Group 1 - The company reported sales of 207,700 pigs in May 2025, including 29,200 piglets, generating a revenue of 359 million yuan, with an average selling price of 14.87 yuan/kg for commercial pigs [2] - Cumulatively, from January to May 2025, the company sold 885,700 pigs, including 131,900 piglets, with total sales revenue reaching 1.581 billion yuan [3] - The sales data provided is preliminary and unaudited, and may differ from figures disclosed in regular reports, serving only as a reference for investors [3] Group 2 - The company operates in the pig farming industry, which is subject to market price fluctuations that can significantly impact operational performance [5] - The industry also faces risks from animal diseases, which can adversely affect the company's business results [5]

证券代码：000048 证券简称：京基智农 公告编号：2025-023 深圳市京基智农时代股份有限公司 2025 年 5 月生猪销售情况简报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市京基智农时代股份有限公司（以下简称"公司"）下属公司从事生猪 养殖业务，按照《深圳证券交易所上市公司自律监管指引第3号——行业信息披露》 规定，深交所鼓励从事畜禽、水产养殖业务的上市公司每月通过临时公告形式披 露相关业务销售情况，公司参照该指引披露生猪销售情况。 一、2025年5月生猪销售情况 2025年5月，公司销售生猪20.77万头（其中仔猪2.92万头），销售收入3.59亿 元；商品猪销售均价14.87元/kg。 2025年1-5月，公司累计销售生猪88.57万头（其中仔猪13.19万头），累计销售 收入15.81亿元。 上述销售数据未经审计，与定期报告披露的数据之间可能存在差异，因此上 述数据仅作为阶段性数据供投资者参考。 | 月份 | 生猪销售数量（万头） | | 生猪销售收入（亿元） | | 商品猪价格（元/kg） | | --- | --- | --- ...

Group 1 - The company, Jingji Zhino, announced that in May 2025, it sold 207,700 pigs, including 29,200 piglets, generating a sales revenue of 359 million yuan [1] - The average selling price of commercial pigs was 14.87 yuan/kg in May 2025 [1] - From January to May 2025, the cumulative sales of pigs reached 885,700, with a total sales revenue of 1.581 billion yuan [1]

Core Viewpoint - Shenzhen Jingji Zhino Times Co., Ltd. (referred to as "Jingji Zhino") is preparing to enter the IP operation business to create a second growth curve amid declining revenue and net profit in 2024, raising questions about whether this move is a rational decision or a blind trend-following [1][3]. Group 1: Business Transition - In May 2025, Jingji Zhino announced its entry into the IP industry, aiming to establish a three-in-one model of "IP matrix - traffic operation - secondary market management" to tap into the trillion-level market [2]. - Jingji Zhino's main businesses include pig and poultry breeding, feed production, and real estate development, with the new IP venture aligned with its commitment to social responsibility and consumer needs [2][3]. - The company plans to collaborate with over 50 IPs and aims to add more than 10 new signed and incubated IPs in the coming year, adjusting its IP matrix based on market feedback [2][3]. Group 2: Financial Performance - In 2024, Jingji Zhino reported a revenue of 5.96 billion yuan, a 52% year-on-year decline, and a net profit of 714 million yuan, down 59.13%, marking the first performance drop since 2022 [3]. - The decline in revenue was primarily due to a significant drop in real estate project sales, with net profit from real estate falling approximately 90% to around 240 million yuan [3][4]. - Despite improved profitability in the pig breeding sector, the overall industry is not considered a sunrise industry, leading to a search for more lucrative side businesses [3][4]. Group 3: Market Context and Challenges - The current popularity of the IP industry is linked to trends like the "goods economy," which has gained traction among younger consumers, particularly the Z generation [8][9]. - The market for the "goods economy" reached 168.9 billion yuan in 2024, with a projected growth rate of 41% [8][9]. - Jingji Zhino's entry into the IP sector is seen as a potential way to enhance its brand experience and create a second growth curve, but it faces challenges in adapting to the rapidly changing consumer demands and the complexities of IP management [10][11].

Core Viewpoint - Jingji Zhinong is expanding into the IP industry to create a second growth curve for profitability while maintaining its core modern agriculture business [1][3] Group 1: Company Developments - Jingji Zhinong established an IP operation company, Shenzhen Yingyunzhidi Cultural Technology Co., Ltd., to explore new business opportunities in digital cultural creativity [1][3] - The company aims to diversify its revenue streams and enhance its risk resistance through this new venture [3][4] - The company has achieved significant success in modern agriculture, with per capita profit levels entering the industry's top tier [3][4] Group 2: Market Insights - The IP industry is experiencing a golden development period, with a market size reaching trillions of yuan [2][4] - The global IP licensing market reached $356.5 billion in 2023, with China's market expected to exceed 168.9 billion yuan in 2024, showing a 40% year-on-year growth [3][4] Group 3: Strategic Focus - Jingji Zhinong's long-term vision for Yingyunzhidi is to become a global top-tier fashion and art brand, focusing on trendy art and cultural products [4][6] - The company plans to accelerate the development of its new business and strategically allocate funds based on market performance [4][6] - The company is adopting a differentiated strategy by focusing on post-link operations in the IP market, enhancing user engagement and monetization [5][6] Group 4: Competitive Advantages - Jingji Zhinong's unique joint operation model aims to deeply bind with IP partners, providing comprehensive services from derivative product development to user engagement [6][7] - The company has made substantial progress in forming strategic partnerships with emerging artists and leading game IPs, indicating strong growth momentum [6][7]

Core Viewpoint - The company, Jingji Zhinong, is entering the cultural and creative IP operation sector, leveraging its existing agricultural business as a foundation for growth in this new area [1][10]. Group 1: New Business Development - Jingji Zhinong announced its entry into the cultural IP operation field through its subsidiary, Shenzhen Yingyun Zhidi Cultural Technology Co., Ltd. [1][3] - The company aims to capitalize on the booming IP market, which is projected to be a trillion-dollar industry, and plans to generate profits from this new business [1][10]. - The management team of Yingyun Zhidi has extensive experience in IP operation, focusing on post-chain operations rather than the more common front-chain operations [4][5]. Group 2: Financial Performance and Projections - Jingji Zhinong's pig farming business reported a revenue of 3.901 billion yuan in 2024, a year-on-year increase of 38.69%, accounting for 65.45% of total revenue [11]. - The company achieved a sales volume of 678,000 pigs from January to April 2025, with a revenue of 1.222 billion yuan, reflecting a year-on-year growth of 25.59% [12]. - The company is targeting a pig output of approximately 2.5 million by 2025, supported by ongoing capacity expansion projects [17][19]. Group 3: Competitive Strategy - Yingyun Zhidi plans to manage over 50 IPs, with a goal to add more than 10 new IPs in the coming year, focusing on mid-tier IPs for collaboration [5][10]. - The company emphasizes a differentiated strategy by concentrating on post-chain operations, which includes user engagement and monetization of existing IPs [4][8]. - The management team has a strong background in digital marketing, user operations, and event planning, which are crucial for successful IP management [9][10]. Group 4: Operational Challenges - The company acknowledges potential challenges in talent acquisition for the new IP business, but plans to collaborate with experienced teams in the field [6][10]. - Jingji Zhinong's financial health is stable, with a debt ratio of approximately 59% and a low interest-bearing debt ratio of under 20%, allowing for simultaneous investment in both agricultural and IP operations [19]. - The company aims to balance its heavy asset agricultural business with the lighter asset model of IP operations, seeking to create a complementary relationship between the two [18][20].

Core Viewpoint - The company is expanding its business into digital cultural creativity through the establishment of a new subsidiary, aiming to diversify its revenue streams and enhance its risk resilience [2] Group 1: Company Overview - Shenzhen Jiankai Zhino Agricultural Technology Co., Ltd. has established a wholly-owned subsidiary, Shenzhen Jiutian Zhishang Technology Media Co., Ltd., which focuses on digital cultural creative businesses, including the development, operation, and sales of trendy IP products [2] - The registered capital of Shenzhen Yingyun Zhidai Cultural Technology Co., Ltd. is 1 million yuan, with Jiutian Zhishang holding 51% and a professional team holding 49% [2] Group 2: Market Positioning - The company differentiates itself from other IP operators by focusing on the back-end operations of IP, targeting existing user bases for precise engagement and differentiated monetization strategies [2] - The cultural consumption market is evolving, with younger generations seeking personalized experiences, leading to a shift in focus from front-end IP incubation to back-end operational capabilities [2] Group 3: Future Plans - The company currently has over 50 IPs available for collaboration and plans to sign and incubate more than 10 new IPs in the coming year [2] - The new IP operation business will adopt a light asset model, allowing for quicker business cycles and potentially creating a significant profit stream as a second growth curve for the company [2]

Core Viewpoint - The company, Jingji Zhinong, is expanding into the "IP economy" sector to create a second growth curve while continuing to meet essential consumer needs in modern agriculture [2][3]. Group 1: Business Strategy - Jingji Zhinong aims to construct a multi-level growth model combining "physical industry + IP ecosystem" [2]. - The IP ecosystem business is centered around its subsidiary, Shenzhen Yingyun Zhidi Cultural Technology Co., Ltd., focusing on IP licensing and distribution [2]. - The business model includes an "IP matrix - traffic operation - secondary market management" approach, emphasizing brand positioning and product quality [2]. Group 2: Innovation and Technology - The company plans to explore AI's role in empowering IP, creating AI co-created IP that covers the entire operational ecosystem from design to sales [3]. - The cautious approach to initial investments will not significantly impact overall performance, allowing for flexible scaling of future investments [3]. Group 3: Financial Outlook - Jingji Zhinong will maintain stable operations in its main livestock business while leveraging technological innovation to enhance efficiency [3]. - The new spiritual consumption business is seen as a light asset that complements the existing heavy asset agricultural operations, potentially creating new long-term profit opportunities [3]. - The company's experience in cross-industry operations provides sufficient capital and risk management support for new business ventures, which may enhance overall profitability and mitigate cyclical risks in the pig farming industry [3].

Group 1 - The core focus of Jingji Zhino is on establishing a wholly-owned subsidiary, Yingyun Zhi Di, which specializes in IP post-link operations to provide emotional value and meet market demands and social responsibilities [1] - The core team of Yingyun Zhi Di covers all functions of IP operations, possessing rich experience and competitive advantages in IP operation cases, planning capabilities, and traffic management [1] - The company offers IP post-link operation services, including derivative design, large-scale events, and user operations, with over 50 cooperative IPs and plans to add more than 10 new ones next year, managed under a horse racing principle [1] Group 2 - The pig farming business of Jingji Zhino is steadily developing, and the new IP operation business is expected to become a second growth curve [1] - The financial condition of the company is good, and it plans to reasonably allocate funds for the new business [1] Group 3 - Beijing Dingsa Investment Co., Ltd. was established in March 2012 and has since become a member of the China Securities Investment Fund Industry Association and the China Securities Association [2] - The founder, Mr. Peng Xu, is a well-known investment director and star fund manager in the public fund industry, adhering to a "value + growth" stock selection investment strategy [2] - The company has received several awards, including the champion of the "Stock-type Sunshine Private Equity Company 2019 Revenue Ranking (Beijing Region)" and the third place in the "Stock-type Sunshine Private Equity Company 2020 First Half Revenue Ranking (Beijing Region)" [2]

Core Viewpoint - Jingji Zhino is expanding into the IP industry while maintaining steady growth in its modern agriculture business, aiming to create a second growth curve for profitability [1] Group 1: Business Expansion - The company is actively exploring the IP new business layout to open up new growth spaces while ensuring the stability of its modern agriculture core business [1] - Jingji Zhino's chairman stated that the company has been deeply engaged in modern agriculture for six years, achieving a profit level that ranks among the industry's top tier [1] - The new business unit, Yingyunzhidi, focuses on IP licensing and distribution, aiming to create a "three-in-one" business model that includes IP matrix, traffic operation, and secondary market management [1] Group 2: Market Potential - According to the International Licensing Industry Association, the global IP licensing market is projected to reach $356.5 billion in 2023, with China's IP licensing market expected to exceed 168.9 billion yuan in 2024, reflecting a 40% year-on-year growth [1] Group 3: Competitive Strategy - The company’s strategy for Yingyunzhidi focuses on post-IP operation, targeting existing users and enhancing user engagement through differentiated scene monetization and derivative product design [2] - Jingji Zhino aims to create unique and scarce IP content and experiences for consumers, maximizing value through exclusive channels [2] - The company has established strategic partnerships with emerging artists and leading gaming IPs, indicating strong commercial collaboration [2] Group 4: Long-term Vision - Yingyunzhidi's long-term vision is to become a "global top fashion and art brand," expanding its operational scope to include trendy toys and core IP products [3] - The company plans to gradually develop its own core IP products and terminal operation stores based on market performance, aiming to build a business moat while expanding profitability [3] Group 5: Agricultural Business Performance - Jingji Zhino's pig farming business continues to perform well, with projected revenue of 3.901 billion yuan in 2024, representing a year-on-year growth of 38.69% [3] - In the first four months of 2025, the company sold 678,000 pigs, achieving a sales revenue of 1.222 billion yuan, a year-on-year increase of 25.59% [3] - The company maintains a leading position in cost control, with the complete cost of fattening pigs around 13 yuan/kg as of March 2025 [3] Group 6: Strategic Exploration - The expansion into the IP new business is a strategic exploration based on the stable development of the modern agriculture core business [3] - The company is pursuing a multi-driven development strategy, optimizing capacity in its core heavy asset business while actively exploring light asset operation models [3] - The IP business is expected to become a second growth curve following the pig farming business, reshaping the company's overall valuation system [3]