2026

301035

10 100+ 140+

380+ 5200+ 9700+3808

2026 2025 2024 2023

40.00

36.17

33.89

35.00

33.71

30.86

30.29 30.13

30.00 30.47 28.43 30.86

26.63

27.48 28.62 27.64 25.47 26.17 26.93 27.24 25.18

24.48 24.92 25.00 25.01 23.94 25.19

22.33 24.86 22.21 24.06 23.80

22.99 23.11 22.99 22.54

20.00 18.90 21.83 19.75

17.43 19.57

18.77 19.25

17.21

15.00 14.39

17.10

15.41

11.95 14.43

10.00

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

2026 1 9 3808 4.7%

2026 3808 15.5%3808

2026 2025 2024 2023

12.00

11.00 10.95

10.13

10.00 9.77

9.12 9.10

9.00 8.80 8.79

8.12 8.84

7.91 8.18

8.00 7.83 7.85 7.88 7.69 7.67

7.02 7.44

7.64 7.54

7.28

7.26 7.65 7.71 7.71

7.00 6.65 7.15 6.75 6.66 7.27

6.94 6.32 6.92

6.58 6.65

6.00 6.07

5.42 5.53 6.12

6.41

5.90

4.94 5.60

5.00 5.41

4.59

4.00

3.00

2.00

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

4.00 3.88

3.59

3.50 3.42 3.29

3.17 3.15 3.26 3.27 3.25

2.98 3.043 .03 2.92 3.04

3.15 3.07 3.08

3.00 2.87 2.81 2.97 3.14

3.01 3.00

2.79 3.05

2.86 2.81 2.99

2.69 2.85 2.92

3.02 2.96 2.92 2.96

2.87 2.86 2.75 2.85

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

2026 1 9 3808 1 USD2.86/kg 9 USD3.15/kgEBITDA

2026 1-9 115.11 2026 1-9 2026 1-9 EBITDA 17.73 2026 1-9

+5.49% 24.16% +2.08 25.79%

7.11

Mod0el C 20.04%0

+5.49%

140.00 -7.12%60.00

120.00 115.11

109.11 50.00

43.81

100.00 40.69

40.00

80.00

30.00

60.00

20.00

40.00

10.00

20.00

0.00 0.00

2025 1-9 2026 1-9 2025 Q3 2026 Q31. Model C 6.24

41.39% 47.63%

+ 208bps + 83bps

29.35%

30.00% 30.00%

2.

24.16%

25.00% 25.00% 23.91%23.08%

22.08% 3. /

20.00% 20.00%

15.00% 15.00%

4. +

10.00% 10.00%

5.00% 5.00%

0.00% 0.00%

2025 1-9 2026 1-9 2025 Q3 2026 Q3EBITDA EBITDA%

18.00%

16.54%

+25.79% +1.07%

20.00 8.00 16.00% 14.72% 14.76%

17.73 13.99% 14.13%

18.00 13.57%

7.00 14.00%

16.00 5.94 6.01

14.10 6.00 12.00%

14.00 10.33%

5.00

12.00 10.00%

10.00 4.00 8.00%

8.00

3.00 6.00%

6.00

2.00 4.00%

4.00

1.00 2.00%

2.00

0.00 0.00 0.00%

2025 1-9 2026 1-9 2025 Q3 2026 Q3 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 2026 Q2 2026 Q3-20.04%

-37.28% +48.59% -9.22%

10.00 4.00 12.00 11.13 5.00

8.90

9.00 11.00

3.50 3.34 4.16

10.00

8.00 4.00 3.78

7.11 3.00 9.00

7.00

8.00 7.50

2.50

6.00 2.10 7.00 3.00

5.00 2.00 6.00

4.00 5.00 2.00

1.50

4.00

3.00

1.00 3.00

2.00 1.00

2.00

0.50

1.00 1.00

0.00 0.00 0.00 0.00

2025 1-9 2026 1-9 2025 Q3 2026 Q3 2025 1-9 2026 1-9 2025 Q3 2026 Q32026 1-9 ( ) ( )

2026 1-9 2025 1-9

11510518545.73 10911452781.83 5.49%

Model C

24.16% 22.08% 208bps 2.08

EBITDA

1773292503.06 1409677857.04 25.79%

15.41% 12.92% 249bps

EBITDA

711420777.82 889733619.13 -20.04%

Model C

769816184.91 1740314337.78 -55.77%

2026 1-9 7.11 4.02 11.13

2025 1-9 8.90 1.40 7.502026 1-9 ( ) ( )

2026 1-9 2025 1-9

590693593.84 541276149.24 9.13%

IT

419832673.67 401415429.92 4.59%

151892506.71 133772534.32 13.55%2026 ( ) ( )

2026 2025

4068885589.81 4380677448.62 -7.12%

Model C

23.91% 23.08% 83bps 0.83

600599699.30 594267382.45 1.07% EBITDA

14.76% 13.57% 119bps EBITDA

209563568.32 334130258.84 -37.28%

Model C

644730491.13 847132095.62 -23.89%

2026 2.10 1.68 3.78

2025 3.34 0.82 4.162026 ( ) ( )

2026 2025

199317275.64 200431556.18 -0.56%

143134177.32 148272592.23 -3.47%

51739700.99 50344221.33 2.77%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

115.11

2026 25.95% 25.23% 10.85% 7.56% 9.54% 13.84% 7.03%

2025 32.10% 24.97% 7.30% 6.30% 10.18% 13.30% 5.85%

( )

Mode C Mode A + Mode C Mode A + Mode C Mode A + Mode C Mode A +

41.39% Mode B 47.63% Mode B 43.25% Mode B 47.36% Mode B

58.61% 52.37% 56.75% 52.64%

2025 1-9 2026 1-9 2025 Q3 2026 Q31-9

35.00% 35.00%

32.64%

30.88% 31.80% 32.03%

30.00% 30.00%

25.00% 25.00%

20.00% 20.00%

15.87% 16.44% 16.43% 16.59%

15.00% 15.00%

10.00% 10.00%

5.00% 5.00%

0.00% 0.00%

Model A + Model B Model C Model A + Model B Model C

2025 Q3 2026 Q31-9

1.36% 1.61% 1.34% 1.02%

杀菌剂 杀菌剂

8.46%

10.21% 9.94% 10.03%

杀虫剂

杀虫剂 20.77%

18.43% 17.80% 21.67%

除草剂 除草剂

70.00% 70.65% 66.96% 69.75%

2025 1-9 2026 1-9 2025 Q3 2026 Q31-9

35.00% 35.00%

31.69% 32.09%

29.70%

30.00% 29.83%

28.05% 30.00%

27.90% 27.33%

25.68%

25.00% 25.00%

21.07%

19.90% 20.88% 20.65%

20.00% 20.00%

15.00% 15.00%

10.00% 10.00%

5.00% 5.00%

0.00% 0.00%

2025Q3 2026Q3