润丰股份：2026年第三季度报告说明（英文版）

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摘要

1润丰股份发布2026年三季报英文版演示材料。
2前三季度营收115.11亿元，同比增5.49%；
3归母净利润7.11亿元，同比降20.04%，主因汇兑损失约4.02亿元，剔除后核心利润约11.13亿元，同比显著增长。
4毛利率升至24.16%，EBITDA达17.73亿元，同比增25.79%。
5Q3单季营收40.69亿元，同比降7.12%，系巴西销售季节延迟所致。
6Model C业务占比提升至47.63%，北美及欧洲市场持续扩张，全球新增注册800+项。

文本

Investor Presentation

Q3 2026 report

1

Rainbow Global

Spain Manufacturing Base Weifang, Qingdao, Ningxia

U.S. Houston, Champaign Manufacturing Bases

Manufacturing Bases

Manufacturing Base

Subsidiary / Office

R&D Centers

Weifang, Jinan R&D Centers

Weifang Process Development Center

Argentina Manufacturing Base

100+
140+
10

Factories

Operational Countries

Overseas Subsidiaries

380+
5200+
9700+

Independent Patents

Staffs Globally

Registrations Globally

Export Volume Trends of Products Under China HS Code 3808

2026 2025 2024 2023

10k Tons

40.00

36.17

33.89

35.00

33.71

30.86

30.29 30.13

30.47

30.00

28.43

30.86

26.63

27.64

27.48

26.17

28.62

26.93

25.47

27.24

25.18

24.92

24.48

25.19 22.33

23.94

25.00

25.01

22.21

24.86

24.06

23.80

22.99

22.99

23.11

22.54

18.90

21.83

20.00

19.75

17.43

19.57 19.25

18.77

17.21

17.10

14.39

15.00

15.41

14.43

11.95

10.00

1 2 3 4 5 6 7 8 9 10 11 12

10k Tons

Q1-Q3 2026: Total export volume increased by 4.7% YoY. Q3 2026: Total export volume decreased by 15.5% YoY.

Export Value Trends of Products Under China HS Code 3808

Hundred Million USD

2026 2025 2024 2023

12.00

10.95

11.00

10.13

9.77

10.00

9.10

9.12

8.80 8.79

9.00

8.12

8.84

8.18

7.91

7.83 7.88 7.54

7.85

8.00

7.67

7.69

7.64

7.44

7.28

7.02

7.71

7.71

7.65

7.26

6.75

7.00

6.66

6.65

7.15

7.27

6.92

6.94 6.32

6.58

6.65

6.07

6.00

6.41

6.12

5.53

5.42

5.90

5.60

4.94

5.41

5.00

4.59

4.00

3.00

2.00

1 2 3 4 5 6 7 8 9 10 11 12

Hundred Million USD

Q1-Q3 2026: Total export value increases by 9.6% YoY. Q3 2026: Total export value decreased by 6.2% YoY.
Export Unit Price Trends of Products Under China HS Code 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

-

USD/Kg 1 2 3 4 5 6 7 8 9 10 11 12

Q1-Q3 2026: Monthly average export unit price increased from $ 2.86/kg in January to $ 3.15/kg in September.

Core Business Profitability Improving Significantly
Revenue Growing Steadily
Gross Margin Rate Steadily Improving
EBITDA Increasing Significantly

Revenue at RMB 11.511 billion,

Gross margin increased to 24.16% (+2.08pp YoY) for Jan–Sep 2026

EBITDA at RMB 1.773 billion for Jan–Sep 2026, +25.79% YoY, growing faster than revenue, confirming the strengthening of high-quality growth drivers.

Net profit attributable to the parent at RMB 711 million for Jan–Sep 2026, down 20.04% YoY, impacted by RMB exchange rate fluctuations and changes in fair value of FX derivatives. Excluding FX-related impacts, core business profitability improved significantly YoY, reflecting continuously strengthening core competitiveness.

+5.49% YoY (Jan–Sep 2026) Deeper global market expansion and rapid growth in North America and the EU further solidified the core business base.

Driven by a rising Model C business mix and improved margins across all product lines, reflecting effective profit structure optimization.

0

Revenue Up YoY, Reflecting Continued Market Expansion and Deepening Success

Europe & North America

Revenue Comparison Brazil

Asia, Oceania and Latin America

Unit: RMB billion

0

Early-stage expansion with steadily growing revenue

Deeper market penetration driving steady growth

Revenue slightly down YoY due to delayed procurement season

+5.49%

-7.12%

140.00

60.00

11.511

120.00

10.911

50.00

4.381

4.069

100.00

40.00

80.00

30.00

60.00

20.00

40.00

10.00

20.00

0.00

0.00

Gross Margin Rate Up YoY, Reflecting Improving Earnings Quality
Gross Margin Rate Comparison Model C revenue increased by 6.24pct
  • 1.
  • 2. Non-herbicideshareat 29.35%,withmorebalancedgrowth

Rising from 41.39% to 47.63%, with clear contribution from business mix optimization

+ 208bps + 83bps

30.00%

30.00%

3.
North America/Europe high-value markets steadily ramping up

24.16%

23.91%

In early expansion stage, with sustained growth momentum

25.00%

25.00%

23.08%

22.08%

20.00%

20.00%

4.

In-House active ingredients projects delivered, smart manufacturing cost reductions evident

15.00%

15.00%

10.00%

In-house active ingredients technical upgrades and new project execution, combined with lean smart manufacturing in formulation, serve as a dual-engine driving cost reduction and efficiency gains. Gross margins improved across all business models and product categories

10.00%

5.00%

5.00%

0.00%

0.00%

EBITDA And EBITDA Margin Up YoY, Core Operating Efficiency Strengthening
EBITDA Comparison EBITDA Margin Comparison

Unit: RMB million

18.00%

16.54%

+25.79% +1.07%

8.00

20.00

16.00%

14.76%

14.72%

14.13%

17.73

13.99%

13.57%

18.00

7.00

14.00%

5.94 6.01

16.00

14.10

6.00

12.00%

10.33%

14.00

5.00

10.00%

12.00

8.00%

4.00

10.00

8.00

6.00%

3.00

6.00

4.00%

2.00

4.00

2.00%

1.00

2.00

0.00%

0.00

0.00

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026

Q1-Q3 2025 Q1-Q3 2026

Q3 2025 Q3 2026

Net Profit Attributable To The Owner Of Parent Under Short-Term Pressure, FX Impacts Main Driver Of YoY Variance
Net Profit Attributable to the owner of Parent Comparison
Parent Net Profit Comparison (Excluding FX)

Unit: RMB million Unit: RMB million

-20.04%

-37.28% +48.59% -9.22%

4.00

5.00

12.00

10.00

11.13

8.90

11.00

9.00

3.34

4.16

3.50

10.00

3.78

4.00

8.00

7.11

3.00

9.00

7.00

7.50

8.00

2.50

3.00

6.00

7.00

2.10

2.00

6.00

5.00

5.00

2.00

4.00

1.50

4.00

3.00

1.00

3.00

1.00

2.00

2.00

0.50

1.00

1.00

0.00

0.00

0.00

0.00

Q1-Q3 2025 Q1-Q3 2026

Q3 2025 Q3 2026

Q1-Q3 2025 Q1-Q3 2026

Q3 2025 Q3 2026

Currency RMBQ1-Q3 2026Q1-Q3 2025% ▲Note
Sales Revenue11,510,518,545.7310,911,452,781.835.49%Faster growth in North America, the EU, and Oceania; Brazil's local sales season was delayed
Gross Margin（%）24.16%22.08%208bpsHigher Model C Business with improved gross margins across major product lines
EBITDA1,773,292,503.061,409,677,857.0425.79%Revenue and gross margin rate both up
EBITDA Margin (%)15.41%12.92%249bpsGross margin rate improvement and optimized expense control
Net Profit Attributable to the Owner of Parent711,420,777.82889,733,619.13-20.04%FX losses weighed on parent net profit
Net Operating Cash Flow769,816,184.911,740,314,337.78-55.77%Driven by a higher Model C business and increased raw material procurement
  • • Q1-Q3 2026: Net Profit Attributable to the Parent at approximately RMB 711 million. Exchange rate-driven forex and hedging losses reduced profit by approximately RMB 402 million. Excluding this, adjusted Net Profit Attributable to the Parent at approximately RMB 1.113 billion.
  • • Q1-Q3 2025: Net Profit Attributable to the Parent at approximately RMB 890 million. Exchange rate-driven forex and hedging gains increased profit by approximately RMB 140 million. Excluding this, adjusted Net Profit Attributable to the Parent at approximately RMB 750 million.
Currency RMBQ1-Q3 2026Q1-Q3 2025% ▲Note
Selling & Distribution Expenses590,693,593.84541,276,149.249.13%Mainly due to increased employee compensation, lease expenses, sample expenses, and export credit insurance during the reporting period
General & Administrative Expenses419,832,673.67401,415,429.924.59%Higher administrative expenses mainly due to increased employee compensation, IT costs, and travel costs
R&D Expenses151,892,506.71133,772,534.3213.55%Primarily due to increased R&D investment
Currency RMBQ3 2026Q3 2025% ▲Note
Sales Revenue4,068,885,589.814,380,677,448.62-7.12%The delayed local sales season in Brazil, compounded by the company's strengthened gross margin improvement targets and strict credit risk controls
Gross Margin (%)23.91%23.08%83bpsHigher Model C shares, with improved gross margins across major product lines
EBITDA600,599,699.30594,267,382.451.07%Higher gross margin rate drives YoY EBITDA growth
EBITDA Margin (%)14.76%13.57%119bpsDue to gross margin improvement
Net Profit Attributable to the Owner of Parent209,563,568.32334,130,258.84-37.28%FX losses and lower revenue drove lower parent net profit
Net Operating Cash Flow644,730,491.13847,132,095.62-23.89%Driven by a higher Model C business and increased raw material procurement
  • • Q3 2026: Net Profit Attributable to the Parent at approximately RMB 210 million. Exchange rate-driven forex and hedging losses reduced profit by approximately RMB 168 million. Excluding this, adjusted Net Profit Attributable to the Parent at approximately RMB 378 million.
  • • Q3 2025: Net Profit Attributable to the Parent at approximately RMB 334 million. Exchange rate-driven forex and hedging losses reduced profit by approximately RMB 82 million. Excluding this, adjusted Net Profit Attributable to the Parent at approximately RMB 416 million.
Currency RMBQ3 2026Q3 2025% ▲Note
Selling & Distribution Expenses199,317,275.64200,431,556.18-0.56%
General & Administrative Expenses143,134,177.32148,272,592.23-3.47%
R&D Expenses51,739,700.9950,344,221.332.77%Primarily due to increased R&D investment
Q1-Q3 2026 New Global Registration Status by Geographic Segment

Q1-Q3 2026 New Approvals:

800+

Latin America 31.36%

North America 8.56%

Middle East/Africa 14.02%

Asia (China inclusive) 31.24%

Brazil 3.65%

Europe 10.49%

Oceania

0.68%

Total Global Registration Status by Geographic Segment as of September 2026

Total Approvals :

9700+

Latin America 40.28%

North America 1.20%

Middle East/Africa 16.27%

Asia (China inclusive) 26.08%

Oceania

Brazil 2.14%

Europe 8.60%

5.43%

Q1-Q3 2026 Revenue Status by Geographic Segment

Q1-Q3 2026 Revenue :

11.511 billion RMB

Latin America 25.23%

North America 10.85%

Middle East/Africa 9.54%

Asia (China inclusive) 13.84%

Brazil 25.95%

Europe 7.56%

Oceania 7.03%

Q1-Q3 2026

Latin America 24.97%

North America 7.30%

Middle East/Africa 10.18%

Asia (China inclusive) 13.30%

Brazil 32.10%

Europe 6.30%

Oceania 5.85%

Q1-Q3 2025

Revenue Share by Segment (YoY)

Revenue by Segment(Q1-Q3)

Quarterly Revenue by Segment

  • Mode A +
  • Mode B 56.75%

Mode C 47.63%

  • Mode A +
  • Mode B 52.37%
  • Mode A +
  • Mode B 52.64%
  • Mode A +
  • Mode B 58.61%

Mode C 43.25%

Mode C 47.36%

Mode C 41.39%

Gross Margin Rate Comparison by Segment
Gross Margin Rate by Segment (Q1-Q3) Quarterly Gross Margin Rate by Segment

35.00%

35.00%

32.64%

32.03%

31.80%

30.88%

30.00%

30.00%

25.00%

25.00%

20.00%

20.00%

16.44%

16.59%

15.87%

16.43%

15.00%

15.00%

10.00%

10.00%

5.00%

5.00%

0.00%

0.00%

Model A + Model B Model C Q3 2025 Q3 2026

Model A + Model B Model C

Q1-Q3 2025 Q1-Q3 2026

Revenue by Product Category
Revenue by Product Category (Q1-Q3) Revenue by Product Category

other 1.02%

other 1.61%

other 1.34%

other 1.36%

Fungicide 8.46%

Fungicide 10.03%

Fungicide 10.21%

Fungicide 9.94%

Insecticide 20.77%

Insecticide 17.80%

Insecticide 18.43%

Insecticide 21.67%

Herbicide 70.65%

Herbicide 69.75%

Herbicide 70.00%

Herbicide 66.96%

Gross Margin Rate Comparison by Product Category
Gross Margin Rate by Product Category (Q1-Q3) Quarterly Gross Margin Rate by Product Category

35.00%

35.00%

31.69%

32.09%

29.70%

29.83%

30.00%

30.00%

28.05%

27.90% 27.33%

25.68%

25.00%

25.00%

21.07%

20.88%

19.90%

20.65%

20.00%

20.00%

15.00%

15.00%

10.00%

10.00%

5.00%

5.00%

0.00%

0.00%

除草剂 杀虫剂 杀菌剂

除草剂 杀虫剂 杀菌剂

Herbicide Insecticide Fungicide Herbicide Insecticide Fungicide

2025年1-9月 2026年1-9月

2025Q3 2026Q3

Q1-Q3 2025 Q1-Q3 2026 Q3 2025 Q3 2026

To be a Global Leading Crop Protection Company

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