证券研究报告 农林牧渔 | 种植业 北交所|公司点评报告 hyzqdatemark 2025 年 10 月 31 日 证券分析师 | 基本数据 | | | | 年 | 10 | 月 | | | | 29 | | 日 | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 24.30 | | | | | | | 年 内 高 | 最 | / | 低 | | | | | | 最 | | 一 | | | | （元） | | | | | | | | 55.97/12.68 | | | | | | | 总市值（百万元） | | | | | | | | 2,414.47 | | | | | | | 流通市值（百万元） | | | | | | | | 1,409.44 | | | | | | | 总股本（百万股） | | | | | | | | 99.36 | | | | | | | 资产负债率（%） | | | | | | | | 49.52 ...

上 市 公 司 农林牧渔 2025 年 10 月 31 日 康农种业 (920403) ——Q3 合同负债创新高，2025-2026 年销售季自 Q4 开局 | 报告原因：有业绩公布需要点评 | | --- | | 买入（首次评级） | | 事件： | | --- | ⚫ 公司发布 2025 年三季报：公司 25Q1~Q3 实现收入 0.41 亿元，同减 21.8%；归母净利 -0.06 亿元，同减 161.7%；扣非归母净利-0.16 亿元，亏损同比扩大。25Q3 实现收入-0.05 亿元，归母净利-0.15 亿元，扣非归母净利-0.17 亿元。公司 25Q3 末合同负债 3.51 亿元， 同增 64.8%，主要系公司核心玉米品种市场反馈良好，黄淮海市场预收 2025-2026 年销 售季货款增加。公司前三季度收入利润符合预期。 投资要点： | | 2024 | 2025Q1-3 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 337 | 41 | 445 | 559 | 683 | | 同比增长率 ...

Group 1: Global Technology Competition - The report outlines three potential scenarios for global technology competition over the next decade: baseline scenario (strategic equilibrium between China and the US), optimistic scenario (China becomes an innovation leader), and pessimistic scenario (China's industrial upgrade falls short) [6][7] - Key technologies are defined as frontier technologies (AI, semiconductors, quantum computing, biopharmaceuticals), advanced manufacturing, and critical infrastructure technologies (energy and advanced networks) [6][7] - The US focuses on invention and innovation, while China aims for large-scale innovation in key industries, with both countries undergoing reforms in their innovation systems [6][7] Group 2: Softcom Power (301236.SZ) - For the first three quarters of 2025, Softcom Power reported revenue of 25.38 billion yuan, a year-on-year increase of 14.30%, and a net profit of 0.99 billion yuan, up 30.21% [15][17] - The company is guided by four strategic directions: intelligence, autonomy, greening, and internationalization, with a focus on enhancing software and digital technology services [16][17] - Future revenue projections for Softcom Power are 35.9 billion yuan, 41.3 billion yuan, and 47.7 billion yuan for 2025-2027, with net profits expected to be 0.384 billion yuan, 0.526 billion yuan, and 0.855 billion yuan respectively [17] Group 3: Dingjie Smart (300378.SZ) - Dingjie Smart's revenue for the first three quarters of 2025 reached 1.614 billion yuan, a 2.6% increase year-on-year, with a net profit of 0.051 billion yuan, up 2.4% [19][21] - The company is experiencing short-term pressure in mainland China but is seeing stable performance in non-mainland markets, driven by deepening applications and market expansion [19][20] - Revenue projections for Dingjie Smart are 2.502 billion yuan, 2.726 billion yuan, and 2.989 billion yuan for 2025-2027, with net profits expected to be 0.191 billion yuan, 0.233 billion yuan, and 0.301 billion yuan respectively [21] Group 4: Hai Tian Wei Ye (603288.SH) - Hai Tian Wei Ye reported a revenue increase of 6.02% to 21.628 billion yuan for the first three quarters of 2025, with a net profit of 5.322 billion yuan, up 10.54% [22][24] - The company experienced a slowdown in revenue growth in Q3, with a 2.48% increase to 6.398 billion yuan, while net profit rose by 3.40% to 1.408 billion yuan [23][24] - The company is focusing on creating new growth points and enhancing efficiency through digital production [24] Group 5: Guizhou Moutai (600519.SH) - Guizhou Moutai's revenue for the first three quarters of 2025 was 130.904 billion yuan, a 6.32% increase, with a net profit of 64.627 billion yuan, up 6.25% [26][28] - The company reported stable sales performance for its flagship Moutai liquor, while other series faced pressure [27][28] - Future earnings per share (EPS) projections for Guizhou Moutai are 72.87 yuan, 77.31 yuan, and 82.70 yuan for 2025-2027, maintaining a "buy" rating [28] Group 6: Xian Cai Co., Ltd. (600095.SH) - Xian Cai Co., Ltd. reported a significant increase in net profit of 203.39% for the first three quarters of 2025, reaching 0.442 billion yuan [46][47] - The company's revenue for Q3 was 0.655 billion yuan, a 43.77% increase year-on-year, driven by a surge in commission income [47][48] - The company is expected to achieve a net profit of 0.608 billion yuan for 2025, reflecting a 456.6% increase [48]

事件：公司公告 2025 年三季报，25 年前三季度公司实现营收 0.41 亿元， 同比-21.79%；实现归母净利润-0.06 亿元，同比-161.72%。其中单 Q3 实现 营收-0.05 亿元，同比-211.63%；实现归母净利润-0.15 亿元，同比-910.73%。 应收账款回款良好，在建工程转固有望提升整体生产效率。截至 2025 年 9 月末，公司应收账款为 2188.0 万元，同比下降 88.53%，主要原因系客户三 季度集中办理销售结算，应收款期后回款良好。同时，公司在建工程为 219.1 万元，同比下降 82.27%，主要原因系公司杂交玉米种子加工技能提升（四 期）项目已完成竣工验收并转固，后续有望在新技术加成下实现生产效率的 进一步提升。 布局 AI 育种再度提升育种能力，合同负债高增，核心单品持续放量。25 年 3 月，公司与海南百奥云签署战略合作协议，双方将围绕"AI 智慧育种"展 开深度合作。本次合作将通过现代分子育种技术、人工智能（AI）育种平台 与传统育种经验的深度融合，构建覆盖"基因筛选-表型预测-品种优化"全 链条的智能育种平台，共同打造"数据驱动+智能决策"的育种新模式， ...

证券代码：920403 证券简称：康农种业 公告编号：2025-123 湖北康农种业股份有限公司 第四届董事会第三次会议决议公告 7.召开情况合法合规的说明： 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：2025 年 10 月 27 日 2.会议召开地点：公司会议室 3.会议召开方式：会议采用现场和通讯相结合的方式 4.发出董事会会议通知的时间和方式：2025 年 10 月 23 日以通讯方式发出 5.会议主持人：董事长方燕丽 6.会议列席人员：高级管理人员 本次会议的召集、召开、议案审议程序均符合《中华人民共和国公司法》和 《湖北康农种业股份有限公司章程》的规定，所作决议合法有效。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 二、议案审议情况 （一）审议通过《关于公司<2025 年第三季度报告>的议案》 1.议案内容： 公司已根据《上市公司信息披露管理办法》《北京证券交易所股票上市规则》 《北京证券交易所上 ...