The Most Comprehensive Illustrated Guide! 36 Listed Chinese Agrochemical Companies—9 Charts, 9 Dimensions, All You Need to Know in One Article for 2024.

On April 30, 2025, with the official release of Xin’an Shares’ annual report, China’s agrochemical industry marked a historic milestone: the annual reports of all 36 A-share‑listed companies were now fully compiled and published. This comprehensive performance review by China’s agrochemical sector has transcended conventional financial disclosure, emerging as a crucial lens through which to observe the evolving global landscape of the agricultural chemicals industry.

AgroPages World Agrochemical Network, with the vision of a strategist, the mindset of an economist, and the keen insight of an industry observer, has crafted a multi-dimensional analytical framework spanning operational resilience, innovation momentum, and other key dimensions. This is far more than a mere compilation of financial data; it is a golden key that unlocks the industry’s underlying dynamics, poised to unveil the sweeping panorama of Chinese agrochemical companies as they navigate cyclical uncertainties and reshape their value landscape.

PART 01

1. Marked Performance Polarization – The agrochemical industry exhibits pronounced divergence in corporate performance: a handful of companies, such as Besimei and Nuopuxin, have posted robust growth exceeding 25%, while larger players like Adama and Guangxin Shares have experienced substantial declines of more than 10%.

2. Scale and profitability are not entirely correlated — as the chart shows, there is no straightforward linear relationship between firm size and profitability. For example, Guangxin Shares, despite a decline in revenue, maintained a high net profit margin of 16.77%, whereas larger companies such as Andmac and Xingfa Group posted markedly different results.

3. Growth-oriented enterprises are concentrated in a specific range—most companies achieving positive growth and maintaining healthy profit margins are small to medium-sized, such as Lvheng Technology, Meibang Shares, and Nongxin Technology. Despite relatively modest revenue scales, these firms demonstrate stronger growth potential and profitability.

PART 02

1. High gross margins and a high proportion of raw material costs can coexist: Companies such as Zhongqi Shares and Guoguang Shares have demonstrated that, even with elevated raw material expenses, they can maintain a business model characterized by robust gross margins, which may indicate…

Clearly, these companies enjoy competitive advantages in product differentiation, brand premium, or technological innovation.

2. Scale and profitability are not entirely correlated: As the bubble chart shows, large enterprises—such as Adama and Xingfa Group—generate substantial revenue, yet their gross profit margins do not necessarily exceed those of some small and medium-sized firms. This indicates that, in the agrochemical industry, company size is not the sole determinant of profitability.

3. Polarization in raw material cost control: A handful of companies, such as Qianjiang Biochemical and Yangnong Chemical, report a significantly lower share of raw material costs than the industry average, while others—like Runfeng Co., Ltd.—have raw material costs accounting for over 90% of their total expenses, highlighting substantial disparities within the industry in raw material management and cost‑control practices.

PART 03

1. The inverse relationship between the sales-to-production ratio and inventory turnover is evident: As the chart shows, companies with higher sales-to-production ratios—such as Andmac, Nuopuxin, and Guoguang Shares—tend to have longer inventory turnover days. This may indicate a mismatch between their sales and production rhythms, resulting in strong sales but inefficient inventory management.

2. There is a correlation between capacity utilization and corporate operational efficiency: Companies with capacity utilization at a moderate to high level (75%–100%) and sales-to-production ratios close to 100%—such as Suli Shares, Taihe Shares, and Xingfa Group—typically exhibit shorter inventory turnover days, indicating that these firms have achieved a favorable balance in production planning, sales forecasting, and inventory management.

3. Extreme cases in the industry warrant close attention: Hebang Shares reports a capacity utilization rate exceeding 100%, yet its sales-to-production ratio remains low at 74.72% and its inventory turnover days are exceptionally long at 207 days, highlighting a severe overcapacity issue. Meanwhile, Lianhua Technology and Yaben Chemical exhibit low capacity utilization rates of 23.07% and 23.65%, respectively, coupled with extended inventory turnover periods of 222 and 182 days, suggesting that these companies may be grappling with dual pressures—product backlog and capital tied up in inventory.

PART 04

1. Scale and Debt Dynamics: Large-scale companies—such as Andmac, Xingfa Group, and Hebang Shares—generally maintain moderate debt-to-asset ratios, ranging from approximately 35% to 62%. This indicates that major agrochemical firms tend to adopt a relatively prudent level of financial leverage, leveraging适度 debt to expand operations while avoiding excessive financial risk.

2. Characteristics of high-growth firms: Companies such as Besimei (89.97% revenue growth), Guangkang Biochemical (46.15%), and Nuopuxin (28.37%) exhibit distinct balance-sheet profiles, indicating that in the agrochemical sector, high growth can be achieved through diverse financial strategies. However, the predominance of small‑scale enterprises suggests that smaller firms possess greater growth potential and flexibility.

3. Extremes in Debt Ratios: Lanfeng Biochemical exhibits an exceptionally high debt-to-asset ratio (90.86%) alongside modest revenue growth (2.96%), whereas Guoguang Shares and Lvheng Technology both maintain relatively low debt-to-asset ratios (around 15–16%) and positive revenue growth. This suggests that excessively high leverage can constrain a company’s growth potential, while low‑leverage firms tend to demonstrate greater financial resilience.

PART 05

Note: 1. The breakdown of revenue by domestic and international markets does not include Andmac’s revenue.

2. In the detailed product‑by‑product breakdown, the following companies were excluded from the analysis because they did not provide precise disclosure: Guangxin, Guoguang, Hailir, Hongtaiyang, Haili, Lier, Suli, Xinong, Xingfa, Yaben, Yangnong, Yongtai, Yingtai, LiHua, United, Zhongqi, Zhongxin, and Xin’an.

1. Market distribution characteristics: The domestic market accounts for a larger share, approximately 58.8% of total sales, while the international market accounts for 41.2%. The domestic market is significantly larger than the international market, with a gap of roughly RMB 29.4 billion.

2. Product Distribution: Herbicides are the primary product, accounting for 45.6% of total sales; fungicides and insecticides hold similar shares, at 16.4% and 17.3%, respectively; the “Other” category also represents a substantial share, at 20.5%; while intermediate‑product sales are very modest, comprising only 0.1%.

PART 06

1. Correlation between revenue and concentration: High-revenue companies (such as Andmac and Xingfa Group) generally exhibit lower customer and supplier concentration, indicating that large enterprises maintain more diversified customer and supplier networks and a more resilient business structure. In contrast, small and medium-sized enterprises (such as Yaben Chemical and Hunan Haili) typically display higher customer and supplier concentration, exposing them to greater risks of business dependency.

2. High Customer Concentration: For companies such as Lianhua Technology, Yaben Chemical, Zhongqi Shares, and Hunan Haili, the top five customers account for more than 40% of revenue, indicating a strong reliance on major clients and a significant risk of customer attrition. Notably, Lianhua Technology, despite its substantial revenue scale, has a top-five‑customer concentration of 57.81%, the highest among all the firms surveyed.

3. Supply Chain Risk Distribution: Hebang Shares and Hunan Haili both exhibit a supplier concentration ratio approaching 50%, the highest among all companies, indicating weak supply chain resilience and significant risks related to raw material procurement. In contrast, Xingfa Group, the second-largest company by revenue, has a supplier concentration ratio of only 4.22%, demonstrating exceptional capabilities in managing supply chain diversification.

PART 07

1. A clear negative correlation exists between the proportions of production and sales personnel: The chart shows that most companies fall into one of two distinct clusters—either a high production share (50–80%) paired with a low sales share (<15%), or a low production share (<40%) paired with a high sales share (>30%). This distribution suggests that chemical firms typically prioritize either production or sales, with few allocating substantial resources to both. Typical examples include Guangxin Shares (production 83.37%/sales 1.64%) versus Lvheng Technology (production 15.72%/sales 54.66%).

2. There is no clear correlation between firm size and staffing patterns: large, medium, and small enterprises (distinguished by bubble size) are evenly distributed across various staffing configurations. For example, in the “high production–low sales” quadrant, both small firms (such as Zhongxin Fluoromaterials) and large firms (such as Xingfa Group) can be found, suggesting that firm size is not the primary determinant of the production‑to‑sales‑force ratio; rather, this ratio is likely more closely tied to the business model.

3. The industry features two typical business models: a production‑driven model, in which production personnel account for over 50% of the workforce and sales staff typically comprise less than 15%, exemplified by companies such as Guangxin Shares and Xingfa Group; and a sales‑driven model, where sales personnel make up more than 30% of the workforce and production typically accounts for under 40%, represented by firms like Lvheng Technology and Meibang Shares. Intermediate transitional enterprises are relatively few, reflecting a well‑defined division of labor within the sector.

PART 08

1. Significant disparities in R&D investment efficiency: Yaben Chemical leads by a wide margin in both the proportion of employees dedicated to R&D (29.49%) and the share of revenue allocated to R&D (10.25%), underscoring its exceptionally high prioritization of research and development.

2. R&D scale is not entirely correlated with R&D investment: Xingfa Group has the largest number of R&D personnel (1,613), yet its R&D staff ratio (11.42%) and R&D expenditure ratio (4.18%) both fall in the mid-range; by contrast, some smaller firms, such as Meibang Co., Ltd., despite having only 129 R&D employees, allocate as much as 8.39% of their revenue to R&D, highlighting the diversity of R&D strategies across companies.

3. Regional Concentration of R&D Investment in the Industry: For most companies, R&D personnel account for 10%–15% of total employees, and R&D spending represents 3%–5% of revenue, forming a distinct cluster that likely reflects the industry’s average level. A small number of firms, such as Yaben Chemical and Meibang Shares, significantly exceed this benchmark, while others, like Hebang Shares and Qianjiang Biochemical, fall well below the industry average.

PART 09

1. Days of Inventory Outstanding and the Cash Conversion Cycle: These two metrics exhibit a strong positive correlation, indicating that inventory management efficiency directly impacts a company’s cash liquidity. Slow inventory turnover prolongs the time it takes for a company to convert its inventory into cash.

2. Days Sales Outstanding and the Cash Conversion Cycle: Both exhibit a significant positive correlation, indicating that collection policies and efficiency have a substantial impact on a company’s cash flow position.

3. Gross Margin and Net Profit Margin: These two profitability metrics exhibit a moderate positive correlation, indicating that cost control has a direct impact on overall profitability.

4. Capacity Utilization Rate and Gross Margin: The analysis indicates a moderate positive correlation between these two metrics, suggesting that higher capacity utilization is typically associated with improved gross margin performance, which reflects the favorable impact of economies of scale on the cost structure.

5. R&D Investment and Gross Margin: In some firms, a positive correlation is observed, suggesting that R&D-driven innovation may generate product premium pricing or cost advantages, thereby expanding the firm’s profit margins.

6. Debt-to-Asset Ratio and Net Profit Margin: These two metrics exhibit a negative correlation—firms with higher debt levels typically demonstrate lower profitability, likely because elevated financial expenses erode earnings.

7. Revenue Growth Rate and Sales-to-Production Ratio: There is a positive correlation between the two, indicating that sales execution supports revenue growth.

Source: AgroPages (World Agrochemical Network)