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China Crop Protection Monthly Report

Issue 04 April 30, 2014

CCM Newsletter Crop Protection China Monthly Report 1404

www.cnchemicals.com Copyright Guangzhou CCM Information Science & Technology Co., Ltd. E-mail: [email protected]

1

Contents

Editor's note .................................................................................................................................. 2

>> Seed China News ..................................................................................................................... 3

Ranking of 21 domestic listed pesticide enterprises in 2013 ........................................... 4

Analysis of listed pesticide enterprises ............................................................................... 10

Nanjing Redsun .................................................................................................................. 10

Hebei Veyong ...................................................................................................................... 12

Sanonda ................................................................................................................................ 14

Hunan Haili ........................................................................................................................... 16

Huapont-Nutrichem ........................................................................................................... 18

Nantong Jiangshan ............................................................................................................ 21

Jiangsu Yangnong ............................................................................................................. 23

Noposion .............................................................................................................................. 25

Lianhe Chemical ................................................................................................................. 28

Shandong Shengli .............................................................................................................. 30

Jiangsu Huifeng .................................................................................................................. 32

Shenghua Biok.................................................................................................................... 34

Jiangsu Changqing ............................................................................................................ 36

Lier Chemical ...................................................................................................................... 39

Jiangsu Lanfeng ................................................................................................................. 41

Anhui Huaxing .................................................................................................................... 43

Hefei Fengle ......................................................................................................................... 45

Qianjiang Biochemical ...................................................................................................... 47

ABA Chemicals ................................................................................................................... 50

Zibo Wanchang ................................................................................................................... 52

Zhejiang Wynca .................................................................................................................. 55



2

Editor's note

In 2013, pesticide industry in China continues to boom, following the uptrend in 2012, thanks to the increase of

global rigid demand, strict environmental policies and inventory digestion, etc. As representatives of pesticide

industry in China, domestic listed pesticide enterprises are supposed to be the guides for the whole industry

development. In this issue, annual reports of 21 domestic listed enterprises involved in pesticides or pesticide

intermediates are summarized and analyzed.

Domestic listed pesticide enterprises saw performance on the whole in 2013.

- The total revenue of the 21 listed pesticide enterprises reached USD9,074.05 million, up 16.74% YoY;

- Among the 21 listed pesticide enterprises, most of them enjoyed revenue growth, and only 3 suffered negative

growth in 2013;

- The total net profit and operating profit of the 21 listed pesticide enterprises reached USD717.83 million and

USD851.80 million, up 32.86% and 57.70% YoY respectively.

- The total revenue of the 20 listed pesticide enterprises' pesticide business (Sanonda is excluded) reached

USD4,721.10 million in 2013, up 11.91% YoY.

- The average gross profit margin of these enterprises' pesticide business reached 24.95%, much higher than

the operating profit rate of these enterprises (only 7.34%).

Exchange rate: USD100 = RMB614.9, same hereinafter

.

CCM launches evolutional service with over 300 annual intelligence researches

CCM, a professional information provider specializing in market research and intelligence of agricultural,

chemical, life science industries across China, Asia Pacific and the world, recently announced that it will start to

provide an evolutional service with more than 300 annual intelligence researches of agriculture, chemicals and

life science products. The annual researches cover more than 300 product categories and are typical

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latest researches issued in January focus on approximately 20 varieties of products. A lot of industry leaders

believe that these products are likely to have an important impact on customers’ business and the development

of the related industries.

(Tel: +86-20-3761-6606 Fax: +86-20-3761-6968 Email:[email protected] Website: http://www.cnchemicals.com)

Market Report

>> Survey of Bio-pesticide Industry in China >> Pyrethroids Survey in China >> Production and Market of Paraformaldehyde in China >> Survey of Metolachlor in China >> Survey of Acetochlor in China

http://www.cnchemicals.com/

http://www.cnchemicals.com/ResearchCenter/Report/2277/Survey-of-Bio-pesticide-Industry-in-China-Edition(2)

http://www.cnchemicals.com/ResearchCenter/Report/2275/Pyrethroids-Survey-in-China-Edition(2)

http://www.cnchemicals.com/ResearchCenter/Report/2278/Production-and-Market-of-Paraformaldehyde-in-China-Edition(9)

http://www.cnchemicals.com/ResearchCenter/Report/2288/Survey-of-Metolachlor-in-China-Edition(2)

http://www.cnchemicals.com/ResearchCenter/Report/2287/Survey-of-Acetochlor-in-China-Edition(2)



3

>>Survey of Quizalofop-P-ethyl in China >> Survey of Diuron in China Newsletter related to Crop Protection

>> Herbicides China News

>> Crop Protection China Monthly Report >> Insecticides China News

>> Fungicides China News >> Glyphosate China Monthly Report >> Seed China News

http://www.cnchemicals.com/ResearchCenter/Report/2252/Survey-of-Quizalofop-P-ethyl-in-China-Edition(2)

http://www.cnchemicals.com/ResearchCenter/Report/2342/Survey-of-Diuron-in-China-Edition(2)

http://www.cnchemicals.com/Newsletter/NewsletterDetail_11.html

http://www.cnchemicals.com/ResearchCenter/Newsletter/2665/China-Crop-Protection-Monthly-Report-1307/2945

http://www.cnchemicals.com/ResearchCenter/Newsletter/1/Insecticides-China-News-1307/2823






4

Ranking of 21 domestic listed pesticide enterprises in 2013

Geographic distribution of listed pesticide enterprises

FIGURE 1: Geographic distribution of the listed pesticide enterprises in China, 2013

Source: CCM



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By revenue

On the whole, the listed pesticide enterprises in China had good performance in 2013: the total revenue of the

21 listed pesticide enterprises reached USD9,074.05 million, up 16.74% YoY; the respective revenue of

Nanjing Redsun and Zhejiang Wynca had passed USD1,000 million; Anhui Huaxing's YoY growth rate of total

revenue had reached as high as 319.49%; besides, there were only three enterprises suffering negative

growth.

TABLE 1: Revenue of 21 listed pesticide enterprises in China, 2013

No. Company Company abbreviation,

hereinafter

Revenue,

million USD

YoY growth

rate

1 Nanjing Redsun Co., Ltd. Nanjing Redsun 1,177.64 0.92%

2 Zhejiang Wynca Chemical Group Co., Ltd. Zhejiang Wynca 1,100.23 10.71%

3 Hebei Veyong Bio-Chemical Co., Ltd. Hebei Veyong 765.58 12.73%

4 Huapont-Nutrichem Co., Ltd. Huapont-Nutrichem 725.91 15.12%

5 Anhui Huaxing Chemical Industry Co., Ltd. Anhui Huaxing 643.09 319.49%

6 Lianhe Chemical Technology Co., Ltd. Lianhe Chemical 547.79 13.97%

7 Nantong Jiangshan Agrochemical

&Chemical Co., Ltd. Nantong Jiangshan 514.32 5.14%

8 Hubei Sanonda Co., Ltd. Sanonda 500.65 31.27%

9 Jiangsu Yangnong Chemical Co., Ltd. Jiangsu Yangnong 488.63 35.42%

10 Shandong Shengli Co., Ltd. Shandong Shengli 363.12 2.11%

11 Jiangsu Huifeng Agrochemical Co., Ltd. Jiangsu Huifeng 339.22 25.11%

12 Shenzhen Noposion Agrochemicals Co.,

Ltd. Noposion 282.24 8.64%

13 Hefei Fengle Seed Co., Ltd. Hefei Fengle 275.48 -8.10%

14 Zhejiang Shenghua Biok Biology Co., Ltd. Shenghua Biok 261.32 -2.72%

15 Jiangsu Changqing Agrochemical Co., Ltd. Jiangsu Changqing 255.11 23.43%

16 Lier Chemical Co., Ltd. Lier Chemical 234.25 12.70%

17 Jiangsu Lanfeng Bio-Chemical Co., Ltd. Jiangsu Lanfeng 223.14 8.16%

18 Hunan Haili Chemical Industry Co., Ltd. Hunan Haili 179.49 -7.18%

19 Zhejiang Qianjiang Biochemical Co., Ltd. Qianjiang Biochemical 78.41 8.11%

20 ABA Chemicals Corporation ABA Chemicals 66.83 36.35%

21 Zibo Wanchang Science and Technology

Co., Ltd. Zibo Wanchang 51.59 11.18%

Source: CCM and the annual reports of the 21 listed pesticide enterprises



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By net profit and operating profit

In terms of profit, the total net profit and operating profit of the 21 listed pesticide enterprises reached

USD717.83 million and USD851.80 million, up 32.86% and 57.70% YoY respectively.

Thereinto, 3 enterprises, namely Zhejiang Wynca, Sanonda and Nantong Jiangshan, saw YoY growth rate in

net profit surpassing 100%. Among them, Nantong Jiangshan, the largest glyphosate producer in China, had

enjoyed a growth rate of 775.22% in 2013, thanks to the boosting glyphosate market. The high growth rate of

the other two enterprises' net profit can also be attributed to their glyphosate business.

TABLE 2: Net profit and operating profit of 21 listed pesticide enterprises in China, 2013

No. Company

Net

profit,

million

USD

YoY

Share by

revenue

(net profit

rate)

Operating

profit,

million USD

YoY

Share by

revenue

(Operating

profit rate)

1 Hebei Veyong 128.24 4.98% 16.75% 155.65 11.38% 20.33%

2 Lianhe Chemical 73.80 23.50% 13.47% 85.59 20.71% 15.62%

3 Zhejiang Wynca 71.02 200.83% 6.46% 88.40 462.26% 8.03%

4 Jiangsu Yangnong 63.56 95.63% 13.01% 76.09 94.93% 15.57%

5 Nanjing Redsun 60.50 24.65% 5.14% 67.77 38.67% 5.75%

6 Sanonda 52.04 206.42% 10.39% 71.91 203.14% 14.36%

7 Huapont-Nutrichem 51.55 -14.51% 7.10% 62.59 -9.63% 8.62%

8 Nantong Jiangshan 49.24 775.22% 9.57% 62.45 750.71% 12.14%

9 Jiangsu Changqing 30.94 20.67% 12.13% 37.23 29.55% 14.59%

10 Noposion 28.96 35.05% 10.26% 29.85 64.32% 10.58%

11 Jiangsu Huifeng 26.52 23.94% 7.82% 33.08 33.26% 9.75%

12 Lier Chemical 18.67 -3.57% 7.97% 23.24 2.35% 9.92%

13 Zibo Wanchang 14.32 2.05% 27.75% 16.64 1.23% 32.26%

14 Shandong Shengli 9.19 -17.33% 2.53% 6.33 -123.67% 1.74%

15 Hefei Fengle 9.19 -17.33% 3.33% 8.74 -12.13% 3.17%

16 ABA Chemicals 7.15 -11.00% 10.69% 7.44 -13.62% 11.14%

17 Anhui Huaxing 7.08 -60.91% 1.10% 5.38 -68.77% 0.84%

18 Qianjiang

Biochemical 5.84 72.71% 7.45% 3.85 -126.82% 4.91%

19 Shenghua Biok 4.35 -9.43% 1.67% 3.12 -13.37% 1.20%

20 Jiangsu Lanfeng 3.40 -64.67% 1.53% 3.12 -72.31% 1.40%

21 Hunan Haili 2.27 -17.59% 1.26% 3.32 -34.06% 1.85%




7

By total assets

The scale of listed pesticide enterprises had also expanded in 2013. The total asset of the 21 listed pesticide

enterprises reached USD12,428.94 million in 2013, up 12.30% YoY. There were 4 enterprises with respective

total assets over USD1,000 million, 1 more compared with 2012. Nanjing Redsun continued to rank first by

company scale in 2013 with its total asset reaching USD1,676.25 million, up 1.46% YoY.

TABLE 3: Total assets of 21 listed pesticide enterprises in China, 2013

No. Company Closing balance, million USD Opening balance, million USD YoY

1 Nanjing Redsun 1,676.25 1,652.09 1.46%

2 Hebei Veyong 1,394.74 1,348.37 3.44%

3 Huapont-Nutrichem 1,243.72 963.12 29.13%

4 Zhejiang Wynca 1,177.26 1,177.82 -0.05%

5 Lianhe Chemical 748.55 625.98 19.58%

6 Jiangsu Huifeng 619.89 498.59 24.33%

7 Jiangsu Yangnong 592.15 518.03 14.31%

8 Shandong Shengli 567.74 516.38 9.95%

9 Nantong Jiangshan 532.22 527.54 0.89%

10 Anhui Huaxing 487.91 244.87 99.25%

11 Sanonda 440.44 391.20 12.59%

12 Jiangsu Lanfeng 420.98 379.17 11.03%

13 Noposion 419.36 328.08 27.82%

14 Shenghua Biok 378.23 360.24 5.00%

15 Jiangsu Changqing 369.62 319.52 15.68%

16 Hefei Fengle 325.00 299.82 8.40%

17 Lier Chemical 292.75 242.65 20.65%

18 Hunan Haili 286.54 231.68 23.68%

19 Qianjiang Biochemical 185.56 216.64 -14.35%

20 ABA Chemicals 144.19 107.76 33.81%

21 Zibo Wanchang 125.84 118.56 6.14%


By revenue and gross profit margin of pesticide business

Pesticide business contributed much to the performance of these listed pesticide enterprises in 2013. The total

sales revenue of the 20 listed pesticide enterprises' pesticide business (Sanonda is excluded) reached

USD4,721.10 million in 2013, up 11.91% YoY. The average gross profit margin of these enterprises' pesticide

business reached 24.95%, much higher than the operating profit rate of these enterprises (only 7.34%).

As for pesticide business, the revenue of pesticide business of Zhejiang Wynca and Huapont-Nutrichem

surpassed USD500 million; ABA Chemicals, a pesticide intermediate company, had the largest growth (with a



8

YoY growth rate of 68.87%) in pesticide business; only four companies suffered decline.

In terms of gross profit margin, Zibo Wanchang (a pesticide intermediate company) and Noposion (a pesticide

formulation company) enjoyed high gross profit margin——over 40%.

TABLE 4: Revenue and gross profit margin of 21 listed pesticides enterprises' pesticides business (including

pesticides intermediates), 2013

No. Company

Pesticide

revenue,

million USD

YoY

change

Share by

total

revenue

Gross profit

margin of

pesticides

YoY change,

percentage

points

1 Zhejiang Wynca 578.01 25.50% 52.54% 27.81% 15.81%

2 Huapont-Nutrichem 566.08 15.14% 77.98% 18.72% 0.41%

3 Nanjing Redsun 485.51 9.55% 41.23% 26.62% 6.08%

4 Jiangsu Yangnong 483.69 36.00% 98.99% 23.36% 5.16%

5 Lianhe Chemical 360.33 22.09% 65.78% 41.26% 0.10%

6 Nantong Jiangshan 351.25 22.04% 68.29% 36.80% 25.96%

7 Jiangsu Huifeng 336.16 25.74% 99.10% 25.82% 2.07%

8 Noposion 280.80 8.91% 99.49% 40.91% -0.27%

9 Jiangsu Changqing 253.57 23.78% 99.40% 26.63% 1.96%

10 Lier Chemical 225.83 14.29% 96.40% 23.05% -0.72%

11 Jiangsu Lanfeng 165.80 4.28% 74.30% 17.31% -1.34%

12 Hunan Haili 146.63 -9.79% 81.69% 23.72% -0.41%

13 Anhui Huaxing 125.31 -8.66% 19.49% 17.42% 3.28%

14 Shenghua Biok 117.34 26.37% 44.90% 16.76% 2.32%

15 Shandong Shengli 117.27 20.15% 32.30% 13.39% -1.37%

16 Hebei Veyong 110.06 10.10% 14.38% 19.47% 3.14%

17 Hefei Fengle 86.20 -8.91% 31.29% 12.81% 4.16%

18 ABA Chemicals 50.00 68.87% 74.81% 27.25% -4.22%

19 Qianjiang

Biochemical 45.03 5.13% 57.43% 27.13% 8.68%

20 Zibo Wanchang 41.62 2.09% 80.67% 42.32% -2.28%

21 Sanonda / / / / /

Note: Sanonda didn't separated its pesticide business from its agriculture-applied chemicals business in its annual

report.




9

By R&D investment

On the whole, the R&D investment of domestic listed pesticide enterprises is far from enough, and most of

them input less than 4% of the total revenue into R&D development, far lower than the average of foreign

agrochemical giants——8%.

TABLE 5: R&D investment of 21 listed pesticide enterprises in China, 2013

No. Company R&D investment, million USD YoY Share by total revenue

1 Zhejiang Wynca 29.05 64.19% 2.64%

2 Huapont-Nutrichem 23.27 103.02% 3.21%

3 Lianhe Chemical 22.18 25.36% 4.05%

4 Jiangsu Yangnong 18.15 26.85% 3.71%

5 Nanjing Redsun 13.71 0.00% 1.16%

6 Noposion 10.68 7.24% 3.78%

7 Jiangsu Changqing 10.34 16.12% 4.05%

8 Hefei Fengle 9.26 11.70% 3.34%

9 Jiangsu Huifeng 8.89 27.39% 2.26%

10 Hebei Veyong 8.41 -25.80% 1.63%

11 Lier Chemical 8.22 12.25% 3.51%

12 Jiangsu Lanfeng 6.93 8.39% 1.56%

13 Hunan Haili 5.55 -5.08% 3.09%

14 ABA Chemicals 5.09 23.30% 7.62%

15 Shenghua Biok 4.24 -23.91% 1.62%

16 Anhui Huaxing 4.17 -17.26% 0.65%

17 Shandong Shengli 3.97 85.07% 5.07%

18 Qianjiang Biochemical 2.91 -5.89% 3.71%

19 Zibo Wanchang 1.95 4.52% 3.79%

20 Nantong Jiangshan 1.64 -33.71% 0.32%

21 Sanonda 1.57 8.80% 0.31%




10

Analysis of listed pesticide enterprises

Nanjing Redsun

As one of the largest domestic pesticide enterprises, Nanjing Redsun enjoyed slight revenue growth in 2013,

up 0.92% YoY, reaching USD1,177.64 million. Compared with its revenue growth, the company's net profit

witnessed a larger increase hitting USD60.50 million, with a YoY growth of 24.65%. According to the statistics

from its annual reports over the past 5 years, Nanjing Redsun's revenue and net profit achieved great

development from 2011 to 2013, which was not brought by its business performance, but mainly by

reorganization, for instance, the completion of its asset reorganization with Nanjing No. 1 Pesticide Group Co.,

Ltd. in Sept. 2011.

Although Nanjing Redsun's pesticide business was still its second largest business by revenue, accounting for

42.20% of its total revenue, the gross profit margin of its pesticide business was only 26.62%, but still much

higher than that of its largest business——fertilizers (3.79%). Release of rigid demand, stricter environmental

policies, and rising price of intermediaries influenced by final award of the pyridine anti-dumping case in China

in 2013, altogether stimulated the prices of its major pesticides to continue to be at a high level. Meanwhile, its

pesticides were in short supply, which resulted in the increase of both gross profit and net profit of its pesticides.

In terms of its fertilizers, fast increase in cost, overcapacity, frequent control policies and intenser competition in

fertilizer industry brought relatively high pressure to Nanjing Redsun's fertilizer business and led to large

decrease of fertilizer price and gross margin.

FIGURE 2: Revenue and net profit of Nanjing Redsun, 2009-2013

Source: Nanjing Redsun



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FIGURE 3: Main business structure of Nanjing Redsun by revenue, 2013


TABLE 6: Revenue and gross profit margin of Nanjing Redsun by region, 2012 and 2013

Item 2012 2013

Domestic market Foreign market Domestic market Foreign market

Revenue,

million USD

1,085.24

66.33

1,001.16

149.32

Gross profit

margin 10.69% 8.43% 14.24% 11.47%


FIGURE 4: Revenue and gross profit margin of pesticide business of Nanjing Redsun, 2009-2013




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TABLE 7: Revenue from the top 5 customers of Nanjing Redsun, 2012 and 2013

No. 2012 2013

Revenue,million USD Share by total revenue Revenue, million USD Share by total revenue

1 69.53 5.96% 49.32 4.19%

2 33.04 2.83% 47.71 4.05%

3 33.70 2.89% 30.37 2.58%

4 31.91 2.73% 24.47 2.08%

5 30.62 2.62% 24.38 2.07%

Sub-total 198.80 17.04% 176.27 14.97%


Hebei Veyong

Hebei Veyong, a main abamectin producer in China, revealed that its revenue and net profit in 2013 reached

USD765.58 million and USD128.24 million, up 12.73% and 4.98% YoY respectively. The biggest event of Hebei

Veyong in 2013 was its asset reorganization with 3 other companies involved in energy and mining industry,

including ENN Mining Co., Ltd. (ENN Mining), ENN Energy Co., Ltd. (ENN Energy) and Inner Mongolia

Xinneng Energy Co., Ltd. These 3 companies became subsidiaries or sub-subsidiaries of Hebei Veyong from

2013.

Mainly due to its asset reorganization, the product structure of Hebei Veyong has been adjusted significantly

and later the revenue of its pesticide business only accounted for around 15% of its total revenue, ranking

fourth among its businesses. In 2013, Hebei Veyong's pesticide business achieved increasing growth in both

revenue and gross profit margin, up 10.1% and 3.14 percentage points YoY respectively. According to its

annual report, increasing pesticide sales volume, climbing pesticide price (mainly abamectin) and declining

cost of raw materials altogether boosted its pesticide business in 2013.

As for sales distribution, revenue from both overseas markets and the domestic market witnessed growth, up

13.17% and 24.73% respectively. Revenue from its domestic trade captured 89.07% of its total revenue.

Besides, Hebei Veyong revealed that its first-stage relocation project of pesticide and production lines of other

products, which started in 2012, had been completed and put into trial production. The project will help Hebei

Veyong expand its production scale, optimize its products structure, and lay the foundation for its future

development.



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FIGURE 5: Revenue and net profit of Hebei Veyong, 2009-2013

Source: Hebei Veyong

FIGURE 6: Main business structure of Hebei Veyong by revenue, 2013


TABLE 8: Revenue of Hebei Veyong by region, 2013

Region Revenue, million USD Growth rate

Domestic market 681.90 13.17%

Foreign market 63.22 24.73%




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FIGURE 7: Revenue and gross profit margin of pesticide business of Hebei Veyong, 2009-2013


TABLE 9: Revenue from the top 5 customers of Hebei Veyong, 2012 and 2013

No. 2012 2013

Revenue, million USD Share by total revenue Revenue, million USD Share by total revenue

1 33.34 4.91% 59.13 7.72%

2 25.25 3.72% 25.84 3.37%

3 8.74 1.29% 24.87 3.25%

4 8.60 1.27% 23.74 3.10%

5 7.46 1.10% 23.31 3.04%

Sub-total 83.40 12.28% 156.89 20.49%


Sanonda

Sanonda had satisfying performance in 2013. Its revenue and net profit witnessed a large growth in this period,

reaching USD500.65 million and USD52.04 million, up 31.27% and 206.42% respectively over 2012. The net

profit of USD54.73 million was considered a significant achievement, compared with its relatively poor

performance in 2009-2012.

Sanonda explains that the significantly increasing profit in 2013 was majorly attributed to its best-selling key

products, among which chemical pesticides, including orthene, glyphosate paraquat, acephate, PMIDA,

spermine, etc. were produced at full capacity. At the same time, prices of its key products climbed greatly, also

facilitating the company's performance growth.

Sanonda's agrochemical products (including pesticide and fertilizer), also its main business, achieved a

revenue of USD503.69 million, up 32.6% YoY. Thereinto, the output of pesticide were 62,100 tonnes, up 25.7%



15

over last year.

In 2013, R&D expenses stood at USD1.57 million, accounting for 0.31% of its total revenue. It also enhanced

product registration: registration of its 24 products was renewed, 5 were newly registered domestically and

another 6 were newly registered abroad.

FIGURE 8: Revenue and net profit of Sanonda, 2009-2013

Source: Sanonda

FIGURE 9: Main business structure of Sanonda by revenue, 2013

Source: Sanonda



16

TABLE 10: Revenue and gross profit margin of Sanonda by regions, 2012 and 2013

Item 2012 2013


Revenue, million

USD

182.05

168.91

239.55

239.72

Cost of sales,

million USD

148.58

145.46

178.82

187.16

Gross profit

margin 18.39% 13.88% 25.35% 21.92%

Source: Sanonda

TABLE 11: Revenue from the top 5 customers of Sanonda, 2012 and 2013

No. 2012 2013


1 26.26 6.88% 44.91 8.97%

2 15.11 3.96% 20.43 4.08%

3 13.21 3.46% 16.94 3.38%

4 10.77 2.82% 14.64 2.92%

5 10.39 2.73% 12.94 2.58%

Sub-total 75.74 19.86% 109.86 21.94%

Source: Sanonda

Hunan Haili

Hunan Haili was one of those who did not have favourable performance in 2013: its revenue decreased to

USD179.49 million, down by 7.18% YoY; its net profit also witnessed an decrease of 17.59% YoY, hitting

USD2.27 million in 2013; its net profit rate was low——only 1.26%.

The change of Hunan Haili's major business, namely pesticides business, is the major factor for the decline.

The revenue of pesticide business was only USD146.63 million in 2013, down 9.79% YoY. Beside, the gross

profit margin of it declined slightly to 23.72%, down 0.41 percentage points YoY. Affected by the overall excess

capacity in pesticide industry as well as prohibition and limit on high toxic pesticides in 2013, the production and

sales of some pesticide products and intermediates were suspended, so the sales of them fall significantly; the

price also showed a down trend, and the capacity could not be effectively utilized.

Hunan Haili invested USD5.55 million on R&D, accounting for 3.09% of its total revenue.

Hunan Haili's pesticide projects progressed well in 2013: the production capacity of new installations of pirimor

and benfuracarb had reached the designed requirement, so had the product quality; the pilot-scale study of

thiodicarb, thiazole and thiamethoxam, etc. had been completed successfully; the new and high quality carbaryl

and thiamethoxam products had been officially registered.



17

FIGURE 10: Revenue and net profit of Hunan Haili, 2009-2013

Source: Hunan Haili

FIGURE 11: Main business structure of Hunan Haili by revenue, 2013

Source: Hunan Haili



18

FIGURE 12: Revenue and gross profit margin of pesticide business of Hunan Haili, 2009-2013

Source: Hunan Haili

TABLE 12: Revenue of Hunan Haili by regions, 2013


Hunan Province 60.86 -21.07%

Jiangxi Province 23.17 34.92%

Hebei Province 13.10 25.54%

Foreign market 81.91 -7.06%

Source: Hunan Haili

TABLE 13: Revenue from the top 5 customers of Hunan Haili, 2012 and 2013

No. 2012 2013


1 45.81 24.32% 34.48 19.34%

2 8.24 4.38% 8.98 5.04%

3 7.67 4.07% 4.83 2.71%

4 7.44 3.95% 4.77 2.68%

5 5.84 3.10% 4.68 2.63%

Sub-total 75.00 39.82% 57.73 32.39%

Source: Hunan Haili

Huapont-Nutrichem

The revenue and net profit of Huapont-Nutrichem hit a new record in 2013, reaching USD725.91 million and

USD51.55 million, up 15.12% and down 14.51% YoY respectively. The revenue kept a stable increase, but the

net profit had dropped because of the extraordinary items. It had additional profit of USD13.32 million from

stocks of Western Securities Co., Ltd. it owned in 2012, while it had no profit from this investment in 2013.



19

Specially, the company revealed that the large growth in revenue in 2012 was mainly ascribable to the pesticide

subsidiary, Nutrichem Laboratory Co., Ltd. (Nutrichem). Nutrichem merged by Chongqing Huapont Pharm Co.,

Ltd. by exchanging shares in 2011.

The good performance and stable development of its businesses contributed to the increase of its revenue in

2013. As for the main business structure, revenue of its pesticide products reached approximately USD566.08

million, with a YoY increase of 15.14%, accounting for 77.98% of the total revenue. Notably, pesticide business

has become the largest business of Huapont-Nutrichem at present.

According to its annual report, major construction projects concerning pesticides included technique renovation

projects (1,500t/a tebuthiuron, 1,200t/a clethodim and 800t/a thiodicarb), production projects (600t/a

azoxystrobin, 900t/a sulcotrione/mesotrione and 3,500t/a pesticide formualtions), Nutrichem Technology R&D

Centre, etc.

FIGURE 13: Revenue and net profit of Huapont-Nutrichem, 2009-2013

Source: Huapont-Nutrichem



20

FIGURE 14: Main business structure of Huapont-Nutrichem by revenue, 2013


TABLE 14: Revenue and gross profit margin of Huapont-Nutrichem by region, 2012 and 2013

Item 2012 2013


Revenue

217.23

408.01

240.21

478.72

Cost of sales

86.41

381.44

99.00

430.91

Gross profit

margin 60.22% 6.51% 58.78% 9.99%


TABLE 15: Revenue and gross profit margin of pesticide business of Huapont-Nutrichem, 2012 and 2013

Year Revenue, million USD Gross profit margin

2012 491.64 18.31%

2013 566.08 18.72%




21

TABLE 16: Revenue from the top 5 customers of Huapont-Nutrichem, 2012 and 2013

No. 2012 2013


1 98.62 15.64% 85.33 11.75%

2 45.94 7.28% 62.60 8.62%

3 42.07 6.67% 47.70 6.57%

4 37.40 5.93% 40.08 5.52%

5 22.11 3.51% 21.62 2.98%

Sub-total 246.14 39.03% 257.33 35.44%


Nantong Jiangshan

As one of the largest glyphosate manufacturers in China, Nantong Jiangshan benefited much from the

prosperous glyphosate market in 2013. Its total revenue and net profit in 2013 reached USD514.32 million and

USD49.24 million, up 5.14% and 775.22% respectively compared with 2012.

The achievement of Nantong Jiangshan can be attributed to the recovery and flourish of the whole glyphosate

industry since mid-2012. Owing to the rise in both price and sales volume in 2013, the revenue from its

glyphosate products hit USD304.52 million, up 21.37% year on year, with a gross profit margin of 30.40%.

Besides, some chemical intermediates produced by the company also witnessed good performances.

In 2013, Nantong Jiangshan invested USD1.64 million on R&D, accounting for 0.32% of its total revenue, down

33.71% year on year.

FIGURE 15: Revenue and net profit of Nantong Jiangshan, 2009-2013

Source: Nantong Jiangshan



22

FIGURE 16: Main business structure of Nantong Jiangshan by revenue, 2013


TABLE 17: Revenue of Nantong Jiangshan by region, 2013


Domestic market 228.07 -10.09%



FIGURE 17: Revenue and gross profit margin of pesticide business of Nantong Jianshan, 2009-2013




23

TABLE 18: Revenue from the top 5 customers of Nantong Jiangshan, 2012 and 2013

No. 2012 2013


1 137.48 28.11% 216.11 42.02%

2 35.95 7.35% 18.20 0.01%

3 32.12 6.57% 15.71 3.06%

4 32.12 6.57% 14.57 2.83%

5 15.84 3.24% 14.09 2.74%

Sub-total 253.51 51.84% 278.68 54.16%


Jiangsu Yangnong

As the largest pyrethroids pesticide manufacturer in China, Jiangsu Yangnong, enjoyed thriving business in

2013. According to its annual report, its revenue and net profit in 2013 gained a YoY growth of 35.42% and

95.63%, reaching USD488.63 million and USD63.56 million respectively. It is worth mentioning that its net profit

in 2013 almost doubled. The board of the company attributed the excellent performance to the increasing sales

volume and price of some products: in 2013, the sales volume its pesticides increased by 17.1% and the gross

profif margin increased by 5.16 percentage points.

In detail, insecticide still ranked first by revenue among businesses in the company in 2013——USD243.81

million, increasing by 30.63% YoY. In the aspect of herbicide, glyphosate played an important role in its

herbicide products. Jiangsu Yangnong as the largest pyrethroids pesticide manufacture in China, witnessed its

output and revenue ranking first among its counterparts in this industry domestically, with an obvious cost

advantage because it has an entire industry chain.

The R&D investment of Jiangsu Yangnong in 2013 was USD18.15 million, accounting for 3.71% of its total

revenue. It had developed five new products successfully; in terms of formulations, three formulations had

realized their production and sales; besides, some processing or formulations have been optimized; etc.

In the period reported, the company found a new subsidiary in Jiangsu Rudong Costal Economic Development

Zone. The subsidiary had approved 4 projects (including the project of 5000 t/a dicamba) in 2013, and will start

construction in 2014.



24

FIGURE 18: Revenue and net profit of Jiangsu Yangnong, 2009-2013

Source: Jiangsu Yangnong

FIGURE 19: Main business structure of Jiangsu Yangnong by revenue, 2013


TABLE 19: Revenue of Jiangsu Yangnong by region, 2013







25

TABLE 20: Revenue from the top 5 customers of Jiangsu Yangnong, 2012 and 2013

No. 2012 2013


1 137.12 38.00% 195.49 40.01%

2 23.63 6.55% 29.84 6.11%

3 19.73 5.47% 26.92 6.51%

4 14.97 4.15% 21.94 4.49%

5 9.84 2.73% 19.86 4.06%

Sub-total 205.29 56.90% 294.05 60.18%


Noposion

Noposion, the largest pesticide formulation enterprise in China, announced that both its revenue and net profit

in 2013 achieved growth, reaching USD282.24 million and USD28.96 million, up 8.64% and 35.05% YoY.

Compared with the growth rate of revenue, that of the net profit in 2013 seems to have been more satisfying,

because the main cost of sales such as distribution expenses, administrative expenditure and financial costs of

the company, respectively decreased by 5.81%, 1.63% and 1122.41% over 2012.

With regard to its product structure by sales in 2013, the revenue of Noposion's insecticide witnessed a decline

in 2013, down by 4.46% YoY, but its insecticide's revenue was still ahead of fungicide's and herbicide's in the

same period. The gross profit margins of herbicides in 2013 dropped, down by 4.22 percentage points YoY.

Noposion attributed this decrease to the high costs of herbicide upstream products, namely herbicide technical

(TC), such as paraquat TC and glyphosate TC.

The domestic market has always been the source of revenue for Noposion. From 2012, Noposion started to

pay attention to overseas trade and achieved an export value of USD0.85 million in 2012, and slightly

increased to USD1.01 million in 2013.

In 2013, its investment on R&D stood at USD10.68 million, up 7.24% YoY, accounting for 3.78% of total

revenue.



26

FIGURE 20: Revenue and net profit of Noposion, 2009-2013

Source: Noposion

FIGURE 21: Main business structure of Noposion by revenue, 2013

Source: Noposion



27

FIGURE 22: Revenue and gross profit margin of pesticide formulation business of Noposion, 2009-2013

Source: Noposion

TABLE 21: Revenue and gross profit margin of Noposion by region, 2012 and 2013

Regions 2012 2013

Revenue Gross profit margin Revenue Gross profit margin

Domestic market

Northeast 18.16 36.74% 22.03 24.48%

North China 21.33 49.64% 22.82 26.17%

East China 78.16 43.85% 81.38 39.45%

South China 51.01 40.87% 53.56 55.91%

Central China 27.19 37.62% 29.06 25.23%

Northwest 19.05 39.70% 25.74 43.82%

Southwest 40.33 38.12% 45.20 50.22%

Foreign market 2.59 24.02% 1.01 15.69%

Source: Noposion

TABLE 22: Revenue from the top 5 customers of Noposion, 2012 and 2013

No. 2012 2013


1 3.34 1.29% 11.24 3.98%

2 1.78 0.69% 3.11 1.10%

3 1.45 0.56% 2.02 0.71%

4 1.14 0.44% 1.23 0.44%

5 1.12 0.43% 1.21 0.43%

Sub-total 8.83 3.41% 18.81 6.66%

Source: Noposion



28

Lianhe Chemical

The revenue and net profit of Lianhe Chemical, a listed pesticide and pharmaceutical intermediate manufacture

in China, respectively reached USD547.79 million and USD73.80 million in 2013, up 13.97% and 23.50%

compared with 2012. The board of the company attributed the increase in revenue in 2013 to the growth of its

chemicals business, especially pesticide intermediate business (revenue of its pesticide intermediate business

reached USD360.33 million, up 22.09% YoY).

About 88.03% of Lianhe Chemical's projects, namely 300 t/a of chun amine, 300 t/a of fluconazole acid and 200

t/a of cyclopropane pyrimidine acid, had been finished, and are expected to start production from June 2014.

In 2013, Lianhe Chemical invested USD22.18 million on R&D, which accounted for 4.05% of its total revenue,

up 25.36% YoY.

FIGURE 23: Revenue and net profit of Lianhe Chemical, 2009-2013

Source: Lianhe Chemical



29

FIGURE 24: Main business structure of Lianhe Chemical by revenue, 2013


TABLE 23: Revenue of Lianhe Chemical by region, 2013


Industrial business


Europe 113.43 60.22%

The US 164.51 -6.20%

Asia 47.65 4.74%

Sub-total 452.27 19.33%

Trade business



Sub-total 95.51 -6.02%


FIGURE 25: Revenue and gross profit margin of pesticide intermediates business of Lianhe Chemical, 2009-2013




30

TABLE 24: Revenue from the top 5 customers of Lianhe Chemcial, 2012 and 2013

No. 2012 2013


1 99.00 20.60% 100.60 18.36%

2 65.79 13.69% 85.35 15.58%

3 60.39 12.56% 77.84 14.21%

4 58.55 12.18% 33.55 6.12%

5 22.85 4.75% 28.96 5.29%

Sub-total 306.58 63.78% 326.30 59.56%


Shandong Shengli

In 2013, Shandong Shengli gained a revenue of USD363.12 million, down 2.11% YoY. Compared with the

company's poor performance in 2012, the net profit of the company increase to USD 8.27 million in 2013.

Shandong Shengli ascribes this to the income of the land purchasing and storage from Qingdao Shengtong

Property Development Co., Ltd. (a joint stock company of Shandong Shengli) and cutting losses of traditional

business.

Specially, petroleum products business was still seen as the leading business for Shandong Shengli, though its

revenue suffered a decrease, down 18.67% YoY; pesticide business had a good performance in 2013, and its

revenue ranked first among all its businesses, up 20.15%; its biological product business still suffered a loss in

2013, though the situation had become better.

In the period reported, Shandong Shengli had invested USD3.97 million on R&D, up 85.07% YoY, mainly for

technology and processing improvement and development of new products, etc.

FIGURE 26: Revenue and net profit of Shandong Shengli, 2009-2013

Source: Shandong Shengli



31

FIGURE 27: Main business structure of Shandong Shengli by revenue, 2013


TABLE 25: Revenue and gross profit margin of Shandong Shengli by region, 2012 and 2013

Region

2012 2013

Revenue, million

USD

Gross profit

margin

Revenue, million

USD

Gross profit

margin

Domestic

market 337.13 8.92% 344.51 9.37%

Foreign market 16.70 0.39% 16.60 5.93%


FIGURE 28: Revenue and gross profit margin of pesticide business of Shandong Shengli, 2010-2013




32

TABLE 26: Revenue from the top 5 customers of Shandong Shengli, 2012 and 2013

No.

2012 2013

Revenue, million

USD

Share by total

revenue

Revenue, million

USD

Share by total

revenue

1 103.54 29.12% 55.80 15.47%

2 11.59 3.26% 30.90 8.57%

3 5.76 1.62% 5.42 1.50%

4 5.72 1.61% 4.82 1.34%

5 3.61 1.02% 4.31 1.19%

Sub-total 130.22 36.63% 101.25 28.07%


Jiangsu Huifeng

As a pesticide enterprise, Jiangsu Huifeng's revenue and net profit reached about USD339.22 million and

USD26.52 million in 2013, up 25.11% and 23.94% YoY respectively. The cost reduction and expansion of

overseas markets contributed much to the good performance of the company.

Specifically, as one of the largest domestic fungicide producers, Jiangsu Huifeng's fungicide business had the

largest share (by revenue) and highest gross profit margin——40.76% compared with its other business.

Thanks to the prosperous herbicide market, its herbicides and intermediates had high YoY growth rate (by

revenue)——23.83% and 87.73% respectively.

In the period reported, Jiangsu Huifeng invested USD8.89 million on R&D, accounting for 2.26% of the total

revenue, up 27.39% YoY.

In 2013, its 3,000 t/a prochloraz technical project had been finished in May 2013 and consequetly realized

USD16.72 million by revenue and USD 2.11 million by net profit, which was higher than expected; the 1,000 t/a

epoxiconazole technical project also had been finished, realizing USD41.87 million by revenue and USD 4.82

million by net profit, much higher than expected; the process of the project, namely13,000 t/a pesticide

formulations, is slightly slower than expected, and is estimated to be finished in June 2014.



33

FIGURE 29: Revenue and net profit of Jiangsu Huifeng, 2009-2013

Source: Jiangsu Huifeng

FIGURE 30: Main business structure of Jiangsu Huifeng by revenue, 2013




34

TABLE 27: Revenue and gross profit margin of Jiangsu Huifeng by region, 2012 and 2013

Region

2012 2013

Revenue, million

USD

Gross profit

margin

Revenue, million

USD

Gross profit

margin

Domestic

market 168.64 24.87% 178.47 15.56%

Foreign market 98.88 21.88% 157.69 37.18%


FIGURE 31: Revenue and gross profit margin of pesticide business of Jiangsu Huifeng, 2009-2013


TABLE 28: Revenue from the top 5 customers of Jiangsu Huifeng, 2012 and 2013

No. 2012 2013


1 59.59 21.98% 84.97 25.05%

2 33.42 12.33% 41.34 12.19%

3 23.24 8.57% 26.70 7.87%

4 4.66 1.72% 7.94 2.34%

5 4.49 1.65% 5.31 1.56%

Sub-total 125.40 46.25% 166.26 49.01%


Shenghua Biok

Both the revenue and net profit of Shenghua Biok suffered a decline in 2013——respectively USD261.32

million and USD4.35 million, down 2.72% and 9.43% respectively. This decline was mainly because of the

following reasons: overcapacity and weak demand in zirconium industry; declining demand for veterinary drugs



35

due to the outbreak of bird flu; decrease in the prices and sales volumes of some of its products; rise of the

labor cost and environmental protection cost in 2013.

Specially, revenue of this company's pesticide business had reached USD117.34 million, up 26.37% YoY,

thanks for the recovery of global pesticide market. In 2013, the increasing demand for herbicides from dry land

cropping in South America brought in the rebound of pesticide industry: the price of the company's traditional

competitive product, namely dicamba, had increased to some extent; as the intermediate of glyphosate, PMIDA

enjoyed prosperity with price rising gradually, and the sales volume of it also doubled in 2013.

In 2013, Shenghua Biok invested USD4.24 million on R &D, accounting for 1.62% of the total revenue.

FIGURE 32: Revenue and net profit of Shenghua Biok, 2009-2013

Source: Shenghua Biok

FIGURE 33: Main business structure of Shenghua Biok by revenue, 2013




36

TABLE 29: Revenue of Shenghua Biok by region, 2013



Foreign market 92.04 -24.12%


FIGURE 34: Revenue and gross profit margin of pesticide business of Shenghua Biok, 2009-2013


TABLE 30: Revenue from the top 5 customers of Shenghua Biok, 2012 and 2013

No. 2012 2013


1 10.04 3.74% 17.41 6.66%

2 6.64 2.47% 9.43 3.61%

3 5.49 2.04% 6.76 2.59%

4 3.61 1.34% 6.67 2.55%

5 3.44 1.28% 6.38 2.44%

Sub-total 29.22 10.87% 46.65 17.85%


Jiangsu Changqing

Jiangsu Changqing has maintained rapid growth in both revenue and net profit since it started to issue shares

in China in 2010. It witnessed revenue and net profit of USD255.11 million and USD30.94 million respectively in

2013, up 23.43% and 20.67% compared with 2012, thanks to its major products' advantages in both capacity

and eco-friendliness, as well as flourishing pesticide market in China.



37

Compared with its veterinary business, Jiangsu Changqing's pesticide business continues to be dominant,

capturing 99.40% of total revenue in 2013. The revenue and gross profit margin of pesticide business reached

USD253.57 million and 26.63%, up 23.78% and 1.96 percentage points respectively. Specially, herbicides

especially fomesafen and insecticides especially imidacloprid were in great demand in 2013, and these

contributed much to the revenue increase.

In 2013, the company invested USD10.34 million on R&D, up 16.12% YoY, accounting for 4.05% of its total

revenue. Besides, the 2,000 t/a dicamba project had been completed and put into production formally.

FIGURE 35: Revenue and net profit of Jiangsu Changqing, 2009-2013

Source: Jiangsu Changqing

FIGURE 36: Main business structure of Jiangsu Changqing by revenue, 2013




38

TABLE 31: Revenue and gross profit margin of Jiangsu Changqing by region, 2012 and 2013

By region

2012 2013

Revenue, million

USD

Gross profit

margin

Revenue, million

USD

Gross profit

margin

Self-support export 108.19 27.34% 108.30 32.08%

Export by agents 30.06 15.20% 48.44 16.93%

East China 46.33 24.94% 70.36 26.47%

Northeast 7.87 24.96% 8.33 26.02%

South and Central

China 6.75 25.79% 10.88 21.15%

North China 3.26 16.86% 4.65 19.12%

Northwest 2.29 20.99% 1.92 19.61%

Southwest 0.87 26.79% 1.38 23.10%


FIGURE 37: Revenue and gross profit margin of pesticide formulation business of Jiangsu Changqing, 2009-2013


TABLE 32: Revenue from the top 5 customers of Jiangsu Changqing, 2012 and 2013

No. 2012 2013


1 49.18 23.80% 63.00 24.70%

2 27.10 13.11% 36.15 14.17%

3 26.42 12.78% 27.39 10.74%

4 16.59 8.03% 21.66 8.49%

5 9.81 4.75% 11.55 4.53%

Sub-total 129.10 62.47% 159.75 62.63%




39

Lier Chemical

The total revenue and net profit of Lier Chemical were USD234.25 million and USD18.67 million in 2013, up

12.70% and down 3.57% respectively. The increase of total revenue is attributed to the rising of sales volume

while the decline of net profit was because of the capacity constraint, intense competition and the decrease of

government subsidy.

In 2013, Lier Chemical invested USD8.22 million on R&D research, up 12.25% YoY, accounting for 3.51% of

the total revenue. These funding were used in the following aspects: technology improvement for major

products (such as clopyralid and picloram); technology improvement on glufosinate and epoxiconazole

production to raise output and reduce production cost; development of new products.

Besides, in view of market recovery, the company restarted the production line construction of 10,000 t/a

glyphosate technical, and has been in operation since Q4 2013. The relocation project and technological

upgrade of phosgene and its relative products had stepped into installation and final stage.

FIGURE 38: Revenue and net profit of Lier Chemical, 2009-2013

Source: Lier Chemical



40

FIGURE 39: Main business structure of Lier Chemical by revenue, 2013


TABLE 33: Revenue and gross profit margin of Lier Chemical by region, 2012 and 2013

By regions

2012 2013

Sales revenue, million

USD

Gross profit

margin

Sales revenue, million

USD

Gross profit

margin

Foreign market 123.29 26.43% 125.21 26.22%

Domestic

market 74.31 19.36% 100.62 19.11%


FIGURE 40: Revenue and gross profit margin of pesticide formulation business of Lier Chemical, 2009-2013




41

TABLE 34: Revenue from the top 5 customers of Lier Chemical, 2012 and 2013

No.

2012 2013

Revenue, million

USD

Share by total

revenue

Revenue, million

USD

Share by total

revenue

1 N/A N/A 33.71 14.39%

2 N/A N/A 25.82 11.02%

3 N/A N/A 10.89 4.65%

4 N/A N/A 7.81 3.33%

5 N/A N/A 7.29 3.11%

Sub-total 82.56 39.72% 85.52 36.50%


Jiangsu Lanfeng

As a pesticide manufacturer mainly engaged in fungicides, Jiangsu Lanfeng experienced a revenue increase of

8.16% YoY, reaching USD223.14 million in 2013, thanks for production expansion and the increase of sales

volume. However, its net profit decreased obviously, down 64.67% YoY. In fact, Jiangsu Lanfeng's net profit

also witnessed a large decline in 2011 and 2012, although its revenue kept upward in the corresponding period.

The low operation rate of the company's large-tonnage products and disorderly competition were main reasons

for this.

In detail, its pesticide business in 2013 maintained an upward trend by revenue, reaching USD165.80 million,

up 4.28% YoY, while the gross profit margin suffered a slight drop, down 1.34 percentage points YoY. Thereinto,

the revenue of both insecticide and fungicide had increased by 9.63% and 2.53% YoY, while that of its herbicide

business had decreased by 4.69%.

Some fund-raising projects of Jiangsu Lanfeng in 2013 did not achieve the objectives:

- Acephate technical and formulation project: it aimed to sale 3,000 tonnes (by technical), while the real sales

volume was only 1,030.5 tonne. The company attributed this to intense competition.

- Diuron project: both the sales volume and the real gross profit margin were lower than that expected. And

intense competition, price decrease of diuron and price increase of raw materials were the main reasons for

this.

- Cypermethrin project: the sales volume was less than that expected because of intense competition.

- Sulfuric acid project: largely price decrease, price increase of raw material were the main reasons for the loss.

In 2013, Jiangsu Lanfeng invested USD6.93 million on R&D, down 8.39% YoY.



42

FIGURE 41: Revenue and net profit of Jiangsu Lanfeng, 2009 -2013

Source: Jiangsu Lanfeng

FIGURE 42: Main business structure of Jiangsu Lanfeng by revenue, 2013


TABLE 35: Revenue and gross profit margin of Jiangsu Lanfeng by region, 2012 and 2013

By region 2012 2013

YoY growth rate Revenue, million USD Revenue, million USD

Foreign market 140.57 157.46 12.02%

Domestic market 65.74 64.12 -2.46%




43

FIGURE 43: Revenue and gross profit margin of pesticide business of Jiangsu Lanfeng, 2010-2013


TABLE 36: Revenue from the top 5 customers of Jiangsu Lanfeng, 2012 and 2013

No.

2012 2013

Revenue, million

USD

Share by total

revenue

Revenue, million

USD

Share by total

revenue

1 15.32 7.43% 23.06 10.33%

2 12.93 6.27% 13.39 6.00%

3 12.07 5.85% 11.03 4.94%

4 12.05 5.84% 8.87 3.98%

5 9.71 4.71% 5.24 2.35%

Sub-total 62.08 30.10% 61.59 27.60%


Anhui Huaxing

Anhui Huaxing, a listed herbicide and insecticide manufacturer in China, experienced great achievements in

revenue——USD643.09 million, up 319.49% YoY, thanks to the satisfying performance of its fertilizer business.

In 2013, the revenue from fertilizer business reached USD515.82 million, up 6015.75% compared with that in

2012.

However, the net profit of the company suffered a decrease——only USD7.08 million, down 60.91% YoY. The

reason for this decrease is not the bad operating performance in 2013, but the additional transaction fund from

stock right transfer in 2012 (According to the financial report in 2012, Anhui Huaxing signed a contract with a

domestic trading company transacting the whole stocks (51% of total shares) of one of its controlling

subsidiaries, namely Anhui Huaxing Construction Investment Co., Ltd. The transaction contributed about

USD17.12 million to Anhui Huaxing's profit in 2012.). Excluding the extraordinary gains or losses, the net profit



44

attributable to the parent company had a large rise in 2013, thanks for price rising of the company's leading

product-glyphosate.

Though the share of pesticide business (by revenue) in 2013 is only 19.52%, pesticide business will still be the

dominant business for Anhui Huaxing. Before 2013, the share of pesticide business (by revenue) was always

more than 90%.

FIGURE 44: Revenue and net profit of Anhui Huaxing, 2009-2013

Source: Anhui Huaxing

FIGURE 45: Main business structure of Anhui Huaxing by revenue, 2013




45

TABLE 37: Revenue and gross profit margin of Anhui Huaxing by region, 2012 and 2013

Region

2012 2013

Revenue, million

USD

Gross profit

margin

Revenue, million

USD

Gross profit

margin

Domestic

market 77.27 13.91% 586.88 2.88%

Foreign market 59.92 14.43% 54.96 19.76%


FIGURE 46: Revenue and gross profit margin of pesticide business of Anhui Huaxing, 2009-2013


TABLE 38: Revenue from the top 5 customers of Anhui Huaxing, 2012 and 2013

No. 2012 2013


1 13.08 8.53% 133.25 20.72%

2 5.55 3.62% 80.85 12.57%

3 5.33 3.48% 56.04 8.72%

4 5.24 3.42% 40.85 6.35%

5 4.29 2.80% 34.21 5.32%

Sub-total 33.49 21.85% 345.21 53.68%


Hefei Fengle

As for Hefei Fengle, its overall sales performance in 2013 was poorer than that in 2012. Its total revenue in

2013 valued at USD275.48 million, down by 8.10% YoY. What is worse, the company's net profit in 2013 was

only USD9.19 million, almost the lowest over the past 5 years. The company attributed this mainly to the rising



46

cost of seed business and the loss in auxiliary business (such as spice business, hotel service business, etc.).

In recent years, Hefei Fengle's agrochemical business (mainly refer to pesticides), which is operated by one of

its wholly-owned subsidiaries, namely Anhui Fengle Agrochemical Co., Ltd., has been one of its operating

revenue sources. In 2013, Hefei Fengle's agrochemical revenue accounted for 31.29% of total revenue, but it

has experienced a decline of 8.91% YoY. According to Hefei Fengle, the main reason for the decreasing

revenue in 2013 was attributed to the limitation of its pesticide production by the stricter environmental policies

in China. However, the gross profit margin of its agrochemical products was 12.81% in 2013, up 4.16

percentage points over that in 2012.

The company invested USD9.26 million on R&D in 2013, accounting for 3.34% of its total revenue, down 11.70%

YoY.

FIGURE 47: Revenue and net profit of Hefei Fengle, 2009-2013

Source: Hefei Fengle

FIGURE 48: Main business structure of Hefei Fengle by revenue, 2013




47

TABLE 39: Revenue and gross profit margin of Hefei Fengle by region, 2012 and 2013

Region

2012 2013

Revenue, million

USD

Gross profit

margin

Revenue, million

USD

Gross profit

margin

Domestic

market 245.16 21.91% 230.10 19.57%

Foreign market 54.60 9.56% 45.38 0.22%


FIGURE 49: Revenue and gross profit margin of pesticide business of Hefei Fengle, 2009-2013


TABLE 40: Revenue from the top 5 customers of Hefei Fengle, 2012 and 2013

No. 2012 2013


1 17.42 5.81% 9.14 3.32%

2 14.33 4.78% 6.66 2.42%

3 7.55 2.52% 4.85 1.76%

4 5.68 1.90% 3.64 1.32%

5 5.35 1.78% 3.28 1.19%

Sub-total 50.33 16.79% 27.57 10.01%


Qianjiang Biochemical

Qianjiang Biochemical, a leading producer of jinggangmycin and gibberellic acid in China, achieved good

performance in 2013. Specifically, its revenue climbed to around USD78.41 million in 2013, up 8.11%

compared with that of last year. And its net profit increased to USD5.84 million, 72.71% higher YoY.



48

According to Qianjiang Biochemical, the noticeable growth of its revenue and profit in the period was mainly

attributed to the recovery of most of its production capacity at the end of 2012 after the launch of its new

production lines in its third factory. Previously, the second factory of Qianjiang Biochemical was shut down due

to severe pollution generated in the production process, which impacted the production and sales of the

company in 2012. Meanwhile, through this relocation of production capacity of its third factory, Qianjiang

Biochemical optimized its product structure, strengthening the production of pesticide and veterinary

formulations.

It is well-known that Qianjiang Biochemical is mainly engaged in the production and sales of pesticides,

veterinary drugs, supply of steam and electric power. As the largest business of the company, pesticide

products recorded an increase of 5.13% year on year to about USD45.03 million in revenue in 2013,

accounting for 57.43% of the company's total revenue. In addition, the gross profit margin of pesticide products

rose to 27.13% in 2013, up 8.68 percentage points year on year, which improved its overall performance to a

great extent. The performance of veterinary drug business was the largest highlight, with revenue increased by

99.82%. The sales of other businesses (including steam, chemical compound T, electric power, etc.), were all

more or less lower compared with 2012.

In 2013, Qianjiang Biochemical invested USD2.91 million on R&D, accounting for 3.71% of the total revenue,

down 5.89% YoY.

FIGURE 50: Revenue and net profit of Qianjiang Biochemical, 2009-2013

Source: Qianjiang Biochemical



49

FIGURE 51: Main business structure of Qianjiang Biochemical by revenue, 2013


TABLE 41: Revenue of Hefei Fengle by region, 2013

Regions Revenue, million USD Growth rate




FIGURE 52: Revenue and gross profit margin of pesticide business of Qianjiang Biochemical, 2009-2013




50

TABLE 42: Revenue from the top 5 customers of Qianjiang Biochemical, 2012 and 2013

No. 2012 2013


1 8.62 9.64% 6.87 8.76%

2 3.64 5.02% 3.31 4.22%

3 2.78 3.83% 2.93 3.74%

4 2.68 3.70% 2.33 2.97%

5 2.53 3.48% 2.15 2.74%

Sub-total 20.25 25.67% 17.59 22.43%


ABA Chemicals

ABA chemicals, a pesticide and pharmaceutical intermediate producer in Jiangsu Province, issued its annual

report for 2013 stating that its revenue and net profit in this period reached USD66.83 million and USD7.15

million, up 36.35% and down 11.00% respectively over 2012.

Some of its new projects were put into production in 2013, and this was considered to be the main factor for

the rising revenue of ABA chemicals. It is worth mentioning that the revenue of pesticide intermediates

increased by 65.63%. However, its net profit suffered a decrease, mainly due to the increasing depreciation

cost, administrative expenses and distribution expenses in the period. In 2013, ABA chemicals' distribution

expenses climbed to USD1.44 million, increasing by 35.99% YoY. The administrative expenses increased to

USD8.55 million, up 24.93% YoY.

The performance of its pesticide intermediate business was superior to that of pharmaceutical intermediate.

The YoY revenue growth of its pesticide intermediate was 65.63%, with a gross profit margin of 27.40% in 2013.

In contrast, its revenue of pharmaceutical intermediate declined by 19.58%, with a gross profit margin of

22.83%.

In 2013, the company invested USD5.09 million on R&D, accounting for 7.62% of the total revenue, up 23.30%

YoY.



51

FIGURE 53: Revenue and net profit of ABA Chemicals, 2009-2013

Source: ABA Chemicals

FIGURE 54: Main business structure of ABA Chemicals by revenue, 2013


TABLE 43: Revenue and gross profit margin of ABA Chemicals by region, 2013

Region

2012 2013

Revenue, million

USD

Gross profit

margin

Revenue, million

USD

Gross profit

margin

Domestic

market 9.52 33.89% 13.67 32.13%

Foreign market 38.52 24.84% 50.85 24.84%




52

FIGURE 55: Revenue and gross profit margin of pesticide intermediates business of ABA Chemicals, 2009-2013


TABLE 44: Revenue from the top 5 customers of ABA Chemicals, 2012 and 2013

No. 2012 2013


1 28.63 58.41% 35.18 52.65%

2 4.17 8.50% 12.86 19.24%

3 3.41 6.95% 3.43 5.14%

4 2.06 4.20% 2.18 3.27%

5 1.88 3.83% 1.79 2.67%

Sub-total 40.15 81.89% 55.44 82.97%


Zibo Wanchang

Zibo Wanchang, the largest trimethyl orthoformate and triethyl orthoformate producer in China, its revenue and

net profit reached USD51.59 million and USD14.32 million in 2013, up 11.18% and 2.05% YoY respectively,

thanks to the rising sales volume of its major products. In 2013, the sales volume of its triethyl orthoformate and

trimethyl orthoformate was 16,740 tonnes, up 11.50% YoY, but the price drop of them should be responsible for

the slighter increase of the company's net profit. Besides, Zibo Wanchang explained another reason for the low

growth rate of net profit——the company's decreasing interest revenue from deposit in bank.

The company's product variety seems to be rather simple compared with other listed enterprises, whose main

products merely include trimethyl orthoformate (intermediate mainly used in the production of azoxystrobin in

pesticide industry) and triethoxy methane (intermediate mainly used in the production of amitraz in pesticide

industry). These two products contributed USD41.62 million by revenue to Zibo Wanchang, capturing 80.67%

of its total revenue.



53

Zibo Wanchang stated that one of its raised project concerning expansion of capacity of trimethyl orthoformate

and triethoxy methane had been fundamentally completed (the capacity had reached 22,000t/a). Another

project underway concerned about the intermediate of azoxystrobin namely benzo-diol, its investment progress

reached 30% at the end of 2013.

In 2013, the company invested USD1.95 million, accounting for 3.79% of its total revenue, up 4.52% YoY.

FIGURE 56: Revenue and net profit of Zibo Wanchang, 2010-2013

Source: Zibo Wanchang

FIGURE 57: Main business structure of Zibo Wanchang by revenue, 2013




54

TABLE 45: Revenue and gross profit margin of Zibo Wanchang by region, 2013

Region

2012 2013

Revenue, million

USD

Gross profit

margin

Revenue, million

USD

Gross profit

margin

Shanghai city 13.68 52.09% 17.11 48.78%

Shandong province 8.64 46.08% 6.13 43.80%

Jiangsu province 7.77 37.85% 8.69 37.99%

Zhejiang Province 7.56 35.23% 7.65 36.58%

Other domestic

regions 5.26 39.59% 5.84 41.43%

Foreign market 3.50 55.08% 5.64 51.45%


FIGURE 58: Revenue and gross profit margin of pesticide intermediates business of Zibo Wanchang, 2010-2013


TABLE 46: Revenue from the top 5 customers of Zibo Wanchang, 2012 and 2013

No.

2012 2013

Revenue, million

USD

Share by total

revenue

Revenue, million

USD

Share by total

revenue

1 10.15 21.87% 14.36 27.84%

2 3.28 7.06% 2.28 4.42%

3 2.46 5.30% 1.94 3.76%

4 2.37 5.11% 1.74 3.37%

5 1.66 3.59% 1.56 3.01%

Sub-total 19.92 42.93% 21.88 42.40%




55

Zhejiang Wynca

Zhejiang Wynca, a listed glyphosate and silicone manufacturer in China, enjoyed good performance in 2013.

Its total revenue and net profit in 2013 have witnessed great growth, reaching USD1,100.23 million and

USD71.02 million, up 10.71% and 200.83% respectively over 2012. The company attributed this to the higher

price and higher gross profit margin of glyphosate.

The price of silicone, however, remained in a low level in the whole year of 2013 due to the depressed market

caused by overcapacity. Affected by this, the revenue of silicone business decreased by 7.32% YoY in 2013.

In 2013, Zhejiang Wynca invested USD29.05 million on R&D, accounting for 2.64% of its total revenue, up

64.19% YoY.

Besides, 93.82% of the green pesticide formulations project had been finished. At the end of 2013, device of

this project had partly been put into trial production.

FIGURE 59: Revenue and net profit of Zhejiang Wynca, 2010-2013

Source: Zhejiang Wynca



56

FIGURE 60: Main business structure of Zhejiang Wynca by revenue, 2013


TABLE 47: Revenue of Zhejiang Wynca by region, 2013





FIGURE 61: Revenue and gross profit margin of pesticide business of Zhejiang Wynca, 2010-2013




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TABLE 48: Revenue from the top 5 customers of Zhejiang Wynca, 2012 and 2013

No. 2012 2013


1 99.00 20.60% 188.97 17.18%

2 65.79 13.69% 37.52 3.41%

3 60.39 12.56% 29.86 2.71%

4 58.55 12.18% 25.27 2.30%

5 22.85 4.75% 19.72 1.79%

Sub-total 306.58 63.78% 301.34 27.39%




58

Agrochemicals China Monthly Dynamics 1404

Herbicides

Huapont-nutrichem Co., Ltd. (Huapont-nutrichem)'s revenue was USD725.91 million (RMB4.46 billion) in 2013,

up 15.12% year on year. Notably, Huapont-nutrichem's agrochemical division enjoyed a sharp increase in

revenue, reaching USD57.41 million (RMB3.53 billion).

In 2013, Lier Chemical Co., Ltd. (Lier Chemical)'s revenue and net profit rose by 12.70% and 18.79% year on

year. Also, the company's sales volume of products enjoyed a sharp year-on-year increase in that year.

Pesticide sales revenue of Zhejiang Shenghua Biok increased 26.37% YoY in 2013. However, the net profit of

Zhejiang Shenghua Biok dropped by 18.28% YoY as a whole.

Some projects of Shandong Rainbow are under public notification of China Environmental Impact Assessment

(EIA). The company is planning to build several new product lines to enlarge its capacity and enrich its product

variety.

Henan Yingtai Agrochemical drafted an IPO plan, issuing 31.45 million A shares and raising USD42.28 million

(RMB260 million) for adding new product lines.

The focus of pesticide industry is gradually moving to herbicides and fungicides. In 2013, the output of

herbicide technical and fungicide technical in China rose by 8.60% and 33.79% year on year respectively.

Meanwhile, China's export volume and value of pesticides both enjoyed a sharp increase last year.

In recent two years, a few foreign countries or regions have revised maximum residue limits of pesticides

(MRLs). With the trade integration in the world, MRLs of pesticides has become a technical barrier among

trading countries. This is bound to impact China's exports of agricultural produce and pesticide products

negatively.

The price of nicosulfuron soared in 2014. For example, in March, 2014, the price of 95% nicosulfuron technical

increased by 25.72% compared with that of Dec. 2014.

Chinese MRLs for pesticides increases to 3,650 items and the new standard will be put into effect from 1 Aug.

2014.

In 2013, the total export volume of metribuzin technical and formulations in China was about 5,748 tonnes,

according to China Customs and CCM. Thereinto, the total export volume of metribuzin technical was around

5,269 tonnes, and that of metribuzin formulations was about 479 tonnes in this period.

In 2013, the total export volume of picloram technical and formulations in China decreased by 21.99%



59

compared with that in 2012, according to China Customs and CCM. The decline in export volume is mainly

attributed to the sharp decline of the picloram technical export.

In March 2014, 16 registrations of herbicide technical were approved in China (not include update of old

registrations), according to the data from the ICAMA. Thereinto, three herbicides are the first registration in

China.

Fungicides

Jiangsu Huifeng Agrochemical Co., Ltd.'s revenue and net profit both enjoyed a growth in 2013, increasing by

25.11% and 41.2% year on year respectively.

The operation revenue of Jiangsu Lanfeng Biochemical Co., Ltd. (Jiangsu Lanfeng) reached about USD223.13

million (RMB1.37 billion) in 2013, up 8.16% YoY. However, net profits attributable to shareholders of listed

companies dropped sharply to USD3.43 million (RMB21.10 million), down 64.37% YoY.

According to the Zibo Wanchang's 2013 annual report, sales revenue of the company reached about

USD51.55 million (RMB317 million), up 11.18% year on year in 2013, and net profits attributable to

shareholders of listed companies reached USD14.32 million (RMB88.04 million), up 2.05% year on year.

Thanks to the good control effect and low cost, it is expected the demand for chlorothalonil in the domestic will

continue to increase, reaching about 7,200 tonnes by 2015.

In recent years, sales volume of fungicides has gone up year by year and in particular; copper formulations

have a bright market prospect.

Recently, Zhejiang Longwan Chemicals Co., Ltd. (Longwan Chemicals) has released a good news that its

Longkejun (ingredient: thiodiazole copper 20% SC) has successfully obtained registration approval on orchid

soft rot, cotton damping off and obacco bacterial wilt. So far, Longkejun (thiodiazole copper) has become the

only one registered fungicide for flowers in China.

Guangdong Province has many large-scale leaf vegetable planting areas which provides a big market for

pesticides and there are a few features of the pesticide market for leaf vegetables in Guangdong Province.

Major diseases and insects in the planting fields of rice will occur heavily in 2014 and as a result of that,

manufacturers will contend for the market of rice fungicides fiercely. Triazole fungicides and strobilurin

fungicides will retain as main products in 2014 and in particular, their mixed-formulations will be more popular.

In 2013, the total export volume of cyproconazole technical in China was about 138.30 tonnes, according to

China Customs and CCM.

In 2013, China's export volume of tebuconazole technical and formulations in China were about 15,206.10

tonnes, according to China Customs and CCM.



60

According to the statistics, patents of 31 pesticides will expire during 2013-2007 in the world, 12 of which are

fungicides like pyraclostrobin, fluoxastrobin and prothioconazole.

According to data fromICAMA, in Mar. 2014, 14 registrations of fungicide technical were approved (not include

update of old registrations) in China, four of which belonged to azoxystrobin technical.

According to NATESC, the major diseases and insects in the planting fields of rape and wheat will moderately

occur in Zhejiang Province in 2014, but they will seriously occur in the planting fields of rice.

Insecticides

In order to reduce environmental pollution caused by pesticides etc., Guangdong's agricultural pollution

treatment project formally starts up on 13 March, 2014.

In March, 2014, China Administration for Quality Supervision and Inspection and Quarantine issued Revision

on Pesticide Production and Industrial Production License Implement, including 5 revisions on pesticide

product standards and 14 newly added product standards.

As one main form of sustained-release formulations, microencapsule' s development is relatively slow in China

pesticide market. Wang Jianwo gives opinions about problems that microencapsulated pesticide confronts and

related solutions as pesticide expert.

In March 2013, Sanonda released two announcements about the company’s reformation and acceptance of

due diligence from Agrochemchina, indicating that the business integration between ADAMA and subsidiaries

of Agrochemchina is boosted acceleratedly.

On the 15th CAC show of March 2014, Hebei Chinally International Trade Co., Ltd. (Hebei Chinally) promoted

a new patented pesticide namely cyhalodiamide, agented by the company (cyhalodiamide technicial)

exclusively. Hebei Chinally revealed that cyhalodiamide technical is expected to be registered in China in Jan.

2015.

On 28 March, 2014, Jiangsu Anpon holds a summing-up meeting for preparatory work of pesticide direct selling

network project. There are 180 distributors from counties have cooperation intention with Jiangsu Anpon by far,

developing effective sales successively.

In 2014, Jiangsu Kwin shows noticeable enthusiasm on boosting network marketing. On 13 March, 2014,

Jiangsu Kwin held a symposium, to discuss measures to boost e-commerce for its pesticide products. Later on

25 March, Jiangsu Kwin attended the inauguration of Yancheng City's E-Commerce Integrity Alliance.

On 17 March, 2014, North China Pharmaceutical Co., Ltd. acquires 49% shares of Aino at a price of USD10.04

million (RMB61.75 million), and it will hold 49% shares of Aino after the acquisition.



61

Sanonda's revenue and net profit witnessed a large growth in 2013, reaching USD500.65 million and

USD52.17 million, up 31.27% and 209.16% respectively over 2012. The company considers the noticeable

growth in 2013 mainly lies in the fact that both the sales volumes and prices of its leading products increased.

According to 2013 annual report, Nanjing Redsun enjoyed slight revenue growth in 2013, reaching

USD1,177.64 million. What's more impressive, its net profit witnessed a remarkable growth of 30.30% YoY,

hitting USD60.50 million in 2013. Its good performance of pesticide business pushed forward the company's

whole progress in the year.

In 2013, Hunan Haili's revenue decreased to USD179.49 million, down by 7.18% YoY; its net profit also

witnessed an decrease of 6.28% YoY, hitting USD1.27 million. The production and sales of its pesticide

products (mainly carbamate insecticides) was lower than expected in 2013, which is the main reason of

revenue and profit decline in the year.

According to the ICAMA, 12 registrations of insecticide technical (not including update of old registrations) were

approved in March 2014 in China. Among them, thiamethoxam obtained three registrations in this month.

According to China Custom's statistics, China exported 224,663 tonnes insecticides with a growth rate of 16.90%

YoY and imported 10,196 tonnes insecticides with a growth rate of 17.94% YoY in 2013.

In 2013, the total export volume of pirimicarb technical and formulations in China increased by 15.42% YoY to

about 294.1 tonnes, according to China Customs and CCM.

In 2013, the total export volume of lambda-cyhalothrin technical and formulations in China increased by 61.23%

YoY to about 15,010.4 tonnes, according to China Customs and CCM.

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Journalist: Lu Bai

Editor: Charlene Deng

Chief Editor: Tina Xu

Publisher: Guangzhou CCM Information Science & Technology Co., Ltd.

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