万向德农股份有限公司 2025 年第二次临时股东会会议材料 万向德农股份有限公司 2025 年第二次临时股东会会议材料 网络投票时间：2025 年 9 月 10 日 15：00— 2025 年 9 月 11 日 15：00 现场会议时间：2025 年 9 月 11 日 15：00 现场会议地点：浙江省杭州市拱墅区环城北路 308 号 杭州纳德世家四楼文竹阁会议厅 1 | | | 万向德农股份有限公司 2025 年第二次临时股东会会议材料 万向德农股份有限公司 2025 年第二次临时股东会会议议程 时 间：2025 年 9 月 11 日 下午 15：00 分 地 点：浙江省杭州市拱墅区环城北路 308 号杭州纳德世家四楼文竹 阁会议厅 | 序号 | 议程 | | --- | --- | | 一 | 宣布会议开始 | | 二 | 宣读股东大会注意事项 | | | 宣读议案 | | 三 | 1、关于万向财务有限公司的风险持续评估报告的议案 | | | 2、关于续聘公司 年度财务报告审计机构及内控审计机构的议案 2025 | | 四 | 股东审议发言 | | 五 | 对议案投票表决 | | 六 | 计票（现场和网络汇 ...

Market Overview - The planting industry sector declined by 0.69% on September 2, with Nopson leading the decline [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Individual Stock Performance - Kangnong Agricultural (837403) saw a significant increase of 6.59%, closing at 29.60 with a trading volume of 86,500 shares and a turnover of 251 million yuan [1] - Nopson (002215) experienced a decline of 2.93%, closing at 11.93 with a trading volume of 394,200 shares and a turnover of 471 million yuan [2] - Other notable performers include Shennong Agricultural (681000E) with a 1.20% increase, and Huagu Biological (300970) remaining flat at 9.33 [1][2] Capital Flow Analysis - The planting industry sector experienced a net outflow of 108 million yuan from institutional investors, while retail investors saw a net inflow of 112 million yuan [2] - The capital flow for individual stocks indicates that Shennong Agricultural had a significant net outflow of 68.06 million yuan from institutional investors [3] - In contrast, Huagu Biological had a net inflow of 22.29 million yuan from retail investors, indicating a mixed sentiment among different investor types [3]

Core Viewpoint - The performance of the five listed companies under Wanxiang Group shows a divergence in net profit for the first half of 2025, with Wanxiang Qianchao and Shunfa Hengneng experiencing growth, while Chengde Lulule, Wanxiang Denong, and Puxing Energy reported declines in net profit [1][3][5]. Financial Performance Summary - Wanxiang Qianchao reported a revenue of approximately 6.91 billion yuan, an increase of 8.57% year-on-year, with a net profit of about 535 million yuan, up 9.3% [3]. - Shunfa Hengneng achieved a revenue of approximately 241 million yuan, a decrease of 13.43%, but a net profit of about 50.38 million yuan, up 14.28% [3]. - Chengde Lulule's revenue was approximately 1.384 billion yuan, down 15.3%, with a net profit of about 258 million yuan, down 11.97% [3]. - Wanxiang Denong's revenue was approximately 117 million yuan, down 24.39%, with a net profit of about 24.85 million yuan, down 39.33% [4]. - Puxing Energy reported a revenue of approximately 244 million yuan, an increase of 17.4%, but a net profit of about 12.07 million yuan, down 67.23% [5]. Shareholder Structure - All five listed companies are controlled by Lu Weiding, the son of the founder Lu Guanqu [6]. Cash Management - The four A-share listed companies have significant deposits in Wanxiang Financial, with Wanxiang Qianchao holding approximately 6.826 billion yuan, Shunfa Hengneng 4.988 billion yuan, Chengde Lulule 3.086 billion yuan, and Wanxiang Denong 217 million yuan [8][9][10][11]. - The percentage of cash held in Wanxiang Financial for these companies is 90.34%, 98.95%, 95.28%, and 75.87% respectively [12]. Market Capitalization - The total market capitalization of the four listed companies increased by nearly 6 billion yuan in 2025, reaching approximately 45.308 billion yuan as of September 1 [14][15]. - Wanxiang Qianchao has the highest market capitalization at approximately 26.03 billion yuan, followed by Chengde Lulule at 9.126 billion yuan, Shunfa Hengneng at 7.449 billion yuan, and Wanxiang Denong at 2.703 billion yuan [14][15]. Research and Development Expenditure - Chengde Lulule's R&D expenses decreased by 60.24% to approximately 3.99 million yuan, primarily due to reduced investment in pilot projects [15]. - Wanxiang Denong's R&D expenses increased by 43.9% to approximately 6.34 million yuan, attributed to higher experimental costs [15].

关于完成工商变更登记及《公司章程》备案 证券代码：600371 证券简称：万向德农 公告编号：2025-030 万向德农股份有限公司 并换发营业执照的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 万向德农股份有限公司（以下简称"公司"）分别于 2025 年 4 月 18 日和 2025 年 5 月 23 日召开了公司第九届董事会第二十七次会议和公司 2024 年度股东大会， 审议通过了《拟变更注册地址并修订<公司章程>相应条款的议案》。具体内容详见公 司 2025 年 4 月 22 日、2025 年 5 月 24 日于上海证券交易所网站及《中国证券报》、 《证券日报》披露的《关于拟变更注册地址并修订<公司章程>相应条款的公告》（公 告编号：2025-010）、《公司 2024 年度股东大会决议公告》（公告编号：2025-015）。 类 型：其他股份有限公司（上市） 住 所：哈尔滨经开区南岗集中区红旗大街 227 号 1003 室 法定代表人：崔立国 注册资本：贰亿玖仟贰佰伍拾柒万捌仟圆整 成立日期：1995 年 09 ...

Investment Rating - The report indicates a positive outlook for the agriculture, forestry, animal husbandry, and fishery sectors, with a focus on improving profitability driven by declining feed costs and increased production scale [1][11]. Core Insights - The overall agricultural sector has seen a revenue increase of 6.12% year-on-year in H1 2025, reaching 614.8 billion yuan, with a significant profit increase of 198% to 27 billion yuan, primarily due to the recovery of the pig farming sector [1][11]. - The pig farming sector is experiencing a seasonal price decline, yet remains profitable due to reduced feed costs and increased production efficiency [2][28]. - The poultry farming sector has shown mixed performance, with revenue slightly declining by 0.29% in H1 2025, but net profit improved by 6.43% due to lower costs [3][21]. - The seed sector reported a revenue increase of 5.05% in H1 2025, although net profit turned negative, indicating challenges in seed sales due to falling grain prices [4][21]. Summary by Sections Industry Overview - Feed prices have been on a downward trend, improving overall farming costs. Pig prices have remained stable year-on-year, while poultry prices have been low but profitable across the supply chain. The agricultural product supply-demand balance is easing, with major product prices at low levels [1][11]. - In H1 2025, the sector achieved revenues of 614.8 billion yuan and net profits of 27 billion yuan, with significant contributions from the pig farming sector [1][11]. Pig Farming - In 2024, pig supply is expected to decrease, with prices showing seasonal trends. Despite a decline in prices post-October, the sector remains profitable. In Q1 2025, the average price was 15.01 yuan/kg, up 3.90% year-on-year, while Q2 saw a price drop to 14.56 yuan/kg, down 10.94% year-on-year [2][28]. - The pig farming sector generated revenues of 248.6 billion yuan in H1 2025, a 15.67% increase, with net profits soaring by 1551% to 17.1 billion yuan [2][28]. Poultry Farming - The poultry sector's revenue in H1 2025 was 33.7 billion yuan, a slight decline of 0.29%, but net profit increased by 6.43% to 1 billion yuan due to lower costs [3][21]. - The white feather chicken segment remains stable despite low prices, while the yellow feather chicken segment is recovering from previous losses [3][21]. Seed Sector - The seed sector reported revenues of 8.87 billion yuan in H1 2025, a 5.05% increase, but net profit turned negative, indicating challenges in the market [4][21].

Group 1 - The company Wanxiang Denong reported a revenue of 117,217,101.91 yuan for the first half of 2025, representing a year-on-year decrease of 24.39% [1] - The net profit attributable to shareholders of the listed company was 24,852,586.20 yuan, showing a year-on-year decline of 39.33% [1]

Group 1 - The company, Wanxiang Derun, announced the intention to reappoint Zhongshen Zhonghuan Accounting Firm (Special General Partnership) as the auditor for the financial report and internal control for the year 2025 [2]

Core Insights - Wanxiang Derun reported a significant decline in net profit for the first half of 2025, with a net profit of approximately 24.85 million yuan, representing a year-on-year decrease of nearly 40% [2] - The company's revenue for the same period was about 117 million yuan, reflecting a year-on-year decline of 24.39% [2] - On August 26, the company's stock price increased by 0.2%, closing at 9.8 yuan per share, with a total market capitalization of 2.867 billion yuan [2] Financial Performance - For the first half of 2025, Wanxiang Derun achieved operating revenue of approximately 117 million yuan, down 24.39% compared to the previous year [2] - The net profit attributable to shareholders for the same period was around 24.85 million yuan, which is a decrease of 39.33% year-on-year [2] Market Reaction - On the day of the report, Wanxiang Derun's stock price rose by 0.2%, indicating a slight positive market reaction despite the poor financial results [2] - The company's total market capitalization stood at 2.867 billion yuan following the stock price movement [2]

Group 1 - The core point of the article is that Wanxiang Denong announced the convening of its 10th second board meeting on August 26, 2025, to review the 2025 semi-annual report and other documents [1] - For the fiscal year 2024, Wanxiang Denong's revenue composition is as follows: corn seed products account for 95.18%, fertilizer products account for 3.16%, other businesses account for 1.11%, and maltodextrin and malt syrup products account for 0.56% [1] - As of the report date, Wanxiang Denong has a market capitalization of 2.9 billion yuan [1] Group 2 - The pet industry is experiencing significant growth, with a market size of 300 billion yuan, leading to a surge in stock prices for related companies [1]

万向德农股份有限公司 关于万向财务有限公司的风险持续评估报告 根据《上海证券交易所上市公司自律监管指引第 5 号——交易与关联交易》 的要求，公司通过查验万向财务有限公司（以下简称"财务公司"）《金融许可证》、 《企业法人营业执照》等证件资料，取得并审阅资产负债表、利润表等财务报表 （未经审计），对财务公司与财务报表相关的资金、信贷、投资、稽核、信息管 理等风险管理体系的制定及实施情况进行了评估，具体情况报告如下： 1. 信贷业务管理 一、财务公司基本情况 财务公司系经中国人民银行银复(2002)205 号文批准，于 2002 年 8 月 22 日 在浙江省市场监督管理局登记注册。现持有编码为 L0045H233010001 的金融许可 证和统一社会信用代码为 91330000742903006P 的营业执照。现有注册资本 185,000万元（包括外汇资本金500万美元），其中：万向集团公司出资122,254.17 万元，占 66.08%；万向钱潮股份公司出资 32,991.67 万元，占 17.83%；万向三 农集团有限公司出资 17,729.16 万元，占 9.59%；德农种业股份公司出资 12,025 ...