Financial Performance - In the first half of 2025, the company achieved a revenue of 684.60 million CNY, a year-on-year increase of 6.50% [2] - Domestic revenue was 365.06 million CNY, up 5.10%, accounting for 53.32% of total revenue; overseas revenue was 319.54 million CNY, up 8.16%, accounting for 46.68% [2] - Net profit attributable to shareholders was 61.22 million CNY, with net assets of 1,470.95 million CNY, a year-on-year increase of 9.53% [2] - The modern agriculture business generated a revenue of 122.37 million CNY, with a growth rate of 13.31% [3] Research and Development - The company has established a robust R&D innovation mechanism to ensure continuous investment in core technologies [3] - Collaborations with top research institutions focus on key technologies, including nitrogen-fixing and nematode control [3] - The company is developing a complete chain from laboratory research to field demonstration in modern agriculture [3] Product Development and Market Strategy - The "Tian Sheng Dan" series products are undergoing market promotion through demonstration experiments across multiple provinces, covering over 10 crop types [4] - The company launched the "Million Mu Technology Assistance Project" to apply advanced agricultural technologies in practice [4] - Future strategies include a focus on "biotechnology + digital technology" to drive global agricultural modernization [5] Digital Agriculture Solutions - The digital agriculture segment emphasizes data-driven and intelligent decision-making, exploring areas like agricultural big data and IoT [5] - The company aims to provide comprehensive solutions from planting planning to harvest, enhancing efficiency in large-scale agricultural operations [7] - AI technologies are being integrated into soil testing, irrigation management, and yield estimation to optimize agricultural practices [9] Collaborations and Innovations - Partnerships with institutions like China Agricultural University and Huazhong Agricultural University enhance the company's R&D capabilities [6] - The company is actively developing new multifunctional additives and has achieved international recognition for its heavy metal remediation technology [8]

Group 1: Strategic Planning - The company aims to focus on "technological innovation, green development, and social return" as its strategic goals, emphasizing three major development directions: upgrading agricultural additives and specialty fertilizers, focusing on cost reduction and yield increase, and deepening the "going out" strategy in Southeast Asia, the former CIS, and Africa [2][3]. Group 2: Core Competitiveness - The company is committed to continuous technological innovation, developing biodegradable and environmentally friendly materials, and launching new agricultural additives that meet energy-saving and environmentally friendly requirements [4]. - Unique products and services in biological agriculture and digital agriculture have been introduced, providing comprehensive solutions for cost reduction and yield increase [4]. Group 3: Sales and Marketing Innovation - The company has implemented a "1+X" strategic marketing model, focusing on core customers while integrating traditional distributors, e-commerce platforms, and overseas exports [4][5]. - This model aims to provide customized, one-stop solutions, enhancing customer satisfaction and ensuring efficient business expansion [4]. Group 4: Risk Management - The company is expanding procurement channels in emerging markets to enhance supply chain resilience and flexibility, while maintaining reasonable inventory levels [6]. - Specific measures are in place to mitigate currency exchange risks, including shortening quotation cycles and increasing the proportion of direct RMB settlements [6]. Group 5: Business Development and R&D Progress - In the first half of 2025, the company achieved a revenue of 12,236.98 million yuan, a year-on-year increase of 13.31% [7]. - Significant investments in R&D have led to the launch of five new products for nematode control and three new products for nitrogen-fixing in the first half of 2025 [8]. Group 6: Future Mergers and Acquisitions - The company plans to pursue external development strategies, focusing on acquiring firms with core R&D capabilities in agricultural additives and specialty fertilizers [8]. - The dual-track acquisition strategy will also target technology-driven companies in gene editing and digital agriculture to enhance its service capabilities [8]. Group 7: R&D Investment and Innovation - The company has established a robust R&D innovation mechanism, ensuring sustained investment and breakthroughs in core technologies [9]. - Collaboration with top research institutions is emphasized to tackle key technologies and optimize the commercialization path [9][10].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index in the next six months [5][18]. Core Viewpoints - The company is leveraging technological innovation to drive cost reduction and increased production in agriculture, aiming for a global strategic layout [1][10]. - The company's revenue for the first half of 2025 was 685 million yuan, a year-on-year increase of 6.5%, while net profit attributable to shareholders was 61 million yuan, a year-on-year decrease of 12.47% [1][2]. - The decline in profitability is attributed to the rising costs of fertilizer additives and biological products outpacing revenue growth [2][10]. Financial Performance Summary - Revenue projections for 2025-2027 are 1.417 billion yuan, 1.705 billion yuan, and 2.171 billion yuan, respectively, with year-on-year growth rates of 14.7%, 20.3%, and 27.4% [1][10]. - Net profit attributable to shareholders is expected to reach 123 million yuan, 172 million yuan, and 244 million yuan for the same period, with growth rates of 31.7%, 39.4%, and 42.2% [1][10]. - The company's return on equity (ROE) is projected to improve from 8.3% in 2025 to 12.9% in 2027 [1][10]. Market Development Summary - The company has made significant progress in expanding its agricultural chemical additives market, achieving a 0.3% year-on-year growth in domestic additive revenue to 188 million yuan and a 9.14% increase in overseas additive revenue to 309 million yuan in the first half of 2025 [4][10]. - The company has established partnerships with leading agricultural platforms to promote nitrogen-fixing products and nematode control products, enhancing its market presence [9][10].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The company adheres to the development mission of empowering global agriculture with biological and digital technologies, focusing on the "biotechnology + digital technology" dual - wheel drive for global agricultural modernization transformation, aiming to become a leading global agricultural technology service enterprise [25][26][28]. - In 2025 H1, the company achieved stable business development, with overall revenue of 684.5976 million yuan, a year - on - year increase of 6.50%. The modern agriculture business achieved revenue of 122.3698 million yuan, a year - on - year increase of 13.31% [28][31][34]. - The company will continue to deepen its global strategic layout, optimize resource allocation, upgrade product structure, and improve operational efficiency to enhance profitability and sustainable development capabilities [31][36]. 3. Summary by Directory 3.1. Research Basic Situation - Research object: Fubang Co., Ltd. - Industry: Fertilizer industry - Reception time: August 26, 2025 - Reception personnel: Company's chairman and general manager Wang Renzong, independent director Guo Fei, deputy general manager and financial controller Wan Gang, deputy general manager and board secretary Yi Min [16] 3.2. Detailed Research Institutions - The reception objects are investors who participated in the company's 2025 semi - annual online performance briefing through the Panorama Network live interactive platform [19]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - **Agro - chemical Auxiliary Business**: In 2025 H1, the auxiliary business won the title of "No. 1 in global fertilizer auxiliary sales" by Sullivan, achieving revenue of 496.4149 million yuan, a year - on - year increase of 5.62%. The company promotes transformation and upgrading, focusing on R & D of customized products in the domestic market and expanding overseas markets through localization operations [23]. - **Core Technologies and Products**: The company focuses on technological innovation, researching and applying new materials, and launching products and service models in biological and digital agriculture, aiming to build a modern agricultural ecosystem [24]. - **Land Transfer**: The company built a digital agriculture industrial park in Sanhe Town, Yingcheng City, introducing intelligent technologies in facility agriculture [25]. - **Modern Agriculture Business Strategy**: The biological agriculture segment focuses on four product areas and builds a full - chain R & D system. The digital agriculture segment provides full - process products and services, aiming to build a modern agricultural ecosystem [26]. - **Digital Economy Layout**: The company responds to national strategies, introduces advanced technologies, and sets up the "Tomato Commune" as a demonstration park [26][27]. - **Performance of Modern Agriculture Business**: In 2025 H1, it achieved revenue of 122.3698 million yuan, a year - on - year increase of 13.31%. It made progress in R & D, market expansion, and established a new marketing model [28]. - **Digital Agriculture Layout**: The company focuses on "biotechnology + digital technology", and has advantages in digital soil testing, intelligent water and fertilizer management, and orchard yield estimation [29]. - **Sub - company Wuhan Sotu Data Technology Co., Ltd.**: It developed a "soil digital map" and related digital solutions, currently in the demonstration application stage [30]. - **Overseas Cooperative Organization**: The company established Forbon Technology Netherlands Holdings Co. Cooperatief U.A. in the Netherlands in 2015 to promote international cooperation and business development [30]. - **2025 H1 Operating Performance**: The company achieved revenue of 684.5976 million yuan, a year - on - year increase of 6.50%. Domestic revenue was 365.0579 million yuan, a year - on - year increase of 5.10%, accounting for 53.32% of total revenue; overseas revenue was 319.5397 million yuan, a year - on - year increase of 8.16%, accounting for 46.68% of total revenue [31]. - **Exchange Rate Risk Management**: The company uses natural hedging and diversified settlement strategies to reduce the impact of exchange rate fluctuations [32]. - **Auxiliary Business R & D**: The company focuses on R & D of high - efficiency and environmentally friendly auxiliary products and promotes frontier project research [33]. - **Investment in Wuhan Shuanglvyuan Chuangxin Technology Co., Ltd.**: It developed a leading genomic intelligent breeding system based on biological breeding gene chips [33]. - **Market Promotion of Biological Agriculture Products**: The company's products in biological agriculture are in the demonstration and verification stage, and the "Tianshengdan" project is being promoted [34]. - **Reasons for Net Profit Decline in 2025 H1**: The company increased strategic investment, promoted large - scale demonstration projects, and faced impacts from overseas market expansion [34][35][36]. - **Measures to Address Financial Risks**: The company will improve the capital management system, evaluate goodwill regularly, and actively communicate with the market [36].

Core Viewpoint - Hubei Fubon Technology Co., Ltd. held a half-year performance briefing on August 26, 2025, discussing business development and strategic layout with investors through an online platform [1][2]. Group 1: Business Development - The agrochemical additive business is performing well, with a focus on "precision, greenness, efficiency, and nutrition" in product strategy, leading to a revenue of 496.41 million yuan in the first half of 2025, a year-on-year increase of 5.62% [3]. - The company has established a digital agriculture industrial park in Sanhe Town, Echeng City, leveraging land transfer and smart agricultural technology [3]. - The modern agriculture business achieved a revenue of 122.37 million yuan in the first half of 2025, reflecting a year-on-year growth of 13.31% [3]. Group 2: Financial Performance - In the first half of 2025, the company reported total revenue of 684.60 million yuan, a year-on-year increase of 6.50%, with domestic revenue of 365.06 million yuan (up 5.10%) and overseas revenue of 319.54 million yuan (up 8.16%) [3]. - The net profit attributable to shareholders was 61.22 million yuan, with net assets increasing by 9.53% to 1.47 billion yuan [3]. Group 3: Strategic Initiatives - The company is focusing on technological innovation in the fields of biological and digital agriculture, with a dual strategy of "biotechnology + digital technology" to drive agricultural modernization [3]. - The company has developed a "soil digital map" and related digital solutions through its subsidiary, Wuhan Soutu Data Technology Co., Ltd., which is in the demonstration application stage domestically [3]. - The company has established a cooperative in the Netherlands to enhance its core competitiveness by utilizing European market resources [3].

Core Viewpoint - Fubon Technology (300387) reported a revenue of 685 million yuan for the first half of 2025, marking a year-on-year growth of 6.50%, with a net profit attributable to shareholders of 61.217 million yuan. The company's new business in modern agriculture showed significant performance, achieving a revenue of 122 million yuan, up 13.31% year-on-year [2]. Group 1: Business Performance - The overall modern agriculture market in China is expected to experience rapid growth, prompting the company to seize opportunities in biological and digital agriculture, launching products such as nitrogen-fixing agents, root-knot nematode control agents, and digital agriculture support services [2]. - The agricultural additive business, which primarily serves nitrogen, phosphorus, potassium, and compound fertilizer companies, generated a revenue of 496 million yuan, reflecting a year-on-year increase of 5.62%. The business was recognized as the "global leader in fertilizer additive sales" by a reputable international consulting firm [4]. Group 2: Market Potential - Longcheng Securities highlighted the significant market potential for nitrogen-fixing products, estimating a potential market space of approximately 28.935 billion yuan based on a unit price of 15 yuan per mu for the nitrogen-fixing products, with the national arable land area projected to be around 1.929 billion mu in 2024 [2]. - The biological nematicide market is projected to grow at a compound annual growth rate of 14.6%, reaching a market size of 2.1 billion USD by 2030, indicating a promising research direction in ecological pest control [2]. Group 3: Technological Development - Fubon Technology has established partnerships with research teams from Huazhong Agricultural University and the Chinese Academy of Agricultural Sciences to advance projects in nitrogen-fixing agents and root-knot nematode control [3]. - The company has introduced five new microbial nematode control products and three new nitrogen-fixing products during the reporting period, enhancing market conversion efficiency [4].

Group 1: Strategic Development Directions - In 2025, the company will focus on "technological innovation, green development, and social return," emphasizing three major development directions: upgrading agricultural additives and specialty fertilizers, promoting cost reduction and yield increase through integrated solutions, and deepening the "going out" strategy in Southeast Asia, the former CIS, and Africa [2][3]. - The company aims to enhance its competitiveness in the global agricultural supply chain by leveraging core technological advantages in agricultural additives, microbial agents, bio-fertilizers, and bio-pesticides, combined with digital technology applications [3]. Group 2: R&D Progress and Innovations - The company has increased investment in energy-saving and carbon-neutral additives, successfully testing new products such as cadmium and arsenic removal agents, and urea granulation agents, significantly enhancing market competitiveness [4]. - Ongoing collaborations with domestic and international partners are aimed at advancing research projects in calcium magnesium phosphate, TSP-MgO, and phosphoric acid purification [4]. Group 3: Market Potential and Growth - The agricultural additives and specialty fertilizers sector is experiencing a transformation, with the company developing more precise, green, efficient, and nutrient-rich products to meet diverse customer needs, aligning with the new development philosophy of "innovation, coordination, green, openness, and sharing" [5]. - The modern agriculture sector, particularly in biological and digital agriculture, is expected to grow rapidly, driven by the "New Round of 100 Billion Jin Grain Production Capacity Improvement Action Plan (2024-2030)" [5][6]. Group 4: Financial Performance - In 2024, the company achieved a revenue of 123,507.48 million yuan, a year-on-year increase of 17.79%. The agricultural additives business generated 90,247.01 million yuan (up 9.35%), while the modern agriculture business saw a significant increase of 169.05%, reaching 20,660.71 million yuan [7][8]. - The modern agriculture business has successfully established a full industry chain from "strain selection" to "formulation products," leveraging synergies in R&D and market resources [8]. Group 5: Impact of International Trade Environment - Recent tariff changes have had a minimal impact on the company's operations, as its overseas markets are primarily in Europe, Asia, and Africa, and it does not engage in direct trade with the U.S. [9]. - The company has managed to stabilize raw material costs through long-term procurement contracts and inventory management strategies, mitigating the effects of price fluctuations [9]. Group 6: Market Opportunities in Nitrogen Fixation and Pest Control - The global bio-nitrogen fixation market is projected to reach $2.8 billion by 2028, with a growth rate of 10.90% from 2021 to 2028. The domestic market potential is estimated at approximately 28.935 billion yuan based on current agricultural land and pricing [10]. - The biopesticide market is expected to grow to 33.09 billion yuan by 2027, with an annual compound growth rate of 17.1%, indicating significant opportunities in pest control products [11].