China丨2022 semi-annual report of Changqing Co., Ltd.:net profit increased 28.64%

On August 15, Changqing released its 2022 semi-annual report. In the first half of 2022, the company achieved a revenue of 2.129 billion yuan, a year-on-year increase of 15.46%; a net profit attributable to the parent of 202 million yuan, a year-on-year increase of 23.83%; and a net profit of 202 million yuan after deduction, a year-on-year increase of 28.64%. In 2022Q2, the company achieved revenue of 1.216 billion yuan, a year-on-year increase of 9.6% and a month-on-month increase of 33.02%; net profit attributable to the parent was 122 million yuan, a year-on-year increase of 14.43% and a month-on-month increase of 52.02%.

The volume and price of pesticide products have risen, and the company's 2022 H1 performance growth is in line with expectations. In 2022, the company's performance in H1 grew steadily, mainly due to the increase in the price of main products and the increase in new pesticide production capacity.

According to Baiinfo data, in 2022, the average market prices of H1's main products, dicamba, imidacloprid, and fomesafen, were 76/172/135 thousand CNY/ton, up 0.3%/45.7%/42.6% year-on-year, respectively. At the same time, the company's performance in Q2 in 2022 has increased significantly month-on-month, which is mainly related to the production and use cycle of pesticides in China The first half of each year is the peak period of pesticide production in China, and March to September is the peak period of pesticide use. Therefore, the sales volume of the company's pesticide products increased in H1 in 2022. In addition, in 2022 H1, the revenue of main business herbicides and pesticides was 983/883 million yuan, an increase of 29.49%/6.79% year-on-year; its gross profit margin was 16.14%/24.74%, an increase of 2.65% /1.39%year-on-year respectively.

The production capacity of pesticide technical materials continued to expand, and the research and development of new products is progressing smoothly. Till the end of 2021, the company has a production capacity of 22,060 tons/year for technical products and 13,000 tons/year for formulations.

Since 2022, the company put into production of 2,000 tons/year 2,6-Diisopropylaniline, 2,000 tons/year Cyhalothrin technical and 600 tons/year of fipronil technical. At the same time, the company is still expanding its pesticide production capacity. The thiamethoxam technical project with an annual output of 3,000 tons has entered the commissioning stage. The project with an annual output of 1,000 tons of bifenthrin and an annual output of 10,000 tons of S-Metolachlor has entered the stage of equipment installation; In 2022, the company expects to add a total of 12,600 tons/year of technical capacity.

In addition, the company attaches great importance to the optimization and research and development of new products, technologies and processes. The new products include chlorantraniliprole TC, Dicamba TC, Tristrobin TC, Fluazinam TC, etc., which are expected to generate new profits.