Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the significant role of agricultural technology innovation in modernizing agriculture, emphasizing the importance of enhancing the innovation ecosystem and supporting agricultural self-sufficiency [11] - In the pig farming sector, the average price of pigs is currently fluctuating around 14.5-15 CNY/kg, with a slight decrease observed this week [12] - The report suggests that the commercialization of genetically modified crops will accelerate, which is expected to improve self-sufficiency in key varieties [11] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and other departments have issued an implementation opinion to enhance the agricultural technology innovation system, focusing on eight key tasks [11] - Companies like Beidahuang and Su-Kun Agricultural Development are expected to benefit from these initiatives [11] Pig Farming - The average price of external three yuan pigs is 14.80 CNY/kg, with a week-on-week change of -0.05% [12] - The number of breeding sows is 40.39 million, showing a slight decrease of 0.66% [12] - The report recommends focusing on companies with significant cost improvements and high future output elasticity, such as Jingji Zhino, Muyuan Foods, and Wens Foodstuff [12] Key Company Recommendations - Recommended companies in the planting sector include Longping High-Tech, Denghai Seeds, and Qianyuan High-Tech [11] - In the pig farming sector, companies like Muyuan Foods, Wens Foodstuff, and Haida Group are highlighted for their potential benefits [12] - The report also mentions companies in the animal health sector, such as Jinhai Biological and Zhongmu Co., which are expected to gain from market trends [12]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the significant role of agricultural technology innovation in modernizing agriculture, emphasizing the need for a structured and collaborative innovation system [11] - The commercialization of genetically modified crops is expected to accelerate, enhancing self-sufficiency in key varieties [11] - In the pig farming sector, the average price of pigs is currently fluctuating around 14.5-15 CNY/kg, with a slight decrease observed [12] - The report suggests that while short-term consumer demand is recovering, supply remains relatively loose, but prices may exceed expectations in the second half of 2025 due to slow recovery in production capacity [12] Summary by Sections 1. Weekly Insights - The Ministry of Agriculture and other departments have issued an implementation opinion to enhance the agricultural technology innovation system, focusing on eight key tasks [11] - The report identifies potential beneficiaries in the planting sector, including Beidahuang and Su-Kun Agricultural Development, and recommends leading seed companies like Longping High-Tech and Dabeinong [11] 2. Pig Farming - The average price of external three yuan pigs is 14.80 CNY/kg, with a week-on-week change of -0.05% [12] - As of March 2025, the number of breeding sows in China is 40.39 million, a decrease of 0.66% from the previous month [12] - The report forecasts that pig prices may exceed expectations in the latter half of 2025 due to slow recovery in production capacity [12] 3. Key Company Recommendations - Recommended companies in the pig farming sector include Jingji Zhino, Muyuan Foods, and Wens Foodstuff [12] - In the feed sector, Haida Group is highlighted, while companies in the animal health sector such as Jinhai Biological, Bio-Stock, and Placo are expected to benefit [12] 4. Market Performance - The agricultural sector index increased by 0.99% during the week, with notable gains in the aquaculture and planting sectors [14] - The report provides detailed tracking of key agricultural product prices, including corn, wheat, and soybeans, indicating price trends and changes [24][27][38]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The pet sector continues to show high prosperity, driven by domestic substitution and consumption upgrades, leading to a dual increase in volume and price [1][2] - The industry is transitioning from "scale expansion" to "value creation," with leading companies shifting from "manufacturing" to "intelligent manufacturing" through formula innovation and precise demand capture [2][17] - The domestic pet food market remains strong, with a significant increase in sales and exports, indicating robust growth potential for domestic brands [2][17] Summary by Sections Pet Sector - The fifth TOPS Pet Expo in Shanghai showcased over 1,200 exhibitors and 8,000+ brands, reflecting strong growth momentum in the pet industry, with a 43% year-on-year increase in attendance [1][16] - Trends in pet food are shifting towards precision nutrition, with a focus on age-specific feeding and high-end production techniques [1][16] - Key recommended companies in the pet food sector include Guibao Pet, Zhongchong Co., Petty Co., and Lusi Co., with additional recommendations for pet medical and product companies [2][17] Swine Sector - As of May 10, the average price of live pigs was 14.90 yuan/kg, showing a slight decline, with production capacity continuing to grow [3][18] - The industry is facing a potential downturn in profitability due to weak demand and seasonal price declines [3][19] - Recommended companies include leading players such as Wens Foodstuffs and Muyuan Foods, with a focus on core assets [19] Poultry Sector - The white chicken segment is facing uncertainties in breeding imports, with a significant decline in the number of breeding stock updated [20][21] - The yellow chicken segment is expected to benefit from improved consumer demand, with stable prices observed [23] - Recommended companies include Shengnong Development and Lihua Co. for white chicken, and Wens Foodstuffs for yellow chicken [22][23] Planting Sector - The government emphasizes agricultural technology innovation and self-sufficiency in food security, with a focus on biological breeding [25][26] - Recommended companies in the seed sector include Longping High-Tech and Dabeinong, with additional focus on agricultural water-saving technologies [25][26] Feed and Animal Health Sector - Hai Da Group is highlighted for its market share growth and consistent performance in the feed sector [27] - The animal health sector is seeing new opportunities in pet health products, with recommended companies including KQ Bio and Zhongmu Co. [28]

2024 年年度股东会会议资料 | | | 江苏省农垦农业发展股份有限公司 | 会议须知 | | --- | | 会议议程 . | | 议案一:2024 年度董事会工作报告 | | 议案二：2024 年度监事会工作报告 15 | | 议案三:2024 年年度报告及摘要 19 | | 议案四:关于 2024年度利润分配的议案 . | | 议案五:关于公司 2025 年度日常关联交易预计的议案……………21 | | 议案六:关于聘任公司外部审计机构的议案 | | 议案七:关于提请股东会授权董事会决定 2025年度中期现金分红方 | | 案的议案 . | | 议案八:关于使用暂时闲置募集资金进行现金管理的议案 | | 2024 年度独立董事述职报告（高波） | | 2024 年度独立董事述职报告(解亘) | | 2024年度独立董事述职报告(李英) .. | 2024 年年度股东会 会议资料 股票代码：601952 2025 年 5 月 2024 年年度股东会会议资料 江苏省农垦农业发展股份有限公司 2024 年年度股东会会议须知 为了维护江苏省农垦农业发展股份有限公司（下称"公司"或"苏垦农发"）全 体股东的合法 ...

Group 1 - The soybean concept sector increased by 3.29%, ranking fifth among concept sectors, with 13 stocks rising, including QiuLe Seed Industry, XianDa Co., and QuanYin GaoKe, which rose by 17.90%, 6.17%, and 4.51% respectively [1] - The main capital inflow into the soybean concept sector was 44 million yuan, with eight stocks receiving net inflows, and five stocks seeing inflows exceeding 10 million yuan. The top net inflow was from DaBeiNong, with 62.82 million yuan [2][3] - The net inflow ratios for major stocks included DaBeiNong at 8.11%, SuKuan NongFa at 8.01%, and XinAn Co. at 5.79% [3] Group 2 - The top stocks in the soybean concept sector based on capital inflow included DaBeiNong, QuanYin GaoKe, SuKuan NongFa, and BeiDaHuang, with respective net inflows of 62.82 million yuan, 31.53 million yuan, 19.33 million yuan, and 15.34 million yuan [2][3] - The trading performance of stocks in the soybean sector showed varying turnover rates, with DaBeiNong at 5.29%, QuanYin GaoKe at 7.87%, and SuKuan NongFa at 1.77% [3][4]

内容概况：农产品加工业是农业产业提质增效的最大空间，是统筹脱贫攻坚和乡村振兴的重要抓手，是 农业产业效益提升的重要途径。近年来，随着脱贫攻坚战取得全面胜利，贫困地区的交通条件、招商引 资、产业建设、民生保障等都发生了巨大变化。目前我国已经进入全面推进乡村振兴阶段，产业振兴是 乡村振兴的重要一环，乡村产业中农产品加工业是体量最大、产业关联度最高的产业。数据显示，2024 年全国规模以上农产品加工企业营业收入超18万亿元。农产品加工业的蓬勃发展，将成为推动乡村产业 振兴、促进农民增收致富的重要引擎，为乡村振兴战略的深入实施注入持久动力。 相关上市企业：苏垦农发（601952）、星光农机（603789）、敦煌种业（600354）、隆平高科 （000998）、梅安森（300275）、芭田股份（002170）、新洋丰（000902）、新希望（000876）、登海 种业（002041）、牧原股份（002714）等。 相关企业：浙江天顺控股集团有限公司、运鸿集团股份有限公司等。 关键词：乡村振兴战略、返乡入乡、国家农村产业融合发展示范园批准创建数量、国家现代农业产业 园、国家级农业产业强镇批准创建数量、规模以上农产品加工业 ...

Core Insights - Suqian Agricultural Development (601952.SH) reported a total revenue of 2.133 billion yuan for Q1 2025, ranking 2nd among disclosed peers, with a year-on-year decrease of 203 million yuan, representing an 8.70% decline compared to the same period last year [1] - The company's net profit attributable to shareholders was 82.42 million yuan, also ranking 2nd among peers, down 46.73 million yuan year-on-year, reflecting a 36.18% decrease [1] - Operating cash flow showed a net inflow of 687 million yuan, ranking 2nd among peers, with an increase of 697 million yuan year-on-year, marking four consecutive years of growth [1] Financial Ratios - The latest debt-to-asset ratio stands at 48.96%, ranking 15th among peers, with a decrease of 0.52 percentage points from the previous quarter and a 0.50 percentage point decrease year-on-year [3] - The latest gross profit margin is 12.27%, ranking 15th among peers, down 2.20 percentage points from the previous quarter and 1.66 percentage points year-on-year [3] - Return on equity (ROE) is at 1.19%, ranking 8th among peers, with a decrease of 0.72 percentage points compared to the same period last year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share (EPS) is 0.06 yuan, ranking 6th among peers, down 0.03 yuan year-on-year, which is a 33.33% decline [3] - The total asset turnover ratio is 0.15 times, ranking 6th among peers, with a decrease of 0.01 times year-on-year, reflecting a 9.10% decline [3] - The inventory turnover ratio is 0.55 times, ranking 8th among peers, down 0.05 times year-on-year, indicating an 8.08% decrease [3] Shareholder Structure - The number of shareholders is 47,000, with the top ten shareholders holding 1.026 billion shares, accounting for 74.42% of the total share capital [3] - The largest shareholder is Jiangsu Agricultural Reclamation Group Co., Ltd., holding 67.84% of the shares [3]

Investment Rating - The investment rating for Su Kan Agricultural Development (601952.SH) is "Buy" (maintained) [1] Core Views - The report indicates that the decline in grain prices has led to a contraction in sales scale, with expectations for a recovery in grain prices to improve performance [4] - The company reported a revenue of 10.917 billion yuan in 2024, a year-on-year decrease of 10.28%, and a net profit attributable to shareholders of 730 million yuan, down 10.56% year-on-year [4] - For Q1 2025, the revenue was 2.133 billion yuan, a decrease of 8.70% year-on-year, and the net profit attributable to shareholders was 82 million yuan, down 36.18% year-on-year [4] - The report has adjusted the profit forecasts for 2025-2026 and added a forecast for 2027, estimating net profits of 865 million yuan, 907 million yuan, and 960 million yuan for 2025-2027 respectively [4] Financial Summary - The total market capitalization is 13.601 billion yuan, with a current stock price of 9.87 yuan [1] - The earnings per share (EPS) for 2025-2027 are projected to be 0.63 yuan, 0.66 yuan, and 0.70 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 15.9, 15.2, and 14.4 [4] - The company’s gross margin for 2024 is reported at 14.5%, with a net profit margin of 6.7% [10][11] Business Segments - In the planting business, revenue for 2024 was 3.646 billion yuan, down 4.13% year-on-year, with a gross margin of 25.96%, up 2.32 percentage points [5] - The seed business saw revenue of 1.812 billion yuan, a decline of 21.47% year-on-year, with a gross margin of 10.97% [6] - The processing business reported a slight revenue decline to 3.606 billion yuan, down 5.48% year-on-year, but with an increase in profitability [7]

Investment Rating - The investment rating for Su Kan Agricultural Development (601952.SH) is "Buy" (maintained) [1] Core Views - The report indicates that the decline in grain prices has led to a contraction in sales scale, with expectations for a recovery in grain prices to improve performance [4] - The company reported a revenue of 10.917 billion yuan in 2024, a year-on-year decrease of 10.28%, and a net profit attributable to shareholders of 730 million yuan, down 10.56% year-on-year [4] - For Q1 2025, the revenue was 2.133 billion yuan, a decrease of 8.70% year-on-year, with a net profit of 82 million yuan, down 36.18% year-on-year [4] - The report has adjusted the profit forecasts for 2025-2026 and added a forecast for 2027, expecting net profits of 865 million yuan, 907 million yuan, and 960 million yuan for 2025-2027 respectively [4] Financial Summary - The total market capitalization is 13.601 billion yuan, with a current stock price of 9.87 yuan [1] - The earnings per share (EPS) for 2025-2027 are projected to be 0.63 yuan, 0.66 yuan, and 0.70 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 15.9, 15.2, and 14.4 [4][10] - The gross profit margin is expected to stabilize around 14.5% for 2025-2027 [11] Business Segments Planting Business - The planting business generated revenue of 3.646 billion yuan in 2024, down 4.13% year-on-year, with a gross margin of 25.96%, up 2.32 percentage points [5] - The company has cultivated approximately 1.364 million acres of land, with self-operated and contracted land areas of 409,000 acres and 955,000 acres respectively [5] Seed Business - The seed business revenue was 1.812 billion yuan in 2024, a decrease of 21.47% year-on-year, with a gross margin of 10.97% [6] - Wheat seed sales fell by 31.45% year-on-year, while rice seed sales increased by 24.98% [6] Processing Business - The processing business saw a slight revenue decline, with rice processing revenue at 3.606 billion yuan, down 5.48% year-on-year, and a gross margin of 3.08% [7] - The edible oil processing revenue was 2.283 billion yuan, down 9.00% year-on-year, with a gross margin of 5.24% [7]

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].