Group 1 - The company held its fourth board meeting of the ninth session on September 22, 2025, with a total of 8 directors, including 5 present in person and 3 attending via communication [1][2] - The board elected Yu Guoquan as the representative director to execute company affairs, with his term lasting until the end of the ninth board session [2][3] - The board confirmed the members and convener of the audit committee, which consists of three directors, including a majority of independent directors, with Shizhu serving as the convener [4][5] Group 2 - The company signed a supplementary agreement to the fundraising four-party supervision agreement, which was originally established on January 10, 2022 [7][8] - The supplementary agreement modifies the use of the fundraising special account to include new projects, specifically the "annual production of 1000 tons of pyraclostrobin raw materials" and "annual production of 4200 tons of pyrethroid series products" [8] - The supplementary agreement is an integral part of the original fundraising supervision agreement and will take effect upon signing by all parties [9][10]

Core Viewpoint - Jiangsu Changqing Agricultural Chemical Co., Ltd. reported a revenue of 2.083 billion yuan for the first half of 2025, marking a year-on-year increase of 7.28%, and a net profit of 42.28 million yuan, up 117.75% year-on-year [1][2]. Group 1: Financial Performance - The company achieved a revenue of 2.083 billion yuan in the first half of 2025, reflecting a growth of 7.28% compared to the previous year [1]. - The net profit attributable to shareholders reached 42.28 million yuan, representing a significant increase of 117.75% year-on-year [1][2]. - Export sales amounted to 1.087 billion yuan, showing a growth of 19.61% year-on-year, and accounted for 52.18% of total revenue [2][3]. Group 2: Market Dynamics - The agricultural chemical market is experiencing a structural recovery due to global economic recovery and heightened focus on food security [3]. - The company is benefiting from stricter domestic environmental policies, which are driving industry consolidation and allowing leading firms to expand market share through technological upgrades and environmental investments [3]. - The "Belt and Road Initiative" and the Regional Comprehensive Economic Partnership (RCEP) are creating new opportunities for agricultural chemical exports, particularly in Southeast Asia and South America [3]. Group 3: Project Changes - The company announced a change in its fundraising project, shifting from a 3,500-ton glyphosate raw material project to a 1,000-ton prothioconazole raw material project and a 4,200-ton pyrethroid series product project [4]. - As of June 30, 2025, the company had 265 million yuan of raised funds for wealth management, with the remaining balance for the glyphosate project [4]. - The glyphosate project has seen slow investment progress, with only 12.28% completed, attributed to market changes and relocation of the project [4][5].

Core Viewpoint - The company reported a significant increase in revenue and net profit for the first half of 2025, driven by a recovery in the pesticide industry and strategic adjustments in its operations [5][6]. Financial Performance - The company achieved operating revenue of 2.08 billion yuan, a year-on-year increase of 7.28% [5]. - The net profit attributable to shareholders reached 42.28 million yuan, reflecting a substantial year-on-year growth of 117.75% [5]. - As of June 30, 2025, total assets amounted to 971.42 million yuan, up 12.42% from the beginning of the year, while net assets attributable to shareholders increased by 0.58% to 425.30 million yuan [5]. Market Dynamics - The pesticide industry experienced a rebound in market demand, leading to intensified competition [5]. - The company actively engaged in international markets, achieving export sales of 1.09 billion yuan, which is a 19.61% increase compared to the previous period [6]. Strategic Initiatives - The company is focusing on optimizing its product structure and enhancing production efficiency through cost reduction measures, including process optimization and technological upgrades [6]. - A significant project involves relocating and upgrading production facilities along the Yangtze River, which has effectively released production capacity [6]. Investment Project Changes - The company plans to change part of its fundraising investment projects, shifting from a project for producing 3,500 tons of glyphosate to two new projects: one for producing 1,000 tons of prothioconazole and another for 4,200 tons of pyrethroid series products [36][39]. - The decision to change the investment projects is based on current market conditions and aims to enhance the efficiency of fund utilization and optimize the company's product portfolio [45][46]. Governance Changes - The company has proposed to cancel its supervisory board and amend its articles of association to streamline governance and improve management efficiency [51][52]. - This change will transfer the supervisory responsibilities to the audit committee of the board, pending approval from the shareholders' meeting [51][52].

Core Viewpoint - The company reported a significant increase in revenue and net profit for the first half of 2025, driven by a rebound in the pesticide market and strategic initiatives to enhance competitiveness and optimize product structure [8]. Financial Performance - The company achieved operating revenue of 2,082.97 million yuan, representing a year-on-year growth of 7.28% [8]. - The net profit attributable to shareholders reached 42.28 million yuan, marking a substantial increase of 117.75% compared to the previous year [8]. - As of June 30, 2025, total assets amounted to 9,714.20 million yuan, up 12.42% from the beginning of the year, while net assets attributable to shareholders increased by 0.58% to 4,252.98 million yuan [8]. Market and Operational Insights - The international pesticide market demand has rebounded, prompting the company to actively engage with overseas clients and optimize its product offerings [8]. - Export sales reached 1,086.84 million yuan, reflecting a year-on-year growth of 19.61% [8]. - The company is focusing on production adjustments and cost reduction through process optimization and management upgrades to enhance market competitiveness [8]. Corporate Governance Changes - The company plans to cancel its supervisory board and amend its articles of association to streamline governance and improve management efficiency [36][37]. - The decision to eliminate the supervisory board will be submitted for approval at the upcoming shareholders' meeting [36][37].

Core Points - The company held the third meeting of the ninth supervisory board on August 7, 2025, where all members confirmed the authenticity and completeness of the disclosed information [1][2] - The supervisory board approved the 2025 semi-annual report and its summary, affirming that the report accurately reflects the company's actual situation without any misleading statements [1][2] - The board also approved the special report on the use of raised funds for the first half of 2025, confirming compliance with relevant regulations [2] - A proposal to change part of the investment projects funded by raised funds was approved, specifically changing the project from "annual production of 3,500 tons of glyphosate raw materials" to "annual production of 1,000 tons of prothioconazole raw materials" and "annual production of 4,200 tons of pyrethroid series products" [2][3] - The decision to change the investment projects is based on the company's actual situation and is expected to improve the efficiency of fund usage and optimize resource allocation [2][3]

Summary of Key Points Core Viewpoint The company, Jiangsu Changqing Agricultural Chemical Co., Ltd., is changing part of its fundraising investment projects to optimize its industrial layout and improve the efficiency of fund usage in response to market conditions and strategic planning [1][10]. Group 1: Fundraising Overview - The company issued 9.138 million convertible bonds with a total fundraising amount of 913.8 million yuan, net of issuance costs [1][2]. - The funds were initially allocated for various projects, including the production of herbicides and pesticides [2]. Group 2: Project Change Details - The project "Annual Production of 3,500 Tons of Glyphosate Raw Material" will be changed to "Annual Production of 1,000 Tons of Prothioconazole Raw Material" and "Annual Production of 4,200 Tons of Pyrethroid Series Products" [3][4]. - The change represents 30.79% of the total fundraising amount [3]. Group 3: Market Context - Glyphosate has seen a significant drop in price from 270,000 yuan/ton in 2022 to below 50,000 yuan/ton currently due to increased competition and market saturation [4]. - The global market for Prothioconazole reached 1.328 billion USD in 2023, indicating strong demand for this product [4]. Group 4: New Project Financials - The Prothioconazole project has a total investment of 147 million yuan, with expected annual sales revenue of 119.3 million yuan and a net profit of 30.16 million yuan upon reaching full production [5][8]. - The Pyrethroid project has a total investment of 120 million yuan, with projected annual sales revenue of 109 million yuan and a net profit of 26.86 million yuan [6][8]. Group 5: Approval Process - The board of directors approved the project changes on August 7, 2025, and the changes will be submitted for shareholder approval [9][10]. - The changes comply with relevant regulations and do not harm the interests of the company or its shareholders [10][11].

Core Viewpoint - Lier Chemical's 2024 annual performance shows a significant decline in revenue and profit, indicating ongoing challenges in the pesticide industry due to intense competition and market conditions [1][2]. Financial Performance - Revenue for 2024 was 7.311 billion yuan, a year-on-year decrease of 6.87% - Profit was 215 million yuan, down 64.34% year-on-year, marking the lowest profit level since 2017 - Gross margin was 16.06%, compared to 23.34% in the previous year [1]. Market Conditions - The pesticide industry has not shown significant recovery in 2024, with continued intense competition and most pesticide product prices remaining at low levels - Market inventory is gradually returning to normal, but overall supply exceeds demand, impacting industry development [1]. - The price for glyphosate raw materials is reported at 47,000 yuan/ton, while refined glyphosate raw materials are priced at 72,000 yuan/ton [1]. International Sales - International sales revenue for 2024 was 3.437 billion yuan, accounting for 47.01% of total revenue - This represents a decline from 6.158 billion yuan (60.76% of total revenue) in 2022 and 3.958 billion yuan (50.42% of total revenue) in 2023 [2]. Shareholder Information - The company plans to implement a profit distribution plan of "10 for 2 yuan (including tax)" for a total dividend of 160 million yuan - Shanghai Yuanhong Investment Management Co., Ltd. has become the seventh largest shareholder with 5.3327 million shares, valued at approximately 49.11 million yuan [3]. Future Outlook - The company anticipates significant adjustments in the supply structure of the industry, with opportunities arising from supply contraction and the introduction of new products - The global pesticide market is expected to show steady growth due to increasing food demand driven by population growth and the rapid development of genetically modified crops [3].