Group 1 - The core point of the article is that Limin Co., Ltd. (002734) reported a total of 69,472 shareholders as of January 30, 2026 [1]

Core Viewpoint - The company is undergoing a green transformation focused on low-carbon production and innovative green processes, leveraging synthetic biology and AI for future-oriented research and development [1] Group 1: Green Transformation - The company has established five production bases recognized as national or provincial green factories, with multiple processes included in the green low-carbon directory [1] - Significant reductions in energy and material consumption have been achieved through the transformation of green processes such as continuous and microchannel reactions [1] - The company has increased the proportion of green electricity through solar power generation and has implemented energy-saving upgrades and equipment renewal, as well as measures for water recycling and waste heat recovery, directly lowering operational and production costs [1] Group 2: New Quality Production Capacity - The company is one of the earliest developers of bio-fermentation pesticides in China, such as abamectin, and is proactively establishing synthetic biology laboratories and AI innovation platforms (Deyanzhichuang) [1] - Collaborations with industry giants like BASF and partnerships with top research institutions and advanced biotechnology companies aim to innovate from the source, developing the next generation of efficient and low-residue green pesticides [1]

Group 1 - The implementation of the "one certificate, one product" policy is beneficial for companies with rich registration resources, scale advantages, and strong brand influence [2] - The policy raises the entry barriers in the domestic formulation industry, which is expected to further enhance industry concentration in the future [2] - The company currently holds a total of 328 various pesticide certificates, including 50 active ingredient registration certificates and 278 formulation registration certificates, covering multiple product categories such as fungicides, insecticides, herbicides, soil conditioners, and seed coatings [2] - With a rich registration resource base, the company can provide a one-stop application solution across multiple categories, which is expected to enhance the market competitiveness of its domestic formulation products [2] - The company will leverage its existing advantages in active ingredient varieties and focus on the development and brand enhancement of formulation products, aiming to create new flagship products and further enhance its brand influence [2]

Group 1 - The core viewpoint is that the pesticide industry is at the end of the chemical industry chain and is classified as a fine chemical industry, with prices influenced by both demand and supply factors [2] - Demand-side factors affecting pesticide prices include grain prices, crop diseases, inventory levels, and planting seasons [2] - Supply-side factors include production capacity, industry governance policies, and raw material costs, indicating a cyclical nature of the industry [2] Group 2 - The company's price adjustments are based on market supply and demand conditions [2] - Historical price cycles and current trends in the pesticide industry can be referenced through the "Zhongnong Lihua raw material price index" [2]

Group 1 - The company is focusing on the development of LiTFSI, a lithium salt that can be used in solid-state electrolytes, particularly in polymer systems, indicating its strategic positioning in the upstream electrolyte materials of the lithium battery industry [2] - The company's new electrolyte products are currently in the early stages of development, and stakeholders are advised to monitor official announcements for updates [2]

Group 1 - The core point of the article is that Limin Co., Ltd. (002734) reported a total of 69,472 shareholders as of January 30, 2026 [1]

Core Viewpoint - Limin Co., Ltd. (002734) is experiencing significant growth, with a projected net profit increase of 471.55%-514.57% for 2025 compared to the previous year, indicating strong demand and operational efficiency [1] Group 1: Company Overview - The company offers a diverse range of products including bactericides, insecticides, herbicides, veterinary drugs, soil conditioners, and seed coatings [1] - Limin Co., Ltd. has consistently achieved over 4 billion yuan in annual revenue from 2020 to 2024 [1] Group 2: Financial Projections - The forecast for the annual net profit attributable to shareholders in 2025 is estimated to be between 465 million yuan and 500 million yuan [1] - This represents a substantial growth rate compared to the previous year's performance [1] Group 3: Operational Status - The company reports a strong order backlog and is currently operating at full production and sales capacity [1]

Investment Rating - The report maintains an "Outperform" rating for the agricultural chemical industry [5][8]. Core Views - The potassium fertilizer market is experiencing a tight supply-demand balance, with contract prices rising due to increased demand and limited domestic production [1][5]. - The long-term price of phosphate rock is expected to remain high due to declining ore grades and increasing demand from new applications such as lithium iron phosphate [2][3][7]. - The cancellation of export tax rebates for certain pesticides, including glyphosate, is anticipated to accelerate the elimination of outdated production capacity in the pesticide industry [4][7]. Summary by Sections Potassium Fertilizer - Potassium fertilizer prices are recovering due to strong demand, with domestic production expected to decrease by 2.7% to 5.5 million tons in 2024, while imports are projected to reach a record high of 12.633 million tons, up 9.1% year-on-year [1][25]. - As of January 2026, the average market price for potassium chloride was 3,295 CNY/ton, reflecting a 27.52% increase year-on-year [1][41]. - Key companies recommended for investment include Yara International, with projected potassium chloride production of 2.8 million tons in 2025 and 4 million tons in 2026 [5][8]. Phosphate Chemicals - The phosphate rock market is characterized by tight supply, with prices for 30% grade phosphate rock remaining above 900 CNY/ton for over two years [2][50]. - As of January 30, 2026, the price for 30% grade phosphate rock was 1,040 CNY/ton in Hubei and 970 CNY/ton in Yunnan, stable compared to the previous month [2][50]. - Companies with clear expansion plans such as Chuanheng Co., Yuntianhua, and Xingfa Group are recommended for investment [7]. Pesticides - The cancellation of export tax rebates is expected to increase production costs for pesticide companies, leading to a potential rise in prices for glyphosate and other products [4][7]. - The production of glyphosate in China is projected to grow significantly from 18,300 tons in 2020 to 120,400 tons by 2025, with an annual compound growth rate of 45.78% [4][7]. - Recommended companies in the pesticide sector include Lier Chemical and Liming Chemical, which are expected to benefit from price increases and improved margins [7].

Investment Rating - The report maintains an "Outperform" rating for the agricultural chemical industry [5][8]. Core Views - The potassium fertilizer market is experiencing a tight supply-demand balance, with contract prices rising due to increased demand and limited domestic production [1][5]. - The long-term price of phosphate rock is expected to remain high due to declining ore grades and increasing demand from new applications such as lithium iron phosphate [2][3]. - The cancellation of export tax rebates for certain pesticides, including glyphosate, is anticipated to accelerate the elimination of outdated production capacity in the industry [4][5]. Summary by Sections Potassium Fertilizer - Potassium fertilizer prices are recovering due to strong demand, with domestic production expected to decrease slightly in 2024 while imports reach a historical high [1][25]. - As of January 2026, the average market price for potassium chloride was 3,295 CNY/ton, reflecting a year-on-year increase of 27.52% [1][41]. - Key companies recommended include Yara International, with projected potassium chloride production of 280 million tons in 2025 and 400 million tons in 2026 [5][8]. Phosphate Chemicals - The phosphate rock market is characterized by tight supply, with prices for 30% grade phosphate rock remaining high at around 1,040 CNY/ton in Hubei [2][50]. - The demand for lithium iron phosphate is driving the growth of phosphate rock consumption, with significant price increases observed in related products [2][3]. - Recommended companies include Chuanheng Co., which has clear expansion plans, and Yuntianhua, a leading player in the phosphate chemical sector [5][7]. Pesticides - The cancellation of export tax rebates is expected to increase production costs for pesticide companies, leading to a potential rise in prices for glyphosate and other products [4][5]. - The market for glyphosate is projected to grow significantly, with production expected to increase from 18,300 tons in 2020 to 120,400 tons by 2025, reflecting a compound annual growth rate of 45.78% [4][5]. - Companies recommended in this sector include Lier Chemical and Liming Chemical, which are well-positioned to benefit from the changing market dynamics [5][7].

Group 1 - The core viewpoint of the article is that Limin Co., Ltd. (002734) announced a price increase for its sulfur and sulfur-containing products starting from January 30, 2026, with an adjustment range of 5% to 10% [1] - The company provided information on product pricing through various platforms, including the "Zhongnong Lihua (603970) raw material price index" and "Baichuan Yinfeng" [1] - The company's public account has recently published the price adjustment details for its products [1]