Investment Rating - The report maintains an "Outperform" rating for the North Exchange market [5] Core Insights - The North Exchange has entered the "920 era," marking the emergence of the first ST companies [1] - The North Exchange's total number of listed companies is 265, with a total market capitalization of 737.724 billion and a circulating market capitalization of 441.839 billion, reflecting a quarter-on-quarter increase of 5.2% and 4.3% respectively [1][11] - The North Exchange 50 Index experienced a significant rebound, ending the month with a 4.72% increase, while other major indices declined [2][30] - The report highlights that 16 out of 22 industries on the North Exchange saw gains, with notable increases in beauty care, transportation, food and beverage, textiles, and agriculture, with median increases exceeding 15% [2][35] Market Overview - The North Exchange's trading volume for April was 30.945 billion shares, with a total transaction value of 630.962 billion, representing a quarter-on-quarter decrease of 14.4% and 20.2% respectively [1][17] - The average daily margin balance for April reached 5.262 billion, remaining at a historically high level [22] - As of April 30, the North Exchange 50 Index's price-to-earnings ratio (PE-TTM) was 45.31, placing it in the 99.79th percentile over the past two years [24][27] Industry Performance - The highest median price-to-earnings ratios by industry were recorded in the computer sector at 111, followed by telecommunications at 110, construction materials at 91, light industry manufacturing at 74, and social services at 72 [24][27] - The report indicates that 23 stocks reached historical highs in price during the month, with Huaguang Yuanhai achieving a remarkable 65.42% increase [2][39] Company Announcements - In April 2025, 232 companies on the North Exchange released their annual reports, with Jinbo Biological reporting the highest earnings per share at 8.27 yuan [3][12] - The report notes that there were no new listings in April, but one new stock, Tiangong Co., was issued [3][11] Policy and Important Events - The North Exchange introduced several policies in April 2025 related to refinancing, trading management, broker performance evaluation, and delisting supervision, marking a strategic move towards market independence and specialization [3][14]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's profitability is under short-term pressure, but it is expected to recover growth in 2025 [1][7] - The company has faced intense market competition, leading to a decline in revenue from corn and peanut seeds in 2024, but it is focusing on R&D to enhance product quality and market differentiation [7][8] - The financial forecasts have been adjusted downwards for 2025 and 2026 due to competitive pricing pressures in the corn seed industry, but the company is expected to gradually stabilize and grow with the promotion of new varieties [7][8] Financial Summary - Total revenue for 2023 was 534.24 million, projected to decline to 391.21 million in 2024, with a recovery to 437.15 million in 2025 [1][8] - Net profit attributable to shareholders is expected to decrease from 79.42 million in 2023 to 50.44 million in 2024, with a slight recovery to 52.83 million in 2025 [1][8] - The earnings per share (EPS) is projected to be 0.31 in 2024 and 0.32 in 2025, with a P/E ratio of 59.25 and 56.57 respectively [1][8] - The company aims to maintain a gross margin of approximately 27% over the next few years, with net profit margins gradually decreasing from 12.89% in 2024 to 11.56% in 2027 [8]

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.3100 | 0.4800 | -35.42 | 0.4600 | | 每股净资产（元） | 3.4 | 3.29 | 3.34 | 2.96 | | 每股公积金(元) | 1.1 | 1.1 | 0 | 1.1 | | 每股未分配利润(元) | 1.05 | 0.97 | 8.25 | 0.68 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 3.91 | 5.34 | -26.78 | 4.38 | | 净利润(亿元) | 0.5 | 0.79 | -36.71 | 0.62 | | 净资产收益率(%) | 9.18 | 15.45 | -40.58 | 20.35 | 数据四舍五入，查看更多财务数据>> 三、分红送配方案情况 二、前10名无限售条件股东持股情况 10派1.5元(含税) | 名称 持有数量(万股) | | 占总股本比例 ...

Group 1 - The A-share soybean sector experienced a short-term surge, with Xinda Co., Ltd. hitting the daily limit up [1] - Weiweijia Co., Ltd. previously reached the limit up, indicating strong market interest [1] - Other companies such as Nongfa Seed Industry, Beidahuang, Qiule Seed Industry, Jiahua Co., Ltd., and Sukang Agricultural Development also saw increases [1]

Group 1 - The A-share transgenic sector has experienced a short-term decline, with Batian Co., Ltd. falling over 9% [1] - Other companies such as Qiule Seed Industry, Yingtai Biological, ChuanYin High-Tech, and Dabeinong also saw declines [1]

过去一周（4月7日—4月11日），在海外利空消息刺激下，A股三大指数集体下跌。截至4月11日收盘， 上证指数报3238.23点，周跌3.11%；深成指报9834.44点，周跌5.13%；创业板指报1926.37点，周跌 6.73%。 具体来看，15%左右的个股周内实现上涨，82股周涨超15%，154股周跌超15%。按照申万一级行业分 类，仅有农林牧渔、商贸零售、国防军工、食品饮料四个板块收涨；电力设备、通信、机械设备、传媒 等行业跌幅居前。 多只北交所个股跻身牛股榜，秋乐种业收获"30CM"三连板 本期牛股榜中（剔除近1月上市的次新股，下同）中，北交所个股再度霸屏，其中有6只属于北交所个 股，秋乐种业（831087.BJ）以96.77%的周涨幅夺魁，华光源海（872351.BJ）位居第二，累计涨幅近 77%，连云港（601008.SH）在过去一周斩获六连板，累计涨超61%，国芳集团（601086.SH）的周涨幅 也在61%以上。除此之外，凯德石英（835179.BJ）、润普食品（836422.BJ）、太湖雪（838262.BJ）、 骑士乳业（832786.BJ）的涨幅均在44%以上。 最牛股秋乐种业于北交所上 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the agriculture, forestry, animal husbandry, and fishery industry [4]. Core Insights - The poultry prices have stopped declining and are rebounding, supported by the release of the "Accelerating the Construction of an Agricultural Power Plan" [4]. - The report highlights that the industry is currently at a relatively low valuation compared to historical averages, indicating potential for valuation recovery [4]. Summary by Sections Market Review - In March 2025, the agriculture, forestry, animal husbandry, and fishery index rose by 2.44%, outperforming the Shanghai and Shenzhen 300 index, which fell by 0.07% [7][10]. - The animal health sector showed the highest growth, while the seed industry faced declines [10]. Livestock Farming Data Tracking - In March 2025, the average price of live pigs was 14.75 yuan/kg, with a slight month-on-month decline of 0.78% and a year-on-year decline of 0.03% [15][22]. - The average price of white feather broiler chicks was 2.88 yuan/chick, reflecting a month-on-month increase of 0.66 yuan/chick [24][27]. - The report notes a rebound in chicken prices due to improved market conditions and reduced cost pressures [27][29]. Policy Insights - The "Accelerating the Construction of an Agricultural Power Plan (2024-2035)" emphasizes the need for independent innovation in seed industry and the implementation of major biological breeding projects [31][32]. - The plan aims for significant progress in agricultural modernization by 2027 and substantial achievements by 2035 [31]. Major Agricultural Product Price Tracking - The report provides insights into the price trends of key agricultural products, indicating a strong fluctuation in corn and wheat prices [33][34]. Industry Dynamics and Company News - The report tracks significant events in the industry, including government initiatives to support agricultural development and the performance of listed companies in the sector [39][41].

证券代码：831087 证券简称：秋乐种业 公告编号：2025-010 河南秋乐种业科技股份有限公司职工代表监事任命公告 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。 （二）任命原因 鉴于公司第四届监事会任期即将届满，根据《公司法》和《公司章程》等相关规 定进行换届选举。 （三）新任董监高人员履历 朱朝华，男，1976 年 1 月出生，中国国籍，无境外永久居留权。2007 年至今， 历任河南秋乐种业科技股份有限公司加工中心经理、加工中心物流部主任、战略发展 部经理。 二、任命对公司产生的影响 公司新任董事、监事、高级管理人员候选人的任职资格符合法律法规、部门规章、 业务规则和公司章程等规定。本次任命未导致董事会中兼任高级管理人员的董事和由职 工代表担任的董事人数超过公司董事总数的二分之一。 一、任免基本情况 （一）任免的基本情况 鉴于公司第四届监事会任期即将届满，根据《公司法》和《公司章程》等相关规 定进行换届选举。公司 2025 年第一次职工代表大会于 2025 年 4 月 9 日审议并通过： 选举 ...

证券代码：831087 证券简称：秋乐种业 公告编号：2025-009 河南秋乐种业科技股份有限公司 2025 年第一次职工代表大会决议公告 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 河南秋乐种业科技股份有限公司（以下简称"公司"）2025 年第一次职工 代表大会于 2025 年 4 月 9 日在公司三楼会议室召开。会议应到职工代表 33 人， 实到职工代表 33 人，会议由工会主席王瑞三主持。 本次会议的召集、召开及表决程序符合《公司法》等法律、法规、规范性 文件以及《公司章程》的有关规定。 二、会议表决情况 （一）审议通过《关于选举公司第五届监事会职工代表监事的议案》； 1、议案内容 鉴于公司第四届监事会任期即将届满，根据《公司法》和《公司章程》等相 关规定进行换届选举。公司召开 2025 年第一次职工代表大会选举朱朝华先生为 公司职工代表监事，任职期限自公司股东大会选举出第五届监事会非职工代表监 事之日起，至第五届监事会届满之日止。朱朝华先生不属于 ...

证券代码：831087 证券简称:秋乐种业 公告编号：2025-008 一、股票交易异常波动的具体情况 河南秋乐种业科技股份有限公司（以下简称"公司"）股票最近 2 个有成交的交易日 （2025 年 4 月 8 日至 2025 年 4 月 9 日）以内收盘价涨幅偏离值累计达到 53.37%，根据《北 京证券交易所交易规则（试行）》的有关规定，属于股票交易异常波动情形。 二、公司关注并核实的相关情况 河南秋乐种业科技股份有限公司股票交易异常波动及风险提示公告 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。 重要风险提示： 1、河南秋乐种业科技股份有限公司（以下简称"公司"）于 2025 年 4 月 7 日披露了《股 票交易异常波动公告》（公告编号：2025-007）。公司股票收盘价格涨幅偏离值累计达到北京 证券交易所的有关规定，属于股票交易异常波动情形。 2、经查询中证指数有限公司网站数据，截至 2025 年 4 月 9 日，公司最新滚动市盈率为 66.85，公司所属中上协行业分类"农、林、牧、渔专业及辅助 ...