凭借在微生物发酵领域60年的技术积累，鲁抗医药将这种优势延伸至生物农药领域，从植物源、微生物 源中发现天然活性成分，打造出生物杀虫剂、杀菌剂、植物生长调节剂等产品为农田生态保驾护航。在 土壤养护层面，鲁抗生物农药的功能菌剂有涵养墒情的功效，枯草芽孢杆菌制剂通过微生物竞争作用改 良土壤微生态，改善土壤板结问题，提升保水保肥能力，搭配赤霉素等植物生长调节剂，更能促进作物 根系发育，增强植株抗逆性，真正实现生物菌养根的双重增益。 "十五五"期间，鲁抗医药将扩增发酵类农药数量和规模，建成国内领先的生物农药企业，做好规划布 局，聚焦大单品，将农药制剂单品成本降至最低。将不断提升创新能力，加快创新农药的注册和投产， 使更多的生物农药科研成果从实验室走向田间地头，提供保障农作物安全生产和生态平衡的系统性方 案，积极打造绿色农业科技力量，为建设农业强国贡献鲁抗智慧！ 鲁抗医药生物农药依托生物间的相互作用或天然活性物质，用"顺应自然"的智慧化解农业难题，它不会 像化学农药那样在土壤中积累持久性污染物，而是能在完成防治任务后自然降解，回归自然，守护农田 里的生态平衡。这份"温柔的守护"，恰如中国传统文化中所蕴含的"敬畏自然、尊重 ...

Core Insights - The company reported a revenue of 780 million yuan for H1 2025, a year-over-year decrease of 9.64%, while net profit reached 107 million yuan, showing a growth of 25.51% when excluding non-recurring items [1] - The company achieved a significant increase in cash flow, with a cash collection ratio of 107.31% and a net cash ratio of 1.05, indicating improved cash flow conditions [1] - The company is actively expanding its product offerings in the biopesticide sector and has maintained a leading position in the domestic market for gibberellins [2] Financial Performance - H1 2025 gross margin was 25.96%, an increase of 2.57 percentage points year-over-year, while the net profit margin rose by 5.29 percentage points to 12.90% [1] - The company's asset-liability ratio stood at 47.98%, down 5.19 percentage points year-over-year, and interest-bearing debt ratio was 28.46%, a decrease of 2.64 percentage points [1] - The company processed 103 million tons of wastewater, a decrease of 4.17% year-over-year, while drinking water production increased by 7.72% to 30 million tons [2] Project Developments - The company has completed the construction and acceptance of the wastewater treatment project in Haining Qianshan Chemical Park, with plans for trial production in the second half of the year [3] - New projects, including the construction of a new wastewater treatment plant and an industrial wastewater pretreatment plant, are expected to begin trial operations in the second half of the year [3] - The company is also planning to start trial production for its biopesticide raw material and formulation relocation project in the upcoming months [3] Investment Outlook - The company is projected to achieve net profits of 211 million yuan, 188 million yuan, and 198 million yuan for the years 2025 to 2027, with current price-to-earnings ratios of 24.13x, 27.04x, and 25.75x respectively [3]