关于召开 2024 年半年度业绩说明会的公告 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。 证券代码：601952 证券简称：苏垦农发 公告编号：2024-045 江苏省农垦农业发展股份有限公司 重要内容提示： 投资者可于 2024 年 9 月 20 日(星期五) 至 9 月 26 日(星期四)16:00 前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏目或 通 过 公 司 邮 箱 skiad_ltd@163.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 江苏省农垦农业发展股份有限公司（以下简称"公司"）已于 2024 年 8 月 21 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 9 月 27 日上午 9:00-10:00 举 行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半年 ...

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证券代码：601952 证券简称：苏垦农发 公告编号：2024-044 江苏省农垦农业发展股份有限公司 2024 年第三次临时股东大会决议公告 (一) 股东大会召开的时间：2024 年 9 月 6 日 (二) 股东大会召开的地点：南京市建邺区恒山路 136 号苏垦大厦 12 楼 1208 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 及《公司章程》的规定。 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 277 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,006,795,142 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 73.0620 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长朱亚东先生主持会议，会议采取现 场书 ...

证券代码：601952 证券简称：苏垦农发 公告编号：2024-043 特此公告。 江苏省农垦农业发展股份有限公司 江苏省农垦农业发展股份有限公司董事会 关于获得稻谷补贴资金的公告 2024 年 9 月 7 日 近期，江苏省农垦集团有限公司（以下简称"农垦集团"）根据江苏省财政厅、 江苏省农业农村厅以及江苏省粮食和物资储备局联合下发的《关于下达 2024 年 稻谷补贴资金的通知》（苏财建〔2024〕76 号）文件精神，向江苏省农垦农业发 展股份有限公司（以下简称"公司"）下发了《关于拨付 2024 年度稻谷补贴资金 的通知》（苏垦集发〔2024〕75 号）。根据该《通知》，农垦集团向公司拨付 2024 年度稻谷补贴资金计 53,777,266.85 元，上述补贴资金已到账。 二、补贴的类型及其对上市公司的影响 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，上述补贴资金已于 2024 年 9 月 5 日到账，预计增加公司 2024 年度收益 51,113,701.18 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 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance in the next six months [44]. Core Viewpoints - The company is recognized as a leading integrated operator in the grain industry chain, with a mature operational system covering various segments including seed processing, grain planting, rice processing, and agricultural oil trading [2][5]. - The company has significant resource and cost advantages, which are expected to support the long-term development of its core business [2][19]. - Domestic grain prices are currently at a three-year low, but there is potential for a rebound, which could enhance the company's performance [2][19]. - The company has a strong dividend history, with a cumulative cash dividend of 2.29 billion yuan since its listing in 2017, reflecting a dividend yield of 3.28% in the past year [2][44]. Summary by Sections 1. Integrated Grain Industry Leader - The company operates a comprehensive grain industry chain, with products including raw grains, seeds, rice, and agricultural services. It has a well-established operational framework and has expanded its business through acquisitions [2][5][19]. - As of summer 2024, the company manages approximately 1.316 million acres of farmland, an increase of 34,000 acres from the previous year, primarily through long-term leases [2][7]. 2. Resource and Cost Advantages - The company benefits from a stable land lease agreement, with a rental price adjusted every five years, which was reduced to 361.64 yuan per acre per year in November 2021 [2][19]. - The company’s planting operations have shown strong yields, with wheat and barley yields significantly exceeding national averages [7][19]. 3. Market Conditions and Price Trends - Domestic grain prices are expected to stabilize and potentially rise due to tightening supply-demand dynamics, influenced by adverse weather conditions affecting crop production [2][19]. - The report anticipates that as grain prices recover, the company's margins in raw grain planting and processing will improve [2][19]. 4. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 11.535 billion yuan and 11.674 billion yuan in 2024 and 2025, respectively, with net profits of 871 million yuan and 969 million yuan [2][44]. - The earnings per share (EPS) are expected to be 0.63 yuan and 0.70 yuan for 2024 and 2025, respectively, indicating a positive growth trajectory [44].

2024 年第三次临时股东大会会议资料 江苏省农垦农业发展股份有限公司 2024 年第三次临时股东大会 会议资料 股票代码：601952 2024 年 9 月 | 会议须知 1 | | --- | | 会议议程 4 | | 议案一：关于调整公司经营范围、修订公司章程的议案 5 | | 议案二：关于 2024 年上半年利润分配的议案 52 | | 议案三：关于修订公司投资管理制度的议案 53 | 2024 年第三次临时股东大会会议资料 江苏省农垦农业发展股份有限公司 2024 年第三次临时股东大会会议须知 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"） 全体股东的合法权益，确保本次股东大会的正常秩序和议事效率，保证大会的顺 利进行，依据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司 股东大会规则》以及公司章程、股东大会议事规则的有关规定，特制订本须知： 一、公司董事会在本次股东大会筹备工作和召开过程中，应当认真履行法定 职责，维护股东合法权益，公司全体董事对于股东大会的正常召开负有诚信责任， 保证股东大会依法履行职权。 二、出席本次大会的对象为股权登记日登记在册的股东。依法享有 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 14, compared to the last closing price of 9.32 [1][10]. Core Insights - The company has shown a stable growth in its main business, with an expansion of land resource advantages. The summer grain production reached a new high, with a total output of 137 million jin (6.85 million tons), an increase of 12.4 million jin (0.62 million tons) year-on-year. However, revenue has slightly decreased due to falling grain prices, which are now stabilizing and expected to rise [2][3]. - The company's gross profit margin improved to 13.11%, up 1.22 percentage points year-on-year, with significant increases in gross margins for its subsidiaries [2][3]. - The company has been expanding its self-operated farmland, reaching approximately 1.316 million mu, an increase of 34,000 mu year-on-year, enhancing its land resource advantages [2][3]. Financial Performance Summary - For the first half of 2024, the company reported revenue of 5.056 billion yuan, a decrease of 4.37% year-on-year, while net profit attributable to shareholders was 294 million yuan, an increase of 4.84% year-on-year. The basic earnings per share were 0.21 yuan, with a weighted average ROE of 4.4% [2][3]. - The company forecasts net profits of 871 million yuan and 968 million yuan for 2024 and 2025, respectively, with corresponding PE ratios of 15 and 13 [3][5].

开源证券 农林牧渔/种植业 公 司 研 究 成本下降扩大盈利空间，稻种销售表现靓丽 苏垦农发（601952.SH） 2024 年 08 月 22 日 投资评级：买入（维持） | --- | --- | |-------------------------|------------| | 日期 | 2024/8/21 | | 当前股价 ( 元 ) | 9.32 | | 一年最高最低 ( 元 ) | 12.50/8.21 | | 总市值 ( 亿元 ) | 128.43 | | 流通市值 ( 亿元 ) | 128.43 | | 总股本 ( 亿股 ) | 13.78 | | 流通股本 ( 亿股 ) | 13.78 | | 近 3 个月换手率 (%) | 27.81 | 股价走势图 -40% -30% -20% -10% 0% 10% 2023-08 2023-12 2024-04 苏垦农发 沪深300 数据来源：聚源 相关研究报告 《水稻单产及盈利上行，产品高端化 成 效 显 现 — 公 司 信 息 更 新 报 告 》 -2024.4.20 《小麦粮油价格回暖经营改善，公司 业绩修复长期向好—公司信息更新报 告》-2 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥5,056,546,890.96, a decrease of 4.37% compared to ¥5,287,868,492.37 in the same period last year[15]. - Net profit attributable to shareholders was ¥294,948,366.36, an increase of 4.84% from ¥281,342,515.40 in the previous year[15]. - The net profit after deducting non-recurring gains and losses was ¥255,773,507.60, up 14.90% from ¥222,597,865.00 year-on-year[15]. - The net cash flow from operating activities decreased by 47.14% to ¥140,787,387.77 from ¥266,341,864.50 in the same period last year[15]. - The total assets at the end of the reporting period were ¥14,460,110,929.95, a slight increase of 0.23% compared to ¥14,426,435,446.94 at the end of the previous year[15]. - Basic earnings per share for the first half of 2024 were ¥0.21, reflecting a 5.00% increase from ¥0.20 in the same period last year[16]. - The weighted average return on net assets was 4.40%, a decrease of 0.07 percentage points from 4.47% year-on-year[16]. - The company's net assets attributable to shareholders decreased by 1.79% to ¥6,511,221,029.64 from ¥6,629,672,663.28 at the end of the previous year[15]. - The company achieved a consolidated revenue of 5.06 billion yuan, a decrease of 4.37% compared to the same period last year[32]. - The net profit for the first half of 2024 was CNY 306,099,980.58, an increase of 7.69% compared to CNY 284,227,517.37 in the first half of 2023[88]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of RMB 0.6 per 10 shares, totaling RMB 82,680,000, based on a total share capital of 1,378,000,000 shares as of the end of June 2024[3]. - Total number of shareholders as of the end of the reporting period is 46,422[77]. - The largest shareholder, Jiangsu Agricultural Reclamation Group Co., Ltd., holds 934,896,426 shares, accounting for 67.84% of total shares[77]. - The company distributed CNY 413,400,000.00 to shareholders during the current period[104]. Risk Management - The company has detailed potential risks in the report, which can be found in the management discussion and analysis section[4]. - The company faced risks related to natural disasters affecting crop yields and quality, which could significantly impact operational performance[43]. - The company has implemented agricultural insurance to mitigate risks from natural disasters, although it may only cover partial losses[43]. - The company faces significant risks related to seed quality issues due to human, technical, or climatic factors, which could lead to substantial economic claims and social impacts[44]. Operational Strategies - The company plans to continue focusing on market expansion and new product development to drive future growth[18]. - The company aims to accelerate the green transformation of its development model and enhance the quality and efficiency of the planting industry, positioning itself as a benchmark enterprise in modern agriculture[19]. - The company plans to implement three major strategies: integrated expansion, digital transformation, and capital operation to promote the modernization of the seed industry[20]. - The company will focus on optimizing its business structure centered on rice and its products, targeting the mid-to-high-end market while increasing the sales proportion of high-end products[20]. - The company aims to establish a comprehensive agricultural service system to enhance the quality and efficiency of socialized agricultural services, contributing to high-quality development[20]. Environmental and Sustainability Initiatives - The company emphasizes environmental protection and compliance with regulations, implementing measures to reduce energy consumption and manage dust pollution[52]. - The company has implemented measures to enhance the quality and safety of agricultural products, including the release of management guidelines and the integration of inspection resources[53]. - The company is committed to achieving carbon neutrality by optimizing crop water and fertilizer management, which has resulted in reduced greenhouse gas emissions[54]. - The company is actively promoting crop rotation and fallow practices to restore soil health and improve the ecological environment of planting bases[53]. Research and Development - The company has established a comprehensive commercial R&D system focused on seed development, collaborating with domestic and international research institutions[25]. - Research and development expenses remained stable at 34.66 million yuan, indicating ongoing investment in innovation[32]. - The company has received various awards, including the "Quality Award" nomination from the Mayor of Nanjing and recognition as a key leading enterprise in agricultural industrialization[28]. Financial Position and Assets - The company's cash and cash equivalents as of June 30, 2024, amount to approximately RMB 767.35 million, an increase from RMB 626.31 million at the end of 2023[80]. - Total current assets as of June 30, 2024, are approximately RMB 7.86 billion, compared to RMB 7.75 billion at the end of 2023[80]. - The total liabilities increased to CNY 7,475,461,259.26 from CNY 7,332,535,756.83[82]. - The company's trading financial assets decreased by 32.14% from the previous year, amounting to 1,653,852,426.64 RMB, which represented 11.44% of total assets[34]. Compliance and Governance - The report indicates that the financial report is guaranteed to be true, accurate, and complete by the company's management[2]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[4]. - The company has not disclosed any violations of decision-making procedures regarding external guarantees[4]. - The company has not faced any issues with a majority of directors being unable to guarantee the authenticity of the report[4]. Inventory and Receivables Management - The inventory balance as of June 30, 2024, was CNY 3,757,362,743.52, with a provision for inventory impairment of CNY 16,091,236.98[194]. - The accounts receivable balance as of the end of the period is CNY 903,082,678.67, an increase from CNY 663,391,255.83 at the beginning of the period, representing a growth of approximately 36.1%[176]. - The total amount of receivables overdue for more than one year has not been disclosed, indicating a potential area for further investigation[189].

证券代码：601952 证券简称：苏垦农发 公告编号：2024-039 江苏省农垦农业发展股份有限公司 2024 年半年度利润分配方案公告 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。 重要内容提示： 一、利润分配方案内容 （一）董事会会议的召开、审议和表决情况 公司于2024年8月20日召开第四届董事会第三十四次会议，审议通过本利润 分配方案，该方案符合《公司章程》规定的利润分配政策和公司已披露的股东回 1 每股分配比例：A股每10股派发现金红利0.6元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日期将 在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持分配总额不 变，相应调整每股分配比例，并将在相关公告中披露。 报规划。 （二）监事会意见 截至2024年6月30日，公司母公司报表中期末未分配利润为人民币 1,058,290,345.51元（未经审计）。经董事会决议，公司2024年半年度拟以实施权 益分派股权登记日登记的总股本为基数分配利润。本次利润分配方案如下 ...