SAL(SH:603970)2024-06-28 07:41Group 1: Company Overview and Strategy - Zhongnong Lihua focuses on empowering local agricultural partners through high-quality product resources and professional pest control technology services [3] - The company adheres to the business philosophy of "cooperation, openness, and win-win" without binding equity relationships with partners [3] - The "Zhongnong Dingliangzhu" crop health solution targets major crops such as wheat, corn, and rice, enhancing growth indicators significantly compared to control groups [4] Group 2: Recent Activities and Achievements - The company conducted 15 field observation meetings from May 19 to June 18, 2024, across various provinces, with approximately 3 million participants [3] - Wheat yields using Zhongnong Dingliangzhu solutions increased by 12.2% to 21.0%, while the Saint Light No. 1 rapeseed variety showed yield increases of 28.0% to 35.7% [3] Group 3: Market Conditions and Competitive Landscape - The agricultural chemical industry is highly segmented with significant regional differences, leading to fierce competition and market fragmentation [4] - The company leverages its supply and marketing cooperative background to maintain quality customer channels and resource advantages [4] Group 4: Future Plans and Financial Performance - The company has maintained an average dividend payout ratio of 42.7% since its listing in 2017, with a further increase to 53.8% in 2023 [5] - Future plans include focusing on overseas channel integration and exploring investment opportunities in mature local distributors [6] Group 5: Environmental and Regulatory Compliance - The company supports the national "Double Reduction and Double Increase" initiative aimed at reducing chemical fertilizer and pesticide usage while increasing organic fertilizer application [5] - It has been actively registering pesticide products in over 90 countries, with a focus on high-potential markets like Brazil, where it has obtained over 40 registrations [5]