Core Viewpoint - The company, Jingji Zhino (SZ 000048), announced the release of 6.5 million shares from pledge by its controlling shareholder, Jingji Group, which has pledged approximately 104 million shares, accounting for 87.1% of its holdings [1] Group 1: Share Pledge Information - Jingji Group has released 6.5 million shares from pledge [1] - The total number of pledged shares by Jingji Group is approximately 104 million, representing 87.1% of its holdings [1] - Jingji Zhino's subsidiary, Jingji Shidai, has pledged approximately 156 million shares, which is 99.94% of its holdings [1] Group 2: Revenue Composition - For the first half of 2025, Jingji Zhino's revenue composition is as follows: - Aquaculture accounts for 80.67% - Feed production accounts for 11.69% - Real estate development accounts for 5.38% - Property leasing accounts for 1.36% - Hotel business accounts for 0.83% [1] Group 3: Market Capitalization - As of the announcement, Jingji Zhino's market capitalization is 8.9 billion yuan [1]

深圳市京基智农时代股份有限公司 股东股份解除质押公告 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。 深圳市京基智农时代股份有限公司（以下简称"公司"）近日收到控股股东 京基集团有限公司（以下简称"京基集团"）关于股份解除质押的通知，获悉其 所持有公司的部分股份解除质押，现将相关情况公告如下： 一、本次解除质押基本情况 京基集团于2025年7月21日将其所持有的公司股份8,549,049股（占公司股份 总数的1.61%）质押给自然人郭鉴慷，于2025年11月10日将其所持有的公司股份 3,100,149股（占公司股份总数的0.58%）在中国证券登记结算有限责任公司办理 完毕解除质押登记手续。 证券代码：000048 证券简称：京基智农 公告编号：2025-062 | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 持股数量 | 持股 | 累计质押 | 占其所 | 占公司总 | 情况 | | 情况 | | | ...

Core Points - Jingji Zhino announced the completion of a share reduction plan by several executives, including the co-president and vice presidents [2] Group 1 - The company disclosed a pre-announcement regarding the share reduction plan on August 29, 2025, which involves several key executives [2] - The reduction period is set from September 22, 2025, to December 21, 2025, allowing for a three-month window for the share reduction through centralized bidding [2] - The company has received notification that the share reduction plan has been successfully implemented by the aforementioned shareholders [2]

Core Viewpoint - The pig farming industry is facing significant challenges as it enters the fourth quarter, with rising sales but declining revenues due to falling pig prices below cost levels and ongoing supply pressures [2][9]. Group 1: Sales and Revenue Trends - Many listed pig companies reported significant sales increases in October, with companies like Muyuan Foods (牧原股份) selling 7.076 million pigs, a year-on-year increase of 13.17%, but with a sales revenue decline of 22.28% to 10.331 billion yuan [3][4]. - Wens Foodstuff (温氏股份) sold 3.8928 million pigs in October, with a revenue of 5.048 billion yuan, reflecting a year-on-year sales increase of 45.69% but a revenue decline of 13.15% [4]. - New Hope (新希望) reported sales of 1.6851 million pigs, a 34.44% increase, but a revenue drop of 7.83% to 1.918 billion yuan [5]. Group 2: Profitability and Financial Health - The third quarter saw 19 out of 22 listed pig farming companies report a year-on-year decline in net profit, with 9 companies incurring losses. The total net profit for these companies was 5.684 billion yuan, down 35.86% from the previous quarter [7][8]. - Wens Foodstuff's third-quarter revenue was 25.937 billion yuan, a 9.76% decline, marking its first quarterly revenue drop in 2024, with a net profit decrease of 65.02% [7]. Group 3: Industry Challenges and Price Trends - The average price of pigs has been declining since September, reaching a low of 11.87 yuan/kg by November 17, down 30.26% year-on-year [9][11]. - The industry is experiencing negative profitability, with average losses of 185.68 yuan per pig for self-bred pigs and 289.07 yuan for purchased piglets as of late October [11]. Group 4: Capacity and Policy Responses - Despite ongoing capacity control policies, the reduction in the number of breeding sows has been minimal, with the total number of breeding sows only decreasing by 0.2% by the end of the third quarter [12]. - The government has mandated a reduction of 1 million breeding sows among 25 leading companies by January 2026, but the effectiveness of these measures remains to be seen [12][13]. Group 5: Cost Management Strategies - Leading companies like Muyuan Foods have successfully reduced their breeding costs from 13.1 yuan/kg in January to 11.6 yuan/kg by September, a decrease of approximately 11.5% [14][17]. - The primary costs in pig farming are feed and piglet costs, with feed accounting for over 60% of total costs. Recent trends show a decline in feed prices, which could help mitigate some financial pressures [14][16].

Group 1 - The company, Jingji Zhino, announced a share reduction plan by several executives, which will take place from September 22, 2025, to December 21, 2025, involving a total reduction of 400,000 shares, accounting for 0.07% of the company's total shares [1] - As of the first half of 2025, the company's revenue composition is as follows: 80.67% from the breeding industry, 11.69% from feed production, 5.38% from real estate development, 1.36% from property leasing, and 0.83% from hotel operations [1] - The current market capitalization of Jingji Zhino is 8.9 billion yuan [2]

证券代码：000048 证券简称：京基智农 公告编号：2025-061 深圳市京基智农时代股份有限公司 关于部分董事、高级管理人员 减持股份实施完成的公告 本公司董事、联席总裁蔡新平，董事、副总裁吴志君，副总裁谢永东，副总 裁王鸿鹤，副总裁、财务总监顾彬，副总裁尚鹏超保证向本公司提供的信息内容 真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 深圳市京基智农时代股份有限公司（以下简称"京基智农"）于 2025 年 8 月 29 日披露了《关于部分董事、高级管理人员减持股份的预披露公告》（公告 编号：2025-039），公司董事、联席总裁蔡新平，董事、副总裁吴志君，副总裁 谢永东，副总裁王鸿鹤，副总裁、财务总监顾彬，副总裁尚鹏超（以下统称"上 述股东"）计划在前述减持计划公告披露之日起十五个交易日后的三个月内（即 2025 年 9 月 22 日至 2025 年 12 月 21 日）以集中竞价交易方式减持其持有的部 分公司股份。 近日，公司收到上述股东的通知，获悉上述股东本次减持计划已实施完成。 现将有关情况公告如下： 二、本次减持计划的实 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 3.67 billion yuan for the first three quarters of 2025, a year-on-year decrease of 20.12%, and a net profit attributable to shareholders of 298 million yuan, down 50.50% year-on-year [2] - The decline in performance is primarily attributed to falling pig prices and the real estate sector's transition to inventory clearance, although the core breeding business remains resilient [3] - The company has optimized breeding costs, with the overall cost of pig breeding reduced to approximately 13.3 yuan/kg by the end of August 2025, maintaining profitability despite declining sales prices [4] - The real estate business is being steadily cleared, with inventory at 590 million yuan as of June 2025, while a new business initiative in trendy fashion and art IP is expected to open new growth avenues [5] - The company plans to increase pig output to approximately 2.3 million heads in 2025, with a focus on improving production efficiency and disease prevention [6] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 3.67 billion yuan, down 20.12% year-on-year, and a net profit of 298 million yuan, down 50.50% year-on-year [2] - The third quarter alone saw a revenue of 1.28 billion yuan, a decrease of 32.25% year-on-year, and a net profit of 71.76 million yuan, down 80.41% year-on-year [2] Business Analysis - The core breeding business showed resilience despite market challenges, with revenue from breeding activities at approximately 2.9 billion yuan, a decline of 1.86% year-on-year, and a net profit of about 308 million yuan, down 26.29% year-on-year [3] - The company has maintained a competitive edge in cost control, with breeding costs decreasing consistently [4] Strategic Outlook - The real estate business is undergoing planned inventory clearance, with remaining inventory valued at 590 million yuan as of June 2025 [5] - The new IP business launched in May 2025 is expected to create a second growth curve for the company [5] - The company has set a target of 2.3 million pigs for 2025, with a focus on enhancing production performance and disease management [6] Earnings Forecast - Revenue projections for 2025-2027 have been adjusted to 7.25 billion yuan, 9.37 billion yuan, and 11.88 billion yuan, respectively, with net profit estimates revised to 257 million yuan, 790 million yuan, and 966 million yuan [6]

Core Insights - The aquaculture sector experienced a slight increase of 0.31% on November 7, with Tianyu Biological leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Aquaculture Sector Performance - Tianyu Biological (603717) closed at 9.46, up 3.05% with a trading volume of 169,600 shares and a turnover of 160 million yuan [1] - Other notable performers included: - Luoniushan (000735) at 8.12, up 2.40% with a volume of 1,088,900 shares [1] - Zhengbang Technology (002157) at 66.7, up 1.36% with a volume of 1,212,200 shares [1] - Muyuans (002714) at 49.71, up 0.93% with a volume of 285,500 shares [1] Capital Flow Analysis - The aquaculture sector saw a net inflow of 223 million yuan from institutional investors, while retail investors experienced a net outflow of 11.04 million yuan [2] - Key stocks with significant capital flow included: - Muyuan (002714) with a net inflow of 214 million yuan from institutional investors [3] - Jingji Zhino (000048) with a net inflow of 50.59 million yuan from institutional investors [3] - Zhengbang Technology (002157) with a net inflow of 24.48 million yuan from institutional investors [3]

Market Overview - On November 6, the Shanghai Composite Index rose by 0.97%, with the total margin balance reaching 24,988.49 billion yuan, an increase of 7.371 billion yuan compared to the previous trading day [1] - The margin balance in the Shanghai market was 12,736.82 billion yuan, up by 6.533 billion yuan, while the Shenzhen market's margin balance was 12,172.10 billion yuan, increasing by 0.856 billion yuan [1] Industry Analysis - Among the industries tracked by Shenwan, 15 sectors saw an increase in margin balances, with the electronics sector leading with an increase of 4.468 billion yuan, followed by the power equipment and non-ferrous metals sectors, which increased by 2.510 billion yuan and 0.737 billion yuan, respectively [1] Stock Performance - A total of 1,764 stocks experienced an increase in margin balances, accounting for 47.15% of the market, with 301 stocks seeing an increase of over 5% [1] - Tianming Technology had the largest increase in margin balance, reaching 13.886 million yuan, a rise of 132.38% from the previous trading day, although its stock price increased by only 0.88%, underperforming the Shanghai index [1] - Other notable stocks with significant margin balance increases included Caneng Power and Fengyuan Co., with increases of 80.22% and 58.92%, respectively [1] Top Margin Balance Increases - The top 20 stocks by margin balance increase averaged a rise of 0.36%, with China West Electric, Jin'an Guoji, and Leshan Power leading with increases of 10.01%, 7.13%, and 7.11%, respectively [2] - Conversely, stocks like C Fengbei, Hopu Co., and Caneng Power saw declines of 14.42%, 7.33%, and 5.06% [2] Margin Balance Decreases - A total of 1,977 stocks experienced a decrease in margin balances, with 218 stocks seeing declines of over 5% [3] - Danan Biology had the largest decrease, with a margin balance of 6.628 million yuan, down by 63.72% from the previous trading day [4] - Other stocks with significant declines included Jingji Zhino and Xianying Technology, with decreases of 34.09% and 27.44%, respectively [4]

登录新浪财经APP 搜索【信披】查看更多考评等级 二、风险提示 证券代码：000048 证券简称：京基智农 公告编号：2025-060 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，根据《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》的相关规定，现将公司每月生猪销售情况公告如 下： 一、2025年10月生猪销售情况 2025年10月，公司销售生猪23.33万头（其中仔猪2.38万头），销售收入3.17亿元；商品猪销售均价11.87 元/kg。 2025年1-10月，公司累计销售生猪190.90万头（其中仔猪29.05万头），累计销售收入31.63亿元。 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。 注：因四舍五入，以上数据可能存在尾差。 （一）生猪养殖行业均面临生猪市场价格波动的风险。生猪市场价格的大幅波动，可能会对公司的经营 业绩产生重大影响。敬请广大投资者注意投资风险。 （二）动物疫病是畜牧行业发展中面临的 ...