Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Insights - The industry is undergoing transformation towards genetically modified (GM) and high-density, high-yield crop varieties to enhance food security in China [1][17] - The government emphasizes the importance of food security, aiming for self-sufficiency in grains and absolute safety in staple foods [10] - The introduction of GM crops is expected to significantly improve yield and reduce pesticide use, with GM corn showing a yield increase of 5.6%-11.6% [2][19] Summary by Sections 1. Food Security - Food security remains a fundamental issue for the country, with a focus on self-sufficiency and addressing structural contradictions in grain supply [10] - China has seen a continuous increase in grain imports, particularly for soybeans and corn, highlighting the need for improved crop yields [10][11] 2. National Initiatives for Yield Improvement - The government has launched initiatives to enhance grain yields through agricultural technology advancements, particularly in GM breeding [17] - The focus is on developing high-yield, pest-resistant, and herbicide-tolerant crop varieties to meet increasing demand [17][18] 3. Trends in Crop Breeding - **Trend 1: GM Breeding** - The approval of 161 GM corn varieties and 19 GM soybean varieties marks a significant step in the industry [2][18] - GM crops are expected to reduce pesticide use and improve yield efficiency [19] - **Trend 2: High-Density, High-Yield Corn Varieties** - The emphasis on breeding corn varieties that can withstand higher planting densities is seen as crucial for increasing yields [3][22] - Historical data shows that increasing planting density has significantly contributed to yield improvements in the U.S. [22][26] 4. Industry Overview for Q2 2025 - Major seed companies reported significant revenue growth in Q2 2025, with notable increases for companies like Longping High-Tech and Donghai Seed [28] - Despite revenue growth, many companies experienced profit declines due to seasonal factors and market conditions [28][29] - The report highlights the importance of R&D investment in maintaining competitive advantages in the seed industry [29][40] 5. Key Companies in the Industry - **Longping High-Tech** - A leading company in hybrid rice and corn, with a focus on R&D and innovation [37][38] - **Donghai Seed** - Known for its strong R&D capabilities and focus on high-yield corn varieties [39][41] - **Kangnong Seed** - A smaller company specializing in high-density varieties, showing consistent growth in revenue [42]

本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP, 参与本次互动交流，活动时间为 2025 年 9 月 15 日（周一）15:00-17:00。届时 公司高管将在线就公司业绩、公司治理、发展战略、经营状况等投资者关心的问 题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与。 特此公告。 国投丰乐种业股份有限公司董事会 证券代码：000713 证券简称：国投丰乐 公告编号：2025-042 国投丰乐种业股份有限公司 关于参加 2025 年安徽上市公司投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，国投丰乐种业股份有限公司（以下简称 "公司"）将参加由安徽证监局指导，安徽上市公司协会与深圳市全景网络有限 公司联合举办的"2025 年安徽上市公司投资者网上集体接待日活动"，现将相关 事项公告如下： 2025 年 9 月 10 日 ...

Group 1 - The company, Guotou Fengle (000713), stated on September 5 that there are currently no anti-involution activities in its industry [1]

Market Overview - The planting industry sector declined by 0.69% on September 2, with Nopson leading the decline [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Individual Stock Performance - Kangnong Agricultural (837403) saw a significant increase of 6.59%, closing at 29.60 with a trading volume of 86,500 shares and a turnover of 251 million yuan [1] - Nopson (002215) experienced a decline of 2.93%, closing at 11.93 with a trading volume of 394,200 shares and a turnover of 471 million yuan [2] - Other notable performers include Shennong Agricultural (681000E) with a 1.20% increase, and Huagu Biological (300970) remaining flat at 9.33 [1][2] Capital Flow Analysis - The planting industry sector experienced a net outflow of 108 million yuan from institutional investors, while retail investors saw a net inflow of 112 million yuan [2] - The capital flow for individual stocks indicates that Shennong Agricultural had a significant net outflow of 68.06 million yuan from institutional investors [3] - In contrast, Huagu Biological had a net inflow of 22.29 million yuan from retail investors, indicating a mixed sentiment among different investor types [3]

Investment Rating - The report indicates a positive outlook for the agriculture, forestry, animal husbandry, and fishery sectors, with a focus on improving profitability driven by declining feed costs and increased production scale [1][11]. Core Insights - The overall agricultural sector has seen a revenue increase of 6.12% year-on-year in H1 2025, reaching 614.8 billion yuan, with a significant profit increase of 198% to 27 billion yuan, primarily due to the recovery of the pig farming sector [1][11]. - The pig farming sector is experiencing a seasonal price decline, yet remains profitable due to reduced feed costs and increased production efficiency [2][28]. - The poultry farming sector has shown mixed performance, with revenue slightly declining by 0.29% in H1 2025, but net profit improved by 6.43% due to lower costs [3][21]. - The seed sector reported a revenue increase of 5.05% in H1 2025, although net profit turned negative, indicating challenges in seed sales due to falling grain prices [4][21]. Summary by Sections Industry Overview - Feed prices have been on a downward trend, improving overall farming costs. Pig prices have remained stable year-on-year, while poultry prices have been low but profitable across the supply chain. The agricultural product supply-demand balance is easing, with major product prices at low levels [1][11]. - In H1 2025, the sector achieved revenues of 614.8 billion yuan and net profits of 27 billion yuan, with significant contributions from the pig farming sector [1][11]. Pig Farming - In 2024, pig supply is expected to decrease, with prices showing seasonal trends. Despite a decline in prices post-October, the sector remains profitable. In Q1 2025, the average price was 15.01 yuan/kg, up 3.90% year-on-year, while Q2 saw a price drop to 14.56 yuan/kg, down 10.94% year-on-year [2][28]. - The pig farming sector generated revenues of 248.6 billion yuan in H1 2025, a 15.67% increase, with net profits soaring by 1551% to 17.1 billion yuan [2][28]. Poultry Farming - The poultry sector's revenue in H1 2025 was 33.7 billion yuan, a slight decline of 0.29%, but net profit increased by 6.43% to 1 billion yuan due to lower costs [3][21]. - The white feather chicken segment remains stable despite low prices, while the yellow feather chicken segment is recovering from previous losses [3][21]. Seed Sector - The seed sector reported revenues of 8.87 billion yuan in H1 2025, a 5.05% increase, but net profit turned negative, indicating challenges in the market [4][21].

Group 1 - The company reported a revenue of 1.15 billion yuan for the first half of 2025, representing a year-on-year decrease of 13.42% [1] - The net profit attributable to shareholders of the listed company was -28.03 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -31.27 million yuan [1] - The basic earnings per share were -0.0456 yuan [1]

（记者 王可然） 每经AI快讯，国投丰乐（SZ 000713，收盘价：7.16元）8月30日发布半年度业绩报告称，2025年上半年 营业收入约11.5亿元，同比减少13.42%；归属于上市公司股东的净利润亏损约2803万元；基本每股收益 亏损0.0456元。 每经头条（nbdtoutiao）——近120个品牌、1600辆车逐鹿西南！下半年国内首个A级车展开幕：新能 源"第三极"将改写车市格局 ...

Core Viewpoint - Guotou Fengle (000713.SZ) reported a decline in revenue and an increase in net losses for the first half of 2025 compared to the previous year [1] Financial Performance - The company's operating revenue for the first half of 2025 was 1.15 billion yuan, representing a year-on-year decrease of 13.42% [1] - The net loss attributable to shareholders of the listed company was 28.03 million yuan, which is an increase of 25.44% year-on-year [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 31.27 million yuan, reflecting a year-on-year increase of 14.33% [1] - The basic loss per share was 0.0456 yuan [1]

证券代码：000713 证券简称：国投丰乐 公告编号：2025-041 国投丰乐种业股份有限公司 关于对金岭种业超额业绩奖励的公告 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。 国投丰乐种业股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召开第七届董事会第十一次会议、第七届监事会第七次会议， 审议通过《关于对金岭种业超额完成承诺利润业绩奖励的议案》，同 意全资子公司张掖市丰乐种业有限公司（以下简称"张掖丰乐"）根 据与内蒙古金岭青贮玉米种业有限公司(以下简称"金岭种业"、"标 的公司")原股东金维波签署的《盈利预测补偿协议》之约定，对金 岭种业现任管理团队进行超额业绩奖励，奖励金额合计为 29.01 万元。 一、超额业绩奖励的基本情况 （一）本次超额业绩奖励的背景 二、业绩承诺的完成情况及奖励金额 公司于 2022 年 1 月 27 日召开第六届董事会第七次会议、第六届 监事会第六次会议，审议通过了《关于全资子公司张掖丰乐收购金岭 种业 100%股权的议案》，并经 2022 年 2 月 16 日召开的 2022 年第一 次临时股东大会审议通 ...

国投丰乐种业股份有限公司 关于国投财务有限公司的风险持续评估报告 按照《深圳证券交易所上市公司自律监管指引第 7 号—交易与关 联交易》的要求，国投丰乐种业股份有限公司（以下简称"公司"） 通过查验国投财务有限公司（以下简称"国投财务"）《金融许可证》 （一）法定代表人：崔宏琴 （二）注册地址：北京市西城区阜成门北大街 2 号 18 层 （三）企业类型：其他有限责任公司 （四）统一社会信用代码：911100007178841063 （五）业务范围：吸收成员单位存款；办理成员单位贷款；办理 成员单位票据贴现；办理成员单位资金结算与收付；提供成员单位委 托贷款、债券承销、非融资性保函、财务顾问、信用鉴证及咨询代理 业务；从事同业拆借；办理成员单位票据承兑；办理成员单位产品买 方信贷；从事固定收益类有价证券投资。 （六）股权结构： | 序号 | 股东名称 | 出资额（万元） | 持股比例 | | --- | --- | --- | --- | | 1 | 国家开发投资集团有限公司 | 178,000 | 35.60% | | 2 | 国投资本控股有限公司 | 97,500 | 19.50% | | 3 | 雅砻江流 ...