share in active ingredients like Fluorochloromethane and Quinclorac [15][16]. - The sales concentration remains low, with a diverse customer base, reducing dependency on a few clients [19]. Future Outlook - The credit rating agency maintains a stable outlook for the company, anticipating gradual recovery in market demand and pricing for its main products [9][12]. - The company is actively managing inventory and production to align with market conditions, indicating a strategic approach to navigating current challenges [19].