Investment Rating - The report maintains a "Buy" rating for the agriculture, forestry, animal husbandry, and fishery sector [4] Core Viewpoints - The report indicates that the destocking phase for live pigs is nearing its end, with a focus on the effects of a new round of pork reserves [1] - The report highlights a recent decline in pork prices, with the average price for live pigs at 13.75 yuan/kg, down 0.07% week-on-week, and a significant drop in the price of piglets by 3.78% to 27.78 yuan/kg [1][22] - The report notes an increase in the average weight of slaughtered pigs, which is expected to stabilize prices as the government resumes pork reserves to boost market sentiment [1][22] Summary by Sections 1. Market Overview - The agriculture, forestry, animal husbandry, and fishery sector underperformed compared to the broader market, with the sector index rising by 3.72% while the Shanghai Composite Index rose by 3.49% [13] - The report provides a detailed performance breakdown of sub-sectors, with livestock farming showing a 4.31% increase [13] 2. Key Data Tracking 2.1 Live Pigs - The average weight of slaughtered pigs is reported at 127.98 kg, showing a slight increase of 0.16 kg week-on-week [22] - The national frozen meat storage capacity rate is at 14.77%, up 0.1 percentage points [22] 2.2 White Feather Broilers - The price of white feather broilers increased to 7.33 yuan/kg, up 1.81% week-on-week, while chick prices remained stable at 3.58 yuan each [31] 2.3 Yellow Feather Broilers - The price of medium-speed chickens rose to 6.34 yuan/jin, reflecting a 4.97% increase, driven by rising demand post-typhoon [40] 2.4 Feed Sector - The report notes a decline in the prices of corn, wheat, and soybean meal, with corn averaging 2373.53 yuan/ton, down 0.86% week-on-week [2][45] 2.5 Major Agricultural Products - The price of natural rubber fell to 15640 yuan/ton, down 0.89% week-on-week, with inventory levels decreasing slightly [60] 3. Investment Recommendations - The report recommends focusing on the pig farming sector, suggesting that the long-term profitability cycle is beginning to improve, with specific companies highlighted for investment: Muyuan Foods, Wens Foodstuff Group, Juxing Agriculture, and Shennong Group [3] - It also suggests monitoring the feed and animal health sectors, particularly companies like Haida Group and Ruipu Biological, as demand is expected to rise [3] - In the planting chain, the report identifies investment opportunities in companies such as Suqian Agricultural Development and Beidahuang Group due to favorable grain price trends [3]

太平洋8月22日发布研报称，给予苏垦农发（601952.SH，最新价：9.77元）买入评级。评级理由主要包 括：1）公司夏粮生产总体平稳，产量好于预期；2）Q2单季盈利环增58.68%；3）公司自主经营土地面 积稳步增长，土地资源优势持续扩大。风险提示：粮价未来涨幅不及预期，种植业政策支持力度不及预 期。 （文章来源：每日经济新闻） ...

财务报表中对有大幅变动的财务项目的原因说明如下： 货币资金变动幅度为93.4%,原因:销售期初库存小麦增加，同时控制赊销规模、资金回笼加快。 应收票据变动幅度为-64.18%,原因:子公司已到期未终止确认银行承兑汇票金额减少。 应收款项融资变动幅度为151.72%,原因:子公司期末未兑付银行承兑汇票增加。 据证券之星公开数据整理，近期苏垦农发（601952）发布2025年中报。截至本报告期末，公司营业总收 入45.88亿元，同比下降9.26%，归母净利润2.13亿元，同比下降27.71%。按单季度数据看，第二季度营 业总收入24.55亿元，同比下降9.75%，第二季度归母净利润1.31亿元，同比下降21.11%。本报告期苏垦 农发公司应收账款体量较大，当期应收账款占最新年报归母净利润比达77.47%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率12.03%，同比减8.2%，净利率4.87%，同 比减19.58%，销售费用、管理费用、财务费用总计4.17亿元，三费占营收比9.09%，同比增10.02%，每 股净资产4.93元，同比增4.26%，每股经营性现金流0.52元，同比增412.77%，每股收 ...

Core Viewpoint - Su Kuan Agricultural Development's 2025 semi-annual report indicates a decline in both revenue and net profit due to low agricultural product prices and overall decrease in agricultural material prices [1][2]. Financial Performance - In the first half of 2025, the company achieved an operating income of approximately 4.588 billion yuan, a year-on-year decrease of 9.26% [1]. - The net profit attributable to shareholders was about 213 million yuan, reflecting a year-on-year decline of 27.71% [1]. Reasons for Performance Change - The decline in performance is attributed to the narrow fluctuations in low agricultural product prices and the overall downward trend in agricultural material prices, which led to a reduced gross profit margin for key products such as rice and wheat [2]. Business Expansion - The company announced plans to expand its business scope to include "sales of smart agricultural machinery, software development, artificial intelligence application software development, and leasing of land use rights; non-residential real estate leasing" to enhance service functions and accelerate the transformation of technological achievements [2].

中证报中证网讯(记者孟培嘉)苏垦农发（601952）8月20日披露的2025年半年度报告显示，公司上半年 实现营业收入45.88亿元，归母净利润为2.13亿元。苏垦农发表示，公司将凝心聚力、主动作为，聚 焦"一核双擎"核心路径，精耕主业，创新赋能，切实履行粮食安全职责，全力冲刺年度目标。 苏垦农发同日披露的2025年半年度利润分配方案显示，公司拟进行中期分红，分红金额为8268万元(含 税)，占2025年半年度归母净利润比例为38.78%。 各环节业务稳中有进 苏垦农发提出打造"一核引领、双擎驱动"现代农业航母的战略目标，其中"一核引领"即以现代农业核心 产业为引领，"双擎驱动"即打造科技创新和资本运作"双引擎"。围绕这一目标，公司持续构建核心竞争 力，巩固行业领先地位。 从产业链协同来看，苏垦农发基本建立纵向一体化管控和全产业链协同发展的经营管理模式。通过对种 植布局、资源整合和市场拓展的一体化运作，降低内部沟通成本，实现工作协同上的节本增效。通过下 属龙头企业进行专业化分工经营，构建"龙头企业+基地+市场"的全产业链农业产业化经营模式。 耕地及耕种资源方面，苏垦农发通过一系列协议安排获得了优质耕地资源，土 ...

Group 1 - The company plans to distribute a cash dividend of 0.6 RMB per 10 shares (including tax) to all shareholders [1] - As of June 30, 2025, the total share capital of the company is 1,378,000,000 shares, resulting in a total cash dividend distribution of 82,680,000 RMB (including tax), which accounts for a certain percentage of the net profit attributable to shareholders [1] - The profit distribution plan does not require approval from the shareholders' meeting as it complies with relevant regulations and the company's articles of association [2] Group 2 - The board of directors has been authorized to determine the mid-term cash dividend plan for 2025, with a maximum limit of 50% of the net profit attributable to shareholders in the current period [2] - The supervisory board agrees with the profit distribution plan, stating that it aligns with legal regulations and does not harm the interests of minority shareholders [2]

江苏省农垦农业发展股份有限公司 第五届监事会第五次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 江苏省农垦农业发展股份有限公司（以下简称"公司"）第五届监事会第五 次会议通知及议案于 2025 年 8 月 10 日以专人送达或微信方式发出。本次会议由 公司监事会主席殷红女士主持，于 2025 年 8 月 20 日在公司会议室以现场方式召 开。本次会议应出席监事 5 名，实际出席监事 5 名。本次会议的通知、召开及表 决程序符合公司法、公司章程及监事会议事规则的相关规定。 二、监事会会议审议情况 证券代码：601952 证券简称：苏垦农发 公告编号：2025-048 （二）审议通过《公司 2025 年半年度报告全文及摘要》。 监事会认为：公司 2025 年半年度报告全文及其摘要的编制和审议程序符合 法律、法规、公司章程和公司内部管理制度的相关规定，公司 2025 年半年度报 告全文及其摘要的内容和格式符合证监会和上海证券交易所的相关规定，所包含 的信息真实地反映了公司当期的经营管理和财务状 ...

Core Viewpoint - Su Keng Agricultural Development (苏垦农发) reported strong financial performance in the first half of the year, with significant growth in revenue and net profit, driven by favorable crop yields and market positioning in the agricultural sector [1][2]. Financial Performance - The company achieved a revenue of 4.588 billion yuan and a net profit of 213 million yuan for the reporting period [1]. - In Q2, revenue reached 2.455 billion yuan, reflecting a quarter-on-quarter growth of 15.10%, while net profit was 131 million yuan, up 58.94% from the previous quarter [1]. Agricultural Production - The summer grain production exceeded expectations, with a total yield of 13.51 billion jin (67.55 million tons) despite adverse weather conditions [2]. - The self-owned base recorded a wheat yield of 1,163 jin per mu, marking the third highest yield in history; barley yield was 1,279 jin per mu, an increase of 56 jin from the previous year; and rapeseed yield was 584 jin per mu, up by 38 jin [2]. - The company’s market share in the Yangtze River Delta, particularly in Jiangsu Province, is strong, with its Dahuazhongye conventional rice and wheat seeds ranking first and second in national sales respectively [2]. Smart Agriculture Initiatives - The company is actively promoting smart agriculture applications, including real-time monitoring systems and training for unmanned patrol systems [3]. - It has established a research platform in collaboration with several institutions to create a comprehensive innovation system from research to industrialization [3].

2025年8月21日，苏垦农发(601952.SH)发布2025年中报。 公司股东户数为4.54万户，前十大股东持股数量为10.39亿股，占总股本比例为75.39%，前十大股东持 股情况如下： 公司最新毛利率为12.03%，较上季度毛利率减少0.24个百分点，较去年同期毛利率减少1.07个百分点。 最新ROE为3.14%，较去年同期ROE减少1.39个百分点。 | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | J | 江苏省农垦集团有限公司 | 67.84% | | 2 | 壬斌 | 1.18% | | 3 | 全国社保基金四一三组合 | 1.06% | | 4 | 中国对外经济贸易信托有限公司-外贸信托-仁桥泽源股票私募证券投资基金 | 1.03% | | 5 | 中国农业银行股份有限公司-大成高鑫股票型证券投资基金 | 1.00% | | 6 | 侍伟柏 | 0.91% | | 7 | 中国农业银行股份有限公司-工银瑞信创新动力股票型证券投资基金 | 0.83% | | 8 | 香港中央结算有限公司 | 0.69% | | 9 | 基本养老保险基金一零零二组合 | 0. ...

证券日报网讯 8月20日晚间，苏垦农发发布公告称，2025年上半年公司实现营业收入4，588，177， 239.73元，同比下降9.26%；归属于上市公司股东的净利润为213，209，126.08元，同比下降27.71%。 （文章来源：证券日报） ...