Shenzhen Noposion Crop Science Co., Ltd. (Noposion, 002215) (002215)

Equity Research Report　|　Industry: Agrochemical Formulations, Agricultural Plant Protection Services and Specialty Fresh Produce　|　Report Date: September 13, 2026　|　As of the September 10, 2026 close; selected technical indicators as of September 9, 2026, shareholder data as of June 30, 2026, and announcement disclosure dates as of August 20, 2026

This report was automatically compiled by AI based on publicly available information and is for reference only. It does not constitute investment advice.

1. Executive Summary

Noposion generated revenue of RMB 3.964 billion in the first half of 2026, up 7.76% year on year; net profit attributable to the parent was RMB 765 million, up 17.98% year on year, while net profit attributable to the parent excluding non-recurring items increased by 10.45%. Profit growth was faster than revenue growth. However, net cash flow from operating activities was only RMB 92 million during the same period, down 63.98% year on year. Accounts receivable increased from RMB 648 million at the end of 2025 to RMB 1.154 billion, indicating a clear divergence between profit growth and cash collection. This is currently the most decision-relevant financial signal.

The company has established a dual-core business structure comprising agrochemical formulations and specialty fresh produce. In 2025, specialty fresh-produce consumption business revenue was RMB 2.657 billion, accounting for 45.95% of total revenue, with a gross margin of 39.65%; core formulation business revenue was RMB 2.482 billion, accounting for 42.91%, with a gross margin of 41.85%. In the first half of 2026, specialty fresh-produce revenue, including blueberries, was approximately RMB 2.070 billion, up 13.87% year on year, making it the primary driver of profit growth. Agrochemical formulation revenue was approximately RMB 1.524 billion, up 2.43%, while revenue from Tiantianquan’s controlled distributors was approximately RMB 370 million, down approximately 0.77%.

The company’s current business growth is increasingly dependent on the scale cultivation, harvesting and sales, post-harvest processing, and cold-chain efficiency of blueberries. Agrochemical formulations remain affected by the procurement of active ingredients, channel competition, and end-market demand. The share price was RMB 10.48 on September 10, 2026. TTM P/E was approximately 13.2x–13.7x, after rebounding approximately 18.3% from the mid-August low. In the short term, the share price was below the technical page’s MA5, MA10, and MA20 readings, while main-force funds recorded net outflows of approximately RMB 30.01 million that day, indicating high-level volatility and divergent capital flows.

Aggregated institutional forecasts estimate that revenue will increase from RMB 6.617 billion in 2026 to RMB 8.583 billion in 2028, while net profit attributable to the parent will rise from RMB 1.103 billion to RMB 1.630 billion. However, only a limited number of institutions participated in these forecasts, and earnings delivery will depend on the sustainability of blueberry profitability, agrochemical formulation margins, accounts-receivable collection, and improvements in operating cash flow. Recent litigation concerning blueberry plant-variety rights involves an aggregate amount of approximately RMB 30.218 million; no final judgment has been issued.

2. Company Overview

2.1 Basic Information

2.2 Core Businesses and Product Portfolio

• Agrochemical formulations: Engaged primarily in the research and development, production, sales, and agricultural technology services of agrochemical formulations. Products include insecticides, fungicides, herbicides, plant nutrition products, plant growth regulators, and adjuvants. In 2025, core formulation revenue was RMB 2.482 billion, accounting for 42.91% of total revenue, with a gross margin of 41.85%.
• Controlled distributors and agricultural services: Responsible for agricultural-input sales, channel management, and agricultural services. Revenue was RMB 644 million in 2025, accounting for 11.14% of total revenue, with a gross margin of 11.35%; the number of controlled distributors declined from 14 in 2024 to 12 in 2025.
• Specialty fresh-produce consumption: Mainly includes specialty fruits such as blueberries, dragon fruit, and yellow dragon fruit, covering variety selection and breeding, scale cultivation, harvesting, processing, cold-chain logistics, and brand marketing. Revenue was RMB 2.657 billion in 2025, accounting for 45.95% of total revenue, with a gross margin of 39.65%.

2.3 Position in the Upstream and Downstream Value Chain and Cost-Profit Structure

Noposion is positioned in the middle-to-lower reaches of the agrochemical value chain. Its core activities are agrochemical formulation processing, product registrations, formulation and dosage-form technology, branding, channels, and plant-protection services, rather than the production of active ingredients or basic chemical raw materials. At the same time, through its blueberry and other specialty fresh-produce businesses, the company has extended into cultivation, processing, cold-chain logistics, and branded consumer products.

• Major inputs for the agrochemical formulation business include active ingredients and intermediates, solvents, adjuvants, emulsifiers and formulation additives, packaging materials, raw materials for fertilizers and plant nutrition products, as well as production, warehousing, and logistics services.
• Major inputs for the fresh-produce business include land or base leases, blueberry seedlings, varieties and growing media, water and fertilizer, pesticides and agricultural facilities, manual harvesting, packaging materials, cold storage, sorting, and cold-chain transportation.
• In 2025, production volume of agricultural chemical and fertilizer products was 58,575.69 tonnes, while external procurement amounted to 114,503.90 tonnes. External procurement was significantly higher than in-house production, indicating substantial reliance on external sourcing and supply-chain management.
• The company focuses on formulations and is not a typical integrated active-ingredient producer. It has limited control over the prices of glyphosate, pyrethroids, fungicide active ingredients, and other agrochemical actives. Costs are therefore significantly influenced by active-ingredient market conditions, and the company is generally more of a price taker with respect to upstream active ingredients and bulk chemicals.
• The company’s 2025 production volume of agricultural chemical and fertilizer products cannot be directly equated with standardized designed capacity. The annual report did not disclose a unified figure for designed agrochemical formulation capacity, and the company has multiple sources, including in-house production, contract manufacturing, and purchased products sold onward.
• A complete disclosure of supplier concentration was not identified in this review; supplier concentration therefore cannot be assessed on this basis.
• Downstream customers for agrochemical formulations mainly include agricultural-input distributors and retailers, large-scale growers, family farms, agricultural cooperatives, professional plant-protection service organizations, and various crop-growing end users.
• Downstream customers for fresh produce include supermarkets, e-commerce platforms, wholesalers, restaurants, and other consumer channels. This business relies more heavily on branding, quality, specifications, post-harvest processing, and cold-chain capabilities.
• Active-ingredient prices in the agrochemical industry are generally determined by industry supply and demand and bulk-chemical market conditions. Formulation companies have limited bargaining power over suppliers. Noposion mainly enhances product premiums through branding, formulations, registrations, technical services, and channel coverage.
• Agricultural-input sales are highly seasonal. Channel inventory and credit-sale policies ahead of peak seasons affect cash flow. End farmers are price sensitive but also value efficacy, stability, and technical services.
• Fresh-produce operations are seasonal and perishable. Price volatility, post-harvest losses, inventory, and cold-chain efficiency have a significant impact on profitability.
• This review did not identify the proportions of the top five customers for the company’s agrochemical and fresh-produce businesses in 2025. Customer-concentration data are unavailable, and the annual report did not disclose the proportion of the top five fresh-produce customers. Downstream customer concentration therefore cannot be assessed.
• As of December 31, 2025, consolidated accounts receivable were RMB 648 million, prepayments were RMB 237 million, inventories were RMB 1.236 billion, revenue was RMB 5.783 billion, net profit attributable to shareholders of the parent was RMB 650 million, and net cash flow from operating activities was RMB 1.475 billion. Based on a simple calculation using period-end balances, accounts receivable/revenue was approximately 11.2%, accounts receivable/net profit attributable to the parent was approximately 99.6%, and inventory/revenue was approximately 21.4%. Absolute accounts receivable was close to annual net profit attributable to the parent, indicating that channel credit and collection quality require attention. The relatively large inventory balance may be related to seasonal agricultural-input stocking and the expansion of blueberry and other fresh-produce operations. Net operating cash flow in 2025 was significantly higher than net profit attributable to the parent, indicating sound overall cash collection; however, this alone cannot demonstrate improved bargaining power in the agrochemical formulation business. The company did not disclose accounts-receivable turnover days on a standardized basis, and no supplier-concentration data or top-five-customer share for the agrochemical business was identified.
• This review did not identify complete 2025 data on the top-five-customer shares or supplier concentration for the agrochemical and fresh-produce businesses. The concentration assessment is therefore uncertain. The company’s website discloses more than 70,000 mu of substrate blueberry bases in Yunnan, 76 modern intelligent farms, and 47 cold-chain processing centers. These figures are self-disclosed by the company, and no independent third-party verification on a comparable basis was identified in this review.

Noposion operates in the middle-to-lower reaches of the agrochemical value chain and is extending into specialty fresh-produce consumption. Compared with upstream active ingredients and basic chemicals, the company captures value through formulation technology, registrations, branding, channels, and technical services, but does not have significant control over upstream active-ingredient resources or bulk-commodity pricing. Future profit improvement will mainly depend on upgrades to the agrochemical product mix, brand and technical-service premiums, channel and cost control, and improvements in the scale, cultivation efficiency, post-harvest processing, and cold-chain efficiency of the fresh-produce business.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

Net profit attributable to the parent excluding non-recurring items was RMB 750 million in the first half of 2026, up 10.45% year on year; basic EPS was RMB 0.7752, up 17.21% year on year; and weighted-average return on equity was 16.75%, up 0.99 percentage point year on year. Net cash flow from operating activities was RMB 92 million, down 63.98% year on year. As of June 30, 2026, accounts receivable were RMB 1.154 billion, up from RMB 648 million at the end of 2025; short-term borrowings were RMB 3.295 billion, and the debt-to-asset ratio was approximately 60.52%.

Revenue grew steadily in the first half of 2026, while net profit attributable to the parent grew faster than revenue, driven primarily by the blueberry business. Revenue composition included approximately RMB 2.070 billion from specialty fresh-produce consumption, up 13.87% year on year; approximately RMB 1.524 billion from agrochemical formulations, up 2.43%; and approximately RMB 370 million from Tiantianquan’s controlled distributors, down approximately 0.77% year on year. The sharp year-on-year decline in operating cash flow, rapid increase in accounts receivable, and divergence between profit growth and cash collection warrant attention. The company’s operations are somewhat seasonal, and quarterly profitability in the blueberry business may fluctuate significantly. First-half profit should not be extrapolated linearly to the full year.

3.2 Earnings Forecasts

The iFinD earnings-forecast page showed as of September 4, 2026 that three institutions had issued forecasts for the company’s 2026 results during the preceding six months. These figures are aggregated platform forecasts, and detailed institutional disclosures are limited; they should not be regarded as a fully transparent consensus estimate covering multiple brokerages. The publicly available individual forecast by Li Qiang of Northeast Securities on August 24, 2026 estimated revenue of RMB 6.617 billion, RMB 7.679 billion, and RMB 8.583 billion for 2026–2028, respectively; net profit attributable to the parent of RMB 1.094 billion, RMB 1.351 billion, and RMB 1.568 billion, respectively; and EPS of RMB 1.09, RMB 1.35, and RMB 1.56, respectively. According to the iFinD aggregate forecast, revenue is expected to rise from RMB 5.783 billion in 2025 to RMB 8.583 billion in 2028, implying a compound growth rate of approximately 14%; net profit attributable to the parent is expected to rise from RMB 650 million to RMB 1.630 billion, implying a compound growth rate of approximately 36%.

3.3 Valuation and Institutional Ratings

As of the September 11, 2026 close, the share price was approximately RMB 10.10, market capitalization was approximately RMB 10.1 billion, and the stock fell 3.63% from the previous trading day. Futu NiuNiu showed an intraday price of approximately RMB 10.05 on September 11, 2026, a TTM P/E of approximately 13.15x, a static P/E of approximately 15.51x, and a P/B of approximately 2.20x. As of September 10, 2026, Lixinger showed a share price of RMB 10.48, a TTM P/E of 13.72x, and a P/B of approximately 2.30x. TTM P/E was at approximately the 15.15th percentile of its historical range, below the historical median of 17.63x. Based on the September 11 closing price of RMB 10.10 and the EPS in the iFinD institutional forecast, forward P/E for 2026–2028 was approximately 9.2x, 7.4x, and 6.2x, respectively. Using Northeast Securities’ individual EPS forecast, the corresponding P/E multiples were approximately 9.3x, 7.5x, and 6.5x. Overall, the company’s current TTM P/E is approximately 13x–14x, while forward valuation based on institutional forecasts is lower. If the forecasts are achieved, current valuation is not high. However, whether valuation can converge toward the forecast range depends on the sustainability of blueberry profitability, agrochemical formulation margins, accounts-receivable collection, and operating-cash-flow improvement. The RMB 19.80 target price and “Strong Buy” rating come from Futu NiuNiu’s aggregate page, which lacks a complete brokerage report and target-price methodology and therefore should not be regarded as a fully cross-validated market consensus target.

4. Recent News and Announcements

4.1 Two Blueberry Plant-Variety-Rights Lawsuits Accepted; Aggregate Amount Approximately RMB 30.218 Million

On September 11, 2026, the company disclosed that Yingjiang County Wangyue Berry Agricultural Co., Ltd., a controlled subsidiary, was involved in a plant-variety-rights lawsuit. The plaintiff was Yunnan Meiming Agriculture Co., Ltd., and the amount claimed was RMB 20 million. As of the announcement date, the case had been accepted for first-instance trial and scheduled for a hearing, but had not yet been heard. On September 8, 2026, the company separately disclosed similar litigation involving Yunnan Zhenfumei Agriculture Co., Ltd., Aimeizhuang Agricultural Group Co., Ltd., and Guangzhu (Yunnan) Agriculture Co., Ltd., involving RMB 10.21797611 million. Both cases concern the authorization, propagation, and cultivation of blueberry varieties. The relevant defendants do not acknowledge the plaintiffs’ claims and will actively defend the cases. Actual losses will be determined by the final effective judgments and remain uncertain.

4.2 Investor-Relations Event Focused on the New Blueberry Season and Fresh-Produce Planning

The company disclosed an investor-relations activity record on September 8, 2026, covering activities from September 3 to September 8, 2026. The company expects the new blueberry season to gradually enter the harvesting period in mid-to-late September 2026, with fourth-quarter shipments expected to increase year on year and prices expected to be broadly flat from the same period last year. The company also stated that lower South American blueberry output and a later import peak could provide a more ample window for domestic sales in the fourth quarter. No new investment will be made in the dragon-fruit business, with future priorities shifting to operational optimization and cost control. The juice business is currently primarily contract manufacturing and remains small in scale. These statements represent the company’s operating judgments and expectations rather than a formal earnings forecast, and actual outcomes remain uncertain.

4.3 First-Half 2026 Revenue and Net Profit Attributable to the Parent Increased, While Operating Cash Flow Declined Year on Year

The company disclosed its 2026 interim report on August 20, 2026. From January to June 2026, revenue was RMB 3.96388 billion, up 7.76% year on year; net profit attributable to shareholders of the listed company was RMB 764.52 million, up 17.98%; net profit excluding non-recurring items was RMB 750.25 million, up 10.45%; net cash flow from operating activities was RMB 91.6376 million, down 63.98%; basic EPS was RMB 0.7752; and weighted-average ROE was 16.75%. As of June 30, 2026, the company had 39,927 ordinary shareholders.

4.4 Company Sold Part of Its Stake in Nantong Taihe and Still Holds 2.95%

The 2026 interim report disclosed that, as of June 30, 2026, the company had sold an aggregate 4.5 million shares of Nantong Taihe Chemical Co., Ltd. through centralized bidding, representing 1% of Nantong Taihe’s total share capital. After completion of the sale, the company continued to hold 13.28 million Nantong Taihe shares, representing 2.95% of its total share capital. This transaction involved the sale of shares in an investee company and was not a share repurchase by the listed company itself.

4.5 Historical Bad-Debt Write-Off of RMB 10.4793 Million Had No Direct Impact on Current-Period Profit or Loss

On August 20, 2026, the company disclosed the Announcement on the Write-Off of Bad Debts in 2026, proposing to write off bad debts totaling RMB 10,479,323.37 involving five entities. Accounts receivable write-offs amounted to RMB 9.2681 million, while other receivables write-offs amounted to RMB 1.2112 million. Full bad-debt provisions had been recognized for the relevant amounts before the write-off. The company stated that the write-off would not affect current-period profit or loss or its financial condition.

4.6 Termination of 2025 A-Share Private Placement; Original Planned Fundraising of No More Than RMB 1.450 Billion

The company disclosed on July 11, 2026 that it had terminated its 2025 private placement of A shares. The original plan sought to raise no more than RMB 1.450 billion, mainly for blueberry-industry expansion and an R&D center project. The board approved termination of the transaction on July 10, 2026, citing changes in the macroeconomic market environment, industry developments, the company’s strategic adjustments, and actual operating needs. As of the announcement date, the company had not submitted the issuance application documents to the Shenzhen Stock Exchange.

4.7 Major Shareholder Pledged 32.14 Million Shares, Approximately 3.20% of Total Share Capital

Based on data available as of September 4, 2026, Shenzhen Noposion Investment Holdings Co., Ltd. held 44.8639 million company shares, representing 4.47% of total share capital. Of these, 32.14 million shares had been pledged to Wanlian Securities, representing approximately 71.64% of that shareholder’s holdings and approximately 3.20% of the company’s total share capital. As of this review, no announcement was identified regarding a new large-scale reduction by the company’s controlling shareholder or actual controller in September 2026.

4.8 No New Large-Scale Secondary-Market Share Repurchase Plan Identified Recently

The company disclosed on July 28, 2026 that it had completed the repurchase and cancellation of certain restricted shares under its 2023 restricted-share incentive plan. Such repurchases were primarily used to address employee departures and failure to meet performance conditions and did not constitute share repurchases by the listed company using its own funds in the secondary market. As of September 13, 2026, no new large-scale secondary-market share-repurchase plan or progress announcement from July to September 2026 was identified.

5. Share-Price Performance and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

After rebounding from its mid-August low, Noposion’s share price rose from RMB 8.86 at the August 14 close to RMB 10.48 on September 10, a gain of approximately 18.3%. On September 10, the share price opened higher and then declined, closing below the opening price. Turnover was approximately RMB 339 million and main-force capital recorded a net outflow of approximately RMB 30.0134 million, indicating short-term profit-taking and overhead selling pressure. Technically, MACD remained positive on September 9 and RSI was above 50, but the September 10 close was below the technical page’s MA5, MA10, and MA20, indicating a shift from a strong advance to high-level consolidation. The current price is between the Bollinger midline and upper band. The key issue is the effectiveness of the RMB 10.14–10.38 support zone and RMB 10.82–11.15 resistance zone. Moving-average and Bollinger-band data differ across sources, and some technical indicators were not updated synchronously after the September 10 close.

5.3 Short-Term Outlook (Next Week, Scenario Analysis for Reference Only)

⚠️ Risk warning: The following is a subjective scenario analysis based on closing data as of September 10, 2026, historical prices, and publicly available technical indicators. It does not constitute investment advice or a definitive forecast of future prices.

1) Key Technical Levels

2) Scenarios for the Next Week (Subjective Weightings, Not Statistical Probabilities)

• Range-bound consolidation (relatively higher weighting, approximately 60%; this weighting is a subjective heuristic based on the current technical pattern, trading volume, and capital flows, not a statistical probability): Reference range approximately RMB 10.15–10.90. Trigger conditions include support above RMB 10.14, turnover falling back to the recent normal range of approximately RMB 270 million–RMB 400 million, and no significant negative catalyst from the industry or company. Technically, the stock may see repeated turnover around RMB 10.40 while facing resistance in the RMB 10.82–11.15 zone
• Weak downside move (medium weighting; this weighting is a subjective heuristic, not a statistical probability): Reference range approximately RMB 9.35–10.15. Trigger conditions include a high-volume break below RMB 10.14, with daily turnover reaching approximately RMB 450 million or more and continued main-force net outflows, or simultaneous weakness in the broader market and relevant agricultural and agrochemical sectors. If RMB 9.97 fails to provide effective support, the stock may retest the RMB 9.36–9.58 area
• Strengthening rebound (low weighting; this weighting is a subjective heuristic, not a statistical probability): Reference range approximately RMB 10.90–11.30. Trigger conditions include the share price reclaiming RMB 10.82, accompanied by consecutive expansion in turnover to more than RMB 450 million–RMB 500 million and a shift in main-force funds from net outflow to clear net inflow. Only a further break above RMB 11.15 would confirm stronger short-term rebound momentum. If the price rises while volume contracts significantly, the move is more likely to be a weak technical bounce rather than a renewed strengthening trend

3) Capital and Liquidity Background

As of September 10, 2026, turnover was 3.98%, turnover value was RMB 339 million, and free-float market capitalization was approximately RMB 8.468 billion. Daily turnover represented approximately 0.40% of free-float market capitalization. Recent daily turnover was mainly in the RMB 270 million–RMB 450 million range, indicating reasonably active trading and no sign of extreme illiquidity. Main-force funds recorded a net outflow of approximately RMB 30 million on September 10, and short-term capital divergence remained evident. In terms of the shareholder structure, the latest public data as of June 30, 2026 show that the top ten tradable shareholders collectively held approximately 23.93%–29.75%, depending on the data source and statistical methodology. The top ten tradable shareholders included the actual controller and related individuals, related enterprises, the social security fund, public funds, and insurance funds. Institutional investors were present, but the shareholding was not entirely dominated by public funds. Shareholder data lagged the September 10 market by more than two months, and institutional or major-shareholder positions may have changed during that period. The data therefore cannot be treated as a real-time representation of the shareholder structure. In practical terms, the stock has a certain degree of trading activity and concentration, but short-term price action must still be assessed in combination with turnover, capital flows, and key price levels. The lagged shareholder data alone cannot determine current capital control.

A verifiable volume-confirmation signal would be the following: if daily turnover subsequently expands to more than RMB 450 million–RMB 500 million on a sustained basis and the closing price returns above the RMB 10.82–11.15 range, this could be regarded as relatively clear confirmation of renewed short-term capital strength. If volume expands while the price breaks below RMB 10.14, the move should instead be interpreted as the release of selling pressure rather than simple capital inflow.

4) Key Points to Monitor (Observation Framework Only, Not Trading Instructions)

• Observe whether the RMB 10.14–10.38 area forms effective support; do not equate an intraday break on a single day with a confirmed breakdown.
• Observe whether the RMB 10.82–11.15 resistance zone can be broken with expanding turnover.
• Observe whether main-force net outflows persist and whether price strength accompanies higher turnover.
• Observe whether the estimated 20-day moving-average area near RMB 9.97 and the RMB 9.36–9.58 high-volume trading zone provide stronger support. The above are observation considerations only and not trading instructions.

The above scenario analysis is based on the September 10, 2026 closing data and calculations using historical prices and technical indicators. Short-term share prices may also be affected by news, capital flows, broader-market conditions, and other factors. Technical indicators have inherent lag and limitations. This does not guarantee actual future performance or constitute a buy or sell recommendation. Investors should independently assess the latest market information and bear investment risks themselves.

6. Industry Structure and Competitor Analysis

6.1 Industry Overview

The agrochemical value chain can broadly be divided into upstream basic chemical raw materials, agrochemical intermediates and active ingredients; midstream agrochemical formulations, dosage-form processing and packaging; and downstream agricultural-input channels, agricultural technical services, growers, and agricultural-product consumers. Noposion is mainly active in agrochemical formulations, branding, channels, and plant-protection services, while also extending into the cultivation, processing, cold-chain logistics, and branded sales of specialty fresh produce such as blueberries.

6.2 Competitive Landscape

• The global agrochemical industry is relatively concentrated. Following mergers and acquisitions, the traditional six major agrochemical groups have formed a global-leader landscape represented by Syngenta, Bayer, BASF, and Corteva, among others.
• Large multinational agrochemical companies typically possess capabilities in novel agrochemical development, active ingredients, formulations, seeds, and global sales networks, placing them in high-value-added positions in the value chain.
• China has large active-ingredient and intermediate capacity and intense competition. Formulation companies are numerous and display regional and channel-oriented characteristics.
• Higher environmental-protection, safety, and registration requirements have raised industry entry barriers. Industry consolidation continues, and competition is gradually shifting from pure price competition toward competition in products, brands, channels, technical services, and integrated solutions.
• The National Agrochemical Industry Development Plan for the 14th Five-Year Plan proposes advancing mergers, reorganizations, and transformation and upgrading among agrochemical producers and cultivating a number of relatively large agrochemical enterprises.
• Public industry materials show that Noposion ranked near the top among Chinese agrochemical formulation companies in 2021, with sales of approximately RMB 2.784 billion and a market share of approximately 7%. These data came from third-party industry materials for 2021. Market size, sales definitions, and company coverage may differ, so the figures cannot be directly extrapolated to the company’s 2025 market share.
• The company’s own annual report describes Noposion as a leader in the non-patented crop-protection market.

6.3 Major Competitors

Noposion overlaps with ADAMA A, Yangnong Chemical, Hailir, Limin, and Zhejiang Xinan Chemical mainly at the agrochemical-product level, but the companies occupy different positions in the value chain and cannot be compared directly on a fully like-for-like basis. Noposion’s relative strengths lie in domestic agrochemical formulation channels, branding, registrations, agricultural technical services, and crop-solution capabilities. Compared with active-ingredient and integrated manufacturers, its control over upstream resources and active-ingredient costs is weaker. Its specialty fresh-produce operations provide additional growth potential but also increase exposure to cultivation, natural-disaster, price-volatility, inventory-loss, and capital-expenditure risks.

7. Risk Factors

• Blueberry-business earnings volatility: Profit growth in the first half of 2026 was driven primarily by the blueberry business, but the company’s operations are seasonal. Blueberry output, selling prices, harvesting periods, and shipments in the new season remain uncertain, and first-half profit should not be extrapolated linearly to the full year.
• Fresh-produce cultivation and supply-chain risks: The company’s blueberry and dragon-fruit businesses involve seedlings, base cultivation, manual harvesting, packaging, sorting, cold storage, and cold-chain transportation. They may be affected by natural disasters, cultivation efficiency, post-harvest losses, inventory, and changes in cold-chain efficiency. The company has stated that it will make no further investment in dragon fruit and will instead focus on operational optimization and cost control.
• Blueberry plant-variety-rights litigation: Controlled subsidiaries are involved in two lawsuits concerning blueberry variety authorization, propagation, and cultivation. The aggregate amount in dispute is approximately RMB 30.218 million. Both cases are currently at the first-instance filing or scheduled-hearing stage, and final losses and effects on the relevant businesses remain uncertain.
• Accounts-receivable and cash-flow risks: As of June 30, 2026, accounts receivable were RMB 1.154 billion, significantly higher than RMB 648 million at the end of 2025. Net cash flow from operating activities declined 63.98% year on year to RMB 92 million during the same period. Continued slowing of channel collections could increase working-capital pressure.
• Leverage and financing risks: As of June 30, 2026, the company had short-term borrowings of RMB 3.295 billion and a debt-to-asset ratio of approximately 60.52%. The previously planned private placement of no more than RMB 1.450 billion was also terminated. If business expansion and working-capital requirements continue to grow, financing arrangements and debt-servicing pressure warrant attention.
• Agrochemical formulation cost and competitive risks: The company is positioned in the middle-to-lower reaches of the agrochemical value chain. In 2025, external procurement of agricultural chemical and fertilizer products was significantly higher than production, indicating substantial reliance on active ingredients, formulation additives, and external supply chains. Volatility in active-ingredient prices or intensifying channel competition could compress formulation margins.
• Pressure on distributor operations: The number of controlled distributors declined from 14 in 2024 to 12 in 2025. Revenue from Tiantianquan’s controlled distributor business declined approximately 0.77% year on year in the first half of 2026. Continued channel adjustments could affect agricultural-input sales, channel coverage, and agricultural-service synergies.
• Share-price and technical-indicator volatility: After rebounding from its mid-August 2026 low, the share price declined on September 10 and fell below several short-term moving averages. Main-force funds recorded a net outflow of approximately RMB 30.01 million. Technical indicators differ in data definitions and update times, and short-term volatility could increase if the RMB 10.14–10.38 support zone fails.

8. Conclusion and Outlook

The company’s growth drivers mainly comprise the expansion of specialty fresh produce, increasing blueberry production and sales, and the branding, registrations, channels, and plant-protection services of its agrochemical formulation business. In the first half of 2026, the fresh-produce business maintained relatively rapid growth, while agrochemical formulations also continued to grow. Together with the company’s accumulated capabilities in formulation mix and agricultural technical services, these factors provide a foundation for further revenue and profit growth.

However, the company’s profit structure is now significantly influenced by fresh produce. Future earnings stability will depend on blueberry output, pricing, post-harvest losses, cold-chain efficiency, and cost control. The agrochemical formulation business lacks upstream active-ingredient integration and remains highly dependent on active-ingredient prices and external procurement. Following termination of the originally planned private placement of no more than RMB 1.450 billion, the funding arrangements and expansion pace for the blueberry-industry expansion and R&D center projects also require monitoring in light of subsequent operations.

From a valuation and technical perspective, the company’s current valuation is relatively undemanding, but whether market pricing of the earnings forecasts is realized still requires monitoring of operating cash flow, accounts receivable, the performance of the new blueberry season, and litigation developments. In the short term, the share price has a reference support area around RMB 10.14–10.38 and a reference resistance area around RMB 10.82–11.15. These price levels and institutional forecasts do not constitute definitive judgments about future share prices or earnings.

Data Sources

• Noposion (002215)_Company Announcements_Noposion: 2025 Annual Report_Sina Finance
• Noposion (002215)_Company Announcements_Noposion: 2025 Annual Report_Sina Finance
• About Us - Shenzhen Noposion Crop Science Co., Ltd.
• Noposion (002215)_Company Announcements_Noposion: 2021 Annual Report_Sina Finance
• SZ.002215 Noposion - A-Share Real-Time Quote - Company Information - etnet
• Noposion (002215)_Company Announcements_Noposion: 2022 Annual Report_Sina Finance
• Noposion (002215)_Company Announcements_Noposion: 2023 Annual Report_Sina Finance
• Noposion (002215)_Company Announcements_Noposion: 2024 Annual Report_Sina Finance
• https://static.cninfo.com.cn/finalpage/2025-12-30/1224903689.PDF
• Development Status and Competitive Landscape of China’s Agrochemical Formulation Industry in 2023: Moving Toward Environmental Protection, Efficiency, Safety, and Intelligence「Chart」_Huaon.com
• Shenzhen Noposion Crop Science Co., Ltd. Full Text of 2026 Interim Report
• Noposion (002215)_Company Announcements_Noposion: 2026 Interim Report_Sina Finance
• Noposion (002215)_Company Announcements_Noposion: 2026 Interim Report_Sina Finance
• Noposion (002215)_Company Announcements_Noposion: Summary of 2025 Annual Report_Sina Finance
• Noposion (002215) Earnings Forecast_F10_iFinD
• Noposion (002215) Stock Forecast and Analyst Ratings - Futu NiuNiu
• Shenzhen Noposion Agrochemicals Co Ltd (002215) Historical Prices - Investing.com
• Noposion (002215) Share Price, News, Quotes and Charts - Futu NiuNiu
• Noposion (002215) P/E|Valuation|Fundamentals - Lixinger
• Shenzhen Noposion Crop Science Co., Ltd. Profile_Noposion (002215) Company Profile_Securities Star
• Noposion (002215)_Company Announcements_Noposion: Announcement on Litigation Involving a Controlled Subsidiary_Sina Finance
• Noposion (002215)_Company Announcements_Noposion: Announcement on Litigation Involving a Controlled Subsidiary_Sina Finance
• Noposion (002215)_Company Announcements_Noposion: Investor-Relations Activity Record_Sina Finance
• Noposion (002215)_Company Announcements_Noposion: Summary of 2026 Interim Report_Sina Finance
• Noposion (002215)_Company Announcements_Noposion: Announcement on the Write-Off of Bad Debts in 2026_Sina Finance
• Noposion Terminates RMB 1.45 Billion Private Placement Due to Multiple Considerations - Economic Observer
• Noposion (002215) Latest Developments_F10_iFinD
• Noposion (002215) Latest Developments_F10_iFinD
• Noposion (002215) Company Announcements_Sina Finance
• Noposion (002215) Stock Information - Data Platform
• Noposion (002215) Historical Stock Data: Historical Quotes, Prices and Charts_Investing.com
• Noposion (SZ002215) Share Price, Financial Reports and Data Reports - Xueqiu
• Noposion (002215) Technical Analysis, Future Forecasts, and Trading Suggestions_Investing.com
• Stock Market Flash: Noposion (002215) Main-Force Funds Sold Net RMB 30.0134 Million on September 10_Securities Star Stock Channel
• Noposion (002215) - Tradable Shareholders - Stock Market Center - Sohu Securities

This report was automatically researched, compiled, and generated by AI based on publicly available information. The information is current as of the September 10, 2026 close; selected technical indicators are as of September 9, 2026, shareholder data are as of June 30, 2026, and announcement disclosure dates are as of August 20, 2026. Timing discrepancies may exist. Specific data should be verified against the company’s formal announcements and authoritative data terminals. This report is for information organization and research reference only and does not constitute investment advice. Investors should make independent judgments and bear investment risks themselves.