Financial Performance Summary - In the first half of 2025, the company achieved a consolidated operating revenue of 4.588 billion yuan, a decrease of 468 million yuan compared to the same period last year, representing a decline of 9.26% [2] - The net profit attributable to shareholders of the listed company was 213 million yuan, down by 81.76 million yuan year-on-year, a decline of 27.72% [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 175 million yuan, a decrease of 80.32 million yuan compared to the previous year, reflecting a decline of 31.40% [2] Operational Data - The main agricultural product sales volume is reported as a consolidated figure, but specific data is not provided in the announcement [1] - The decline in revenue and profit is attributed to low and narrow fluctuations in agricultural product prices and a general decline in agricultural material prices, which led to a reduced gross profit margin for key products such as rice and wheat [2]

Financial Performance - The company reported a total operating revenue of 458.82 million yuan for the first half of 2025, a decrease of 9.26% compared to 505.65 million yuan in the same period last year [1] - Operating profit was 23.22 million yuan, down 29.42% from 32.89 million yuan year-on-year [1] - Total profit amounted to 23.22 million yuan, reflecting a decline of 29.51% from 32.94 million yuan in the previous year [1] - The net profit attributable to shareholders, after excluding non-recurring gains and losses, was 17.55 million yuan, a decrease of 31.40% from 25.58 million yuan in the same period last year [1] - Basic earnings per share were 0.15 yuan, down 28.57% from 0.21 yuan year-on-year [1] - The weighted average return on net assets decreased by 1.32 percentage points to 3.08% [1] Key Operational Data - The production volume of self-produced wheat was 638,300 tons, an increase of 6.03% compared to the previous year, while sales volume was 182,700 tons, up 77.78% [1] - The company sourced 207,100 tons of external wheat, which is a 124.69% increase year-on-year [1] - Rice production was 96,500 tons, with a slight decrease of 0.19%, while sales volume was 185,500 tons, down 19.13% [1] - The production of edible oil was 65,700 tons, with a decrease of 17.53% in sales volume [1] - The company reported a total asset value of 1,463.41 million yuan at the end of the reporting period, reflecting a 1.52% increase from the beginning of the period [1] Business Environment - The decline in revenue and profit is attributed to low and narrow fluctuations in agricultural product prices and a general decline in agricultural input prices, which have compressed the gross profit margins of key products such as rice and wheat [1]

苏垦农发2025年一季报显示，报告期内公司营业总收入为21.33亿元，较去年同报告期营业总收入减少 2.03亿元，同比较去年同期下降8.70%；归母净利润为8242.06万元，较去年同报告期归母净利润减少 4673.29万元，同比较去年同期下降36.18%；经营活动现金净流入为6.87亿元，较去年同报告期经营活 动现金净流入增加6.97亿元，实现4年连续上涨。公司报告期内应收账款体量较大，当期应收账款占最 新年报归母净利润比达74.84%。 7月18日晚间，江苏省农垦农业发展股份有限公司（以下简称"苏垦农发（601952）"或"公司"）发布 2025年半年度业绩快报公告。上半年公司实现营业收入45.88亿元，较上年同期下降4.68亿元，降幅 9.26%；归母净利润2.13亿元，较上年同期下降8,175.99万元，降幅27.72%；扣非净利润1.75亿元，较上 年同期下降8,031.80万元，降幅31.40%；基本每股收益0.15元，同比下降28.57%，加权平均净资产收益 率为3.08%，下降1.32个百分点。业绩下滑主要受稻麦等主要农产品价格持续低迷影响，在农产品价格 周期性波动背景下，这家省属农企正面临毛 ...

Group 1 - Senyuan Electric signed a strategic cooperation agreement with Xuchang Digital Supply Chain Management Co., aiming for annual business cooperation not exceeding 500 million yuan over 36 months [1] - CICC's subsidiary, CICC Wealth, reported a net profit of 987 million yuan for the first half of the year, with total assets of 193.37 billion yuan [2] - Shuangjie Electric expects a net profit of 100 million to 120 million yuan for the first half of the year, representing a year-on-year increase of 16.03% to 39.23% [3][4] - Shentong Technology reported a net profit of 64.28 million yuan for the first half of the year, a year-on-year increase of 111.09% [5] - Suqian Nongfa's net profit for the first half of the year decreased by 27.72% to 213 million yuan [6] Group 2 - Fuan Pharmaceutical expects a net profit decline of 39.95% to 53.81% for the first half of the year, estimating between 100 million to 130 million yuan [8] - Xingwang Yuda anticipates a net loss of 11 million to 21 million yuan for the first half of the year [9] - Pulaike received a new veterinary drug registration certificate for a vaccine aimed at preventing chicken diseases [10] - Yuandong Biological's ephedrine injection received a drug registration certificate for treating low blood pressure during anesthesia [11] - Suqian Liansheng's subsidiary obtained two invention patent certificates [12] Group 3 - Oke Technology signed a 176 million yuan equipment order with Jiangxi Tianhong New Materials [13] - Publishing Media announced the resignation of its chief accountant due to work changes [15] - Zhongxin Co. plans to use 40 million yuan of idle funds for cash management [16] - Huiyun Titanium plans to use up to 58 million yuan of idle convertible bond funds for cash management [18] - Haineng Technology intends to apply for a credit facility of up to 200 million yuan from a bank [20] Group 4 - Jiabiou expects a net profit increase of 57.61% for the first half of the year, estimating around 107 million yuan [21] - Nanjing Gaoke reported a 1185% year-on-year increase in contract sales area for the second quarter [22] - Shuguang Co. received approval for a specific stock issuance application [23] - Huadong Pharmaceutical's subsidiary received approval for a clinical trial of a new drug targeting advanced solid tumors [23] - Quicheng Co. plans to invest 900 million yuan in two new projects [25] Group 5 - Shenlian Biological's vaccine for avian adenovirus received a new veterinary drug registration certificate [26] - Rike Chemical signed a strategic cooperation framework agreement with Dongming Petrochemical [28] - Jincheng Pharmaceutical's subsidiary received a renewed tobacco production license [29] - Magmi Te's stock issuance application was accepted by the Shenzhen Stock Exchange [29] - Zhongyin Securities received approval to issue bonds totaling up to 14 billion yuan [29] Group 6 - Hewei Electric's executives plan to reduce their holdings by a total of 2.24% of the company's shares [44] - Guo Wang Xintong reported a net profit of 266 million yuan for the first half of the year, a decrease of 10.82% [45] - Guo Wang Xintong's subsidiary won a 966 million yuan tender from the State Grid [46] - Jicheng Electronics won contracts worth approximately 83.79 million yuan from the State Grid [48] - Helen Piano is planning a change of control, leading to a temporary stock suspension [48]

[Key Financial Data and Indicators](index=1&type=section&id=I.%20Key%20Financial%20Data%20and%20Indicators%20for%20the%20First%20Half%20of%202025) The company's H1 2025 performance declined significantly, with total operating revenue down 9.26% and net profit down 27.72% Key Financial Data and Indicators | Item | Current Period (CNY Million) | Prior Period (CNY Million) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | 4,588.18 | 5,056.55 | -9.26 | | **Operating Profit** | 232.18 | 328.95 | -29.42 | | **Net Profit Attributable to Parent Company Shareholders** | 213.19 | 294.95 | -27.72 | | **Net Profit Attributable to Parent Company Shareholders (Excluding Non-recurring Items)** | 175.46 | 255.77 | -31.40 | | **Basic Earnings Per Share (CNY)** | 0.15 | 0.21 | -28.57 | | **Total Assets (End of Period, CNY Million)** | 14,634.14 | 14,415.33 (Beginning of Period) | 1.52 | - The company's weighted average return on net assets decreased from **4.40%** in the prior period to **3.08%**, a reduction of **1.32 percentage points**, reflecting a decrease in shareholder returns[3](index=3&type=chunk) [Key Product Production and Sales Volumes](index=2&type=section&id=II.%20Key%20Product%20Production%20and%20Sales%20Operating%20Data) H1 2025 product performance diverged, with strong wheat and barley sales contrasting with declines in processed products Key Product Production and Sales Volumes | Key Product | Production Volume (10,000 Tons) | Sales Volume (10,000 Tons) | Sales Volume YOY Change (%) | | :--- | :--- | :--- | :--- | | Self-produced Wheat and Barley | 63.83 | 18.27 | 77.78% | | Externally Sourced Wheat and Barley | N/A | 20.71 | 124.69% | | Rice Seeds | 8.37 | 8.22 | -19.13% | | Rice | 13.01 | 13.86 | -17.87% | | Edible Oil | 6.57 | 10.70 | -17.53% | - Despite significant increases in wheat and barley sales, production and sales of several core products such as rice seeds, rice, and edible oil experienced **double-digit declines**, indicating structural product risks[5](index=5&type=chunk) - The company's inventory levels for various products, such as rice seeds, rice, and malt, significantly decreased year-on-year by **85.08%**, **43.78%**, and **65.54%** respectively, potentially reflecting the company's destocking strategy or changes in downstream demand[5](index=5&type=chunk) [Explanation of Operating Performance and Financial Condition](index=2&type=section&id=III.%20Explanation%20of%20Operating%20Performance%20and%20Financial%20Condition) H1 performance decline is attributed to unfavorable external market conditions, with low agricultural product prices and declining agricultural material costs compressing margins - The company explicitly stated the main reasons for the performance decline: **low-level fluctuations in agricultural product prices** and a **general downward trend in agricultural material prices**, leading to a **narrowing of gross profit margins** for major products (such as rice and wheat)[6](index=6&type=chunk) Key Financial Indicators Decrease | Indicator | YOY Decrease Amount (CNY Million) | YOY Decrease (%) | | :--- | :--- | :--- | | Consolidated Operating Revenue | 468.00 | 9.26% | | Net Profit Attributable to Parent Company Shareholders | 81.76 | 27.72% | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-recurring Items) | 80.32 | 31.40% | [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) This express report contains preliminary, unaudited financial data, which may differ from the final semi-annual report - The data in this performance express report are **preliminary calculations** and have **not been audited** by an accounting firm; the **final data** will be subject to the company's 2025 semi-annual report[1](index=1&type=chunk)[7](index=7&type=chunk) - The company judges that there are **no significant uncertainties** affecting the accuracy of this performance express report[7](index=7&type=chunk)

Investment Rating - The report maintains a "Buy" rating for the agriculture, forestry, animal husbandry, and fishery sector [4] Core Viewpoints - Recent policy guidance has led to a rapid decline in post-slaughter weight, allowing for a rebalancing of volume and price, with positive expectations for pig prices [3] - The long-term perspective indicates that the bottom of the production capacity cycle is becoming clearer, suggesting a potential long-term profit upturn for the sector [3] - The report highlights investment opportunities in various segments, including pig farming, feed, and planting chains, as well as the pet food sector [3] Summary by Sections Pig Farming Sector - In June, 13 listed pig companies collectively slaughtered 16.2681 million pigs, a month-on-month increase of 2.65% and a year-on-year increase of 47.55% [2][13] - The average selling price of pigs decreased by approximately 3% month-on-month and about 20% year-on-year, with prices ranging from 13.23 to 15.57 yuan/kg [14][15] - The average weight of slaughtered pigs in June was 125.06 kg, down 0.77 kg from May, indicating a trend towards reducing weight [17] Market Dynamics - The national average price for live pigs was 14.81 yuan/kg as of July 11, reflecting a week-on-week decline of 3.52% [28] - The demand for pork is weakening due to high temperatures affecting consumption and rising storage costs, leading to a gradual loosening of supply-demand dynamics [28] Investment Recommendations - The report recommends focusing on leading companies such as Muyuan Foods, Wens Foodstuff, and Juxing Agriculture, as well as companies in the feed and animal health sectors like Haida Group and Ruipu Biological [3] - In the planting chain, opportunities are highlighted for companies like Suqian Agricultural Development and Beidahuang [3] Other Segments - The pet food industry is experiencing growth, with increasing recognition of domestic brands and continuous growth of leading companies [3]

Core Viewpoint - Su Keng Agricultural Development Co., Ltd. (苏垦农发) has received a government subsidy of 111,611,662.20 yuan, which is expected to increase its revenue for the fiscal year 2025 [1] Company Announcement Summary - The company announced that its subsidiaries have recently received a total of 111,611,662.20 yuan in subsidies from the Jiangsu Provincial Finance Department, which will be recognized as other income in the current financial results [1] - The subsidy is part of the 2025 arable land fertility protection subsidy funds, aimed at supporting the protection of arable land fertility, and is a special transfer payment from the central government's public budget [1] - The company received similar subsidies of 116,196,135.00 yuan and 115,739,878.20 yuan in 2023 and 2024, respectively, which positively impacted its financial results for those years [1]

证券代码：601952 证券简称：苏垦农发 公告编号：2025-037 一、获得补贴的基本情况 根据江苏省财政厅和江苏省农业农村厅联合下发的《关于提前下达 2025 年 耕地建设与利用（耕地地力保护补贴）资金预算的通知》（苏财农〔2024〕105 号）文件要求，江苏省农垦农业发展股份有限公司（以下简称"公司"）各所属种 植分公司于近期陆续收到由江苏省财政厅拨付的 2025 年耕地地力保护补贴资 金，合计 111,611,662.20 元。 江苏省农垦农业发展股份有限公司 关于获得政府补贴的公告 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。 按照《企业会计准则第 16 号——政府补助》的有关规定，上述资金属于与 收益相关的政府补助，将作为其他收益计入公司当期损益。上述补贴资金于 2025 年 6 月下旬至 7 月上旬陆续到账，预计会增加公司 2025 年度收益 111,611,662.20 元。具体会计处理及对公司年度利润产生的影响以会计师年度审计确认后的结果 为准，敬请广大投资者注意投资风险。 耕地地力保护补贴资金是中央财政 ...

江苏省农垦农业发展股份有限公司 关于获得政府补贴的公告 证券代码：601952 证券简称：苏垦农发 公告编号：2025-037 耕地地力保护补贴资金是中央财政公共预算安排的专项转移支付资金，用于 支持耕地地力保护，该补贴由农作物良种补贴、种粮农民直接补贴和农资综合补 贴三项补贴合并而来。我国自 2004 年开始实施此类直接面向种粮农民、农业企 业的补贴政策，鉴于此类补贴与日常经营活动相关，公司将其列入经常性损益， 公司 2023 年、2024 年分别收到该项补贴资金 116,196,135.00 元、115,739,878.20 元，相应分别影响当年损益 110,781,505.80 元、110,945,363.40 元。 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。 一、获得补贴的基本情况 根据江苏省财政厅和江苏省农业农村厅联合下发的《关于提前下达 2025 年 耕地建设与利用（耕地地力保护补贴）资金预算的通知》（苏财农〔2024〕105 号）文件要求，江苏省农垦农业发展股份有限公司（以下简称"公司"）各所属种 植分公司于 ...

Investment Rating - The industry investment rating is maintained as "Increase" for the agricultural sector [6] Core Viewpoints - The agricultural sector outperformed the market by 1.01 percentage points during the week of June 30 to July 4, 2025, with a weekly increase of 2.55% [15][17] - The pig farming sector is highlighted as a key investment opportunity due to the recovery of breeding profits and the ongoing rise in pig prices [4][2] - The report emphasizes the importance of cost control for listed pig farming companies to navigate the pig cycle effectively [4] Summary by Sections Market Review - The agricultural sector index closed at 2,729.26, ranking 7th among 31 first-level industries in terms of weekly performance [15][17] - The fishery sector showed the best performance with a 5.13% increase, followed by breeding, agricultural product processing, feed, and planting sectors with respective increases of 3.12%, 2.96%, 2.30%, and 1.63% [17][19] Industry Dynamics - Pig prices continued to rise, with the national average price reaching 15.35 yuan/kg, a week-on-week increase of 4.28% [2] - Self-breeding profits increased to 119.72 yuan/head, while external piglet breeding profits improved to -26.26 yuan/head [2] - In the poultry sector, chicken prices remained under pressure due to high inventory levels, with broiler chick prices dropping to 1.36 yuan/chick, a 20% decrease week-on-week [2] Agricultural Products - Prices for wheat, corn, and soybean meal showed a week-on-week increase, with wheat averaging 2,451.06 yuan/ton (up 0.19%), corn at 2,367.14 yuan/ton (up 0.61%), and soybean meal at 2,928.00 yuan/ton (up 0.76%) [3][34] Investment Recommendations - The report suggests focusing on the pig farming sector, particularly companies with strong cost control such as Muyuan Foods, Wens Foodstuff Group, and others [4] - In the poultry sector, it recommends looking at integrated industry leaders like Shennong Development and Lihua Stock for yellow feathered chickens [4] - For feed, it highlights industry leaders like Haida Group and regional leaders like Hefeng Stock as beneficiaries of the recovery in livestock demand [4] - The report also emphasizes the importance of food security, recommending companies like Suqian Agricultural Development and Beidahuang [4]