证券代码：600598 证券简称：北大荒 公告编号：2025-036 黑龙江北大荒农业股份有限公司 第七届董事会第三十三次会议（临时）决议公告 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个别及连带责任。 黑龙江北大荒农业股份有限公司（以下简称："公司"）于 2025 年 12 月 15 日召开第七届董事会第三十三次会议（临时），会议通知于 2025 年 12 月 9 日以 专人送达、传真和电子邮件的形式发出，本次会议以通讯表决方式，全部董事均 参加了会议。会议符合《公司法》及《公司章程》的有关规定，会议的召开及议 案事项合法有效。本次会议决议通过以下议案： 一、关于修改《董事会战略与可持续发展委员会工作制度》的议案 原《董事会战略委员会工作制度》修改为《董事会战略与可持续发展委员会 工作制度》。 同意 9 票，反对 0 票，弃权 0 票。 三、关于修订《工程项目管理制度》的议案 同意 9 票，反对 0 票，弃权 0 票。 四、关于修订《对外投资管理制度》的议案 同意 9 票，反对 0 票，弃权 0 票。 五、关于修订《外派董事、监事 ...

记者12月13日从北大荒农垦集团有限公司了解到，2025年该集团粮食总产达463.14亿斤，较上年增加 5.50亿斤，再创历史新高。 据了解，2025年，北大荒集团粮食作物播种面积达4644.65万亩，粮食综合单产提升至每亩997.15斤，较 上年增加10.61斤，提升1.07％；粮食总产占黑龙江省的28.24％、占全国的3.24％，较历史最好年份2021 年高出0.04亿斤，连续15年稳定在400亿斤以上。预计全年粮食商品量约440亿斤，自1947年开发建设以 来，北大荒农垦集团有限公司已累计生产粮食11398亿斤，输出商品粮约9853亿斤。（新华社） ...

Group 1 - The core viewpoint of the article highlights that the Beidahuang Agricultural Reclamation Group is set to achieve a record grain production of 46.314 billion jin in 2025, marking a year-on-year increase of 550 million jin, thus achieving "22 consecutive years of abundance" in agricultural production [1] - In 2025, the total sown area for grain crops will reach 46.4465 million mu, with a comprehensive grain yield of 997.15 jin per mu, an increase of 10.61 jin or 1.07% compared to the previous year [2] - The total grain output will account for 28.24% of Heilongjiang Province and 3.24% of the national total, surpassing the historical best year of 2021 by 400,000 jin, maintaining a stable output above 40 billion jin for 15 consecutive years [2] Group 2 - During the "14th Five-Year Plan" period, the grain production capacity of Beidahuang Agricultural Reclamation Group has steadily increased, with the sown area expanding from 43.4011 million mu in 2020 to 46.4465 million mu, a net increase of 3.0455 million mu [5] - The comprehensive grain yield per mu has improved by 13.75 jin compared to 2020, with a cumulative grain production of 2,291.12 billion jin, an increase of 172.33 billion jin compared to the "13th Five-Year Plan" period [5] - The company, located in Heilongjiang Province, has a total operational land area of 53,600 square kilometers and stable arable land of 48.744 million mu, making it the largest reclamation area in China [5]

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Insights - The report highlights the ongoing capacity reduction in the pig farming sector, driven by recent policies and market conditions, which is expected to enhance long-term performance in the sector [3][9] - The report identifies several investment opportunities across different segments of the agriculture industry, including pig farming, feed, planting, and pet food sectors [3][43] Summary by Sections Pig Farming Sector - The pig farming industry is experiencing accelerated capacity reduction, with current pig prices and expectations both weak, leading to a significant decline in profitability [9] - In November, 14 listed pig companies collectively slaughtered 16.82 million pigs, a decrease of 2.21% month-on-month but an increase of 22.48% year-on-year [13] - The average selling price of pigs showed a slight recovery, with prices ranging from 11.1 to 12.53 yuan/kg, although still down approximately 30% year-on-year [15] Feed Sector - The report notes that raw material prices for feed are stabilizing at the bottom, with corn prices slightly down and soybean meal prices up [28] - As of December 12, corn prices averaged 2,356.67 yuan/ton, down 0.08%, while soybean meal prices rose by 1.54% to 3,159.43 yuan/ton [28] Planting Sector - The report indicates a confirmed upward trend in grain prices, suggesting favorable fundamentals for planting and seed industries, with significant investment opportunities [3][43] Pet Food Sector - The pet food industry is in a growth phase, with increasing domestic brand recognition and continuous growth among leading companies [3][43]

此外，农业农村部于12月8日发布公告，强调加强生猪产能综合调控并动态调整能繁母猪正常保有量目标，同时湖北启动1000吨省级猪肉临时 收储，多地推出补贴政策以稳定生猪市场。同期，财政部修订奖励资金管理办法，精准调控生猪、牛羊产业稳定发展，进一步强化行业政策 支持力度。 估值方面，当前农牧渔板块估值水平仍处相对低位，当前或为板块较好配置时机。数据显示，截至昨日（12月9日）收盘，全市场"含猪量"最 高农牧渔ETF（159275）标的指数中证全指农牧渔指数市净率为2.48倍，位于近10年来21.48%分位点的低位，中长期配置性价比凸显。 展望后市，华西证券认为，生猪养殖行业亏损下的主动去产能已开启。且近几个月一直在推进生猪行业反内卷相关举措，中长期来看国内生 猪价格中枢有望抬升。未来生猪行业发展"提质增效"或是主要趋势，落后产能或将逐步出清，成本低财务状况好的优质产能市占率或将进一步 提升。 农牧渔板块今日（12月10日）午后继续拉升，截至发稿，全市场唯一农牧渔ETF（159275）场内价格涨0.93%。 华福证券表示，养殖已陷入亏损状态，叠加产能调控政策推进，行业产能去化预计持续，有望推动长期猪价中枢上移，低成本 ...

Core Viewpoint - The agricultural, animal husbandry, and fishery sector experienced a market rally on December 10, with the only agricultural ETF (159275) showing a price increase of 0.31% after a peak of 0.51% during trading [1][9]. Market Performance - The agricultural ETF (159275) opened strong, with significant gains in individual stocks such as Luoniushan reaching the daily limit, Shennong Seed rising over 10%, Hainan Rubber increasing by over 3%, and both Shengnong Development and Tianma Technology gaining over 2% [1][9]. - The current market sentiment is characterized by cautious observation, which may present a favorable allocation window for investors [12]. Valuation Insights - The agricultural sector's valuation remains relatively low, with the market's agricultural ETF (159275) showing a price-to-book ratio of 2.48, placing it at the 21.48 percentile of the past decade, indicating a compelling mid-to-long-term investment opportunity [3][10]. Industry Outlook - Analysts from Huaxi Securities suggest that the active reduction of production capacity in the pig farming industry has begun, with expectations for a long-term increase in domestic pig prices [11]. - The industry is currently facing pressures from declining market prices, rising epidemic risks, and policy guidance, which are expected to enhance the motivation for capacity reduction [11]. - The majority of listed pig farming companies are currently valued at historical lows, suggesting significant potential for future appreciation [11]. Investment Strategy - The agricultural ETF (159275) tracks the CSI Agricultural Index, which includes leading stocks in pig farming and covers various segments of the agricultural supply chain [11]. - Investors can also consider connecting funds (Class A 013471/Class C 013472) to gain exposure to the agricultural sector [11].

Market Overview - The planting industry sector increased by 0.22% on December 8, with Shennong Seed Industry leading the gains [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] Stock Performance - Shennong Seed Industry (300189) closed at 6.15, up 2.33%, with a trading volume of 1.6188 million shares and a transaction value of 999.7 million yuan [1] - Hainan Rubber (601118) closed at 5.92, up 1.02%, with a trading volume of 601,100 shares and a transaction value of 358 million yuan [1] - Hualu Biological (300970) closed at 17.47, up 0.98%, with a trading volume of 22,200 shares and a transaction value of 38.796 million yuan [1] - Other notable stocks include Bowan Technology (600883) at 8.45 (+0.96%), Wanxiang Deno (600371) at 9.26 (+0.87%), and Kangnong Seed Industry (920403) at 21.31 (+0.76%) [1] Capital Flow - The planting industry sector experienced a net outflow of 5.5312 million yuan from main funds, while retail funds saw a net inflow of 17.8913 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed interest [2] Individual Stock Capital Flow - Zhuoyin High-Tech (300087) had a main fund net outflow of 46.7684 million yuan, with retail outflows of 32.6352 million yuan [3] - Beidahuang (600598) saw a main fund net inflow of 14.3215 million yuan, while retail funds experienced a net outflow of 2.6344 million yuan [3] - Nuo Puxin (002215) had a main fund net inflow of 10.074 million yuan, but retail funds saw a significant outflow of 11.8112 million yuan [3]

Group 1 - The company reported a significant revenue increase of approximately HKD 158 million, a 62% growth compared to the same period last year, but continued to incur a loss attributable to shareholders of HKD 38.39 million [2] - The gross profit for the reporting period was about HKD 5.84 million, a notable decline from approximately HKD 10.86 million in the previous year, indicating issues with profitability despite revenue growth [3] - The company faced a substantial operating loss (after tax) of approximately HKD 42.34 million, a significant increase from the previously restated loss of HKD 13.03 million, suggesting challenges in cost control and operational efficiency [3] Group 2 - The company disclosed several business developments, including the acquisition of a 51% stake in Hunan Tianyu Ecological Agriculture Development Co., Ltd., and the signing of agreements for leisure food supply and processing, indicating a strategy for diversification and expansion [4] - The financial situation shows a net current liability of HKD 703 million against a net asset value of HKD 267 million, although the board believes there are sufficient operating funds for continued operations [4] - The company is facing additional burdens from ongoing litigation and compliance issues, which may impact its reputation and daily operations [4] Group 3 - The agricultural sector is characterized by seasonal fluctuations, market price changes, and natural disasters, which pose challenges for companies like China Beidahuang [5] - A comparison with Heilongjiang Beidahuang Agricultural Co., Ltd. reveals stark differences in performance, with the latter achieving a revenue of HKD 5.339 billion and a net profit of HKD 1.086 billion in 2024, highlighting the operational challenges faced by China Beidahuang [5] - The company needs to find a better balance between business expansion and profitability, as investments in new business areas may offer long-term growth potential, but translating this into financial returns remains to be seen [5]

Core Viewpoint - The company is actively expanding its grain sales channels by leveraging both online and offline strategies to ensure efficient sales and maximize profits from grain production [1][2] Group 1: Sales Strategies - The company is enhancing collaboration with nearby large grain processing enterprises and storage facilities by signing targeted sales agreements to stabilize the sales market [2] - The company is utilizing "Internet +" advantages by promoting supply information through e-commerce platforms and social media to attract more potential customers and expand its sales reach [2] Group 2: Logistics and Efficiency - The company is coordinating transportation efforts to ensure timely and efficient delivery of grain to customers, thereby reducing intermediaries and storage pressure [2] - These measures have effectively accelerated the speed of grain monetization, reduced market risks, and secured economic returns for farmers, laying a solid foundation for future agricultural production [2]

Core Insights - The planting industry sector experienced a slight increase of 0.07% on December 1, with Zhongxing Junye leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Sector Performance - Zhongxing Junye (002772) closed at 13.13, up 4.12% with a trading volume of 261,100 shares and a transaction value of 347 million yuan [1] - Nuofushin (002215) closed at 11.20, up 3.90% with a trading volume of 281,100 shares and a transaction value of 316 million yuan [1] - Yasheng Group (600108) closed at 3.17, up 1.93% with a trading volume of 679,700 shares and a transaction value of 216 million yuan [1] - Dunhuang Seed Industry (600354) closed at 6.60, up 1.54% with a trading volume of 126,860 shares and a transaction value of 178 million yuan [1] Capital Flow - The planting industry sector saw a net outflow of 236 million yuan from main funds, while retail investors contributed a net inflow of 175 million yuan [2] - The main funds showed a net inflow in Nuofushin (317.72 million yuan) and a net outflow in Zhongxing Junye (-33.90 million yuan) [3] - Retail investors showed significant net inflows in several stocks, including Zhongxing Junye (221.98 million yuan) and Dunhuang Seed Industry (1589.02 million yuan) [3]