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 ...

证券代码：600371 证券简称：万向德农 公告编号：2025-028 万向德农股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： https://roadshow.sseinfo.com/） 万向德农股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经 营成果、财务状况，公司计划于 2025 年 09 月 05 日 （星期五） 11:00-12:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 会议召开时间：2025 年 09 月 05 日 （星期五） 11:00-12:00 会议召开地点：上海证券交易所上证路演中心（网址： 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 08 月 29 日 （星期五） 至 09 月 04 ...

证券代码：600371 证券简称：万向德农 公告编号：2025—027 万向德农股份有限公司 关于续聘会计师事务所的公告 重要内容提示： 拟聘任的会计师事务所名称：中审众环会计师事务所(特殊普通合伙) 一、拟聘任会计师事务所的基本情况 （一） 机构信息 1、基本信息 （1）机构名称：中审众环会计师事务所（特殊普通合伙） （2）成立日期：中审众环始创于 1987 年，是全国首批取得国家批准具有从 事证券、期货相关业务资格及金融业务审计资格的大型会计师事务所之一。根据 财政部、证监会发布的从事证券服务业务会计师事务所备案名单，本所具备股份 有限公司发行股份、债券审计机构的资格。2013 年 11 月，按照国家财政部等有 关要求转制为特殊普通合伙制。 （3）组织形式：特殊普通合伙企业 （4）注册地址：湖北省武汉市武昌区水果湖街道中北路 166 号长江产业大 厦 17-18 层。 （5）首席合伙人：石文先 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。 （1）中审众环近 3 年未受到刑事处罚，因执业行为受到行政处罚 2 次、自 律监管 ...

证券代码：600371 证券简称：万向德农 公告编号：2025-029 万向德农股份有限公司 关于召开2025年第二次临时股东会的通知 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。 重要内容提示： 一、 召开会议的基本情况 (一)股东会类型和届次 (五)网络投票的系统、起止日期和投票时间。 股东会召开日期：2025年9月11日 本次股东会采用的网络投票系统：中国证券登记结算有限公司上市公司 股东大会网络投票系统 网络投票系统：中国证券登记结算有限公司上市公司股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 10 日 至2025 年 9 月 11 日 投票时间为：2025 年 9 月 10 日下午 15:00-9 月 11 日下午 15:00 止 2025年第二次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 11 日 15 点 00 分 召开地点：浙江省杭州市拱墅区环 ...

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第十届董事会第二次会议通知于 2025 年 8 月 16 日以电子通讯方式 发出，于 2025 年 8 月 26 日以现场加通讯方式召开。公司共有董事 5 人，实到董事 5 人。会议 由崔立国董事长主持，本次会议符合《公司法》和《公司章程》的有关规定。会议形成如下决 议： 一、审议通过了《公司 2025 年半年度报告全文及摘要》的议案 证券代码：600371 证券简称：万向德农 公告编号：2025—026 万向德农股份有限公司 第十届董事会第二次会议决议公告 本议案已经公司第十届董事会审计委员会 2025 年第二次会议以同意票 3 票，反对票 0 票， 弃权票 0 票审议通过。 经董事会审计委员会审议通过，拟续聘中审众环会计师事务所（特殊普通合伙）为公司 2025 年度财务审计机构及内控审计机构，审计费用总额 70 万元，其中年度财务审计费用 55 万元，年度内控审计费用 15 万元。 表决结果：赞成票 5 票，反对票 0 票，弃权票 0 票 本议案已经公司第 ...

Core Insights - Wanxiang DeNong reported a revenue of 117 million yuan for the first half of the year, representing a year-on-year decline of 24.39% [1] - The net profit attributable to shareholders of the listed company was 24.85 million yuan, down 39.33% year-on-year [1] - The basic earnings per share stood at 0.0849 yuan [1]

Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines specific terms and company abbreviations used in the report to ensure clarity and consistency of content - The report provides clear definitions for common terms such as **Wanxiang Sannong**, **Denong Seed**, **the Company or this Company, Wanxiang Denong**, **SSE or Exchange**, and **CSRC**[15](index=15&type=chunk) Section II Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides Wanxiang Denong's basic info, stock overview, and key financial indicators, explaining changes [I. Company Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) Wanxiang Denong Co., Ltd. (Wanxiang Denong) has Cui Liguo as its legal representative - The company's legal representative is **Cui Liguo**[10](index=10&type=chunk) [II. Contact Person and Information](index=4&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) He Xiaoshan is the Board Secretary; contact phone/fax is 0451-82368448, email wanxiangdenong@126.com - The Board Secretary is **He Xiaoshan**, with contact number **0451-82368448**[11](index=11&type=chunk) [III. Overview of Changes in Basic Information](index=4&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) The company's registered address is No. 18 Yushan Road, Harbin; office at Room 1003, No. 227 Hongqi Street - The company's office address is located at Room 1003, No. 227 Hongqi Street, Xiangfang District, Harbin, Heilongjiang Province[12](index=12&type=chunk) [IV. Overview of Changes in Information Disclosure and Document Custody Locations](index=4&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) Information disclosure newspapers are China Securities Journal and Securities Daily; reports on www.sse.com.cn - The company's information disclosure newspapers are **China Securities Journal** and **Securities Daily**, and its website is **www.sse.com.cn**[13](index=13&type=chunk) [V. Company Stock Overview](index=4&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) The company's A-shares are listed on the Shanghai Stock Exchange, stock abbreviation Wanxiang Denong, code 600371 - The company's stock code is **600371**, stock abbreviation **Wanxiang Denong**, listed on the **Shanghai Stock Exchange**[14](index=14&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Operating revenue and profit declined due to lower selling prices; operating cash flow improved but was negative Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 117,217,101.91 yuan | 155,032,880.36 yuan | -24.39 | | Total Profit | 27,561,208.86 yuan | 45,230,613.94 yuan | -39.07 | | Net Profit Attributable to Listed Company Shareholders | 24,852,586.20 yuan | 40,964,100.48 yuan | -39.33 | | Net Cash Flow from Operating Activities | -30,206,389.42 yuan | -61,598,671.06 yuan | Not applicable | | Net Assets Attributable to Listed Company Shareholders (Period-end) | 554,806,402.83 yuan | 573,840,516.63 yuan | -3.32 | | Total Assets (Period-end) | 711,811,652.47 yuan | 809,366,114.51 yuan | -12.05 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (yuan/share) | 0.0849 | 0.1400 | -39.36 | | Diluted EPS (yuan/share) | 0.0849 | 0.1400 | -39.36 | | Basic EPS after Non-recurring Gains/Losses (yuan/share) | 0.0820 | 0.1348 | -39.17 | | Weighted Average ROE (%) | 4.4040 | 7.1747 | decreased by 2.77 percentage points | | Weighted Average ROE after Non-recurring Gains/Losses (%) | 4.2527 | 6.9080 | decreased by 2.66 percentage points | - The primary reason for the decrease in operating revenue was lower selling prices in the current period[17](index=17&type=chunk) - The primary reason for the decrease in total profit and net profit was the decline in operating revenue[17](index=17&type=chunk) - The increase in net cash flow from operating activities was primarily due to reduced seed production area, leading to lower payments for seed production[17](index=17&type=chunk) [IX. Non-recurring Gains/Losses Items and Amounts](index=5&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Total non-recurring gains and losses were **853,658.04 yuan**, primarily from government grants 2025 Non-recurring Gains/Losses Items for H1 | Non-recurring Gains/Losses Items | Amount (yuan) | | :--- | :--- | | Government Grants Recognized in Current P&L (excluding those with continuous impact) | 964,510.43 | | Other Non-operating Income and Expenses (excluding the above) | -16,001.50 | | Impact on Minority Interests (after tax) | -94,850.89 | | Total | 853,658.04 | Section III Management Discussion and Analysis](index=6&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section analyzes the company's operating strategies, R&D, quality control, sales, and core competitiveness in an oversupplied corn seed market, detailing financial changes and risks [I. Discussion and Analysis of Operations](index=6&type=section&id=%E4%B8%80%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The pork market is experiencing an oversupply, leading to a continued decline in pork prices [2] - The planting industry is focusing on pest control for autumn crops, which is crucial for achieving the annual grain production target of approximately 1.4 trillion jin [11] - The commercialization of genetically modified crops is expected to accelerate, enhancing self-sufficiency in key varieties [11] Summary by Sections Planting Industry - A national meeting was held to address pest control for autumn crops, emphasizing its importance for overall grain yield [11] - The autumn crop accounts for three-quarters of the annual grain production, making pest control critical [11] - The Ministry of Agriculture is promoting the protection of new plant varieties to support innovation in the seed industry [11] - Recommended stocks include Beidahuang and Suqian Agricultural Development in the planting sector, and major seed companies like Dabeinong and Longping High-Tech [11] Swine Farming - The average price of external three-breed pigs is 13.80 yuan/kg, with a slight weekly decrease of 0.07% [2] - Demand remains weak, and there are no immediate positive factors expected to boost demand [2] - The number of breeding sows has decreased to 40.43 million, down 370,000 from the peak last year [2] - Recommended stocks in the breeding sector include DeKang Agriculture, Jingji Zhino, Muyuan Foods, and Wen's Foodstuffs [2] Key Agricultural Products Data Tracking - Corn: The average price is 2385.10 yuan/ton, down 0.39% week-on-week [24] - Wheat: The average price is 2435.58 yuan/ton, down 0.10% week-on-week [27] - Rice: The average price for japonica rice is 2892.80 yuan/ton, down 0.66% week-on-week [32] - Soybeans: The average price is 3952.63 yuan/ton, up 0.27% week-on-week [37] - Cotton: The average price in Xinjiang is 15090.00 yuan/ton, up 0.18% week-on-week [42] Feed and Vitamin Prices - The average price of pig feed is 2.71 yuan/kg, down 0.37% week-on-week [49] - The average price of vitamin E is 67.50 yuan/kg, unchanged week-on-week [49]