证 券 研 究 报 告 基础化工行业周报（20251201-20251207） 本周 Henry 天然气、乙烷、辛醇价格涨幅居前 行业研究 基础化工 2025 年 12 月 08 日 推荐（维持） 华创证券研究所 证券分析师：杨晖 邮箱：yanghui@hcyjs.com 执业编号：S0360522050001 证券分析师：郑轶 邮箱：zhengyi@hcyjs.com 执业编号：S0360522100004 证券分析师：王鲜俐 邮箱：wangxianli@hcyjs.com 执业编号：S0360522080004 证券分析师：吴宇 邮箱：wuyu1@hcyjs.com 执业编号：S0360524010002 证券分析师：申起昊 邮箱：shenqihao@hcyjs.com 执业编号：S0360525030001 证券分析师：陈俊新 邮箱：chenjunxin@hcyjs.com 执业编号：S0360525040001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 494 | 0.06 | | 总市值(亿元) | 54,965.58 | 4.60 | | ...

Core Insights - Anhui Jiuyi Agricultural Co., Ltd. (referred to as "Jiuyi Co.") has filed for IPO guidance with the Anhui Securities Regulatory Bureau, with Guoyuan Securities as the advisory institution [1] - Jiuyi Co. previously submitted an IPO application to the ChiNext in June 2022 but withdrew it in October 2024 due to strategic adjustments [1] - Established in 2001, Jiuyi Co. specializes in the R&D, production, and sales of green pesticide products and is listed on the New Third Board with stock code 831006 [1] - The company ranked 54th among China's top 100 pesticide companies in 2024, with key products including efficient and environmentally friendly herbicides and fungicides [1] Industry Performance - Jiuyi Co. reported a revenue of 917 million yuan in the first half of 2025, representing a year-on-year growth of 6.02%, with a net profit of 91.93 million yuan [2] - The Chinese pesticide industry has seen growth in production, prices, and exports in 2025, but is facing increased differentiation due to policy adjustments and raw material price fluctuations [2] - The industry is moving towards high-quality and green development, necessitating compliance with new regulations and innovation in technology and product structure [2] Product Development - Jiuyi Co. has successfully overcome several foreign technical barriers in the past five years, launching multiple new products that have gained significant attention domestically and internationally [1] - The company’s product, Pymetrozine, has been widely adopted, with a cumulative application area exceeding 20 million acres, significantly improving the control of major diseases like wheat scab [1] - In 2023, Jiuyi Co.'s Pymetrozine was selected for the Ministry of Agriculture and Rural Affairs' "2024-2026 National Disaster Relief Pesticide Reserve Project" [1] - Jiuyi Co. led the formulation of the international standard for Pymetrozine in 2024 [1] Shareholding Structure - The controlling shareholder of Jiuyi Co. is Shen Yunhe, who holds a direct stake of 62.85% [3]

Core Viewpoint - Anhui Jiuyi Agricultural Co., Ltd. has announced its application for a public stock offering and listing on the Shenzhen Stock Exchange, marking a significant step in its growth strategy [1][4]. Group 1: Company Overview - Anhui Jiuyi Agricultural Co., Ltd. was established in 2001 and specializes in the research, production, and sales of green pesticide products [4]. - The company is listed on the "New Third Board" innovation layer and ranked 54th among China's top 100 pesticide companies in 2024 [4]. Group 2: Financial Performance - According to the company's mid-year report for 2025, it achieved a revenue of 916.9 million yuan, representing a year-on-year growth of 6.02% [5]. - The net profit for the same period was 91.93 million yuan [5]. Group 3: Stock Offering Details - On November 26, 2025, the company signed a stock issuance and listing guidance agreement with Guoyuan Securities Co., Ltd. [1]. - The company submitted relevant materials for the initial public offering and listing guidance to the Anhui Regulatory Bureau of the China Securities Regulatory Commission on the same day [1].