Core Insights - The concentrated feed industry in China is experiencing a decline in production, with a projected output of 12.94 million tons in 2024, representing an 8.8% year-on-year decrease, primarily due to reduced demand from the livestock sector and rising raw material costs [1][11][19] - The average prices of concentrated feed are also on a downward trend, with specific prices for fattening pig feed at 5 CNY/kg (down 4.4%), layer chicken feed at 3.54 CNY/kg (down 4.4%), and broiler feed at 4.13 CNY/kg (down 5.5%) in the first half of 2025 [13][19] Industry Overview - Concentrated feed, also known as protein supplement feed, is a processed feed with moisture content below 12%, providing essential nutrients like proteins, minerals, and vitamins, and is characterized by high nutritional density and energy content [1][3] - The industry is currently in an adjustment phase, influenced by a decrease in livestock farming demand and increased raw material prices, leading to a shift towards mixed feed [1][11] Industry Policies - The Chinese government has introduced several policies to promote the development of the concentrated feed industry, including initiatives for healthy farming practices and the comprehensive utilization of agricultural by-products [5][6][22] - Key policies include the promotion of low-protein diets and support for the exploration and efficient use of new feed resources [6][22] Industry Chain - The concentrated feed industry chain consists of upstream raw materials (corn, sorghum, fish meal, etc.), midstream production processes, and downstream applications in livestock farming [7][11] Competitive Landscape - Large feed companies dominate the market due to their advantages in brand, scale, and technology, while small and medium enterprises face challenges in technology and market share [15][19] - Major players in the industry include New Hope Liuhe, Haida Group, and Beijing Dabeinong Technology Group [15][19] Development Trends - The industry is expected to see advancements in technology and product innovation, with a focus on personalized and high-end market demands [21] - There is a push for green development in response to stricter environmental regulations, encouraging companies to reduce pollution and improve resource efficiency [22] - The internationalization of the concentrated feed industry is accelerating, with opportunities for growth in export markets driven by initiatives like the Belt and Road [24]

Core Viewpoint - The financial performance of Aonong Biological (傲农生物) shows a significant decline in revenue while net profit has increased substantially, indicating a potential shift in operational efficiency or cost management strategies [1] Financial Performance - As of the first quarter of 2025, Aonong Biological reported total revenue of 1.783 billion yuan, a year-on-year decrease of 25.95% [1] - The net profit attributable to shareholders reached 218 million yuan, reflecting a year-on-year increase of 174.76% [1] - The company's non-recurring net profit was 35.0646 million yuan, up 90.35% year-on-year [1] - Key financial ratios include a current ratio of 0.848, a quick ratio of 0.632, and a debt-to-asset ratio of 62.76% [1] Market Activity - On July 29, 2025, Aonong Biological's stock closed at 3.84 yuan, down 1.29%, with a turnover rate of 1.26% [1] - The trading volume was 202,100 hands, with a transaction amount of 77.4165 million yuan [1] - There was a net outflow of main funds amounting to 12.3925 million yuan, accounting for 16.01% of the transaction amount [1] - Large orders saw a net outflow of 8.9873 million yuan, representing 11.61% of the transaction amount [1] Company Background - Aonong Biological was established in 2011 and is located in Zhangzhou, primarily engaged in the processing of agricultural and sideline products [2] - The company has a registered capital of 2.605582626 billion yuan and a paid-in capital of 200 million yuan [1] - The legal representative of the company is Wu Youlin [1] - Aonong Biological has invested in 156 enterprises and participated in 17 bidding projects, holding 420 trademark registrations and 467 patents [2]

Performance Forecast - The company expects to achieve a net profit attributable to shareholders of 320 million to 400 million yuan for the first half of 2025, indicating a turnaround from previous losses [1] - The company anticipates a net profit attributable to shareholders, excluding non-recurring gains and losses, to be between -20 million and -30 million yuan [1] Previous Year Comparison - In the same period last year, the total profit was -660.34 million yuan, with a net profit attributable to shareholders of -540.01 million yuan, and a net profit excluding non-recurring gains and losses of -603.60 million yuan [1] - The earnings per share for the previous year was -0.62 yuan [1] Reasons for Turnaround - The expected turnaround in performance is primarily due to a significant decrease in interest expenses and effective cost management strategies, including procurement and supply chain cooperation that reduced the costs of key feed raw materials [1] - The main business segments, including pig farming, feed, and slaughtering, have shown recovery and restructuring, laying a foundation for improved profitability [1] - The second quarter is expected to show a positive net profit attributable to shareholders, excluding non-recurring gains and losses, although the half-year figure is still projected to be negative due to depreciation and amortization costs from idle pig farms and feed factories, which are estimated to reduce profits by approximately 50 million yuan [1]

[Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts a turnaround to profitability in H1 2025, with net profit attributable to shareholders between **320 million CNY** and **400 million CNY**, though non-recurring adjusted net profit is expected to remain a loss Performance Forecast (CNY) | Metric | Forecasted Amount (CNY) | | :--- | :--- | | **Performance Forecast Period** | January 1, 2025 to June 30, 2025 | | **Net Profit Attributable to Shareholders** | 320.00 million CNY to 400.00 million CNY | | **Net Profit Attributable to Shareholders After Non-Recurring Items** | -20.00 million CNY to -30.00 million CNY | - This performance forecast indicates a turnaround to net profit profitability[5](index=5&type=chunk) - These forecasted figures are preliminary calculations by the company's finance department and have not been audited by a certified public accountant[7](index=7&type=chunk)[12](index=12&type=chunk) [Prior Period Performance Comparison](index=2&type=section&id=II.%20Prior%20Period%20Performance%20Comparison) The company's performance significantly improved compared to the prior year, with 2025 H1 projected to achieve a substantial turnaround from 2024 H1 losses of **-540 million CNY** net profit and **-604 million CNY** non-recurring adjusted net profit Performance Comparison (million CNY) | Metric | 2025 H1 (Forecast) | 2024 H1 (Prior Period) | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders (million CNY)** | 320.00 to 400.00 | -540.01 | | **Non-Recurring Adjusted Net Profit Attributable to Shareholders (million CNY)** | -20.00 to -30.00 | -603.60 | | **Earnings Per Share (CNY)** | Not Applicable | -0.62 | [Analysis of Performance Turnaround Factors](index=2&type=section&id=III.%20Main%20Reasons%20for%20Current%20Period%20Performance%20Turnaround) The company's turnaround is primarily driven by bankruptcy reorganization benefits, including asset divestment, debt reduction, and interest expense savings, alongside core business recovery, optimized production, and recognized reorganization gains, though H1 non-recurring adjusted net profit remains negative due to depreciation from facilities awaiting resumption - Through bankruptcy reorganization, the company divested most idle assets, significantly reduced debt size and interest expenses, and alleviated operational burdens[10](index=10&type=chunk) - Key businesses such as hog farming, feed, and slaughtering have recovered and been reshaped, with retained large-scale hog farms resuming operations orderly, sow inventory rapidly recovering, production performance significantly improving, and raw material costs reduced through strategic procurement[10](index=10&type=chunk) - During the reporting period, the company recognized reorganization gains as creditors continued to receive debt repayment resources[11](index=11&type=chunk) - The negative non-recurring adjusted net profit for the first half is primarily due to approximately **50 million CNY** in reduced profit from depreciation and amortization of hog farms and feed mills awaiting resumption[11](index=11&type=chunk) [Risk Warning and Other Notes](index=2&type=section&id=IV.%20Risk%20Warning) The company highlights that this performance forecast is an unaudited preliminary calculation, with final accurate financial data subject to the officially disclosed 2025 semi-annual report, advising investors to consider investment risks - These performance forecast figures are preliminary calculations made by the company's finance department based on its professional judgment and have not been audited by a certified public accountant[12](index=12&type=chunk) - The final accurate financial data will be subject to the company's officially disclosed 2025 semi-annual report; investors are advised to exercise caution regarding investment risks[13](index=13&type=chunk)

Core Viewpoint - The company disclosed its main operational data for the pig farming business in June 2025, highlighting significant increases in both sales volume and inventory levels compared to the previous year [1][2]. Group 1: Sales and Inventory Data - The sales volume of live pigs in June 2025 was 14.24 million heads, representing a year-on-year increase of 20.46% [2]. - The inventory level at the end of June 2025 was 54.70 million heads, with a year-on-year increase of 20.70% [2]. - The month-end inventory increased by 1.98% compared to May 2025 and was up 6.64% from December 2024 [2]. Group 2: Operational Strategy - The company is actively optimizing its pig farming capacity by adjusting its farming layout, scale, and breed structure [2]. - The company will continue to adhere to a strategy focused on stability and cost reduction, concentrating resources on developing advantageous production capacity [2].

Core Points - The company has reported an increase in litigation and arbitration cases since March 10, 2025, totaling 201.15 million yuan [1][2] - The total amount involved in these new cases is 201.15 million yuan, which represents a significant portion of the company's audited net assets [2] - The company is involved in both plaintiff and defendant roles in these cases, with 25.32 million yuan as plaintiffs and 175.97 million yuan as defendants [2] Summary of New Litigation and Arbitration Cases - The company has added 123 new litigation and arbitration cases since March 10, 2025, with a total amount of 201.15 million yuan [2] - Of the total amount, 17.59 million yuan pertains to unresolved cases, while 25.27 million yuan relates to resolved cases [2] - The company has a significant number of cases exceeding 10 million yuan, totaling 110.11 million yuan, while cases below 10 million yuan account for 91.04 million yuan [2] Recent Litigation Details - A recent case involves the Shanghai Jinma Water Products Cooperative as the plaintiff against Jiangsu Honggao Feed Co., Ltd., seeking the delivery of 38.59 tons of crab feed and a refund of 199,600 yuan if the contract is not fulfilled [3] - The plaintiff also requests interest on the refund amount calculated from January 3, 2024, amounting to 12,621.27 yuan as of February 19, 2025 [3] - The company acknowledges that the impact of these litigations on current and future profits remains uncertain due to ongoing proceedings [3]

2025 年 6 月养殖业务主要经营数据公告 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。 福建傲农生物科技集团股份有限公司（以下简称"公司"）现将 2025 年 6 月养殖业务主要经营数据披露如下： 一、2025 年 6 月养殖业务主要经营数据 单位：万头 | 主要产品 | 销售量 | 库存量 | 销售量同比 增减（%） | 库存量同比 增减（%） | | --- | --- | --- | --- | --- | | 生猪 | 14.24 | 54.70 | +20.46 | +20.70 | 证券代码：603363 证券简称：傲农生物 公告编号：2025-078 福建傲农生物科技集团股份有限公司 福建傲农生物科技集团股份有限公司董事会 2025 年 7 月 8 日 单位：万头 月份 当月销售量 当年累计销售量 期末库存量 2024 年 6 月 11.82 138.03 45.32 2024 年 7 月 12.55 150.58 47.54 2024 年 8 月 11.83 162.41 50.69 2024 年 9 月 ...

证券代码：603363 证券简称：傲农生物 公告编号：2025-079 福建傲农生物科技集团股份有限公司 关于新增涉及诉讼、仲裁事项的公告 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。 重要内容提示： 案件所处的诉讼（仲裁）阶段：公司 2025 年 3 月 10 日至今新增诉讼（仲 裁）金额 20,115.33 万元，其中尚未结案诉讼、仲裁案件金额为 17,588.20 万元， 已结案诉讼、仲裁案件金额为 2,527.13 万元。 上市公司所处的当事人地位：原告、被告；申请人、被申请人等。 涉案的金额：公司 2025 年 3 月 10 日至今新增诉讼（仲裁）金额 20,115.33 万元。 是否会对上市公司损益产生负面影响：鉴于部分诉讼、仲裁案件尚未开 庭审理或尚未结案或尚未执行完毕，上述事项对公司本期利润或期后利润的影响 存在不确定性。敬请投资者理性投资，注意投资风险。 根据《上海证券交易所股票上市规则》有关规定，福建傲农生物科技集团股 份有限公司对公司及下属控股子公司（简称"公司"）2025 年 3 月 10 日至今新 ...

Group 1 - The core point of the announcement is that Aonong Biological (603363) reported a pig sales volume of 142,400 heads in June 2025, which represents a year-on-year increase of 20.46%, but a month-on-month decrease of 8.84% [1] - As of the end of June 2025, the company's pig inventory stood at 547,000 heads, reflecting a year-on-year increase of 20.70%, a month-on-month increase of 1.98%, and an increase of 6.64% compared to the end of December 2024 [1]

Core Viewpoint - The "9+5" industry is the main support for the high-quality economic development of Zhangzhou, with a focus on new industrialization and the cultivation of strategic emerging industries [1][28]. Economic Overview - Zhangzhou's GDP is projected to exceed 600 billion yuan, reaching 606.37 billion yuan in 2024, with a year-on-year growth of 6.1% [3]. - The primary industry added value is 61.50 billion yuan (3.7% growth), the secondary industry is 272.82 billion yuan (7.2% growth), and the tertiary industry is 272.05 billion yuan (5.4% growth) [3]. - Per capita GDP is 119,612 yuan, reflecting a 6.0% increase [3]. Industrial Structure - Zhangzhou is focusing on the "9+5" industry clusters, which include nine trillion-yuan industries such as food processing and petrochemicals, and five industries exceeding 500 billion yuan, including electronic information and digital services [11][13]. - The industrial added value of the nine major industries is expected to grow by 7.5% in 2024, with a growth of 8.8% in the first quarter of 2025 [28][17]. Investment and Infrastructure - In 2024, Zhangzhou added 1,987 fixed asset investment projects with a total investment of 224.54 billion yuan, marking an 8.5% year-on-year growth [7]. - Investment in the primary industry grew by 53.7%, while the secondary industry saw a 21.7% increase, with industrial investment specifically rising by 21.8% [7]. Foreign Trade - Zhangzhou's total import and export volume reached 127.68 billion yuan in 2024, a 4.9% increase from the previous year, with exports at 88.46 billion yuan (3.2% growth) and imports at 39.22 billion yuan (8.9% growth) [9]. - The actual use of foreign capital increased by 100.4% in 2024 [9]. Key Enterprises - As of the end of 2024, Zhangzhou has six A-share listed companies, including Pianzaihuang, Longxi Co., Zhangzhou Development, Aonong Bio, Wancheng Group, and Tailong Co. [23]. - The city has 949 enterprises with an output value exceeding 100 million yuan, with a 12.9% increase in added value [25]. Policy Support - Zhangzhou has implemented the "Thousand Billion Industry Cultivation Action Plan" to support the development of the "9+5" industry clusters, aiming for a scale industrial output value to exceed one trillion yuan by 2025 [13][28]. - The government is focusing on enhancing service levels and optimizing the business environment to support project construction and enterprise development [28].