Investment Rating - The report maintains a "Buy" rating for the company [2][9][48]. Core Insights - The company has received approval for its first batch of genetically modified corn varieties, which is expected to benefit from the commercialization of genetically modified crops. Currently, two varieties have been approved, and the company anticipates an increase in sales scale and market share due to its first-mover advantage [2]. - The State Investment Group plans to acquire a 20% stake in the company, which is expected to enhance technical capabilities and resource integration. This acquisition has been approved by the State-owned Assets Supervision and Administration Commission, and it is anticipated that the new ownership will strengthen the company's core business and support national food security strategies [2]. - The company's seed business is projected to benefit from the new shareholder's resources and the promotion of genetically modified corn, while the agricultural chemical business may face pressure due to market downturns and increased competition [2][9]. Financial Performance Summary - In 2023, the company achieved operating revenue of 31.14 billion yuan, a year-on-year increase of 3.61%. However, the net profit attributable to the parent company was 0.40 billion yuan, a significant decline of 31.62% year-on-year, primarily due to lower prices of domestic chemical products and adverse external conditions affecting profitability [4][15]. - The seed business generated revenue of 8.84 billion yuan in 2023, reflecting a growth of 34.22%, with corn, rice, and wheat seed revenues increasing by 35%, 37%, and 37% respectively. The gross margin for the seed business was 28.60% [4][15]. - The agricultural chemical business reported revenue of 19.28 billion yuan, a decrease of 6.66% year-on-year, with the gross margin at 6.07% [4][15]. - For the first quarter of 2024, the company reported operating revenue of 5.80 billion yuan, a decline of 5.63% year-on-year, and a net loss of 0.14 billion yuan, a drastic drop of 271.43% year-on-year [4][15]. Profit Forecast and Financial Metrics - The company’s net profit forecasts for 2024 and 2025 have been revised down to 0.6 billion yuan and 0.8 billion yuan respectively, with a projected net profit of 1.2 billion yuan for 2026. Corresponding EPS estimates are 0.10, 0.14, and 0.20 yuan for 2024, 2025, and 2026 respectively [9][14]. - The financial metrics indicate a decline in net profit margin and return on equity (ROE) for 2023, with ROE at 2.1% compared to 3.1% in 2022 [14].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's seed business continues to grow, while the agrochemical business is under short-term pressure. In 2023, the company achieved operating revenue of 3.114 billion yuan, a year-on-year increase of 3.61%, and a net profit attributable to the parent company of 40 million yuan, a year-on-year decrease of 31.62% [3][4] - The company has received approval for its first batch of genetically modified corn varieties, which is expected to benefit from the commercialization of genetically modified crops [4] - The company is set to be acquired by Guotou Group, which is expected to enhance technical capabilities and resource integration [4] Financial Forecasts and Indicators - Revenue forecasts for the company are as follows: - 2022: 3,005 million yuan - 2023: 3,114 million yuan - 2024E: 3,318 million yuan - 2025E: 3,496 million yuan - 2026E: 3,685 million yuan - Year-on-year growth rates are 14.8%, 3.6%, 6.6%, 5.4%, and 5.4% respectively [2] - Net profit forecasts are as follows: - 2022: 59 million yuan - 2023: 40 million yuan - 2024E: 59 million yuan - 2025E: 84 million yuan - 2026E: 120 million yuan - Year-on-year growth rates are -67.9%, -31.6%, 47.3%, 41.8%, and 43.2% respectively [2] - Earnings per share (EPS) forecasts are: - 2022: 0.10 yuan - 2023: 0.07 yuan - 2024E: 0.10 yuan - 2025E: 0.14 yuan - 2026E: 0.20 yuan [2] Business Performance - The seed business generated revenue of 884 million yuan in 2023, a year-on-year increase of 34.22%, with corn, rice, and wheat seed revenues growing by 35%, 37%, and 37% respectively [3][4] - The agrochemical business generated revenue of 1.928 billion yuan in 2023, a year-on-year decrease of 6.66% [3][4] - The gross margin for the seed business was 28.60%, down 1.13 percentage points year-on-year, while the agrochemical business had a gross margin of 6.07%, down 1.08 percentage points year-on-year [3][4]

内蒙古金岭青贮玉米种业有限公司 业绩承诺实现情况说明的审核报告 大华核字[2024]0011005012 号 大 华 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) Da Hua Certified Public Accountants（Special General Partnership） 内蒙古金岭青贮玉米种业有限公司 业绩承诺实现情况说明的审核报告 | | | 一、 业绩承诺实现情况说明的审核报告 1-2 二、 内蒙古金岭青贮玉米种业有限公司业绩承诺 实现情况说明 1-2 大华会计师事务所（特殊普通合伙） 北京市海淀区西四环中路 16 号院 7 号楼 12 层 [100039] 电话：86 (10) 5835 0011 传真：86 (10) 5835 0006 www.dahua-cpa.com 业 绩 承 诺 实 现 情 况 说 明 的 审 核 报 告 大华核字[2024]0011005012 号 错误!未找到引用源。全体股东： 我们审核了后附的错误!未找到引用源。（以下简称错误!未找到 引用源。）编制的《内蒙古金岭青贮玉米种业有限公司业绩承诺实现 情况说明》。 一、管理层的责任 按照规定，编 ...

合肥丰乐种业股份有限公司独立董事 2023 年度述职报告 （王金峰） 作为合肥丰乐种业股份有限公司（以下简称"公司"或"丰乐 种业"）的独立董事，本人严格按照《公司法》《上市公司独立董 事管理办法》等相关法律法规的规定和要求，独立客观、忠实勤勉 履行独立董事职责，切实维护公司整体利益和股东利益，尤其是中 小股东的合法权益。现将 2023 年度履职情况汇报如下： 一、基本情况 （一）工作履历、专业背景以及兼职情况 王金峰：1985 年生,中国国籍,无境外永久居留权,工商管理学士， 注册会计师。曾任天职国际会计师事务所（特殊普通合伙）会计师， 现任天职国际会计师事务所（特殊普通合伙）合伙人，内蒙古西拉 沐沦生态科技股份有限公司董事，北京润谷企业管理咨询有限公司 监事，自 2023 年 3 月 15 日起任公司独立董事。 （二）不存在影响独立性的情况 本人不在丰乐种业担任除独立董事外的其他职务，与丰乐种业 及其主要股东不存在直接或者间接利害关系，或者其他可能影响本 人进行独立客观判断的关系；本人独立履行职责，不受丰乐种业及 其主要股东等单位或者个人的影响。 任职期间，本人对独立性情况进行了自查，确认已满足适用的 各 ...

1、预计 2024 年公司所遵循的国家和地方的现行有关法律法规和制度无重 大变化。 2、预计 2024 年国内外宏观经济环境、公司所处行业形势、市场行情、主要 产品和原料的市场价格和供求关系不会突发重大变化。 三、主要预算指标 2024 年预算营业收入 34.74 亿元，同比增长约 11.56%。预计预算期末资产 总额 32.68 亿元，资产负债率约 35.32%。 合肥丰乐种业股份有限公司 2024 年度财务预算报告 2023 年，公司按照"十四五"战略规划稳步推进各产业生产经营工作，种 业推动产业转型升级，产业规模快速扩大；农化产业加强在线产品技术升级改进， 提升产品竞争力；丰乐香料严控经营风险，加快项目建设，保持了公司整体经营 情况的基本稳定。2024 年，公司将继续围绕种业振兴快速壮大种业发展规模， 农化产业改善产品结构提高经济效益，香料产业做好项目建设及市场拓展工作。 结合所处行业情况及公司目前整体经营状况，公司组织编制了 2024 年度财务预 算报告。 一、预算编制范围 公司财务预算遵循企业会计准则按照合并报表口径进行编制。2024 年度预 算编制的合并范围包括合肥丰乐种业股份有限公司母公司和安徽 ...

（一）业绩补偿义务人 股票代码：000713 股票简称：丰乐种业 编号： 2024--011 合肥丰乐种业股份有限公司 关于金岭种业 2023 年度盈利预测承诺实现情况的专项说明 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 合肥丰乐种业股份有限公司（下称"公司"）于 2024 年 4 月 24 日召开第六届董事会第二十三次会议，审议通过了《关于金岭种业 2023 年度盈利预测承诺实现情况的议案》，现就金岭种业 2023 年度 盈利预测承诺完成情况说明如下： 一、基本情况 公司于 2022 年 1 月 27 日召开六届七次董事会议、六届六次监事 会议，2022 年 2 月 16 日召开 2022 年第一次临时股东大会，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》， 同意张掖丰乐以支付现金方式收购自然人金维波持有的内蒙古金岭 青贮玉米种业有限公司（简称金岭种业）100%股权，支付对价为 14,850.00 万元。收购完成后，金岭种业成为张掖丰乐的全资子公司， 金岭种业已于 2022 年 2 月 22 日完成工商变更登记手续。2023 年 ...

合肥丰乐种业股份有限公司独立董事 2023 年度述职报告 （江广营） 作为合肥丰乐种业股份有限公司（以下简称"公司"或"丰乐 种业"）的独立董事，本人严格按照《公司法》《上市公司独立董 事管理办法》等相关法律法规的规定和要求，独立客观、忠实勤勉 履行独立董事职责，切实维护公司整体利益和股东利益，尤其是中 小股东的合法权益。现将 2023 年度履职情况汇报如下： 一、基本情况 （一）工作履历、专业背景以及兼职情况 江广营:男,1963 年生,法学学士，管理咨询师。曾任山东省嘉祥 县食品公司副主任、北京通鉴顾问公司营销总监、青岛八九点管理 咨询有限公司总裁，兼任中国企业联合会职业经理专家部副主任、 中国科学管理研究院商学院客座教授。现任北京八九点管理咨询公 司监事、北京生易管理咨询有限公司监事；自 2023 年 3 月 15 日起 任公司独立董事。 （二）不存在影响独立性的情况 本人不在丰乐种业担任除独立董事外的其他职务，与丰乐种业 及其主要股东不存在直接或者间接利害关系，或者其他可能影响本 人进行独立客观判断的关系；本人独立履行职责，不受丰乐种业及 其主要股东等单位或者个人的影响。 任职期间，本人对独立性情况进 ...

合肥丰乐种业股份有限公司 2023 年度董事会工作报告 第一部分 2023 年主要工作回顾 一、公司生产经营总体情况 2023 年，丰乐种业按照"十四五"战略规划稳步推进各产业生产 经营工作，种业优化产品结构，推动产业转型升级，加速拓展产业规 模；农化产业积极应对行业发展困局，加强在线产品技术升级改进， 提升产品差异化竞争力；丰乐香料严控经营风险，加快项目建设。2023 年，公司再次通过"中国种业 AAA 信用企业""农业产业化国家重点 龙头企业""高新技术企业"认定，"国家认定企业技术中心"通过 评价。 报告期，公司实现营业收入 311,367.92 万元，较上年同期增加 10,841.99 万元，增长 3.61%；归属于上市公司股东净利润 4,021.41 万元，较上年同期减少 1,859.78 万元，下降 31.62%；扣除非经常性 损益后的净利润为 2,664.12 万元，较上年同期减少 1,996.69 万元， 下降 42.84%。各产业中，种子产业实现营业收入 88,427.40 万元，较 上年同期增加 22,547.6 万元，增长 34.23%，主要是玉米产业多主体 经营、协同发展成果显著，营业 ...

合肥丰乐种业股份有限公司监事会 关于第六届第十六次会议相关事项的审核意见 一、关于公司《2023 年年度报告》的审核意见 公司监事会根据《证券法》《深圳证券交易所股票上市规则》等 有关规定，对公司《2023 年年度报告》进行了审核，认为：公司 2023 年年度报告的编制符合法律、法规及《公司章程》和公司内部管理制 度的各项规定；公司 2023 年年度报告的内容和格式符合中国证监会 和深圳证券交易所的规定，报告真实反映了丰乐种业在 2023 年度的 经营水平和运作状况，报告真实、准确、完整，不存在虚假记载、误 导性陈述或者重大遗漏。 二、关于公司 2023 年度利润分配预案的审核意见 监事会认为：公司 2023 年度利润分配预案符合有关法律法规、 规范性文件和《公司章程》的规定，不存在损害公司股东、特别是中 小股东利益的情形。该事项已经公司第六届董事会第二十三次会议审 议通过，有关决策程序合法合规，监事会同意公司 2023 年度利润分 配预案。 三、关于公司 2023 年度计提资产减值准备的审核意见 监事会认为：计提资产减值准备的决议程序合法，依据充分；计 提符合企业会计准则等相关规定，符合公司实际情况，计提后 ...

Financial Performance - The company's operating revenue for 2023 was CNY 3,113,679,181.58, representing a 3.61% increase compared to CNY 3,005,259,332.24 in 2022[24]. - The net profit attributable to shareholders decreased by 31.62% to CNY 40,214,103.71 from CNY 58,811,922.83 in the previous year[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 26,641,226.62, down 42.84% from CNY 46,608,132.14 in 2022[24]. - The net cash flow from operating activities was CNY 165,737,655.61, a significant decline of 58.15% compared to CNY 396,058,647.71 in the previous year[24]. - Basic earnings per share decreased by 31.63% to CNY 0.0655 from CNY 0.0958 in 2022[24]. - Total assets at the end of 2023 were CNY 2,953,035,625.21, reflecting a 0.99% increase from CNY 2,923,986,705.65 at the end of 2022[24]. - The net assets attributable to shareholders increased by 1.47% to CNY 1,952,168,486.44 from CNY 1,923,925,353.62 in the previous year[24]. - The overall gross margin for the company was 66.66%, a decrease of 6.43% from the previous year[83]. - The company reported a total amount of 13,572,877.09 in 2023, an increase of 11.24% compared to 12,203,790.69 in 2022[30]. - The company achieved zero accidents in safety production throughout the year, reinforcing its commitment to safety and environmental standards[67]. Dividend Distribution - The company plans to distribute a cash dividend of 0.2 CNY per 10 shares to all shareholders, based on a total of 614,014,980 shares[5]. - The company has not proposed any stock bonus or capital increase from reserves in its profit distribution plan[5]. - The company reported a distributable profit of 517,129,905.52 CNY, with cash dividends accounting for 100% of the profit distribution[166]. Risks and Challenges - The company emphasizes the risks associated with seasonal fluctuations in seed production and sales, as well as potential impacts from natural disasters and market price volatility[4]. - The company is subject to various risks, including policy, market, and environmental risks related to its chemical business[4]. - The pesticide industry is experiencing a downturn with oversupply and declining prices, impacting profitability[34]. - The fertilizer market is facing volatility with fluctuating raw material prices and low demand, leading to decreased profit margins[34]. - The company faces risks from natural disasters and environmental regulations, with measures in place to strengthen production supervision and improve environmental governance[123]. Research and Development - The company has established a national-level technology center and various research partnerships to enhance its R&D capabilities[35]. - The company has a strong emphasis on independent research and development in the seed industry, with a breeding cycle typically lasting 3-5 years[42]. - The company has launched a variety of new seed products, including hybrid rice and conventional rice seeds, to meet market demands[37]. - The company approved 24 new crop varieties in 2023, including 6 rice varieties (5 national approvals, 1 provincial approval) and 18 corn varieties (13 national approvals, 5 provincial approvals)[44]. - The company has made significant advancements in rice hybridization technology, maize double haploid technology, and non-GMO herbicide-resistant technology, positioning itself as an industry leader[57]. Market and Product Strategy - The company aims to improve its market competitiveness through product differentiation and customized services in the agricultural sector[34]. - The company is recognized as a leading enterprise in the seed industry, with a focus on high-quality and innovative seed products[35]. - The company has established demonstration areas for new rice varieties, targeting market demands for high-quality rice[87]. - The company is focusing on expanding its market presence and enhancing its competitive advantages in the corn and rice sectors[126]. - The company is actively pursuing strategic initiatives, including potential acquisitions and partnerships to strengthen its research and development capabilities[126]. Governance and Compliance - The company has established a robust internal control management system to enhance governance levels, meeting the requirements set by the China Securities Regulatory Commission[131]. - The board of directors and supervisory board operated independently, with no subordinate relationship to the controlling shareholder, ensuring effective governance[133]. - The company respects the rights of various stakeholders, including creditors, employees, consumers, suppliers, and the community, promoting sustainable and healthy development[131]. - The company has maintained an independent financial department with a separate accounting system and independent bank accounts, ensuring no financial overlap with the controlling shareholder[132]. - The company is focused on ensuring compliance with corporate governance standards following the changes in its board[137]. Environmental Responsibility - The company has committed to environmental protection and sustainable development, ensuring compliance with pollution discharge standards through regular third-party monitoring[182]. - The company has a comprehensive environmental protection system in place, including emergency response plans for environmental incidents, which are regularly rehearsed[179]. - The company has upgraded the exhaust treatment facilities of its phosphate fertilizer production line and steam boiler to reduce pollutant emission concentrations[182]. - The company has established a green rice planting demonstration base in Tuan Yang, promoting a "green fertilizer + rice" rotation method to reduce agricultural non-point source pollution[182]. - The company has actively participated in ecological civilization construction in Chaohu, focusing on sustainable agricultural practices[182]. Employee and Management - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to 5.7871 million yuan[149]. - The company has implemented a differentiated salary management system, increasing employee wages and adjusting performance bonuses to align with operational performance[161]. - The total number of employees at the end of the reporting period is 1,369, with 387 in the parent company and 982 in major subsidiaries[159]. - The professional composition includes 355 production personnel, 338 sales personnel, 257 technical personnel, 63 financial personnel, and 356 administrative personnel[159]. - The company emphasizes continuous training for employees, combining internal and external resources to improve professional skills[162]. Strategic Initiatives - The company is exploring potential mergers and acquisitions to enhance its market share and product portfolio[143]. - The company is committed to fulfilling its promises regarding industry competition and ensuring compliance with relevant regulations[188]. - The company is focused on enhancing its agricultural product offerings, including high-quality new varieties of rice, corn, and melons, to improve planting efficiency and profitability[185]. - The company is currently fulfilling its long-term commitments regarding related transactions and fund occupation[190]. - The company will ensure compliance with the China Securities Regulatory Commission's regulations regarding the independence of listed companies[193].