Investor
Presentation
H1 2026 report
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
Industry Status
Active ingredient prices experienced short-term
volatility.
Supply-side competition intensifies, pressuring margins;
leading companies see channel gross margin recovery.
Exports remain resilient, supported by continued policy
optimization and accelerating formulation product
exports.
Channels increasingly favor low inventory and delayed
procurement.
Generic crop protection share rises, driving Chinese
exporters' global growth.
Falling end-user returns and rising credit risk along the
industrial chain.
Industry Overview
Export Volume Trends of Products Under China HS Code 3808
H1 2026: Total export volume increased by 15.66% YoY
Q2 2026: Total export volume increased by 16.65% YoY
Industry Overview
Export Value Trends of Products Under China HS Code 3808
Hundred 2026 2025 2024 2023
Million USD
Hundred
Million USD
H1 2026: Total export value increases by 18.75 % YoY
Q2 2026: Total export value increased by 22.26% YoY
Industry Overview
Export Unit Price Trends of Products Under China HS Code 3808
USD/Kg
USD/Kg 1 2 3 4 5 6 7 8 9 10 11 12
H1 2026: Monthly average export unit price increased from $ 2.86/kg in January
to $ 3.25/kg in June
Performance Overview
Core Business
Revenue Growing Gross Margin Rate EBITDA Increasing
Profitability Improving
Steadily Steadily Improving Significantly
Significantly
Revenue at RMB 7.442 billion, Gross margin increased to EBITDA at RMB 1.173 billion, Net profit attributable to the parent
+13.95% YoY 24.29% (+2.87pp YoY) +43.82% YoY, growing faster than at RMB 502 million, down 9.67%
revenue, confirming the YoY, impacted by exchange rate
Growth driven by deeper global Driven by a rising Model C strengthening of high-quality fluctuations and changes in fair
market penetration (rapid business and improved margins growth drivers. value of FX derivatives.
expansion in North America and
across all product lines, reflecting
the EU) and resilient existing steady progress in profit structure Excluding FX-related impacts, core
business, further strengthening the optimization. business profitability improved
operating base. significantly YoY, reflecting the
continued strengthening of core
competitiveness.
Performance Overview
Revenue Up YoY, Reflecting Continued Market
Expansion and Deepening Success
Revenue Comparison Asia, Oceania,
Europe & Brazil and Latin
Middle East, and
North American America
Africa
Unit: RMB billion
Early-stage 0
Deeper market Revenue slightly down
+13.95% expansion with penetration driving YoY due to delayed
steadily growing steady growth procurement season
H1 2025 H1 2026 Q2 2025 Q2 2026
Performance Overview
Gross Margin Rate Up YoY,
Reflecting Improving Earnings Quality.
Gross Margin Rate Comparison Model C revenue increased by 7.63 pct
optimization
Non-herbicide category up by 0.91pct
+ 287bps 30.00%
+ 175bps
In early expansion stage, with sustained growth momentum
In-House active ingredients projects delivered, smart
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
H1 2025 H1 2026 Q2 2025 Q2 2026
Performance Overview
EBITDA And EBITDA Margin Up YoY,
Core Operating Efficiency Strengthening
EBITDA Comparison EBITDA Margin Comparison
Unit: RMB million
+43.82% 14.13%
H1 2025 H1 2026 Q2 2025 Q2 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Performance Overview
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 Net Profit Attributable to the owner of Parent Net
Parent Comparison Profit Comparison(Excluding FX Impact)
Unit: RMB million Unit: RMB million
-9.67%
+12.61% +88.33%
H1 2025 H1 2026 Q2 2025 Q2 2026 H1 2025 H1 2026 Q2 2025 Q2 2026
Financial Highlights
H1 2026 Financial Performance Analysis (YoY)
Currency
H1 2026 H1 2025 %▲ Note
RMB
North America and Europe markets
Sales Revenue 7,441,632,955.92 6,530,775,333.21 13.95%
growing rapidly
Higher Model C Business with
Gross Margin（%） 24.29% 21.42% 287bps improved gross margins across
major product lines
Revenue and gross margin rate both
EBITDA 1,172,692,803.76 815,410,474.59 43.82%
up
Gross margin rate improvement and
EBITDA Profit（%） 15.76% 12.49% 327bps
optimized expense control
Net Profit Attributable to the FX losses weighed on parent net
Owner of Parent
profit
Due to higher raw material
Net Operating Cash Flow 125,085,693.78 893,182,242.16 -86.00%
procurement
• H1 2026: Net Profit Attributable to the Parent at approximately RMB 502 million. Exchange rate-driven forex and hedging losses reduced profit by
approximately RMB 234 million. Excluding this, adjusted Net Profit Attributable to the Parent at approximately RMB 736 million.
• H1 2025: Net Profit Attributable to the Parent at approximately RMB 556 million. Exchange rate-driven forex and hedging gains increased profit by
approximately RMB 222 million. Excluding this, adjusted Net Profit Attributable to the Parent at approximately RMB 334 million.
Financial Highlights
H1 2026 Financial Performance Analysis (YoY)
Currency
H1 2026 H1 2025 %▲ Note
RMB
Mainly due to increased employee
Selling & Distribution compensation, sample expenses,
Expenses 391,376,318.20 340,844,593.06 14.83% export credit insurance, and travel
costs during the reporting period
Higher administrative expenses
General & Administrative mainly due to increased employee
Expenses 276,698,496.35 253,142,837.69 9.31% compensation, IT costs, and travel
costs
Primarily due to increased R&D
R&D Expenses 100,152,805.72 83,428,312.99 20.05% staff payroll during the reporting
period.
Financial Highlights
Q2 2026 Financial Performance Analysis (YoY)
Currency
Q2 2026 Q2 2025 %▲ Note
RMB
Sales Revenue
North America and Europe markets
growing rapidly
Higher Model C shares, with
Gross Margin（%） 24.67% 22.92% 175bps improved gross margins across
major product lines
Revenue and gross margin rate both
EBITDA 702,832,188.61 537,959,601.08 30.65%
up
Gross margin rate improvement and
EBITDA Profit（%） 16.54% 13.99% 255bps
optimized expense control
Net Profit Attributable to the Revenue growth and gross margin
Owner of Parent 336,551,087.03 298,860,730.79 12.61%
improvement
Net Operating Cash Flow 767,237,442.94 959,942,509.21 -20.07% Due to higher inventory purchases
• Q2 2026: Net Profit Attributable to the Parent at approximately RMB 337 million. Exchange rate-driven forex and hedging losses reduced profit by
approximately RMB 115 million. Excluding this, adjusted Net Profit Attributable to the Parent at approximately RMB 452 million.
• Q2 2025: Net Profit Attributable to the Parent at approximately RMB 299 million. Exchange rate-driven forex and hedging gains increased profit by
approximately RMB 59 million. Excluding this, adjusted Net Profit Attributable to the Parent at approximately RMB 240 million.
Financial Highlights
Q2 2026 Financial Performance Analysis (YoY)
Currency
Q2 2026 Q2 2025 %▲ Note
RMB
Mainly due to increased employee
Selling & Distribution
Expenses 207,716,703.41 179,977,396.99 15.41% compensation, sample expenses,
and registration fees
General & Administrative Mainly due to increased employee
Expenses 145,413,759.03 126,886,423.26 14.60%
compensation and travel expenses
R&D Expenses 53,763,886.57 41,949,748.20 28.16% Primarily due to higher R&D payroll
Financial Highlights
H1 2026 New Global Registration Status by Geographic Segment
H1 2026 New Approvals:
Latin North Middle Asia (China
Brazil Europe Oceania
America America East/Africa inclusive)
Financial Highlights
Total Global Registration Status by Geographic Segment as of June 2026
Total Approvals :
Latin North Middle Asia (China
Brazil Europe Oceania
America America East/Africa inclusive)
Financial Highlights
H1 2026 Revenue Status by Geographic Segment
H1 2026 Revenue：
Latin North Middle Asia (China
Brazil Europe Oceania
America America East/Africa inclusive)
H1 2026 18.56%
Latin North Middle Asia (China
Brazil Europe Oceania
America America East/Africa inclusive)
H1 2025 25.56%
Financial Highlights
Revenue Share by Segment (YoY)
Revenue by Segment (H1) Quarterly Revenue by Segment
Model C Model C Model C
Model A + Model C Model A + Model A +
Model B 47.77% Model B Model B
Model B 52.96%
H1 2025 H1 2026 Q2 2025 Q2 2026
Financial Highlights
Gross Margin Rate Comparison by Segment
Gross Margin Rate by Segment (H1) Quarterly Gross Margin Rate by Segment
Model A + Model B Model C Model A + Model B Model C
H1 2025 H1 2026 Q2 2025 Q2 2026
Financial Highlights
Revenue by Product Category
Revenue by Product Category (H1) Revenue by Product Category (H1)
Other Other Other Other
Fungicide Fungicide Fungicide
Fungicide
Insecticide Insecticide Insecticide
Herbicide Herbicide Herbicide Herbicide
H1 2025 H1 2026 Q2 2025 Q2 2026
Financial Highlights
Gross Margin Rate Comparison by Product Category
Gross Margin Rate by Product Category (H1) Quarterly Gross Margin Rate by Product Category
Herbicide Insecticide Fungicide Herbicide Insecticide Fungicide
H1 2025 H1 2026 Q2 2025 Q2 2026
H1 2026 Operational Review Defining Global Brand Strategy Goals to
Capabilities
We are a China-born multinational crop
protection company with a global footprint.
Building on This Goal:
• Significantly enhanced social media content
quality across all platforms and substantially
increased digital ad spend.
• Advanced "factory marketing" initiatives,
improving facility appearance and global visitor
reception to elevate the overall global brand
image.
H1 2026 Operational Review
Updating the Four Growth Pillars and Seed
Business– Progress Across All Core Fronts
Pillars and Seed Business
The 2026 strategic review further refined the "Four Growth Pillars" and
"Seed Business.“
Four Growth Pillars:
• Strengthening brand building and pursuing a multi-business-model
approach under a unified platform (with particular emphasis on
accelerating Model C business)
• Accelerating expansion into high-value markets, particularly the EU
and North America
• Increasing the revenue share of insecticides and fungicides
• Forward-looking positioning and timely, successful
commercialization of key newer active ingredients
Seed Business:
• Biologicals (Rainbow Bio)
• Non-crop products
• Exploration of innovative active ingredients
H1 2026 Operational Review
Updating the Four Growth Pillars and Seed
Business– Progress Across All Core Fronts
Building, Model C Business
Accelerating Growth
The global brand communication strategy has
delivered initial results, with LinkedIn
followers surpassing 120,000.
Model C business revenue share increased
from 40.14% in H1 2025 to 47.77% in the
reporting period, with gross margin rising
from 30.21% to 32.97%, underscoring the
growing strength of the high-margin business
model.
H1 2026 Operational Review
Updating the Four Growth Pillars and Seed
Business– Progress Across All Core Fronts
America Businesses
The combined revenue share of EU and North America operations
increased significantly from 14.08% in H1 2025 to 19.48% in the
reporting period, reflecting the company's growing penetration in
high-barrier, high-value markets.
Business
The combined revenue share of insecticides and fungicides rose
from 26.59% in H1 2025 to 26.93% in the reporting period,
reflecting continued optimization and a more balanced product mix.
H1 2026 Operational Review
Updating the Four Growth Pillars and Seed
Business– Progress Across All Core Fronts
Rainbow Bio：
Following a "Model B first for light-structure entry, then
Model C" approach, the company is piloting operations in
target markets with favorable conditions, aiming to achieve
self-sustaining growth while continuously refining localized
operational methodologies.
NON CROP：
Currently in the global planning stage, with active research
and identification efforts underway for target countries,
market segments, and product portfolios.
Innovative Active Ingredients :
Exploration and research continue to advance.
H1 2026 Operational Review Enhance Quality, Boost Efficiency: Global
Optimization
Orientation toward Commercial Success
During the reporting period, the company adhered to the
overarching principle of "Enhance Quality, Boost Efficiency"
and comprehensively optimized organizational
performance. By significantly increasing the weighting of
operational quality metrics—including gross margin, net
profit after tax, overdue accounts receivable, and long-term
inventory—while correspondingly reducing the weighting of
sales revenue, the company effectively steered frontline
market behavior.
In addition, the company continued to deepen overseas
organizational effectiveness initiatives, dynamically
optimizing key roles such as general managers of
overseas subsidiaries. This has effectively stimulated
organizational vitality and operational performance.
H1 2026 Operational Review Enhance Quality, Boost Efficiency: Global
Optimization
The company remains committed to its talent strategy, embedding core values
across the full "recruit, develop, deploy, retain" lifecycle. On the front line, we
continue to deploy Chinese core staff as "upward-looking" ambassadors of
strategy, culture, and brand, ensuring deep transmission of global strategy and
corporate culture.
Currently, most Model C subsidiaries operate under a "Commissar + Commander"
model (veteran Chinese expats paired with local leaders). This model
significantly enhancing the company's cultural confidence in global operations.
On the talent development front, programs such as the "Frontline Team Member
training" and "Rainbow Leadership Program" are accelerating the cultivation of
outstanding "Rainbow Ambassadors" through hands-on practice, driving the team
toward a "professional, credible, accountable, and collaborative" standard and
continuously reinforcing the value consensus underpinning global operations.
H1 2026 Operational Review Enhance Quality, Boost Efficiency: Global
Optimization
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.
First-Mover Registration of High-Value Products
Through forward-looking selection of key newer active ingredients, key newer
formulations, and key differentiated formulations, the company takes the lead in
global commercialization planning.
In H1 2026, the company secured over 500 new registrations (including 35 in the
EU, 17 in the US, 18 in Canada, and 22 in Brazil). As of June 30, 2026, it held over
commercialization in core markets.
H1 2026 Operational Review First Generic Player for important New Active
Executed per Strategic Plan
Important New Active Ingredients“ as a Core
Competency
The company recognizes that being the first generic player for
important new active ingredients in core markets offers high
commercial value and significant competitive barriers.
As one of the few global players with this capability, we have made
this a strategic priority and established an end-to-end
commercialization mechanism covering the entire value chain:
screening, registration, R&D, manufacturing, supply, and market
deployment.
Currently, approximately 30 selected key newer active ingredients
are advancing steadily and rapidly through this process, in full
alignment with the planned timeline.
H1 2026 Operational Review First Generic Player for important New Active
Executed per Strategic Plan
Projects on Track
The company remains firmly committed to 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.
All projects scheduled for 2026 and 2027 have been
identified and are progressing steadily according to
plan.
H1 2026 Operational Review First Generic Player for important New Active
Executed per Strategic Plan
Expansion to Ensure High-Quality, On-Time
Delivery
To ensure high-quality, low-cost, and on-time delivery of global orders,
the company is proactively expanding its formulation capacity.
• The herbicide solid formulation workshop at the Weifang North Plant
was commissioned in H1 2026;
• The insecticide liquid formulation workshop at the Pingdu Plant is
expected to come on stream in H2 2026.
The newly commissioned workshops have achieved significant
upgrades in flexible production, continuous processing, automation, and
intelligence, substantially improving production efficiency and product
consistency. This provides strong capacity support for high-quality, fast
delivery to global markets.
H1 2026 Operational Review
FX Volatility and Rising Credit Risks in Select
Markets Weighed on Overall Performance
During the reporting period, the RMB continued to
appreciate, while currencies in countries such as
Brazil, Argentina, Australia, Turkey, Russia, and India
experienced significant volatility. In H1 2026,
exchange rate fluctuations reduced profit by
approximately RMB 234 million (compared to a
profit increase of approximately RMB 222 million in
H1 2025).
Compounded by weak commodity prices, rising
financing costs, and extreme weather, farm-gate
returns for growers in key crop protection markets
such as Brazil and Argentina have declined or even
turned negative, while channel credit risks and
default rates remain elevated, weighing on overall
performance.
Industry Outlook
Industry Supply Continues to Grow; Major Crop Prices to Remain Soft, with Geopolitical Tensions and FX Volatility
Active Ingredient Prices Expected to Inelastic End-User Demand and More Intensify, Testing Supply Chain Agility
Fluctuate Near Bottom Fragmented Purchasing Patterns
Industry supply capacity continues to Global major crop prices are expected to Geopolitical developments, crude oil
expand, keeping market competition stay soft, with growers placing greater prices, and major currency exchange rate
active. Active ingredient prices are emphasis on input-output efficiency. fluctuations remain key market variables,
expected to remain range-bound at the with the potential to periodically disrupt
bottom, as the sector navigates a The "low-inventory, late-purchasing" industry chain costs and supply-demand
cyclical trough of capacity consolidation procurement habits are likely to persist, dynamics, amplify price volatility, and
and profit reshaping. making demand patterns more increase the difficulty of pricing and
fragmented. This trend places higher inventory management. As a result, global
demands on supply chain agility and resource allocation capabilities and rapid
refined inventory management across the response capacity are becoming
industry. increasingly critical.
Industry Outlook
Generic Crop Protection Share Industry Competition Evolving into a Policy and Trade Environment
Expected to Rise Further, Structural Comprehensive Capability Contest; Remain Complex and Fluid, Making
Opportunities Emerging Concentration Among Leading Global Operational Capabilities
Players Expected to Accelerate Increasingly Critical
As global agricultural input costs rise As more Chinese companies accelerate Changes in trade policies, tariffs, access
and growers place greater emphasis on their international expansion, global regulations, and export rebate
input-output efficiency, cost-effective market share will increasingly concentrate adjustments across multiple countries
generic crop protection products are among players with a complete industrial may periodically disrupt international
expected to gain more traction, with chain, strong registration capabilities, and trade patterns and market supply-demand
market share set to increase further. a global marketing network. Industry dynamics. Amid rising uncertainty in the
The global market landscape continues competition is shifting from a pure price operating environment, companies'
to tilt toward generics, presenting clear game to a comprehensive contest of full- globally-localized operational capabilities
structural opportunities for leading chain coordination, brand building, and will serve as a core moat to weather
Chinese exporters. global operational capabilities. external risks and sustain steady growth.
Strategic Plan, Core
Operating Metrics on a
Steady Upward Trajectory
over Blind Scale Expansion
to Drive Continued Gross
Margin Expansion
In line with the 2025-2029 mid-term Amid a complex environment of continued With the parallel development of multiple
strategic plan and 2026 targets, the industry supply growth, active market business models under the Business
company will continue to focus on competition, declining farm-gate returns, Solution Platform—particularly the
“enhance quality, boost efficiency." On a and rising credit risk along the industrial continued growth of Model C revenue
trajectory of sustained operational chain, the company will continue to adhere share—alongside an increasing
quality improvement, core metrics to its core principle of "enhancing quality contribution from high-value markets
including full-year parent net profit, gross and boosting efficiency." With commercial such as North America and the EU, and
margin, EBITDA, and revenue are success as the guiding objective, the the gradual approval of high-value product
expected to deliver steady growth. company will place operational quality registrations in key global markets, the
improvement at the center of its efforts, company's profit structure is set to further
refrain from pursuing simple revenue scale improve, positioning gross margin for a
expansion, and continuously consolidate its continued upward trend.
core competitive advantages.
Geopolitical Tensions, FX
First Generic Player for
Accelerating AI Adoption Volatility, and Trade Policy
Important New Active
to Drive Organizational Complexity: Strengthening Risk
Ingredients and
Efficiency Management Capabilities
Advanced Manufacturing to
Fuel New Growth Drivers
The company has identified "First Generic The company is leveraging AI as a key driver of organizational Geopolitical developments, crude oil prices, and
Player for Important New Active Ingredients" as efficiency: major currency exchange rate fluctuations
a core competency and a new growth pillar, 1. Complete AI use-case mapping and incorporate advanced AI remain key market variables that may periodically
with several such ingredients already achieving proficiency into future job qualification standards to encourage disrupt industry chain costs and supply-demand
broad adoption.
successful first-to-market generic launches in dynamics, amplify price volatility, and increase
key markets this year. the difficulty of pricing and inventory
workflows across registration documentation, market
intelligence, supply chain analytics, financial data processing, management. Meanwhile, changes in tariffs,
and dashboard development. access rules, and export rebate policies across
At the same time, R&D-driven advanced international trade patterns. In the face of
standardized usage protocols, providing all employees with a
manufacturing capabilities continue to advance, unified and accessible application gateway. growing uncertainty in the operating environment,
effectively helping the company increase global the company will continue to strengthen its
market share, enhance industry influence, and global operational and risk management
further improve overall gross margin levels. Currently, AI has been progressively integrated into multiple core capabilities to ensure steady business
business processes, with marked improvements in AI
performance.
awareness and organizational efficiency across the workforce.
Mid-Term Strategic Plan (2025-2029)
"Enhance Quality, Boost Efficiency"
Mid-Term Strategic Plan (2025-2029)-2026 Update
Foster Multi-business Model Accelerating Europe &
Synergy on Business Solution North America High-Value
Platform & Increase Model C Market Expansion
Business
Increased Insecticide & Forward-Looking
Fungicide Business Positioning and Timely
Commercialization of
important New Active
Mid-Term Strategic Plan (2025-2029)-2026 Update
Proactive Product Planning & Commercialization: Through forward-looking product planning, identify
global registration layout, strategic coordination, and commercialization readiness to ensure these
products achieve regulatory approval and successful commercialization ahead of peers in selected core
and important countries.
R&D Pipeline & Self-synthesized Strategy: Drive the R&D, manufacturing, and supply of important new
priority countries. Simultaneously, execute the development of other planned self-synthesized active
ingredients and continuously deepen our expertise in existing self-synthesized active ingredients.
"Four-in-one" Formulation development System: Operate and continuously refine a scenario-based, "four-
formulation capabilities to support product registration, delivery, and successful commercialization.
Mid-Term Strategic Plan (2025-2029)-2026 Update
Multi-Business Model Balanced Growth: Uphold a multi-business-model approach based on business
driving rapid growth in start-up core countries, and ensuring the timely successful commercialization of
important—especially important new products to guarantee healthy and balanced business growth.
Supply Chain Product Manager & Resilient Supply: Empower Supply Chain Product Managers as the
end understanding of the entire industry chain. Implement differentiated supply assurance for important
new, important commodity, important niche active ingredients to build a safe, sustainable, and
competitive global supply chain.
Lean Operations & Agile Delivery: Leverage forward-looking capacity planning and a lean operational
quality, cost-effective, and fast, on-time global delivery through efficient and agile fulfillment capabilities.
Mid-Term Strategic Plan (2025-2029)-2026 Update
To be a Global Leading Crop
Protection Company
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