Core Insights - The company, Beishimei, reported impressive financial results for the first three quarters of 2025, with a revenue of 1.11 billion yuan, a year-on-year increase of 14.29%, and a net profit of 31 million yuan, reflecting a significant growth of 1,257.94% [1] - The company's dual strategy of focusing on its core business of Dimethenamid-P and extending into carbon five new materials has driven its performance, supported by a fully integrated supply chain that creates cost and technological barriers [1][2] Financial Performance - For the first nine months of 2025, the company achieved a net cash flow from operating activities of 75.56 million yuan, up 26.28% year-on-year, indicating improved operational efficiency [1] - The revenue for 2024 and the first half of 2025 was reported at 1.328 billion yuan and 776 million yuan, respectively, with overseas business contributing significantly to the revenue [4] Business Model and Competitive Advantage - Beishimei is the only domestic company with a complete production and R&D capability for Dimethenamid-P, covering the entire supply chain from raw materials to formulations [2] - The company has established a strong competitive moat through its integrated supply chain, which includes a production capacity of 12,000 tons for raw materials and 8,000 tons for intermediates [2][3] Market Demand and Industry Outlook - The global pesticide market is projected to grow from 79.06 billion USD in 2024 to 118.51 billion USD by 2031, with China expected to capture over 60% of the incremental growth [3] - The demand for efficient, low-toxicity, and environmentally friendly pesticides remains strong due to global population growth and food security concerns [3] Global Expansion Strategy - The company has expanded its global market presence through the acquisition of Ningbo Jielike, which has 1,129 overseas pesticide registration certificates, allowing it to export to 79 countries and regions [4] - In 2025, overseas business accounted for 73.58% of total revenue, highlighting the company's successful international strategy [4] New Growth Areas - Beishimei is actively developing high-value new materials, with projects in place for producing green materials such as ketones and cyclopentane, which are expected to enhance its competitive edge [5] - Revenue from carbon five series products reached 73.12 million yuan in 2024 and 61.24 million yuan in the first half of 2025, marking year-on-year growth of 526.11% and 141.83%, respectively [5]

Core Viewpoint - The company has successfully achieved stable production and bulk sales of its carbon five derivative products, including cyclopentane and pentene, while also progressing in the construction of specialty alcohols and maintaining global sales of dimethyl pentyl herbicide [2]. Group 1: Product Sales and Production - The cyclopentane series project has achieved stable production and bulk sales [2]. - Pentene, as a by-product of the ketone unit, has an annual production capacity of 4,000 tons, with normal production and sales ongoing [2]. Group 2: Project Development - The "20,000 tons per year specialty alcohol series green new materials project" has entered the construction phase and is progressing as planned [2]. Group 3: Global Sales - The company, through its wholly-owned subsidiary Ningbo Jielike, is conducting global sales of dimethyl pentyl herbicide, with product coverage expected to reach 79 countries and regions by 2024 [2].

Core Viewpoint - The company, Beishimei, reported strong financial performance in the first half of 2025, driven by its robust market competitiveness in the environmentally friendly pesticide sector and strategic expansion into new materials [1][2]. Financial Performance - In the first half of 2025, Beishimei achieved revenue of 776 million yuan, a year-on-year increase of 16.57% [1] - The net profit attributable to shareholders reached 34.71 million yuan, up 109.70% year-on-year [1] - The basic earnings per share were 0.1 yuan, reflecting a 100.00% increase compared to the previous year [1] Industry Trends - The Chinese pesticide market is projected to reach 450 billion yuan in 2024 and exceed 480 billion yuan in 2025, with a compound annual growth rate (CAGR) of 6.5% [2] - The demand for efficient, safe, and environmentally friendly pesticide products is increasing, driven by agricultural modernization and green development initiatives [2] Product and Technology Development - Beishimei has established a complete industrial chain for its self-produced pesticides, covering intermediates, active ingredients, and formulations [2] - The company holds 62 authorized patents, including 33 invention patents, emphasizing its commitment to technological innovation [4] - The purity of its active ingredient, dimethenamid-P, exceeds 98%, surpassing domestic industry standards [4] Strategic Initiatives - Beishimei is implementing a strong chain and supplement strategy, focusing on the production of key intermediates and raw materials to ensure quality and cost control [3] - The company has launched a project to produce 8,500 tons of ketone series green materials, enhancing its position in the carbon five materials sector [8] International Expansion - Beishimei's subsidiary, Ningbo Jielike, has established a sales network in 79 countries, significantly contributing to the company's overseas revenue, which reached 571 million yuan in the first half of 2025 [6] - The company’s export volume of herbicides increased by 11.11% year-on-year, indicating strong growth in international markets [5] New Materials Strategy - The carbon five series products generated revenue of 61.24 million yuan, a year-on-year increase of 141.83%, highlighting the growth potential in this segment [7] - Beishimei is focusing on the development of high-end carbon five products to capture the import substitution opportunities in the market [7][8]

Group 1: Company Overview and Strategic Projects - Shaoxing Bestmay Chemical Co., Ltd. is actively expanding its product lines in the C5 chemical sector, including the "Annual Production of 8,500 Tons of Ketone Series Green New Materials Project" and the "Annual Production of 12,100 Tons of Cyclopentane Series Green New Materials Project" [1][2][3] - The company has achieved stable operation of its ketone facility, with product quality meeting standards and sales status being steady [2][3] - The company is positioned as a leader in the domestic C5 comprehensive utilization field, enhancing its product offerings and reducing reliance on imports [2][3] Group 2: Financial Performance and Growth - In 2024, the company reported a revenue of 1.328 billion RMB, representing a year-on-year growth of 89.97% due to the full-year consolidation of Ningbo Jielike's operations following an 80% stake acquisition [5][6] - The revenue from C5 series products increased from 11.67 million RMB in 2023 to 73.12 million RMB in 2024, marking a growth of 5.26 times [20] Group 3: Research and Development - The company invested 45.52 million RMB in R&D in 2024, a 13.7% increase from the previous year, and holds 58 authorized patents, including 32 invention patents [6][8] - The focus on R&D has led to the development of proprietary technologies that enhance production efficiency and reduce costs, such as low-temperature continuous nitration and solid salt recovery technologies [18] Group 4: Market Position and Competitive Advantage - The company is recognized as a national high-tech enterprise and has established a complete production and R&D capability for the herbicide Dimethenamid-P, covering the entire industry chain from intermediates to formulations [8][15] - The company has a strong export presence, with its subsidiary Jielike operating in 79 countries, achieving over 75% of its revenue from overseas markets in 2024 [15][19] Group 5: Future Outlook and Strategic Initiatives - The company plans to continue focusing on environmentally friendly pesticide development and expand its C5 new materials product line to enhance market share and profitability [5][15] - The company aims to leverage its existing market channels and the acquisition of Jielike to penetrate emerging markets in South America, Africa, and Southeast Asia, thereby increasing sales of Dimethenamid-P [11][15]