证券代码： 301665 证券简称：泰禾股份 泰禾股份投资者关系活动记录表 编号：2025-008 | ☑ | 特定对象调研 □ 分析师会议 | | --- | --- | | □ | 媒体采访 □ 业绩说明会 | | 投资者关系活动 □ | 新闻发布会 路演活动 □ | | 类别 □ | 现场参观 | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 景顺长城基金 邓敬东、李训练，陈莹，陈渤阳、范顺鑫 | | 人员姓名 | | | 时间 | 2025 年 11 月 19 日 | | 地点 | 线上会议（腾讯视频会议） | | 上市公司接待人 1. | 董事、副总经理、董事会秘书 亓轶群 | | 员姓名 2. | 投资者关系 张瑾 | | | 本次活动主要交流内容如下： | | 1. | 三季度业绩核心驱动因素 | | | 公司百菌清、2,4-D、嘧菌酯等核心产品市场供需持续紧张。 | | | 其中，百菌清三季度价格处于阶段性高位；同时，4E 等产品出货 | | | 量集中于三季度，叠加订单交付节奏影响，带动产品销售量与利 | | 投资者关系活动 | 润同步提升。 | | 主要内容介绍 ...

Group 1: Industry Performance - The petrochemical index saw an overall increase, with six indices rising and only the chemical machinery index declining by 4.02% [1] - The chemical raw materials index rose by 3.44%, the pharmaceutical index increased by 3.09%, and the pesticide and fertilizer index went up by 3.18% [1] - In the oil sector, the oil processing index increased by 1.84%, the oil extraction index rose by 1.42%, and the oil trading index surged by 7.39% [1] Group 2: Commodity Prices - International crude oil prices experienced slight upward fluctuations, with WTI settling at $60.09 per barrel, up 0.57% from November 7, and Brent at $64.39 per barrel, up 1.19% [1] - The top five petrochemical products with the highest price increases included DMC (up 18.18%), natural rubber (up 13.22%), D4 (up 13.04%), 107 glue (up 12.71%), and methyl acrylate (up 8.03%) [1] - The five petrochemical products with the largest price declines were isooctyl acrylate (down 7.69%), 2,4-dichlorophenoxyacetic acid (down 4.29%), dichloromethane (down 3.64%), diethylene glycol (down 3.53%), and vitamin D3 (down 3.33%) [1] Group 3: Capital Market Performance - The top five listed chemical companies with the highest stock price increases were Shida Shenghua (up 43.44%), Yongtai Technology (up 33.89%), Aoke Shares (up 23.36%), Taihe Technology (up 23.59%), and Kaisheng New Materials (up 23.03%) [2] - The five listed chemical companies with the largest stock price declines included Xiangyuan New Materials (down 15.42%), Xinhang New Materials (down 14.15%), Dongcai Technology (down 13.52%), Kaili New Materials (down 12.60%), and Asia-Pacific Industry (down 11.16%) [2]

Core Viewpoint - The research by Zhang Xiaoheng's team at the University of Science and Technology of China introduces a new method for direct deaminative functionalization using N-nitroamines, which is simpler, safer, and more efficient than traditional processes [1][2][3]. Summary by Sections Research Significance - The study has the potential to revolutionize the field of organic chemistry, particularly in the synthesis of aromatic amines, which are foundational in pharmaceuticals, dyes, pesticides, and electronic materials [3][4]. - The method could significantly impact industrial applications, potentially leading to Nobel Prize recognition due to its groundbreaking nature [3]. Methodology - Traditional methods for processing aromatic amines have been dangerous, expensive, and inefficient, often producing hazardous byproducts [4][10]. - The new approach activates amines into a more stable N-nitroamine state, improving safety and allowing for easier subsequent reactions [10][11]. - The reaction mechanism involves several steps, including the transformation of amines into N-nitroamines, followed by proton migration and dehydration, ultimately leading to the formation of new chemical bonds [10][11]. Industrial Applications - The new method enhances safety and efficiency, allowing for a broader range of reactants and reducing the need for metal catalysts, which are often problematic in traditional methods [11][13]. - The process can be conducted in a single pot, eliminating the need for purification between reactions, which is a significant advancement for industrial scalability [15]. - This innovation could lead to substantial cost savings and reduced environmental impact in the production of agricultural chemicals and pharmaceuticals [16][18]. Impact on Daily Life - The improved deaminative process could lower production costs for essential agricultural products, such as herbicides, thereby reducing pollution and enhancing food security [16]. - In the pharmaceutical sector, the method could significantly decrease the production costs of complex drugs, such as Imatinib Mesylate, making them more accessible to patients [18][20]. - The technology has the potential to enhance the efficiency of drug development, allowing for faster iterations and potentially saving more lives [20]. Historical Context - N-nitroamines have been known since 1893, but their potential was largely unexplored until now, highlighting the innovative nature of Zhang's team's work [21].

Core Viewpoint - The announcement from Shanshui Technology (SZ301190) reveals a significant change in the company's control structure due to the divorce of actual controllers Huang Guorong and Wu Xinyan, which includes arrangements for share division [1][9]. Group 1: Shareholding Structure Before and After - Before the change, Huang Guorong and Wu Xinyan collectively held 98.79 million shares, approximately 46.03% of the total share capital [3]. - Huang Guorong directly held 40 million shares (18.64%) and indirectly held 24.13 million shares through investments [3][5]. - After the share division, Huang Guorong holds 30.22 million shares (14.08%), while Wu Xinyan holds 68.57 million shares (31.95%), making her the new actual controller and majority shareholder [8]. Group 2: Financial Implications - Wu Xinyan is set to receive 37.9 million shares, valued at approximately 924 million yuan based on the closing price of 24.38 yuan per share on November 7 [8][11]. - The company reported a revenue of 305 million yuan for the first half of 2025, a year-on-year increase of 23.08%, while the net profit attributable to shareholders decreased by 11.77% to 47.77 million yuan [10]. Group 3: Management Changes - Huang Guorong resigned from all his positions, including Chairman and General Manager, and Wu Xinyan has been elected as the new Chairman and is expected to be appointed as General Manager [9]. - Wu Xinyan has a background in the company since 2012 and has held various roles, indicating her familiarity with the company's operations [9][10]. Group 4: Context of Control Change - The change in control comes shortly after Huang Guorong was subjected to criminal coercive measures, which adds a layer of complexity to the situation [1][10]. - The company stated that this change is a non-transactional adjustment and will not affect its main business or financial status significantly [9].

Core Viewpoint - The article discusses the recent changes in the control structure of Shan Shui Technology, highlighting the divorce of actual controllers Huang Guorong and Wu Xinyan, which has led to a significant redistribution of shares and control within the company [1][12]. Group 1: Shareholding Changes - Before the equity change, Huang Guorong and Wu Xinyan collectively held 98.79 million shares, accounting for approximately 46.03% of the total share capital [3]. - After the equity change, Huang Guorong holds a total of 30.22 million shares, representing about 14.08% of the total share capital, while Wu Xinyan holds 68.57 million shares, or 31.95% of the total share capital [7]. - Wu Xinyan has become the actual controller and majority shareholder of Shan Shui Technology, with a combined voting power of 39.2114% [7]. Group 2: Financial Implications - Wu Xinyan is set to receive 37.9 million shares, which, at a closing price of 24.38 yuan per share, amounts to an estimated market value of approximately 924 million yuan [7]. - The company reported a revenue of 305 million yuan for the first half of 2025, a year-on-year increase of 23.08%, while the net profit attributable to shareholders decreased by 11.77% to 47.77 million yuan [12]. Group 3: Management Changes - Following the divorce, Huang Guorong submitted his resignation from all positions, including Chairman and General Manager, and Wu Xinyan was elected as the new Chairman and is expected to be appointed as the General Manager [9]. - Wu Xinyan has a background in the company since 2012, holding various positions, including Director and head of the Comprehensive Center, responsible for customer development and operations [9].

Group 1: Performance Drivers - The core products 2,4-D, pyraclostrobin, and chlorothalonil have been in high demand, with 2,4-D prices increasing since Q2 and chlorothalonil maintaining stable high prices [2] - In Q3, production facilities operated normally without shutdowns, ensuring capacity release, with a slight increase in 2,4-D output compared to the same period last year [2] - Q3 customer orders were robust, with growth in formulation business in Brazil and other regions, focusing on key product shipments [2] Group 2: Competitive Advantages - The supply of restricted directory products like chlorothalonil and 2,4-D is limited, leading to sustained industry prosperity [2] - The engineering complexity of chlorothalonil production (involving key processes like transamination oxidation and chlorination) has led to the exit of major global players, further constraining supply [3] - 2,4-D has achieved breakthroughs in environmental protection, odor control, and quality management in its production process [3] Group 3: Business Developments - Strategic cooperation has been established with Syngenta domestically, and a global cooperation agreement has been signed with UPL, focusing on independent registration, joint development, and exclusive development [3] - The development of new compounds is aimed at supplementing the product structure, particularly in the fungicide sector, to support stable growth in downstream formulation business [3] - The company is focusing on the fluorinated new materials sector as an extension and upgrade of its functional chemicals segment, leveraging existing technological reserves and industry experience [3] Group 4: Incentive Planning - The company is formulating a multi-tiered talent incentive plan to attract industry talent, aligned with global expansion, innovative business, and multi-industry chain development needs; the plan is currently in the adjustment phase with no clear timeline for implementation [3] Group 5: Risk Warning - The information discussed in this research does not constitute a substantive commitment to investors regarding external environment assessments, company development strategies, or future plans; investors are advised to invest rationally and be aware of investment risks [3]

Summary of Glass Fiber Industry Conference Call Industry Overview - The glass fiber industry has experienced significant product structure and market demand differentiation since early 2025, with second and third-tier companies facing substantial supply pressure on ordinary thermosetting products and winding yarns [2][3][5] - The price of 2,400 tex direct yarn dropped to 3,000 CNY/ton, negatively impacting profitability and leading to insufficient orders for traders and processing plants [2][3] - In September, glass fiber manufacturers issued price increase notices, raising prices by 200-300 CNY/ton, with actual transaction prices increasing by 100-150 CNY/ton, bringing the price of 2,400 tex winding direct yarn to no less than 3,400 CNY/ton [2][4] Key Points and Arguments - The price increase is primarily driven by optimistic order volumes and future order release expectations, with no significant negative impact on exports [6][7] - The price gap between first-tier and second/third-tier companies has narrowed to 300-500 CNY after the price adjustments, indicating a more balanced market [9][10] - The overall capacity utilization rate in the glass fiber industry is expected to remain around 90% in 2025, with a net increase of 635,000 tons in capacity, bringing total capacity to approximately 8.5 million tons by year-end [12][13] - Demand growth in 2025 is expected to be concentrated in the wind power and automotive sectors, with electronic appliances and industrial equipment also showing growth, while demand in the construction sector is declining [16][17] Additional Important Insights - The glass fiber industry is witnessing a significant price disparity between first-tier and second/third-tier companies, with the highest price difference reaching 800 CNY per ton before the recent price adjustments [5][8] - The expected demand share for various sectors in 2025 shows a decrease in construction materials from 25% to 19%, while the share for electronic appliances is expected to rise from 22% to 25% [17][18] - The export volume of domestic glass fiber and products reached a record high of approximately 2.12 million tons in 2024, with an expected export volume of around 2 million tons in 2025 [19] - New production lines planned for 2026 include several major companies, with a total capacity of 480,000 tons, indicating ongoing investment in the sector [20][21] Market Outlook - The future price increase potential in the glass fiber industry is optimistic, with expectations for further increases of 200 CNY to 3,600 CNY for second and third-tier companies, while first-tier companies aim to enhance high-end product prices to alleviate sales pressure [23] - The electronic fabric sector is also experiencing a recovery, with significant order improvements noted since late September, and expectations for a doubling of annual shipments for first-generation electronic fabrics in 2026 [29][30]

Group 1: Investment and Production Capacity - Current production capacity meets expected scale, with pre-sale coverage achieved and sufficient market demand support. Expected increase in capacity utilization next year, with stable supply and cost reduction through intermediate production [2] - The company’s core product market prices: Bacillus thuringiensis raw material approximately 30,000 CNY/ton, and Pyraclostrobin raw material currently around 140,000 CNY/ton [2] Group 2: Financial Performance and Growth Drivers - Q3 performance driven by price increases of main products, improving gross profit margins [3] - Significant contribution from the sales volume of COS series pesticide products in Q3 [3] Group 3: Market Trends and Future Outlook - Short-term price stability expected for 2,4-D, with medium to long-term demand linked to the promotion of transgenic crops, leading to steady market expansion [3] - Bacillus thuringiensis market demand remains tight, with increased usage frequency driving up consumption [3] Group 4: New Product Launches - Innovative pesticide, Cyhalofop-butyl, set to launch domestically in November 2025, with domestic registration obtained in October and overseas registration in progress, expected to contribute to future growth [3] - Risk warning: Information regarding external environment assessments, company strategies, and future plans does not constitute a commitment to investors, urging rational investment and risk awareness [3]

证券代码：603086 证券简称：先达股份 公告编号：2025-042 山东先达农化股份有限公司 2025 年前三季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据上海证券交易所《上市公司行业信息披露指引第十八号—化工》等相关 规定，山东先达农化股份有限公司（以下简称"公司"）现将 2025 年前三季度 主要经营数据披露如下（均不含税）： | 产品 | 主要产品 | 2025 年 | 1-9 | 月产 | 2025 年 | 1-9 | 月销 | 2025 年 | 1-9 | 月销 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 类别 | | | 量（吨） | | | 量（吨） | | 售金额（万元） | | | | 除草剂 | 烯草酮系列 | | 7,955.83 | | | 8,068.49 | | 84,738.90 | | | | | 咪草烟系列 | | 1,289.78 | | | 1,367. ...

Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 3.89 billion yuan, a year-on-year growth of 28.69%, and net profit of 367 million yuan, a year-on-year increase of 120.56% [1] - In the third quarter alone, the company achieved revenue of 1.477 billion yuan, reflecting a year-on-year growth of 38.89%, and net profit of 185 million yuan, which is a remarkable year-on-year increase of 204.65% [1] R&D-Driven Growth - The company maintains a strong focus on R&D, with R&D expenses amounting to 140 million yuan, a year-on-year increase of 32.40% [3] - The company has developed several innovative production technologies and proprietary production techniques for its core products, enhancing product quality and optimizing production costs [3] - The launch of the insecticide product, Cyhalofop-butyl, marks a significant transition from imitation to independent creation, with successful registrations in Cambodia and Paraguay [2] International Expansion - The company is actively pursuing international market opportunities, establishing long-term partnerships with renowned global firms such as Syngenta and UPL, which facilitates market information exchange and product development [4] - The company is building a localized operational model with a diverse marketing team to respond quickly to overseas market demands [4] - A project in Egypt, with an investment of up to 150 million USD, aims to enhance production capabilities for herbicides and fungicides, improving delivery efficiency in international markets [4] Brand Promotion and Market Presence - The company leverages industry exhibitions to showcase its core products and promote its newly developed insecticide, enhancing brand recognition in the global agricultural market [5] - Participation in major industry events helps the company establish connections with high-quality domestic and international clients, supporting its international business development [5]