Core Viewpoint - The company, Jingji Zhino, has provided a guarantee for a credit limit of 10 million yuan for its wholly-owned subsidiary, Jingji Zhino Food, to the Bank of China, Shenzhen Dongmen Branch [1] Group 1: Guarantee Details - The company signed a guarantee contract for a credit limit of 10 million yuan for Jingji Zhino Food [1] - Prior to this guarantee, the company's approved credit guarantee limit for Jingji Zhino Food was 100 million yuan [1] - After this guarantee, the remaining guarantee balance for Jingji Zhino Food is 90 million yuan [1] Group 2: Approval and Compliance - The guarantee amount is within the limit approved by the company's shareholders' meeting [1]

证券代码：000048 证券简称：京基智农 公告编号：2025-038 深圳市京基智农时代股份有限公司 关于为下属公司提供担保的进展公告 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。 特别风险提示： 截至本公告披露日，公司及其控股子公司对外担保总额度（不含本次担保） 为 134 亿元，其中对下属公司担保总额度为 24 亿元，对其他单位/个人的担保总 额度为 110 亿元（系为房地产项目购房客户提供的阶段性按揭贷款担保以及为合 作养殖户、饲料采购客户提供的担保）。本次担保提供后，公司及其控股子公司 对外担保余额为 18.94 亿元，占公司最近一期经审计净资产的 44.13%，其中对下 属公司担保余额为 18.41 亿元，对其他单位/个人的担保余额为 0.54 亿元（均系为 房地产项目购房客户提供的阶段性按揭贷款担保及为饲料采购客户提供的担保）。 敬请广大投资者注意投资风险。 一、担保情况概述 （一）担保额度审议情况 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 三次临时会议及 2024 年第四次临时股东大会分别于 2024 年 9 月 3 ...

Core Viewpoint - The article discusses the legal troubles of Luo Aihua, the former chairman and actual controller of Kangdaer (now "Jingji Zhino"), who was sentenced to six years in prison for embezzlement and bribery after a protracted power struggle with Jingji Group [1][10]. Group 1: Company Background - Kangdaer, founded in 1979, was the first agricultural company listed in China and expanded its business into various sectors including agriculture, real estate, public utilities, and financial investments [2]. - The company was previously controlled by Luo Aihua for over a decade after he took over in 2002 [2]. Group 2: Shareholder Struggles - The company became a target for capital acquisition in 2013 due to its valuable land resources in Shenzhen, leading to aggressive stock purchases by natural person Lin Zhili [3]. - Jingji Group became the largest shareholder by acquiring 31.65% of Kangdaer’s shares by 2017, closely competing with Luo Aihua's 31.66% stake [3][4]. - The power struggle escalated with legal disputes and accusations of illegal activities, culminating in Luo Aihua's criminal detention in August 2018 [4][6]. Group 3: Legal Proceedings - Luo Aihua was initially acquitted of embezzlement charges in December 2020, but the case was later reopened due to an appeal by the Shenzhen People's Procuratorate [7][11]. - The final ruling in September 2024 sentenced Luo Aihua to six years in prison for embezzling 36.5 million yuan and bribing a retired judge [1][11]. Group 4: Financial Misconduct - Luo Aihua was found to have misappropriated company funds to assist in a real estate transaction for a third party, which was a significant factor in his conviction [8][10]. - The total amount embezzled was determined to be 36.5 million yuan, with part of it used to facilitate a property purchase for the daughter-in-law of a financial company chairman [8][10]. Group 5: Bribery Case - The bribery charge stemmed from Luo Aihua's attempt to influence the judicial process by bribing a retired judge with 2.5 million yuan [10][12]. - The judge, Yao Hui, was later convicted of accepting bribes exceeding 16 million yuan and sentenced to 15 years in prison [12].

Group 1 - The core viewpoint of the news is that Jingji Zhinong is actively engaging with investors and analysts to discuss its current operations and future plans in the pig farming industry, highlighting cost management and disease control measures [1] - The overall cost of pig farming for Jingji Zhinong is approximately 13.3 yuan/kg, with expectations for a continued decrease in costs this year [1] - The company aims to achieve a pig output target of around 2.3 million heads this year while maintaining the total number of breeding sows [1] Group 2 - Jingji Zhinong has established a four-color zoning prevention and control system to monitor pig health in response to ongoing challenges in the industry due to severe weather [1] - The company is collaborating with industry experts to research and implement serum acclimatization plans to combat the impact of blue ear disease on pig health [1] - The company has two business models for its IP operations: collaboration with top-tier IPs for product design and promotion, and partnerships with mid-tier IPs to create proprietary products [1] Group 3 - As of June 2025, the company's real estate inventory stands at 590 million yuan, with ongoing efforts to reduce this inventory [1] - The company's asset-liability ratio has decreased compared to the beginning of 2025, indicating a positive trend in financial health [1] - The pig farming operations are running normally, and the company anticipates further improvement in its asset-liability ratio due to healthy capital usage [1]

Group 1: Livestock Operations - The company's current total cost for pig farming is approximately 13.3 RMB/kg, with expectations for continued cost reduction this year. The target for pig output is around 2.3 million heads [2] - The current stock of breeding sows has not increased, and the company plans to improve production performance while maintaining total breeding numbers by updating and eliminating existing sows [2] - The company has established a four-color zoning prevention and control system to monitor pig health in response to recent severe weather challenges [2] Group 2: Disease Management - The company is conducting research and optimization of the serum acclimatization program for blue ear disease, which significantly impacts pig health. The overall experimental cycle is lengthy, but progress is ongoing [2] - The company is enhancing the overall health and safety of pigs through nutritional health and disease prevention measures [2] Group 3: Business Overview - The company operates in two business models: collaboration with top-tier IPs for product design and promotion, and partnerships with mid-tier IPs to create proprietary products. Recent events include a concert and an art exhibition [3] - The company plans to launch two product lines this year: co-branded products with top-tier IPs and its own series of toy products [3] Group 4: Real Estate and Financial Status - As of June 2025, the company's real estate inventory stands at 590 million RMB, with ongoing efforts to digest existing stock. Only a few projects remain for sale [3] - The company's asset-liability ratio has decreased compared to the beginning of the year, with a focus on non-interest-bearing liabilities. The operational situation in livestock farming is stable, leading to a positive outlook for further improvement in the asset-liability ratio [3]

Group 1 - The poultry concept sector rose by 2.87%, ranking second in terms of increase among concept sectors, with 20 stocks rising, including Xiaoming Co., Tianma Technology, and Jingji Zhino, which increased by 10.34%, 8.15%, and 6.16% respectively [1][2] - The leading stocks in terms of net inflow of main funds include Xiaoming Co. with a net inflow of 71.28 million yuan, followed by Huadong Co., Tianma Technology, and Tiankang Biological with net inflows of 49.64 million yuan, 47.57 million yuan, and 35.89 million yuan respectively [1][2] - The main fund inflow rates for leading stocks are Huadong Co. at 12.51%, Guanghong Holdings at 11.56%, and Xiaoming Co. at 9.64% [2][3] Group 2 - The overall market performance shows that the poultry sector is gaining traction, with significant interest from main funds, indicating a positive sentiment towards the industry [1][2] - Stocks such as Jinlongyu, Yike Foods, and Shuanghui Development experienced declines of 0.84%, 0.25%, and 0.24% respectively, highlighting some volatility within the sector [1][3] - The trading volume and turnover rates for leading stocks in the poultry sector suggest active trading, with Xiaoming Co. having a turnover rate of 24.77% [2][3]

Group 1 - A-shares main indices continue to strengthen, with the Shenzhen Component Index rising nearly 0.5%, and both the ChiNext Index and Shanghai Composite Index turning positive after previously dropping over 1% [1] - Sectors such as gaming, Huawei Ascend, and aquaculture saw significant gains, with nearly 3,100 stocks in the Shanghai and Shenzhen markets rising [1] Group 2 - Notable stock performances include: - Aonong Biological (603363) up 10.08% with a market cap of 10.8 billion and a year-to-date increase of 17.23% - Muyuan Foods (002714) up 8.12% with a market cap of 303.5 billion and a year-to-date increase of 46.46% - Lihua Agricultural (300761) up 4.58% with a market cap of 1.74 billion and a year-to-date increase of 9.59% - Tiankang Biological (002100) up 4.53% with a market cap of 944.8 million and a year-to-date increase of 9.32% [2]

8月25日，沪深两融数据显示，京基智农获融资买入额0.14亿元，居两市第2128位，当日融资偿还额0.20 亿元，净卖出625.64万元。 最近三个交易日，21日-25日，京基智农分别获融资买入0.12亿元、0.20亿元、0.14亿元。 融券方面，当日融券卖出0.14万股，净买入0.51万股。 ...

Core Viewpoint - The financial report of Jingji Zhino (000048) for the first half of 2025 shows a decline in net profit and revenue, indicating challenges in the company's performance compared to the previous year [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 2.387 billion yuan, a decrease of 11.61% year-on-year [1]. - Net profit attributable to shareholders was 226 million yuan, down 3.97% year-on-year [1]. - In Q2 2025, total revenue was 1.279 billion yuan, a decline of 11.36% year-on-year, with net profit of 114 million yuan, down 37.09% year-on-year [1]. - Gross margin decreased to 19.32%, down 19.64% year-on-year, while net margin increased to 9.64%, up 7.9% year-on-year [1]. - Total operating expenses (sales, management, and financial expenses) amounted to 204 million yuan, accounting for 8.55% of revenue, a decrease of 9.14% year-on-year [1]. - Earnings per share were 0.43 yuan, down 4.62% year-on-year, while operating cash flow per share increased significantly to 0.59 yuan, up 462.9% year-on-year [1]. Key Financial Changes - Cash and cash equivalents decreased by 20.69% due to loan repayments, dividend distributions, and pig sales [3]. - Accounts receivable increased by 99.4% due to higher sales on credit for feed [3]. - Long-term borrowings decreased by 37.4% as the company repaid bank loans [3]. - Operating income decreased by 11.61% primarily due to reduced real estate project deliveries and inventory sales [3]. - Sales expenses dropped by 68.07% as a result of decreased real estate project deliveries [3]. - The net cash flow from operating activities increased by 462.7% due to higher pig prices and lower breeding costs [3]. Investment Insights - The company's return on invested capital (ROIC) was 12.74% last year, indicating strong capital returns [4]. - The historical median ROIC over the past decade was 21.23%, suggesting good investment returns despite some years of losses [4]. - The estimated dividend yield is 4.85%, which may attract income-focused investors [4]. - The cash flow health is a concern, with cash and cash equivalents only covering 14.08% of current liabilities [4].

Core Insights - The company reported a revenue of 2.387 billion and a net profit of 226 million for the first half of 2025, with the breeding business being the main contributor, generating over 80% of total revenue [1] - The strategic layout of the pig breeding business in the Guangdong-Hong Kong-Macao Greater Bay Area has shown significant results, with sales of 1.0621 million pigs and a revenue of 1.895 billion, marking an 11.65% year-on-year increase [1] - The company is actively promoting a light asset operation strategy, expanding its cooperative models with farmers and achieving a high survival rate of 98% for excellent breeding batches [1] Financial Performance - The company achieved a revenue of 2.387 billion and a net profit of 226 million in the first half of 2025 [1] - The breeding business generated 1.925 billion in revenue, accounting for over 80% of total revenue [1] - The gross profit margin for the breeding business was reported at 19.84% [1] Strategic Initiatives - The company is expanding its "company + farmer" breeding cooperation model within a 200 km radius of its feed factories [1] - The number of signed breeding households is steadily increasing, contributing to the expansion of the cooperative scale [1] - The company invested 23.9365 million in R&D, resulting in 30 utility model patents, 21 software copyrights, and 3 invention patents [1] Environmental and Social Impact - The company has successfully converted pineapple processing waste into high-quality feed materials through a collaboration with the Guangdong Academy of Agricultural Sciences, achieving 100% utilization of waste resources [1] - The company’s projects have received multiple certifications, including "Guangdong Province Vegetable Basket Base" and "Shenzhen Vegetable Basket Base," and are recognized as national-level "African Swine Fever-free zones" [2] - The company is involved in setting standards for various products, including chicken, as part of the "Zhenpin" standard system [2]