扬农化工 20260226 摘要 税务总局政策调整或致农药出口结构性变化，2026 年 4 月起部分农药 及中间体出口退税取消，或刺激 2026 年一季度"抢出口"需求，短期 提振农药需求。 草甘膦、草铵膦等农药品种虽价格未明显上涨，但库存已偏紧，开工率 高企。草铵膦行业经历内卷后，库存低位，开工率超 90%，3-4 月或迎 涨价窗口。 2025 年以来，农药行业资本扩张放缓，新增产能减少。行业协会倡导 规范生产，安全监管趋严，或加速存量产能优化与出清，供给端约束有 望强化。 扬农化工在行业下行周期展现经营韧性，2024 年利润约 12 亿元。江苏 优嘉基地盈利能力强劲，2024 年及 2025 年上半年净利率超 15%，体 现先进制造优势。 扬农化工中长期增长动力来自葫芦岛基地，一期资本开支约 35 亿元， 分两阶段投产。一阶段已基本满产，二阶段 2026 年进入放量期，目前 已满产产品均盈利。 Q&A 2026 年一季度农药行业需求端出现了哪些边际变化，出口退税政策调整对需 求节奏可能带来怎样的影响？ 从季节性看，春节后下游通常存在较为明显的补库行为，春季本身属于农药需 求旺季。2026 年相较往年存在额 ...

农药涨价品种及龙头企业分析 20260226 摘要 烯草酮和氯虫苯甲酰胺因供给侧冲击在 2025 年价格显著上涨，而草甘 膦作为代表性除草剂，价格年内波动后回落，后续价格受海外政策和国 内供给约束影响，预计有望回升至 26,000 元左右。 2025 年农药行业供需错配突出，吡虫啉等品种因扩产导致结构性过剩， 丙硫菌唑与戊唑醇等杀菌剂设计产能持续超过市场需求，整体价格承压。 2026 年初连续安全事故促使监管层加强对农化市场治理和产能控制的 决心，预计 2026 年明确方向与目标，2027 年进入实质执行阶段，销 售收入 10 亿元以下的企业面临更大压力。 草铵膦价格已大幅下降，主要由于供给端扩产，即使上涨，空间也有限。 烯草酮在 2025 年已大幅上涨，阿维菌素预计仍可缓慢上涨，甲维盐受 专利约束影响，2026 年价格或将继续上涨。 高效氯氟氰菊酯与氯氟氰菊酯价格处于近十年低位，价格能否上行取决 于后续产能控制能否落地。麦草畏短期判断价格有望上涨 1 万以上至 9 万，长期看可到 10 万。 Q&A 2025 年农药行业整体供需与价格表现如何，哪些品种出现了显著涨价，背后 的驱动因素是什么？ 2025 年中 ...

中化新网讯(记者郁红)记者近日从中国农药工业协会获悉，《农业农村部办公厅关于2025年农药监督抽 查结果的通报》(下称《通报》)已下发。《通报》称，2025年，农业农村部组织抽查农药样品4199个， 合格4105个，合格率97.8%；不合格94个，其中假农药样品31个、按照假农药处理的样品2个，共计33 个，占检测样品总数的0.8%，占不合格样品数的35.1%。 李钟华强调，面对监管趋严与消费升级的双重压力，农药企业需从三方面加以破局。首先，技术创新是 根本。如泰益欣"孤剑甲维盐"采用5项发明专利实现"不降解、非光气生产"，为行业树立了质量标杆。 其次，供应链管控是关键。需建立全流程追溯体系，尤其强化委托加工环节的质量审核。再次，合规意 识是底线。企业应将《农药管理条例》要求内化为生产标准，杜绝"添加隐性成分""伪造登记证"等违法 行为。 农药协会副理事长兼秘书长李钟华告诉记者，2025年农药监督抽查合格率达97.8%，延续了近年来抽查 合格率的高位稳定态势，反映出行业整体质量意识的提升。从细分领域看，生物农药合格率100%、杀 菌剂99.1%，体现了绿色农药技术的成熟与产业结构优化成果。98%的单剂产品合格 ...

1月26日晚，先达股份发布2025年度业绩预告，预计全年实现净利润1.35亿元至1.55亿元，上年同期该指 标为亏损2587.55万元，实现同比扭亏为盈。 近期农化行业多家公司业绩大幅预喜。记者梳理发现，目前已有20家农化上市公司披露业绩预告，其中 10家业绩预增、2家扭亏。 多家农化上市公司业绩预增 对于业绩预增的原因，先达股份表示，核心系公司主要产品烯草酮销售价格较上年同期显著上涨，推动 公司产品毛利率整体提升；本年度创制产品吡唑喹草酯系列成功上市并实现销售，进一步带动国内制剂 产品毛利率增长。 与此同时，公司持续推进运营改革，实施毛利分配方案，强化成本费用管控，整体运行效率不断提高。 不止先达股份，农药化工板块多家企业均2025年业绩高增。草铵膦头部企业利尔化学于1月23日发布 2025年度业绩快报。报告期内，公司实现营业收入约90.08亿元，同比增加23.21%；归母净利润约4.79 亿元，同比增加122.33%。 对于这一成绩，利尔化学称，2025年行业虽然依旧面临激烈市场竞争，但公司凭借部分产品需求增长， 综合毛利率同比有所上涨以及降本增效取得成效，最终带动业绩同比上涨。 1月22日，利民股份发布 ...

Core Viewpoint - The agricultural chemical industry is experiencing significant growth, with multiple companies reporting substantial increases in earnings for the year 2025, driven by rising product prices and improved operational efficiencies [1][2][3]. Group 1: Company Performance - Xinda Co. expects a net profit of 135 million to 155 million yuan for 2025, a turnaround from a loss of 25.87 million yuan in the previous year [1]. - Lier Chemical reported an estimated revenue of approximately 9.008 billion yuan for 2025, a year-on-year increase of 23.21%, with a net profit of about 479 million yuan, up 122.33% [2]. - Limin Co. anticipates a net profit of 465 million to 500 million yuan for 2025, representing a year-on-year growth of 471.55% to 514.57% [2]. - Dongfang Tieta expects a net profit of 1.08 billion to 1.27 billion yuan for 2025, reflecting a growth of 91.40% to 125.07% compared to the previous year [3]. Group 2: Industry Trends - The agricultural chemical sector is seeing a positive trend, with 20 listed companies having disclosed earnings forecasts, of which 10 are expected to see profit increases and 2 are expected to turn losses into profits [1]. - The recent policy changes regarding export tax rebates for agricultural chemicals are anticipated to boost industry sentiment, as companies may increase prices to maintain profitability amid rising export costs [4][5]. - The cancellation of export tax rebates is expected to lead to higher costs for exporters, prompting them to raise prices, which could support both volume and price increases in the agricultural chemical market [5].

Group 1 - The company, Xinda Co., expects to achieve a net profit attributable to shareholders of between 135 million to 155 million yuan for the year 2025, marking a turnaround from a loss in the previous year [1] - In the previous year, the company reported a total profit loss of 42.87 million yuan, with a net loss attributable to shareholders of 25.88 million yuan and a net loss of 38.18 million yuan after excluding non-recurring gains and losses [1] - The main reason for the performance change is the significant increase in the sales price of the company's primary product, Acetochlor, which has boosted the overall gross margin of the company's products [1] Group 2 - The successful launch and sales of the newly developed product series, Pyrazole Acetochlor, have further contributed to the growth of the gross margin for domestic formulation products [1]

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of 135 million to 155 million yuan for the year 2025, marking a turnaround from losses in the previous year [1] Financial Performance - The projected net profit for 2025 represents a significant improvement compared to the previous year, indicating a recovery in financial performance [1] - The expected net profit after deducting non-recurring gains and losses is estimated to be between 120 million and 140 million yuan [1] Product and Market Dynamics - The sales price of the company's main product, Acetochlor, has significantly increased compared to the same period last year, contributing to an overall improvement in product gross margins [1] - The successful launch and sales of the newly developed product series, Pyrazole, have further driven the growth of gross margins for domestic formulation products [1] Operational Efficiency - The company is continuously advancing operational reforms and implementing a gross profit distribution plan, which enhances cost and expense management [1] - Overall operational efficiency is improving as a result of these initiatives [1]

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of 135 million to 155 million yuan for the year 2025, marking a turnaround from losses in the previous year [1] Group 1: Financial Performance - The anticipated net profit represents a significant improvement compared to the previous year, indicating a successful recovery [1] - The sales price of the company's main product, Acetochlor, has significantly increased compared to the same period last year, contributing to the overall improvement in gross margin [1] Group 2: Product Development - The successful launch and sales of the newly developed product series, Pyrazole Quinclorac, have further boosted the gross margin of domestic formulation products [1] Group 3: Operational Efficiency - The company is continuously advancing operational reforms, implementing a gross profit distribution plan, and strengthening cost and expense control, leading to improved overall operational efficiency [1]

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of 135 million to 155 million yuan for the year 2025, marking a turnaround from losses in the previous year [1] Financial Performance - The projected net profit for 2025 represents a significant improvement compared to the previous year, indicating a recovery in financial performance [1] - The expected net profit after deducting non-recurring gains and losses is estimated to be between 120 million and 140 million yuan [1] Product and Market Dynamics - The sales price of the company's main product, Acetochlor, has significantly increased compared to the same period last year, contributing to an overall improvement in product gross margins [1] - The successful launch and sales of the newly developed product series, Pyrazole, have further driven the growth of gross margins for domestic formulation products [1] Operational Efficiency - The company is continuously advancing operational reforms and implementing a gross profit distribution plan, which enhances cost and expense management [1] - Overall operational efficiency is improving as a result of these initiatives [1]

Group 1 - The company, Xinda Co., Ltd. (603086.SH), has stated that its acetamiprid production workshop is currently operating at full capacity [1]