2024 Financial Performance Overview
On March 25, Jiangsu Yangnong Chemical Co., Ltd. (Yangnong Chemical, stock code: 600486) released its 2024 annual report. The company recorded an operating revenue of RMB 10.435 billion (approximately USD 1.454 billion), reflecting a year-on-year decrease of 9.09%. Net profit attributable to shareholders stood at RMB 1.202 billion (USD 168 million), marking a decline of 23.19%. After deducting non-recurring gains and losses, net profit totaled RMB 1.163 billion, down 22.81% year-on-year. Basic earnings per share were RMB 2.978 (USD 0.42).
The company attributed the revenue drop primarily to declining product sales prices, despite maintaining stable production levels.
Glyphosate Business Status
In 2024, Yangnong Chemical’s glyphosate production lines operated at full capacity. However, persistent market price declines negatively impacted sales revenue, thereby exerting pressure on overall company performance.
Despite market challenges, Yangnong Chemical remains committed to enhancing its glyphosate operations. It continues to optimize production layout and upgrade product quality to bolster long-term competitiveness.
Key Construction Project: Glyphosate Upgrade
The company is actively advancing a significant project aimed at strengthening its glyphosate business:
- Project Scope: Relocation and technological upgrade
- Investment: RMB 466.72 million (approximately USD 65.05 million)
- Location: Qingshan Plant Area, Yangzhou Chemical Industry Park, Jiangsu Province
- Project Content:
- Construct a new production plant for 200 tons/year tetrafluoro-p-methylbenzyl alcohol.
- Relocate the existing 200 tons/year tetrafluoro-p-methylbenzyl alcohol production line to the Qingshan Plant Area.
- Implement technological upgrades to the current tetrafluoro-p-methylbenzyl alcohol production processes and glyphosate production processes at the Qingshan Plant Area.
- Maintain glyphosate production capacity at 30,000 tons/year post-upgrade.
The project aims to enhance production efficiency, improve product quality, and lay a solid foundation for Yangnong Chemical’s sustainable growth.
Market Context and Competitive Landscape
Yangnong Chemical faces competition from global glyphosate producers such as Bayer CropScience and Nufarm. By investing in technological upgrades and maintaining full production, Yangnong aims to consolidate its position in the glyphosate market amid fluctuating commodity prices.
Export Performance and Market Reach
Yangnong Chemical has a significant international presence, exporting products to over 60 countries. In 2022, export revenues accounted for approximately RMB 1.5 billion, representing about 24% of the company’s total revenue. Notably, in 2024, the proportion of revenue from exports to the USA fell below 10% of total revenue, indicating a strategic diversification of export markets.
China, as a whole, remains the world’s largest producer and exporter of glyphosate, with over 80% of its glyphosate output destined for international markets. In June 2024, China’s export volume of glyphosate products reached 13,742.74 tonnes (100% active ingredient volume), demonstrating the country’s robust export capacity in this sector.
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