Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance met expectations, with a revenue of 9.156 billion yuan, up 14.2% year-on-year, and a net profit of 1.055 billion yuan, up 2.9% year-on-year. However, Q3 net profit decreased by 5% year-on-year and 32.7% quarter-on-quarter due to price pressures on main products. The report anticipates a strong medium to long-term growth potential driven by the orderly advancement of the Liaoning Youchuang project [4][5] Financial Summary - For the first three quarters of 2025, the company achieved a revenue of 91.56 billion yuan, with a year-on-year growth of 14.2%. The net profit attributable to the parent company was 10.55 billion yuan, reflecting a year-on-year increase of 2.9% [4] - The company’s revenue for Q3 was 29.23 billion yuan, showing a year-on-year increase of 26.1% but a quarter-on-quarter decrease of 2.3% [4] - The projected net profit for 2025-2027 is 12.65 billion yuan, 16.00 billion yuan, and 18.23 billion yuan respectively, with corresponding EPS of 3.12 yuan, 3.95 yuan, and 4.50 yuan [4][7] Business Performance - In the first nine months of 2025, the company sold 86,300 tons of raw materials, up 13.5% year-on-year, while the sales volume of formulations decreased by 3.1% year-on-year. The average selling price for raw materials was 62,700 yuan per ton, down 1.1% year-on-year [5][10] - The gross profit margin for the first three quarters of 2025 was 22.35%, down 1.67 percentage points year-on-year, while the net profit margin was 11.53%, down 1.27 percentage points year-on-year [5][17] Price Trends - The average selling prices of the company's main products have shown mixed trends, with a significant number of products experiencing price declines. The report notes that 70% of tracked products saw price drops year-on-year, while 69% remained stable month-on-month [5][11] Future Outlook - The report expresses confidence in the company's ability to enhance quality and efficiency, particularly with the ongoing development of the Liaoning Youchuang project, which is expected to contribute positively to growth in the medium to long term [4][5]

Investment Rating - The report suggests focusing on the lithium hexafluorophosphate sector due to rising prices [5]. Core Viewpoints - The chemical sector saw an overall increase of 2.14% in the fourth week of October, lagging behind the Shanghai A-share index, which rose by 2.88% [2][11]. - The report highlights significant price increases in various chemical products, particularly liquid chlorine (+195.56%) and vitamin VE (+17.95%) [4][19]. - The report indicates a dynamic PE of 24.56 for the chemical sector, which is higher than the average PE of 8.86 since 2015 [2][11]. Industry Performance - In the fourth week of October, 21 sub-industries in the chemical sector increased, while 11 decreased. The top five gaining sub-industries included oil trading (+3.5%) and potassium fertilizer (+2.98%) [3][14]. - The report lists the top five stocks with the highest gains: Shilong Industrial (+49.32%), *ST Jintai (+23.14%), and others [2][11]. Price and Spread Trends - The report provides a detailed analysis of price changes for 256 products, with the highest increases seen in liquid chlorine and vitamin VE [4][19]. - The report also highlights significant changes in price spreads, with PX (naphtha-based) spread increasing by 52.08% [38][39]. Inventory Changes - Notable inventory changes include a decrease in polyester filament inventory by 26.81% and an increase in epoxy propane inventory by 8.53% [5][57].

Core Insights - The Social Security Fund has invested in 264 stocks by the end of Q3, with 91 stocks held for over 8 consecutive quarters, indicating a focus on long-term investments [1][2] Group 1: Investment Trends - The Social Security Fund has increased its holdings in 30 out of the 91 continuously held stocks, with significant increases in stocks like Dongfang Tantalum (167.89%), Weifu High Technology (102.60%), and Anhui Wuwei High-tech (86.33%) [2] - Conversely, 42 stocks saw a reduction in holdings, with notable decreases in Xinji Energy (88.17%), Mingtai Aluminum (77.19%), and Sophia (70.50%) [2] Group 2: Sector Analysis - The 91 stocks held by the Social Security Fund are concentrated in the pharmaceutical, basic chemicals, and power equipment sectors, with 15, 9, and 8 stocks respectively [2] - Key stocks in the pharmaceutical sector include Woofu Biology, Aide Biology, and Chengyi Pharmaceutical, while the basic chemicals sector features Yangnong Chemical, Blue Sky Technology, and Zhongqi Co., Ltd. [2] Group 3: Performance Metrics - Among the 91 stocks, 65 reported year-on-year profit growth, with significant increases from companies like Dajin Heavy Industry (214.63%), Shennong Development (202.82%), and Sanmei Co., Ltd. (183.66%) [3] - Conversely, 25 stocks experienced profit declines, with Zhongqi Co., Ltd. (-622.16%), Vanadium Titanium Co., Ltd. (-181.13%), and Three Squirrels (-52.91%) showing the largest decreases [3] Group 4: Long-term Holdings - The longest-held stocks by the Social Security Fund include Woofu Biology and Yangnong Chemical, held for 44 quarters since Q4 2014 [1] - Other notable long-term holdings include China Jushi (35 quarters), Sun Paper (31 quarters), and New Xing Foundry (30 quarters) [1]

Core Viewpoint - The report highlights the growth trends in China's chemical pesticide raw material production, indicating a positive outlook for the industry from 2025 to 2031, with specific data on production volumes and growth rates [1]. Industry Summary - In August 2025, China's chemical pesticide raw material production reached 304,000 tons, marking a year-on-year increase of 3.8% [1]. - From January to August 2025, the cumulative production of chemical pesticide raw materials was 2.782 million tons, reflecting a cumulative growth of 7.2% [1]. - The report provides a comprehensive analysis of the pesticide industry, including market research and strategic insights for the period from 2025 to 2031 [1]. Company Summary - Listed companies in the pesticide sector include Yangnong Chemical (600486), Adama Agricultural Solutions A (000553), Xianda Co., Ltd. (603086), ST Hongtai (000525), Noposion (002215), Lier Chemical (002258), Runfeng Co., Ltd. (301035), and Xin'an Chemical (600596) [1].

Group 1: Macroeconomic Insights - In September, industrial enterprises' profits improved year-on-year to 21.6%, up from 20.4% in August, driven by a low base effect and strong export performance [3] - Revenue growth for industrial enterprises also increased to 3.1% in September from 2.3% in August, indicating a positive trend in cash flow due to anti-involution policies [3] Group 2: Fixed Income Market Analysis - The bond market has shown signs of recovery in October, influenced by trade tensions and a loose liquidity environment, with expectations for a better fourth quarter compared to the third [5] - The market anticipates a controlled impact from new redemption regulations, with a focus on short to medium-term credit bonds as a primary investment strategy [5] Group 3: Oil and Gas Sector - Oil prices have entered a downward trend due to OPEC+ increasing production targets and seasonal demand decline, with Brent crude expected to average $68 in 2025 and $62 in 2026 [9] - Despite short-term volatility from geopolitical tensions, the long-term outlook suggests limited impact from sanctions on oil prices, with high-dividend energy companies presenting investment opportunities [9] Group 4: Real Estate and Construction - The real estate market is experiencing a decline in transaction volumes for both new and second-hand homes, attributed to high base effects and seasonal factors [8] - The construction sector shows mixed signals, with some recovery in cement supply and demand, while asphalt production rates have decreased [8] Group 5: Key Company Performances - Beike-W (2423 HK) is projected to benefit from a gradual market recovery, with a target price of HKD 65.64 based on a 26x PE ratio for 2026 [11] - Zhiou Technology (301376 CH) reported a revenue of CNY 60.8 billion for the first three quarters, with a year-on-year growth of 6.2%, and is expected to improve profitability as tariff risks ease [12] - Tianhai Defense (300008 CH) showed significant growth in Q3, with a revenue increase of 57.27% year-on-year, driven by strong orders in shipbuilding and defense sectors [14] - Kuka Home (603816 CH) reported steady revenue growth of 6.5% in Q3, with a focus on global expansion and brand strength [15] - Weixing New Materials (002372 CH) experienced a revenue decline of 9.83% in Q3, but is expected to see margin recovery as product prices stabilize [16] Group 6: Consumer Goods and Services - Salted Fish (002847 CH) reported a revenue increase of 14.7% year-on-year, with a focus on optimizing product categories and channels to enhance profitability [27] - Petty Co. (300673 CH) continues to see strong growth in its domestic brand, with a focus on single product strategies despite challenges in overseas markets [18] - Jiangsu Bank (601009 CH) reported a steady growth in net profit and revenue, driven by stable interest income and effective cost management [32]

Investment Rating - The report maintains an "Accumulate" investment rating for the company [4][7]. Core Views - The company's performance in the first three quarters of 2025 showed a slight year-on-year increase, with revenue reaching 9.156 billion yuan, up 14.23%, and net profit attributable to shareholders at 1.055 billion yuan, up 2.88% [1]. - The agricultural chemical industry is expected to reach a bottom and recover, despite ongoing challenges such as geopolitical issues and market competition [7]. - The company has successfully increased its raw material sales and is focusing on cost reduction and efficiency improvements to mitigate adverse impacts [7]. Financial Data and Valuation - Revenue projections for the company from 2023 to 2027 are as follows: 11.478 billion yuan in 2023, 10.435 billion yuan in 2024, 11.925 billion yuan in 2025, 13.567 billion yuan in 2026, and 15.331 billion yuan in 2027, with a projected growth rate of 14% in 2025 [3][14]. - The expected net profit for 2025 is 1.232 billion yuan, with earnings per share (EPS) projected at 3.04 yuan [3][15]. - The current price-to-earnings (PE) ratio is estimated to be 21 times for 2025, decreasing to 15 times by 2027 [7][8]. Company Performance - The company's raw material revenue for the first three quarters was 5.41 billion yuan, a 12.2% increase year-on-year, while formulation revenue was 1.32 billion yuan, a 4.6% decrease [7]. - The average selling price of raw materials decreased by 1.12%, while the average selling price of formulations fell by 1.61% [7]. - The company is focusing on technological innovation and has made significant progress in new project construction, particularly in the production of pyrethroid products [7].

Group 1 - The company reported a revenue of 9.156 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 14.23% [1] - The net profit attributable to shareholders reached 1.055 billion yuan, with a year-on-year increase of 2.88% [1] - The net profit excluding non-recurring items was 1.044 billion yuan, showing a year-on-year growth of 5.76% [1] - The basic earnings per share stood at 2.615 yuan [1]

格隆汇10月27日丨扬农化工(600486.SH)发布三季报，2025年前三季度实现营业总收入91.56亿元，同比 增长14.23%；归属母公司股东净利润10.55亿元，同比增长2.88%；基本每股收益为2.615元。 ...

证券代码：600486 证券简称：扬农化工 编号：临 2025-038 江苏扬农化工股份有限公司 关于回购注销部分激励对象已获授但尚未 解除限售的限制性股票的公告 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法律责任。 重要内容提示： 限制性股票回购数量：73,591 股 限制性股票回购价格：首次授予回购价格 37.43 元/股 预留授予回购价格 30.60 元/股 江苏扬农化工股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日召 开第九届董事会第二次会议，审议通过《关于回购注销部分激励对象已获授但尚 未解除限售的限制性股票的议案》。鉴于公司 2022 年限制性股票激励计划中 14 名激励对象因离职（包含集团内部工作调动）或退休无法解锁，或因个人绩效结 果无法完全解锁，公司董事会同意对上述人员持有的已获授但尚未解除限售的限 制性股票合计 73,591 股进行回购注销，首次授予回购价格 37.43 元/股，预留授 予回购价格 30.60 元/股。根据公司 2022 年年度股东大会的授权，本次回购注销 部分限制性股票已授 ...

中国江苏省南京市汉中门大街 309 号 B 座 5、7-8 层 邮编：210036 5、7-8/F, Block B, 309 Hanzhongmen Street, Nanjing, China, 210036 电话/Tel: +86 25 8966 0900 传真/Fax: +86 2589660966 网址/Website: http://www.grandall.com.cn 国浩律师（南京）事务所 关 于 江苏扬农化工股份有限公司 2022 年限制性股票激励计划 回购注销部分已授予限制性股票的 法律意见书 二〇二五年十月 | 第一节 律师声明的事项 3 | | | --- | --- | | 第二节 | 正 文 5 | | 一、 本次回购注销的授权与批准 5 | | | （一）本次激励计划已履行的决策程序 5 | | | （二）本次回购注销已履行的决策程序 8 | | | 二、 本次回购注销的具体情况 8 | | | （一）本次回购注销的原因及依据 8 | | | （二）本次回购注销的数量、回购价格及调整说明 9 | | | 三、 结论意见 11 | | | 第三节 签署页 12 | | 国浩律师( ...