金融界消息 截至2025年7月31日收盘，傲农生物（603363）报收于3.79元，下跌1.3%，换手率1.61%， 成交量25.73万手，成交金额9749.37万元。 资金流向方面，今日主力资金净流出1593.58万元，占比成交额16.35%。其中，超大单净流出569.74万 元、占成交额5.84%，大单净流出1023.84万元、占成交额10.5%，中单净流出流入650.62万元、占成交 额6.67%，小单净流入942.96万元、占成交额9.67%。 傲农生物最新一期业绩显示，截至2025一季报，公司营业总收入17.83亿元、同比减少25.95%，归属净 利润2.18亿元，同比增长174.76%，扣非净利润3506.46万元，同比增长90.35%，流动比率0.848、速动比 率0.632、资产负债率62.76%。 天眼查商业履历信息显示，福建傲农生物科技集团股份有限公司，成立于2011年，位于漳州市，是一家 以从事农副食品加工业为主的企业。企业注册资本260558.2626万人民币，实缴资本20000万人民币。公 司法定代表人为吴有林。 通过天眼查大数据分析，福建傲农生物科技集团股份有限公司共对外投资了15 ...

从资金流向上来看，当日饲料板块主力资金净流出2.65亿元，游资资金净流入1.81亿元，散户资金净流入 8422.43万元。饲料板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000702 | 正虹科技 | 7.48 | -3.36% | 12.08万 | 9127.63万 | | 002696 | 自洋股份 | 6.22 | -2.81% | 12.44万 | 7795.70万 | | 002100 | 天康生物 | 6.39 | -2.14% | 31.59万 | 2.03亿 | | 001313 | 都是與國 | 7.89 | -2.11% | 8.22万 | 6516.54万 | | 300673 | 佩蒂股份 | 15.42 | -2.10% | 5.36万 | 8298.92万 | | 603151 | 邦墓科技 | 24.33 | -2.05% | 2.97万 | 7221.91万 | | 002548 | 金新农 | 4.00 | -1.96% | 26. ...

Overview of Guarantees - The company approved a total guarantee amount of up to 800 million yuan for its partners, including downstream customers and suppliers, during the 2025 fiscal year [2] - The company also agreed to mutual guarantees among its subsidiaries, with a maximum guarantee of 1.5 billion yuan for subsidiaries with an asset-liability ratio below 70% and another 1.5 billion yuan for those above 70% [2] Progress of Guarantees as of June 2025 - As of June 30, 2025, the company and its subsidiaries provided guarantees totaling 97.0729 million yuan to 161 partners [4] - The actual mutual guarantees among subsidiaries for raw material procurement reached 809.744 million yuan as of June 30, 2025 [4] Cumulative External Guarantees and Overdue Amounts - The total external guarantees provided by the company and its subsidiaries amounted to 1,000.4386 million yuan, representing 38.99% of the latest audited net assets [5] - The overdue amount for mutual guarantees among subsidiaries was 310.4094 million yuan, while the overdue external guarantees totaled 552.0849 million yuan [5] - A significant portion of the overdue guarantees (476.1233 million yuan) was related to guarantees provided to a subsidiary that was transferred to a trust platform before its separation [5]

证券代码：603363 证券简称：傲农生物 公告编号：2025-081 福建傲农生物科技集团股份有限公司 2025 年 6 月公司担保情况的公告 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。 一、担保情况概述 福建傲农生物科技集团股份有限公司（以下简称"公司"或"本公司"）于 2025 年 3 月 28 日召开的第四届董事会第十二次会议和 2025 年 4 月 14 日召开的 2025 年第二次临时股东大会审议通过了《关于 2025 年度为产业链合作伙伴提供 担保的议案》、《关于 2025 年度公司及下属子公司相互提供担保的议案》，内 容包括： 1、同意公司及下属子公司 2025 年度为公司及下属子公司的下游客户、产业 链供应商、公司养殖放养业务的合作养户等产业链合作伙伴提供不超过 8 亿元的 担保。 2、同意公司及下属全资、控股子公司在 2024 年度继续相互提供担保，其中 公司为下属资产负债率低于 70%的子公司提供最高担保金额 15 亿元；公司为下 属资产负债率 70%以上的子公司提供最高担保金额 15 亿元；公司下属 ...

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]