Financial Performance Forecast - The company expects a net profit attributable to shareholders of the parent company for 2025 to be between 5.5 million and 6.6 million yuan, representing a decrease of 87.46% to 89.55% compared to the same period last year[2]. - The expected net profit after deducting non-recurring gains and losses is projected to be between 3.18 million and 4.28 million yuan, reflecting a decline of 91.45% to 93.65% year-on-year[3]. - The total profit for the previous year was 58.24 million yuan, with a net profit attributable to shareholders of 52.63 million yuan[5]. - The earnings per share for the previous year was 0.18 yuan[6]. - The performance forecast period is from January 1, 2025, to December 31, 2025[3]. Factors Affecting Performance - The decline in performance is primarily due to high homogeneity in corn seed market varieties, severe supply-demand conflicts, and intensified competition, leading to decreased sales volume and prices[8]. Earnings Forecast Validity - The earnings forecast is based on preliminary calculations by the company's finance department and has not been audited by certified public accountants[4]. - The company has not identified any significant uncertainties affecting this earnings forecast[9]. - The data provided is preliminary and the final audited financial data will be disclosed in the official 2025 annual report[10]. - The company emphasizes the importance of investors being aware of investment risks related to the preliminary earnings forecast[10].

Market Overview - The planting industry sector declined by 0.42% on January 14, with Shennong Agricultural leading the decline [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index closed at 14248.6, up 0.56% [1] Individual Stock Performance - Hualu Biological (300970) saw a price increase of 4.06%, closing at 22.53 with a trading volume of 108,000 shares and a transaction value of 236 million yuan [1] - Hainan Rubber (601118) increased by 1.18%, closing at 5.98 with a trading volume of 1,009,400 shares and a transaction value of 609 million yuan [1] - Shennong Agricultural (300189) experienced a significant decline of 3.77%, closing at 6.89 with a trading volume of 2,088,600 shares and a transaction value of 1.454 billion yuan [2] Capital Flow Analysis - The planting industry sector experienced a net outflow of 243 million yuan from main funds, while retail investors saw a net inflow of 240 million yuan [2] - Notable net inflows from retail investors were observed in stocks like Hualu Biological and Hainan Rubber, while Shennong Agricultural faced significant outflows [3]

本公司董事会、全体董事及相关股东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。 重要内容提示： 公司控股股东万向三农集团有限公司（以下简称"万向三农"）计划 自 2025 年 5 月 14 日起 12 个月内增持公司股份，增持总金额不低于人民币 2500 万元，不超过人民币 5000 万元，且首次增持与后续增持比例合计不超过公司总 股本的 2%。本次增持股份计划不设定价格区间，具体内容详见公司在《中国证 券报》、《证券日报》及上海证券交易所网站（www.sse.com.cn）披露的《万向 德农股份有限公司关于控股股东以专项贷款和自有资金增持公司股份计划的公 告》（公告编号 2025-014）。 截至本公告披露日，增持计划实施期限已过半，万向三农尚未增持公 司股份，主要系根据统筹安排逐步实施增持计划。 后续万向三农将根据本次增持计划择机增持公司股份。本次增持计划 可能存在因资本市场情况发生变化或目前尚无法预判的其他风险因素导致增持 计划的实施无法达到预期的风险，敬请广大投资者注意投资风险。 证券代码：600371 证券简称：万向德农 公告编号：202 ...

Investment Rating - The industry rating is "Recommended" [4] Core Views - The sentiment in the pork market has significantly improved, with a notable reduction in losses for pig farming. The average price of live pigs is currently 12.55 CNY/kg, remaining stable week-on-week. The number of breeding sows has decreased by 1.1% month-on-month and 2.1% year-on-year, indicating a steady adjustment in pig production capacity [2][12] - The Ministry of Agriculture and Rural Affairs has initiated a nationwide inspection of winter crop seeds to ensure safety for the upcoming spring and summer planting seasons. This includes a focus on key crops such as corn, rice, soybeans, cotton, and vegetables. The commercialization of genetically modified seeds is expected to accelerate, enhancing self-sufficiency rates for critical varieties [1][11] Summary by Sections Planting Industry Chain - The Ministry of Agriculture is conducting inspections to ensure seed quality and compliance, which is crucial for agricultural production safety. The emphasis on genetically modified technology is expected to revolutionize yield improvements, with companies like Beidahuang and Suqian Agricultural Development likely to benefit [1][11] Pig Farming - The average price of live pigs is 12.55 CNY/kg, with a slight increase in slaughter volume by 17.4% year-on-year. The market sentiment has improved significantly, with a reduction in losses for self-bred and purchased pig farming, indicating a potential for recovery in the sector. Recommended stocks include companies like Muyuan Foods and Wens Foodstuffs [2][12] Key Agricultural Product Data Tracking - Corn: The average price is 2353.51 CNY/ton, with a slight increase of 0.09% week-on-week. The international price is 5.21 USD/bushel, up 2.11% [26][27] - Wheat: The domestic average price is 2513.62 CNY/ton, down 0.09% week-on-week. The international price is 5.82 USD/bushel, down 0.13% [29][31] - Soybeans: The domestic average price is 4048.42 CNY/ton, up 0.63% week-on-week. The international price is 405.95 USD/ton, up 0.74% [39][43] - Cotton: The average price in Xinjiang is 15530.00 CNY/ton, up 0.84% week-on-week [45][49] Feed and Vitamin Prices - The average price of pig feed is 2.64 CNY/kg, with a week-on-week increase of 0.76%. The prices for chicken feed and egg-laying hen feed remain stable [52][54]

Market Overview - The planting industry sector declined by 0.78% on January 5, with Shennong Agricultural Technology leading the decline [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Stock Performance - Notable gainers in the planting sector included: - Noposion: Closed at 10.77, up 1.70% with a trading volume of 121,600 shares and a turnover of 131 million yuan [1] - Guotou Fengle: Closed at 6.68, up 0.91% with a trading volume of 72,100 shares and a turnover of 47.99 million yuan [1] - Qiu Le Seed Industry: Closed at 16.08, up 0.82% with a trading volume of 33,900 shares and a turnover of 54.37 million yuan [1] - Shennong Agricultural Technology was the biggest loser, closing at 7.07, down 4.97% with a trading volume of 2,384,300 shares and a turnover of 1.677 billion yuan [2] Capital Flow - The planting industry sector experienced a net outflow of 36.51 million yuan from institutional funds, while retail investors saw a net inflow of 80.96 million yuan [2] - The capital flow for specific stocks showed: - Qianyuan High-Tech: Net inflow of 55.91 million yuan from institutional funds, but a net outflow of 46.12 million yuan from speculative funds [3] - Hainan Rubber: Net inflow of 16.70 million yuan from institutional funds, with a net outflow of 3.07 million yuan from retail investors [3] - Yasheng Group: Net inflow of 15.96 million yuan from institutional funds, with a significant net outflow from retail investors [3]

Market Overview - The Shanghai Composite Index closed at 3968.84 points, with a slight increase of 0.09% [1] - The total trading volume of A-shares reached 2461.743 billion yuan [1] Technical Analysis - A total of 167 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Sanfu New Science (三孚新科) with a difference of -1.68% [1] - Tianjian Technology (天箭科技) with a difference of -1.66% [1] - Zhongmin Energy (中闽能源) with a difference of -1.30% [1] Individual Stock Performance - Sanfu New Science (688359) decreased by 0.25% with a trading turnover of 1.57% [1] - Tianjian Technology (002977) saw a significant drop of 9.99% with a trading turnover of 2.27% [1] - Zhongmin Energy (600163) declined by 2.17% with a trading turnover of 1.33% [1] - Other notable stocks include: - Hainan Ruize (002596) increased by 0.94% [1] - Weidao Nano (688147) decreased by 1.54% [1] - Eighty Billion (688181) increased by 0.31% [1] Additional Stock Movements - Stocks such as Xiling Information (300588) and Zhaolong Interconnect (300913) also showed minor declines of 0.11% and 1.55% respectively [1] - The performance of ST stocks included: - ST Huaxi (002630) with a decrease of 0.40% [1] - ST Meicheng (300237) with a decline of 1.90% [1]

Core Viewpoint - The company, Wanxiang Denong, emphasizes its commitment to investor relations management through stable cash dividends and enhanced transparency in information disclosure [2] Group 1: Cash Dividend Policy - For the fiscal year 2024, the company plans to distribute a cash dividend of 1.50 yuan (including tax) for every 10 shares, totaling 43,886,700.00 yuan [2] - This cash dividend represents 83.39% of the net profit attributable to shareholders of the listed company for the year [2] Group 2: Business Focus and Operations - The company specializes in the production and sales of hybrid corn seeds and continues to focus on its core business [2] - Wanxiang Denong is committed to operating in a standardized and stable manner while adhering to information disclosure regulations for any significant events [2]

Investment Rating - Industry Rating: Recommended [4] Core Insights - The pork industry continues to face losses, with a focus on pig farming opportunities. The average price of live pigs is 11.59 CNY/kg, down 0.46% week-on-week. The total breeding sow inventory is 39.9 million heads, down 1.1% month-on-month and 2.1% year-on-year. The industry is experiencing ongoing losses, with self-bred and purchased pig farming losses at 130.11 CNY/head and 162.80 CNY/head respectively. The recent anti-dumping ruling may alleviate domestic pork supply pressure, leading to accelerated capacity reduction [2][12]. Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs has initiated winter crop seed supervision checks to ensure seed safety for the upcoming spring and summer planting. The checks focus on key crops such as corn, rice, soybeans, cotton, and vegetables. The commercialization of genetically modified technology is expected to accelerate, enhancing self-sufficiency rates of key varieties. Recommended stocks include Beidahuang and Suqian Agricultural Development [1][11]. Pig Farming - The average price of live pigs is reported at 11.59 CNY/kg, with a slight decrease of 0.46% from the previous week. The average price for pig futures is 11,469 CNY/ton, reflecting a 1.07% increase. The average weight of pigs post-slaughter is 89.57 kg, with a month-on-month increase of 3.21% in slaughter volume [12][62][65]. Recommended Stocks - For pig farming, recommended stocks include: 1. Livestock sector: Lihua Stock, Muyuan Food, Shuanghui Development, Dekang Agriculture, Jingji Zhino, and Wens Foodstuff 2. Feed sector: Haida Group 3. Animal health sector: Jinhai Biological, Biological Shares, Placo, and Zhongmu Shares [2][12].

Core Viewpoint - The agriculture sector experienced a significant increase of 2.55% on December 22, with Shennong Seed Industry leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3917.36, up by 0.69% [1] - The Shenzhen Component Index closed at 13332.73, up by 1.47% [1] Group 2: Individual Stock Performance - Shennong Seed Industry (300189) closed at 7.13, with a rise of 20.03%, and a trading volume of 4.0344 million shares, totaling a transaction value of 2.72 billion [1] - Hainan Rubber (601118) closed at 6.08, increasing by 9.95%, with a trading volume of 1.294 million shares, totaling a transaction value of 0.775 billion [1] - Kangnong Seed Industry (920403) closed at 23.99, up by 2.70%, with a trading volume of 53,400 shares, totaling a transaction value of 0.128 billion [1] - Nongfa Seed Industry (600313) closed at 6.74, increasing by 2.28%, with a trading volume of 387,600 shares, totaling a transaction value of 0.26 billion [1] - Sanshi Kangkang (002041) closed at 9.56, up by 1.70%, with a trading volume of 132,500 shares, totaling a transaction value of 0.126 billion [1] - Wanxiang Denong (600371) closed at 9.14, increasing by 1.22%, with a trading volume of 71,100 shares, totaling a transaction value of 0.0647 billion [1] - Yasheng Group (600108) closed at 3.34, up by 1.21%, with a trading volume of 1.5214 million shares, totaling a transaction value of 0.504 billion [1] - Dunhuang Seed Industry (600354) closed at 6.78, increasing by 0.89%, with a trading volume of 271,400 shares, totaling a transaction value of 0.183 billion [1] - Longping High-Tech (000998) closed at 9.47, up by 0.74%, with a trading volume of 131,900 shares, totaling a transaction value of 0.125 billion [1] - Honghui Fruits and Vegetables (603336) closed at 8.61, increasing by 0.47%, with a trading volume of 67,700 shares, totaling a transaction value of 0.05818 billion [1] Group 3: Capital Flow - The agriculture sector saw a net inflow of 277 million in main funds, while retail funds experienced a net outflow of 293 million [1] - Retail investors contributed a net inflow of 15.6928 million [1]

证券代码：600371 证券简称：万向德农 公告编号：2025- 034 万向德农股份有限公司 关于控股股东增持股份进展公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 截至本公告披露日，增持计划实施期限已过半，万向三农尚未增持公 司股份，主要系根据统筹安排逐步实施增持计划。 后续万向三农将根据本次增持计划择机增持公司股份。本次增持计划 可能存在因资本市场情况发生变化或目前尚无法预判的其他风险因素导致增持 计划的实施无法达到预期的风险，敬请广大投资者注意投资风险。 增持主体名称 万向三农集团有限公司 增持主体身份 控股股东、实控人 √是 否 控股股东、实控人的一致行动人 是 否 直接持股 5%以上股东 是 否 董事、监事和高级管理人员 是 否 其他：__________ 增持前持股数量 142,650,135 股 一、增持主体的基本情况 | 增持前持股比例 | 48.76% | | --- | --- | | （占总股本） | | 二、增持计划的实施进展 | 增持主体名称 | 万向三农集团有限公司 ...