证券代码：000048 证券简称：京基智农 公告编号：2026-005 深圳市京基智农时代股份有限公司 第十一届董事会第十四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。 一、董事会会议召开情况 2026 年 1 月 15 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"）第十一届董事会第十四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 2026 年 1 月 12 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、吴志君先生、靳庆军先生、傅 衍先生、刘标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 2023 年限制性股票激励计划第二个解除限售期解除 限售条件成就的议案》 根据《上市公司股权激励管理办法》、公司《2023 年限制性股票激励计划（草 案）》的有关规定及公司 202 ...

Core Viewpoint - Jingji Zhino has experienced a significant decline in net profit in 2024 and the first three quarters of 2025, leading the company to divest its hotel business and pursue acquisitions in the robotics sector [1][10]. Financial Performance - In 2023, Jingji Zhino achieved a revenue of 12.417 billion yuan and a gross profit of 4.808 billion yuan, primarily driven by its real estate business, which generated 8.582 billion yuan in revenue with a gross margin of 55% [3][13]. - For the first three quarters of 2024 and 2025, the company reported revenues of 5.960 billion yuan and 3.670 billion yuan, representing year-on-year declines of 52.00% and 20.12% respectively. Net profits were 714 million yuan and 298 million yuan, with declines of 59.13% and 50.50% [3][13]. - As of the end of Q3 2025, the company had cash reserves of 645 million yuan, while short-term borrowings and current liabilities totaled 1.220 billion yuan, indicating a cash shortfall [3][13]. Asset Divestiture - Jingji Zhino plans to sell its wholly-owned hotel management subsidiary for an estimated 650 million yuan to address its cash flow issues. The hotel management company primarily operates the Shenzhen Baoan Jingji Huayi Hotel [4][14]. - The hotel management company reported revenues of 4.9487 million yuan and 32.0271 million yuan for 2024 and the first three quarters of 2025, with net losses of 13.478 million yuan and 20.468 million yuan, contributing less than 1% to Jingji Zhino's overall revenue [4][14]. Strategic Acquisition - The company is pursuing a strategic acquisition of Jiangsu Huibo Robot Technology Co., Ltd. to diversify its business into the robotics sector. Jiangsu Huibo's products include various types of robots and it has previously sought to go public [6][16]. - Jiangsu Huibo's revenue growth from 2020 to 2024 has been less than 2%, with net losses reported in recent years, raising concerns about the viability of this acquisition [8][18]. - The acquisition agreement includes ambitious performance commitments from Jiangsu Huibo, such as launching two humanoid robot products by 2026 and achieving annual revenue growth of no less than 30% from 2026 to 2028 [8][18].

Group 1 - The core point of the news is that Jingji Zhino has experienced a decline in stock price, dropping 1.2% to 14.88 yuan per share, with a total market value of 7.891 billion yuan and a cumulative drop of 6% over three consecutive days [1] - Jingji Zhino's main business includes modern agriculture and real estate, with revenue composition: pig products 79.38%, feed products 11.67%, commercial housing 5.38%, rental income 1.36%, poultry products 1.29%, hotel business 0.83%, and others 0.07% [1] - The company is located in Shenzhen, Guangdong Province, and was established on January 1, 1979, with its listing date on November 1, 1994 [1] Group 2 - The Qianhai Kaiyuan Fund holds a significant position in Jingji Zhino, with its fund, Qianhai Kaiyuan Hong Kong-Shenzhen Agricultural Mixed (LOF) A, reducing its holdings by 10.47 million shares, now holding 1.3673 million shares, which accounts for 6.29% of the fund's net value [2] - The fund has reported a floating loss of approximately 246,100 yuan today and a cumulative floating loss of 1,298,900 yuan during the three-day decline [2] - The fund was established on July 20, 2016, with a current scale of 239 million yuan, and has experienced a loss of 1.65% this year, ranking 8713 out of 8838 in its category [2]

证券之星消息，1月13日养殖业板块较上一交易日下跌1.9%，京基智农领跌。当日上证指数报收于 4138.76，下跌0.64%。深证成指报收于14169.4，下跌1.37%。养殖业板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600965 | 福成股份 | 6.36 | 0.16% | 55.32万 | | 3.58亿 | | 002124 | 天邦食品 | 2.75 | 0.00% | 45.61万 | | · 1.25亿 | | 600975 | 新五丰 | 5.96 | -0.33% | 18.71万 | | 1.12亿 | | 001201 | 东瑞股份 | 14.73 | -0.41% | 4.17万 | | 6178.39万 | | 002321 | 华英农业 | 2.41 | -0.41% | 52.48万 | | 1.27亿 | | 002746 | 仙坛股份 | 6.14 | -0.49% | 16.86万 | | 1.04亿 | | 60 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The industry is expected to see a peak in hog slaughtering in late January, with prices anticipated to slightly rise from the bottom before the Lunar New Year. In December 2025, the national average selling price of hogs was 11.59 yuan/kg, reflecting a month-on-month decrease of 0.84% and a year-on-year decrease of 26.23% [5][15] - The December hog slaughter volume was 5.93 million heads, which is a month-on-month increase of 18.68% and a year-on-year increase of 3.50% [15] - The overall supply pressure is expected to ease due to increased slaughtering in late December, leading to a slight price increase for hogs, although the upward potential remains limited [5][15] Summary by Sections Industry Overview - The industry anticipates a peak in hog slaughtering in late January, with prices expected to rise slightly from the bottom before the Lunar New Year. The December 2025 national average selling price of hogs was 11.59 yuan/kg, down 0.84% month-on-month and down 26.23% year-on-year [5][15] - The December hog slaughter volume was 5.93 million heads, up 18.68% month-on-month and 3.50% year-on-year [15] Supply and Demand Dynamics - The supply of large hogs is expected to remain ample, with the proportion of hogs over 150 kg slightly higher than the same period in 2024. As of January 1, 2026, the proportion of hogs over 150 kg was 6.76%, with a month-on-month decrease of 0.25 percentage points and a year-on-year increase of 0.03 percentage points [6][18] - The demand recovery, combined with reduced weight slaughtering, has led to an increase in the price difference for hogs. However, high frozen product inventory levels may suppress future hog prices, with the national frozen product inventory rate at 19.89%, up 4.93 percentage points year-on-year [21][23] Financial Performance of Listed Companies - In December 2025, 12 listed hog farming companies collectively slaughtered 17.6075 million heads, a year-on-year increase of 8.86%. The individual slaughter volumes varied significantly among companies, with some experiencing substantial growth while others faced declines [29][30] - The average selling prices of major listed hog companies in December showed a month-on-month decline, with prices ranging from 10.66 to 12.21 yuan/kg, reflecting various percentage changes [36][37]

Group 1 - The A-share market is experiencing a year-end rally with accelerated rotation of hot sectors, including commercial aerospace, brain-computer interfaces, storage chips, controllable nuclear fusion, and photoresist [1][3] - In December 2025, a total of 155 public fund institutions participated in A-share research, with Huaxia Fund leading with 100 research sessions [1][7] - Notably, stocks with multiple hot concepts have shown significant price increases, resulting in several "double stocks," while some stocks have experienced rapid declines due to short-term speculation [1][8] Group 2 - The brain-computer interface concept stock, Entropy Technology, has been the most researched since the beginning of 2026, attracting 132 institutions, including 36 public funds [3] - Superjet Co., involved in commercial aerospace, has also gained attention, with 109 institutions participating in its research sessions, focusing on its rocket structure component production line [4] - Guanglian Aviation, a leading private enterprise in aerospace equipment structure, has attracted 79 institutions for its research, emphasizing its participation in national projects [4] Group 3 - Companies like Dineike, focusing on smart home and medical communication devices, have attracted 60 institutions, with interest in their brainwave interaction technology [5] - Other notable companies include Guojijiang Precision Engineering and Tangyuan Electric, which are involved in commercial aerospace and robotics, respectively, attracting significant institutional interest [5] - Prior to the year-end rally, institutions had already begun research layouts, with 71 public institutions conducting at least 20 research sessions each in December 2025 [7] Group 4 - Since December 2025, several stocks have shown strong performance, with Superjet Co. and Hualing Cable seeing price increases of over 150%, while others like Guanglian Aviation and Haoshi Electromechanical have risen over 120% [8] - Conversely, some stocks, such as Tianming Technology, have experienced significant price corrections due to clarifications regarding their business focus, leading to a nearly 20% decline in early January 2026 [8]

Core Viewpoint - Jingji Zhino's recent capital actions indicate a strategic transformation, focusing on divesting loss-making assets while entering the robotics sector through acquiring control of Huibo Robotics [1][2][3] Group 1: Strategic Actions - The company plans to sell its 100% stake in Shenzhen Jingji Zhino Hotel Management Co., Ltd. for approximately 650 million yuan due to ongoing losses [1][6] - Simultaneously, Jingji Zhino aims to gain control of Jiangsu Huibo Robotics by investing 30 million yuan as a cooperation intention fee, with the potential for this fee to convert into part of the investment price if a formal agreement is reached [2][3] - The company has initiated a share repurchase plan with a total fund of no less than 100 million yuan and no more than 200 million yuan, having already repurchased 654,800 shares, accounting for 0.12% of its total share capital [1][5] Group 2: Financial Performance - In the first three quarters of 2025, Jingji Zhino reported revenues of approximately 3.67 billion yuan, a year-on-year decline of 20.12%, and a net profit of about 298 million yuan, down 50.50% [7] - The decline in revenue and profit is attributed to falling pig sales prices and challenges in real estate sales [7] - The company's core business in the breeding sector saw a revenue drop of 1.86% year-on-year, with net profit decreasing by 26.29% [7] Group 3: Market Outlook and Challenges - The acquisition of Huibo Robotics is seen as a way to mitigate the cyclical nature of the pig farming industry and to develop a second growth curve through technology integration [3][4] - However, the transaction faces challenges, including Huibo Robotics' recent financial losses and the complexities of integrating operations across different industries [3][4] - The success of this cross-industry strategy hinges on the ability to adapt technology for agricultural applications and the long-term financial support required for implementation [4]

Group 1 - The company, Shenzhen Jingji Zhino Times Co., Ltd., has announced a share repurchase plan, intending to use its own and/or raised funds to buy back shares through the Shenzhen Stock Exchange for employee stock ownership plans or equity incentives. The total amount for the repurchase will be no less than RMB 100 million and no more than RMB 200 million, with a duration of up to 6 months from the board's approval date [2][12][16]. - On January 7, 2026, the company executed its first share repurchase, acquiring 654,800 shares, which represents 0.12% of the total share capital. The highest and lowest transaction prices were RMB 15.29 and RMB 15.24 per share, respectively, with a total transaction amount of RMB 9,994,813 (excluding transaction fees) [3][4][10]. Group 2 - The repurchase plan complies with relevant laws and regulations, and the company has established a dedicated securities account for the repurchase [4][37]. - The repurchased shares will be used for equity incentives or employee stock ownership plans. If not utilized within three years post-repurchase, the shares will be canceled [10][33]. - The company has committed to maintaining its debt repayment ability and operational continuity post-repurchase, ensuring that the share repurchase will not adversely affect its financial health [28][29].

Group 1 - The company, Jingji Zhino (000048), announced its first share buyback on January 7, 2026, through the Shenzhen Stock Exchange trading system [1] - A total of 654,800 shares were repurchased, which represents 0.12% of the company's current total share capital [1]

Group 1 - The company, Jingji Zhino (000048.SZ), announced its first share buyback on January 7, 2026, through the Shenzhen Stock Exchange trading system [1] - A total of 654,800 shares were repurchased, representing 0.12% of the company's total share capital [1] - The highest transaction price for the repurchased shares was 15.29 CNY per share, while the lowest was 15.24 CNY per share, with a total transaction amount of 9,994,813 CNY (excluding related transaction fees) [1]