Financial Performance - The company's operating revenue for Q1 2025 was CNY 2,133,216,652.68, a decrease of 8.70% compared to the same period last year[4]. - Net profit attributable to shareholders was CNY 82,420,580.97, down 36.18% year-on-year, primarily due to declining agricultural product prices and reduced gross margins[4][7]. - The basic and diluted earnings per share decreased by 33.33% to CNY 0.06[4]. - Total operating revenue for Q1 2025 was ¥2,133,216,652.68, a decrease of 8.7% compared to ¥2,336,480,262.82 in Q1 2024[23]. - Net profit for Q1 2025 was ¥87,947,772.03, a decline of 32.1% from ¥130,031,530.78 in Q1 2024[24]. - Basic and diluted earnings per share for Q1 2025 were both ¥0.06, down from ¥0.09 in Q1 2024[24]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY 686,725,328.65, a significant improvement from a negative cash flow of CNY 10,185,838.46 in the same period last year[4][7]. - Cash flow from operating activities for Q1 2025 was ¥686,725,328.65, a significant improvement from a negative cash flow of ¥10,185,838.46 in Q1 2024[28]. - Cash and cash equivalents increased significantly to CNY 1,115,614,250.58 from CNY 691,191,842.58, marking a growth of about 61.5%[17]. - Cash and cash equivalents at the end of Q1 2025 increased to ¥1,009,134,678.36, compared to ¥794,682,825.63 at the end of Q1 2024[29]. - Investment activities generated a net cash outflow of ¥260,146,658.92 in Q1 2025, contrasting with a net inflow of ¥248,921,855.65 in Q1 2024[29]. - Financing activities resulted in a net cash outflow of ¥33,281,892.20 in Q1 2025, compared to a net outflow of ¥58,672,516.46 in Q1 2024[29]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 14,440,021,019.28, reflecting a slight increase of 0.17% from the previous year[5]. - As of March 31, 2025, the company's total assets amounted to CNY 14,440,021,019.28, a slight increase from CNY 14,415,326,764.59 on December 31, 2024[20]. - The company's current assets totaled CNY 7,716,182,309.67, compared to CNY 7,667,577,645.89 at the end of 2024, reflecting a growth of approximately 0.63%[17]. - Total liabilities decreased slightly to CNY 7,069,163,825.55 from CNY 7,132,417,342.89, indicating a reduction of about 0.88%[19]. - The company's equity attributable to shareholders increased to CNY 6,946,910,327.73 from CNY 6,864,489,746.76, reflecting an increase of approximately 1.19%[19]. Operational Highlights - The company produced 0 tons of self-produced wheat, while sales volume reached 6.62 tons, an increase of 14.25% year-on-year[8]. - The sales volume of externally sourced wheat was 9.89 tons, up 71.28% compared to the previous year[8]. - The company reported a total of 47,032 common shareholders at the end of the reporting period[10]. - The largest shareholder, Jiangsu Agricultural Reclamation Group Co., Ltd., holds 67.84% of the shares[11]. - The company plans to focus on improving operational efficiency and exploring new market opportunities in response to the current challenges[7]. - The company is focusing on expanding its market presence and developing new products, although specific details were not provided in the conference call[21]. - There were no significant changes in the shareholder structure or any related party transactions reported during the period[13]. Cost Management - Total operating costs for Q1 2025 were ¥2,084,405,808.02, down 6.9% from ¥2,237,794,164.53 in Q1 2024[23]. - The company reported a decrease in research and development expenses to ¥14,196,899.90 in Q1 2025 from ¥16,731,229.89 in Q1 2024, reflecting a reduction of 15.2%[23]. - Other income increased to ¥31,052,438.08 in Q1 2025 from ¥24,075,041.87 in Q1 2024, marking a growth of 29.0%[23].

苏垦农发（601952）公告，2025年第一季度营收为21.33亿元，同比下降8.70%；净利润为8242.06万 元，同比下降36.18%。 ...

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights significant growth in the pig farming sector, with a notable increase in slaughter volume and consumer demand. The average price of pigs is showing a slight upward trend, indicating potential profitability for producers [2][12] - The agricultural sector is benefiting from supportive financial policies aimed at revitalizing the seed industry, with a focus on enhancing productivity through biotechnology and improved financial services [1][11] Summary by Sections 1. Weekly Insights - The Ministry of Agriculture and Rural Affairs has introduced new financial support measures for the seed industry, including a total of 150 billion yuan in loans and funds since the start of the 14th Five-Year Plan [1][11] - The commercialization of genetically modified crops is expected to accelerate, enhancing self-sufficiency in key varieties [1][11] 2. Market Review - The agricultural sector index decreased by 0.16% during the week, while the overall market indices showed positive growth [14] - The top-performing sub-sectors included animal health and feed, indicating a shift in investor interest towards these areas [14][18] 3. Key Agricultural Product Data Tracking - The average price of corn is 2278.78 yuan/ton, with a week-on-week increase of 0.47% [24] - The average price of pigs is reported at 14.98 yuan/kg, reflecting a week-on-week increase of 0.44% [12][61] - The average price of soybeans is 3887.37 yuan/ton, with a slight increase of 0.16% [38] 4. Profitability Forecasts and Valuations - Specific companies in the pig farming sector, such as 京基智农, 牧原股份, and 温氏股份, are recommended for their potential profitability due to improved cost management and higher output flexibility [2][12] - In the seed industry, companies like 隆平高科 and 登海种业 are highlighted for their competitive advantages and expected benefits from the supportive policies [1][11]

Core Viewpoint - Jiangsu Agricultural Development Co., Ltd. (Su Kan Nong Fa) reported a decline in revenue and net profit for 2024, but demonstrated resilience and vitality through agricultural production, full industry chain layout, and technological innovation [1][2]. Financial Performance - The company achieved a consolidated revenue of 10.917 billion yuan and a net profit attributable to shareholders of 730 million yuan, representing year-on-year declines of 10.28% and 10.56%, respectively [1]. Agricultural Production - The total grain and oil production reached 2.677 billion jin, with the annual yield of rice and wheat per mu at 2,426 jin, exceeding the average level in Jiangsu Province by 20% [1]. - The company managed to control the autumn grain loss rate within 3% by deploying 4 emergency agricultural machinery support centers and over 2,000 sets of equipment [1]. Technological Innovation - The company invested 106 million yuan in research and development, implementing 99 scientific research projects to drive smart agriculture and green transformation [2]. - The precision management platform for agricultural machinery played a crucial role in the "Three Autumns" operations, ensuring efficient scheduling and quality control [2]. Green Transformation - The company achieved an 8% reduction in pure nitrogen usage and a 95% straw return rate, establishing 10 national green food raw material bases [2]. - The products "Qu Xing" rice and "Kui Wang" oil have received "Jiangsu Boutique" certification, demonstrating significant premium effects [2]. Seed Industry - The subsidiary Dahuazhongye sold 500,000 tons of seeds in 2024, maintaining the top market share for conventional rice and wheat seeds in Jiangsu Province [3]. - The company accelerated the expansion of its seed business outside Jiangsu Province, with revenue contribution increasing to 16.6% [3].

登录新浪财经APP 搜索【信披】查看更多考评等级 （六）实施方式 董事会授权董事长行使该项投资决策权并签署相关合同文件，具体事项由公司经理层组织相关部门负责 实施。 （七）信息披露 公司将依据上海证券交易所等监管机构的有关规定，充分做好相关信息披露工作。 二、审议程序 2025年4月21日，公司召开第五届董事会第四次会议，审议通过了《关于使用暂时闲置自有资金进行现 金管理的议案》，此事项无需提交公司股东会审议。公司本次使用闲置自有资金进行现金管理事项，履 行了必要的审议程序，符合相关监管要求。 三、风险分析及控制措施 （一）风险分析 本次使用暂时闲置自有资金进行现金管理额度内，拟购买的保本型委托理财产品、结构性存款和大额存 单以及其他低风险、保本型投资产品属于较低风险理财品种，但金融市场受宏观经济、财政及货币政策 的影响较大，不排除相关投资可能受到市场波动的影响，从而影响预期收益。 （二）风险控制措施 1.公司已建立较为完善的内部控制体系及内控制度，对委托理财审批权限及执行程序、业务管理及报告 制度、风险控制及信息披露等方面做出了明确的规定，为保障对现金管理的有效性，公司投资保本型理 财产品等业务将严格按照公 ...

ⴞᖅ йǃᇑ䇑ᣕ䱴Ԧ ྲྀࣇቸᄎ࠽ࣥጝࠂഭଡഭᇿྍੁ ؙהჃྲِྀࣇ০ೞجॉߊഐ གྷࢤהৼ ᎒ᅙংহৼༀ༜Ⴣྱ(༼භလॉে) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP ൦൶φ्ӢᐸѦਦ॰ѳ⌳䐥 ਭѳ⌳ 62+2 ώᓝ ቸ 䛤㕌φ ⭫䈓φ Ֆⵕφ аǃᇑ䇑ᣕ Ҽǃᇑ䇑ᣕ䱴䘱 1. ਸᒦ䍴ӗ䍏٪㺘 2. ਸᒦ࡙⏖㺘 3. ਸᒦ⧠䠁⍱䟿㺘 4. ਸᒦ㛑ьᵳ⳺ਈࣘ㺘 5. ⇽ޜਨ䍴ӗ䍏٪㺘 㺘⏖࡙ਨޜ⇽ 6. 7. ⇽ޜਨ⧠䠁⍱䟿㺘 8. ⇽ޜਨ㛑ьᵳ⳺ਈࣘ㺘 9. 䍒࣑ᣕ㺘䱴⌘ 1. ѝޤॾՊ䇑ᐸһ࣑ᡰ˄⢩↺Პ䙊ਸՉ˅㩕ъᢗ➗༽ঠԦ 2. ѝޤॾՊ䇑ᐸһ࣑ᡰ˄⢩↺Პ䙊ਸՉ˅ᢗъ䇱Җ༽ঠԦ 3. ⌘Պ䇑ᐸᢗъ䇱Җ༽ঠԦ 中兴华会计师事务所(特殊普通合伙) SHONGXINCHUA CERTIFIED PUBLIC ACCOUNTVATS ГГЬ 地址(location):北京市丰台区丽泽路 20 号丽泽 S0H0 B 座 20 层 Tower B, Lize SOHO, 20 Lize Road, Fengtai District, Beijing PR China ...

ྲྀࣇቸᄎ࠽ࣥጝࠂഭଡഭᇿྍੁ གྷࢤהৼନᎈىഀ ᎒ᅙংহৼༀ༜Ⴣྱ(༼භလॉে) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP ൦൶φ्ӢᐸѦਦ॰ѳ⌳䐥 ਭѳ⌳ 62+2ώᓝ ቸ䛤㕌φ ⭫䈓φ Ֆⵕφ 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS ILP 地址(location):北京市丰台区丽泽路 20 号丽泽 SOHO B 座 20 层 Tower B, Lize SOHO, 20 Lize Road, Fengtai District, Beijing PR China (tel): 010-51423818 传真(fax):010-51423816 内部控制审计报告 中兴华内控审计字(2025)第 020044 号 江苏省农垦农业发展股份有限公司全体股东: 一、苏垦农发公司对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评 价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是苏垦农发公司 董事会的责任。 二、注册会计师的责任 我们的 ...

国信证券股份有限公司 关于江苏省农垦农业发展股份有限公司 使用暂时闲置募集资金进行现金管理的核查意见 根据《证券发行上市保荐业务管理办法》、《上海证券交易所股票上市规 则》、《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关规 定，作为江苏省农垦农业发展股份有限公司（以下简称"苏垦农发"或"公司"） 首次公开发行的保荐机构，国信证券股份有限公司（以下简称"国信证券"或"保 荐机构"）对公司使用暂时闲置募集资金进行现金管理事项进行了认真、审慎的核 查，核查的具体情况如下： | 专户银行名称 | 对应募投项目 | 账户 | 初始存放金额 | 截止日余额 | | --- | --- | --- | --- | --- | | | | | （元） | （元） | | 司阳光广场支行 | 南京银行股份有限公 智慧农业科技园建设项 目 | 0177230000000118 | 9,532.90 | 275.48 | | 司南京分行 | 宁波银行股份有限公 百万亩农田改造建设项 目 | 72010122001339079 | 51,767.17 | 0.00 | 1 | 华夏银行南京城北支 | 大华种业集团 ...

2024年,本人作为江苏省农垦农业发展股份有限公司(以下简称"公司"或"苏 垦农发"）的独立董事,严格按照公司法、证券法、《上市公司独立董事管理办 法》《上海证券交易所股票上市规则》等相关法律、法规以及公司章程、独立董 事工作制度等制度的规定和要求,在2024年度工作中秉持客观、独立、公正的立 场,勤勉尽责、忠实履行独立董事的职务,切实维护公司和全体股东特别是中小 股东的利益。现将2024年度履职情况报告如下: 江苏省农垦农业发展股份有限公司 2024年度独立董事述职报告 (高波) 本人高波,男,中国国籍,无境外永久居留权,1962年出生,博士。南京大 学商学院经济学教授,博士生导师,南京大学城市与不动产研究中心主任,国家 教育部重点研究基地一南京大学长江三角洲经济社会发展研究中心教授,江苏省 三三三人才工程中青年科技领军人才(第二层次),(中国)消费经济学会副会 长,江苏省经济学会副会长,世界华人不动产学会常务理事,国家住房和城乡建 设部科技委员会住房和房地产专家委员会专家,曾任苏垦农发独立董事,兼任南 京高科股份有限公司独立董事。 (二) 独立董事独立性情况说明 一、独立董事的基本情况 (一)个人工作履历 ...