Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [2][14]. Core Insights - The company's performance in the first half of 2024 fell short of expectations, with a significant decline in revenue and a shift to net losses. The company reported a revenue of 51.79 million yuan, down 52.75% year-on-year, and a net loss attributable to shareholders of 4.27 million yuan, compared to a profit in the previous year [2][3]. - The corn seed market is experiencing oversupply, leading to increased returns of corn seeds and a decline in revenue. The average price of corn in China dropped to 2,389 yuan per ton, marking a decrease of 13.22% quarter-on-quarter and 14.59% year-on-year, the lowest since October 2020 [2][3]. - The company is increasing its research and development (R&D) investments to maintain its core competitiveness, with R&D expenses amounting to 7.30 million yuan, representing 14.10% of revenue, an increase of 66.16% year-on-year [3]. Financial Performance Summary - For the first half of 2024, the company reported: - Revenue from corn seeds: 12.14 million yuan, down 82.07% year-on-year, with a gross margin of 12.38% [3]. - Revenue from peanut seeds: 34.36 million yuan, down 11.08% year-on-year, with a gross margin of 18.18% [3]. - Revenue from wheat seeds: 2.51 million yuan, with a gross margin of 20.68% [3]. - The company forecasts net profits of 3.9 million yuan, 6.3 million yuan, and 8.6 million yuan for 2024, 2025, and 2026 respectively, with corresponding earnings per share (EPS) of 0.23 yuan, 0.38 yuan, and 0.52 yuan [3][5]. Market Context - The corn seed industry is facing a challenging environment with strong supply and weak demand, leading to price declines. The report anticipates a potential balance in supply and demand in the third quarter of 2024 [2][3]. - The report highlights the ongoing commercialization of biotechnology in breeding, which may provide growth opportunities for related seed companies in the future [2].

证券代码：831087 证券简称：秋乐种业 公告编号：2024-069 河南秋乐种业科技股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 公司本次以部分闲置募集资金购买银行产品的金额合计 3,000 万元。截至 本公告日，公司闲置募集资金现金管理的未到期产品余额为人民币 3,000 万 元。 二、 本次委托理财情况 | 受托方 | | 产品名 | 产品金 | 预计年化 | 产品 | 收益 | 投资 | 资金 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 产品类型 | 称 | 额（万 | 收益率 | 期限 | 类型 | 方向 | 来源 | | | | 共赢慧 | 元） | （%） | | | | | | 中信银 | | 信汇率 | | | | | | | | | | 挂钩人 | | | | | 银行 | | | 行股份 | 银行结 | | | | | 保本 | | ...

证券代码：831087 证券简称：秋乐种业 公告编号：2024-069 河南秋乐种业科技股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、 授权委托理财情况 （一）授权现金管理的基本情况 为提高闲置募集资金使用效率，公司第四届董事会第十九次会议、第四届 监事会第十七次会议，于 2024 年 4 月 17 日审议通过了《关于使用部分闲置募 集资金进行现金管理的议案》，拟继续使用额度不超过人民币 15,000 万元（含 本数）闲置募集资金进行现金管理，在上述额度范围内资金可以循环滚动使用。 公司投资的品种为安全性高、流动性好、可以保障投资本金安全的定期存款、 通知存款或结构性存款等产品，投资的期限最长不超过 12 个月，不影响募集 资金投资计划正常进行。在前述额度内，资金可以循环滚动使用，如单笔产品 存续期超过前述有效期，则决议的有效期自动顺延至该笔交易期满之日。 具 体 内 容 详 见 公 司 在 北 京 证 券 交 易 所 信 息 披 露 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance in H1 2024 has declined due to a significant drop in revenue and net profit, primarily attributed to low corn grain prices and a surplus in the corn seed market, leading to increased returns of corn seeds [2] - The overall market is characterized by oversupply, resulting in decreased sales of corn and soybean seeds, which has negatively impacted revenue [2] - The company has increased its R&D investment, which has slightly raised its expense ratios, indicating a commitment to enhancing its research capabilities [2] - Future profit forecasts have been adjusted downward due to intensified market competition, with expected net profits for 2024, 2025, and 2026 being 0.83 billion, 0.87 billion, and 0.98 billion respectively, reflecting growth rates of 4%, 6%, and 12% [2] Summary by Sections Financial Performance - In H1 2024, the company reported total revenue of 0.52 billion, a year-on-year decrease of 52.75%, and a net profit of -0.04 billion, down 159.89% [2] - The gross margin for H1 2024 was 17.67%, a decrease of 11.66 percentage points year-on-year, with corn seed and peanut seed gross margins at 12.38% and 18.18% respectively [2] Revenue Breakdown - Revenue from corn seeds and peanut seeds in H1 2024 was 0.12 billion and 0.34 billion, representing declines of 82.07% and 11.08% year-on-year [2] R&D and Expenses - The company has increased its R&D expenses, with sales, management, R&D, and financial expense ratios rising year-on-year [2] Profit Forecasts - The revised profit forecasts for the company indicate a net profit of 0.83 billion in 2024, 0.87 billion in 2025, and 0.98 billion in 2026, with growth rates of 4%, 6%, and 12% respectively [2]

证券代码：831087 证券简称：秋乐种业 公告编号：2024-063 河南秋乐种业科技股份有限公司 第四届董事会第二十一次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2024 年 8 月 26 日 2.会议召开地点：公司三楼会议室 3.会议召开方式：现场＋通讯会议 4.发出董事会会议通知的时间和方式：2024 年 8 月 16 日以电话、书面相结 合方式发出 5.会议主持人：董事长侯传伟 6.会议列席人员：公司第四届董事会董事、监事、高级管理人员 7.召开情况合法、合规、合章程性说明： 本次会议的召集与召开、议案的审议程序等,均符合《公司法》《公司章程》 及相关法律、法规、规范性文件的规定。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 董事覃坤因工作原因以通讯方式参与表决。 二、议案审议情况 （一）审议通过《关于公司 2024 年半年度报告及摘要的议案》 1.议案内容： 根据北京证券交易所相关 ...

证券代码：831087 证券简称：秋乐种业 公告编号：2024-067 募集资金存放与实际使用情况的专项报告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 河南秋乐种业科技股份有限公司 一、募集资金基本情况 根据中国证券监督管理委员会"证监许可 [2022]2580 号"文《关于同意 河南秋乐种业科技股份有限公司首次公开发行股票注册的批复》，并经北京证 券交易所同意，公司向不特定合格投资者发行人民币普通股 3,304.00 万股(每 股面值 1 元)，发行价为每股人民币 6.00 元，募集资金总额 198,240,000.00 元，扣除各项发行费用 22,635,067.41 元，募集资金净额为 175,604,932.59 元。上述募集资金已于 2022 年 11 月 30 日全部到位，并已经大信会计师事务 所（特殊普通合伙）出具了大信验字[2022]第 16-00008 号验资报告予以验证。 | 账户名称 | 银行名称 | 账号 | 金额（元） | | --- | --- | --- | --- ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥51,791,408.22, a decrease of 52.75% compared to ¥109,601,511.67 in the same period last year[14]. - The gross profit margin decreased to 17.67% from 29.33% year-on-year[14]. - The net profit attributable to shareholders was -¥4,268,159.52, a decline of 159.89% compared to a profit of ¥7,127,208.37 in the previous year[14]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥12,785,539.93, down 447.34% from ¥3,681,003.38 in the same period last year[14]. - The weighted average return on net assets based on net profit attributable to shareholders was -0.80%, compared to 1.46% in the previous year[14]. - The basic earnings per share decreased to -0.0258 from 0.0431 year-on-year, reflecting a decline of 159.89%[14]. - Net profit decreased by 159.89% year-on-year, with a current net profit of ¥4,268,159.52[22]. - Operating revenue decreased by 52.75% to ¥51,791,408.22, attributed to a decline in corn seed prices and increased returns[27]. - The company reported a net profit of -4,268,159.52 yuan for the first half of 2024, compared to a net profit of 7,127,208.37 yuan in the same period of 2023, indicating a significant decline[68]. - The total comprehensive income for the first half of 2024 was -10,325,361.11 yuan, compared to 9,517,330.66 yuan in the first half of 2023, showing a substantial downturn[70]. Assets and Liabilities - Total assets increased by 14.69% to ¥876,619,417.59 compared to the previous year[15]. - Total liabilities rose significantly by 67.73% to ¥370,419,156.58, leading to an increase in the debt-to-asset ratio to 42.26%[15]. - Total assets include cash of ¥360,838,704.58, accounting for 41.16% of total assets, down 2.71% from the previous year[24]. - Accounts receivable increased by 36.61% to ¥61,366,213.67, primarily due to sales of peanut seeds on credit to government customers[25]. - Contract liabilities surged by 245.88% to ¥184,159,515.38, mainly from prepayments for corn and wheat seeds[25]. - The company's equity attributable to shareholders decreased to CNY 506,200,261.01 from CNY 543,508,420.53, a decline of approximately 6.9%[62]. - The total liabilities reached CNY 327,340,889.38 as of June 30, 2024, compared to CNY 200,999,486.53 at the end of 2023, indicating a significant increase of 62.7%[66]. Research and Development - Research and development expenses rose by 66.16% to ¥7,303,723.10, reflecting increased investment in R&D and new equipment[27]. - The company focuses on research and development of crop seeds, with significant innovations in varieties such as Qiu Le 368 and Qiu Le 618[21]. - The company plans to invest approximately CNY 167.60 million in the biological breeding R&D capability enhancement project and seed processing center renovation project, which will result in an annual depreciation expense of about CNY 17.61 million after completion[39]. - Research and development expenses for the current period amount to 7,303,723.10, an increase from 4,395,664.39 in the previous period, reflecting a growth of approximately 66.5%[150]. Market Position and Recognition - The company was awarded the "Henan Province Agricultural and Animal Husbandry Harvest Award Cooperation Award" by the Henan Provincial Government for the years 2019-2021[2]. - The company was recognized as a "National Key Leading Enterprise in Agricultural Industrialization" by multiple national ministries on May 15, 2024[2]. - The company has been recognized as a key leading enterprise in agricultural industrialization by the Ministry of Agriculture and Rural Affairs in May 2024[21]. - The seed industry is currently in a rapid development phase, supported by government policies aimed at enhancing innovation and competitiveness[23]. Cash Flow and Investments - Operating cash flow increased by 525.12% to ¥58,593,693.00 compared to the same period last year[16]. - Net cash flow from operating activities increased by 525.12% year-on-year, primarily due to a reduction in cash paid for purchasing goods and services[33]. - The company has invested 130 million yuan in bank financial products with no overdue amounts[34]. - The total amount of self-owned funds invested in bank financial products reached approximately 1.79 billion yuan[34]. - Cash inflow from investment activities reached CNY 457,949,489, compared to CNY 80,301,527 in the first half of 2023, indicating a growth of 471%[72]. Shareholder Information - The total number of shares outstanding is 165,200,000, with no preferred shares[11]. - The top shareholder, Henan Seed Industry Group Co., Ltd., holds 44,156,000 shares, representing 26.73% of the total shares[49]. - The total number of shareholders is 5,304, indicating a diverse ownership structure[47]. - The combined shareholding of the top ten shareholders is 100,432,731 shares, which constitutes 60.79% of the total shares[49]. - The total number of ordinary shares is 165,200,000, with 71,150,100 unrestricted shares accounting for 43.07% and 94,049,900 restricted shares making up 56.93%[47]. Management and Governance - The company has appointed new independent directors, including Wang Qinglian and Xue Huazheng, effective from November 7, 2023[56]. - The total number of board members is 9, while the supervisory board consists of 5 members[54]. - The company has seen changes in senior management, with three executives leaving and five new appointments made during the reporting period[56]. - The company is focused on expanding its management team with qualified professionals from relevant fields[57]. Risks and Challenges - The company faces risks from changes in industry policies, intensified market competition, and the need for continuous new variety research and development[38]. - The company has reported a significant risk of declining profitability indicators such as net profit, earnings per share, and return on equity due to the new depreciation expenses from the R&D projects[39]. - The company faces market risks primarily from floating interest rate bank loans, with management actively monitoring interest rates to mitigate potential financial impacts[165]. - The company has a maximum credit risk exposure related to financial assets due to potential non-fulfillment of obligations by counterparties, with measures in place to recover overdue debts[167]. Related Party Transactions - The company engaged in related party transactions, including purchasing raw materials and services amounting to CNY 13 million and selling products worth CNY 3.5 million during the reporting period[42]. - The company’s related party transactions included significant purchases from Henan Jiuchuang Technology Co., Ltd, amounting to 80,382.00 in the previous period[173]. - The company sold seeds to various related parties, generating a total of 603,817.40 in sales for the current period, up from 335,924.00 in the previous period[174]. Compliance and Reporting - The financial statements were approved by the board of directors on August 26, 2024, reflecting the company's financial status as of June 30, 2024[90]. - The company has confirmed no significant doubts regarding its ability to continue as a going concern for the next 12 months[90]. - The company’s financial reporting adheres to the accounting standards set by the Ministry of Finance, ensuring a true and complete reflection of its financial results[90].

证券代码：831087 证券简称：秋乐种业 公告编号：2024-068 河南秋乐种业科技股份有限公司 第四届监事会第十九次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2024 年 8 月 26 日 2.会议召开地点：公司三楼会议室 3.会议召开方式：现场+通讯会议 4.发出监事会会议通知的时间和方式：2024 年 8 月 16 日以书面和通讯结合方式 发出 5.会议主持人：监事会主席赵博 6.召开情况合法、合规、合章程性说明： 本次会议的召集与召开、议案的审议程序等，均符合《公司法》《公司章 程》及相关法律、法规、规范性文件的规定。 （二）会议出席情况 会议应出席监事 5 人，出席和授权出席监事 5 人。 监事王世杰、张昊飞因工作原因以通讯方式参与表决。 二、议案审议情况 （一）审议通过《关于公司 2024 年半年度报告及摘要的议案》议案 1.议案内容： 根据北京证券交易所相关规定，公司编制了《河南秋乐种业科技股份有限 公司 ...

证券代码：831087 证券简称：秋乐种业 公告编号：2024-067 河南秋乐种业科技股份有限公司 募集资金存放与实际使用情况的专项报告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、募集资金基本情况 二、募集资金管理情况 为规范公司募集资金管理，保护投资者合法权益，本公司依照中国证监会 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》 《北京证券交易所上市公司持续监管办法（试行）》《北京证券交易所股票上市 规则（试行）》等相关规定，结合公司实际情况，制定了《河南秋乐种业科技股 份有限公司募集资金管理制度》(以下简称"《管理制度》")，该《管理制度》 于 2022 年 5 月 28 日经本公司第四届董事会第二次会议审议通过。 根据管理办法相关要求，公司已与保荐人招商证券股份有限公司、中国农 业银行股份有限公司郑州分行、中信银行股份有限公司郑州分行于 2022 年 11 月 28 日共同签署了《募集资金三方监管协议》。 2023 年 6 月 21 日，公司第四届董事会第十三次 ...