证券代码：600598 证券简称：北大荒 公告编号：2025-033 黑龙江北大荒农业股份有限公司 第七届董事会第三十二次会议（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 10 月 28 日召开第七届董事会第三十二次会议（临时），会议通知于 2025 年 10 月 23 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、2025 年第三季度报告的议案 同意 9 票，反对 0 票，弃权 0 票。 经公司总经理提名，董事会提名委员会审核，聘任黎东光先生为公司副总经 理，任期与第七届董事会保持一致。 本议案经审计委员会审议通过并同意提交董事会审议。 二、关于聘任黎东光先生为公司副总经理的议案 本议案，经公司第七届董事会提名委员会 2025 年第三次会议审议通过，并 同意提交董事会审议。 鉴于纸业 ...

第三季度财务报表是否经审计 □是 √否 黑龙江北大荒农业股份有限公司2025 年第三季度报告 证券代码：600598 证券简称：北大荒 黑龙江北大荒农业股份有限公司 2025 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | | | | | 年初至报 | | --- | --- | --- | --- | --- | | | | 本报告期比上 | | 告期末比 | | 项目 | 本报告期 | 年同期增减变 | 年初至报告期末 | 上年同期 | | | | 动幅度(%) | | 增减变动 | | | | | | 幅度(%) | | 营业收入 | 1,094,222,13 ...

Core Viewpoint - The company reported a decline in revenue for the third quarter while showing a slight increase in net profit compared to the previous year [1] Financial Performance - Third quarter revenue was 1.094 billion, a year-on-year decrease of 13.14% [1] - Third quarter net profit was 372 million, a year-on-year increase of 2.34% [1] - Revenue for the first three quarters was 4.108 billion, a year-on-year decrease of 5.73% [1] - Net profit for the first three quarters was 1.357 billion, a year-on-year increase of 0.70% [1]

Summary of Key Points Core Viewpoint - The article provides a comprehensive overview of the agricultural machinery industry in China, highlighting key listed companies, their revenue performance, business layouts, and future planning strategies. Group 1: Overview of Listed Companies - The agricultural machinery industry in China includes upstream companies like QuanChai Power and Zhenghe Industrial, midstream companies such as Jifeng Technology and Xinguang Agricultural Machinery, and downstream companies like Dongfang Group and Beidahuang [1][2]. Group 2: Company Revenue and Performance - In 2024, major companies in the agricultural machinery sector include: - Zhonglian Heavy Industry: Revenue of 454.78 billion - Yituo Co., Ltd.: Revenue of 118.56 billion - Jifeng Technology: Revenue of 27.09 billion - Other companies have varying revenues, with the lowest being Xinguang Agricultural Machinery at 2.69 billion [4][16]. Group 3: Business Layout and Focus Areas - Companies like Yituo Co., Ltd. and Jifeng Technology have over 90% of their business focused on agricultural machinery, with a significant emphasis on tractors and harvesters [14]. - Zhonglian Heavy Industry focuses on high-end agricultural machinery, while other companies like Xinguang Agricultural Machinery specialize in specific products like combine harvesters [15]. Group 4: Employee and Patent Information - Zhonglian Heavy Industry employs over 30,000 people, with 10,724 being technical staff, and holds the most patents in the industry at 4,399 [8][9]. - Other companies have varying employee counts and patent holdings, indicating a diverse range of capabilities within the sector [10]. Group 5: Future Business Planning - Companies are focusing on new product development, expanding overseas markets, and enhancing technology. For instance, Yituo Co., Ltd. aims to improve product quality and develop export-oriented products, while Jifeng Technology plans to leverage its network for promoting high-end agricultural machinery [17]

Group 1 - The Agricultural, Animal Husbandry, and Fishery ETF (159275) showed stable performance with a 1.0% increase in intraday price and a transaction volume of 5.0954 million yuan, bringing the fund's latest scale to 209 million yuan [1] - Among the constituent stocks, Zhongxing Junye reached the daily limit, while Xiaoming Co. and Shengnong Development saw significant gains of 4.34% and 3.99% respectively. Conversely, Chenguang Biotech experienced a notable decline of 3.19%, with Honghui Fruits and Vegetables and Shennong Seed Industry also showing weaker performance with drops of 1.04% and 0.88% respectively [1] - The Ministry of Agriculture and Rural Affairs held a meeting on October 21 to discuss increasing grain and oil crop yields, emphasizing the promotion of technology integration and high-performance agricultural machinery, particularly supporting the promotion of genetically modified technology to enhance grain yields, which may benefit related seed and planting companies [1] - The core breeding source rate for lean pork in China has surpassed 90%, indicating progress in self-sufficiency in the livestock breeding industry, with leading companies like Muyuan Foods continuing to drive innovation in breeding [1] - According to Citic Securities, the supply in the pig farming industry continues to increase, with rising demand for fat pigs driving up prices, although farming remains unprofitable, potentially accelerating capacity reduction [1] - In the poultry farming sector, frequent outbreaks of avian influenza overseas create uncertainty in the introduction of grandparent stock chickens, which is favorable for the white feather chicken industry chain prices [1] - The seed industry is focusing on the progress of biological breeding expansion, the promotion of genetically modified corn, and industry mergers and acquisitions [1] - The demand in the animal health industry is expected to bottom out, with new product launches providing growth momentum. The domestic pet market continues to grow rapidly, while exports are only slightly affected by tariff disruptions [1] Group 2 - The Agricultural, Animal Husbandry, and Fishery ETF (159275) and its linked funds (Link A: 013471, Link C: 013472) passively track the Agricultural, Animal Husbandry, and Fishery Index, with the top ten weighted stocks including Muyuan Foods, Wens Foodstuff Group, Haida Group, New Hope, Meihua Biological, Dabeinong, Shengnong Development, Biological Co., Beidahuang, and Longping High-Tech [2]

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Viewpoints - The pig farming sector is expected to benefit from recent policies and market forces that promote capacity reduction, leading to long-term performance improvements [3][36] - The current trend in grain prices is upward, indicating a favorable fundamental outlook for planting and seed industries, highlighting significant investment opportunities [3][36] - The pet food sector is experiencing growth, with increasing recognition of domestic brands and continuous market expansion [3][36] Summary by Relevant Sections Pig Farming - The current pig price is weak, with the average price for external three yuan pigs at 11.82 yuan/kg, a week-on-week increase of 5.82% [10][44] - The industry is entering a phase of capacity reduction, with pig prices expected to stabilize and potentially rise in the long term due to policy support [7][10] Poultry - White feather broiler prices have shown slight increases, with the current price at 6.88 yuan/kg, reflecting a week-on-week rise of 0.15% [13][44] - The yellow feather broiler prices continue to remain strong, indicating a stable market environment [21][44] Feed Sector - Corn prices have decreased slightly, while soybean meal and wheat prices have increased, indicating a mixed market for feed ingredients [23][44] - The average price of pig feed is 3.37 yuan/kg, showing a slight decrease of 0.30% [44] Bulk Agricultural Products - Natural rubber prices have risen, with the current price at 15,335 yuan/ton, a week-on-week increase of 4.36% [30][44] - The report indicates that the down cycle for bulk agricultural products is nearing its end, with signs of recovery in certain segments [30][44]

Core Insights - The agriculture sector experienced a slight decline of 0.19% on October 24, with Yasheng Group leading the losses [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Sector Performance - Notable gainers in the agriculture sector included: - Hualu Biological (300970) with a closing price of 16.73, up 7.38% and a trading volume of 182,200 shares, totaling 303 million yuan [1] - Honghui Fruits and Vegetables (603336) closed at 9.66, up 2.33% with a trading volume of 162,400 shares, totaling 157 million yuan [1] - Conversely, Yasheng Group (600108) led the declines, closing at 3.10, down 1.59% with a trading volume of 399,200 shares, totaling 125 million yuan [2] Capital Flow - The agriculture sector saw a net outflow of 26.5 million yuan from institutional investors, while retail investors experienced a net outflow of 10.8 million yuan [2] - Speculative funds recorded a net inflow of 37.3 million yuan into the sector [2] Individual Stock Capital Flow - Notable capital flows included: - Zhongxing Fungi Industry (002772) with a net inflow of 30.3 million yuan from institutional investors, but a net outflow of 36.6 million yuan from retail investors [3] - Shennong Seed Industry (300189) had a net inflow of 17.9 million yuan from institutional investors, but a net outflow of 8.2 million yuan from retail investors [3]

Core Insights - The agricultural and livestock ETF (159275) showed weak performance with a price drop of 0.5% and a trading volume of 997,400 yuan, while the fund's latest scale is 207 million yuan [1] - Notable performers among constituent stocks include Hainan Rubber, Ronniu Mountain, and Zhongxing Mushroom Industry, with increases of 3.7%, 3.63%, and 3.0% respectively [1] - Conversely, Haida Group, Juxing Agriculture, and Tianma Technology experienced declines of 3.34%, 2.91%, and 2.61% respectively [1] - The Northeast Animal Husbandry Expo has been officially renamed and focuses on industry innovation and resource integration, while the 14th World Pig Industry Expo opened on October 18 in Changsha, covering 100,000 square meters and attracting over 800 global enterprises [1] - Dongguan Securities reported that pig prices have fallen to 11.17 yuan/kg, leading to continuous losses in breeding profits, with an average loss of 244.7 yuan per self-breeding pig [1] - The number of breeding sows remains high at 40.38 million, indicating significant future capacity reduction potential [1] - In poultry farming, the average price of white feather chickens is 6.87 yuan/kg, showing a slight decline, but breeding profits have marginally improved to -2.03 yuan per bird [1] - The industry valuation is at a PB of 2.85 times, which is at the historical 63.8% percentile, maintaining an "overweight" rating [1] Industry Analysis - The pig farming industry is experiencing supply pressure release, with prices continuing to decline; self-breeding and purchased piglet farming are both operating at losses of 244.70 yuan and 375.29 yuan per head respectively [2] - Under policy guidance, capacity reduction may accelerate, with a slight decrease in the number of breeding sows in September [2] - In poultry farming, the outbreak of avian influenza overseas creates uncertainty in the breeding of grandparent chickens, which is beneficial for the white feather chicken industry chain prices [2] - The demand in the animal health industry is expected to bottom out, with year-on-year changes in vaccine approvals for roundworms and pseudorabies at -17% and -11% respectively [2] - The seed industry is focusing on the progress of biological breeding expansion, the promotion of genetically modified corn, and industry mergers and acquisitions [2] - Pet food exports are minimally affected by tariff disturbances, while domestic sales continue to grow rapidly, with a 3% increase in e-commerce platform sales in September [2] - The agricultural and livestock ETF (159275) and its linked funds passively track the agricultural and livestock index, with the top ten weighted stocks including Muyuan Foods, Wens Foodstuff Group, Haida Group, New Hope Liuhe, Meihua Holdings, Dabeinong Technology, Shennong Development, Bio-Stock, Beidahuang, and Longping High-Tech [2]

Core Viewpoint - Fubon Technology is focusing on a differentiated path of "water-fertilizer-pesticide coupling + digital technology" to create comprehensive solutions for cost reduction and yield increase by the first half of 2025 [1] Group 1: Strategic Focus - The company aims to establish partnerships with leading agricultural planting platforms in China, such as Beidahuang Group and Hecheng Agricultural Investment, to promote agricultural technology application through donations and demonstration projects [1] - The projects are primarily targeted at major grain-producing areas and regions with advantages in specialty agricultural products [1] Group 2: Implementation and Support - Fubon Technology plans to facilitate the transformation of agricultural scientific and technological achievements by providing technical training and field guidance [1] - The goal is to help clients achieve cost reduction and yield increase, thereby enhancing their market competitiveness [1]

Group 1 - The company announced the appointment of Ms. Li Bizhi and Ms. Cheng Juan as independent non-executive directors and members of the audit committee, effective from October 15, 2025 [1]