Group 1 - The agricultural chemical sector increased by 2.34% on August 26, with Bai'ao Chemical leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] - Bai'ao Chemical's stock price rose by 10.02% to 23.16, with a trading volume of 321,000 shares and a transaction value of 718 million [1] Group 2 - The agricultural chemical sector experienced a net outflow of 78.12 million from main funds, while retail funds saw a net outflow of 91.58 million [2] - The main funds net inflow for Bai'ao Chemical was 15.4 million, accounting for 21.41% of its trading volume [3] - Cloud Map Holdings had a main funds net inflow of 5.2 million, representing 4.58% of its trading volume [3]

Group 1 - The China Securities Agricultural and Animal Husbandry Theme Index (931778) increased by 2.41%, with notable stock performances including Muyuan Foods (002714) up 7.51%, Tiankang Bio (002100) up 6.04%, and Jiangshan Co. (600389) up 5.74% [1] - Recent policies aimed at regulating the pig farming industry have been intensively released, including a proposal from the National Development and Reform Commission in early June to not increase production capacity and to stabilize prices, followed by a meeting in late July where the Ministry of Agriculture urged core enterprises to strictly implement capacity control measures [1] - On August 13, an industry association meeting advocated for reducing production capacity to 39.5 million pigs, with several leading enterprises responding positively to the capacity control policies, indicating a reduction in the breeding sow inventory [1] - Despite continued profitability in fattening and breeding segments, the ongoing implementation of anti-involution policies and the need to mitigate pandemic risks are expected to lead to a reduction in industry capacity [1] - Glyphosate prices have rebounded from a low point, with some product demand recovering; from Q3 2025, the average market price of glyphosate increased by 11.2% compared to Q2 [1] - The pesticide industry shows rigid demand but is currently at the bottom of the industry cycle, characterized by "increased volume but reduced profits," with ongoing destocking bringing global pesticide channel inventory closer to reasonable levels [1] Group 2 - The China Construction Bank China Securities Agricultural and Animal Husbandry Theme ETF (159616) closely tracks the China Securities Agricultural and Animal Husbandry Theme Index, which selects 50 listed companies involved in grain planting, seed production, pesticide and fertilizer, agricultural machinery, livestock farming, feed production, and animal health [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the next six months [5]. Core Insights - The company reported significant growth in its financial performance for the first half of 2025, with total revenue reaching 3.359 billion yuan, a year-on-year increase of 6.07%, and a net profit attributable to shareholders of 338 million yuan, up 98.18% year-on-year [1]. - The core products of the company have seen price increases, particularly for glyphosate, which is expected to enhance profitability in the upcoming quarters [2]. - The company is accelerating capacity expansion, with several projects expected to enter trial production within the year, which is anticipated to contribute to revenue growth [3]. - The financial forecasts have been adjusted upwards, with expected revenues of 7.307 billion yuan, 8.386 billion yuan, and 8.865 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 753 million yuan, 860 million yuan, and 1.127 billion yuan for the same years [3]. Financial Summary - For the first half of 2025, the company achieved a revenue of 3.359 billion yuan and a net profit of 338 million yuan, with significant growth in both metrics compared to the previous year [1]. - The average price of glyphosate increased from 23,403 yuan per ton in Q2 2025 to 26,899 yuan per ton by August 25, 2025, indicating a positive trend for the company's profitability [2]. - The company has a projected revenue growth rate of 34.54% for 2025, with a net profit growth rate of 235.47% [4][10].

召开的日期时间：2025 年 9 月 11 日 14 点 证券代码：600389 证券简称：江山股份 公告编号：临 2025-047 南通江山农药化工股份有限公司 关于召开2025年第三次临时股东会的通知 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法律责任。 重要内容提示： 召开地点：南通江山农药化工股份有限公司会议室（江苏省南通经济技术开 发区江山路 998 号） (五)网络投票的系统、起止日期和投票时间。 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东会网络投票系统 (七)涉及公开征集股东投票权 无 二、 会议审议事项 本次股东会审议议案及投票股东类型 投票股东类型 序号 议案名称 A 股股东 非累积投票议案 上述议案已经公司 2025 年 8 月 22 日召开的第九届董事会第二十一次会议 审议通过，详见公司 2025 年 8 月 26 日刊登于《中国证券报》、《上海证券报》 和上海证券交易所网站（www.sse.com.cn） ...

Core Viewpoint - Jiangshan Agrochemical and Chemical Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, indicating strong operational performance despite challenges in the agricultural chemical industry [1][4]. Financial Performance - The company achieved a revenue of CNY 3.36 billion, a year-on-year increase of 6.07% [2][11]. - The total profit reached CNY 419.06 million, up 92.81% compared to the previous year [2][11]. - Net profit attributable to shareholders was CNY 338.48 million, reflecting a 98.18% increase year-on-year [2][11]. - The basic earnings per share rose to CNY 0.79, a 97.50% increase from the previous year [3][11]. - The company's net assets amounted to CNY 4.01 billion, a 7.87% increase from the end of the previous year [2][11]. Business Overview - The company primarily engages in the research, production, and sales of pesticides, chemical products, and steam from cogeneration [4][8]. - Key products include glyphosate, herbicides, and various chemical intermediates [4][8]. - The company operates under an integrated model of research, production, supply, and sales, with a focus on technological innovation and quality improvement [4][8]. Industry Context - The global agricultural chemical market is experiencing a recovery, with demand for pesticides increasing amid a backdrop of geopolitical tensions and fluctuating oil prices [4][8]. - The Chinese pesticide industry is currently facing overcapacity, leading to low profits and intense competition [4][8]. - Regulatory changes are expected to impact the market, with new labeling requirements set to take effect in 2026, potentially eliminating low-quality products [4][8]. Strategic Initiatives - The company is focusing on sustainable development and enhancing its competitive edge through technological advancements and market expansion [4][5]. - Ongoing projects include the trial production of new products and the establishment of a cogeneration facility [5][6]. - The company is also enhancing its talent acquisition strategy to fill key positions and improve overall workforce quality [6][9]. Risk Management - The company emphasizes safety and environmental management, achieving a "green" credit rating and implementing measures to reduce waste generation [4][10]. - A comprehensive internal control system is in place to mitigate operational risks and ensure compliance with regulations [10][11].

Core Points - The company plans to distribute a cash dividend of 4.50 yuan (including tax) for every 10 shares to all shareholders, amounting to a total of 193,792,500 yuan, which represents 57.25% of the net profit attributable to shareholders as of June 30, 2025 [1] Group 1: Financial Performance - Total assets increased by 3.77% from the previous year, reaching 8,959,450,738.43 yuan [2] - Operating revenue for the period was 3,359,091,481.62 yuan, reflecting a growth of 6.07% compared to the same period last year [2] - Total profit surged by 92.81% to 419,058,407.90 yuan [2] - Net profit attributable to shareholders increased by 73.19% to 276,982,344.36 yuan [2] - The net cash flow from operating activities was reported, but specific figures were not provided [2] Group 2: Shareholder Information - The total number of shareholders as of the report date was 21,035 [3] - The largest shareholder, Nantong Industrial Holdings Group Co., Ltd., holds 28.96% of the shares, totaling 124,728,141 shares [3] - Other significant shareholders include Sichuan Leshan Fuhua Crop Protection Technology Investment Co., Ltd. with 5.85% and various social security funds with smaller stakes [3]

Core Viewpoint - The company plans to distribute a cash dividend of 0.45 RMB per share (including tax) based on the total share capital registered on the dividend distribution date, reflecting a payout ratio of 57.25% as of June 30, 2025 [1][3]. Summary by Sections Profit Distribution Plan - As of June 30, 2025, the company's undistributed profits amount to 2,211,461,512.59 RMB, which is unaudited [1]. - The profit distribution plan will be based on the total share capital registered on the dividend distribution date, with a proposed cash dividend of 0.45 RMB per share [1][2]. - If there are changes in the total share capital before the dividend distribution date, the per-share distribution ratio will remain unchanged, but the total distribution amount will be adjusted accordingly [2]. Decision-Making Process - The company's Audit Committee held a meeting on August 22, 2025, to review and approve the profit distribution proposal, ensuring it aligns with the company's operational status and future development plans [2][3]. - The Board of Directors also convened on August 22, 2025, to approve the profit distribution proposal, which considers both immediate and long-term shareholder interests [3].

Group 1 - The board of directors of Jiangshan Chemical Co., Ltd. held its 21st meeting of the 9th session on August 22, 2025, with all 9 directors participating in the voting [1][2] - The board approved the company's 2025 semi-annual report and summary, which was previously reviewed by the audit committee [1][2] - The board also approved the 2025 semi-annual profit distribution plan, which will be submitted to the shareholders' meeting for further review [2] - The board approved a proposal to expand the business scope and amend the company's articles of association, which will also be submitted to the shareholders' meeting [2] - A proposal to convene the third extraordinary shareholders' meeting of 2025 was approved by the board [2]

（记者 胡玲） 每经AI快讯，江山股份（SH 600389，收盘价：24.22元）8月25日晚间发布公告称，公司第九届第二十 一次董事会会议于2025年8月22日以现场结合通讯表决的方式召开。会议审议了《公司2025年半年度利 润分配预案》等文件。 2025年1至6月份，江山股份的营业收入构成为：农药占比61.85%，化工占比14.05%，新材料占比 13.95%，热电占比9.4%，其他业务占比0.74%。 截至发稿，江山股份市值为104亿元。 每经头条（nbdtoutiao）——租下2.5万亩"试验田"，兽医学博士在非洲种粮：首季亩产250斤，打算扩至 10万亩，月薪1~2万元招人 ...

Core Insights - Jiangshan Co., Ltd. (600389.SH) reported a revenue of 3.359 billion yuan for the first half of 2025, representing a year-on-year increase of 6.07% [1] - The net profit attributable to shareholders of the listed company reached 338 million yuan, showing a significant year-on-year growth of 98.18% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 277 million yuan, reflecting a year-on-year increase of 73.19% [1] - The basic earnings per share stood at 0.79 yuan [1]