1润丰股份发布2026年三季报：前三季度营收115.11亿元，同比+5.49%；
2归母净利润7.11亿元，同比-20.04%；
3EBITDA为17.73亿元，同比+25.79%。
4毛利率提升至24.16%（+2.08pct），Model C业务占比升至47.63%。
5Q3单季归母净利2.10亿元，同比-37.28%。
6除草剂收入占比66.96%，海外收入占比超97%。
润丰股份：2026年第三季度报告说明
摘要
文本
2026
301035
1
10 100+
140+
380+ 5200+ 9700+
|28.43
25.01
30.47
36.17
33.89
33.71
26.63
23.80
23.94
27.48
17.21
28.62
27.24
30.86
30.86
30.29 30.13
27.64
22.99
26.17
25.19 22.33
18.90
24.86
22.99
25.47
24.06
25.18
24.48
18.77
24.92
22.54
26.93
14.39
11.95
17.43
14.43
15.41
17.10
22.21
21.83
23.11
19.57 19.25
19.75
10.00
15.00
20.00
25.00
30.00
35.00
40.00
1 2 3 4 5 6 7 8 9 10 11 12
2026 2025 2024 2023
|
|---|
2026 1 9 , 3808 4.7%
2026 , 3808 15.5%
2026 2025 2024 2023
|8.12
7.02
7.91
9.77
10.13
10.95
9.12
7.83 7.88 7.54
4.59
7.69
7.65
8.80 8.79
8.84
9.10
8.18
6.92
7.85
7.67
6.65
5.42
6.94 6.32
7.44
7.15
7.64
7.71
6.12
7.28
6.66
7.71
6.58
4.94
7.26
5.60
5.53
5.41
6.75
6.65
7.27
6.41
5.90
6.07
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
11.00
12.00
1 2 3 4 5 6 7 8 9 10 11 12
|
|---|
2026 1 9 , 3808 9.6%
2026 , 3808 6.2%
3808
2026 2025 2024 2023
USD/Kg
5.00
4.57
4.50
4.13 4.17
3.88
4.00
3.59
3.42 3.29
3.50
3.15 3.26
3.27
3.17
3.25
3.15
3.07 3.08
3.04 3.04
3.03
2.98
3.01 3.00 3.05
2.92 2.97
3.14
2.87 2.79
3.00
2.81
2.99
2.86 2.81
2.85 2.85 2.92 3.02 2.96
2.92 2.96 2.86
2.69
2.87
2.75
2.50
2.67
2.60 2.70
2.00
1.50
1.00
0.50
-
1 2 3 4 5 6 7 8 9 10 11 12
USD/Kg
2026 1 9 , 3808 1 USD2.86/kg 9 USD3.15/kg
EBITDA
2026 1-9 115.11
2026 1-9 24.16% +2.08
2026 1-9 EBITDA 17.73 25.79%
2026 1-9
+5.49%
7.11 20.04%
Model C
0
0
+5.49%
|109.11
115.11
0.00
20.00
40.00
60.00
80.00
100.00
120.00
140.00
|
|---|
|43.81
40.69
0.00
10.00
20.00
30.00
40.00
50.00
60.00 -7.12%
|
|---|
1.
Model C 6.24
41.39% 47.63%
+ 208bps + 83bps
2. 29.35%
|23.08%
23.91%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
|
|---|
|22.08%
24.16%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
|
|---|
3. /
4. +
EBITDA EBITDA%
|10.33%
13.99%
13.57%
14.13%
14.72%
16.54%
14.76%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
18.00%
2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 2026 Q2 2026 Q3
|
|---|
|5.94 6.01
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
+1.07%
|
|---|
|14.10
17.73
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00 +25.79%
|
|---|
2025 1-9 2026 1-9
2025 Q3 2026 Q3
-20.04%
-37.28% +48.59% -9.22%
|3.34
2.10
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
|
|---|
|4.16
3.78
0.00
1.00
2.00
3.00
4.00
5.00
|
|---|
|8.90
7.11
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
|
|---|
|7.50
11.13
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
11.00
12.00
|
|---|
2025 1-9 2026 1-9
2025 1-9 2026 1-9
2025 Q3 2026 Q3
2025 Q3 2026 Q3
| 2026 1-9<br><br> | 2025 1-9<br><br> | |||
|---|---|---|---|---|
| 11,510,518,545.73 | 10,911,452,781.83 | 5.49% | ||
| 24.16% | 22.08% | 208bps | Model C<br><br>2.08<br><br> | |
| 1,773,292,503.06 | 1,409,677,857.04 | 25.79% | EBITDA<br><br> | |
| 15.41% | 12.92% | 249bps | EBITDA<br><br> | |
| 711,420,777.82 | 889,733,619.13 | -20.04% | ||
| 769,816,184.91 | 1,740,314,337.78 | -55.77% | Model C<br><br> |
2026 1-9 7.11 4.02 11.13
- 2025 1-9 8.90 1.40 7.50
| 2026 1-9<br><br> | 2025 1-9<br><br> | |||
|---|---|---|---|---|
| 590,693,593.84 | 541,276,149.24 | 9.13% | ||
| 419,832,673.67 | 401,415,429.92 | 4.59% | IT<br><br> | |
| 151,892,506.71 | 133,772,534.32 | 13.55% |
| 2026<br><br> | 2025<br><br> | |||
|---|---|---|---|---|
| 4,068,885,589.81 | 4,380,677,448.62 | -7.12% | ||
| 23.91% | 23.08% | 83bps | Model C<br><br>0.83<br><br> | |
| 600,599,699.30 | 594,267,382.45 | 1.07% | EBITDA<br><br> | |
| 14.76% | 13.57% | 119bps | EBITDA<br><br> | |
| 209,563,568.32 | 334,130,258.84 | -37.28% | ||
| 644,730,491.13 | 847,132,095.62 | -23.89% | Model C<br><br> |
- 2026 2.10 1.68 3.78
- 2025 3.34 0.82 4.16
| 2026<br><br> | 2025<br><br> | |||
|---|---|---|---|---|
| 199,317,275.64 | 200,431,556.18 | -0.56% | ||
| 143,134,177.32 | 148,272,592.23 | -3.47% | ||
| 51,739,700.99 | 50,344,221.33 | 2.77% |
2026 1-9
2026 1-9
800+
| 3.65% | 31.36% | 8.56% | 10.49% | 14.02% | 31.24% | 0.68% |
|---|
2026 9
2026 9
9700+
| 2.14% | 40.28% | 1.20% | 8.60% | 16.27% | 26.08% | 5.43% |
|---|
2026 1-9
2026 1-9
115.11
2026
25.95% 25.23% 10.85% 7.56% 9.54% 13.84% 7.03%
1-9
2025
32.10% 24.97% 7.30% 6.30% 10.18% 13.30% 5.85%
1-9
( )
1-9
| Mode A +<br>Mode B 56.75%<br><br><br>Mode C 43.25% | Mode A +<br>Mode B 52.64%<br><br><br>Mode C 47.36% |
|---|
- Mode A +
- Mode B 58.61%
Mode C 47.63%
- Mode A +
- Mode B 52.37%
Mode C 41.39%
|16.43%
31.80%
16.59%
32.03%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
Model A + Model B Model C 2025 Q3 2026 Q3
|
|---|
1-9
|15.87%
30.88%
16.44%
32.64%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
Model A + Model B Model C
|
|---|
1-9
| 70.00%<br><br>18.43%<br><br>10.21%<br><br>1.36% | 70.65%<br><br>17.80%<br><br>9.94%<br><br>1.61% |
|---|
| 除草剂 66.96%<br><br>杀虫剂 21.67%<br><br>杀菌剂 10.03%<br><br>1.34% | 除草剂 69.75%<br><br>杀虫剂 20.77%<br><br>杀菌剂 8.46%<br><br>1.02% |
|---|
1-9
|19.90%
28.05%
25.68%
21.07%
31.69%
29.70%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
|
|---|
|20.88%
27.90% 27.33%
20.65%
32.09%
29.83%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
2025Q3 2026Q3
|
|---|
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