（编辑 姚尧） 证券日报网讯 1月21日，苏垦农发在互动平台回答投资者提问时表示，围绕农业现代化目标，公司深入 实施"藏粮于地、藏粮于技"战略，持续加强高标准农田管理，以改善农业生产条件、生态环境，提升粮 食生产能力。截至2025年夏播，公司种植经营约136万亩优质耕地，夏粮总产达13.51亿斤。公司下属大 华种业深耕育种技术，2025年其自主选育的"华麦29""华麦30""华麦32"等小麦新品种通过国家农作物品 种审定委员会审定，"华麦21""华麦22""华麦1177"等获授植物新品种权。具体业务营收情况敬请关注公 司后续披露的2025年年度报告。2026年，公司将继续聚焦主责主业，努力推进粮食增产增收，如有明确 的重大项目推进计划，公司将依法依规履行相应的决策程序和披露义务。 ...

格隆汇1月21日丨苏垦农发(601952.SH)公布2025年度业绩快报公告，2025年度，公司全年营业收入 101.86亿元，较上年同期减少7.32亿元，下降6.70%，归属于上市公司股东的净利润5.54亿元，较上年同 期减少1.76亿元，下降24.17%，主要为报告期内农产品价格持续低位震荡，同时受极端气候影响，主要 农作物单产下降、单位成本上升，毛利空间收窄所致。 ...

证券代码：601952 证券简称：苏垦农发 公告编号：2026-001 江苏省农垦农业发展股份有限公司 2025 年度业绩快报公告 1 二、经营业绩和财务状况情况说明 2025年度，公司全年营业收入较上年同期减少7.32亿元，下降6.70%，归属 于上市公司股东的净利润较上年同期减少1.76亿元，下降24.17%，主要为报告期 内农产品价格持续低位震荡，同时受极端气候影响，主要农作物单产下降、单位 成本上升，毛利空间收窄所致。 | | | | | | | 单位：万吨 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 生产量比上 | 销售量比上 | 库存量比上 | | 主要产品 | 生产量 | 销售量 | 库存量 | 年同期增减 | 年同期增减 | 年同期增减 | | | | | | （%） | （%） | （%） | | 自产大小麦 | 62.88 | 49.49 | 13.34 | -1.05 | 42.91 | -28.60 | | 外采大小麦 | 不适用 | 40.73 | 13.52 | 不适用 | 41.08 | -49.25 | | 水 ...

格隆汇1月21日丨苏垦农发(601952.SH)公布2025年度业绩快报公告，2025年度，公司全年营业收入 101.86亿元，较上年同期减少7.32亿元，下降6.70%，归属于上市公司股东的净利润5.54亿元，较上年同 期减少1.76亿元，下降24.17%，主要为报告期内农产品价格持续低位震荡，同时受极端气候影响，主要 农作物单产下降、单位成本上升，毛利空间收窄所致。 ...

Core Insights - The peanut seed industry is crucial for oil security and economic development, with the government implementing various policies to support its growth towards quality, intensification, and scale [5][6][8] - China's peanut processing industry is projected to reach a value of 214 billion yuan in 2024, with stable planting areas and increasing consumption [6][7] - The domestic peanut seed market is dominated by local varieties, with imports primarily for research purposes, and a recovery in trade expected in 2025 [9][10] Industry Overview - Peanut seeds are essential oil and economic crops, requiring strict quality standards, including a germination rate of ≥92% and purity of ≥98% [2][3] - The industry is characterized by a high domestic seed ratio of 98.7%, with a focus on high-oil and disease-resistant varieties [9][10] Policy Background - The government has positioned the seed industry as a key component of agricultural development, launching initiatives to enhance breeding innovation and regulatory frameworks [5][6] Current Development Status - China leads globally in peanut production, processing, and trade, with a total production of 19.23 million tons in 2024, accounting for 38.8% of the world's total [7][8] - The planting area remains stable at over 4.7 million hectares, with significant contributions from key provinces [7][8] Consumption Trends - The peanut consumption market is growing steadily, with a compound annual growth rate of 1.48%, driven by diverse applications including oil extraction and direct consumption [8] Import and Export Analysis - The peanut seed trade is characterized by significant fluctuations, with imports and exports expected to rebound in 2025 after a decline in 2024 [9][10] - The average import price has shown considerable volatility, influenced by factors such as scarcity and logistics costs [10] Future Development Trends - The industry is expected to focus on specialized and resilient varieties, with advancements in breeding technology to shorten development cycles [11][12] - A shift towards an integrated and collaborative industry structure is anticipated, enhancing market concentration and service offerings [13] - Continuous policy support and market demand will drive standardization and internationalization efforts, promoting domestic seeds in emerging markets [14]

Investment Rating - The overall industry investment rating is "Positive" for the planting and livestock sectors, "Neutral" for forestry and aquaculture, and "II" for agricultural product processing [7][8]. Core Insights - The pig price is experiencing a seasonal rebound, with the average price at 12.78 CNY/kg, a slight increase of 0.15 CNY from the previous week. However, the mid-term outlook remains pessimistic due to ongoing market pressures [6][23]. - The livestock industry is undergoing a capacity reduction, with the number of breeding sows decreasing to 39.90 million heads, down 1.1% month-on-month. This trend is expected to continue due to low market prices, rising epidemic risks, and policy pressures [7][24]. - The chicken industry is facing high capacity levels, with prices expected to fluctuate in the mid-term. The average price for broiler chickens is currently at 3.77 CNY/kg, reflecting a slight decrease [8][25]. - The yellow chicken market is anticipated to see price increases due to low production levels, with the average price at 12.95 CNY/kg [10][27]. - The veterinary medicine sector is experiencing a price rebound for key antibiotics, with a year-on-year increase of over 20% expected [11][27]. - The seed industry is benefiting from favorable policies and the advancement of genetically modified crops, which is expected to enhance sales and pricing for quality seed companies [13][28]. - Grain prices are projected to rise in the mid-term due to reduced imports and supportive domestic policies, with corn prices currently at 2369 CNY/ton [14][29]. Summary by Sections Livestock Industry - The average price for live pigs is 12.78 CNY/kg, with a slight increase of 0.15 CNY from last week. The average price for piglets is 25.14 CNY/kg, up 0.66 CNY [6][23]. - The operating rate of large-scale slaughterhouses is 38.58%, down 1.19 percentage points from last week [6][23]. - The number of breeding sows has decreased to 39.90 million heads, down 1.1% month-on-month, indicating a trend of capacity reduction [7][24]. Chicken Industry - The average price for broiler chickens is 3.77 CNY/kg, with a slight decrease of 0.03 CNY from last week [8][25]. - The industry is at a historically high capacity level, with prices expected to remain volatile in the mid-term [9][26]. - The yellow chicken market is expected to tighten supply, with prices likely to rise due to low production levels [10][27]. Veterinary Medicine - Key antibiotic prices are rebounding, with a year-on-year increase of over 20% expected [11][27]. - The market for veterinary vaccines is also growing, with increased sales anticipated for domestically produced vaccines [12][27]. Seed and Grain Industry - The seed industry is benefiting from favorable policies and advancements in genetically modified crops, which are expected to drive sales and pricing [13][28]. - Grain prices are projected to rise due to reduced imports and supportive domestic policies, with corn prices currently at 2369 CNY/ton [14][29].

Core Viewpoint - The planting industry sector experienced a decline of 0.83% on January 20, with Shennong Seed Industry leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - The planting industry sector saw a net outflow of 346 million yuan from main funds, while retail investors contributed a net inflow of 287 million yuan [2] Group 2: Individual Stock Performance - Shennong Seed Industry (300189) closed at 6.72, down 7.82%, with a trading volume of 1.8634 million shares and a transaction value of 126.7 million yuan [2] - Qiu Le Seed Industry (920087) closed at 17.19, up 1.66%, with a trading volume of 64,300 shares and a transaction value of 110 million yuan [1] - Zhongxing Fungi Industry (002772) closed at 15.44, up 1.58%, with a trading volume of 99,400 shares and a transaction value of 151 million yuan [1] Group 3: Fund Flow Analysis - Major funds saw a net inflow in Qiu Le Seed Industry of 8.296 million yuan, while retail investors had a net inflow of 264,100 yuan [3] - North China Agricultural University (600598) had a net outflow of 11.4282 million yuan from major funds, but a net inflow of 8.2526 million yuan from retail investors [3] - The overall fund flow indicates a mixed sentiment, with retail investors showing interest despite the overall sector decline [2][3]

Investment Rating - Industry Rating: Recommended [3] Core Insights - The pork price is rising due to the peak consumption season, and there is an expectation for accelerated destocking after the holiday [2][12] - The Ministry of Agriculture and Rural Affairs emphasizes the importance of agricultural modernization and the commercialization of genetically modified crops to enhance yield and self-sufficiency [1][11] - The report highlights the profitability recovery in pig farming, with self-breeding and purchased piglets turning profitable, indicating a short-term challenge for capacity destocking [2][12] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs is supporting Shandong Province in enhancing grain production and agricultural modernization, focusing on rural revitalization and technological innovation [1][11] - Key recommended stocks in the planting sector include Beidahuang and Suqian Agricultural Development, with a focus on leading seed companies like Dabeinong and Longping High-Tech [1][11] Swine Farming - The average price of live pigs is 12.72 CNY/kg, with a week-on-week increase of 1.26%. The number of breeding sows is 39.9 million, showing a decrease of 1.1% month-on-month and 2.1% year-on-year [2][12] - The report suggests focusing on companies with significant cost improvements and high future output elasticity, including stocks like Muyuan Foods and Wens Foodstuffs [2][12] Key Agricultural Product Data Tracking - Corn: The average price is 2359.57 CNY/ton, with a week-on-week increase of 0.26% [24] - Wheat: The average price is 2513.57 CNY/ton, remaining stable week-on-week [27] - Soybeans: The average price is 4053.16 CNY/ton, with a slight increase of 0.12% [38] - Cotton: The average price is 15640.00 CNY/ton, with a week-on-week increase of 0.18% [43]

Investment Rating - Industry rating: Recommended [3] Core Insights - The pork price is rising due to the peak consumption season, and there is an expectation for accelerated destocking after the holiday [2][12] - The Ministry of Agriculture and Rural Affairs emphasizes the importance of agricultural modernization and the commercialization of genetically modified crops to enhance yield and self-sufficiency [1][11] - The report highlights the profitability recovery in pig farming, with self-breeding and purchased piglets turning profitable, indicating a short-term challenge for capacity destocking [2][12] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs is supporting Shandong province in enhancing grain production and agricultural modernization, focusing on technology and innovation [1][11] - Key recommended stocks in the planting sector include Beidahuang and Suqian Agricultural Development, with a focus on genetically modified seed companies like Dabeinong and Longping High-Tech [1][11] Swine Farming - The average price of live pigs is 12.72 CNY/kg, with a week-on-week increase of 1.26% [2][12] - The number of breeding sows is 39.9 million, showing a decrease of 1.1% month-on-month and 2.1% year-on-year, indicating a steady adjustment in production capacity [2][12] - Recommended stocks in the swine sector include Muyuan Foods, WH Group, and others, with a focus on companies that show significant cost improvements and high future output elasticity [2][12]

Group 1 - On January 16, Suqian Agricultural Development Co., Ltd. (苏垦农发) experienced a decline of 0.54% in stock price, with a trading volume of 68.49 million yuan. The financing buy amount was 5.63 million yuan, while the financing repayment was 8.88 million yuan, resulting in a net financing buy of -3.25 million yuan. The total financing and securities balance reached 220 million yuan as of January 16 [1] - The financing balance of Suqian Agricultural Development is 219 million yuan, accounting for 1.71% of the circulating market value, which is below the 10% percentile level over the past year, indicating a low position [1] - The company has a total of 123,900 shares available for short selling, with a short selling balance of 1.15 million yuan, which is also below the 40% percentile level over the past year, indicating a relatively low level [1] Group 2 - As of September 30, the number of shareholders for Suqian Agricultural Development was 43,900, a decrease of 3.35% from the previous period. The average circulating shares per person increased by 3.46% to 31,413 shares [2] - For the period from January to September 2025, Suqian Agricultural Development reported an operating income of 6.809 billion yuan, a year-on-year decrease of 8.63%. The net profit attributable to the parent company was 304 million yuan, down 33.37% year-on-year [2] - Since its A-share listing, Suqian Agricultural Development has distributed a total of 2.665 billion yuan in dividends, with 1.282 billion yuan distributed in the last three years [3]