Core Insights - The company reported a total revenue of 1.541 billion yuan for Q1 2025, marking a year-on-year increase of 46.77% [1] - The net profit attributable to shareholders decreased by 9.80% year-on-year to 74.4558 million yuan [1] - The operating cash flow increased by 7.44% year-on-year to 321 million yuan, indicating a positive trend over two consecutive years [1] Financial Performance - The latest debt-to-asset ratio is 60.30%, a decrease of 2.48 percentage points from the previous quarter and 1.44 percentage points from the same period last year [3] - The gross profit margin is 22.02%, down 4.66 percentage points from the previous quarter and 9.73 percentage points year-on-year [3] - The return on equity (ROE) stands at 1.17%, a decline of 0.17 percentage points compared to the same period last year [3] - The diluted earnings per share (EPS) is 0.04 yuan, showing a year-on-year decrease of 9.67% [3] Efficiency Metrics - The total asset turnover ratio is 0.07 times, an increase of 38.92% year-on-year [3] - The inventory turnover ratio is 1.26 times, reflecting a year-on-year increase of 57.66% [3] Shareholder Structure - The number of shareholders is 40,200, with the top ten shareholders holding 1.282 billion shares, accounting for 75.54% of the total share capital [3] - The largest shareholder is Shenzhen Agricultural and Food Investment Holding Group Co., Ltd., holding 34.00% [3]

Core Insights - Hubei province has seen the emergence of several regional public brands such as Qianjiang crayfish, Suizhou mushrooms, Honghu lotus root, and Wudang Mountain tea, aiming to expand these high-quality agricultural products to national and global markets [1][2] Group 1: Agricultural Product Development - The "Taste of China Good Raw Materials and CMG Rural Revitalization Launch Series Event" was initiated in Qichang County, Hubei, which is known for its high-quality navel oranges [1] - Qichang County has a history of 2300 years in orange cultivation, with over 130 varieties, a planting area exceeding 400,000 acres, and an annual production of over 1 million tons, generating a comprehensive output value of 20.3 billion yuan [1][2] Group 2: Technological and Market Innovations - The introduction of a million-yuan optical sorting line allows for rapid assessment of fruit quality, enabling the sale of navel oranges by individual pieces rather than by weight, resulting in sales of 3.2 million pounds and revenue exceeding 24 million yuan in just five days [2] - The brand value of "Qichang Navel Orange" has reached 16.678 billion yuan, establishing it as a nationally recognized agricultural product brand [2] Group 3: Lotus Root Industry Growth - Honghu City, a major lotus root cultivation area, has a planting area of 220,000 acres and an annual production of nearly 300,000 tons, with a comprehensive output value surpassing 6.5 billion yuan [4] - The provincial government has implemented the "Lotus Seven Measures" to support the development of the "Honghu Lotus Root" brand, allocating 10 million yuan annually [4][5] Group 4: E-commerce and Tourism Integration - Honghu's lotus root industry has embraced e-commerce, with nearly 8 billion yuan in annual online sales, supported by 682 registered e-commerce entities related to the lotus root industry [5] - The integration of tourism with the lotus root industry has attracted 287,000 visitors, generating a comprehensive income of 900 million yuan from tourism [5] Group 5: Strategic Collaborations - Hubei's cities have formed strategic partnerships with Liangpinpuzi to promote regional public brands through direct sourcing, standardization, and brand promotion [5] - The emphasis on merging local agricultural products with regional public brands is seen as crucial for expanding market reach, with consumer trust being the ultimate goal [5]

4月30日，农业农村部党组书记、部长韩俊主持召开部党组会议，强化政策谋划实施，抓实抓细农业农 村各项工作，牢牢稳住"三农"基本盘，为促进经济持续回升向好提供基础支撑。会议强调，要着力稳定 粮食等重要农产品生产供应，紧盯不放抓好夏粮生产，进一步强化旱情灾情第一时间响应机制，及时派 出工作组和科技小分队指导抗旱救灾工作，努力减轻旱情影响，围绕三夏重要关口及早落实稳产增产措 施，奋力夺取夏粮丰收。要持续抓好奶牛肉牛产业纾困，合理调控生猪产能，深挖农业农村领域消费潜 力，加快实施农业农村领域"人工智能+"行动。要防范化解农业农村领域风险隐患，加强渔船渔港、农 机等重点领域安全风险排查整治，坚决遏制重特大事故发生。(人民财讯) ...

Core Points - The joint enforcement action aims to ensure food safety during the May Day holiday and consolidate the achievements in pesticide residue management of edible agricultural products [1] - The action involves multiple departments including market supervision, agriculture, public security, and transportation [1] Group 1 - The joint enforcement action inspected 3 agricultural markets, 36 aquatic product businesses, and 8 vehicles transporting aquatic products, focusing on compliance with food safety responsibilities [2] - A total of 4 enforcement actions have been conducted since January 2025, inspecting 1,082 market entities and conducting 8,976 rapid quality safety tests on edible agricultural products [2] - The enforcement actions resulted in 11 cases being filed for violations [2] Group 2 - The market supervision bureau plans to strengthen enforcement efforts against illegal use of pesticides and veterinary drugs in edible agricultural products [3] - The goal is to establish a traceable quality safety system for edible agricultural products from farm to table [3]

金十期货4月29日讯，据农业农村部监测，4月29日"农产品批发价格200指数"为117.32，比昨天下降0.81 个点，"菜篮子"产品批发价格指数为118.07，比昨天下降0.95个点。截至今日14:00时，全国农产品批发 市场猪肉平均价格为20.78元/公斤，比昨天下降0.4%；牛肉62.80元/公斤，比昨天上升0.9%；羊肉59.33 元/公斤，比昨天上升0.1%；鸡蛋8.18元/公斤，比昨天下降0.5%；白条鸡17.34元/公斤，比昨天上升 1.3%。 全国农产品批发市场猪肉平均价格比昨天下降0.4% ...

Core Insights - The social security fund has invested in 478 stocks by the end of Q1, with 46 stocks held for over 20 consecutive quarters [1] - The fund's long-term holdings include 257 stocks held for more than four quarters, with 169 stocks held for over two years [1] - Notable long-term holdings include China Overseas Land & Investment, Zhongnan Media, and others, with the longest-held stock being China Overseas Land & Investment since Q2 2011 [1] Holdings Overview - The top holdings by quantity include Changshu Bank (254 million shares), Hualu Hengsheng (122 million shares), and China Jushi (84.52 million shares) [2] - The highest holding percentages are Changshu Bank (8.42%), Hualu Hengsheng (5.77%), and Keri International (5.70%) [2] - Among the 46 stocks, 12 saw an increase in holdings, with significant increases for Huayu Automotive (62.65%), Hualu Hengsheng (19.18%), and Yanjinpuzi (17.90%) [2] Performance Analysis - Of the 46 stocks, 28 reported year-on-year profit growth, with notable increases from Xiantan Co. (583.83%), Zhongyuan Media (234.61%), and China Jushi (108.52%) [3] - Conversely, 17 stocks experienced profit declines, with the largest decreases from Tianrun Dairy (-1713.36%), China Overseas Land & Investment (-303.09%), and Zhongqi Co. (-245.04%) [3] - Stocks with consistent profit growth over the past three years include Aide Biology, Yutong Bus, and Blue Sky Technology [3] Industry Distribution - The 46 stocks are concentrated in industries such as basic chemicals (6 stocks), automotive (5 stocks), and pharmaceutical biology (5 stocks) [2] - The main board contains 30 stocks, while the ChiNext board has 15 stocks, and the Sci-Tech Innovation board has 1 stock [2]

Core Viewpoint - The establishment of the "Digital Business and New Farmer Training" technology small courtyard in Dali, Yunnan, represents a significant step in integrating agricultural research, technology services, and talent cultivation, addressing the challenges of agricultural product marketing and technology application in rural revitalization [1][4]. Group 1: Development of Technology Small Courtyards - The first technology small courtyard was established in 2009, and as of now, over 1,800 such courtyards have been built across the country, playing a crucial role in rural revitalization [1]. - The "Digital Business and New Farmer Training" technology small courtyard is the first of its kind to focus on the integration of digital commerce and new farmer training [1][4]. Group 2: Collaboration and Product Marketing - Yang Jing, a graduate from the technology small courtyard, is responsible for selecting high-quality agricultural products from over 1,800 technology small courtyards and coordinating their sales [2][3]. - The national technology small courtyard collaboration network has been upgraded to a multi-dimensional organization focusing on government, industry, academia, research, and application [2][3]. Group 3: E-commerce and Supply Chain - The recent central government document emphasizes the need to accelerate the construction of modern circulation networks for agricultural products and support high-quality rural e-commerce development [4]. - The "Digital Business and New Farmer Training" technology small courtyard has recently launched over 100 SKUs covering high-quality agricultural products from more than 20 technology small courtyards, aiming for market entry and brand establishment [4]. Group 4: Agricultural Innovation and Market Demand - The focus has shifted from merely improving planting techniques to also addressing the sales and market demand for agricultural products, recognizing the importance of connecting production with consumer needs [7][11]. - The integration of technology and market demand is seen as a pathway to enhance the quality and profitability of agricultural products, ultimately benefiting farmers and contributing to rural revitalization [11].

Core Viewpoint - The integration of the liquor industry with specialty agricultural products under the "Liquor+" model is seen as a promising path for innovation, enhancing the market value of agricultural products while ensuring high-quality raw material supply for the liquor industry, thus promoting rural revitalization [1][2]. Industry Development - The liquor industry is transitioning from extensive development to high-quality growth, leveraging technological innovation and digital brewing to reshape the value chain [2][3]. - The "Liquor+" model extends the value chain by embedding agricultural products into high-value liquor production, enhancing both vertical and horizontal integration [2][3]. Agricultural Standards and Quality - The lack of unified standards in traditional agricultural production often leads to inconsistent quality, which the "Liquor+" model addresses through collaboration in research, talent development, and standardized cultivation practices [3][4]. - Significant investments in research and development are being made, with over 12 million yuan allocated in the past three years for breeding new varieties of sorghum [3]. Economic Impact - The liquor industry significantly contributes to the economy, with leading companies generating substantial agricultural output growth; for every 100 million yuan in revenue, an average of 22 million yuan in upstream agricultural value is created [6]. - The price of high-quality sorghum has increased significantly due to improved cultivation practices, with prices reaching 11.2 yuan per kilogram for premium varieties [6]. Collaborative Development - The "Liquor+" model fosters collaboration between liquor companies and farmers, ensuring stable pricing and long-term contracts that benefit agricultural producers [6][8]. - Innovative agricultural practices, such as the use of modern technology for crop management, are being implemented to enhance efficiency and product quality [7][8]. Social and Economic Benefits - The model promotes a dual income stream for farmers through land leasing and labor opportunities, contributing to rural economic stability [8]. - The "Liquor+" initiative is not merely an industry overlay but a reconstruction of the industrial ecosystem, aiming for sustainable agricultural modernization [8].

深圳市农产品集团股份有限公司 二〇二四年度 内部控制审计报告 致同会计师事务所（特殊普通合伙） 致同会计师事务所（特殊普通合伙） 中国北京 朝阳区建国门外大街 22 号 赛特广场 5 层 邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 内部控制审计报告 致同审字（2025）第 441A018610 号 深圳市农产品集团股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求， 我们审计了深圳市农产品集团股份有限公司（以下简称深农集团）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由 于情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度 降低，根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 1 四、财务报告内部控制审计意见 我们认为，深农集团于 2024 年 12 月 31 日按照《企业内部控制基本规范》 和相关规定在所有重大方面保持了有效的财务报告内部控制。 ...