农产品交流会 20260324 摘要 公司为农批市场全国布局唯一龙头，占据实体一级市场 10%份额，经手 生鲜流通量 70%-80%，成熟市场毛利率达 60%，净利润率 30%。 全产业链转型加速：2025 年进出口业务营收近 20 亿，城配业务 12 亿， 数字化支付覆盖 500 亿交易额，初步实现"以销定产"订单农业模式。 新项目节点明确：成都新津项目预计 2028 年开业；上海惠南项目已开 工；广州南沙进口食材中心 2026 年上半年开工；深圳南方物流预计 2026Q3 开业。 资产盘活贡献非经收益：2026 年上半年将确认约 6,000 万土地补偿款； 深圳布吉、龙辉花园等城市更新项目预计未来三年内陆续落地。 资本开支与分红：2026 年预计资本开支 5-8 亿元，维持滚动开发；分 红稳定在 30%-40%，在国资与险资股东诉求下具备稳健提升空间。 资本运作预期：计划 2026 年启动公募 REITs 申报，推动农批资产轻重 分离；针对武汉、长春亏损市场推行"一企一策"减亏方案。 Q&A 请介绍一下公司近期的业务情况、行业趋势以及公司的主要业务板块构成？ 公司始终聚焦于生鲜农产品流通领域的实体农批市场 ...

证券代码：000061 证券简称：农产品 公告编号：2026-012 深圳市农产品集团股份有限公司关于全资子公司 果菜公司对云南天露公司债转股增资并受让农发基 二、债转股及受让农发基金出资的历史情况 特此公告。 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。 深圳市农产品集团股份有限公司 一、交易概述 深圳市农产品集团股份有限公司（以下简称"公司"）第八届董 事会第二十九次会议审议通过了《关于同意全资子公司果菜公司对其 参股公司云南天露公司"债转股"增资并受让农发基金对云南天露公 司全部出资的议案》，同意公司全资子公司深圳市果菜贸易有限公司 （以下简称"果菜公司"）对其原参股公司云南天露高原果蔬有限公 司（以下简称"云南天露公司"）债权中 4,694 万元，以"债转股" 方式对云南天露公司增资，增加云南天露公司注册资本 4,694 万元， 并以合计 5,100 万元的对价分期受让中国农发重点建设基金有限公司 （以下简称"农发基金"）对云南天露公司全部 5,100 万元出资。董 事会授权管理层签署《债务及股权重组协议》（以下简称"协议"）， 办理工商变更登记手续 ...

证券代码：000061 证券简称：农产品 公告编号：2026-011 深圳市农产品集团股份有限公司 关于开立募集资金专用结算账户的公告 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。 深圳市农产品集团股份有限公司（以下简称"公司"）于 2025 年 9 月 18 日召开第九届董事会第三十次会议，同意公司使用总金额 不超过人民币 13.70 亿元暂时闲置募集资金进行现金管理，使用期限 自董事会审议通过之日起 12 个月内有效，在上述额度及决议有效期 内，资金可以滚动使用；董事会授权管理层具体实施相关事宜并签 署合同等相关文件。具体内容详见公司于 2025 年 9 月 20 日刊登在 《证券时报》《中国证券报》《上海证券报》《证券日报》及巨潮 资讯网的公告。 就上述授权事项，公司于 2026 年 3 月 18 日与华夏银行股份有 限公司深圳分行、保荐机构国信证券股份有限公司签订《募集资金 现金管理专用结算账户三方监管协议》，开立了募集资金专用结算 账户，账户信息如下： | 开户主体 | 开户银行 | 账号 | | --- | --- | --- | | 深圳市农产 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the agricultural sector and its potential as a "bullish option" for investment in 2026, alongside oil and petrochemical industries [2][3][6] Core Insights and Arguments - **Investment Strategy for 2026**: The core strategy is to "eliminate undervaluation," with a focus on four key sectors: petrochemicals, agriculture, Hang Seng technology, and liquor [2][7] - **Oil Price Projections**: Oil prices are expected to rise by 20%, targeting $120 per barrel, with a theoretical ceiling of $200 per barrel due to geopolitical tensions and supply constraints [2][3] - **Coal Chemical Sector**: The profitability of the coal chemical sector is expected to increase significantly as oil prices rise above $75 per barrel, with current prices exceeding $100 per barrel [5] - **Agricultural Sector Timing**: The agricultural sector is anticipated to start its upward trend in Q2-Q3 of 2026, as it is currently undervalued and has limited downside risk [2][6] Additional Important Insights - **Historical Context**: The agricultural sector is viewed as the final phase of the commodity supercycle, which began in July 2020 with gold prices. This cycle typically lasts 3-5 years, suggesting a peak around mid-2026 to mid-2027 [5][6] - **Market Dynamics**: The agricultural index has been in a downward trend since 2021 and is currently at historical lows, indicating potential for recovery as oil prices stabilize [5][6] - **Sector Rotation**: The agricultural sector is considered a "bullish option" due to its current stagnation compared to other sectors that have already seen significant gains [6][7] Investment Recommendations - **2026 Investment Strategy**: The recommendation is to increase allocations in petrochemicals, large refining, and agriculture in the first half of 2026, followed by a shift to Hang Seng technology and liquor in the second half as liquidity conditions improve [2][7]

证券代码：000061 证券简称：农产品 公告编号：2026-010 深圳市农产品集团股份有限公司 关于对参股公司提供财务资助的进展公告 2025 年度，在上述决策额度内，公司与武汉联投根据武汉海吉 星实际资金使用需求，按出资比例分期向武汉海吉星提供借款，公司 共计提供借款金额为 3,037.04 万元。截至 2026 年 3 月 13 日，上述借 款已部分到期，到期金额为 1,923.46 万元。因武汉海吉星所负责项目 尚处于招商培育阶段，暂无充足资金偿还该部分借款本金和资金占用 成本。 三、采取的措施及该事项的影响 武汉海吉星正在积极推动与有市场经营管理经验和客户资源的 合作方洽谈合作事宜，加快推进项目招商工作；同时正与政府相关部 门按步骤推进还建项目回购事宜，通过多种举措改善经营状况、盘活 资产，提升偿债能力。就上述借款，公司已按照会计准则相关规定计 提减值准备，该事项风险基本可控，不影响公司正常生产经营，对公 司损益不构成重大影响。公司将充分维护公司和股东权益，积极与武 汉海吉星沟通可行的还款措施，督促武汉海吉星尽快履行还款义务。 公司将根据事项进展及时履行信息披露义务，敬请投资者理性判 断，注意投资 ...

贡献。董事会对向自力先生任职期间勤勉尽责的工作态度以及为公司 所做的贡献表示感谢！ 特此公告。 深圳市农产品集团股份有限公司 关于董事、财务总监辞职的公告 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。 深圳市农产品集团股份有限公司（以下简称"公司"）董事会于 2026年 3 月 12 日收到向自力先生的辞呈，向自力先生因工作调动原因， 申请辞去公司第九届董事会董事、薪酬与考核委员会委员职务，同时 辞去公司财务总监职务，辞职后不再担任公司及控股子公司其他职务。 向自力先生原定任期至 2026 年 1 月 16 日（第九届董事会任期届 满），公司正在推进董事会换届事宜，其辞职未导致公司董事会成员 人数低于法定最低人数，亦不会影响公司及董事会的正常运作。根据 《公司法》《公司章程》等有关规定，向自力先生的辞职报告自送达 公司董事会之日起生效。向自力先生已按照公司《董事、高级管理人 员离职管理制度》做好工作交接，公司将按照法定程序尽快完成董事 补选及财务总监的聘任工作。 截至本公告披露日，向自力先生未直接持有公司股票，其承诺遵 守《公司法》《深圳证券交易所上市公司自 ...

Summary of Conference Call Transcript Company and Industry Overview - The company, 深农集团, holds a 10% market share in the national regulated agricultural products market, with a fresh produce wholesale transaction rate of 70%-80% [2][4] - The company operates over 30 markets, with 75% of them in a mature stage, achieving a gross margin of over 60%, a net margin of approximately 30%, and a return on equity (ROE) exceeding 10% [2][6] Key Points and Arguments Market Performance and Revenue Structure - Revenue structure consists of 50% from rental income, 20% from commission fees, and a comprehensive fee rate of about 1% to 1.5% [2][16] - Price fluctuations have a lagging effect on performance, requiring a long-term upward trend over approximately one year to manifest [2][5] - Recent increases in agricultural product prices are expected to positively impact the fresh produce circulation industry in the medium to long term, supporting the company's revenue from various fees [4][5] Expansion and Development Strategy - The company is shifting its expansion strategy towards a light-heavy separation model, focusing on fund investments and light asset outputs in second and third-tier cities [2][6] - Currently, about 10 projects are under construction, with an average funding cost slightly above 2% [2][13] Specific Projects and Financial Outlook - The Shenzhen Southern Aquatic Market is expected to open in Q3 2026, with a plan to reduce losses starting in 2027 [2][7] - The Changchun project aims to achieve resource integration by 2026, while the Tianjin phase one project has already turned a profit of 60 million yuan [2][7] Market Dynamics and Consumer Trends - The average occupancy rate in mature markets is around 90%, while the occupancy rate in nurturing markets is less reliable due to varying transaction volumes [7][9] - The company is adapting its market operations and product mix to align with changing consumer demands, focusing on high-quality products and competitive pricing [4][5] Competitive Position and Industry Trends - The company plays a crucial role in the fresh supply chain as a primary wholesale infrastructure provider, with a significant market presence in major cities [9][10] - The competitive landscape indicates that no single business model can cover all fresh circulation channels, leading to a collaborative future among various channels [10][11] Corporate Governance and Financial Strategy - The company has completed management team stock ownership in 2025, supported by a 1.3 billion yuan capital increase from state-owned assets [3][11] - The average funding cost is currently just above 2%, with recent bond issuances at a favorable rate of 1.69% [13][12] Future Growth and Acquisition Plans - Future growth is expected to come from three main areas: operations of physical wholesale markets, upstream and downstream sales, and asset management [18][17] - The asset management segment focuses on the disposal of fixed assets or equity, contributing to revenue and cash flow [19][18] Additional Important Insights - The company is actively exploring acquisition opportunities across the entire supply chain, having previously expanded through acquisitions of existing wholesale markets [17][18] - The company’s growth target emphasizes steady growth, aligning with industry trends and its operational characteristics [18][19]

3、公司全产业链业务的未来规划 公司以"现代农产品流通全产业链资源提供商和服务商"为 战略定位，通过全产业链赋能，持续为商户提供上游优质货源、 下游渠道支持以及其他产业链服务，助力商户稳定经营，形成市 场与商户共生、共融、共同发展的格局。未来，公司将坚持有质 量的增长，聚焦全产业链优势业务和品种深耕细作，强化品牌打 造，夯实核心竞争力，提升整体盈利水平。 证券代码：000061 证券简称：农产品 编号：2026-003 4、公司未来收入的主要动能来源 深圳市农产品集团股份有限公司投资者关系活动记录表 | 投资者关系活动类别 | 特定对象调研 ☐ 分析师会议 | | | --- | --- | --- | | ☐ | 媒体采访 ☐ 业绩说明会 | | | ☐ | 新闻发布会 路演活动 ☐ | | | ☐ | 现场参观 | | | ☐ | 其他（请文字说明其他活动内容） | | | 形式 | 网上 电话会议 | 现场 | | | 1.现场交流：中金公司、朴拙资本、天宝投资、招商基金等基金经 理、分析师、研究员共4名。 | | | 参与单位名称及人员姓名 | 2.电话会议：东方证券、东证固收、平安资产、国融 ...

Summary of Key Points from Conference Call Records Industry Overview - The records primarily discuss the **energy sector** and its impact on **agricultural products** due to geopolitical tensions in the Middle East, particularly the conflict affecting Qatar's LNG exports and the risks associated with the Strait of Hormuz [1][2][3]. Core Insights and Arguments Energy Prices and Geopolitical Impact - The conflict has led to a significant disruption in Middle Eastern oil and gas production, with approximately **20% of refinery facilities** affected and Qatar's LNG exports nearly halted [2]. - The potential for oil prices to surge to **$140** exists if geopolitical tensions escalate further, while a resolution within two weeks could see prices stabilize around **$80** [3]. - If disruptions persist into Q2, oil prices may be reassessed to remain above **$120** [3]. Agricultural Products and Cost Transmission - High oil prices are expected to transmit through energy costs (accounting for **25%-27%** of agricultural production costs), potentially leading to a bullish cycle for agricultural products starting in **2026** [1][6]. - Specific agricultural products like **soybean meal** are projected to maintain a target price of **3,200 CNY/ton** due to low import volumes and high pig production capacity [1]. - **Corn prices** are supported by high planting costs and reduced planting area expectations in the U.S., maintaining a strong price outlook [1][12]. Market Dynamics and Price Trends - The agricultural sector initially reacted slowly to rising oil prices but has begun to catch up, with significant price increases observed in various products over the last few days [5][6]. - The lag in cost transmission from oil prices to agricultural products typically spans **2-3 quarters**, making the current period critical as it coincides with the spring planting season in the Northern Hemisphere [5][6]. Supply Chain and Inventory Considerations - The **U.S. strategic petroleum reserve (SPR)** may be tapped to buffer supply disruptions, although this action does not guarantee a market turning point [4][5]. - The agricultural supply chain is under pressure, with domestic soybean imports remaining low and inventories being depleted, which could lead to tighter supply conditions [10]. Additional Important Insights - The **demand side** is influenced by a strong U.S. dollar, which may suppress global demand for U.S. soybeans and Brazilian corn, impacting agricultural prices [7]. - The **2026 agricultural cycle** is at a critical juncture, with potential for a shift from bearish to bullish trends, but caution is advised regarding weather risks and cost transmission effects [8]. - The **price of U.S. soybeans** has recently surpassed **1,200 cents**, driven by favorable conditions and supportive oil prices, but future upward momentum may be limited by South American supply pressures [9][10]. Conclusion - The records highlight the interconnectedness of energy prices and agricultural markets, emphasizing the need for close monitoring of geopolitical developments and their implications for supply chains and pricing dynamics in both sectors.

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - Key policy points from the Two Sessions include: 1) issuance of 250 billion yuan in ultra-long special government bonds to support the replacement of consumer goods; 2) establishment of a 100 billion yuan fiscal-financial collaboration fund to promote domestic demand through loan interest subsidies and financing guarantees; 3) implementation of actions to enhance service consumption and create new consumption scenarios to stimulate consumption in lower-tier markets. The impact on the commercial sector is expected to be positive in the short term due to the replacement policy driving demand for durable consumer goods, benefiting retail, home appliance chains, and brand distributors with channel advantages. In the medium to long term, the upgrade of service supply and new consumption trends will become new growth points, pushing the commercial sector towards a "goods + services" model. The policy implementation is likely to favor leading companies with supply chain integration and digital operation capabilities, indicating a potential improvement in industry concentration [1][13]. Industry Data Tracking - GMV performance: In the fourth week of January, the overall GMV of Tmall and JD.com increased by 81.52% year-on-year, likely related to the timing of the New Year goods festival. The top five categories in terms of growth were automotive and bicycles, home decoration, books and audio-visual products, watches, and outdoor sports [3][23]. - Hotel performance: In the 9th week of 2026, the national hotel RevPAR increased by 6.0% year-on-year, with an occupancy rate of 55.1%, a slight decline of 1.8 percentage points year-on-year. The ADR and RevPAR were 198.3 yuan and 109.2 yuan, respectively, showing year-on-year growth of 9.5% and 6.0% [2][19]. Market Review - In the week from March 2 to March 6, 2026, the Shanghai Composite Index, Shenzhen Component Index, CSI 300, Hang Seng Index, and Hang Seng Tech Index decreased by -0.93%, -2.22%, -1.07%, -3.28%, and -3.70%, respectively. The commercial retail sector saw a decline of -3.91%, ranking 8th among the nine major consumption sectors. Notable stock performances included Su Mei Da and He Mei Group with significant gains, while Jin He Commercial Management and others experienced notable declines [4][28][30]. Investment Recommendations - Gold and jewelry: The report suggests a continued recommendation for brands like Lao Pu Gold, which has seen consumer acceptance of price increases better than expected, with a potential for margin optimization. The brand's strong performance is validated by high customer traffic in major cities post-price adjustment. For Chao Hong Ji, new product launches are expected to strengthen the franchise model, with a focus on improving profitability through increased self-production and optimized product structure [6][37]. - The report also recommends focusing on retail companies like Yonghui Supermarket, which is transitioning to a selective retail model, leveraging its strong fresh produce sales and operational experience to create a competitive advantage [6][38].