股票简称：隆平高科 股票代码：000998 袁隆平农业高科技股份有限公司 向特定对象发行 A 股股票 公司董事签名： 刘志勇 张 坚 桑 瑜 许靖波 罗永根 张 林 李皎予 李少昆 刘贵富 1 袁隆平农业高科技股份有限公司 年 月 日 上市公告书 保荐人（主承销商） 二〇二五年五月 发行人全体董事、监事、高级管理人员声明 本公司全体董事、监事及高级管理人员承诺本上市公告书不存在虚假记载、 误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律责任。 2 3 4 5 7 6 公司监事签名： 袁定江 张 伟 邹振宇 袁隆平农业高科技股份有限公司 年 月 日 8 发行人全体董事、监事、高级管理人员声明 本公司全体董事、监事及高级管理人员承诺本上市公告书不存在虚假记载、 误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律责任。 9 发行人全体董事、监事、高级管理人员声明 本公司全体董事、监事及高级管理人员承诺本上市公告书不存在虚假记载、 误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律责任。 杨远柱 尹贤文 纪绍勤 宫俊涛 黄冀湘 胡 博 袁隆平农业高科技股份有限公司 10 公 ...

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the significant role of agricultural technology innovation in modernizing agriculture, emphasizing the importance of enhancing the innovation ecosystem and supporting agricultural self-sufficiency [11] - In the pig farming sector, the average price of pigs is currently fluctuating around 14.5-15 CNY/kg, with a slight decrease observed this week [12] - The report suggests that the commercialization of genetically modified crops will accelerate, which is expected to improve self-sufficiency in key varieties [11] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and other departments have issued an implementation opinion to enhance the agricultural technology innovation system, focusing on eight key tasks [11] - Companies like Beidahuang and Su-Kun Agricultural Development are expected to benefit from these initiatives [11] Pig Farming - The average price of external three yuan pigs is 14.80 CNY/kg, with a week-on-week change of -0.05% [12] - The number of breeding sows is 40.39 million, showing a slight decrease of 0.66% [12] - The report recommends focusing on companies with significant cost improvements and high future output elasticity, such as Jingji Zhino, Muyuan Foods, and Wens Foodstuff [12] Key Company Recommendations - Recommended companies in the planting sector include Longping High-Tech, Denghai Seeds, and Qianyuan High-Tech [11] - In the pig farming sector, companies like Muyuan Foods, Wens Foodstuff, and Haida Group are highlighted for their potential benefits [12] - The report also mentions companies in the animal health sector, such as Jinhai Biological and Zhongmu Co., which are expected to gain from market trends [12]

截至5月12日收盘，转基因概念下跌0.77%，位居概念板块跌幅榜前列，板块内，神农种业、荃银高 科、敦煌种业等跌幅居前，股价上涨的有4只，涨幅居前的有芭田股份、新安股份、科前生物等，分别 上涨3.20%、1.95%、1.83%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 中船系 | 6.55 | 重组蛋白 | -0.94 | | 成飞概念 | 5.77 | 代糖概念 | -0.82 | | 军工信息化 | 4.28 | 转基因 | -0.77 | | 同花顺果指数 | 4.17 | 创新药 | -0.60 | | 国产航母 | 3.73 | 粮食概念 | -0.60 | | 军民融合 | 3.69 | 玉米 | -0.59 | | 航空发动机 | 3.42 | 大豆 | -0.45 | | 人形机器人 | 3.20 | 农业种植 | -0.31 | | 减速器 | 3.20 | 生物质能发电 | -0.28 | | 军工 | 3.15 | 减肥药 | -0.24 | 资金面上看，今日转基因概念板块获主力 ...

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the significant role of agricultural technology innovation in modernizing agriculture, emphasizing the need for a structured and collaborative innovation system [11] - The commercialization of genetically modified crops is expected to accelerate, enhancing self-sufficiency in key varieties [11] - In the pig farming sector, the average price of pigs is currently fluctuating around 14.5-15 CNY/kg, with a slight decrease observed [12] - The report suggests that while short-term consumer demand is recovering, supply remains relatively loose, but prices may exceed expectations in the second half of 2025 due to slow recovery in production capacity [12] Summary by Sections 1. Weekly Insights - The Ministry of Agriculture and other departments have issued an implementation opinion to enhance the agricultural technology innovation system, focusing on eight key tasks [11] - The report identifies potential beneficiaries in the planting sector, including Beidahuang and Su-Kun Agricultural Development, and recommends leading seed companies like Longping High-Tech and Dabeinong [11] 2. Pig Farming - The average price of external three yuan pigs is 14.80 CNY/kg, with a week-on-week change of -0.05% [12] - As of March 2025, the number of breeding sows in China is 40.39 million, a decrease of 0.66% from the previous month [12] - The report forecasts that pig prices may exceed expectations in the latter half of 2025 due to slow recovery in production capacity [12] 3. Key Company Recommendations - Recommended companies in the pig farming sector include Jingji Zhino, Muyuan Foods, and Wens Foodstuff [12] - In the feed sector, Haida Group is highlighted, while companies in the animal health sector such as Jinhai Biological, Bio-Stock, and Placo are expected to benefit [12] 4. Market Performance - The agricultural sector index increased by 0.99% during the week, with notable gains in the aquaculture and planting sectors [14] - The report provides detailed tracking of key agricultural product prices, including corn, wheat, and soybeans, indicating price trends and changes [24][27][38]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The pet sector continues to show high prosperity, driven by domestic substitution and consumption upgrades, leading to a dual increase in volume and price [1][2] - The industry is transitioning from "scale expansion" to "value creation," with leading companies shifting from "manufacturing" to "intelligent manufacturing" through formula innovation and precise demand capture [2][17] - The domestic pet food market remains strong, with a significant increase in sales and exports, indicating robust growth potential for domestic brands [2][17] Summary by Sections Pet Sector - The fifth TOPS Pet Expo in Shanghai showcased over 1,200 exhibitors and 8,000+ brands, reflecting strong growth momentum in the pet industry, with a 43% year-on-year increase in attendance [1][16] - Trends in pet food are shifting towards precision nutrition, with a focus on age-specific feeding and high-end production techniques [1][16] - Key recommended companies in the pet food sector include Guibao Pet, Zhongchong Co., Petty Co., and Lusi Co., with additional recommendations for pet medical and product companies [2][17] Swine Sector - As of May 10, the average price of live pigs was 14.90 yuan/kg, showing a slight decline, with production capacity continuing to grow [3][18] - The industry is facing a potential downturn in profitability due to weak demand and seasonal price declines [3][19] - Recommended companies include leading players such as Wens Foodstuffs and Muyuan Foods, with a focus on core assets [19] Poultry Sector - The white chicken segment is facing uncertainties in breeding imports, with a significant decline in the number of breeding stock updated [20][21] - The yellow chicken segment is expected to benefit from improved consumer demand, with stable prices observed [23] - Recommended companies include Shengnong Development and Lihua Co. for white chicken, and Wens Foodstuffs for yellow chicken [22][23] Planting Sector - The government emphasizes agricultural technology innovation and self-sufficiency in food security, with a focus on biological breeding [25][26] - Recommended companies in the seed sector include Longping High-Tech and Dabeinong, with additional focus on agricultural water-saving technologies [25][26] Feed and Animal Health Sector - Hai Da Group is highlighted for its market share growth and consistent performance in the feed sector [27] - The animal health sector is seeing new opportunities in pet health products, with recommended companies including KQ Bio and Zhongmu Co. [28]

Core Viewpoint - 隆平高科's stock issuance to specific investors has been approved, despite recent performance declines due to various market pressures, and the funds raised will be used to repay bank loans and enhance liquidity [3][7][8]. Group 1: Company Performance - 隆平高科's stock closed at 10.31 yuan on May 9, 2025, down 0.77%, with a trading volume of 181,800 shares and a turnover of 188 million yuan [1]. - The company reported a net profit of 113.87 million yuan for 2024, a decrease of 43.08% year-on-year, and a net loss of 209,470 yuan for Q1 2025, a decrease of 102.72% year-on-year [8]. - The decline in performance is attributed to low domestic and international grain prices, decreased sales of corn seeds, and increased exchange losses [4][5][8]. Group 2: Fundraising and Use of Proceeds - 隆平高科's application for issuing A-shares has been approved by the Shenzhen Stock Exchange and the China Securities Regulatory Commission [3][7]. - The total amount to be raised is approximately 1.2 billion yuan, with net proceeds of about 1.19 billion yuan after deducting issuance costs, aimed at repaying bank loans and supplementing working capital [8]. - The issuance price is set at 7.87 yuan per share, representing 80% of the average trading price over the previous 20 trading days [6][8]. Group 3: Market Conditions and Risks - The company has indicated that the recent performance decline will not significantly impact its operational capabilities or the ongoing projects funded by the new issuance [4][5][6]. - The company has acknowledged risks related to price fluctuations, performance volatility, and exchange rate changes, which have been communicated to investors [4][6][8].

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - Short-term consumption weakness has led to a slight decline in pig prices, but high prices for piglets and sows indicate optimistic expectations for the future [4][6] - The pig farming sector shows low valuation opportunities, while the pet sector continues to strengthen the logic of domestic brand rise [7][25] - The overall agricultural index underperformed the market by 0.93 percentage points during the week [29] Summary by Sections Weekly Observation - After the May Day holiday, consumer support was insufficient, leading to a slight decline in national pig prices. As of May 9, the average selling price of live pigs was 14.79 yuan/kg, down 0.02 yuan/kg week-on-week, a decrease of 0.14% [4][15] - The average daily slaughter volume of sample enterprises was 148,800 pigs, a decrease of 780 pigs from the previous week [4][15] Weekly Viewpoint - The pig sector shows low valuation opportunities, with the supply side not yet recovering to the levels of the same period in 2023. The demand side is supported by macro policies driving consumption recovery [25] - Recommended stocks include Muyuan Foods, Wens Foodstuff Group, Juxing Agriculture, Huadong Food, and Tiankang Biological [7][25] Market Performance (May 5-9) - The agricultural index rose by 0.99%, underperforming the market by 0.93 percentage points, with the fishery sector leading the gains [29][32] - Notable stock performances included *ST Jiawo (+13.47%), Guotou Zhonglu (+12.05%), and Xuelong Biological (+11.04%) [29][35] Price Tracking (May 5-9) - As of May 9, the national average price for live pigs was 14.82 yuan/kg, down 0.02 yuan/kg from the previous week. The average price for piglets was 36.87 yuan/kg, also down 0.01 yuan/kg [41] - The average profit for self-bred pigs was 84.33 yuan/head, a decrease of 0.72 yuan/head week-on-week [41] Key News (May 5-9) - Seven departments jointly issued an implementation opinion to enhance the overall effectiveness of the agricultural science and technology innovation system [36]

Core Viewpoint The company, Yuan Long Ping High-Tech Agriculture Co., Ltd., is conducting a private placement of shares to raise approximately 1.2 billion RMB, primarily aimed at repaying bank loans and supplementing working capital. The issuance has received necessary approvals from regulatory bodies and is structured to avoid significant changes in control or ownership distribution. Group 1: Issuance Details - The total amount to be raised from the issuance is 1,199,999,994.81 RMB, with a net amount of 1,187,526,409.91 RMB after deducting related issuance costs [3][4] - The issuance price is set at 7.87 RMB per share, which is not lower than 80% of the average trading price over the previous 20 trading days [4] - The number of shares to be issued is 152,477,763, which does not exceed 30% of the total share capital prior to the issuance [4][5] Group 2: Shareholder Structure - After the issuance, the controlling shareholders will remain as CITIC Agriculture and CITIC Xingye, and the issuance will not trigger mandatory tender offer obligations [5] - The first major shareholder, CITIC Agriculture, holds 16.54% of the shares, while the top ten shareholders collectively hold 33.85% of the total share capital [19][20] Group 3: Financial Performance and Risks - The company has experienced fluctuations in net profit, with figures of -980.31 million RMB, 486.87 million RMB, -288.75 million RMB, and 10.74 million RMB for the periods from 2022 to the first quarter of 2025 [8] - The company faces risks related to grain price volatility, which can impact seed sales prices and overall revenue [7][8] - The company has significant overseas operations, with foreign currency exposure that may affect financial performance due to exchange rate fluctuations [9][10] Group 4: Regulatory Environment - The company operates under the supervision of the Ministry of Agriculture and Rural Affairs in China, with relevant industry regulations governing seed production and sales [23][24] - The seed industry in China is regulated by a comprehensive legal framework, including laws on variety protection and seed quality inspection [24]

证券代码：000998 证券简称：隆平高科 公告编号：2025-28 袁隆平农业高科技股份有限公司 关于向特定对象发行股票会后事项承诺函披露的 提示性公告 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。 （http://www.cninfo.com.cn）披露的相关公告。 公司将根据本次发行的进展情况及时履行信息披露义务，敬请广大投资者注意 投资风险。 特此公告 袁隆平农业高科技股份有限公司董事会 二〇二五年五月十二日 袁隆平农业高科技股份有限公司（以下简称"公司"）向特定对象发行 A 股 股票（以下简称"本次发行"）的申请已于 2025 年 3 月 6 日经深圳证券交易所（以 下简称"深交所"）上市审核中心审核通过，并于 2025 年 4 月 7 日收到中国证券 监督管理委员会（以下简称"证监会"）出具的《关于同意袁隆平农业高科技股份 有限公司向特定对象发行股票注册的批复》（证监许可〔2025〕700 号）。 鉴于公司 2024 年年度、2025 年一季度业绩较上年同期有所波动，根据证监会 和深交所的会后事项监管要求、《监管规则适用指引——发行类第 7 号》 ...