证券日报网讯 12月22日晚间，康农种业发布公告称，公司2025年12月18日召开2025年第四次临时股东 会，审议《关于拟续聘会计师事务所的议案》《关于修订的议案》。 （文章来源：证券日报） ...

从资金流向上来看，当日种植业板块主力资金净流出2.24亿元，游资资金净流入4028.61万元，散户资金 净流入1.84亿元。种植业板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，12月15日种植业板块较上一交易日上涨0.09%，康农种业领涨。当日上证指数报收于 3867.92，下跌0.55%。深证成指报收于13112.09，下跌1.1%。种植业板块个股涨跌见下表： ...

Core Insights - The report highlights the integrated development of Kangnong Agriculture, focusing on hybrid corn seed production, breeding, and promotion, achieving a revenue CAGR of 30.5% and a profit CAGR of 42.1% from 2022 to 2024 [2][10] - The industry is experiencing a demand for high-yield and quality varieties, with a projected tight balance in corn supply and demand for the 2025/26 season, leading to stable corn prices and positive planting enthusiasm among farmers [2][10] - Kangnong's flagship product, Kangnong Yu 8009, is expected to drive growth, with sales projections indicating significant volume increases in the coming years [2][10] Company Overview - Kangnong Agriculture specializes in hybrid corn seeds and has streamlined its operations across breeding, propagation, and promotion since 2017 [2][10] - The company has successfully entered new markets, including the Huanghuaihai summer sowing area and northern spring sowing area, which have become new growth drivers [2][10] Industry Analysis - The seed market is currently facing a supply-demand imbalance, with a projected supply-demand ratio of 175% for the 2024/25 season, indicating a high inventory situation that may take 2-3 years to improve [2][10] - High-quality varieties are favored in the market, commanding better price premiums, while competition among homogeneous varieties remains intense, putting pressure on prices [2][10] Short-term Outlook - For 2025, the company aims to achieve both revenue growth and cost reduction, with expectations of increased gross margins due to self-propagation models [2][10] - The anticipated gross margin for 2025 is projected to improve by 1.2-5.0 percentage points based on sensitivity analysis [2][10] Long-term Strategy - Kangnong plans to expand its national sales footprint, leveraging its market position in the Southwest and introducing diverse product offerings in the Huanghuaihai and Northeast markets [2][10] - The company has a robust pipeline for transgenic varieties, with a strategic rollout across different regions [2][10] Investment Rating and Valuation - The report forecasts Kangnong's net profit for 2025-2027 to be 0.96 billion, 1.23 billion, and 1.50 billion respectively, with a target market capitalization of 4.5 billion, indicating a potential upside of 90% from the current closing price [2][10] - The report assigns a "Buy" rating based on the company's growth potential and favorable market conditions [2][10]

Core Insights - The report focuses on Kangnong Agriculture (837403), which specializes in hybrid corn seeds and has integrated breeding, propagation, and promotion since 2017, leading to significant growth in new markets [3][11] - The company is projected to achieve a revenue CAGR of 30.5% and a profit CAGR of 42.1% from 2022 to 2024, driven by the successful launch of its main product, Kangnong Yu 8009 [3][11] - The report highlights the favorable market conditions for high-yield and quality seed varieties, with a predicted stable corn price and strong planting enthusiasm among farmers [3][11] Company Overview - Kangnong Agriculture has established a comprehensive development model that connects breeding, propagation, and promotion, enhancing its market competitiveness [3][11] - The company has successfully entered new markets in the Huanghuaihai summer sowing area and the northern spring sowing area, which have become new growth drivers [3][11] Industry Analysis - The seed market is currently experiencing a supply-demand imbalance, with a supply-demand ratio of 175% expected for the 2024/25 season, indicating a high inventory situation that may take 2-3 years to improve [3][11] - High-quality seed varieties are favored in the market, commanding better premiums, while competition among homogeneous varieties remains intense, leading to price pressures [3][11] Short-term Outlook - For 2025, the company aims to increase revenue while reducing costs, with Kangnong Yu 8009 expected to lead growth [3][11] - The self-propagation model is anticipated to lower costs, with a projected gross margin increase of 1.2-5.0 percentage points in 2025 based on sensitivity analysis [3][11] Long-term Strategy - The company plans to continue expanding its national sales footprint, leveraging its market position in the southwest and introducing diverse product combinations in the Huanghuaihai market [3][11] - Kangnong Agriculture has a robust pipeline of transgenic varieties, with a structured approach to commercialization across different regions [3][11] Investment Rating and Valuation - The report forecasts the company's net profit for 2025-2027 to be 0.96 billion, 1.23 billion, and 1.50 billion respectively, with corresponding PE ratios of 25, 19, and 16 times [3][11] - A target market capitalization of 45 billion is set for 2025, indicating a potential upside of 90% from the closing price on September 25, 2023, with a "Buy" rating assigned [3][11] Catalysts for Stock Performance - Key catalysts include exceeding expectations in contract liabilities for Q3 2025, higher-than-expected sales of Kangnong Yu 8009, and progress in promoting high-protein corn [3][11]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][8]. Core Insights - The company focuses on hybrid corn seed breeding, production, and sales, leveraging its strong market position through innovative product development and a comprehensive sales network [7][20]. - The corn supply and demand are in a tight balance, with high-quality varieties gaining market acceptance, driven by stable feed consumption and increasing demand for deep processing [7][44]. - The company has a robust pipeline of transgenic varieties and is advancing their commercialization, positioning itself favorably within the industry [7][8]. Company Overview - The company is led by corn breeding experts and has established a strong market presence in the Southwest region, expanding into new markets such as the Huang-Huai-Hai and Northern regions [20][31]. - The integrated breeding, propagation, and promotion model adopted by the company enhances its operational efficiency and product innovation [27][29]. - The company has achieved significant revenue growth, with a projected CAGR of 30.5% for revenue and 42.1% for profit from 2022 to 2024 [7]. Industry Analysis - The corn market is characterized by a stable planting area and increasing yields, with the Northeast, Huang-Huai-Hai, and Southwest regions being the primary production areas [44][59]. - The demand for high-protein corn is expected to grow, aligning with national goals to reduce soybean meal usage in feed formulations [49][50]. - The deep processing sector for corn is also expanding, with a shift towards high-value products, further driving corn consumption [55]. Financial Projections - The company is expected to achieve net profits of 0.96 billion, 1.23 billion, and 1.50 billion yuan from 2025 to 2027, with corresponding P/E ratios of 25, 19, and 16 [6][8]. - The target market capitalization is set at 4.5 billion yuan, indicating a potential upside of 90% from the current market price [8].

Overview - The trend of public funds increasing their allocation to the Beijing Stock Exchange (BSE) continues, with active equity public funds significantly entering the market. As of H1 2025, the market value allocated by public funds to the BSE reached 22.383 billion yuan, with an allocation ratio of 0.37%, up by 0.15 percentage points quarter-on-quarter. The allocation coefficient reached 0.59, an increase of 0.07. Public funds have continuously increased their allocation to the BSE for three and a half consecutive half-years since H1 2024 [10][12]. Active Equity - Active equity public funds have significantly increased their allocation to the BSE. As of H1 2025, the total market value held by active equity funds in the BSE reached 11.22 billion yuan, a substantial increase of 116% compared to H2 2024 [29][30]. - The BSE theme products held a market value of 3.9 billion yuan as of H1 2025, up by 54% quarter-on-quarter, primarily due to net value growth and the opening of subscriptions for the "Taikang BSE Selected Two-Year Open Fund" [30][34]. - The average net value growth rate of BSE theme funds was 69.9% from the beginning of 2025 to September 10, 2025, significantly outperforming the BSE 50 index by 14.8% [30][34]. Index Investment - The scale of index investment in the BSE is steadily expanding. As of H1 2025, the market value held by BSE index funds reached 11.08 billion yuan, an increase of 48% quarter-on-quarter. The BSE 50 index fund accounted for 10.5 billion yuan of this, up by 46% [54][55]. - The number of BSE 50 index products has increased, with 28 products established as of now, including two newly established products in Q3 2025 [54][55]. Allocation - The trend of institutionalization in the BSE is accelerating, with a focus on growth sectors. As of H1 2025, the public fund holding ratio for the BSE 50 reached 8.8%, up by 1.8 percentage points quarter-on-quarter. The active equity holding ratio was 3.9%, an increase of 2.0 percentage points [19][20]. - The concentration of active equity public fund allocations has increased, with key stocks like Jinbo Bio, Nacono, and Tongli Co. accounting for about half of the total market value held [40][44].

Market Overview - The planting industry sector experienced a slight decline of 0.0% on September 19, with Kangnong Seed Industry leading the drop [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Notable gainers in the planting industry included: - Xuecheng Biological (300511) with a closing price of 6.20, up 5.98% and a trading volume of 579,900 shares [1] - Xinong Development (600359) closed at 7.23, up 2.41% with a trading volume of 285,000 shares [1] - New Sai Co. (600540) closed at 4.89, up 1.88% with a trading volume of 481,300 shares [1] - Conversely, Kangnong Seed Industry (837403) saw a significant decline of 3.77%, closing at 24.78 with a trading volume of 33,900 shares [2] Capital Flow - The planting industry sector saw a net inflow of main funds amounting to 41.1 million yuan, while retail investors experienced a net outflow of 49.3 million yuan [2] - The main funds' net inflow for Xuecheng Biological was 49.99 million yuan, representing 13.84% of the total, while retail investors had a net outflow of 36.69 million yuan [3] - Notable stocks with significant capital flow included: - Nuofushin (002215) with a main fund net inflow of 40.82 million yuan and a retail net outflow of 24.92 million yuan [3] - Xin Sai Co. (600540) with a main fund net inflow of 32.42 million yuan and a retail net outflow of 39.81 million yuan [3]

Market Overview - The planting industry sector experienced a slight decline of 0.05% on September 16, with Kangnong Seed Industry leading the drop [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Stock Performance - Notable gainers in the planting sector included: - Nuofushin (002215) with a closing price of 12.75, up 4.17% [1] - Zhongxing Junye (002772) with a closing price of 10.29, up 3.42% [1] - Conversely, Kangnong Seed Industry (837403) saw a significant decline of 3.70%, closing at 26.55 [2] Trading Volume and Capital Flow - The planting sector saw a net outflow of 177 million yuan from main funds, while retail investors contributed a net inflow of 156 million yuan [2] - The trading volume for Nuofushin was 351,900 shares, with a transaction amount of 442 million yuan [1] - Kangnong Seed Industry had a trading volume of 46,300 shares, with a transaction amount of 123 million yuan [2] Capital Inflow Analysis - Main funds showed a net inflow of 42.08 million yuan for Nuofushin, while there was a net outflow of 32.22 million yuan from retail funds [3] - Other companies like Xin Sai Co. (600540) and Guotou Fengle (000713) also experienced mixed capital flows, with varying degrees of net inflow and outflow [3]

Market Overview - The planting industry sector increased by 0.75% on September 15, with Kangnong Seed Industry leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Kangnong Seed Industry (837403) closed at 27.57, up 4.75% with a trading volume of 53,400 shares and a turnover of 145 million yuan [1] - Other notable performers include: - Xue Rong Biological (300511) at 5.98, up 3.82% [1] - Beidahuang (600598) at 14.97, up 2.67% [1] - Shennong Seed Industry (300189) at 4.77, up 1.71% [1] Capital Flow - The planting industry sector saw a net inflow of 176 million yuan from main funds, while retail investors experienced a net outflow of 135 million yuan [2] - The main funds' net inflow and outflow for specific stocks include: - Beidahuang: net outflow of 88.8 million yuan [3] - Nuofushin (002215): net inflow of 24.6 million yuan [3] - Xue Rong Biological: net inflow of 17.2 million yuan [3]

第一创业证券承销保荐有限责任公司 关于湖北康农种业股份有限公司 2025 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《北京证券交易所股票上市规则》 等有关法律法规、规范性文件等的规定，第一创业证券承销保荐有限责任公司 （以下简称"一创投行"、"保荐机构"）作为湖北康农种业股份有限公司 （以下简称"康农种业"、"公司"）的保荐机构，负责康农种业的持续督导 工作，并出具 2025 年半年度持续督导跟踪报告。 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | 保荐机构及时审阅公司信息披露文件。 | | 2、督导公司建立健全并有效执行规 | 保荐机构督导公司建立健全规则制度，并有效执行规 | | 则制度 | 则制度。 | | 3、募集资金使用监督情况 | 保荐机构查阅公司募集资金使用台账、募集资金专户 对账单并抽查募集资金付款对应的合同，实地考察募 | | | 投项目建设情况，及时审阅募集资金信息披露相关文 | | | 件。 | | 4、督导公司规范运作 | 保荐机构通过日常沟通、查阅资料、现场检查等方 | | | 式，督导公司规范运作。 | | 5、现场检 ...