Core Viewpoint - Jiangsu Fengshan Group Co., Ltd. maintains an AA- credit rating with a stable outlook, reflecting its strong product structure and customer quality, despite facing challenges in profitability and industry conditions [4][9]. Company Overview - The company primarily engages in the research, production, and sales of pesticide active ingredients, formulations, and fine chemical intermediates [11]. - The fine chemical segment has entered trial production, enhancing the company's product chain and competitiveness [6][11]. Financial Performance - Total assets as of March 2025 are 27.81 billion, with equity attributable to shareholders at 15.91 billion [4]. - Revenue for 2023 is reported at 3.22 billion, a decline from 10.44 billion in 2022, with a net profit of 0.15 billion, recovering from a loss of 0.42 billion in 2022 [4][5]. - The company’s operating cash flow has been negative, indicating challenges in cash generation [4]. Industry Environment - The pesticide industry is currently at a cyclical low, with a projected slight decline in revenue for 2024, while the net profit is expected to remain a loss of 0.39 billion [6][9]. - The global pesticide market is expected to grow from 790.6 billion in 2024 to 1,185.1 billion by 2031, driven by increasing food demand and pest control needs [14]. Risks and Challenges - The company faces risks related to the commercialization of sodium-ion electrolyte products, which are not progressing as expected, leading to underutilization of production capacity [7][8]. - Environmental and safety production risks are heightened due to stricter regulations in the chemical industry [8][9]. Market Position - The company has a competitive edge in its core pesticide products, with significant market share in active ingredients like Fluorochloromethane and Quinclorac [15][16]. - The sales concentration remains low, with a diverse customer base, reducing dependency on a few clients [19]. Future Outlook - The credit rating agency maintains a stable outlook for the company, anticipating gradual recovery in market demand and pricing for its main products [9][12]. - The company is actively managing inventory and production to align with market conditions, indicating a strategic approach to navigating current challenges [19].

编号：2025-003 转债简称：113649 转债简称：丰山转债 证券代码：603810 证券简称：丰山集团 江苏丰山集团股份有限公司 | 投资者关系活动类别 | ?特定对象调研 | ?分析师会议 | | --- | --- | --- | | ?媒体采访 | | ?业绩说明会 | | ?新闻发布会 | | ?路演活动 | | ?现场参观 | | ?其他：线上交流 | | 华安证券 | 胡倩倩 | | | 万柏投资 | 许竹媛 | | | 泓德基金 | 赵端端 | | | 万家基金 | 王紫钰 | | | 财通资管 | 刘宏杰 | | | 圆信永丰基金 | | 齐昊麟 | | 招商基金 | 吴艾伦 | | | 参与单位名称及人员姓名 | | | | 京管泰富 | 郎朗 | | | 高腾国际资管 | 吕栋 | | | 瑞奇期货 | 刘期彧 | | | 华龙证券 | 刘可新 | | 董事会秘书 赵青 上市公司接待人员姓名 证券事务代表 梁慧颖 一、公司基本情况介绍 二、沟通交流的主要问题： 答：据公司了解，目前宁夏及内蒙工厂尚未开工，原材料价格目 前仍维持在高位，导致相关产品价格维持在一季度水平。 答：公司产品 ...