证券代码：920403 证券简称：康农种业 公告编号：2025-128 湖北康农种业股份有限公司 关于对全资子公司增加注册资本并拟设立 境外二级子公司的公告 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、对外投资概述 （一）基本情况 为完善公司产业链布局，实施国际化战略，进一步提升公司综合竞争力，湖 北康农种业股份有限公司（以下简称"公司"）拟以自有资金向全资子公司康农 种业（海南）有限公司（以下简称"康农海南"或"子公司"）增资人民币 400.00 万元。本次增资将主要用于支持康农海南的日常经营发展，并用于其在香港特别 行政区设立二级子公司。 （二）是否构成重大资产重组 本次交易不构成重大资产重组。 《上市公司重大资产重组管理办法》第二条："本办法适用于上市公司及其 控股或者控制的公司在日常经营活动之外购买、出售资产或者通过其他方式进行 资产交易达到规定的标准，导致上市公司的主营业务、资产、收入发生重大变化 的资产交易行为（以下简称重大资产重组）。" 根据公司经审计的 2024 年度合并财务会计 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [1]. Core Insights - The company is transitioning from a regional leader to a national player in the hybrid corn seed market, driven by high-quality varieties and strategic expansion [3][5]. - The company has a strong research and development foundation, with its actual controllers holding over 51% of the shares, ensuring effective management and strategic direction [17][18]. Financial Forecast - Total revenue is projected to grow from 288.24 million yuan in 2023 to 660.40 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of 31.6% from 2020 to 2024 [4][31]. - Net profit attributable to the parent company is expected to increase from 53.22 million yuan in 2023 to 155.94 million yuan in 2027, with a CAGR of 20.3% [4][31]. - The company's return on equity (ROE) is forecasted to remain stable, with values around 17% to 19% from 2025 to 2027 [4]. Company Overview - The company specializes in hybrid corn seed production, research, and sales, with a focus on high yield, stability, and comprehensive resistance [11][12]. - The company has expanded its market presence from the Southwest region to nationwide, with significant growth in the Central China region, which has become its largest revenue source [5][23]. Industry Context - The domestic corn seed market is characterized by oversupply and severe homogenization, with a supply-demand ratio of 175% for the 2024/2025 season [50]. - The global seed market is expected to grow steadily, with China's market projected to reach 893 billion yuan by 2026, reflecting a CAGR of 6.2% [37][39]. - The company is positioned to benefit from the increasing demand for high-quality corn seeds, as the average yield in China is only 60% of that in the United States [42].

证券代码：920403 证券简称：康农种业 公告编号：2025-125 第一条 为进一步完善湖北康农种业股份有限公司（以下简称"公司"）股东 会的表决机制，保护投资者合法权益，根据《中华人民共和国公司法》《中华人 民共和国证券法》《北京证券交易所股票上市规则》等相关法律、行政法规、规 章、规范性文件和《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，特制订本细则。 湖北康农种业股份有限公司 网络投票实施细则 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、 审议及表决情况 公司第四届董事会第四次会议审议通过《关于修订<湖北康农种业股份有限 公司网络投票实施细则>的议案》，同意票数 9 票，反对票数 0 票，弃权票数 0 票。该议案尚需提交股东会审议。 二、 分章节列示制度主要内容： 湖北康农种业股份有限公司 网络投票实施细则 第一章 总则 第二条 本细则所称公司股东会网络投票系统（以下简称"网络投票系统"） 是指中国证券登记结算有限责任公司的网络投票系统利用网络与通信技术，为公 司股 ...

证券代码：920403 证券简称：康农种业 公告编号：2025-124 湖北康农种业股份有限公司拟续聘 2025 年度会计师事务所公告 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。 涉及会计师事务所提供的资料、信息，会计师事务所保证其提供、报送或披 露的资料、信息真实、准确、完整，不得有虚假记载、误导性陈述或者重大遗漏。 一、拟续聘会计师事务所的基本情况 （一）机构信息 公司拟聘任中喜会计师事务所（特殊普通合伙）为 2025 年年度的审计机构。 1.基本信息 会计师事务所名称：中喜会计师事务所（特殊普通合伙） 成立日期：2013 年 11 月 28 日 首席合伙人：张增刚 2024 年度末签署过证券服务业务审计报告的注册会计师人数：330 人 2024 年收入总额（经审计）：41,845.83 万元 2024 年审计业务收入（经审计）：36,575.89 万元 2024 年证券业务收入（经审计）：12,260.14 万元 2024 年上市公司审计客户家数：40 家 2024 年上市公司审计客户前五大主 ...

证券代码：920403 证券简称：康农种业 公告编号：2025-127 湖北康农种业股份有限公司 一、会议召开基本情况 （一）股东会届次 本次会议为 2025 年第四次临时股东会。 （二）召集人 本次股东会的召集人为董事会。 2025 年 12 月 2 日，湖北康农种业股份有限公司召开了第四届董事会第四次 会议，审议通过《关于提请召开 2025 年第四次临时股东会的议案》，公司董事会 根据本次会议决议召集股东会。 （三）会议召开的合法合规性 本次会议的召集、召开程序符合《中华人民共和国公司法》等相关法律法规 及《湖北康农种业股份有限公司章程》的有关规定。 （四）会议召开方式 关于召开 2025 年第四次临时股东会通知公告（提供网络投票） 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。 本次会议采用现场投票和网络投票相结合的方式召开。 公司同一股东只能选择现场投票、网络投票中的一种方式，如果同一表决 权出现重复投票表决的，以第一次投票表决结果为准。 （五）会议召开日期和时间 1、现场会议召开时间：2025 ...

证券代码：920403 证券简称：康农种业 公告编号：2025-126 湖北康农种业股份有限公司 第四届董事会第四次会议决议公告 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：2025 年 12 月 2 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 11 月 28 日以通讯方式发出 5.会议主持人：半数以上董事共同推举的董事李丹妮女士 6.会议列席人员：高级管理人员 7.召开情况合法合规的说明： 公司董事长方燕丽女士因公无法主持本次会议，本次会议由半数以上董事共 同推举董事李丹妮女士主持。 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。 2.议案表决结果：同意 9 票；反对 0 票；弃权 0 票。 本议 ...

Core Insights - The agriculture sector experienced a decline of 0.54% on November 19, with Hainan Rubber leading the losses [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Sector Performance - Notable gainers in the agriculture sector included: - Beidahuang (600598) with a closing price of 15.06, up 1.35%, trading volume of 373,000 shares, and a turnover of 560 million yuan [1] - Nuofushin (002215) closed at 11.55, up 1.05%, with a trading volume of 198,400 shares and a turnover of 230 million yuan [1] - Major decliners included: - Hainan Rubber (601118) closed at 5.90, down 3.28%, with a trading volume of 697,800 shares and a turnover of 413 million yuan [2] - Shennong Agriculture (300189) closed at 5.62, down 2.77%, with a trading volume of 2,051,200 shares and a turnover of 1.149 billion yuan [2] Capital Flow - The agriculture sector saw a net outflow of 202 million yuan from institutional investors, while retail investors contributed a net inflow of 228 million yuan [2] - Specific stock capital flows included: - Beidahuang (600598) had a net inflow of 27.18 million yuan from institutional investors, while retail investors contributed a net inflow of 9.57 million yuan [3] - Hainan Rubber (601118) experienced a net outflow of 4.92 million yuan from institutional investors [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - As of the end of Q3 2025, the company's contract liabilities increased by 65% year-on-year, while revenue and profit were under pressure due to concentrated customer returns [5][8] - The company has a strong market response for its core corn varieties, particularly in the Huanghuaihai region, which is expected to enhance overall gross margins if the product mix shifts further towards this area [8] - The company is expanding its product offerings across various domestic regions and has begun to see success in international markets, including potential entry into Brazil [8] Financial Summary - Revenue projections for the company are as follows: - 2023: 288 million RMB - 2024: 337 million RMB (growth of 16.80%) - 2025E: 399 million RMB (growth of 18.37%) - 2026E: 536 million RMB (growth of 34.39%) - 2027E: 675 million RMB (growth of 25.98%) [7] - Net profit forecasts are: - 2023: 53 million RMB - 2024: 83 million RMB (growth of 55.21%) - 2025E: 91 million RMB (growth of 9.78%) - 2026E: 114 million RMB (growth of 25.57%) - 2027E: 139 million RMB (growth of 22.45%) [7] - Earnings per share (EPS) estimates are: - 2023: 0.54 RMB - 2024: 0.83 RMB - 2025E: 0.91 RMB - 2026E: 1.15 RMB - 2027E: 1.40 RMB [7] - The company maintains a high market share in its traditional southwestern region while achieving significant expansion in the Huanghuaihai area [8]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first rating given [2][5]. Core Insights - The company reported a revenue of 0.41 billion yuan for Q1-Q3 2025, a decrease of 21.8% year-on-year, with a net profit attributable to shareholders of -0.06 billion yuan, down 161.7% year-on-year. The negative revenue in Q3 is attributed to adjustments related to sales returns from the previous year [2][3]. - As of the end of Q3 2025, the company's contract liabilities reached 3.51 billion yuan, an increase of 64.8%, primarily due to positive market feedback for its core corn varieties and increased advance payments for the 2025-2026 sales season [2][3]. - The report anticipates a clear revenue momentum for the company in the 2025-2026 period, driven by strong performance in various regional markets and the introduction of new corn seed varieties [8]. Financial Summary - The total revenue projections for the company are as follows: 445 million yuan for 2025, 559 million yuan for 2026, and 683 million yuan for 2027, with respective year-on-year growth rates of 32.2%, 25.6%, and 22.2% [4][10]. - The net profit attributable to shareholders is projected to be 96 million yuan for 2025, 123 million yuan for 2026, and 150 million yuan for 2027, with growth rates of 16.4%, 27.9%, and 22.2% respectively [4][10]. - The report highlights an expected improvement in gross margin from 28.5% in 2025 to 38.5% in 2026 and 2027, driven by the company's self-breeding seed production model [8][10].

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]