Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 24.3 [5]. Core Insights - The company reported a revenue of 0.41 million yuan for the first three quarters of 2025, a year-on-year decrease of 21.79%, and a net profit attributable to shareholders of -0.06 million yuan, down 161.72% year-on-year. In Q3 alone, revenue was -0.05 million yuan, a decline of 211.63%, with a net profit of -0.15 million yuan, down 910.73% year-on-year [5][1]. - The company has seen good receivables collection, with accounts receivable at 21.88 million yuan, down 88.53% year-on-year, attributed to concentrated sales settlements in Q3. Additionally, construction in progress has decreased to 2.19 million yuan, down 82.27% year-on-year, as a hybrid corn seed processing project has completed acceptance and is expected to enhance production efficiency [1][2]. - The company has entered a strategic partnership with Hainan Bai'ao Cloud to develop an AI-driven breeding platform, aiming to improve breeding efficiency and precision. The flagship product, Kangnong 8009, is recognized for its strong resistance and stable yield, becoming a key variety promoted by the state [2][3]. - The company is projected to achieve revenues of 4.49 billion yuan, 5.80 billion yuan, and 7.22 billion yuan from 2025 to 2027, with net profits of 1.03 billion yuan, 1.32 billion yuan, and 1.67 billion yuan respectively. The current price corresponds to a PE ratio of 23.4, 18.3, and 14.4 for the years 2025 to 2027 [3][8]. Financial Summary - Revenue (in million yuan): 288 (2023), 337 (2024), 449 (2025E), 580 (2026E), 722 (2027E) with growth rates of 45.9%, 16.8%, 33.4%, 29.1%, and 24.5% respectively [3][8]. - Net profit (in million yuan): 53 (2023), 83 (2024), 103 (2025E), 132 (2026E), 167 (2027E) with growth rates of 28.7%, 55.2%, 25.1%, 27.8%, and 26.6% respectively [3][8]. - Earnings per share (EPS): 0.54 (2023), 0.83 (2024), 1.04 (2025E), 1.33 (2026E), 1.68 (2027E) [3][8].

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 ...