证券代码：831087 证券简称：秋乐种业 公告编号：2025-063 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二十六次会议、第四 届监事会第二十二次会议，于 2025 年 4 月 23 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》拟使用额度不超过人民币 12,000 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。 具体内容详见公司在北京证券交易所信息披露平台（http://www.bse.cn/）披 露的《河南秋乐种业科技股份有限公司关于公司使用部分闲置募集资金进行现 金管理的公告》（公告编号：2025-032）。 （二）本次现金管理是否达到披露标准 根据《北京证券交易所股票上市规则》的相关规定，交易的成交金额占上 市公司最近一期经审计净资产的 10%以上，且超过 1, ...

Summary of Key Points Core Viewpoint - As of July 7, the total margin financing and securities lending balance on the Beijing Stock Exchange reached 5.911 billion yuan, indicating an increase of 46.039 million yuan from the previous trading day [1]. Financing and Margin Data - The margin financing balance was 5.910 billion yuan, up by 46.044 million yuan, while the securities lending balance was 886,600 yuan, down by 5,200 yuan [1]. - The stocks with the highest margin financing balances included Jinbo Biological, Airon Software, and Better Energy, with balances of 365 million yuan, 173 million yuan, and 157 million yuan respectively [1]. - The average ratio of margin financing balance to circulating market value for these stocks was 1.16%, with Tian Gang Co., Shengye Electric, and Juneng Co. leading at 5.56%, 4.08%, and 3.48% respectively [1]. Sector Performance - In terms of industry statistics, the sectors with the most stocks receiving net margin purchases over 1 million yuan were machinery equipment, computers, and power equipment, with 8, 5, and 4 stocks respectively [2]. - On July 7, stocks with net margin purchases over 1 million yuan had an average increase of 0.56%, with the top gainers being Fangda New Materials, Caneng Power, and Pano Technology, which rose by 9.92%, 8.70%, and 7.80% respectively [2]. - Conversely, 19 stocks experienced declines, with the largest drops seen in Qifeng Precision, Sanyuan Gene, and Xinghao Pharmaceutical [2]. Trading Activity - The weighted average turnover rate for stocks with net margin purchases over 1 million yuan was 6.52%, with the highest turnover rates recorded for Caneng Power, Honghai Technology, and Yinen Power at 33.99%, 26.03%, and 23.17% respectively [2]. - The average daily turnover rate for stocks on the Beijing Stock Exchange was 3.58% [2]. Notable Stocks - The stocks with the largest increases in margin financing on July 7 included Wuxin Tunnel Equipment, Kangnong Agriculture, and Qiule Agriculture, with increases of 15.048 million yuan, 8.507 million yuan, and 7.678 million yuan respectively [2][3]. - Other notable stocks with significant margin financing increases included Jikang Instruments, Xinghao Pharmaceutical, and Guohang Ocean, with increases of 6.231 million yuan, 4.164 million yuan, and 4.131 million yuan respectively [2][3].

证券代码：831087 证券简称：秋乐种业 公告编号：2025-062 河南秋乐种业科技股份有限公司 持股 5%以上股东拟减持股份的预披露公告（再次披露） 本公司及董事会全体成员及相关股东保证公告内容不存在虚假记载、误导 性陈述或重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 一、 减持主体的基本情况 | 股东名称 | 股东身份 | 持股数量 | 持股比例 | 当前持股股份来 | | --- | --- | --- | --- | --- | | | | （股） | （%） | 源 | | 河南农投产业投 | 持股 5%以 | 10,273,836 | 6.2190% | 上市前取得及后续 | | 资有限公司 | 上股东 | | | 增持 | 注：河南生物育种中心有限公司（持有秋乐种业 850.00 万股，占比 5.1453%)为河南农投产业投资 有限公司的一致行动人。 二、 本次减持计划的主要内容 | | | 计划减 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 计划减 | 持数量 | | | 减持 | 拟减持 ...

Group 1: Pet Economy - The pet economy continues to show high growth, with over 400 pet brands achieving sales growth of over 100% year-on-year during the "618" shopping festival [1] - The number of pet transaction users increased by 32% year-on-year, while new pet owners grew by 39% [1] - Top brands in various pet food categories include Royal Canin and Maffidi for cat and dog dry food, and Maffidi and Zeal for cat and dog snacks/wet food [1] Group 2: Pig Prices - The average price of external three yuan pigs rose to 14.22 yuan/kg, a week-on-week increase of 1.43% [2] - The average price of piglets decreased to 31.85 yuan/kg, down 3.16% week-on-week [2] - The average weight of market pigs decreased slightly to 128.28 kg, while the inventory rate of frozen products increased to 14.04% [2] Group 3: Grain Prices - Prices for corn, soybean meal, and wheat have increased, with corn averaging 2417.06 yuan/ton (up 0.47%), soybean meal at 3015.14 yuan/ton (up 1.59%), and wheat at 2441.67 yuan/ton (up 0.46%) [3] - Weather conditions and trade dynamics are influencing corn prices, while soybean meal prices are affected by supply concerns from the U.S. and geopolitical tensions [3] Group 4: Investment Recommendations - The pig farming sector is expected to enter a long-term profit growth phase after inventory reduction, with recommended companies including Juxing Agriculture, Shennong Group, and Muyuan Foods [4] - The post-cycle sector is seeing a recovery in feed and veterinary demand, with companies like Haida Group and Ruipu Biotech recommended [4] - The planting chain is showing positive fundamentals with rising grain prices, suggesting investment opportunities in companies like Suqian Agricultural Development and Beidahuang [4] - The pet food industry is in a growth phase, with increasing recognition of domestic brands and recommended companies including Guibao Pet and Zhongchong Co. [4]

Investment Strategy Overview - The report maintains an "outperform" rating for the agriculture, forestry, animal husbandry, and fishery industry, indicating a positive outlook for the sector [3][5][6] Market Performance - From the beginning of 2025 to June 16, the agriculture, forestry, animal husbandry, and fishery index achieved an absolute return of +12.81%, outperforming the CSI 300 index by 14.5 percentage points [10][13] - The pet food sector has shown the highest growth, while the aquatic processing sector has also performed well [13][14] Swine Breeding Sector - The swine breeding industry is expected to enter a phase of simultaneous supply and demand growth in the second half of 2025, driven by a sufficient supply of piglets and an increase in domestic slaughtering due to reduced imports from the U.S. [15][30] - The number of breeding sows and total swine stock remains high, with a notable increase in piglet supply observed from January to April 2025 [18][30] - Major companies like Muyuan Foods have reported significant increases in piglet sales, indicating strong market dynamics [17][30] Animal Health Sector - The animal health market is experiencing steady growth, with a market size increase from 472.29 billion yuan in 2016 to 696.51 billion yuan in 2023, reflecting a compound annual growth rate of 5.71% [35][36] - The introduction of new products and the expansion of demand are driving the growth of the animal health industry, particularly with the anticipated market expansion following the launch of African swine fever vaccines [41][48] Seed Industry - The seed industry is undergoing significant transformation, with a focus on the commercialization of biotechnology breeding, which is expected to enhance market concentration and profitability for related companies [4][16][19] - The regulatory environment is becoming clearer, and companies that have passed initial reviews are now obtaining operational licenses, positioning them to benefit from the industry's growth [4][19] Pet Food Sector - China's pet food market is projected to continue growing, driven by demographic changes and rising living standards, with the market size expected to expand significantly [5][23] - The domestic pet food industry is seeing a shift towards increased online sales and domestic product substitution, indicating a robust growth trajectory [5][23][26] Investment Recommendations - The report suggests focusing on leading companies in the sector, including Muyuan Foods, Pulaike, Qiule Seed Industry, Guai Bao Pet, Zhongchong Co., and Petty Co., as they are expected to benefit from favorable market conditions and valuation recovery [5][32]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - The company, a leader in the domestic corn seed industry, is currently facing short-term performance pressure but is expected to see a turning point as it ramps up research and development and expands its distribution channels [3] - The overall corn seed market is experiencing oversupply and intense competition, leading to declines in both sales volume and price [3] - The company has adjusted its profit forecasts for 2025-2026 and introduced a new forecast for 2027, expecting net profits of 55 million, 67 million, and 77 million yuan respectively for those years [3] Financial Summary - In 2024, the company is projected to achieve revenue of 391 million yuan, a decrease of 26.77% year-on-year, with a net profit of 50 million yuan, down 36.49% [3][6] - The gross margin is expected to be 27.86%, down 4.23 percentage points, and the net margin is projected at 12.89%, down 1.98 percentage points [3] - For Q1 2025, revenue is expected to be 19.19 million yuan, a decline of 45.25%, with a net loss of 4.48 million yuan [3] Research and Development - The company increased its R&D expenditure to 2160.87 million yuan in 2024, a year-on-year growth of 17.98% [5] - Several of the company's corn varieties have been recognized for their disease resistance and high yield, with specific varieties selected as leading agricultural varieties in various provinces [5] Market Position and Strategy - The company is actively exploring online sales channels, including establishing its own e-commerce platform and collaborating with influencers and e-commerce teams [5] - The company aims to enhance its market position in the wheat and peanut seed markets, anticipating accelerated expansion in these areas [3]

Market Overview - A-shares and Hong Kong stocks experienced a decline in the afternoon, with the ChiNext Index and STAR 50 Index dropping over 1% [1] - The Shanghai Composite Index closed down 0.44% at 3384.82 points, while the Shenzhen Component Index fell 0.86% to 10162.18 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 145.16 billion yuan, an increase of nearly 140 billion yuan compared to the previous day [1] Banking Sector Performance - The banking sector showed strength, with Minsheng Bank rising nearly 3% and reaching a peak increase of about 4% during trading [4] - Other banks such as Zhejiang Commercial Bank and Xi'an Bank also saw gains of approximately 2% [4] - Recent announcements of dividend distributions by several banks have led to a more favorable outlook for the sector, with historical data indicating stable performance during the traditional dividend period of June to July [6] Departure Tax Refund Concept - The departure tax refund concept surged, with China National Aviation rising by 30% and several other companies hitting their daily limit [8] - The State Administration of Taxation reported a 116% year-on-year increase in the number of departure tax refunds processed in the first month of the new policy [10] - The potential market space for departure tax refunds is estimated to be nearly 100 billion yuan, which could further stimulate consumption and expand domestic demand [10] Agricultural Sector Activity - The agricultural sector saw significant activity, particularly in seed companies, with Qiu Le Seed Industry rising approximately 12% and Kangnong Seed Industry increasing over 10% [12] - The Ministry of Agriculture has initiated inspections of seed production bases to ensure the safety and quality of agricultural seeds, which is expected to enhance market order and industry standards [14]

Market Overview - The Shanghai Composite Index closed at 3384.82 points, below the five-day moving average, with a decline of 0.44% [1] - The total trading volume of A-shares reached 14,514.37 million yuan [1] Stocks Performance - A total of 219 A-shares broke through the five-day moving average today [1] - Stocks with significant deviation rates include: - Huaguang Yuanhai with a deviation rate of 20.27% and a daily increase of 26.88% [1] - Shuguang Shuchuang with a deviation rate of 15.32% and a daily increase of 24.01% [1] - Haooubo with a deviation rate of 12.92% and a daily increase of 20.00% [1] - Stocks with smaller deviation rates that just crossed the five-day moving average include: - Dongfang Precision, Zijin Bank, and Chuanheng Co., with minor deviation rates [1]

Core Viewpoint - The agricultural sector experienced a notable rally in the afternoon, with seed industry stocks leading the gains, particularly in companies like Qiule Seed Industry and Kangnong Seed Industry, which saw increases exceeding 10% [1] Group 1: Sector Performance - The agricultural sector showed resilience by rising against market trends in the afternoon [1] - The seed industry was the primary driver of this rally, indicating strong investor interest [1] Group 2: Notable Stocks - Qiule Seed Industry, Kangnong Seed Industry, and Shennong Seed Industry all recorded gains of over 10% [1] - Other companies such as Quanyin High-Tech, Lude Environment, Fengle Seed Industry, and New Sai Co. also experienced significant price increases [1]

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