Investor
Presentation
FY 2025 Results
Rainbow Global
Spain Manufacturing Base U.S. Houston, Champaign
Manufacturing Base Weifang, Qingdao, Ningxia Manufacturing Bases
Manufacturing Bases
Subsidiary / Office
R&D Centers
Weifang, Jinan R&D Centers
Weifang Process Development Center
Argentina Manufacturing Base
Factories Operational Overseas
Countries Subsidiaries
Independent Staffs Registrations
Patents Globally Globally
Improved supply- Industry recovery Strong overseas Some key markets
demand dynamics, with leading demand recovery facing economic
prices stabilizing companies with stable challenges
at bottom rebounding first inelastic demand
Industry Overview
Export Volume Trends of Products Under China HS Code 3808
• FY 2025: Total export volume increased by 15.37% YoY
Industry Overview
Export Value Trends of Products Under China HS Code 3808
Hundred 2025 2024 2023 2022
Million
USD
Hundred 1 2 3 4 5 6 7 8 9 10 11 12
Million
USD
• FY 2025: Total export value increased by 13.14% YoY
Industry Overview
Export Unit Price Trends of Products Under China HS Code 3808
USD/Kg 2025 2024 2023 2022
USD/Kg
• FY 2025: Monthly average export unit price increased from $ 2.87/kg in January to $ 3.05/kg
in December
FY 2025 Operational Review
Global Management System:
Foundations
• Digital Integration & Data-Driven Operations: By end-2029, the company
aims to operate on a fully integrated, global digital ecosystem—enabling
seamless collaboration, real-time data visibility, and advanced analytics to
support faster decision-making, planning, and scalable growth across all
markets.
• Global Process Excellence: By end-2029, the company will standardize
and embed a set of core and supporting business processes across all
operations—creating a unified operating model that enhances efficiency,
consistency, and execution excellence worldwide. These processes are
designed to streamline decision-making, improve cross-functional
alignment, and ensure best practices are replicated at scale.
FY 2025 Operational Review
Business Share and Progress in High-Value Optimization of Business
Profitability Market Expansion Product Mix Acceleration
TO C business revenue share Europe and North America Insecticide and fungicide revenue Rainbow Bio has launched
rose from 37.65% in 2024 to revenue share increased from revenue increased from 25.71% in operations in multiple countries
margin expanding from 28.99% Continued penetration in high- continued shift toward higher- Americas, with the biologicals
to 31.68 % value markets value products segment emerging as a new
growth driver
FY 2025 Operational Review
in Key Regions
Weighed on
Performance
Elevated debt default risks in key crop
protection markets, particularly Brazil and
Argentina, weighed on full-year performance
FY 2025 Operational Review
Enhance Quality, Strategic Execution
Boost Efficiency:
Global Marketing
The company's 2025-2029 mid-term strategic plan identifies two key capability gaps
on the market front line: commercializing differentiated products successfully and
brand business building capability.
Network Expansion In response, the market front line quickly realigned its focus, driving key initiatives
and Optimization around these two core capabilities. The team demonstrated strong strategic
alignment and execution, ensuring effective implementation of corporate strategy.
Significantly Improved Operational Quality
The company promptly recalibrated organizational performance targets. By
significantly increasing weightings for operational quality indicators (gross margin
rate, NPAT, overdue AR, and long-term inventory) while drastically reducing the
weighting for sales revenue, it effectively guided business behavior. Currently,
operational quality is steadily improving, with growing resilience.
FY 2025 Operational Review
Enhance Quality,
Boost Efficiency: We maintain a policy of deploying Chinese core staff overseas to ensure strategic
alignment and cultural integration. Meanwhile, we dynamically optimize key roles at
Global Marketing
overseas subsidiaries, including local general managers. After replacing
underperforming Model C subsidiary general managers in 2024-2025, the affected
subsidiaries saw significant performance improvement.
Network Expansion Currently, most Model C subsidiaries operate under a "Commissar + Commander"
and Optimization model (veteran Chinese expats paired with local leaders). This model significantly
enhancing the company's cultural confidence in global operations.
Performance
The company's Model C subsidiaries have steady performance improvement over the
past five years, delivering strong and sustainable results as the global operations
system matures.
FY 2025 Operational Review
Enhance Quality,
Boost Efficiency: Through forward-looking product planning, the company identifies key products,
including relatively new active ingredients and important differentiated formulations,
Global Marketing and leads global registration and commercial planning.
In 2025, the company secured approximately 1,200 new registrations, reaching
Network Expansion approximately 8,900 total global registrations as of December 31, 2025, laying a solid
foundation for early commercialization in core and key markets.
and Optimization
FY 2025 Operational Review
Strengthening Advanced Manufacturing Foundation
The company firmly executed its active ingredient manufacturing plan, targeting an
average of at least two new active ingredient synthesis projects commenced per year
during the 2025-2029 strategic period. In 2025, the plan was delivered efficiently:
technical upgrades and capacity expansion of existing projects such as Clethodim
and Propanil strengthened product cost and quality advantages, while two new
projects—Pyroxasulfone and Bicyclopyrone—were successfully completed and put
into operation.
R&D-Driven Advanced Fast, High-Quality Delivery
Manufacturing: Rapid, To ensure high-quality, low-cost, fast, and on-time delivery of global orders, the company
proactively built formulation capacity in line with its strategic plan. In 2025, two new workshops
High-Quality Progress per were completed and put into operation: the solid formulation workshop for insecticides and
fungicides, and the SC (suspension concentrate) workshop.
Strategic Plan These new workshops achieved significant improvements in continuous production, automation,
and intelligence, optimizing production processes and enhancing both efficiency and product
consistency. This provides strong capacity support for high-quality, fast delivery to global
markets.
FY 2025 Operational Review
Lean Production
The company has built highly adaptable and efficiently coordinated formulation technology
capabilities. In 2025, multiple new formulation types including OD, SE, CS, and ZC achieved
industrial-scale production, with key technical bottlenecks overcome. Product adaptability
and stability across different crops and regional scenarios improved significantly. Meanwhile,
integrated smart manufacturing technologies were applied across formulation production
lines, with automated and digital equipment deeply enabling lean production. Technology
advantages are rapidly translating into market competitiveness.
R&D-Driven Advanced Planning to Seize Market Opportunities
Manufacturing: Rapid, Based on a thorough understanding of the entire industrial chain, the company has established a
High-Quality Progress per scientific product selection and planning system. It has evaluated all key active ingredients set to
go off-patent by the end of 2035 and selected approximately 30 relatively new active ingredients
Strategic Plan
with significant market potential. For these active ingredients, the company has initiated forward-
looking global registration, market, and R&D planning, aiming to become an advanced
manufacturer of these relatively new active ingredients and, in each key target market, to be the
first generic entrant after the originator. This strategy will secure the company a favorable
competitive position in future markets and enable differentiated growth.
Financial Highlights
FY 2025 Financial Performance Analysis (YoY)
%▲
Currency
RMB
Sales Revenue Recovery in overseas demand and
stable inelastic demand
Driven by a higher TO C business share
Gross Margin（%） 22.80% 19.79% 301bps and YoY gross margin improvement
across all business models
EBITDA 1,943,263,061.15 1,310,196,303.64 48.32% Revenue and gross margin rate both up
EBITDA Profit（%） 13.23% 9.85% 338bps Gross margin rate significantly up
Net Profit Attributable to the
Owner of Parent 1,044,521,901.70 450,082,509.47 132.07% Revenue and gross margin rate both up
Net Operating Cash Flow 2,143,365,422.14 751,338,988.37 185.27% Improved payment collection
Financial Highlights
FY 2025 Financial Performance Analysis (YoY)
%▲
Currency
RMB
Higher sales expenses mainly
Selling & Distribution stemmed from increased overseas
Expenses 736,069,496.31 654,095,305.31 12.53%
payroll, export credit insurance and
Advertising expenses
Mainly due to increased overseas
General & Administrative
Expenses 585,508,389.57 547,396,454.50 6.96% payroll, travel expenses, and IT
costs
Primarily due to increased R&D
R&D Expenses 183,340,065.45 169,415,449.97 8.22%
staff
Financial Highlights
FY 2025 Revenue Status by Region
FY 2025 Revenue：
North Middle Latin Asia (China
Brazil Oceania Europe
America
East/Africa
America
inclusive)
North Middle Latin
Oceania
East/Africa America
Europe
Asia (China
inclusive)
Financial Highlights
EBITDA% by Quarter
EBITDA%
Q1 Q2 Q3 Q4 Total
Financial Highlights
Revenue Share by Business Model (YoY)
Annual Revenue by Business Model
Mode C Mode C
Mode A + Mode A +
Mode B Mode B
Financial Highlights
Gross Margin Rate Comparison by Business Model
Annual Gross Margin Rate by Business Model
Mode A + Mode B Mode C
Financial Highlights
Revenue by Product Category
Annual Revenue by Product Category
Other Other
Fungicide Fungicide
Insecticide
Herbicide Herbicide
Financial Highlights
Gross Margin Rate Comparison by Product Category
Annual Gross Margin Rate by Product Category
Herbicide Insecticide Fungicide
Industry Outlook
Geopolitical Conflicts Drive
Industry Recovery with Supply Chain Resilience as Generic Crop Protection
Market Volatility and
Clear Leader Advantage a Key Competitive Factor Gaining Market Share Faster
Uncertainty
The US-Iran conflict in February 2026 The global crop protection industry Amid rising geopolitical tensions Prices of most crop protection
disrupted global energy markets and is expected to continue recovering. and trade protectionism, active active ingredients have continued
the chemical industry chain, driving As channel inventory normalizes, ingredients may experience sharp to decline over the past few years,
rapid price increases for most active downstream procurement demand short-term volatility due to highlighting the cost advantage of
ingredients. Further developments should gradually recover. The unforeseen events. Precise generic products. As commodity
will continue to add significant cyclical bottom recovery is more inventory management, agile prices soften, growers seeking to
uncertainty to the global crop evident for leading companies with market strategies, and rapid improve returns will increasingly
protection market in 2026 competitive advantages. Top-tier response capabilities have favor cost-effective generic
players with core technology, therefore become key to products, accelerating their market
innovation capabilities, and global navigating market changes and share growth
channel brands will further maintaining competitiveness.
consolidate their market position
Margin Expansion
Trade Protectionism Continued Industry
Geopolitical Risks Driven by Business Mix
Challenges Recovery
Optimization
The US-Iran conflict in February Rising trade protectionism in Global agrochemical industry sentiment Increased TO C Business and
global energy markets, significantly disrupted import channel inventory gradually normalizes, key markets will continue to drive
significantly impacting the tariffs, market access policies, downstream procurement demand is up the company's overall gross
chemical industry chain. Although exchange rates, and commodity expected to further recover, while end- margin rate
the situation has recently eased, prices in affected countries, market prices and gross margins are
geopolitical risks remain. Further adding some uncertainty to the set to gradually return to rational levels.
developments could continue to company's operations Gross margins for most subsidiaries in
affect energy prices and raw target countries are expected to
material supply, creating continue rising
uncertainty for the company's
operations
Advanced Manufacturing Continued Operational Quality
Drives Growth Improvement
R&D-driven advanced manufacturing Leveraging a global management system Based on the company's 2026 operational
capabilities continue to advance, helping supported by processes and IT systems, the targets, revenue, gross margin rate, EBITDA, and
the company increase global market share company's global operations capabilities have net profit attributable to the owner of parent are
and improve gross margin rate continued to improve, with operational quality all expected to trend upward YoY
expected to keep improving
Mid-Term Strategic Plan (2025-2029)
"Enhance Quality, Boost Efficiency"
Mid-Term Strategic Plan (2025-2029)
Mid-Term Strategic Plan (2025-2029)
we can have more global powerful synthesis AI to support our market development, improving our competitivity and profitability.
successful commercialization
building strategy aligns partners with different ways, to ensure global supply chain to be safe and competitive
Mid-Term Strategic Plan (2025-2029)
differentiated formulation vtechnologies
To be a Global Leading Crop
Protection Company
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