Market Overview - The planting industry sector experienced a decline of 1.92% on September 3, with Kangnong Seed Industry leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Kangnong Seed Industry (837403) closed at 26.42, down 10.74% with a trading volume of 93,300 shares and a transaction value of 271 million yuan [1] - Qiule Seed Industry (831087) closed at 17.00, down 6.54% with a trading volume of 95,500 shares and a transaction value of 169 million yuan [1] - Shennong Seed Industry (300189) closed at 4.81, down 4.94% with a trading volume of 1.614 million shares and a transaction value of 800 million yuan [1] - Other notable declines include: - Quanyin High-Tech (300087) down 3.75% - Xuecheng Biological (300511) down 3.51% [1] Capital Flow Analysis - The planting industry sector saw a net outflow of 378 million yuan from institutional investors, while retail investors contributed a net inflow of 208 million yuan [1] - The following stocks had significant capital flows: - Honghui Fruits and Vegetables (603336) saw a net inflow of 9.33 million yuan from institutional investors [2] - New Agricultural Development (600359) had a net inflow of 289.78 million yuan from institutional investors [2] - Wanxiang Denong (600371) experienced a net outflow of 297.60 million yuan from institutional investors but a net inflow of 285.48 million yuan from retail investors [2]

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 09 月 01 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 近半数企业 2025H1 归母净利润同比增长，2025Q2 业绩环比向好 ——北交所消费服务产业跟踪第二十九期（20250831） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 2025 上半年 47%的北交所消费服务企业实现归母净利润正增长，2025Q2 营收和归 母净利润的中位数均同比提高。截至 2025 年 8 月 30 日，北交所消费服务产业 38 家企业已经全部发布 2025 年半年报。从 2025H1 营收 yoy 分布来看，大于 25%营 收同比增速的企业共有 7 家。从 2025H1 归母净利润 yoy 分布来看，47%的企业在 2025H1 实现归母净利润正增长，宏裕包材、龙竹科技、太湖雪共 3 家企业的归母净 利润 yoy 大于 50%，格利尔、颖泰生物归 ...

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600354 | 敦煌种业 | 1598.59万 | 4.74% | -1591.51万 | -4.72% | -7.07万 | -0.02% | | 600540 新赛股份 | | 682.92万 | 6.42% | -403.60万 | -3.80% | -279.31万 | -2.63% | | 600883 博闻科技 | | 646.61万 | 4.75% | 568.30万 | 4.18% | -1214.91万 | -8.93% | | 600313 农发种业 | | 520.79万 | 2.13% | -410.90万 | -1.68% | -109.89万 | -0.45% | | 601952 苏垦农发 | | 495.44万 | 3.71% | -1024.92万 | -7.67% | 529.49万 | 3.96% | | 000998 峰平高科 ...

证券代码：837403 证券简称：康农种业 公告编号：2025-120 √特定对象调研 □业绩说明会 □媒体采访 √现场参观 □新闻发布会 □分析师会议 湖北康农种业股份有限公司 投资者关系活动记录表 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、 投资者关系活动类别 □路演活动 二、 投资者关系活动情况 √其他 （投资者线上交流会） 上市公司接待人员：董事、总经理彭绪冰先生；董事、董事会秘书、副总经 理李丹妮女士；财务负责人孙涛先生。 三、 投资者关系活动主要内容 问题 1：公司在海外布局方面有哪些进展和规划？ 回答：在海外拓展方面，公司积极响应国家"走出去"战略，成立了全新的 国际事业部。公司通过多年的科研积累，已取得多个生态区域、适宜不同气候条 件的玉米杂交品种，目前已完全具备对东南亚、非洲等地区的杂交玉米种子供应 条件。今年 2 月与安徽平台迈可金农业科技有限公司合作，布局东南亚及南亚玉 米市场；3 月与安哥拉马兰热省达成玉米种植基地合作；6 月接待尼日利亚高官 考察，加速品种认定。同时与 ...

Group 1: Resident Deposit Migration - The report indicates that resident deposit migration is expected to begin, typically occurring 10-12 months after a market transition from bear to bull, with the current period being 11 months since the last transition [1][6][7] - Initial signs of deposit migration have emerged, with a notable increase in non-bank deposit growth turning positive, suggesting potential for significant market inflow [6][9] - Short-term market consolidation of 2-3 months is anticipated as deposits begin to migrate, based on historical patterns observed in previous bull markets [8][9] Group 2: Unmanned Sanitation Vehicles - The unmanned sanitation vehicle market is projected to reach a scale of approximately 123 billion yuan in 2024, with significant growth expected as the industry transitions from the 0-1 stage to mass production [12][14] - The economic benefits of unmanned sanitation vehicles are substantial, with potential labor cost savings of 12-16 million yuan per vehicle by replacing 3-4 workers, leading to a cost reduction of up to 66% under certain conditions [13][15] - The market for unmanned sanitation vehicles is estimated to be worth between 1.16 trillion and 2.91 trillion yuan, depending on the replacement rate of sanitation workers [14][15] Group 3: Semiconductor Equipment - The report highlights a significant growth potential in the semiconductor equipment sector, particularly in the context of domestic AI development and the need for self-sufficient supply chains [3][18] - The domestic semiconductor equipment market has an average annual scale of approximately 41.7 billion USD, with expectations for continued expansion driven by AI applications [19] - Key companies in the semiconductor equipment space are recommended for investment, including those involved in front-end and back-end equipment, as well as the photolithography supply chain [19] Group 4: Power Prediction Business - The company is recognized as a leader in power prediction, with a projected net profit growth of 40% to 27% from 2025 to 2027, supported by a strong market demand and technological barriers [4][22][24] - The number of service sites for power prediction has increased significantly, indicating robust growth in this segment, with a 55.14% increase in revenue from power prediction services [23] - The company is actively investing in strategic partnerships to enhance its market position in the renewable energy sector [24] Group 5: Wind Power Equipment - The company has reported a 41.26% increase in revenue for the first half of 2025, driven by a significant rise in wind turbine sales, which saw a 106.58% increase in sales capacity [32][33] - The company’s gross margin for wind turbine sales has improved, reflecting operational efficiencies and increased demand [33] - Future projections indicate continued growth in net profit, with expectations of 63.8% growth from 2025 to 2027 [35] Group 6: Lithium Battery Materials - The company has achieved a 28.97% increase in revenue for the first half of 2025, with expectations for further price stabilization and growth in the second half of the year [37][38] - The company is focusing on innovation in lithium battery materials, with significant investments in new technologies and production capabilities [38][39] - Projections for net profit growth from 2025 to 2027 are robust, with an anticipated increase of 68.5% [39]

Market Trends - The online sales proportion of small home appliances in China increased from 68% in 2020 to 79% in 2024, while offline retail sales of kitchen appliances are expected to decline by 9.1% year-on-year in 2024[2] - The small home appliance market in China is projected to reach a scale of 539.2 billion yuan by 2027[20] - In the first five months of 2025, the sales revenue of small home appliances reached 61.5 billion yuan, with a growth rate of 16.1%[24] Policy Impact - The "old for new" policy in the appliance sector has expanded to include 12 categories, stimulating market recovery and showing significant consumer potential[24] - In 2025, the total sales of the home appliance market reached 402.2 billion yuan, reflecting a year-on-year growth of 12.7%[24] Stock Performance - The median stock price change for consumer service stocks on the Beijing Stock Exchange was +4.34% from August 18 to August 22, 2025, with 95% of companies experiencing an increase[42] - The total market capitalization of consumer service companies rose from 118.94 billion yuan to 126.47 billion yuan during the same period[45] Valuation Metrics - The median price-to-earnings (P/E) ratio for consumer service companies increased from 50.4X to 52.3X[44] - The median P/E ratio for the broader consumer sector rose by 10.32% to 79.7X[51]

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company reported a revenue of 0.46 billion yuan for H1 2025, a year-on-year decrease of 2.68%, while the net profit attributable to the parent company was 0.09 billion yuan, an increase of 12.22% year-on-year [4] - In Q2 alone, the company achieved a revenue of 0.22 billion yuan, a significant year-on-year increase of 67.73%, and a net profit of 0.10 billion yuan, marking a turnaround from losses [4] - The decline in revenue from hybrid corn seeds was primarily due to the earlier timing of the Lunar New Year in 2025, which led to a concentration of sales in December 2024 [2][3] - The gross margin for H1 2025 reached 39.46%, an increase of 13.47 percentage points year-on-year, with hybrid corn seeds achieving a gross margin of 40.45% [2] Summary by Sections Revenue Performance - H1 2025 revenue breakdown: hybrid corn seeds 0.43 billion yuan (down 5.12%), no revenue from konjac seeds and traditional Chinese medicine seedlings, and other revenues of 0.03 billion yuan (up 56.37%) [2] Profitability - The company’s gross margin improved significantly, with hybrid corn seeds and other businesses achieving margins of 40.45% and 25.97%, respectively [2] Market Strategy - Domestically, the company is strengthening its core position in the Southwest and expanding into the Huanghuaihai market, while also innovating sales strategies and enhancing online presence [3] - Internationally, the company has developed multiple hybrid corn varieties suitable for different climates and is actively entering markets in Southeast Asia and Africa [3] Financial Projections - Future revenue projections are 4.49 billion yuan for 2025, 5.80 billion yuan for 2026, and 7.22 billion yuan for 2027, with net profits expected to reach 1.03 billion yuan, 1.32 billion yuan, and 1.67 billion yuan respectively [3][8]

编辑 杨娟娟 校对 王心 新京报贝壳财经讯（记者阎侠）8月21日，康农种业的2025年半年度报告已出炉。2025年上半年，康农 种业实现营业收入约4587.42万元，同比下滑2.68%；归属于上市公司股东的净利润约868.85万元，同比 增长12.22%。 具体来看，2025年上半年，康农种业杂交玉米种子销售收入4272.17万元，同比减少5.12%，主要是由于 公司客户通常需要在农历春节前完成进货、备货和铺货，2025年农历春节时点较早，则该销售季度内销 售旺季则会提前结束，相应地造成了2025年1月公司的发货量减少，收入向2024年12月集中，因此公司 2025年上半年主要是正常的补货收入，较上年同期收入有所下降。 2025年上半年，康农种业的中药材种苗和魔芋种子销售未实现销售收入，主要原因一是中药材和魔芋行 业逐步进入了下行周期，二是公司将更主要的管理精力投入到核心优势的杂交玉米种子业务，暂时未投 入较多精力开展相关业务。2025年上半年，康农种业的其他业务收入同比增长56.37%，主要原因为公 司本期为外单位制种面积增加，代繁收入相应增加。 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is expected to achieve steady growth throughout the year, driven by the expansion of new varieties in the Huang-Huai-Hai market [7] - The company reported a revenue of 0.46 billion yuan in H1 2025, a year-on-year decrease of 2.68%, while the net profit attributable to the parent company was 0.09 billion yuan, an increase of 12.22% year-on-year [7] - The company is focusing on promoting its core hybrid corn seed business, with new varieties showing strong performance and demand growth [7] Financial Forecasts - Total revenue is projected to reach 403 million yuan in 2025, with a year-on-year growth of 19.71% [1][8] - Net profit attributable to the parent company is expected to be 90.87 million yuan in 2025, reflecting a year-on-year increase of 10.01% [1][8] - The earnings per share (EPS) is forecasted to be 0.91 yuan in 2025, with a price-to-earnings (P/E) ratio of 27.64 based on the latest diluted EPS [1][8] Market Data - The closing price of the stock is 25.28 yuan, with a market capitalization of 2,511.85 million yuan [5] - The company has a price-to-book (P/B) ratio of 5.21 and a total asset-liability ratio of 39.21% [5][6] Operational Insights - The company has increased its sales and marketing expenses to promote its core products, resulting in a sales expense ratio of 22.92% in Q2 2025, up by 6.99% year-on-year [7] - The gross profit margin improved to 39.46% in H1 2025, an increase of 13.47 percentage points year-on-year, due to higher production yields and better pricing power [7]

2024年度已上市A股企业从申报到上市的平均天数为629.45天，康农种业的上市周期是265天，低于整体 均值。 （一）公司基本情况 （二）执业评价情况 （1）信披情况： 被要求说明关于环保合规性的披露或说明是否准确、完整；被要求补充分析2021年度毛利率；被要求补 充披露国家引导种植品种等政策对各品种市场空间的具体影响，相关品种未来市场需求及前景；被要求 进一步说明交易金额及占比、交易内容、相关交易是否真实、依据是否充分。 （2）监管处罚情况： 2022年6月6日，因财务数据错报被全国股转公司口头警示；2023年12月6日，因信披违规被全国股转公 司口头警示。 （3）舆论监督：不扣分 （4）上市周期：不扣分 （5）是否多次申报：不属于，不扣分。 （6）发行费用及发行费用率 康农种业的承销及保荐费用为1695.01万元，承销保荐佣金率10.00%，高于整体平均数7.71% 。 预计募资3.04亿元，实际募资1.70亿元，实际募集金额缩水44.33%。 （7）上市首日表现 上市首日股价较发行价格上涨60.45%。 全称：湖北康农种业股份有限公司 简称：康农种业 代码：837403.BJ IPO申报日期：2023 ...