Investment Rating - The report maintains an "Outperform" rating for the company [1][9]. Core Views - The company's profit in 2024 was significantly impacted by exchange rate losses, but channel expansion is progressing well. Revenue is expected to grow significantly in 2025, with an improved gross profit margin (GPM). There is optimism regarding increased profit flexibility from the European and American markets in 2025-2026. The earnings per share (EPS) forecasts for 2025-2027 are RMB 3.65, 4.83, and 5.95, respectively, with a 2025 price-to-earnings (PE) ratio of 20.0x, setting a target price of RMB 73.00 [1][9]. Financial Summary - In 2024, the company achieved revenue of RMB 13.30 billion, a year-on-year increase of 15.77%, while the net profit attributable to shareholders was RMB 450 million, a decrease of 41.63% year-on-year. The fourth quarter of 2024 saw revenue of RMB 3.51 billion, up 18.38% year-on-year, but down 14.44% quarter-on-quarter, with a net profit of RMB 109 million, up 119.23% year-on-year, but down 32.08% quarter-on-quarter [2][4][9]. - For the first quarter of 2025, the company reported revenue of RMB 2.69 billion, a slight decrease of 0.26% year-on-year and a 23.49% decrease quarter-on-quarter, with a net profit of RMB 257 million, reflecting a year-on-year increase of 67.98% and a quarter-on-quarter increase of 136.59% [4][9]. Business Development - The company focused on growing its direct-to-consumer (TO C) business in 2024, with the revenue share rising from 33.82% in 2023 to 37.65% in 2024. The GPM for the TO C business was 28.99%, an increase of 0.09% year-on-year. The share of revenue from the EU and North American markets increased from 5.69% in 2023 to 9.75% in 2024. Additionally, the revenue share from insecticides and fungicides rose from 25.41% in 2023 to 25.71% in 2024 [4][9]. - The company strengthened its biopharmaceutical segment by forming a global team, achieving first-year sales of approximately USD 10 million. In 2024, it obtained over 1000 new registrations, totaling over 7700 pesticide registrations by December 31, 2024, including new registrations in countries such as the USA, Canada, and Italy [4][9].

Investment Rating - The report maintains an "Outperform" rating for the company [1][9]. Core Views - The company's profit in 2024 was significantly impacted by exchange rate losses, but channel expansion is progressing well. Revenue is expected to grow significantly in 2025, with an improved gross profit margin (GPM). There is optimism regarding increased profit flexibility from the European and American markets in 2025-2026 [1][9]. - The company reported a revenue of RMB 13.30 billion for 2024, representing a year-on-year increase of 15.77%, while the net profit attributable to shareholders was RMB 450 million, down 41.63% year-on-year. In Q1 2025, the revenue was RMB 2.69 billion, a slight decrease of 0.26% year-on-year, but the net profit attributable to shareholders increased by 67.98% year-on-year to RMB 257 million [4][9]. - The company focused on growing its TO C business in 2024, with the revenue share rising from 33.82% in 2023 to 37.65% in 2024. The GPM for the TO C business was 28.99%, up 0.09% year-on-year [4][9]. - The company has strengthened its biopharmaceutical segment, achieving first-year sales of approximately USD 10 million and obtaining over 1000 new pesticide registrations, totaling over 7700 registrations by the end of 2024 [4][9]. Financial Summary - For 2024, the company achieved a revenue of RMB 13.30 billion, with a year-on-year growth of 15.77%. The net profit attributable to shareholders was RMB 450 million, down 41.63% year-on-year. The Q4 2024 revenue was RMB 3.51 billion, up 18.38% year-on-year, while the net profit was RMB 109 million, up 119.23% year-on-year [2][4][9]. - The forecasted earnings per share (EPS) for 2025-2027 are RMB 3.65, 4.83, and 5.95, respectively, with a 2025 price-to-earnings (PE) ratio of 20.0x, setting a target price of RMB 73.00 [1][9].

The First Quarter Financial Report of 2025 To be a Global Leading Crop Protection Company Stock code: 301035 Stock abbreviation: Rainbow Agro Announcement No.: 2025-025 SHANDONG WEIFANG RAINBOW CHEMICAL CO., LTD The First Quarter Financial Report of 2025 The Company and all members of the Board of Directors warrant that the information disclosed is true, accurate, and complete, without false records, misleading statements, or material omissions. 1. Consolidated balance sheet Prepared by: Shandong Weifang Ra ...

complete, without false records, misleading statements, or material omissions. The Annual Financial Report of 2024 To be a Global Leading Crop Protection Company Stock code: 301035 Stock abbreviation: Rainbow Agro Announcement No.: 2025-024 SHANDONG WEIFANG RAINBOW CHEMICAL CO., LTD The Annual Financial Report of 2024 The Company and all members of the Board of Directors warrant that the information disclosed is true, accurate, and 1. Consolidated balance sheet Prepared by: Shandong Weifang Rainbow Chemical ...

Investor Presentation 2024 Annual Report 2025 Quarter 1 Report Rainbow Global Global Operation Center Manufacturing Base Subsidiary / Office R&D Centers 27.48 17.21 28.62 22.33 18.90 24.86 22.99 25.47 24.06 25.18 24.48 18.77 24.92 22.54 26.93 14.39 11.95 17.43 14.43 15.41 17.10 22.21 21.83 23.11 19.57 19.25 19.75 18.51 10.50 15.96 12.83 18.75 20.70 21.33 17.99 14.67 13.82 14.42 13.21 10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00 26.00 28.00 30.00 1 2 3 4 5 6 7 8 9 10 11 12 2025 2024 2023 2022 • The total ...

证券代码：301035 证券简称：润丰股份 公告编号：2025-023 山东潍坊润丰化工股份有限公司 为满足公司生产经营需求，山东潍坊润丰化工股份有限公司（以下简称"公 司"）拟向平安银行股份有限公司潍坊分行申请综合授信额度人民币 5 亿元、敞 口 2 亿元，全资子公司山东润科国际贸易有限公司为上述事项提供担保，金额不 超过 2.60 亿元人民币。 根据《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规 范运作》和《公司章程》等相关规定，上述担保事项已经山东润科国际贸易有限 公司履行审议程序通过，无需提交公司董事会审议。 二、被担保人基本情况 1、被担保人基本信息 公司名称：山东潍坊润丰化工股份有限公司 类型：股份有限公司（外商投资、上市） 成立日期：2005 年 6 月 23 日 住所：山东省潍坊市滨海经济开发区氯碱路 03001 号 关于全资子公司为公司提供担保的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 法定代表人：王文才 注册资本：28,077.0974 万元 经营范围： 许可项目：农药生产；农药批发；农药零售 ...

证券代码：301035 证券简称：润丰股份 公告编号：2025-022 山东潍坊润丰化工股份有限公司 关于回购公司股份进展的公告 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。 重要内容提示 | 回购方案首次披露日 | 2024 年 月 日 | 11 | 4 | | --- | --- | --- | --- | | 回购方案实施期限 | 自董事会审议通过本次回购股份方案之日起 12 个 月内 | | | | 预计回购金额 | 拟使用不低于人民币 6,500.00 万元（含本数）且 不超过人民币 13,000.00 万元（含本数）自有资金 | | | | | 及股票回购专项贷款资金 | | | | 回购用途 | 用于股权激励计划 | | | | 累计已回购股数 | 2,497,945 股 | | | | 累计已回购股数占总股本比例 | 0.89% | | | | 累计已回购金额 | 124,815,120.34 元 | | | | 实际回购价格区间 | 46.96 元/股~51.50 元/股 | | | 山东潍坊润丰化工股份有限公司（以下简称"公司"）根据《上 ...

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - The report highlights a significant decline in oil prices, suggesting a focus on domestic demand and opportunities in domestic substitutes for new materials. It emphasizes the importance of companies with strong fundamentals that are less correlated with oil prices [13][14] - The report recommends several companies for investment, including WanHua Chemical, Huangma Technology, Runfeng Co., Guoguang Co., and Hualu Hengsheng, citing their strong market positions and improving profitability [13] Summary by Sections 1. Core Viewpoints - The report indicates a substantial drop in oil prices, with Brent crude falling 8.3% to $61.29 per barrel as of May 2, 2025. This decline is attributed to OPEC+ production increases and global trade tensions affecting supply and demand dynamics [14] - The report suggests focusing on companies with strong fundamentals and less sensitivity to oil price fluctuations, particularly in the agricultural chemicals sector, which is experiencing robust demand due to the spring farming season [13] 2. Oil and Chemical Price Information - As of April 25, 2025, U.S. crude oil commercial inventories stood at 440.4 million barrels, with a weekly decrease of 270 thousand barrels. Gasoline inventories decreased by 4 million barrels to 225.5 million barrels, while distillate inventories increased by 900 thousand barrels to 107.8 million barrels [14] - The report monitors 188 chemical products, noting that the top three price increases for the week were for liquid chlorine (up 58.8%), natural gas (up 14.0%), and monoammonium phosphate (up 3.9%). Conversely, the largest declines were seen in formic acid (down 7.7%), pure benzene (down 6.5%), and vitamin A (down 6.4%) [15] 3. Investment Recommendations - Recommended companies include: - WanHua Chemical: Core product MDI shows recent profit improvement, with upcoming petrochemical and new material projects [13] - Huangma Technology: A leader in specialty polyether, responding well to previous macro demand challenges [13] - Runfeng Co.: A rare investment target with a global layout for formulation registration and sales channels [13] - Guoguang Co.: A leading domestic differentiated formulation company in the plant growth regulator sector [13] - Hualu Hengsheng: Core product prices are recovering alongside a decline in coal prices, leading to improved margins [13]

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Views - The report highlights a significant decline in oil prices, suggesting a focus on domestic demand and opportunities in domestic substitutes for new materials. It emphasizes the importance of companies with strong fundamentals that are less correlated with oil prices [13][14] - The report recommends several companies based on their market positions and recent performance improvements, particularly in the agricultural chemicals sector due to the ongoing spring farming season [13] Summary by Sections 1. Core Views - The report indicates a substantial drop in oil prices, with Brent crude down 8.3% to $61.29 per barrel as of May 2, 2025. This decline is attributed to OPEC+ production increases and global trade tensions affecting supply-demand dynamics [14] - The report suggests focusing on companies with strong alpha characteristics that are less affected by oil price fluctuations, particularly in the agricultural chemicals sector, which is experiencing robust demand [13] 2. Oil and Chemical Price Information - As of April 25, 2025, U.S. crude oil commercial inventories stood at 440.4 million barrels, with a weekly decrease of 270 thousand barrels. Gasoline inventories decreased by 4 million barrels to 225.5 million barrels, while distillate inventories increased by 900 thousand barrels to 107.8 million barrels [14] - Among 188 monitored chemical products, the top three price increases this week were for liquid chlorine (up 58.8%), natural gas (up 14.0%), and monoammonium phosphate (up 3.9%). The largest declines were seen in formic acid (down 7.7%), pure benzene (down 6.5%), and vitamin A (down 6.4%) [15] 3. Investment Recommendations - Recommended companies include: - Wanhua Chemical: Core product MDI shows recent profit improvement, with upcoming petrochemical and new material projects [13] - Huamao Technology: A leader in specialty polyether, responding well to previous macro demand pressures [13] - Runfeng Co., Ltd.: A rare company with global formulation registration and sales channels [13] - Guoguang Co., Ltd.: A leader in differentiated formulations in the plant growth regulator sector [13] - Hualu Hengsheng: Core product prices are recovering alongside falling coal prices, leading to improved margins [13]

Core Insights - The company reported a total revenue of 13.296 billion yuan in 2024, representing a year-on-year increase of 15.77%, but the net profit attributable to shareholders was only 450 million yuan, a significant decline of 41.63% [1] Global Operations and Market Expansion - The company continued to advance its global operational management system, aiming for over 95% global coverage of systems like SAP and CRM by the end of 2029 [4] - Significant progress was made in building a global marketing network, entering new markets such as Mexico, Australia, and Italy, and launching the Rainbow brand [4] - The company obtained over 1,000 new pesticide registrations, bringing the total to over 7,700 domestically and internationally [4] - High operational costs and management expenses were key factors in the decline of net profit, exacerbated by currency fluctuations and debt default risks in emerging markets like Brazil and Argentina [4] Business Structure Adjustment and Gross Margin Changes - The revenue share of the TOC business (targeting end customers) increased from 33.82% in 2023 to 37.65% in 2024, with a slight gross margin increase to 28.99% [5] - Revenue share from the EU and North America rose from 5.69% to 9.75%, while the share of insecticide and fungicide business slightly increased from 25.41% to 25.71% [5] - The establishment of a global bioproducts team achieved sales of approximately 10 million dollars in its first year [5] - Despite some improvements in specific business margins, overall gross margin did not significantly improve due to fluctuations in raw material prices and high energy costs, which account for over 30% of total production costs [5][6] Future Outlook and Potential Risks - For 2025, the company anticipates increased operational uncertainty due to rising trade protectionism, particularly regarding tariffs and market access policies [6] - The company expects a gradual recovery in terminal market prices and gross margins, with an increase in gross margins for most subsidiaries in target countries [6] - Ongoing challenges include currency fluctuations, debt default risks, and raw material price volatility, particularly in emerging markets [6] - Increased investments in environmental protection and compliance may further raise operational costs, especially in environmental assessments and qualification maintenance [6]