北京金诚同达（上海）律师事务所 关于 湖北康农种业股份有限公司 2024 年第 舟大会的 《哈时》 D 金沪法意 [2024]第 287 号 上海市浦东新区世纪大道 88 号金茂大厦 18 层 电话: 021-3886 2288 传真: 021-3886 2288 转 1018 金诚同达律师事务所 法律意见书 北京金诚同达（上海）律师事务所 法律意见书 金沪法意[2024]第 278 号 致:湖北康农种业股份有限公司 北京金诚同达(上海)律师事务所(以下简称"本所")接受湖北康农种业 股份有限公司（以下简称"公司"）的委托，指派本所查雪松律师、李鑫慧律师 （以下简称"本所律师"）出席公司于 2024 年 11 月 14 日召开的 2024 年第五次 临时股东大会（以下简称"本次股东大会"）,对本次股东大会的相关事项出具 本法律意见书。 依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以 下简称"《股东大会规则》"）等法律、法规、规范性文件以及《湖北康农种业 股份有限公司章程》（以下简称"《公司章程》"）的规定，在本次股东大 ...

证券代码：837403 证券简称：康农种业 公告编号：2024-099 湖北康农种业股份有限公司 2024 年第五次临时股东大会决议公告 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 1.会议召开时间：2024 年 11 月 14 日 2.会议召开地点：湖北长阳经济开发区长阳大道 553 号 3.会议召开方式：现场投票和网络投票相结合的方式 4.会议召集人：董事会 （二）会议出席情况 出席和授权出席本次股东大会的股东共 8 人，持有表决权的股份总数 40,637,536 股，占公司有表决权股份总数的 57.26%。 其中通过网络投票参与本次股东大会的股东共 3 人，持有表决权的股份总数 3,380,000 股，占公司有表决权股份总数的 4.76%。 （三）公司董事、监事、高级管理人员出席或列席股东大会情况 1.公司在任董事 9 人，出席 9 人； 2.公司在任监事 3 人，出席 3 人； 3.公司董事会秘书出席会议； 4.公司高级管理人员列席会议 二、议案审 ...

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、股票交易异常波动的具体情况 公司股票最近 2 个有成交的交易日（2024 年 11 月 6 日至 2024 年 11 月 7 日）以内收盘 价涨幅偏离值累计达到 41.34%，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。 证券代码：837403 证券简称:康农种业 公告编号：2024-098 湖北康农种业股份有限公司股票交易异常波动公告 电话询问、口头询问、微信询问等方式。 二、公司关注并核实的相关情况 1、 关注问题： （1）前期公告的事项是否取得重大进展或变化，前期披露的公告是否需要更正、补充； （2）是否存在可能或已经对本公司股票交易价格产生较大影响的媒体报道或市场传闻， 是否涉及热点概念事项； （3）近期公司经营情况及内外部经营环境是否或预计将要发生重大变化； （4）公司、控股股东和实际控制人是否存在关于本公司的应披露而未披露的重大事项， 或处于筹划阶段的重大事项； （5）是否存在其他可能对股价产生较大影响的重大 ...

| | 2024-11-07 公告日期 | 异常期间 | 2024-11-07 | | | | --- | --- | --- | --- | --- | --- | | | 康农种业(837403) 连续竞价 | 成交数量 | 26850749.0 | 成交金额（万 | 56589.58 | | | | （股） | | 元） | | | | 北交所股票最近3个有成交的交易日以内收盘价涨跌幅偏离值累计达到+40% 涉及事项 (-40%) | | | | | | 买/卖 | 营业部或交易单元名称 | | | 买入金额（元） | 卖出金额（元） | | 买1 | 东方财富证券股份有限公司拉萨团结路第二证券营业部 | | | 9381277.61 | 6211604.22 | | 买2 | 国金证券股份有限公司深圳分公司 | | | 8868462.36 | 10195862.63 | | 买3 | 东亚前海证券有限责任公司上海分公司 | | | 7664345.93 | 8392267.17 | | 买4 | 广发证券股份有限公司江西分公司 | | | 7191874.12 | 534527 | | 买5 | 东 ...

| | 公告日期 无 | 2024-11-07 异常期间 | | | | | --- | --- | --- | --- | --- | --- | | | 康农种业(837403) | 成交数量 连续竞价 | 16219937.0 | 成交金额（万 | 37508.48 | | | | （股） | | 元） | | | | 涉及事项 | 当日换手率达到20%的前5只股票 | | | | | 买/卖 | | 营业部或交易单元名称 | | 买入金额（元） | 卖出金额（元） | | 买1 | | 东方财富证券股份有限公司拉萨团结路第二证券营业部 | | 6888321.86 | 4747266.04 | | 买2 | | 广发证券股份有限公司江西分公司 | | 6857336.72 | 9729 | | 买3 | | 东方证券股份有限公司北京安立路证券营业部 | | 5243565.66 | 0 | | 买4 | | 东方财富证券股份有限公司拉萨东环路第一证券营业部 | | 4251652.13 | 1847457.01 | | 买5 | 东方财富证券股份有限公司拉萨东环路第二证券营业部 | | | 41644 ...

| 日期 | 代码 | 简称 | 成交数量（股） | 成交金额（万元） | 披露原因 | | --- | --- | --- | --- | --- | --- | | 2024-11- | | | | | 异常期间涨跌幅偏离值累计 | | 07 | 835508 | 殷图网联 | 12928190.0 | 42721.39 | 达到61.84% | | 2024-11- | | | | | 异常期间涨跌幅偏离值累计 | | 07 | 836720 | 吉冈精密 | 49701743.0 | 120613.63 | 达到47.04% | | 2024-11- | | | | | 异常期间涨跌幅偏离值累计 | | | 832175 | 东方碳素 | 53346927.0 | 69312.47 | | | 07 | | | | | 达到42.43% | | 2024-11- | | | | | 异常期间涨跌幅偏离值累计 | | 07 | 837403 | 康农种业 | 26850749.0 | 56589.58 | 达到41.34% | | 2024-11- | 837592 | 华信永道 | 11151321. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has optimistic pre-sale conditions for seeds in 2025, with contract liabilities amounting to 213 million yuan [1] - The company is actively expanding its market in the Huanghuaihai region and increasing R&D investment, with a sales expense ratio of 20.33%, up 8.85 percentage points year-on-year [2] - The company has a significant increase in prepayments and contract liabilities, indicating a positive sales outlook for 2024-2025 [3] Financial Summary and Valuation Indicators - For the first three quarters of 2024, the company achieved revenue of 51.8831 million yuan, a year-on-year decrease of 4.85%, and a net profit attributable to the parent company of 9.5407 million yuan, a year-on-year increase of 20.04% [1] - The projected net profits for 2024-2026 are 63 million yuan, 69 million yuan, and 78 million yuan, respectively, with corresponding EPS of 0.89 yuan, 0.97 yuan, and 1.09 yuan per share [1] - The current price-to-earnings (P/E) ratios are 16.6, 15.2, and 13.4 for the years 2024, 2025, and 2026, respectively [1] Market Expansion and R&D Investment - The company is increasing its R&D expenses, with a research expense ratio of 16.55%, up 5.72 percentage points year-on-year [2] - The company has adjusted its subsidiary structure to optimize internal management and reduce costs, exiting its controlling subsidiary in Ningxia [2] Sales Outlook - The company has a prepayment of 109 million yuan, a year-to-date increase of 1201.98%, indicating strong pre-sale activity [3] - The contract liabilities of 213 million yuan represent a year-to-date increase of 1038.16%, suggesting a positive sales outlook for the upcoming quarters [3]

Group 1: Company Overview and Investor Relations - The investor relations activity was conducted online on November 4, 2024, with participation from various financial institutions including CITIC Securities and Shanghai Baoyin Investment [2] - Key company representatives included the General Manager Peng Xubing and Board Secretary Li Danni [2] Group 2: Product Performance and Market Strategy - The hybrid corn variety "Kangnongyu 8009" shows excellent performance under extreme weather conditions, suitable for high-density planting of 5500 to 6000 plants per hectare [3] - As of the end of Q3, the company reported contract liabilities of 213.30 million yuan, indicating a significant increase in pre-sales compared to the same period last year [3] - The company plans to address the oversupply in the hybrid corn seed market in 2025 by managing inventory effectively, particularly in the Southwest region [5] Group 3: Research and Development Initiatives - The transgenic variety "Kangnong 20065KK" is currently being demonstrated in Yunnan, Sichuan, and Guangxi, with positive feedback and plans for a cautious rollout in 2025 [6] - The company is actively iterating new varieties in the Southwest region to fill past gaps and achieve new growth, including varieties like "Meigu 999" and "Gaokang No. 2" [7] Group 4: Investment Projects and Financial Outlook - The annual production base project in Qingtongxia is expected to produce 12,000 tons of hybrid corn seeds, with processing lines already completed and operational [8] - The company aims for double growth in revenue and net profit this year, with current performance on track [9]

Investment Rating - The report maintains a "Recommended" investment rating for the company [5]. Core Insights - The company reported a revenue of 51.88 million yuan for the first three quarters of 2024, a year-on-year decrease of 4.85%. However, the net profit attributable to shareholders increased by 20.04% to 9.54 million yuan, while the non-recurring net profit turned to a loss of 2.20 million yuan [2][3]. - In Q3 2024, the company achieved a revenue of 4.74 million yuan, down 34.98% year-on-year, but the net profit attributable to shareholders surged by 166.79% to 1.80 million yuan. Overall, the company's performance in a weak industry backdrop is considered acceptable [2][3]. - The company has increased its R&D investment significantly, leading to a rise in expense ratios: sales expense ratio at 20.33%, management expense ratio at 18.63%, and R&D expense ratio at 16.55%, all of which are higher than in previous years. The increase in sales expenses is attributed to travel and promotion costs in regions like Huanghuaihai, while management expenses are closely related to the company's listing [2][3]. Financial Forecast - The company is expected to generate revenues of 358.43 million yuan, 421.89 million yuan, and 480.13 million yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 24.35%, 17.70%, and 13.80%. The net profit attributable to shareholders is projected to be 59.12 million yuan, 66.07 million yuan, and 71.67 million yuan for the same years, with growth rates of 11.09%, 11.77%, and 8.47% [3][8]. - The earnings per share (EPS) are forecasted to be 0.83 yuan, 0.93 yuan, and 1.01 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 16.17, 14.47, and 13.34 [3][8]. Market Environment - The company is positioned to expand its market share due to supportive policies, as China's seed market is the second largest globally, with corn accounting for nearly 25%. The implementation of the "Food Security Guarantee Law" on June 1, 2024, is expected to create a favorable environment for the healthy development of the seed industry [3][2].

Investment Rating - The investment rating for the company is maintained at "Accumulate" [1] Core Views - The Q3 performance of the company met expectations, and it is anticipated that the company will maintain growth throughout the year [1] - The company reported a slight decline in revenue for Q3, but net profit increased both year-on-year and quarter-on-quarter [2] - The company is actively expanding its market presence and increasing R&D investment, which is expected to drive growth [3] - The company is focusing on new variety breeding projects and expanding into new markets, particularly in the Huanghuaihai region [3] - Profit forecasts remain unchanged, with expected net profits for 2024-2026 being 0.62 billion, 0.69 billion, and 0.77 billion respectively, with corresponding growth rates of 16%, 12%, and 11% [4] Financial Summary - For the first three quarters of 2024, the company achieved total revenue of 0.52 billion, a year-on-year decrease of 4.85%, while net profit was 0.10 billion, an increase of 20.04% year-on-year [2] - In Q3 2024, the company reported revenue of 0.05 billion, a year-on-year decrease of 34.98% and a quarter-on-quarter decrease of 63.12%, while net profit was 0.02 billion, showing a year-on-year increase of 166.79% and a quarter-on-quarter increase of 173.76% [2] - The company's total revenue is projected to grow from 288.24 million in 2023 to 330.54 million in 2024, representing a year-on-year growth of 14.68% [1][4] - The company's P/E ratio is expected to decrease from 18.67 in 2023 to 16.12 in 2024, indicating a more attractive valuation over time [1][4]