Core Viewpoint - The swine market in China is undergoing a cyclical adjustment, with companies like Jingji Zhino focusing on cost reduction and operational optimization to maintain stability during this period [1][2]. Group 1: Financial Performance - Jingji Zhino reported a revenue of 3.67 billion yuan and a net profit of 298 million yuan for the first three quarters of 2025, demonstrating stable operations despite industry adjustments [1]. - The company sold 1.68 million pigs from January to September 2025, a year-on-year increase of 2.53%, while sales revenue slightly decreased by 1.52% to 2.84 billion yuan [2]. Group 2: Industry Context - The swine market is experiencing a mismatch in supply and demand, leading to increased output but decreased sales revenue and prices, with the average trading price of pigs in October ranging from 10 to 12 yuan per kilogram, below many producers' cost lines [2]. - The Ministry of Agriculture and Rural Affairs has proposed measures to promote high-quality development in the swine industry, including the rational elimination of breeding sows and controlling new production capacity [1]. Group 3: Operational Strategies - Jingji Zhino is implementing advanced breeding models and refined management practices, including a standardized production line and smart farming systems, to enhance disease control and production efficiency [3]. - The company has expanded its cooperative breeding model, achieving a high survival rate of 98% among excellent breeding households [3]. - In collaboration with the Guangdong Academy of Agricultural Sciences, Jingji Zhino has developed a fermentation technology to convert pineapple processing by-products into high-quality feed, resulting in a 5%-10% increase in daily weight gain for pigs and significant cost savings [3].

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。 一、董事会会议召开情况 证券代码：000048 证券简称：京基智农 公告编号：2025-058 深圳市京基智农时代股份有限公司 第十一届董事会第十次临时会议决议公告 三、备查文件 1、第十一届董事会第十次临时会议决议； 2、第十一届董事会审计委员会第九次会议决议。 1 / 2 特此公告。 2025 年 10 月 28 日上午 10:00，深圳市京基智农时代股份有限公司（以下简 称"公司"）第十一届董事会第十次临时会议于公司会议室以现场加通讯方式召 开。会议通知于 2025 年 10 月 24 日以邮件等方式送达各位董事。本次应参会董 事 7 名，实际参会董事 7 名，其中董事陈家荣先生、靳庆军先生以通讯方式参会。 会议由董事长陈家荣先生主持，部分高级管理人员列席会议。会议的召开和表决 程序符合《公司法》和《公司章程》的有关规定。经与会董事认真审议并投票表 决，本次会议形成以下决议： 二、董事会会议审议情况 （一）审议通过《关于 2025 年三季度报告的议案》 详见公司同日刊登于《证券时报》《中国证券报》《上海证券 ...

Group 1 - The core viewpoint of the article highlights a significant decline in both revenue and net profit for Jingji Zhino in the third quarter and the first three quarters of the year [1] Group 2 - In the third quarter, the company's revenue was 1.284 billion yuan, representing a decrease of 32.25% [1] - The net profit for the third quarter was 71.764 million yuan, down 80.41% [1] - For the first three quarters, the total revenue amounted to 3.67 billion yuan, a decline of 20.12% [1] - The net profit for the first three quarters was 298 million yuan, reflecting a decrease of 50.50% [1]

Financial Performance - The company's revenue for Q3 2025 was CNY 1,283,666,553.75, representing a decrease of 32.25% compared to the same period last year[5] - The net profit attributable to shareholders for Q3 2025 was CNY 71,764,018.26, down 80.41% year-on-year[5] - The net profit excluding non-recurring gains and losses for Q3 2025 was CNY 57,889,987.27, a decline of 84.37% compared to the previous year[5] - The basic earnings per share for Q3 2025 was CNY 0.1362, reflecting an 80.84% decrease year-on-year[5] - Total operating revenue for the period was CNY 3,670,284,768.44, a decrease of 20.1% compared to CNY 4,595,020,573.04 in the previous period[19] - Net profit for the period was CNY 302,916,789.42, representing a decline of 51.0% from CNY 617,645,943.71 in the same period last year[20] - Basic earnings per share decreased to CNY 0.5655 from CNY 1.1562, reflecting a 51.0% drop[20] Assets and Liabilities - Total assets at the end of Q3 2025 were CNY 10,491,526,764.03, down 4.19% from the end of the previous year[5] - Total assets decreased to CNY 10,491,526,764.03 from CNY 10,950,030,198.75, a reduction of 4.2%[19] - Total liabilities decreased to CNY 6,211,345,218.07 from CNY 6,597,814,787.97, a decline of 5.9%[19] - The company reported a total current asset of CNY 2,678,365,099.12 as of September 30, 2025, down from CNY 2,901,016,298.27 at the beginning of the period, representing a decrease of approximately 7.7%[17] - Cash and cash equivalents decreased to CNY 644,684,186.19 from CNY 874,059,988.78, reflecting a decline of about 26.2%[17] - The company’s fixed assets decreased to CNY 5,301,966,401.02 from CNY 5,523,182,289.66, a reduction of approximately 4%[17] - The company’s investment property value was CNY 803,022,354.20, down from CNY 816,649,997.78, reflecting a decrease of about 1.7%[17] - The company’s long-term equity investments remained unchanged at CNY 1,500,000.00[17] - The company’s non-current assets totaled CNY 6,066,000,000.00, indicating a slight decrease compared to the previous period[17] Cash Flow - The company's cash flow from operating activities for the year-to-date was CNY 524,991,936.60, a decrease of 17.43%[5] - Cash inflow from operating activities was CNY 3,965,010,663.95, down from CNY 4,481,134,426.11, a decrease of 11.5%[22] - Cash flow from operating activities net amount was $524,991,936.60, a decrease of 17.4% compared to $635,779,720.24 in the previous period[23] - Total cash outflow from operating activities was $3,440,018,727.35, down from $3,845,354,705.87, indicating a reduction of 10.5%[23] - Cash flow from investing activities net amount was -$88,005,965.81, an improvement from -$149,941,129.64 in the previous period[23] - Cash inflow from financing activities was $471,109,354.65, an increase from $432,927,694.63, reflecting a growth of 8.5%[23] - Total cash outflow from financing activities was $1,137,471,128.03, slightly up from $1,113,047,407.73, showing an increase of 2.2%[23] - The net increase in cash and cash equivalents was -$229,375,802.59, compared to -$194,281,122.50 in the previous period[23] - The ending balance of cash and cash equivalents was $573,089,987.20, down from $860,702,597.80, representing a decrease of 33.4%[23] - The company did not receive cash from the recovery of investments, which was $0.00 compared to $4,000,000.00 previously[23] Shareholder Information - The company has a total of 11,316,800 shares repurchased, accounting for 2.13% of the total share capital, which is not included in the top 10 shareholders[13] - The company reported a total equity attributable to shareholders of CNY 4,224,549,116.93, down from CNY 4,291,838,163.69, a decrease of 1.6%[19] Other Information - The company reported a 2,522.17% increase in non-operating income, totaling CNY 33,988,665.94, primarily due to insurance claims from typhoon losses[9] - The revenue from the main breeding business for the first three quarters of 2025 was approximately CNY 2.896 billion, a year-on-year decline of 1.86%[9] - The company experienced a 50.50% decrease in net profit attributable to shareholders for the first three quarters of 2025, amounting to approximately CNY 3.08 billion[9] - Deferred income tax assets were CNY 811,877,681.07, slightly down from CNY 813,500,493.74[18] - Long-term borrowings decreased significantly to CNY 602,270,838.22 from CNY 888,967,774.66, a drop of 32.3%[18] - The company’s third-quarter financial report was not audited[25] - The company will implement new accounting standards starting from 2025[24]

Core Viewpoint - The controlling shareholder, Jingji Group, plans to reduce its stake in Jingji Zhino (000048.SZ) through a combination of block trades and centralized bidding, potentially selling up to 15,568,963 shares, which represents 3.00% of the total share capital [1][2]. Group 1: Shareholding and Reduction Plan - Jingji Group intends to sell up to 10,379,309 shares via block trades (2.00% of total share capital) and up to 5,189,654 shares through centralized bidding (1.00% of total share capital) within a three-month period from November 19, 2025, to February 18, 2026 [1]. - The total cash proceeds from the planned reduction, based on the last closing price of 17.00 yuan per share, would amount to approximately 264,672,371 yuan [1]. - As of the announcement date, Jingji Group holds 119,457,233 shares (23.02% of total share capital), while its subsidiary, Jingji Times, holds 156,183,392 shares (30.10% of total share capital), resulting in a combined holding of 275,640,625 shares (53.11% of total share capital) [1]. Group 2: Historical Share Reduction - Since the first reduction on July 4, 2022, Jingji Group has cumulatively reduced its holdings by 26 million shares, realizing approximately 51.1 million yuan in cash [2]. - The average reduction price per share during the previous reductions was approximately 19.41 yuan to 19.82 yuan, with a total of 2,600,000 shares sold [3]. Group 3: Future Financing Plans - Jingji Zhino plans to issue A-shares to no more than 35 qualified investors, including Jingji Group, to raise up to 1.93 billion yuan for various projects, including pig farming integration and breeding base projects [3].

Economic Information - The People's Bank of China emphasizes a cautious approach towards the development of stablecoins and will continue to combat domestic virtual currency operations to maintain financial order [2] - The China Securities Regulatory Commission (CSRC) has issued guidelines to strengthen the protection of small investors in the capital market, enhancing monitoring of abnormal trading behaviors and ensuring transparency regarding delisting risks [2][6] - October's polysilicon production is expected to reach approximately 134,000 tons, exceeding market expectations, while some leading companies plan to reduce production in November [3] Company Updates - Victory Technology reported a net profit of 1.102 billion yuan for Q3, a year-on-year increase of 260.52%, but a quarter-on-quarter decrease of 9.88% [5] - Taicheng Light's Q3 revenue was 386 million yuan, a year-on-year decrease of 4.98%, while net profit was 86.9765 million yuan, a year-on-year increase of 31.20% but a quarter-on-quarter decrease of 7.5% [5] - Several companies, including Tongrun Equipment and Jingji Agriculture, announced plans to reduce their shareholdings by up to 3% [7] Overseas Market Updates - International precious metal futures saw a significant decline of over 3%, with COMEX gold futures dropping 3.4% to $3,997 per ounce and silver futures falling 3.61% to $46.83 per ounce [5] - The UK government has cut the support scale for offshore wind farms by 18% to £900 million, while providing an £1.1 billion budget for renewable energy support auctions [5]

Core Viewpoint - The controlling shareholder, Jingji Group, plans to reduce its stake in Shenzhen Jingji Zhino Times Co., Ltd. through a share reduction plan, which may impact the company's shareholding structure but will not change its control [2][5]. Group 1: Share Reduction Plan - Jingji Group holds 119,457,233 shares, accounting for 23.02% of the total share capital, and plans to reduce its holdings by up to 15,568,963 shares, which is 3.00% of the total share capital, within three months starting from November 19, 2025 [2][3]. - The reduction will occur through block trades (up to 10,379,309 shares or 2.00%) and centralized bidding (up to 5,189,654 shares or 1.00%) [2][4]. - After the planned reduction, Jingji Group's shareholding will decrease to 103,888,270 shares, representing 20.02% of the total share capital, while the combined holdings with its action-in-concert entity, Jingji Times, will be 260,071,662 shares, or 50.11% [4]. Group 2: Shareholding Structure - Jingji Group and Jingji Times together hold 275,640,625 shares, which is 53.11% of the total share capital, indicating a significant concentration of ownership [3]. - The total share capital is calculated as 518,965,450 shares, excluding 11,316,800 shares that are in the repurchase account [2]. Group 3: Compliance and Governance - The share reduction plan complies with relevant laws and regulations, including the Securities Law of the People's Republic of China and the Shenzhen Stock Exchange rules [5][6]. - The implementation of the reduction plan will not lead to a change in the company's control or significantly impact its governance structure or future operations [5].

Summary of Key Points Core Viewpoint - On October 27, Yunyi Electric disclosed its plan for share buyback, while 11 A-share listed companies announced their share reduction plans, indicating a mixed sentiment in the market regarding stock ownership adjustments [1][2]. Group 1: Share Buyback - Yunyi Electric's actual controller intends to increase its shareholding by an amount between 10 million to 20 million yuan [2]. Group 2: Share Reduction - Jingji Zhino's controlling shareholder, Jingji Group, plans to reduce its stake by no more than 3.00% [2]. - Tianeng Heavy Industry executives Zhao Bo and Hu Pengpeng plan to collectively reduce their holdings by no more than 0.09% [2]. - Tongrun Equipment's shareholders intend to reduce their holdings by no more than 3% [2]. - Wanliyang's shareholder, China Resources Trust, plans to reduce its stake by no more than 2% [2]. - Tuowei Information executives plan to collectively reduce their holdings by no more than 0.0068% [2]. - Minglida's shareholder, Tai'an Saihui and its concerted parties, plan to reduce their holdings by no more than 1.00% [2]. - Changlan Technology plans to reduce no more than 2% of its total share capital, which has already been repurchased [2]. - Kangzhong Medical's shareholders plan to transfer 5.33% of the total share capital through inquiry pricing [2]. - China Nuclear Construction's shareholder, China Cinda, intends to reduce its stake by no more than 1% [2]. - Fulongma's controlling shareholder, Zhang Guifeng, plans to reduce his stake by no more than 1.50% [2]. - Wireless Media has preliminarily set the inquiry transfer price at 29.11 yuan per share [2].

Group 1 - The core point of the news is the disclosure of shareholding changes by various A-share listed companies, including both increases and decreases in shareholdings [1][2] Group 2 - Yunyi Electric's actual controller plans to increase shareholdings by 10 million to 20 million yuan [2] - Several companies, including Jingji Zhino, Tianneng Heavy Industry, and Tongrun Equipment, have announced plans to reduce their shareholdings, with Jingji Group intending to reduce no more than 3.00% of its shares [2] - Other companies such as Wanliyang and Tuo Wei Information also reported shareholding reductions, with Wanliyang's shareholder planning to reduce no more than 2% of its shares [2] - The report indicates that a total of 11 A-share listed companies have disclosed shareholding reductions [1][2]

Core Viewpoint - Jingji Group plans to reduce its stake in Jingji Zhino (000048) by up to 15.569 million shares, representing no more than 3% of the company's total share capital [1] Group 1 - The reduction will be executed through block trading and centralized bidding methods [1] - The announcement was made on October 27 [1]