Investment Rating - The report maintains an investment rating of "Outperform" for the agriculture, forestry, animal husbandry, and fishery industry [1]. Core Insights - The report highlights a continuous decline in pig prices, while pet food exports are experiencing rapid growth [1]. - The industry is currently trading at a lower price-to-earnings (P/E) and price-to-book (P/B) ratio compared to historical averages, indicating potential for valuation recovery [6][9]. Summary by Sections Market Review - In March 2026, the agriculture, forestry, animal husbandry, and fishery index fell by 4.26%, outperforming the CSI 300 index, which declined by 4.42% [6][9]. - All sub-sectors experienced varying degrees of decline, with the pet food sector showing the largest drop [9]. Livestock Farming Data Tracking - Pig prices continued to decline in March 2026, with an average trading price of 9.62 CNY/kg, a week-on-week decrease of 4.37% [14]. - The average price for 7 kg piglets was 278.61 CNY/head, down 11.80% week-on-week [14]. - White feather chicken prices initially rose but then fell, with an average price of 3.51 CNY/jin, a decrease of 4.10% month-on-month [24]. Pet Food - Pet food exports saw significant growth, with February 2026 exports reaching 33,500 tons, a year-on-year increase of 60.85% [30]. - The export value in February 2026 was 120 million USD, reflecting a year-on-year increase of 53.53% [30]. Investment Recommendations - The report suggests focusing on companies such as Muyuan Foods, Pulaike, Suqian Agricultural Development, Guibao Pet, Zhongchong Co., Petty, and Qiule Seed Industry, all rated as "Buy" [1].

Investment Rating - The report maintains an investment rating of "Outperform" for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Insights - The report highlights a continuous decline in pig prices, while pet food exports are experiencing rapid growth [1] - The industry is currently trading at a price-to-earnings (PE) ratio below historical averages, indicating potential for valuation recovery [6] Summary by Sections Market Review - In March 2026, the agriculture, forestry, animal husbandry, and fishery index fell by 4.26%, outperforming the Shanghai and Shenzhen 300 index, which declined by 4.42% [6][9] - All sub-sectors experienced varying degrees of decline, with the pet food sector showing the largest drop [9] Livestock Farming Data Tracking - Pig prices continued to decline in March 2026, with an average trading price of 9.62 yuan/kg, a week-on-week decrease of 4.37% [14] - The average price for 7 kg piglets was 278.61 yuan/head, down 11.80% week-on-week [14] - White feather chicken prices initially rose before falling, with an average price of 3.51 yuan/jin, a decrease of 4.10% month-on-month [24] Pet Food - Pet food exports saw significant growth, with February 2026 exports reaching 33,500 tons, a year-on-year increase of 60.85% [30] - The export value in February 2026 was 120 million USD, up 53.53% year-on-year [30] Major Agricultural Product Price Tracking - In March 2026, corn and wheat prices showed an upward trend, while soybean meal prices increased as well [34][39] Industry Dynamics and Company News - The report tracks key industry events, including a meeting organized by the National Development and Reform Commission to discuss market regulation in response to falling pig prices [43] - Several companies in the sector have announced various guarantees and financing activities, indicating ongoing corporate actions within the industry [45][46]

证券代码：920087 证券简称：秋乐种业 公告编号：2026-016 河南秋乐种业科技股份有限公司 关于使用闲置自有资金购买理财产品进展的公告 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）审议情况 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 23 日召开第四届董事会第二十六次会议审议通过了《关于使用闲置自有资金购买 理财产品的议案》，在确保日常经营资金需求和资金安全的前提下，公司拟使 用闲置自有资金不超过人民币 2 亿元进行委托理财。相关内容详见公司在北京 证券交易所（www.bse.cn）披露的《河南秋乐种业科技股份有限公司关于使用 闲置自有资金购买理财产品的公告》（公告编号：2025-028）。 （二）披露标准 根据《北京证券交易所股票上市规则》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 1,000.00 万元的，应当予以披 露；上市公司连续 12 个月滚动发生理财的，以该期间最高余额为成交额，适 ...

证券代码：920087 证券简称：秋乐种业 公告编号：2026-015 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 二、 本次减持计划的主要内容 | | | 计划减 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | 计划减持 | 持数量 | 减持 | 减持 | 减持 | 拟减持 | 拟减持 | | | 数量 | 占总股 | | | 价格 | 股份来 | | | 称 | | | 方式 | 期间 | | | 原因 | | | （股） | 本比例 | | | 区间 | 源 | | | | | （%） | | | | | | | | | | | 自本公告 | | | | | 河南农 | | | | 披露之日 | | 上市前 | | | | | | 集中竞 | | | | | | 投产业 | 不超过 | 1.9975 | | 起 15 ...

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 1,000 万元的应予以披露。 公司本次以部分闲置募集资金购买银行产品的金额合计 11,000.00 万元。 本次现金管理后，公司闲置募集资金现金管理的未到期产品余额为人民币 12,000.00 万元，占公司 2024 年度经审计净资产的 21.39%，达到上述披露标 准，现予以披露。 证券代码：920087 证券简称：秋乐种业 公告编号：2026-014 河南秋乐种业科技股份有限公司 关于 ...

河南秋乐种业科技股份有限公司 证券代码：920087 证券简称：秋乐种业 公告编号：2026-013 一、 授权委托理财情况 （一）审议情况 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 23 日召开第四届董事会第二十六次会议审议通过了《关于使用闲置自有资金购买 理财产品的议案》，在确保日常经营资金需求和资金安全的前提下，公司拟使 用闲置自有资金不超过人民币 2 亿元进行委托理财。相关内容详见公司在北京 证券交易所（www.bse.cn）披露的《河南秋乐种业科技股份有限公司关于使用 闲置自有资金购买理财产品的公告》（公告编号：2025-028）。 关于使用闲置自有资金购买理财产品进展的公告 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）披露标准 根据《北京证券交易所股票上市规则》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 1,000.00 万元的，应当予以披 露；上市公司连续 12 个月滚动发生理财的，以该期间最高余额为成交额，适 ...

证券代码：920087 证券简称：秋乐种业 公告编号：2026-011 河南秋乐种业科技股份有限公司 | 股东名称 | 股东身份 | 持股数量 | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | | | | （股） | （%） | | | 河南农投 产业投资 | 持股 5%以 | 10,273,836 | 6.2190% | 上市前取得及后续 | | | 上股东 | | | 增持 | | 有限公司 | | | | | 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 | | | | | 拟减 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | 计划减持 | 持数量 | 减持 | 减持 | 减持价 | 持股 | 拟减持 | | | 数量 | 占总股 | | | | | | | 称 | | | 方式 | 期间 | 格区间 | 份来 | 原因 | | | （股） | 本 ...

证券代码：920087 证券简称：秋乐种业 公告编号：2026-012 河南秋乐种业科技股份有限公司 2025 年年度业绩快报 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。 特别提示：本公告所载 2025 年 年度主要财务数据为初步核算数据，未经会 计师事务所审计，具体数据以公司 2025 年年度报告中披露的数据为准，提请投 资者注意投资风险。 一、2025 年年度主要财务数据和指标 单位：元 | 项目 | 本报告期 | 上年同期 | 变动比例% | | --- | --- | --- | --- | | 营业收入 | 331,650,994.88 | 391,208,711.12 | -15.22% | | 利润总额 | 14,254,076.16 | 52,761,211.04 | -72.98% | | 归属于上市公司 | 12,549,489.11 | 50,440,032.78 | -75.12% | | 股东的净利润 | | | | | 归属于上市公司 | -11,977,134.9 ...

Investment Rating - The report maintains an investment rating of "Outperform" for the agriculture, forestry, animal husbandry, and fishery industry [8] Core Insights - The report highlights the stabilization and rebound of pig prices, with the January average price for external three yuan pigs at 12.68 yuan/kg, reflecting a month-on-month increase of 9.58% but a year-on-year decrease of 19.52% [8][21] - The "No. 1 Document" emphasizes the promotion of biological breeding industrialization, which is crucial for achieving self-sufficiency in seed sources and enhancing grain production capacity [19][20] - The pet food sector shows a positive trend, with December 2025 pet food exports reaching 37,700 tons, a year-on-year increase of 15.49% [35] Summary by Sections Market Review - In January 2026, the agriculture, forestry, animal husbandry, and fishery index rose by 1.63%, ranking 23rd among 30 sectors, while the Shanghai and Shenzhen 300 index increased by 1.65% [11] - The animal health sector performed well, while the forestry processing sector saw declines [11] Biological Breeding - The "No. 1 Document" calls for the implementation of actions to revitalize the seed industry and accelerate the breeding and promotion of breakthrough varieties [19][20] - The focus is on stabilizing grain and oil production and enhancing yield levels [19] Livestock and Poultry Data Tracking - Pig prices showed a rebound in January, with a tight supply supporting price increases [21] - The average price of white feather chickens rose to 3.73 yuan/jin, with a month-on-month increase of 1.36% [28] Pet Food Exports - Pet food exports maintained a year-on-year growth, with total exports for 2025 reaching 361,300 tons, a 7.78% increase [35] Investment Recommendations - The report suggests focusing on companies such as Muyuan Foods, Pulaike, Qiule Seed Industry, Guobao Pet, Zhongchong Co., and Petty Holdings, as the industry’s price-to-earnings and price-to-book ratios are below historical averages, indicating potential for valuation recovery [8]

Investment Rating - The report maintains an investment rating of "Outperform" for the agricultural, forestry, animal husbandry, and fishery industry [8] Core Insights - The report highlights the stabilization and rebound of pig prices, with the "No. 1 Document" reiterating the importance of biological breeding [8] - The report emphasizes the significance of the biological breeding industry for achieving self-sufficiency in seed sources and enhancing grain production capacity [19][20] - The report indicates that the industry is currently undervalued, with price-to-earnings (P/E) and price-to-book (P/B) ratios below historical averages, suggesting potential for valuation recovery [8] Summary by Sections Market Review - In January 2026, the agricultural, forestry, animal husbandry, and fishery index rose by 1.63%, underperforming the Shanghai and Shenzhen 300 index, which increased by 1.65% [11] - The animal health sector showed strong performance, while the timber processing sector lagged [11] Biological Breeding - The "No. 1 Document" emphasizes the need to promote the industrialization of biological breeding, which is crucial for achieving self-reliance in seed sources and enhancing grain production [19][20] Livestock Farming Data Tracking - In January 2026, the average price of pigs was 12.68 yuan/kg, reflecting a month-on-month increase of 9.58% but a year-on-year decrease of 19.52% [21] - The average price of white feather chickens rose to 3.73 yuan/jin, with a month-on-month increase of 1.36% and a year-on-year increase of 2.75% [28] Pet Food Exports - In December 2025, pet food exports reached 37,700 tons, a year-on-year increase of 15.49%, while the total export value for the year was 1.41 billion USD, a decrease of 4.62% [35] Investment Recommendations - The report suggests focusing on companies such as Muyuan Foods, Pulike, Qiule Seed Industry, Guobao Pet, Zhongchong Co., and Petty Co., as they are expected to benefit from the industry's recovery [8]