Group 1 - The core viewpoint of the article is that Longping High-Tech (隆平高科) reported a decline in total operating revenue for the 2024-2025 business year, despite an increase in seed sales volume [1] Group 2 - For the period from October 1, 2024, to September 30, 2025, the company achieved total operating revenue of 8.526 billion yuan, representing a year-on-year decrease of 2.41% [1] - The total seed sales volume reached 304 million kilograms, showing a year-on-year growth of 3.83% [1]

Core Viewpoint - Longping High-Tech (000998.SZ) reported a total operating revenue of 8.526 billion yuan for the 2024-2025 business year, reflecting a decline of approximately 2.41% [1] Summary by Category - **Financial Performance** - The company’s total operating revenue for the period from October 1, 2024, to September 30, 2025, is projected to be 8.526 billion yuan, which represents a decrease of about 2.41% compared to the previous year [1]

Core Viewpoint - Longping High-Tech (000998.SZ) reported a total operating revenue of 8.526 billion yuan for the 2024-2025 business year, reflecting a decline of approximately 2.41% [1] Summary by Relevant Sections - **Operating Revenue** - The company’s total operating revenue for the period from October 1, 2024, to September 30, 2025, is projected to be 8.526 billion yuan [1] - This represents a decrease of about 2.41% compared to the previous year [1]

Investment Rating - The investment rating for the company is "Accumulate" [5]. Core Insights - In Q3 2025, the company achieved a revenue of 6.75 billion yuan, representing a year-on-year increase of 125.71%, while the net profit attributable to shareholders was -5.00 billion yuan, a year-on-year increase of 14.80% [2][5]. - The revenue growth in Q3 was attributed to enhanced market analysis, optimized marketing strategies, and increased market expansion efforts, particularly from the subsidiary Longping Development, which saw a revenue increase of 2.89 billion yuan [2]. - For the first three quarters of 2025, the company reported a total revenue of 28.41 billion yuan, a slight decrease of 1.39% year-on-year, and a net profit of -6.64 billion yuan, down 39.62% year-on-year [1][5]. Summary by Sections Financial Performance - The gross profit margin for Q1-Q3 2025 was 31.98%, up 3.74 percentage points year-on-year, while the gross profit margin for Q3 was 18.13%, an increase of 20.07 percentage points year-on-year [3]. - The net cash flow from operating activities for Q1-Q3 2025 was 10.85 billion yuan, a significant increase of 252.78% year-on-year, driven by improved sales policies and inventory management [2]. Profit Forecast - The projected net profit attributable to shareholders for 2025 is 2.27 billion yuan, representing a year-on-year increase of 99.2%, with further projections of 3.65 billion yuan in 2026 and 4.76 billion yuan in 2027 [4]. Valuation Metrics - The estimated price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 63.2, 39.2, and 30.1, respectively [4].

证券代码：000998 证券简称：隆平高科 公告编号：2025-73 袁隆平农业高科技股份有限公司 2024-2025 业务年度经营情况报告 | | | 一、业务年度期间：2024 年 10 月 1 日-2025 年 9 月 30 日 | 项目 | 2024 | 年 10 月 | 1 | 日- | 2023 年 | 10 月 1 | 日- | 同比增减 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2025 | 年 月 9 30 | | 日 | 年 2024 | 月 9 30 | 日 | | | 总营业收入（万元） | | | 852,551.79 | | | 873,622.58 | | -2.41% | | 种子销售数量合计（公斤） | | | 304,346,731.55 | | | 293,121,146.59 | | 3.83% | | 期末库存商品账面余额（万元） | | | 522,056.40 | | | 469,853.86 | | 11.11% | 二、总体经营情况 三、主要品种大类经营情况 | 项目 | 202 ...

Core Insights - The company announced a total operating revenue of 8.526 billion yuan for the period from October 1, 2024, to September 30, 2025, representing a year-on-year decrease of 2.41% [1] - The quantity of seeds sold reached 304 million kilograms, showing a year-on-year increase of 3.83% [1] - The ending inventory of goods had a book balance of 5.221 billion yuan, which is an increase of 11.11% year-on-year [1] Revenue Breakdown - Revenue from rice and corn seed sales was 1.922 billion yuan and 5.067 billion yuan, respectively, with year-on-year decreases of 0.84% and 7.75% [1] - Sales revenue for vegetable and fruit seeds, wheat, and sunflower seeds increased by 14.16%, 23.06%, and 21.52% year-on-year, respectively [1] - Revenue from miscellaneous grain seeds was 142 million yuan, reflecting a significant year-on-year decline of 32.03% [1] Inventory Insights - The ending inventory of corn seeds had a book balance of 3.529 billion yuan, indicating a substantial proportion of total inventory [1]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The pork price center has significantly risen, leading to a notable reduction in industry losses. The average price of live pigs has increased to 12.51 CNY/kg, a week-on-week rise of 7.20% [2][13] - The agricultural sector is expected to maintain a good development momentum, with grain production projected to be high this year, including summer grain production of 299.48 billion jin and early rice production increasing by 6.8 billion jin, a growth of 1.2% [1][12] - The industry is currently in a supply-demand tug-of-war, with large-scale pig farms adopting strategies to control supply and raise prices, while demand is expected to improve with the arrival of warmer weather and the pickling season [2][13] Summary by Sections Planting Industry Chain - The agricultural sector is implementing key policies to support rural economic development, with a focus on achieving food security and enhancing crop yields through biotechnology [1][12] - Major beneficiaries in the planting sector include Beidahuang and Suqian Agricultural Development, while in the seed industry, companies like Dabeinong and Longping High-Tech are highlighted for their competitive advantages [1][12] Pig Farming - The pig farming industry is still experiencing losses, but there has been a significant reduction in losses compared to the previous week, with self-breeding farms reporting an average loss of 89.33 CNY per head, down nearly 100 CNY [2][13] - The industry is expected to undergo a process of capacity reduction, with a focus on improving quality and efficiency, leading to the gradual elimination of outdated production capacity [2][13] - Recommended stocks in the pig farming sector include companies like DeKang Agriculture, Jingji Zhino, and Muyuan Foods [2][13] Key Agricultural Product Data Tracking - Corn: The average price is 2241.67 CNY/ton, with a week-on-week decrease of 0.66% [27][28] - Wheat: The average price is 2482.11 CNY/ton, with a week-on-week increase of 0.87% [30][32] - Soybeans: The average price is 3996.84 CNY/ton, with a week-on-week increase of 0.06% [41][44] - Cotton: The average price in Xinjiang is 14660 CNY/ton, with a week-on-week increase of 0.15% [46][50] Feed and Vitamin Prices - The average price of pig feed is 2.6 CNY/kg, with a week-on-week decrease of 0.38% [53][55] - The average price of Vitamin E is 50.30 CNY/kg, with a week-on-week increase of 14.58% [62][63]

Group 1: Company Performance - Anker Innovation reported a revenue of 21.019 billion with a year-on-year growth of 27.79% and a net profit of 1.933 billion, up 31.34% [1] - Hongjing Technology achieved a revenue of 15.510 billion, a staggering growth of 595.49%, and a net profit of 107.5 million, increasing by 448.91% [1][2] - CICC recorded a revenue of 20.761 billion, growing by 54.36%, and a net profit of 6.567 billion, up 129.75% [3] - Tongfeng Electronics reported a revenue of 1.072 billion, with an 11.37% increase, and a net profit of 79.91 million, up 28.88% [4] - Changshu Bank achieved a revenue of 9.052 billion, growing by 8.15%, and a net profit of 3.357 billion, up 12.82% [6] - Jingfeng Mingyuan reported a revenue of 1.117 billion, with a 2.67% increase, and a net profit of 23.33 million, turning from loss to profit [8] - Magmita's revenue was 6.791 billion, growing by 15.05%, but net profit fell by 48.29% to 213 million [9] - Huilong Pharmaceutical reported a revenue of 742 million, down 12.92%, with a net loss of 50.8047 million [10] - Dongwei Semiconductor achieved a revenue of 964 million, growing by 41.60%, and a net profit of 48.55 million, up 58.46% [22] - Spring Autumn Electronics reported a revenue of 3.197 billion, with a 7.21% increase, and a net profit of 231 million, up 63.91% [24] - Jiangnan New Materials achieved a revenue of 7.569 billion, growing by 18.34%, and a net profit of 165 million, up 21.95% [25] - Fuda Alloy reported a revenue of 3.497 billion, with a 30.03% increase, and a net profit of 55.5042 million, up 33.52% [26] - Zhongjin Gold achieved a revenue of 53.976 billion, growing by 17.23%, and a net profit of 3.679 billion, up 39.18% [28] - Shoukai Holdings reported a revenue of 23.186 billion, with a 60.31% increase, but a net loss of 3.105 billion [29] - Nanshan Aluminum achieved a revenue of 26.325 billion, growing by 8.66%, and a net profit of 3.772 billion, up 8.09% [30][32] Group 2: Company Background - Anker Innovation specializes in the research, design, and sales of consumer electronics products, including mobile device peripherals and smart hardware [1] - Hongjing Technology focuses on providing comprehensive solutions in smart living, urban management, and smart parks [2] - CICC is engaged in investment banking, equity sales and trading, proprietary investment and trading, wealth management, and investment management [3] - Tongfeng Electronics specializes in the research, production, and sales of film capacitors and their materials [4][5] - Changshu Bank provides retail banking, corporate banking, financial market services, and village bank services [6][7] - Jingfeng Mingyuan focuses on the research and sales of power management and control driver chips [8][9] - Magmita specializes in the research, production, and sales of smart home control products, power products, and industrial automation products [9] - Huilong Pharmaceutical is involved in the research, production, and sales of innovative and high-quality generic drugs for cancer treatment [10][11] - Dongwei Semiconductor specializes in the research and sales of high-performance power devices [22][23] - Spring Autumn Electronics focuses on the research, design, production, and sales of precision molds and components for consumer electronics [24] - Jiangnan New Materials specializes in the research, production, and sales of copper-based new materials [25][26] - Fuda Alloy focuses on the research, production, and sales of electrical contact materials [26][27] - Zhongjin Gold is involved in geological exploration, mining, and smelting of gold and non-ferrous metals [28][29] - Shoukai Holdings specializes in real estate development, property management, urban renewal, and real estate finance [29][30] - Nanshan Aluminum focuses on the development, production, processing, and sales of aluminum and aluminum alloy products [30][31][32]

Core Viewpoint - Longping High-Tech's Q3 2025 report shows resilience in the face of global grain price challenges, industry inventory pressures, and intense market competition, achieving a reduction in losses through operational efficiency and cost-cutting measures [1] Financial Performance - Q3 revenue reached 675 million yuan, a year-on-year increase of 125.71% - Net profit attributable to shareholders and net profit excluding non-recurring items decreased by 14.80% and 11.77% year-on-year, respectively - For the first three quarters, revenue slightly declined by 1.39%, while net profit excluding non-recurring items saw a year-on-year reduction of 19.85% [1] - Longping Development, a subsidiary, reported a revenue increase of 289 million yuan year-on-year, significantly reducing losses [1] Strategic Investments - Core subsidiary Beijing Lianchuang Seed Industry Co., Ltd. attracted five strategic investors, raising 1 billion yuan, following a 1.2 billion yuan capital increase from major shareholder CITIC Agricultural Technology [2][5] - The involvement of state-owned investment institutions reflects confidence in the long-term value and development potential of the company [5] Business Resilience - Lianchuang Seed Industry, as the core platform for domestic corn seed business, reported a projected revenue of 1.455 billion yuan and a net profit of 345 million yuan for the period from October 1, 2024, to September 30, 2025 [3] - The company holds three of the top ten corn varieties promoted nationally, with its genetically modified corn varieties accounting for one-third of the national demonstration area [3] International Market Development - Longping High-Tech and Longping Development are advancing their integration, with Longping Brazil as a key platform, establishing strong competitiveness across various stages of seed resource innovation and sales [4] - Longping Development's main business revenue and gross profit margin increased year-on-year, contributing to a significant reduction in losses for Longping High-Tech [4] Capital Structure and Growth Potential - The introduction of strategic investors is expected to enhance governance, capital strength, and technological innovation capabilities, while reducing overall asset-liability ratios [5] - The ongoing capital structure optimization is seen as a solid foundation for the company's high-quality development path [5]

Core Viewpoint - Longping High-Tech (隆平高科) has announced the progress of introducing strategic investors for its subsidiary Beijing Lianchuang Seed Industry Co., Ltd. The move reflects the support of state-owned capital for the revitalization of the seed industry [1] Group 1: Investment Details - Agricultural Bank Investment plans to invest 200 million yuan to subscribe for 2,971,882 yuan of registered capital in Lianchuang Seed Industry, with the remaining premium portion included in the capital reserve [1] - A total of five strategic investors with state-owned backgrounds are involved, indicating strong backing for the seed industry [1] - The total amount of this round of capital increase for Lianchuang Seed Industry is set at 1 billion yuan, which will enhance its capital strength [1] Group 2: Financial Impact - The capital increase will effectively reduce Longping High-Tech's overall asset-liability ratio [1] - The investment will strengthen Lianchuang Seed Industry's technological innovation capabilities [1] - The move supports the company's strategy of industry integration through Lianchuang Seed Industry, solidifying its leading position in the domestic corn seed market [1]