Group 1 - The stock price of Limin Co., Ltd. (002734) closed at 16.74 yuan on January 8, 2026, with an increase of 0.84% and a turnover rate of 3.35% [1] - The trading volume was 145,300 shares, with a total transaction value of 244 million yuan [1] - On January 8, the net inflow of main funds was 761,300 yuan, while retail investors showed a net inflow of 603,550 yuan, indicating active participation from retail investors [2] Group 2 - China Chengxin International announced the termination of the credit rating for Limin Holdings Group Co., Ltd. due to the full redemption of its "Limin Convertible Bonds" and the company's decision to no longer use its rating services [1] - The credit rating for Limin Co., Ltd. and its related debt instruments will no longer be updated following the announcement [2]

Investment Rating - The report maintains an "Outperform" rating for the agricultural chemical industry [5][9]. Core Views - The potassium fertilizer supply and demand are tightly balanced, with international prices rising. China, being the largest consumer, has a high import dependency exceeding 60%. The domestic production of potassium chloride is expected to decrease by 2.7% in 2024, while imports are projected to reach a historical high of 12.633 million tons, a year-on-year increase of 9.1% [1][24]. - The long-term price of phosphate rock is expected to remain high due to declining grades and increasing extraction costs, coupled with growing demand from new applications like lithium iron phosphate [2][50]. - The price of glyphosate has shown volatility, with a significant increase during the South American planting season, followed by a decline due to high North American inventories [4][49]. Summary by Sections Potassium Fertilizer - The global potassium fertilizer market is characterized by a supply-demand imbalance, with prices expected to recover due to resource scarcity and geopolitical factors affecting supply chains [1][44]. - Domestic potassium chloride prices have shown an upward trend, with the average price at 3,282 RMB/ton by the end of December, reflecting a year-on-year increase of 30.45% [1][40]. Phosphate Chemicals - The phosphate rock market is experiencing tight supply conditions, with prices for 30% grade phosphate rock remaining high at around 1,040 RMB/ton in Hubei and 970 RMB/ton in Yunnan [2][50]. - The production capacity of lithium iron phosphate is projected to grow significantly, with a year-on-year increase of 48.59% expected in 2025 [2][51]. Pesticides - The glyphosate market is expected to see price improvements in 2026, following a period of price fluctuations influenced by seasonal demand and inventory levels [4][49]. - The report highlights several key companies in the pesticide sector, including Yangnong Chemical and Lier Chemical, which are positioned to benefit from rising prices and demand [8][49]. Investment Recommendations - Key recommendations include focusing on companies with strong potassium and phosphate resources, such as Yara International and Yun Tianhua, which are expected to benefit from the ongoing demand and supply dynamics in the agricultural chemical sector [7][9].

Investment Rating - The report maintains an "Outperform" rating for the agricultural chemical industry [5][9]. Core Views - The potassium fertilizer supply and demand are tightly balanced, with international prices rising. China, being the largest consumer, has a high import dependency exceeding 60%. The domestic production of potassium chloride is expected to decrease by 2.7% in 2024, while imports are projected to reach a historical high of 12.633 million tons, a year-on-year increase of 9.1% [1][24]. - The long-term price center for phosphate rock is expected to remain high due to declining grades and increasing extraction costs, alongside growing demand from new applications like lithium iron phosphate. The domestic supply-demand situation for phosphate rock is tightening, with prices for 30% grade phosphate rock remaining elevated [2][50]. - The price of glyphosate has shown volatility, with a peak during the South American planting season and a subsequent decline due to high North American inventories. The report anticipates a recovery in glyphosate prices in 2026 [4][49]. Summary by Sections Potassium Fertilizer - The global potassium fertilizer market is characterized by a supply-demand imbalance, with prices expected to recover due to resource scarcity and geopolitical factors affecting supply chains [1][44]. - Domestic potassium chloride prices are projected to stabilize around 3,100-3,200 CNY/ton, with expectations of maintaining high inventory levels for food security [24][40]. Phosphate Chemicals - The phosphate rock market is experiencing a tightening supply-demand balance, with prices for 30% grade phosphate rock remaining above 900 CNY/ton for over three years. The report highlights the increasing demand from lithium battery applications [2][50]. - Phosphate chemical prices have shown upward trends for products like lithium iron phosphate, while glyphosate prices have decreased significantly [49][51]. Pesticides - The report suggests a potential recovery in the pesticide sector, particularly for glyphosate and its derivatives, as the industry undergoes restructuring to improve profitability [4][8]. - Companies such as Yangnong Chemical and Lier Chemical are highlighted as key players in the pesticide market, with recommendations for investment [7][8].

2026 年 1 月 6 日，公司发布《利民控股集团股份有限公司关于利民转债赎 回结果的公告》及《利民控股集团股份有限公司关于利民转债摘牌的公告》称， 公司行使"利民转债"的提前赎回权，对赎回登记日登记在册的"利民转债"全 部赎回。截至 2025 年 12 月 25 日（赎回登记日）收市，"利民转债"余额为 824,600 元（8,246 张），占可转债发行总额的 0.0841%；共计支付赎回款 834,660.12 元 （不含赎回手续费），投资者赎回款到账日为 2026 年 1 月 6 日。截至本公告出 具日，"利民转债"已赎回完毕并完成摘牌，利民股份已无使用中诚信国际评级 的存续债券。 China Chengxin International Credit Rating Co.,Ltd. [2026]009 中诚信国际关于终止利民控股集团股份有限公司 主体及相关债项信用等级的公告 利民控股集团股份有限公司（以下简称"利民股份"或"公司"）及其发行 的"利民转债"由中诚信国际信用评级有限责任公司（以下简称"中诚信国际"） 进行相关评级工作。2025 年 5 月 29 日，中诚信国际出具了《利民控股集团股份 ...

Core Viewpoint - The implementation of the "one certificate, one product" policy is beneficial for companies like Limin Co., Ltd. (002734) that have abundant registration resources, scale advantages, and strong brand influence, leading to increased industry concentration, market competitiveness, and brand strength [1]. Group 1: Industry Impact - The "one certificate, one product" policy raises the entry barriers in the domestic formulation industry, which is expected to further enhance industry concentration [1]. - The company will continue to carry out registration work to increase its reserve of high-quality registration resources, creating a new competitive moat under the new policy [1]. Group 2: Company Strengths - 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 [1]. - With a rich registration resource base, the company can provide a one-stop application solution across multiple categories, which is expected to further enhance the market competitiveness of its domestic formulation products [1]. - The company will leverage its existing advantages in active ingredient varieties and the integration of active ingredients and formulations, focusing on existing major products while continuously developing formulation products and enhancing brand building to create new major products, thereby increasing its brand influence [1].

（文章来源：证券日报） 证券日报网讯 1月7日，利民股份在互动平台回答投资者提问时表示，截至2025年12月31日，公司股东 总户数为56060户。 ...

Core Viewpoint - The implementation of the "One Certificate, One Product" policy is expected to benefit the company by enhancing industry concentration, market competitiveness, and brand influence starting from January 1, 2026 [1]. Group 1: Impact of the Policy - The "One Certificate, One Product" policy will raise the entry barriers in the domestic formulation industry, leading to an anticipated increase in industry concentration [1]. - The company currently holds a total of 328 various pesticide certificates, including 50 active ingredient registration certificates and 278 formulation registration certificates, which will support its ability to offer a wide range of one-stop application solutions [1]. - The company plans to leverage its existing advantages in active ingredients and focus on the development of formulation products and brand enhancement to create new flagship products, thereby increasing its brand influence [1].

债券代码：128144 债券简称：利民转债 股票代码：002734 股票简称：利民股份 公告编号：2026-002 利民控股集团股份有限公司 关于"利民转债"赎回结果的公告 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、可转换公司债券发行上市基本情况 （一）可转债发行情况 经中国证券监督管理委员会《关于核准利民控股集团股份有限公司公开发行可 转换公司债券的批复》（证监许可［2020］3390 号）的核准，公司向社会公开发行 面值总额为人民币 980,000,000.00 元的可转换公司债券，发行数量为 9,800,000 张， 每张面值为人民币 100 元，债券期限为 6 年。 （二）可转债上市情况 经深交所深证上【2021】278 号文同意，公司 980,000,000.00 元可转换公司债 券于 2021 年 3 月 24 日起在深交所挂牌交易，债券简称"利民转债"，债券代码 "128144"。 （三）可转债转股期限 十六次会议、2021 年第三次临时股东大会，审议通过了《关于董事会提议向下修正 可转换公司债券转股价格的议案》，将"利民转债"的转股价 ...

股票代码：002734 股票简称：利民股份 公告编号：2026-003 利民控股集团股份有限公司 关于"利民转债"摘牌的公告 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。 债券代码：128144 债券简称：利民转债 特别提示： 1、赎回日：2025 年 12 月 26 日 2、赎回款到达"利民转债"持有人资金账户日：2026 年 1 月 6 日 3、摘牌日：2026 年 1 月 7 日 4、摘牌原因：存续期内可转债触及有条件赎回条款全部赎回 一、可转换公司债券发行上市基本情况 （一）可转债发行情况 经中国证券监督管理委员会《关于核准利民控股集团股份有限公司公开发行可 转换公司债券的批复》（证监许可［2020］3390 号）的核准，公司向社会公开发行 面值总额为人民币 980,000,000.00 元的可转换公司债券，发行数量为 9,800,000 张， 每张面值为人民币 100 元，债券期限为 6 年。 （二）可转债上市情况 经深交所深证上【2021】278 号文同意，公司 980,000,000.00 元可转换公司债 券于 2021 年 3 月 24 日起 ...

| 股票代码：002734 | 股票简称：利民股份 | 公告编号：2026-001 | | --- | --- | --- | | 债券代码：128144 | 债券简称：利民转债 | | 利民控股集团股份有限公司 关于 2025 年第四季度可转债转股情况的公告 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。 特别提示： 经深交所深证上【2021】278 号文同意，公司 980,000,000.00 元可转换公司债 券于 2021 年 3 月 24 日起在深交所挂牌交易，债券简称"利民转债"，债券代码 "128144"。 根据《利民控股集团股份有限公司公开发行可转换公司债券募集说明书》（以 下简称"《募集说明书》"）相关约定，本次发行的可转债转股期限自可转债发行结 束之日（2021 年 3 月 5 日）满六个月后的第一个交易日（2021 年 9 月 6 日）起至 可转债到期日（2027 年 2 月 28 日）止（如遇法定节假日或休息日延至其后的第 1 1 个工作日；顺延期间付息款项不另计息）。 | 证券代码：002734 | | 证券简称：利民股份 | | -- ...