Group 1 - The core products of the company, including Bacillus thuringiensis, 2,4-D, and pyraclostrobin, are experiencing sustained supply-demand tension in the market [1] - In the third quarter, the price of Bacillus thuringiensis remained at a high level, and the sales volume and profit of products increased due to concentrated shipments and the impact of order delivery schedules [1] - The demand for the company's core products is driven by the promotion of genetically modified crop planting and the significant expansion of planting areas in South America [1] Group 2 - The company's third-quarter report indicates that it achieved an operating income of 1.477 billion yuan, representing a year-on-year increase of 38.89% [1] - The net profit attributable to the parent company for the third quarter was 185 million yuan, reflecting a year-on-year growth of 204.65% [1] - Factors such as rolling order deliveries, channel stocking behaviors, and market psychology of "buying on the rise and not on the fall" have further amplified demand support [1]

证券代码： 301665 证券简称：泰禾股份 泰禾股份投资者关系活动记录表 编号：2025-008 | ☑ | 特定对象调研 □ 分析师会议 | | --- | --- | | □ | 媒体采访 □ 业绩说明会 | | 投资者关系活动 □ | 新闻发布会 路演活动 □ | | 类别 □ | 现场参观 | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 景顺长城基金 邓敬东、李训练，陈莹，陈渤阳、范顺鑫 | | 人员姓名 | | | 时间 | 2025 年 11 月 19 日 | | 地点 | 线上会议（腾讯视频会议） | | 上市公司接待人 1. | 董事、副总经理、董事会秘书 亓轶群 | | 员姓名 2. | 投资者关系 张瑾 | | | 本次活动主要交流内容如下： | | 1. | 三季度业绩核心驱动因素 | | | 公司百菌清、2,4-D、嘧菌酯等核心产品市场供需持续紧张。 | | | 其中，百菌清三季度价格处于阶段性高位；同时，4E 等产品出货 | | | 量集中于三季度，叠加订单交付节奏影响，带动产品销售量与利 | | 投资者关系活动 | 润同步提升。 | | 主要内容介绍 ...

Fundraising Adjustment Overview - A total of 33 companies have undergone fundraising adjustments during their IPO processes since 2025, with 5 companies reducing their fundraising amounts [1][29] Company-Specific Adjustments 1. Suzhou New Guangyi Electronics Co., Ltd. - The total fundraising amount was reduced from 800 million to 638 million, a decrease of 162 million, and the number of projects was cut from 2 to 1, focusing on functional materials [3][4] - The adjustment aims to strengthen core business and mitigate competition risks by concentrating resources on traditional advantages in functional materials [4] 2. Nabichuan New Energy Co., Ltd. - The total fundraising amount decreased from 829 million to 729 million, a reduction of 100 million, with the number of projects reduced from 3 to 2 [8][9] - The adjustment reflects a response to regulatory concerns regarding production capacity and aims to focus on core strategic projects while addressing liquidity pressures [9] 3. Yunhan Xincheng (Shanghai) Internet Technology Co., Ltd. - The total fundraising amount was significantly reduced from 942 million to 522 million, a decrease of 420 million, and the number of projects was cut from 4 to 3 [13][14] - The adjustment was made to enhance the rationality of the IPO plan and respond to market skepticism regarding the necessity of the original fundraising for liquidity [14][15] 4. Nantong Taihe Chemical Co., Ltd. - The total fundraising amount was reduced from 1.754 billion to 1.045 billion, a decrease of 709 million, and the number of projects was cut from 5 to 2 [18][19] - The adjustment was driven by regulatory inquiries and the need to improve the rationality of fundraising projects, particularly in light of fluctuating performance [19] 5. Shenzhen Shihang New Energy Co., Ltd. - The first adjustment increased the total fundraising from 1.511 billion to 3.512 billion, a rise of 2.001 billion, while the second adjustment reduced it from 3.512 billion to 1.211 billion, a decrease of 2.301 billion [23][26] - The adjustments reflect strategic expansion needs and responses to regulatory inquiries regarding production capacity and market conditions [24][27] Summary of Trends - Companies are increasingly focusing on core business areas and reducing fundraising amounts in response to regulatory inquiries and market conditions [29][30] - The adjustments indicate a shift towards more prudent financial planning and a strategic focus on competitive advantages in their respective industries [30]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company achieved significant year-on-year growth in performance, with revenue of 3.6 billion yuan in the first three quarters of 2025, up 7.6% year-on-year, and a net profit attributable to shareholders of 390 million yuan, up 661.7% year-on-year [4][12] - The growth is attributed to increased sales and prices of key products, improved gross margins, and increased investment income from affiliated companies [13] - The company is strategically positioning itself in AI and synthetic biology, with plans for the first fluorinated insecticide to be mass-produced in 2025 and collaborations to enhance pesticide development efficiency [14][15] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 3.6 billion yuan, a net profit of 390 million yuan, and a non-recurring net profit of 380 million yuan, showing substantial increases of 7.6%, 661.7%, and 1014.9% respectively [4][12] - In Q3 2025, revenue was 1.15 billion yuan, up 9.7% year-on-year but down 7.6% quarter-on-quarter, with a net profit of 120 million yuan, reflecting a year-on-year increase of 522.3% but a quarter-on-quarter decrease of 24.6% [12][13] - The company expects revenue growth of 21%, 9%, and 8% for 2025, 2026, and 2027 respectively, with net profit growth of 528%, 12%, and 12% for the same years [15][16] Market Position and Strategy - The company is focusing on synthetic biology and AI applications to enhance its product development capabilities, which is expected to open new growth avenues [14][15] - The strategic partnership with Green Xin Nuo Bio aims to develop peptide-based biopesticides, indicating a move towards industrialization of synthetic biology strategies [14] - The company has also adjusted prices for key products in response to raw material cost increases and market demand, indicating proactive market strategies [13]

Group 1: Performance Drivers - The core products 2,4-D, pyraclostrobin, and chlorothalonil have been in high demand, with 2,4-D prices increasing since Q2 and chlorothalonil maintaining stable high prices [2] - In Q3, production facilities operated normally without shutdowns, ensuring capacity release, with a slight increase in 2,4-D output compared to the same period last year [2] - Q3 customer orders were robust, with growth in formulation business in Brazil and other regions, focusing on key product shipments [2] Group 2: Competitive Advantages - The supply of restricted directory products like chlorothalonil and 2,4-D is limited, leading to sustained industry prosperity [2] - The engineering complexity of chlorothalonil production (involving key processes like transamination oxidation and chlorination) has led to the exit of major global players, further constraining supply [3] - 2,4-D has achieved breakthroughs in environmental protection, odor control, and quality management in its production process [3] Group 3: Business Developments - Strategic cooperation has been established with Syngenta domestically, and a global cooperation agreement has been signed with UPL, focusing on independent registration, joint development, and exclusive development [3] - The development of new compounds is aimed at supplementing the product structure, particularly in the fungicide sector, to support stable growth in downstream formulation business [3] - The company is focusing on the fluorinated new materials sector as an extension and upgrade of its functional chemicals segment, leveraging existing technological reserves and industry experience [3] Group 4: Incentive Planning - The company is formulating a multi-tiered talent incentive plan to attract industry talent, aligned with global expansion, innovative business, and multi-industry chain development needs; the plan is currently in the adjustment phase with no clear timeline for implementation [3] Group 5: Risk Warning - The information discussed in this research does not constitute a substantive commitment to investors regarding external environment assessments, company development strategies, or future plans; investors are advised to invest rationally and be aware of investment risks [3]

Macro Economic Overview - October exports are expected to remain resilient, with port throughput increasing by 8.9% year-on-year compared to 2024, indicating a potential export growth of approximately 1.9% [7] - Industrial production remains stable, with the manufacturing PMI falling to 49.0%, indicating a contraction in manufacturing activity, while the non-manufacturing PMI slightly improved to 50.1% [21][22] - Construction activity is weak, with building starts at historically low levels, while industrial operations are relatively strong, particularly in the chemical sector [4] Industry Performance - The media, coal, oil and petrochemical, steel, and banking sectors showed the highest gains in stock performance, with media leading at 3.125% [3] - Conversely, the non-ferrous metals, home appliances, automotive, and beauty care sectors experienced declines, with non-ferrous metals down by 1.210% [3] Real Estate Sector - New housing transactions have seen a significant year-on-year decline, with major cities reporting a 34% drop compared to 2023 and 2024 [6] - The second-hand housing market remains weak, with transaction volumes in major cities still negative compared to previous years [6] Agricultural Sector - The agricultural sector reported a revenue increase of 6.44% year-on-year for the first three quarters of 2025, but Q3 profits fell by 58.8% due to declining pig prices [35] - The pig farming sector is entering a de-stocking phase, while the feed and veterinary sectors are expected to improve as pig farming volumes recover [36] REITs Market - The REITs sector outperformed both stocks and bonds in the first half of 2025, with a total return of 13.41%, driven by policy support and demand resilience [42] - The second half of 2025 has seen a decline in REITs performance, highlighting a divergence in sector performance, particularly among consumption and logistics REITs [43] Computer Industry - The computer sector has shown a 25.12% increase year-to-date, with a low fund holding ratio of 2.92%, indicating potential for growth [46][47] - Key trends include rapid advancements in AI and domestic software and hardware, with significant opportunities for investment in AI applications and domestic technology [48] Wind Power Industry - The domestic wind power sector is expected to see significant growth, with a target of 120GW of new installations during the 14th Five-Year Plan period [51] - The industry is recovering from price wars, with improved bidding practices leading to better profitability for wind turbine manufacturers [52]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in Q3, with a year-on-year increase in revenue and net profit, indicating strong performance and innovation potential [6][8] - The company is actively innovating in synthetic biology and other new fields, which may create new growth curves in the future [8] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 3.599 billion yuan, a year-on-year increase of 7.62%, and a net profit attributable to shareholders of 390 million yuan, a year-on-year increase of 661.66% [6] - In Q3 2025, the company reported a single-quarter revenue of 1.147 billion yuan, a year-on-year increase of 9.66%, and a net profit of 121 million yuan, a year-on-year increase of 522.30% [6] - The company has maintained high product prices, which has limited the decline in net profit compared to previous quarters [6][7] Product Performance Summary - The average price of the company's key product, Mancozeb, in Q3 2025 was 25,902 yuan/ton, with a year-on-year increase of 12.62% [7] - The average price of another key product, Bactericide, was 29,500 yuan/ton, reflecting a year-on-year increase of 47.42% [7] - The company benefits from its ownership of a 34% stake in a subsidiary, which contributes to its net profit growth due to rising product prices [7] Future Growth Potential - The company is focusing on advanced technologies such as RNAi biopesticides and small peptide biopesticides, which may lead to new product lines and revenue streams [8] - The establishment of the AI-driven platform is expected to enhance the efficiency of compound development and shorten the screening cycle for new compounds [8] Financial Projections - The company’s projected net profits for 2025, 2026, and 2027 are 503 million yuan, 575 million yuan, and 666 million yuan, respectively, with corresponding EPS of 1.13 yuan, 1.30 yuan, and 1.50 yuan [6][9] - The current stock price corresponds to a P/E ratio of 16.2, 14.2, and 12.3 for the years 2025, 2026, and 2027, respectively [6][9]

Core Insights - Several A-share companies reported significant profit growth in Q3, with companies like Keli Yuan and Xianda Shares showing over tenfold increases in net profit, driven by factors such as product price increases, expanded sales, business development, and non-recurring gains [1] Group 1: Company Performance - Keli Yuan achieved Q3 revenue of 1.265 billion yuan, a year-on-year increase of 28.31%, with net profit reaching 80.43 million yuan, up 2836.88% [1] - Xianda Shares reported a Q3 net profit of 59.85 million yuan, a staggering increase of 5447.46% [1] - Su Li Co. recorded Q3 revenue of 762 million yuan, a 26.00% increase, and net profit of 59.42 million yuan, up 2750.24% [3] - Huayu Mining's Q3 revenue was 656 million yuan, a 96.97% increase, with net profit of 619 million yuan, up 1315.3% [3] - Jibite announced a Q3 revenue of 1.968 billion yuan, a 129.19% increase, and net profit of 569 million yuan, up 307.7% [3] Group 2: Market Trends and Factors - The significant profit growth for Keli Yuan was attributed to increased revenue and net profit from its nickel battery, consumer battery, and energy storage segments, along with higher investment income from joint ventures [1] - Xianda Shares' growth was driven by a substantial increase in the market price of its main product, as well as new product sales contributing to higher gross margins [1] - Su Li Co. benefited from a recovering agricultural market, with increased sales of its pesticide products and higher prices for its raw materials [3] - Huayu Mining's profit growth was linked to increased product sales and price hikes, along with a revaluation of its acquisition of Asia Pacific Mining [3]

Core Viewpoint - Su Li Co., Ltd. (603585.SH) reported significant growth in revenue and net profit for Q3 2025, driven by a recovery in the agricultural chemical market and increased sales of key products [1] Financial Performance - Q3 revenue reached 762 million yuan, representing a year-on-year increase of 26.00% [1] - Q3 net profit was 59.42 million yuan, showing a remarkable year-on-year growth of 2750.24% [1] - For the first three quarters, revenue totaled 2.064 billion yuan, up 25.39% year-on-year [1] - Net profit for the first three quarters was 139 million yuan, reflecting a year-on-year increase of 1522.38% [1] Market Dynamics - The agricultural chemical market is gradually recovering, contributing to the growth in sales of active ingredients and pesticide formulations [1] - Key products such as Bacillus subtilis, pyraclostrobin, and azoxystrobin saw increased sales volumes and higher unit prices, leading to revenue and gross profit growth [1]

Core Viewpoint - Su Li Co., Ltd. (603585) reported significant growth in its Q3 2025 financial results, driven by a recovery in the agricultural chemical market and increased sales of key products [1] Financial Performance - Q3 revenue reached 762 million yuan, representing a year-on-year increase of 26% [1] - Net profit for Q3 was 59.42 million yuan, showing a remarkable year-on-year growth of 2750.24% [1] - For the first three quarters, net profit totaled 139 million yuan, reflecting a year-on-year increase of 1522.38% [1] Market Factors - The performance improvement is attributed to the gradual recovery of the agricultural chemical market [1] - Increased sales of active ingredients such as Bacillus subtilis, pyraclostrobin, and azoxystrobin contributed to revenue and gross profit growth [1] - The rise in the unit price of Bacillus subtilis also played a significant role in enhancing income [1]