Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - In April 2025, the national average selling price of live pigs was 14.80 yuan/kg, with a month-on-month increase of 1.33% and a year-on-year decrease of 1.95% [6][18] - The supply gap in May is expected to lead to a further increase in the price center of live pigs, driven by limited increases in supply and improving demand [6][18] - The average weight of pigs sold is expected to gradually decline, but the narrowing price difference between different grades of pigs will have limited pressure on prices [7][22] Summary by Sections Industry Overview - April saw a non-seasonal increase in pig prices, with expectations for further price increases in May due to supply constraints and improving demand [6][18] - The average price of live pigs in April was 14.80 yuan/kg, with a month-on-month increase of 1.33% [6][18] - The slaughter volume in April was 4.213 million heads, a month-on-month decrease of 4.54% but a year-on-year increase of 6.76% [6][18] Supply and Demand Dynamics - The supply of pigs is expected to be limited in May due to previous culling and disease impacts, while demand for pork is showing marginal improvement [6][18] - The planned output for May is expected to increase by 1.98% compared to actual output in April [6][18] Profitability and Market Performance - The average profit for self-bred pigs in April was 69.44 yuan/head, a month-on-month increase of 63.63% [8][26] - The number of breeding sows in April increased by 0.96% month-on-month [8][26] - The price of 15kg piglets reached 630 yuan/head, indicating a high price level during the replenishment season [8][26] Company Performance - In April, 12 listed pig farming companies collectively sold 16.2368 million pigs, a year-on-year increase of 37.22% [9][28] - Major companies such as Muyuan Foods and Wens Foodstuffs reported significant year-on-year increases in sales volume [9][28] - The average selling prices varied among companies, with some experiencing increases while others saw declines [9][35]

Group 1 - The company sold 186,600 pigs in April 2025, including 23,200 piglets, generating sales revenue of 343 million yuan, with an average selling price of 15.19 yuan/kg for commercial pigs [2] - From January to April 2025, the company sold a total of 678,000 pigs, including 102,700 piglets, with cumulative sales revenue of 1.222 billion yuan [3] - The sales data provided is unaudited and may differ from the 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 [4] - The industry also faces risks from animal diseases, which can adversely affect the company's business performance [4]

证券代码：000048 证券简称：京基智农 公告编号：2025-020 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4月生猪销售情况 2025年4月，公司销售生猪18.66万头（其中仔猪2.32万头），销售收入3.43亿 元；商品猪销售均价15.19元/kg。 2025年1-4月，公司累计销售生猪67.80万头（其中仔猪10.27万头），累计销售 收入12.22亿元。 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） | | --- | --- | --- | --- | --- | --- | | | 当月 | 累计 | 当月 | 累计 | 当月 | | 2024年4月 | 19.20 | 65.25 | 2.99 | ...

Group 1 - The company Jingji Zhino (000048) reported sales of 186,600 pigs in April 2025, including 23,200 piglets, generating a revenue of 343 million yuan [1] - The average selling price of commercial pigs was 15.19 yuan/kg in April 2025 [1] - For the period from January to April 2025, the company sold a total of 678,000 pigs, including 102,700 piglets, with a cumulative revenue of 1.222 billion yuan [1]

Investment Rating - Maintain "Overweight" rating for the agriculture sector [4] Core Views - In Q1 2025, the SW Agriculture sector achieved a total profit of 13.51 billion yuan, a year-on-year increase of 1049%, with significant contributions from the breeding, feed, and agricultural product processing sectors, accounting for 59%, 16%, and 15% of profits respectively [10][11] - The breeding sector saw a profit of 8 billion yuan, a year-on-year increase of 254%, driven primarily by pig farming, which generated 7.615 billion yuan, up 242% year-on-year [10][11] - The feed and animal health sectors reported profits of 2.143 billion yuan and 512 million yuan, respectively, with year-on-year increases of 676% and 34% [10][11] - The planting sector experienced a profit of 800 million yuan, a decrease of 12% year-on-year, influenced by declining grain prices [10][11] Summary by Sections Breeding Sector - The average price of lean pigs was 14.69 yuan/kg, down 1.1% from the previous week, while the average wholesale price of pork was 20.59 yuan/kg, down 1.4% [12][13] - The profit from self-breeding pigs decreased to 85.05 yuan per head, while the profit from purchased piglets was 48.53 yuan per head [14][15] - The average price of broiler chickens was 7.48 yuan/kg, up 0.1% from the previous week, and the average price of chicken products remained stable at 8.9 yuan/kg [25][27] Feed and Animal Health - The feed sector's profit growth was supported by the performance of the breeding sector, with significant increases in profits from poultry and aquatic feeds [10][11] - The pet food segment also showed strong performance, achieving a profit of 330 million yuan, up 28% year-on-year [10] Planting Sector - The planting sector's profit decline was attributed to lower prices for corn and wheat, which fell by 11% and 14% year-on-year, respectively [10][11] - The approval of genetically modified varieties is expected to enhance the growth potential of industry companies [11] Market Trends - The agriculture sector underperformed the broader market by 0.1 percentage points, with a decline of 0.6% [8][9] - The feed sector saw a slight increase of 1.65% during the same period [9]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue decreased by 11.90% year-on-year to 1.108 billion yuan, primarily due to the contraction of its real estate business, while net profit attributable to shareholders increased by 106.99% year-on-year to 112 million yuan, driven by the pig farming business [2] - The company has optimized breeding costs and is steadily expanding its scale, with the total cost of pig farming decreasing to 14.38 yuan/kg in 2024, down by 2.8 yuan/kg from 2023 [3] - The company plans to sell approximately 2.5 million pigs in 2025, with a significant increase in the number of breeding sows and a focus on cost reduction strategies [3] Summary by Sections Financial Performance - In Q1 2025, the company achieved operating revenue of 1.108 billion yuan, a decrease of 11.90% year-on-year, while net profit reached 112 million yuan, an increase of 106.99% year-on-year [2] - The company’s total revenue for 2024 is projected to be 5.96 billion yuan, with a year-on-year decrease of 52.0%, followed by a recovery to 8.81 billion yuan in 2025, representing a 47.7% increase [6][8] Cost Management and Expansion - The company has implemented a refined management approach and smart systems in pig farming, leading to industry-leading cost control [3] - The breeding cost for pigs is expected to continue decreasing, with a target of 250 million pigs to be sold in 2025, reflecting a 16% increase from 2024 [4] Real Estate Business - The real estate business is currently in a phase of inventory reduction, with only a few projects remaining for sale [3] - The financial structure of the company is improving, with a decrease in the debt-to-asset ratio from 60.25% at the beginning of the year to 58.96% by the end of Q1 2025 [3] Investment Recommendations - The company is expected to continue benefiting from its pig farming business, with projected net profits of 8.19 billion yuan for 2025 and 9.14 billion yuan for 2026 [4] - The stock price as of April 25, 2025, is 15.73 yuan, corresponding to a price-to-earnings ratio of 10/9/7 for 2025/2026/2027, maintaining a "Buy" rating [4]

Core Viewpoint - The company, Shenzhen Jingji Zhino Co., Ltd., has released its first quarter report for 2025, ensuring the accuracy and completeness of the information disclosed, and confirming that the report has not been audited [1][2][6]. Financial Data - The company has confirmed that there are no adjustments or restatements required for previous years' accounting data [3]. - The report indicates that there are no non-recurring profit and loss items applicable for the quarter [3]. - The company has not defined any non-recurring profit and loss items as recurring [3]. Shareholder Information - The report includes details about the total number of ordinary shareholders and the top ten shareholders, but specific data is not provided in the documents [5]. - There are no changes in the borrowing or returning of shares by the top ten shareholders due to transfer and financing activities [5]. Board Meeting Decisions - The board meeting held on April 24, 2025, approved the first quarter report and the appointment of Mr. Lan Di as the vice president responsible for market value management and strategic planning [7][9]. - The meeting had full attendance from the board members, with all votes in favor of the resolutions [7]. Management Profile - Mr. Lan Di, the newly appointed vice president, has a strong background in management and investor relations, having held various significant positions in other companies [9][10]. - He does not hold any shares in the company and has no conflicts of interest with major shareholders or management [10].

证券代码：000048 证券简称：京基智农 公告编号：2025-018 深圳市京基智农时代股份有限公司 第十一届董事会第七次临时会议决议公告 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。 2025 年 4 月 24 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"）第十一届董事会第七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 4 月 21 日以邮件等通讯方式送达各位董事。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、蔡新平先生、靳庆军先生、傅 衍先生、陈建华先生及刘标先生以通讯方式参会。会议由董事长陈家荣先生主持。 会议的召开和表决程序符合《公司法》和《公司章程》等有关规定。经与会董事 认真审议并投票表决，本次会议形成以下决议： 深圳市京基智农时代股份有限公司 董事会 一、审议通过《关于 2025 年第一季度报告的议案》 详见公司同日刊登于《证券时报》《中国证券报》《上海证券报》《证券日 报》及巨潮资讯网（www.cninfo.com.cn）的《2025 年第一季度报告》（公告编号： 20 ...

金十数据4月24日讯，基智农发布2025年第一季度报告，实现营业收入11.08亿元，同比下降11.90%；归 属于上市公司股东的净利润为1.12亿元，同比增长106.99%。 京基智农：一季度净利润同比增长106.99% ...

Financial Performance - The company's revenue for Q1 2025 was ¥1,108,082,547.35, a decrease of 11.90% compared to ¥1,257,759,871.54 in the same period last year[5] - Net profit attributable to shareholders increased by 106.99% to ¥112,031,779.68 from ¥54,125,149.43 year-on-year[5] - Basic earnings per share rose by 105.71% to ¥0.2127 from ¥0.1034 in the same period last year[5] - Net profit for the current period was ¥114,167,413.76, representing a significant increase of 99.4% compared to ¥57,212,823.93 in the previous period[21] - Earnings per share (EPS) increased to ¥0.2127 from ¥0.1034, reflecting a growth of 105.1%[22] - The company achieved a total comprehensive income of ¥114,294,135.31, compared to ¥57,199,796.49 in the previous period, marking a growth of 100%[22] Cash Flow - The net cash flow from operating activities improved significantly to ¥12,824,454.77, compared to a negative cash flow of ¥186,845,447.07 in the previous year, marking a 106.86% increase[5] - Cash flow from operating activities generated a net amount of ¥12,824,454.77, a recovery from a negative cash flow of ¥186,845,447.07 in the previous period[23] - The net cash flow from investing activities was -$41,245,634.66, compared to -$59,383,086.57 in the previous period, indicating an improvement[24] - The net cash flow from financing activities was -$49,010,396.84, contrasting with a positive $43,241,740.02 in the previous period[24] - The ending balance of cash and cash equivalents was $725,034,213.06, down from $851,996,926.68 in the previous period[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥10,893,070,456.13, a slight decrease of 0.52% from ¥10,950,030,198.75 at the end of the previous year[5] - Current assets totaled CNY 2,934,827,115.32, slightly up from CNY 2,901,016,298.27 at the start of the period[16] - Total current liabilities decreased to CNY 5,421,197,660.90 from CNY 5,576,361,219.44, suggesting improved financial management[17] - Total liabilities decreased to ¥6,423,025,200.66 from ¥6,597,814,787.97, a decline of 2.65%[18] - Total equity attributable to shareholders increased to ¥4,407,532,374.29 from ¥4,291,838,163.69, an increase of 2.70%[18] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 14,971, with the largest shareholder holding 29.45% of the shares[12] - The company reported a total of 10 major shareholders, with the largest holding 156,183,392 shares[14] - The company has engaged in financing activities, with several major shareholders participating in margin trading, indicating active investment strategies[14] Expenses and Income - The company reported a significant reduction in tax and additional fees by 95.51% to ¥2,281,259.07 due to decreased sales revenue from real estate[11] - Sales expenses decreased by 74.17% to ¥6,634,823.85, reflecting lower management service fees associated with reduced real estate sales[11] - The company experienced a 257.86% increase in other income, amounting to ¥1,121,575.36, primarily due to compensation received for asset damage[11] - Total operating costs decreased to ¥987,579,227.88, down 15.29% from ¥1,165,837,025.54 in the previous period[20] - The company reported a significant reduction in tax expenses, with current period tax expenses at -¥1,140,451.45 compared to ¥29,356,994.24 in the previous period[21] Inventory and Receivables - Accounts receivable increased significantly to CNY 92,907,715.05 from CNY 51,058,942.54, indicating improved sales or collection efforts[16] - Inventory rose to CNY 1,777,342,280.89 from CNY 1,718,786,404.76, reflecting potential growth in production or sales[16] Accounting and Auditing - The company did not undergo an audit for the first quarter report[25] - The company will implement new accounting standards starting in 2025[26]