证券日报网1月12日讯 ，国光股份在接受调研者提问时表示，公司主要从事植物生长调节剂为主的农药 制剂和高端水溶性肥料的研发、生产和销售。植物生长调节剂制剂、水溶性肥料作为农业的必需品之 一，受宏观经济的影响较小，需求弹性小，同时植物生长调节剂制剂、水溶性肥料市场仍处于应用推广 与销售持续增长的发展阶段，不存在明显的周期性特征。 （编辑 袁冠琳） ...

四川国光农化股份有限公司 投资者关系活动记录表 证券代码： 002749 证券简称：国光股份 四川国光农化股份有限公司投资者关系活动记录表 编号：2026-001 | | ☑特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系 | □媒体采访 | □业绩说明会 | | 活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他（ ） 国投证券 | 王华炳 | | | 弘尚资产 | 沙正江 | | | 盘京投资 | 乔昱焱 | | 活动参与人员 | 友安众晟资产 | 葛碧州 | | | 华泰资管 | 骆昊游 | | | 国光股份 | 董事会秘书颜铭、证券事务代表李超、证券投资部 | | | 副部长向阳 | | | 时间 | 2026 年 1 月 9 日 | | | 地点 | 公司龙泉办公区 | | | 形式 | 现场会议 问 1：2025 | 年，农药行业监管政策主要有哪些变化？对行业有什么 | | | 影响？ | | | | 答：2025 | 年，农业农村部等主管单位继续完善农药管理法规体 | | | | 系，深化重点领域监管，推动农药产业 ...

Group 1 - The report highlights a significant shift in the M&A landscape driven by new policies, particularly the "National Nine Articles" and "M&A Six Articles," which are expected to stimulate the market starting in 2024 [3][12][17] - The report emphasizes the importance of "strong chain and supplementary chain" mergers, focusing on resource integration within the same group, external mergers in new productivity industries, and expansion through acquisitions [3][19] - As of November 2, 2025, a total of 37 significant investment and merger events have been disclosed on the Beijing Stock Exchange [21] Group 2 - The case study of Deer Chemical's acquisition of Runhe Potash highlights the strategic move to enhance its potassium nitrate business, with a purchase price of 44.54 million yuan for 100% equity [4][25] - Runhe Potash reported a revenue of 208.49 million yuan and a net profit of 20.61 million yuan for 2024, indicating a strong financial position prior to the acquisition [26] - Deer Chemical focuses on deep development and innovation within the nitrate industry, with core products including nitrate, potassium nitrate, and magnesium nitrate, which are widely used across various sectors [5][35] Group 3 - The report notes that the acquisition of Runhe Potash is expected to enhance Deer Chemical's market competitiveness and align with its long-term strategic goals [26][35] - The report outlines the characteristics of current M&A activities on the Beijing Stock Exchange, including a focus on cash acquisitions and the integration of businesses that complement core operations [18] - The report indicates that the M&A trend is increasingly becoming a mainstream strategy for companies seeking to diversify and optimize their operations [13][18]

Core Viewpoint - The company focuses on the deep development and innovation of the nitric acid industry chain, integrating research and development, production, and sales, with core products including nitric acid, potassium nitrate, magnesium nitrate, energy storage molten salts, and high-end water-soluble fertilizers, widely applied in various fields such as solar thermal power generation, energy storage, chemicals, agriculture, military, and electronics manufacturing [1][2]. Company Overview - The company has established a strong circular economy by developing a series of environmentally friendly and resource-saving chemical projects, becoming a core enterprise in two major green industrial chains: "Nitric Acid-Nitrate-Molten Salt, Nitrogen Water-Soluble Fertilizer" and "Synthetic Ammonia-Nitric Acid-Nitrobenzene-Aniline, Rubber Additives" [2]. - The company holds 23 utility model patents and has three major independent brands: "Dier Chemical," "Wolfu," and "Hehuanshu," along with certifications for ISO9001, ISO14001, and ISO45001 [2]. Business Strategy - The company aims to become a global leader in green chemical solutions, focusing on the research and development of molten salt energy storage materials and innovative high-efficiency nitrogen water-soluble fertilizers, while actively expanding into emerging markets such as solar thermal energy and environmentally friendly agriculture [3]. - The company has built a mature global supply and sales network over more than 20 years in the nitric acid industry, with end customers including well-known domestic and international enterprises [3]. Financial Performance - As of the end of the reporting period, total assets amounted to approximately 750.80 million, a decrease of 2.12% from the previous year [6]. - The company's operating income was approximately 302.47 million, reflecting a decline of 26.59% year-on-year, while net profit attributable to shareholders was approximately 26.90 million, down 46.67% [6]. - The net cash flow from operating activities was negative at approximately -57.26 million, a significant decrease compared to the previous year's positive cash flow [6]. Shareholding Structure - The largest shareholder, Xindier, holds 19.64% of the company's total shares, while the actual controller, Liu Xiyu, directly holds 4.73% and collectively controls 24.37% of the shares [8]. - The second-largest shareholder, Huayang Group, has signed a concerted action agreement with Liu Xiyu, maintaining consistency on major issues [8].

Core Viewpoint - Sichuan Guoguang Agricultural Chemical Co., Ltd. (Guoguang Co.) focuses on the research, production, and sales of plant growth regulators and high-end water-soluble fertilizers, establishing itself as a strong brand in the domestic market for plant growth regulators [2][3]. Financial Performance - In the first half of 2025, Guoguang Co. achieved operating revenue of 1,118,836,327.91 yuan, a year-on-year increase of 7.33% [3][5]. - The net profit attributable to shareholders was 230,530,454.99 yuan, reflecting a growth of 6.05% compared to the same period in 2024 [3][5]. - The gross profit margin and net profit margin both increased compared to the same period in 2024, driven by higher sales volumes of high-margin products and lower raw material prices [3][5]. Product Development and Innovation - As of June 30, 2025, the company held 330 pesticide product registration certificates, including 150 for plant growth regulators, making it the largest seller of plant growth regulator formulations in China [5][6]. - In the first half of 2025, Guoguang Co. obtained 9 pesticide registration certificates and 11 fertilizer registration certificates, enhancing its product line [6]. Strategic Partnerships - The company has engaged in multiple national key research and development programs, collaborating with institutions like Jiangsu Academy of Agricultural Sciences and Nanjing Agricultural University to promote innovation and accelerate the transformation of research results [6]. Marketing and Sales Strategy - Guoguang Co. employs a flat marketing network primarily based on county-level distributors, which facilitates coverage of untapped markets and crops [6]. - The company is expanding its sales network through its five brands, enhancing logistics and service efficiency [6]. International Expansion - On August 7, 2025, Guoguang Co. announced a partnership with its controlling shareholder's son, Yan Yaqi, to develop overseas pesticide projects in Asia, Africa, and Latin America [7][8]. - The company aims to mitigate risks associated with overseas market entry by delegating project cultivation to Yan Yaqi, who will bear the associated costs and risks [8]. Historical Performance - In 2024, Guoguang Co. reported total revenue of 1.986 billion yuan, with foreign sales contributing 12.55 million yuan, indicating ongoing efforts to expand its international market presence [9].