转自：证券时报 人民财讯1月21日电，利民股份(002734)1月21日发布业绩预告，预计2025年归母净利润为4.65亿元—5亿 元，同比增长471.55%—514.57%。公司净利同比增长的主要原因是公司主要产品销量和价格同比上 涨、毛利率提升以及参股公司业绩上涨带来投资收益增加。 ...

格隆汇1月21日｜利民股份公告，预计2025年度归属于上市公司股东的净利润为盈利4.65亿元-5亿元， 比上年同期增长471.55%-514.57%。预计扣除非经常性损益后的净利润为盈利4.43亿元-4.8亿元，比上年 同期增长765.53%-837.82%。主要原因是：公司主要产品销量和价格同比上涨、毛利率提升以及参股公 司业绩上涨带来投资收益增加。 ...

利民股份公告，预计2025年度归属于上市公司股东的净利润为盈利4.65亿元-5亿元，比上年同期增长 471.55%-514.57%。预计扣除非经常性损益后的净利润为盈利4.43亿元-4.8亿元，比上年同期增长 765.53%-837.82%。主要原因是：公司主要产品销量和价格同比上涨、毛利率提升以及参股公司业绩上 涨带来投资收益增加。 ...

股票代码：002734 股票简称：利民股份 公告编号：2026-004 利民控股集团股份有限公司 2025 年度业绩预告 三、业绩变动原因说明 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、本期业绩预计情况 （一）业绩预告期间 会计期间：2025 年 1 月 1 日—2025 年 12 月 31 日 （二）业绩预告情况 预计净利润为正值且属于下列情形之一： 扭亏为盈 同向上升 同向下降 | 项目 | 本报告期 | | | 上年同期 | | | --- | --- | --- | --- | --- | --- | | 归属于上市公司股东的净利润 | 盈利：46,500 | 万元-50,000 | 万元 | 盈利：8,135.76 | 万元 | | | 比上年同期增长：471.55%-514.57% | | | | | | 扣除非经常性损益后的净利润 | 盈利：44,300 | 万元-48,000 | 万元 | 盈利：5,118.23 | 万元 | | | 比上年同期增长：765.53%-837.82% | | | | | | 基本每股收益 | 盈利：1. ...

Group 1 - The company emphasizes its commitment to shareholder returns, having consistently distributed dividends since its listing in 2015 [2] - The profit distribution plan for the fiscal year 2025 has not yet been determined, and the company will disclose it after following the necessary review procedures [2]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report highlights the impact of the recent cancellation and reduction of export tax rebates on pesticides, particularly focusing on the potential for price increases and improved profitability for leading companies in the pesticide sector [5] - The report anticipates a reversal in the pesticide industry's performance due to rising export costs and the upcoming spring farming season, which is expected to boost demand and prices [5] - The ongoing "anti-involution" trend in the pesticide industry is expected to optimize supply and reshape value, encouraging companies to shift from low-end manufacturing to a focus on technology, branding, and service [5] Summary by Relevant Sections Industry Overview - The pesticide industry is experiencing a significant shift due to policy changes, with the cancellation of export tax rebates for various pesticide raw materials and intermediates, including glyphosate and other high-toxicity products [4][5] - China is projected to export 2.05 million tons of pesticides in 2024, with exports accounting for 90% of production [5] Market Dynamics - The domestic pesticide production peak season occurs from February to May, with a significant increase in demand for pesticide formulations during this period [5] - The report notes that the price of 95% glyphosate raw powder has recently increased to 46,000 yuan per ton, indicating a recovery in pricing [11] Key Companies and Recommendations - Recommended stocks include leading pesticide companies such as Yangnong Chemical, Limin Co., and Xingfa Group, which are expected to benefit from the price increases and the integrated "raw material-formulation" model [5] - Beneficiary stocks also include Jiangshan Chemical, Lier Chemical, and others involved in various segments of the pesticide supply chain [5]

Group 1 - The core viewpoint of the news is that Limin Co., Ltd. has shown significant financial performance and trading activity, with a notable increase in net profit and a stable financing situation [1][2] Group 2 - On January 15, Limin Co., Ltd. saw a stock price increase of 2.03%, with a trading volume of 493 million yuan. The financing buy-in amount for the day was 99.19 million yuan, while the financing repayment was 43.02 million yuan, resulting in a net financing buy-in of 56.18 million yuan [1] - As of January 15, the total financing and securities balance for Limin Co., Ltd. was 426 million yuan, which accounts for 5.24% of its circulating market value [1] - The company had no shares repaid in the securities lending market on January 15, with 100 shares sold, amounting to 1,710 yuan at the closing price, and a remaining securities lending balance of 900 shares valued at 15,400 yuan [1] Group 3 - As of December 31, the number of shareholders for Limin Co., Ltd. was 56,100, a decrease of 2.03% from the previous period, while the average circulating shares per person increased by 10.12% to 7,747 shares [2] - For the period from January to September 2025, Limin Co., Ltd. achieved an operating income of 3.599 billion yuan, representing a year-on-year growth of 7.62%, and a net profit attributable to shareholders of 390 million yuan, which is a remarkable increase of 661.66% [2] - Since its A-share listing, Limin Co., Ltd. has distributed a total of 918 million yuan in dividends, with 321 million yuan distributed over the past three years [2]

Investment Rating - The investment rating for the pesticide industry is "Outperform the Market" (maintained) [1][5] Core Views - The cancellation of export tax rebates for certain pesticides, including glyphosate, is expected to accelerate the elimination of outdated production capacity in the industry. This will initially squeeze profit margins for glyphosate producers but may lead to price increases due to heightened export demand and domestic spring planting preparations. In the medium to long term, if price increases do not match the loss of export tax rebates, companies will face higher costs, prompting further capacity reductions and encouraging a shift towards higher-value products [3][4] - The price of glyphosate has significantly decreased from a historical high of 370,000 yuan/ton to 43,900 yuan/ton, a drop of 88.14%, enhancing its cost-effectiveness and driving rapid market demand growth. China's glyphosate production is projected to increase from 18,300 tons in 2020 to 120,400 tons by 2025, representing a compound annual growth rate of 45.78% [8][9] - The export value of pesticide formulations is expected to continue rising, with the export amount for pesticide formulations in 2024 reaching 61.36 billion yuan, surpassing the export amount of raw materials for the first time, accounting for 54.12% of total pesticide exports [12] Summary by Sections Industry Overview - The cancellation of export tax rebates is a significant change for pesticide companies, which have relied on these rebates as a crucial source of funding for normal operations. The current competitive landscape is challenging, with many companies facing profitability pressures [4] Market Dynamics - Glyphosate's price drop has led to a notable increase in demand, with production capacity expected to grow significantly. The industry has maintained high operating rates, with glyphosate production facilities operating at over 80% capacity for eight consecutive months, indicating strong downstream demand [9] Export Trends - The cancellation of export tax rebates for certain raw pesticides does not affect pesticide formulations, which continue to enjoy a 9% export tax rebate. This is expected to further boost the export volume and share of pesticide formulations in the market [12] Investment Recommendations - Key companies recommended for investment include Lier Chemical, a leader in chlorinated pyridine herbicides and glyphosate, and Limin Co., which is seeing price increases in multiple main pesticide products [16]

Group 1 - The stock price of Limin Co., Ltd. (002734) closed at 16.8 yuan on January 9, 2026, with a slight increase of 0.36% and a turnover rate of 3.86% [1] - The trading volume was 167,900 shares, with a total transaction amount of 281 million yuan [1] - On January 9, the net outflow of funds from major investors was 20.19 million yuan, while retail investors saw a net inflow of 26.62 million yuan [2] Group 2 - China Chengxin International announced the termination of the credit rating for Limin Co., Ltd. and its related bond due to the full redemption and delisting of the "Limin Convertible Bond" [1] - The rating will no longer be updated as the company has ceased using the rating services of China Chengxin International [2]

Core Viewpoint - The company, Limin Co., is focusing on the development of synthetic biological pesticides and green manufacturing, leveraging AI-driven research and global expansion to enhance agricultural productivity and meet the growing demand for food security [2][3]. Group 1: Company Strategy and Performance - Limin Co. aims to enhance agricultural productivity through a focus on synthetic biology, green manufacturing, and AI-driven research during the 14th Five-Year Plan period [2]. - The company reported a revenue of 3.599 billion yuan for the first three quarters of 2025, a year-on-year increase of 7.62%, and a net profit of 390 million yuan, a significant increase of 661.66% [3]. - The company has established a comprehensive industrial chain covering both agricultural and veterinary pesticides, as well as new energy materials, positioning itself as a leader in core product areas [2]. Group 2: Technological Advancements - Limin Co. is advancing its digital transformation by implementing smart manufacturing practices, including the establishment of smart factories and the integration of AI in research and development [5][6]. - The company has acquired a 51% stake in Deyanjichuang, enhancing its capabilities in compound development and significantly reducing the time required for new compound screening [5][6]. - AI technology is expected to shorten the research and development cycle, which traditionally takes over 10 years, by predicting experimental trends and outcomes based on historical data [6]. Group 3: Global Expansion and Market Position - The company is actively expanding its international presence, with exports reaching 2.05 million tons in 2024, a year-on-year increase of 32% [7]. - Limin Co. has established a global service network centered around its Singapore operations, targeting emerging markets in Africa, Southeast Asia, and Latin America [7]. - The company has participated in the formulation of 43 international and national standards, enhancing its credibility and market position in the global agricultural sector [7]. Group 4: Mergers and Acquisitions - Limin Co. has strategically acquired several companies, including Shuangji Chemical and Weiyuan Asset Group, to enhance its product line and market share [8]. - The acquisition of the "Dazheng" brand has increased the company's market share of certain products to 57% in China, demonstrating the effectiveness of its M&A strategy [8]. - The company plans to continue its strategic collaborations in the fields of biological pesticides and digital agriculture to strengthen its supply chain and explore new growth avenues [8].