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]

Investment Rating - The industry rating is "Recommended" [3] Core Views - The planting industry chain is progressing well, with 1.29 million acres of summer grain wheat harvested as of May 30, 2025, which is over 30% of the total expected harvest. Regions such as Hubei, Sichuan, and South China have completed their wheat harvests, while Anhui has surpassed 80% and Henan over 60% [1][9] - The Ministry of Agriculture and Rural Affairs emphasizes the importance of tracking weather changes and preparing for emergency harvesting to ensure timely collection of mature wheat. The commercialization of genetically modified technology is expected to accelerate, enhancing self-sufficiency in key varieties [1][9] - In the pig farming sector, the average price of external three-way cross pigs is 14.39 CNY/kg, with a week-on-week increase of 0.36%. The number of breeding sows is 40.38 million, showing a slight decrease [2][10] - The report suggests that while short-term consumer demand is recovering, supply remains relatively loose. However, due to slow recovery in production capacity in 2024, pig prices are expected to exceed expectations in the second half of 2025 [2][10] Summary by Sections Planting Industry - As of May 30, 2025, 1.29 million acres of summer grain wheat have been harvested, with significant progress in various provinces. The upcoming rainfall is beneficial for soil conditions and will facilitate mechanized sowing [1][9] - The Ministry of Agriculture will focus on ensuring the timely harvesting of wheat and improving mechanization to enhance yield [1][9] - Recommended stocks in the planting sector include Beidahuang and Suqian Agricultural Development, with a focus on leading seed companies like Longping High-Tech and Dabeinong [1][9] Pig Farming - The average price of pigs is 14.39 CNY/kg, with a slight increase from the previous week. The number of breeding sows has decreased slightly, while slaughtering volume has increased significantly year-on-year [2][10] - The report highlights the need to monitor cost improvements and suggests stocks such as Dekang Animal Husbandry, Jinke Intelligent Agriculture, and Muyuan Foods for potential investment [2][10] Market Performance - The agricultural sector index increased by 1.79% during the week of May 26 to May 30, 2025, outperforming major indices like the Shanghai Composite and Shenzhen Component [11][12] - The top-performing sub-sectors include aquaculture and livestock farming, indicating a positive trend in the agricultural market [11][12]

Investment Rating - Industry Rating: Recommended [3] Core Views - The planting industry is seeing significant progress with summer grain wheat harvest, reaching over 30% completion as of May 30, with favorable weather conditions expected to enhance soil moisture and facilitate mechanized sowing [10][11] - The commercialization of genetically modified crops is anticipated to accelerate, aiming to improve yield and self-sufficiency in key varieties, supported by government initiatives to protect new plant varieties [10] - In the pig farming sector, the average price of live pigs is showing a slight increase, with a current price of 14.39 CNY/kg, reflecting a week-on-week rise of 0.36% [11][60] - The supply of breeding sows has slightly decreased, with a total of 40.38 million heads reported, while slaughtering volumes have increased significantly year-on-year [11][60] Summary by Sections Planting Industry - As of May 30, 1.29 million acres of summer wheat have been harvested, with regions like Hubei and Sichuan completing their harvests [10] - The Ministry of Agriculture emphasizes the importance of mechanization to enhance yield and efficiency in sowing [10] - Recommended stocks include Beidahuang and Suqian Agricultural Development for planting, and leading seed companies like Longping High-Tech and Dabeinong for seed production [10] Pig Farming - The average price of external three-way cross pigs is 14.39 CNY/kg, with a slight increase from the previous week [11] - The number of breeding sows has decreased slightly, while slaughtering volumes have increased by 20% year-on-year [11] - Recommended stocks in the breeding sector include Dekang Agriculture, Jinke Smart Agriculture, and Muyuan Foods, with feed companies like Haida Group also highlighted [11] Key Agricultural Products Data Tracking - Corn: Current average price is 2378.15 CNY/ton, with a week-on-week increase of 0.15% [23] - Wheat: Current average price is 2457.51 CNY/ton, with a week-on-week decrease of 0.35% [26] - Soybeans: Current average price is 3927.89 CNY/ton, remaining stable [38] - Cotton: Current average price is 14480.00 CNY/ton, with a slight decrease of 0.14% [42] Feed and Vitamin Prices - The average price of pig feed is 2.71 CNY/kg, showing a week-on-week decrease of 0.73% [48] - Vitamin E is priced at 101.60 CNY/kg, with a decrease of 4.87% [48]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the continuous innovation in AI applications across various sectors such as social media, publishing, and e-commerce, with significant advancements in AI models and their commercial viability [4][32] - The gaming sector is experiencing a surge with new game launches and IP products, indicating potential revenue growth for companies involved [5][12] - The report suggests a focus on AI applications and their commercialization, recommending specific companies for investment based on their market positioning and product offerings [4][5] Industry Data Overview - The mobile game "暴吵萌厨" ranked first in the iOS free games chart in mainland China, while "王者荣耀" topped the iOS revenue chart [12][17] - The film "水饺皇后" achieved the highest box office revenue for the week, indicating strong performance in the film sector [27] - The report notes that the A-share media sector outperformed major indices, suggesting a positive market trend [9] Industry News Summary - AI technology continues to evolve, with breakthroughs in generative AI and applications in various fields, including gaming and entertainment [32] - The report emphasizes the importance of new game releases and IP product launches as key drivers for revenue growth in the gaming sector [5][12] - The report also discusses the performance of various media products, including TV dramas and variety shows, highlighting their market share and audience engagement [28][29][30]

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].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the continuous iteration of multimodal AI and the acceleration of IP industry capitalization, driven by advancements in AI applications and new consumption trends [4][5] - Major model vendors are strengthening collaborations, leading to innovations in voice models, social applications, and agents, which are expected to enhance AI application penetration and commercialization [4] - The report suggests continued investment in AI-related companies and sectors, including AI virtual companionship, AI animation/film/short dramas, AI e-commerce/advertising, and AI education [4] Industry Data Overview - The game "Brave Land" ranked first on the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of May 24, 2025 [12][16] - The film "Dumpling Queen" achieved a weekly box office of 0.51 billion, with a cumulative box office of 3.79 billion [27] - The report notes that the A-share media sector outperformed major indices in the 21st week of 2025, with the gaming sector showing strong performance [9] Industry News Summary - The report discusses the launch of the "AI Virtual Human Podcast" feature by ShengTian Network, which aims to enhance user experience in podcast creation [4][33] - The AI comic drama business of Zhongwen Online has shown significant growth, with plans to produce 300 works in 2024 [35] - Tencent Cloud has launched a new intelligent agent development platform, marking a significant upgrade in its AI infrastructure [36] Company Recommendations - Key recommendations include Tencent Holdings and Kuaishou-W for major models/agents, with Alibaba-W and Kunlun Wanwei as beneficiaries [4] - For AI virtual companionship, recommended companies include ShengTian Network and NetEase Cloud Music, with beneficiaries like Tom Cat and Shifeng Culture [4] - In the AI animation/film/short drama sector, Shanghai Film is a key recommendation, with beneficiaries including Guomai Culture and Huace Film [4]

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]