Industry Insights - The 2025 World Agricultural Technology Innovation Conference recently opened in Pinggu, Beijing, focusing on themes such as South-South cooperation, facility agriculture, controllable agriculture, and smart breeding, discussing the construction of resilient food supply systems and exploring challenges and development paths in the agricultural sector [1] - A market research company in the U.S. predicts that if China does not return to the U.S. market by mid-November, the potential loss of soybean orders for the U.S. could reach 14 to 16 million tons [1] - Open-source securities indicate that trade frictions are resurfacing, benefiting the agricultural sector through tariff countermeasures and food security logic, with the sector currently at a relatively low level [1] - Since the beginning of 2025, prices for corn, wheat, soybeans, and japonica rice have shown significant recovery, with corn and japonica rice prices increasing by 8.54% and 5.61% respectively as of October 11, 2025 [1] - Huaxi Securities emphasizes that in the context of food security, transgenic technology has a revolutionary role in increasing yield, predicting that the commercialization process of transgenic crops will continue to accelerate, fundamentally improving self-sufficiency rates of key varieties [1] Company Developments - Longping High-Tech, a leading domestic modern seed company, produces hybrid rice seeds, corn seeds, vegetable seeds, and wheat seeds, and has formed a strategic partnership with Alibaba Cloud to advance agricultural applications [2] - Dabeinong's subsidiary, Beijing Dabeinong Biotechnology, received planting permission for its transgenic soybean variety "DBN9004" in April 2025, while its joint venture, Nongxin Group, has integrated the DeepSeek-V2 version into its AaaS platform, with plans for a full launch of DeepSeek-V3 and DeepSeek-R1 based intelligent services in early 2025 [2]

Core Viewpoint - Longping High-Tech (隆平高科) is strategically introducing four investors to its subsidiary Beijing Lianchuang Seed Industry (联创种业) to raise 800 million yuan, reinforcing its leadership in the corn seed industry and contributing to national food security [1][4]. Group 1: Strategic Investment and Governance - The capital increase is not just about funding; it also involves acquiring remaining shares from natural person shareholders, optimizing governance structure, and invigorating the new team [2]. - The 800 million yuan raised will accelerate integrated management of the corn business, enhance decision-making, and solidify Lianchuang Seed's leading position in the domestic corn seed industry [2][3]. Group 2: Performance and Financial Impact - Since its acquisition in 2018, Lianchuang Seed has consistently led the industry, with revenues growing from 485 million yuan in 2018 to 1.623 billion yuan in 2024, and net profits increasing from 189 million yuan to 432 million yuan [1]. - The company has contributed a total profit of 1.261 billion yuan to Longping High-Tech since the acquisition [1]. Group 3: Investor Profiles and Contributions - The four strategic investors include China CITIC Financial Asset Management (中信金融资产), Modern Seed Industry Development Fund (现代种业), Hunan Xiangxin Zhongken Equity Investment Partnership (湘鑫中垦), and Taiping (Shenzhen) Rural Revitalization Private Equity Fund (太平乡村振兴基金), bringing diverse industry resources and financial support [3]. - These investors will provide long-term capital and enhance Lianchuang Seed's capabilities in research, innovation, and market expansion, particularly in transgenic varieties and breeding innovation [3]. Group 4: Implications for Food Security - As a leader in the seed industry, Longping High-Tech's focus on corn is crucial for ensuring stable food supply and sustainability in agriculture [4]. - The capital infusion will strengthen research and promotion of high-quality corn varieties, improving yield and disaster resistance, thereby reducing reliance on imports and enhancing domestic food security [4].

Market Overview - The planting industry sector rose by 0.33% on October 14, with Qiu Le Seed Industry leading the gains [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Stock Performance - Qiu Le Seed Industry (code: 920087) closed at 18.10, up 6.16% with a trading volume of 169,200 shares and a transaction value of 294 million [1] - Other notable performers include: - Shen Nong Seed Industry (code: 681000E) at 4.81, up 2.78% with a volume of 2.06 million shares [1] - Zhongxing Fungi Industry (code: 002772) at 10.47, up 2.05% with a volume of 325,800 shares [1] - Dunhuang Seed Industry (code: 600354) at 6.56, up 2.02% with a volume of 496,000 shares [1] Capital Flow - The planting industry sector experienced a net outflow of 54.07 million from main funds, while retail funds saw a net inflow of 8.37 million [2] - The main funds' net inflow and outflow for specific stocks include: - Shen Nong Seed Industry: net inflow of 37.01 million [3] - Dunhuang Seed Industry: net inflow of 17.90 million [3] - Zhongxing Fungi Industry: net inflow of 17.41 million [3]

Core Viewpoint - Longping High-Tech (隆平高科) has announced the acquisition of a 10% stake in Beijing Lianchuang Seed Industry Co., Ltd. (联创种业) from seven individual shareholders, resulting in Lianchuang becoming a wholly-owned subsidiary, which is expected to enhance governance and accelerate the development of its corn seed business [1][5] Group 1 - The acquisition will change Longping's ownership in Lianchuang from 90% to 100%, and it will not affect the scope of the company's consolidated financial statements [1] - Lianchuang is a key player in the corn seed sector, and the exit of individual shareholders is seen as beneficial for optimizing governance and invigorating the new management team [1][5] - Lianchuang is in the process of attracting strategic investors with strong brand reputation and financial capabilities, which will support its sustainable development [1][5] Group 2 - Lianchuang plans to raise capital by introducing four strategic investors, including China CITIC Financial Asset Management Co., Ltd. and others, with total investments amounting to 7.2 billion yuan, resulting in a change in registered capital from 106 million yuan to 118 million yuan [2][3] - After the capital increase, Longping's stake in Lianchuang will be diluted to 89.94%, while Lianchuang remains a controlled subsidiary [3] - The strategic investors are all state-owned entities with expertise in the seed industry, which is expected to enhance Lianchuang's decision-making and capital strength [5] Group 3 - Lianchuang has been recognized as a high-tech enterprise and a leading company in the seed industry, with a strong track record in corn seed promotion and profitability [4] - The strategic partnership formed in 2018 between Longping and Lianchuang has positioned Longping as a leader in the global seed industry, ranking eighth worldwide and first in China [4] - The current transaction is anticipated to lower Longping's overall asset-liability ratio and strengthen Lianchuang's innovation capabilities [5]

目 录 | | | | 二、财务报表……………………………………………………… | 第 | 4—13 | 页 | | --- | --- | --- | --- | | （一）合并资产负债表…………………………………………… | | 第 | 4 页 | | （二）母公司资产负债表………………………………………… | | 第 | 5 页 | | （三）合并利润表………………………………………………… | | 第 | 6 页 | | （四）母公司利润表……………………………………………… | | 第 | 7 页 | | （五）合并现金流量表…………………………………………… | | 第 | 8 页 | | （六）母公司现金流量表………………………………………… | | 第 | 9 页 | | （七）合并所有者权益变动表……………………………… | 第 | 10-11 | 页 | | （八）母公司所有者权益变动表…………………………… | 第 | 12-13 | 页 | | | | 审 计 报 告 天健湘审〔2025〕840 号 北京联创种业有限公司全体股东： 一、审计意见 我们审计了北京联创种业有限公司（以下简称 ...

中信建投证券股份有限公司 关于袁隆平农业高科技股份有限公司子公司北京联创种业 有限公司引入战略投资者暨构成与关联人共同投资的 核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐人"）作 为袁隆平农业高科技股份有限公司（以下简称"隆平高科"或"公司"）向特定 对象发行股票的保荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交 易所股票上市规则》 《深圳证券交易所上市公司自律监管指引第 1 号——主 板上市公司规范运作》等有关规定履行持续督导职责，对隆平高科子公司北京 联创种业有限公司（以下简称"联创种业"或"目标公司"）引入战略投资者暨 构成与关联人共同投资事项进行了审慎的核查，具体核查情况及核查意见如 下： 一、本次交易概述 为增强公司在玉米产业的综合竞争力，满足公司子公司联创种业发展需要， 联创种业拟增资扩股引入战略投资者中国中信金融资产管理股份有限公司（以下 简称"中信金融资产"）、现代种业发展基金有限公司（以下简称"现代种业基金"）、 湖南湘鑫中垦股权投资合伙企业（有限合伙）（以下简称"中垦基金"）、太平（深 圳）乡村振兴私募股权投资基金合伙企业（有限合伙）（以下简称"太平乡村振 ...

| | | | 一、审计报告……………………………………………………… 第 | 1—3 | 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… 第 | 4—11 | 页 | | （一）合并资产负债表…………………………………………… | 第 | 4 页 | | （二）母公司资产负债表………………………………………… | 第 | 5 页 | | （三）合并利润表………………………………………………… | 第 | 6 页 | | （四）母公司利润表……………………………………………… | 第 | 7 页 | | （五）合并现金流量表…………………………………………… | 第 | 8 页 | | （六）母公司现金流量表………………………………………… | 第 | 9 页 | | （七）合并所有者权益变动表……………………………………第 | 10 | 页 | | （八）母公司所有者权益变动表…………………………………第 | 11 | 页 | | 三、财务报表附注…………………………………………………第 | 12—52 | 页 | | 四、附件………………………… ...

袁隆平农业高科技股份有限公司 股权投资管理制度 （2025年10月） 本制度所称股权投资不包括财务性的证券期货投资、金融资产投资、衍生品 投资、委托理财、固定资产投资以及服务国家重大战略任务的项目等事项。 第四条 公司股权投资由公司总部进行统一管理和决策。子公司不具有股权投 资的决策权限，子公司如需开展股权投资的均需报公司总部进行审批。 第五条 股权投资的决策机构：公司股东会、董事会、董事长依据《股票上市 规则》《公司章程》及相关议事规则履行股权投资项目的决策职责。 第二章 股权投资管理原则 第六条 合法性原则：公司股权投资行为应遵守投资所在国（地区）法律法规、 1 第一章 总则 第一条 为加强袁隆平农业高科技股份有限公司（以下简称"公司"）股权投 资管理，规范股权投资行为，防范投资风险，提高投资效益，有效、合理使用资 金，支撑公司按照"主业清晰、核心突出、行业领先、治理先进、管理高效"的 总要求向具有中国特色的一流现代种业企业目标迈进，根据《中华人民共和国公 司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券 法》）、《深圳证券交易所股票上市规则》（以下简称《股票上市规则》）等法 律法规 ...

证券代码：000998 证券简称：隆平高科 公告编号：2025-64 袁隆平农业高科技股份有限公司 关于受让北京联创种业有限公司剩余股权 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。 一、交易概述 袁隆平农业高科技股份有限公司（以下简称"公司"或"隆平高科"）于2025 年10月10日召开第九届董事会第二十二次（临时）会议，审议通过了《关于受让 北京联创种业有限公司剩余股权的议案》，同意公司以71,503.5000万元受让北京 联创种业有限公司（以下简称"联创种业"或"目标公司"）7位自然人股东合 计持有的联创种业10%股权，并同意授权公司管理层办理本次股权受让相关事宜 并签署有关合同等文件，包括但不限于签署与本次股权受让事项相关的协议及文 件，备案登记等相关事项。本次交易完成后，公司对联创种业的持股比例由90% 变更为100%，联创种业将成为公司的全资子公司，本次交易不会导致公司合并 范围发生变化。 本次交易在董事会审议权限范围内，无需提交公司股东大会审议；本次交易 不构成关联交易，也不构成《上市公司重大资产重组管理办法》规定的重大资产 重组。 二 ...

特此公告 袁隆平农业高科技股份有限公司董事会 二〇二五年十月十三日 证券代码：000998 证券简称：隆平高科 公告编号：2025-63 袁隆平农业高科技股份有限公司 关于补选非独立董事的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 袁隆平农业高科技股份有限公司（以下简称"公司"）于 2025 年 10 月 10 日召开第九届董事会第二十二次（临时）会议，审议通过《关于提名第九届董事 会非独立董事候选人的议案》。经公司股东中信农业科技股份有限公司提名，董 事会提名与薪酬考核委员会审核通过，公司董事会同意提名黄征先生（简历详见 附件）为公司第九届董事会非独立董事候选人，任期自 2025 年第三次（临时） 股东大会审议通过之日起至第九届董事会任期届满之日止。 本次补选董事完成后，公司董事会董事的组成和人数符合《中华人民共和国 公司法》《公司章程》等有关规定，公司董事会中兼任公司高级管理人员人数总 计未超过公司董事总数的二分之一。 1 附件： 袁隆平农业高科技股份有限公司 第九届董事会非独立董事候选人简历 黄征：男，1984 年出生，中共党员，毕业于香港中文大学 ...