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of export tax rebates for certain pesticides, including glyphosate, is anticipated to accelerate the elimination of outdated production capacity in the pesticide industry [4][7].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].

进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 一、本次提供借款事项概述 四川国光农化股份有限公司（以下简称"公司"）于2025年10月24日召开第六届董事会第七次会议，审议 通过了《关于向子公司山西浩之大生物科技有限公司和二级子公司鹤壁全丰生物科技有限公司提供借款 的议案》，同意公司以自有资金继续向浩之大和鹤壁全丰分别提供金额不超过5,000万元的借款，年利 率3.0%（按人民银行公布的最新1年期LPR计算），借款期限从实际借款之日起不超过1年，按季结收利 息。具体内容详见2025年10月25日公司在指定信息披露媒体《证券时报》《证券日报》《中国证券报》 《上海证券报》和巨潮资讯网（www.cninfo.com.cn）上刊登的相关公告（公告编号：2025-071号）。 二、提供借款进展情况 近日，公司与公司二级子公司鹤壁全丰生物科技有限公司（以下简称"鹤壁全丰"） 签订了《借款合 同》，向鹤壁全丰继续提供借款人民币3,000万元。合同主要内容如下： 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002749 证券简称：国光股份 公告编 ...

Core Viewpoint - Guoguang Co., Ltd. indicates that by 2025, the implementation of comprehensive solutions in major crops like wheat, corn, and rice will lead to significant yield increases compared to control groups that do not use these solutions [2] Group 1: Yield Improvement - The comprehensive solutions are expected to yield benefits that exceed the incremental investments made by farmers, thus being advantageous for them [2] - In the field of economic crops such as fruits, the use of comprehensive solutions can enhance fruit quality or enable earlier market entry, creating higher economic benefits for growers [2] Group 2: User Recognition - The comprehensive solutions offered by the company have received high recognition from users, indicating strong customer loyalty [2]

（文章来源：证券日报） 证券日报网2月2日讯 ，国光股份在接受调研者提问时表示，公司的技术服务模式对终端推广人员的需 求大、技术要求高：一是因为公司主要通过地推的方式实现产品销售，要覆盖更多的空白市场和空白作 物就需要增加技术营销人员；二是因为持续开展技术观摩会、测产会、经销商培训会、种植户培训会等 会议，以宣传展示产品、全程方案的效果和价值，前述工作对技术营销人员专业能力要求较高。为满足 公司销售工作需要，一是持续加大校园招聘力度，如2025年招聘约300名来自农业院校且接受过系统、 专业的学习的2025届毕业生。二是持续加强人才培训、培养工作，提高专业技术服务能力。对于新招的 销售人员，公司采取集中培训、团队培训、师傅带徒弟的方式持续对新员工进行应用技术培训；在各个 学习阶段对新员工采用笔试、讲课等方式进行专业知识考核。 ...

证券日报网2月2日讯 ，国光股份在接受调研者提问时表示，公司大力实施方案营销的目的是推动公司 持续发展。公司实施方案营销有以下有利条件：土地流转比例持续提升，具有提质增产作用且适应种植 机械化、规模化、产业化的植物生长调节剂市场需求正在扩大，公司调控方案、调肥方案、作物全程方 案等就是依托公司长期积累的作物调控技术的支撑；随着下游农业的发展，种植户市场需求发生一定变 化，种植户特别是规模化种植经营主体对种植调控方案、调肥方案、植保方案、作物种植管理全程解决 方案的需求越来越多，单品销售的商业模式已经无法适应市场需求变化；调控方案、调肥方案、植保方 案以及作物种植管理全程解决方案是产品、技术、服务综合实力的体现，公司丰富的产品线和深厚的应 用技术积累具备解决方案推广的优势；公司的品牌影响力和营销网络能够为公司方案营销提供有力支 撑。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网2月2日讯 ，国光股份在接受调研者提问时表示，自上市以来，公司经营现金流良好，销售 收现率（即销售商品提供劳务收到的现金/营业收入）一直维持在90%以上，同时公司资产负债率较 低，因此公司自上市以来积极通过现金分红方式回报全体股东。未来公司将按照《未来三年（2024- 2026年）股东回报规划》，积极回报股东。 ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本次提供借款事项概述 四川国光农化股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日召开第六 届董事会第七次会议，审议通过了《关于向子公司山西浩之大生物科技有限公司和二 级子公司鹤壁全丰生物科技有限公司提供借款的议案》，同意公司以自有资金继续向 浩之大和鹤壁全丰分别提供金额不超过 5,000 万元的借款，年利率 3.0%（按人民银行 公布的最新 1 年期 LPR 计算），借款期限从实际借款之日起不超过 1 年，按季结收利 息。具体内容详见 2025 年 10 月 25 日公司在指定信息披露媒体《证券时报》《证券 日报》《中国证券报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn）上刊登 的相关公告（公告编号：2025-071 号）。 二、提供借款进展情况 近日，公司与公司二级子公司鹤壁全丰生物科技有限公司（以下简称"鹤壁全丰"） 签订了《借款合同》，向鹤壁全丰继续提供借款人民币 3,000 万元。合同主要内容如 下： 证券代码：002749 证券简称：国光股份 公告编号：20 ...

Core Viewpoint - Guoguang Co., Ltd. (002749) has introduced a comprehensive crop management solution that integrates technology and services to enhance crop quality and yield while maximizing farmers' profits [1] Group 1: Crop Management Solution - The comprehensive crop management solution, referred to as the "whole crop solution," is designed to provide systematic integration of technology and services [1] - This sales model focuses on solving user problems rather than merely selling products, emphasizing a value-driven approach [1] - The solution is supported by the company's crop regulation technology, delivering value through the use of related products, techniques, and services [1] Group 2: Service Model - The service model includes expert-level, personalized, and lifelong support for farmers, featuring field demonstrations, on-site guidance, and diagnostic services [1] - The promotion of the whole crop solution is a collaborative effort involving the company's technical marketing personnel, distributors, and retailers [1] - A combination of on-site field services and real-time online support is employed to address farmers' issues promptly [1]

南财智讯2月2日电，国光股份在投资者关系活动中表示，2025年在小麦、玉米、水稻等大田作物上测产 显示，使用全程方案相对对照组普遍增产，增产效益超过增量投入；在水果等经济作物领域可提升品质 或提早上市，创造更高经济效益，因此全程方案受到用户高度认可，粘性较高。 ...