Financial Analysis of Chinese Listed Pesticide Enterprises in H1 2023
In H1 2023, global economic downturn and oversupply fuelled market competition of agrochemical products, leading to price slides in varied extents. Backlog of stocks, continuous slipping price and reduced trade volume brought about underperformance of major listed companies. First off, the H1 revenue marked a slump, as a result of plummeting product price and sales volume on sluggish demand from downstream formulations and delayed delivery of foreign orders. Second, most of the agrochemicals suffered an undercut in profitability. Multiple glyphosate players (like Hubei Xingfa Chemicals Group Co., Ltd., Nantong Jiangshan Agrochemical & Chemicals Co., Ltd., Sichuan Hebang Bio-technology Co., Ltd. and Zhejiang Wynca Chemical Industrial Group Co., Ltd.) unveiled a slack performance with plunging profit due to oversupply of glyphosate technical in domestic, long-term price drop and sharp order declines, set as an example.
In the last half of 2023, the market places hopes to destock smoothly and stablise the price in a bid to restore market order and make business performance better off. Meanwhile, China's pesticide industry should leverage its own edges, such as low production cost and integrated industrial chain, to lift export demand and break free from the current plight.
In this report, CCM will focus on 28 selected Chinese pesticide companies' 2023 semi-annual reports and understand the current development of China's pesticide industry market from the following aspects:
In the last half of 2023, the market places hopes to destock smoothly and stablise the price in a bid to restore market order and make business performance better off. Meanwhile, China's pesticide industry should leverage its own edges, such as low production cost and integrated industrial chain, to lift export demand and break free from the current plight.
In this report, CCM will focus on 28 selected Chinese pesticide companies' 2023 semi-annual reports and understand the current development of China's pesticide industry market from the following aspects:
- Total revenue
- Net profit
- Net cash flow
- Total assets
- Net assets
- R&D expenses
Executive summary
Methodology
1 RANKINGS OF LISTED PESTICIDE COMPANIES IN CHINA
1.1 Listed pesticide companies in China
1.2 Ranking by total revenue
1.3 Ranking by net profit attributable to equity holders of the listed company
1.4 Ranking by total asset
1.5 Ranking by net asset attributable to equity holders of the listed company
1.6 Ranking by net cash flow from operating activities
1.7 Ranking by R&D expense
2 ANALYSIS OF LISTED PESTICIDE COMPANIES IN CHINA
2.1 Sichuan Guoguang Agrochemical Co., Ltd.
2.2 Jiangsu Huifeng Bio Agriculture Co., Ltd.
2.3 Jiangsu Lanfeng Biochemical Co., Ltd.
2.4 Nantong Jiangshan Agrochemical & Chemicals Co., Ltd.
2.5 Nanjing Red Sun Co., Ltd.
2.6 Zhejiang Wynca Chemical Industrial Group Co., Ltd.
2.7 Hunan Haili Chemical Industry Co., Ltd.
2.8 Hubei Xingfa Chemicals Group Co., Ltd.
2.9 Suli Co., Ltd.
2.10 Jiangsu Fengshan Group Co., Ltd.
2.11 Limin Group Co., Ltd.
2.12 ADAMA Ltd.
2.13 Lianhe Chemical Technology Co., Ltd.
2.14 Shenzhen Noposion Crop Science Co., Ltd.
2.15 Hailir Pesticides and Chemicals Group Co., Ltd.
2.16 Jiangsu Yangnong Chemical Co., Ltd.
2.17 Anhui Guangxin Agrochemical Co., Ltd.
2.18 Lier Chemical Co., Ltd.
2.19 Jiangsu Changqing Agrochemical Co., Ltd.
2.20 Sichuan Hebang Bio-technology Co., Ltd.
2.21 Shandong Cynda Chemical Co., Ltd.
2.22 Jiangsu Flag Chemical Industry Co., Ltd.
2.23 Shandong Weifang Rainbow Chemical Co., Ltd.
2.24 Nutrichem Company Limited
2.25 ABA Chemicals Corporation
2.26 Shandong Sino-Agri United Biotechnology Co., Ltd.
2.27 Sino-Agri Leading Biosciences Co., Ltd.
2.28 Zhejiang Qianjiang Biochemical Co., Ltd.
Methodology
1 RANKINGS OF LISTED PESTICIDE COMPANIES IN CHINA
1.1 Listed pesticide companies in China
1.2 Ranking by total revenue
1.3 Ranking by net profit attributable to equity holders of the listed company
1.4 Ranking by total asset
1.5 Ranking by net asset attributable to equity holders of the listed company
1.6 Ranking by net cash flow from operating activities
1.7 Ranking by R&D expense
2 ANALYSIS OF LISTED PESTICIDE COMPANIES IN CHINA
2.1 Sichuan Guoguang Agrochemical Co., Ltd.
2.2 Jiangsu Huifeng Bio Agriculture Co., Ltd.
2.3 Jiangsu Lanfeng Biochemical Co., Ltd.
2.4 Nantong Jiangshan Agrochemical & Chemicals Co., Ltd.
2.5 Nanjing Red Sun Co., Ltd.
2.6 Zhejiang Wynca Chemical Industrial Group Co., Ltd.
2.7 Hunan Haili Chemical Industry Co., Ltd.
2.8 Hubei Xingfa Chemicals Group Co., Ltd.
2.9 Suli Co., Ltd.
2.10 Jiangsu Fengshan Group Co., Ltd.
2.11 Limin Group Co., Ltd.
2.12 ADAMA Ltd.
2.13 Lianhe Chemical Technology Co., Ltd.
2.14 Shenzhen Noposion Crop Science Co., Ltd.
2.15 Hailir Pesticides and Chemicals Group Co., Ltd.
2.16 Jiangsu Yangnong Chemical Co., Ltd.
2.17 Anhui Guangxin Agrochemical Co., Ltd.
2.18 Lier Chemical Co., Ltd.
2.19 Jiangsu Changqing Agrochemical Co., Ltd.
2.20 Sichuan Hebang Bio-technology Co., Ltd.
2.21 Shandong Cynda Chemical Co., Ltd.
2.22 Jiangsu Flag Chemical Industry Co., Ltd.
2.23 Shandong Weifang Rainbow Chemical Co., Ltd.
2.24 Nutrichem Company Limited
2.25 ABA Chemicals Corporation
2.26 Shandong Sino-Agri United Biotechnology Co., Ltd.
2.27 Sino-Agri Leading Biosciences Co., Ltd.
2.28 Zhejiang Qianjiang Biochemical Co., Ltd.
LIST OF TABLES
Table 1.1-1 28 Major listed pesticide companies in China, as of Sept. 2023
Table 1.2-1 Major listed pesticide companies in China by revenue, H1 2023 & 2022
Table 1.3-1 Major listed pesticide companies in China by net profit, H1 2023 & 2022
Table 1.4-1 Major listed pesticide companies in China by total assets as of 30 June, 2023 vs 2022
Table 1.5-1 Major listed pesticide companies in China by net asset as of 30 June, 2023 vs 2022
Table 1.6-1 Major listed pesticide companies in China by net cash flow as of 30 June, 2023
Table 1.7-1 Major listed pesticide companies in China by R&D expense, H1 2023 & 2022
Table 2.1-1 Major financial performance indicators of Sichuan Guoguang, million USD
Table 2.1-2 Segment revenue of Sichuan Guoguang, H1 2023 vs H1 2022
Table 2.2-1 Major financial performance indicators of Jiangsu Huifeng, million USD
Table 2.2-2 Segment revenue of Jiangsu Huifeng, H1 2023 vs H1 2022, USD
Table 2.3-1 Major financial performance indicators of Jiangsu Lanfeng, million USD
Table 2.3-2 Segment revenue of Jiangsu Lanfeng, H1 2023 vs H1 2022
Table 2.4-1 Major financial performance indicators of Nantong Jiangshan, million USD
Table 2.4-2 Segment revenue of Nantong Jiangshan, H1 2023 vs H1 2022
Table 2.5-1 Major financial performance indicators of Nanjing Red Sun, million USD
Table 2.5-2 Segment revenue of Nanjing Red Sun, H1 2023 vs H1 2022
Table 2.6-1 Major financial performance indicators of Zhejiang Wynca, million USD
Table 2.6-2 Segment revenue of Zhejiang Wynca, H1 2023 vs H1 2022
Table 2.7-1 Major financial performance indicators of Hunan Haili, million USD
Table 2.7-2 Segment revenue of Hunan Haili, H1 2023 vs H1 2022
Table 2.8-1 Major financial performance indicators of Hubei Xingfa, million USD
Table 2.8-2 Segment revenue of Hubei Xingfa, H1 2023 vs H1 2022
Table 2.9-1 Major financial performance indicators of Jiangsu Suli, million USD
Table 2.9-2 Segment revenue of Jiangsu Suli, H1 2023 vs H1 2022
Table 2.10-1 Major financial performance indicators of Fengshan Group, million USD
Table 2.10-2 Segment revenue of Fengshan Group, H1 2023 vs H1 2022
Table 2.11-1 Major financial performance indicators of Limin Group, million USD
Table 2.11-2 Segment revenue of Limin Group, H1 2023 vs H1 2022
Table 2.12-1 Major financial performance indicators of ADAMA, million USD
Table 2.12-2 Segment revenue of ADAMA, H1 2023 vs H1 2022
Table 2.13-1 Major financial performance indicators of Lianhetech, million USD
Table 2.13-2 Segment revenue of Lianhetech, H1 2023 vs H1 2022
Table 2.14-1 Major financial indicators of Shenzhen Noposion, million USD
Table 2.14-2 Segment revenue of Shenzhen Noposion, H1 2023 vs H1 2022
Table 2.15-1 Major financial performance indicators of Hailir Group, million USD
Table 2.15-2 Segment revenue of Hailir Group, H1 2023 vs H1 2022
Table 2.16-1 Major financial performance indicators of Jiangsu Yangnong, million USD
Table 2.16-2 Segment revenue of Jiangsu Yangnong, H1 2023 vs H1 2022
Table 2.17-1 Major financial performance indicators of Anhui Guangxin, million USD
Table 2.17-2 Segment revenue of Anhui Guangxin, H1 2023 vs H1 2022
Table 2.18-1 Major financial performance indicators of Lier Chemical, million USD
Table 2.18-2 Segment revenue of Lier Chemical, H1 2023 vs H1 2022
Table 2.19-1 Major financial performance indicators of Jiangsu Changqing, million USD
Table 2.19-2 Segment revenue of Jiangsu Changqing, H1 2023 vs H1 2022
Table 2.20-1 Major financial performance indicators of Sichuan Hebang, million USD
Table 2.20-2 Segment revenue of Sichuan Hebang, H1 2023 vs H1 2022
Table 2.21-1 Major financial performance indicators of Shandong Cynda, million USD
Table 2.21-2 Segment revenue of Shangdong Cynda, H1 2023 vs H1 2022
Table 2.22-1 Major financial performance indicators of Flagchem, million USD
Table 2.22-2 Segment revenue of Flagchem, H1 2023 vs H1 2022
Table 2.23-1 Major financial performance indicators of Weifang Rainbow, million USD
Table 2.23-2 Segment revenue of Weifang Rainbow, H1 2023 vs H1 2022
Table 2.24-1 Major financial performance indicators of Nutrichem, million USD
Table 2.24-2 Segment revenue of Nutrichem, H1 2023 vs H1 2022, USD
Table 2.25-1 Major financial performance indicators of ABA CHEM, million USD
Table 2.25-2 Segment revenue of ABA CHEM, H1 2023 vs H1 2022
Table 2.26-1 Major financial performance indicators of Sino-Agri United, million USD
Table 2.26-2 Segment revenue of Sino-Agri United, H1 2023 vs H1 2022, USD
Table 2.27-1 Major financial performance indicators of Sino-Agri Leading, million USD
Table 2.27-2 Segment revenue of Sino-Agri Leading, H1 2023 vs H1 2022
Table 2.28-1 Major financial performance indicators of Qianjiang Biochemical, million USD
Table 2.28-2 Segment revenue of Qianjiang Biochemical, H1 2023 vs H1 2022
Table 1.1-1 28 Major listed pesticide companies in China, as of Sept. 2023
Table 1.2-1 Major listed pesticide companies in China by revenue, H1 2023 & 2022
Table 1.3-1 Major listed pesticide companies in China by net profit, H1 2023 & 2022
Table 1.4-1 Major listed pesticide companies in China by total assets as of 30 June, 2023 vs 2022
Table 1.5-1 Major listed pesticide companies in China by net asset as of 30 June, 2023 vs 2022
Table 1.6-1 Major listed pesticide companies in China by net cash flow as of 30 June, 2023
Table 1.7-1 Major listed pesticide companies in China by R&D expense, H1 2023 & 2022
Table 2.1-1 Major financial performance indicators of Sichuan Guoguang, million USD
Table 2.1-2 Segment revenue of Sichuan Guoguang, H1 2023 vs H1 2022
Table 2.2-1 Major financial performance indicators of Jiangsu Huifeng, million USD
Table 2.2-2 Segment revenue of Jiangsu Huifeng, H1 2023 vs H1 2022, USD
Table 2.3-1 Major financial performance indicators of Jiangsu Lanfeng, million USD
Table 2.3-2 Segment revenue of Jiangsu Lanfeng, H1 2023 vs H1 2022
Table 2.4-1 Major financial performance indicators of Nantong Jiangshan, million USD
Table 2.4-2 Segment revenue of Nantong Jiangshan, H1 2023 vs H1 2022
Table 2.5-1 Major financial performance indicators of Nanjing Red Sun, million USD
Table 2.5-2 Segment revenue of Nanjing Red Sun, H1 2023 vs H1 2022
Table 2.6-1 Major financial performance indicators of Zhejiang Wynca, million USD
Table 2.6-2 Segment revenue of Zhejiang Wynca, H1 2023 vs H1 2022
Table 2.7-1 Major financial performance indicators of Hunan Haili, million USD
Table 2.7-2 Segment revenue of Hunan Haili, H1 2023 vs H1 2022
Table 2.8-1 Major financial performance indicators of Hubei Xingfa, million USD
Table 2.8-2 Segment revenue of Hubei Xingfa, H1 2023 vs H1 2022
Table 2.9-1 Major financial performance indicators of Jiangsu Suli, million USD
Table 2.9-2 Segment revenue of Jiangsu Suli, H1 2023 vs H1 2022
Table 2.10-1 Major financial performance indicators of Fengshan Group, million USD
Table 2.10-2 Segment revenue of Fengshan Group, H1 2023 vs H1 2022
Table 2.11-1 Major financial performance indicators of Limin Group, million USD
Table 2.11-2 Segment revenue of Limin Group, H1 2023 vs H1 2022
Table 2.12-1 Major financial performance indicators of ADAMA, million USD
Table 2.12-2 Segment revenue of ADAMA, H1 2023 vs H1 2022
Table 2.13-1 Major financial performance indicators of Lianhetech, million USD
Table 2.13-2 Segment revenue of Lianhetech, H1 2023 vs H1 2022
Table 2.14-1 Major financial indicators of Shenzhen Noposion, million USD
Table 2.14-2 Segment revenue of Shenzhen Noposion, H1 2023 vs H1 2022
Table 2.15-1 Major financial performance indicators of Hailir Group, million USD
Table 2.15-2 Segment revenue of Hailir Group, H1 2023 vs H1 2022
Table 2.16-1 Major financial performance indicators of Jiangsu Yangnong, million USD
Table 2.16-2 Segment revenue of Jiangsu Yangnong, H1 2023 vs H1 2022
Table 2.17-1 Major financial performance indicators of Anhui Guangxin, million USD
Table 2.17-2 Segment revenue of Anhui Guangxin, H1 2023 vs H1 2022
Table 2.18-1 Major financial performance indicators of Lier Chemical, million USD
Table 2.18-2 Segment revenue of Lier Chemical, H1 2023 vs H1 2022
Table 2.19-1 Major financial performance indicators of Jiangsu Changqing, million USD
Table 2.19-2 Segment revenue of Jiangsu Changqing, H1 2023 vs H1 2022
Table 2.20-1 Major financial performance indicators of Sichuan Hebang, million USD
Table 2.20-2 Segment revenue of Sichuan Hebang, H1 2023 vs H1 2022
Table 2.21-1 Major financial performance indicators of Shandong Cynda, million USD
Table 2.21-2 Segment revenue of Shangdong Cynda, H1 2023 vs H1 2022
Table 2.22-1 Major financial performance indicators of Flagchem, million USD
Table 2.22-2 Segment revenue of Flagchem, H1 2023 vs H1 2022
Table 2.23-1 Major financial performance indicators of Weifang Rainbow, million USD
Table 2.23-2 Segment revenue of Weifang Rainbow, H1 2023 vs H1 2022
Table 2.24-1 Major financial performance indicators of Nutrichem, million USD
Table 2.24-2 Segment revenue of Nutrichem, H1 2023 vs H1 2022, USD
Table 2.25-1 Major financial performance indicators of ABA CHEM, million USD
Table 2.25-2 Segment revenue of ABA CHEM, H1 2023 vs H1 2022
Table 2.26-1 Major financial performance indicators of Sino-Agri United, million USD
Table 2.26-2 Segment revenue of Sino-Agri United, H1 2023 vs H1 2022, USD
Table 2.27-1 Major financial performance indicators of Sino-Agri Leading, million USD
Table 2.27-2 Segment revenue of Sino-Agri Leading, H1 2023 vs H1 2022
Table 2.28-1 Major financial performance indicators of Qianjiang Biochemical, million USD
Table 2.28-2 Segment revenue of Qianjiang Biochemical, H1 2023 vs H1 2022
LIST OF FIGURES
Figure 1.1-1 28 Major listed pesticide companies in China by region
Figure 1.1-1 28 Major listed pesticide companies in China by region
