农药创制药更新20260227 事项：今日扬农化工的氟螨双醚（1631）、江山股份的苯嘧草唑（205）均获得国内原药、制剂登记。 氟螨双醚：属于型三氟乙硫醚类杀螨剂，主要用于柑橘、苹果、蔬菜等作物，防治红蜘蛛、二斑叶螨、朱砂叶螨 等害螨，与海利尔的氟螨硫醚、农心科技的吲哚螨砜为竞品。 苯嘧草唑：相关文献报道除草效果全方位优于竞品巴斯夫的苯嘧磺草胺（年销售峰值3亿欧元，原药50-60万/ 吨），公司公告称苯嘧草唑含税价90万元/吨，将以原药、10%单剂，30%草甘膦·1%苯嘧草唑复配制剂3种形式销 售，一期500吨/年原药产能达产后预计年净利润2.45亿元（单吨49万），远期规划产能2000吨/年。 农药创制药更新20260227 事项：今日扬农化工的氟螨双醚（1631）、江山股份的苯嘧草唑（205）均获得国内原药、制剂登记。 氟螨双醚：属于型三氟乙硫醚类杀螨剂，主要用于柑橘、苹果、蔬菜等作物，防治红蜘蛛、二斑叶螨、朱砂叶螨 等害螨，与海利尔的氟螨硫醚、农心科技的吲哚螨砜为竞品。 苯嘧草唑：相关文献报道除草效果全方位优于竞品巴斯夫的苯嘧磺草胺（年销售峰值3亿欧元，原药50-60万/ 吨），公司公告称苯嘧草唑含税 ...

农药创制药更新20260227 事项：今日扬农化工的氟螨双醚（1631）、江山股份的苯嘧草唑（205）均获得国内原药、制剂登记。 事项：今日扬农化工的氟螨双醚（1631）、江山股份的苯嘧草唑（205）均获得国内原药、制剂登记。 氟螨双醚：属于型三氟乙硫醚类杀螨剂，主要用于柑橘、苹果、蔬菜等作物，防治红蜘蛛、二斑叶螨、朱砂叶螨 等害螨，与海利尔的氟螨硫醚、农心科技的吲哚螨砜为竞品。 苯嘧草唑：相关文献报道除草效果全方位优于竞品巴斯夫的苯嘧磺草胺（年销售峰值3亿欧元，原药50-60万/ 吨），公司公告称苯嘧草唑含税价90万元/吨，将以原药、10%单剂，30%草甘膦·1%苯嘧草唑复配制剂3种形式销 售，一期500吨/年原药产能达产后预计年净利润2.45亿元（单吨49万），远期规划产能2000吨/年。 氟螨双醚：属于型三氟乙硫醚类杀螨剂，主要用于柑橘、苹果、蔬菜等作物，防治红蜘蛛、二斑叶螨、朱砂叶螨 等害螨，与海利尔的氟螨硫醚、农心科技的吲哚螨砜为竞品。 苯嘧草唑：相关文献报道除草效果全方位优于竞品巴斯夫的苯嘧磺草胺（年销售峰值 农药创制药更新20260227 ...

江山股份（600389.SH）2月12日在投资者互动平台表示，公司苯嘧草唑产能为500吨/年，根据国家农药 管理的相关规定，农药上市需取得相应的行政许可，苯嘧草唑92%原药和10%苯嘧草唑EW的登记申请 已经第十届全国农药登记评审委员会第七次委员会议评审通过，并已完成了拟批准公示，具体取得农药 登记证的时间需以农业农村部核发为准。 公司坚持研发投入，产品管道中储备了部分农药品种，正在 进行研发阶段的各项测试和优化等工作。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：尊敬的董秘，请问公司创新药苯嘧草唑何时可上市销 售？产能是多少？公司在研发上还有哪些储备？ ...

Investment Rating - The report rates the pesticide industry as "Outperform the Market" [1][5] Core Insights - The Chinese pesticide industry is expected to transition from "Me too" to "Me better" in terms of innovation and product development [1][2] - The global pesticide market is projected to reach approximately $77.2 billion in 2024, with a compound annual growth rate (CAGR) of 2.35% over the next decade [1][13] - Non-patented pesticides dominate the market, accounting for 93% of the global pesticide market share, while patented pesticides hold only 7% [1][14] Summary by Sections Pesticide Market Overview - The global pesticide market is expected to be approximately $77.2 billion in 2024, with agricultural pesticides making up $70.1 billion and non-agricultural pesticides $7.1 billion [1][13] - The market share of herbicides, fungicides, and insecticides in the global crop protection market is 47.20%, 24.96%, and 24.97% respectively [1][13] New Pesticide Development Challenges - The difficulty of developing new pesticides has increased significantly, with the average cost of bringing a new pesticide to market now around $300 million and taking approximately 12 years [1][45] - The number of new active ingredients introduced globally every decade has decreased, indicating a growing challenge in pesticide innovation [1][43] China's Pesticide Industry Strength - China has become the world's largest pesticide producer and exporter, with nearly 70% of global active ingredient production and 90% of its production being exported [2][2] - From 2020 to 2024, China accounted for 51.61% of the new pesticides developed globally, establishing itself as a key player in pesticide innovation [2][2] Investment Recommendations - The report recommends focusing on domestic pesticide companies that are actively advancing new pesticide development, including: - Yangnong Chemical: Holds 12 new pesticides with complete independent intellectual property rights [3][4] - Lier Chemical: Promoting patented plant immune activator [3][4] - Limin Chemical: Collaborating with BASF to apply AI in pesticide development [3][4] - Jiangshan Chemical: Preparing for the industrialization of a new herbicide [3][4] Key Company Profit Forecasts - Yangnong Chemical: Rated "Outperform the Market" with an estimated EPS of 3.33 in 2025 and a PE ratio of 19.7 [4] - Lier Chemical: Rated "Outperform the Market" with an estimated EPS of 0.62 in 2025 and a PE ratio of 21.0 [4] - Limin Chemical: Rated "Outperform the Market" with an estimated EPS of 1.26 in 2025 and a PE ratio of 12.7 [4] - Jiangshan Chemical: Rated "Outperform the Market" with an estimated EPS of 1.41 in 2025 and a PE ratio of 16.1 [4]

Group 1 - The company achieved a revenue of 3.36 billion yuan in the first half of 2025, representing a year-on-year growth of 6.07%, while the net profit attributable to shareholders reached 338 million yuan, up 98.18% year-on-year [1] - The company's strategic focus is on a "3+1" industry structure consisting of pesticides, new materials, formulations, and chlor-alkali thermal power, aiming for specialization, differentiation, and branding [1] - The company has implemented systematic cost reduction and efficiency enhancement measures, alongside strategic project advancements and refined operational management to improve profitability and sustainable development [1] Group 2 - The global agrochemical market is showing signs of recovery, with the pesticide industry at a critical juncture of destocking and demand rebound, while some raw material prices are beginning to recover [2] - The company is concentrating resources to expedite the production and effectiveness of various base projects to create new profit growth points amidst a challenging operating environment [2] - Key projects such as the benzoylpyrazole project in the Zhijiang base and the isopropyl methylcarbamate project have entered trial production stages, with several other projects progressing towards trial production by the end of the year [2] Group 3 - The company's proactive measures in product structure adjustment, cost control, and market expansion have allowed it to stand out in a competitive market [3] - The refined cost control model adopted by the company is suitable for promotion in the highly competitive and cost-sensitive agrochemical sector, focusing on optimizing production processes and reducing raw material costs [3]