常德的生物制造基因，始于上世纪六十年代常德津市采用发酵法制作粉末状味精。历经半个多世纪的积 累与迭代，这里已发展成为全球酶制剂、甾体药物等领域的重要生产基地，其中利尔生物精草铵膦产能 占全球市场份额62%，常德皮质激素产能占比高达70%。 常德底蕴：一座城市的生物制造基因与产业雄心 "科创·柳叶湖"第一届合成生物制造创新创业大赛现场 从半个多世纪前的常德津市采用发酵工艺制成晶体味精，到如今酶制剂产能跻身全球重要阵营；从湘北 的农业大市，到矢志打造"全国生物制造产业先导区"——常德这座城市的产业转型之路，正与合成生物 学的发展浪潮深度交织。 今秋，"科创·柳叶湖"第二届合成生物制造创新创业大赛即将于洞庭之滨再度启航。本届大赛由湖南省 科技厅、常德市人民政府联合主办，并得到国家生物制造产业创新中心、清华大学合成生物与系统生物 学中心、生物制造产业联盟、中金资本、达晨财智、同创伟业、东方富海等数十家顶尖科研机构、高 校、投资机构的支持，面向国内外征集具有突破性与产业化潜力的创新项目，旨在通过赛事链接人才、 技术、产业、资本与市场，为科技创新者提供一个生物制造资源汇聚交流的舞台。 产业高度的背后，是系统性的生态构建。 ...

上 市 公 司 基础化工 2025 年 09 月 30 日 利尔化学 (002258) ——草铵膦和氯代吡啶类除草剂领先企业，工艺技术构筑 核心护城河 报告原因：首次覆盖 增持（首次评级） | 市场数据： | 2025 年 09 月 29 日 | | --- | --- | | 收盘价（元） | 12.77 | | 一年内最高/最低（元） | 13.33/7.72 | | 市净率 | 1.3 | | 股息率%（分红/股价） | 3.13 | | 流通 A 股市值（百万元） | 10,205 | | 上证指数/深证成指 | 3,862.53/13,479.43 | 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 9.80 | | 资产负债率% | 43.87 | | 总股本/流通 A 股（百万） | 800/799 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 09-30 10-31 11-30 12-31 01-31 02-28 03-31 04-30 05-31 06- ...

早在上世纪60年代，常德津市便以发酵法制成晶体味精，开创湖南省生物制造之先河。历经数十年发 展，如今的常德已成为全国重要的生物酶制剂、甾体原料药和医药中间体生产出口基地，产业基础扎 实。 为破解生物医药成果转化"死亡之谷"，常德将中试平台作为产业"共享基建"重点攻坚。位于常德的湖南 生物制造中试基地，已建成覆盖发酵、分离、纯化、精制全流程的多条产线，配备88个0.5吨至20吨的 各类中试发酵罐，可精准匹配不同规模、不同类型企业的放大验证需求，为技术从实验室走向生产线架 起关键桥梁。 21世纪经济报道记者 唐唯珂 报道 在传统的认知当中，生物医药在湖南生根发芽的土壤并不强大，然而随着区域政策扶持对产业土壤的培 育，湖南常德正在摸索一套中部产业化弯道超车的新打法。 "与先进发达地区相比，常德科创能力暂时还不是那么出众，交通条件也还不是那么便利，生活配套还 提升空间，但是我们一直在努力。"常德市副市长陈计伟在2025中国生物制造科技创新论坛上坦言，道 出了中部城市在生物医药产业竞争中的思考。 在长三角、珠三角生物医药产业高度集聚的背景下，常德市并未跟风追随前端研发"红海"，而是锚 定"中试转化"这一核心环节，走出一 ...

Group 1 - The core viewpoint of the article highlights that Lier Chemical achieved a net profit attributable to shareholders of 271 million yuan in the first half of the year, representing a year-on-year increase of 191.21% [1] - In the second quarter, the net profit attributable to shareholders was 118 million yuan, showing a year-on-year growth of 160.75%, but a quarter-on-quarter decrease of 23.22% [1] - The overall industry sentiment in the pesticide sector remains low, although some products have seen an increase in both sales and prices year-on-year [1] Group 2 - The subsidiary, Jiangsu Jiankada, benefited from increased sales of its main products, with revenue and net profit rising by 5.72% and 11.06% respectively, reaching 513 million yuan and 55 million yuan [1] - The company is continuously developing new products and projects across various regions, indicating strong future growth potential [1] - The company plans to issue an interim dividend of 2 yuan per 10 shares (including tax), corresponding to a dividend payout ratio of 59.17% for the first half of the year [1] Group 3 - The company is optimistic about its competitiveness in the fields of chloropyridine herbicides, glyphosate, and glufosinate ammonium, with scale effects and technological advantages solidifying its future growth [1] - The investment rating for the company is maintained at "Buy" [1]

Group 1: Semiconductor Storage Industry - The semiconductor storage industry is steadily rising due to the maturation of business models related to generative AI and large language models, along with sustained demand for core hardware, potentially leading to simultaneous price and volume increases [2][5] - Major domestic internet companies are significantly increasing capital expenditures for AI investments, with Alibaba's capital expenditure reaching 38.6 billion yuan in Q2 2025, and Tencent's capital expenditure doubling to 191.07 billion yuan in the same period [5] - The NAND flash market is expected to see a price increase, particularly in enterprise-level and mobile markets, with a projected single-digit percentage increase in enterprise storage prices in Q4 2025 [5] Group 2: DRAM Market - The DRAM market is experiencing significant price increases due to the discontinuation of older process DRAM products, with prices for DDR4 and LPDDR4X expected to rise by 20%-50% quarter-on-quarter in Q4 2025 [6] - Notable price increases have been reported, with Nanya Technology's contract price rising by 70% in Q3 2025 and expected to increase by another 50% in Q4 2025 [6] Group 3: Agricultural Chemicals - Lier Chemical - Lier Chemical reported a total revenue of 4.507 billion yuan in H1 2025, a year-on-year increase of 35.36%, with net profit rising by 191.21% to 271 million yuan [9][10] - The company plans to distribute a cash dividend of 2 yuan per 10 shares, corresponding to a dividend payout ratio of 59.17% for the first half of the year [9] - The agricultural chemicals sector remains at a low overall market sentiment, but some product prices are beginning to recover, leading to improved performance for Lier Chemical [10]

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company has shown significant improvement in its performance for the first half of 2025, with total revenue reaching RMB 4.507 billion, a year-on-year increase of 35.36%, and a net profit attributable to shareholders of RMB 270.55 million, up 191.21% year-on-year [3][9] - The report highlights the company's competitive edge in the chlorinated pyridine herbicide sector, supported by scale effects and technological advantages, which are expected to bolster future growth [3][5] Financial Performance Summary - For the first half of 2025, the company reported total revenue of RMB 4,506.89 million, a 35.36% increase from RMB 3,329.53 million in the same period of 2024 [9] - The gross profit margin improved to 18.53%, up 1.43 percentage points year-on-year, with a notable increase in revenue from the pesticide raw materials segment, which grew by 62.67% to RMB 2,757 million [8][9] - The company plans to distribute a cash dividend of RMB 2 per 10 shares, reflecting a payout ratio of 59.17% for the first half of 2025 [3] Earnings Forecast - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected to be RMB 0.56, RMB 0.70, and RMB 0.87, respectively, with corresponding price-to-earnings (PE) ratios of 21.7x, 17.4x, and 14.0x [5][7] - The report indicates an upward revision in profit forecasts due to the recovery in prices of certain products, with expected revenue growth rates of 10.8%, 11.0%, and 10.2% for the years 2025 to 2027 [7][16] Market Position and Competitive Landscape - The company is positioned as a leading player in the chlorinated pyridine herbicide industry, benefiting from a recovery in prices of certain products and an increase in sales volume [5][8] - The report emphasizes the company's extensive production capabilities across multiple locations, making it a significant producer of herbicides in China [8][9]

Core Viewpoint - The company is optimistic about the future development of glyphosate and refined glyphosate, positioning itself as a leading domestic producer in these areas [1] Company Summary - The company is one of the largest producers of glyphosate and refined glyphosate in China, with production and export volumes ranking among the top in the country [1] - Production of glyphosate and refined glyphosate will be arranged based on market orders to maximize customer satisfaction [1]

Group 1 - The company has a strong outlook for the future development of glyphosate and refined glyphosate, positioning itself as a major domestic producer of these raw materials [2] - The production capacity of glyphosate and refined glyphosate is currently among the highest in the country, with stable output and export volumes [2] - Production of glyphosate and refined glyphosate will be arranged based on market orders to maximize customer demand satisfaction [2]

Group 1 - The company is optimistic about the market potential of glyphosate, indicating that demand will continue to grow as more companies obtain product registrations, market promotions are conducted, and production technologies improve [1] - As the largest producer of glyphosate active ingredients in China, the company plans to accelerate the registration and market layout of glyphosate in multiple overseas countries [1] - The company is actively preparing for market expansion and positioning [1]

Group 1 - The company announced on September 18 that it remains optimistic about the future development of glyphosate and refined glyphosate as market demand continues to grow despite a gradual decline in glyphosate prices [1] - The industry is experiencing intense competition, prompting the company to focus on enhancing its existing advantages and steadily expanding its market share [1]