Investment Rating - The investment rating for Longping High-Tech (隆平高科) is "Buy" (maintained) [1] Core Views - The company's performance is under pressure due to the sluggish corn industry in Brazil, while domestic seed performance remains stable. The revenue for 2024 is reported at 8.566 billion yuan, a year-on-year decrease of 7.13%, and the net profit attributable to shareholders is 114 million yuan, down 43.08% year-on-year. The first quarter of 2025 shows a revenue of 1.409 billion yuan, a decline of 32.03% year-on-year, primarily due to weak sales of corn seeds in Brazil. The profit forecast for 2025-2027 has been adjusted downwards, with expected net profits of 348 million, 404 million, and 502 million yuan respectively for those years. The current stock price corresponds to a PE ratio of 38.9, 33.6, and 27.0 for 2025-2027, indicating potential for gradual performance recovery as the Brazilian corn market improves and domestic transgenic seed business expands [1][4][5]. Financial Performance - In 2024, the revenue breakdown shows corn seed revenue at 5.021 billion yuan (down 16.74%), rice seed revenue at 2.008 billion yuan (up 12.97%), and vegetable seeds at 321 million yuan (up 0.69%). The company maintains a leading market share in hybrid rice, with seven of the top ten varieties in the national promotion area, and three of the top ten corn varieties [5][6]. - The company has received 113 authorized plant variety rights in 2024, with significant contributions from rice and corn varieties. The total number of authorized plant variety rights has reached 979, showcasing the company's strong R&D capabilities [6]. Financial Summary and Valuation Metrics - The financial summary indicates a revenue forecast of 9.476 billion yuan for 2025, with a year-on-year growth of 10.6%. The net profit attributable to shareholders is expected to be 348 million yuan, reflecting a significant recovery from the previous year's losses. The gross margin is projected to stabilize around 37.2% in 2025, with a net margin of 3.7% [8][10]. - The company's valuation metrics show a PE ratio decreasing from 119.0 in 2024 to 38.9 in 2025, indicating a more attractive valuation as earnings are expected to recover [8][10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 11.34 [7][8]. Core Views - The company experienced a revenue decline of 7.13% year-on-year in 2024, with total revenue of RMB 8.566 billion and a net profit attributable to shareholders of RMB 1.14 billion, down 43.08% year-on-year. The first quarter of 2025 saw a significant revenue drop of 32% year-on-year, resulting in a net loss of RMB 0.02 billion [1][2][3]. - Despite the current challenges, the company is expected to benefit from a rebound in domestic corn prices due to supply-demand imbalances and its strong research and development capabilities, particularly in transgenic corn [3][4]. Summary by Sections Financial Performance - In 2024, the company reported revenue of RMB 50 billion from corn seeds, down 17% year-on-year, with a gross margin of 34.6%, a decrease of 5.4 percentage points. In contrast, hybrid rice revenue was RMB 20 billion, up 13% year-on-year, with a gross margin of 37.6%, an increase of 1.23 percentage points [2]. - The first quarter of 2025 showed a revenue of RMB 14.1 billion, a 32% decline year-on-year, and a net profit of -RMB 0.02 billion, indicating a shift to loss compared to the previous year [1][3]. Profit Forecast and Valuation - The profit forecast for 2025 and 2026 has been adjusted downwards due to intense competition in corn seed varieties. The expected net profits for 2025 and 2026 are RMB 2.1 billion and RMB 4.3 billion, respectively, down from previous estimates of RMB 9.0 billion and RMB 12.0 billion [4][6]. - The report estimates a target price of RMB 11.34 based on a price-to-book ratio of 3.0 times for 2025, reflecting the company's strong R&D advantages and market position [4][8].

Core Viewpoint - The rice seed industry is experiencing growth against the trend, with profit performance exceeding expectations; the domestic corn seed industry maintains its leading advantage and demonstrates operational resilience; the overseas corn seed industry may encounter a transformative turning point and is expected to benefit from changes in the international trade landscape, leading to market expansion opportunities [1][3]. Group 1: Rice Seed Industry - The rice seed sector achieved a revenue increase of 13% in 2024, driven by the large-scale promotion of core rice varieties, resulting in a net profit of 340 million yuan, with a growth rate exceeding 50% [1]. - The company reported a total revenue of 8.566 billion yuan in 2024, a year-on-year decrease of 7.13%, and a net profit attributable to shareholders of 114 million yuan, down 43% [1]. Group 2: Corn Seed Industry - The domestic corn seed industry generated revenue of 2.121 billion yuan despite high inventory pressures, showcasing strong operational resilience [1]. - The overseas corn seed business faced challenges due to falling international grain prices and extreme weather, leading to stable sales but a decline in sales revenue to 2.9 billion yuan [1]. - In Q1 2025, the company reported total revenue of 1.4 billion yuan, a year-on-year decline of 32%, and a net profit of -2.09 million yuan, reflecting a significant drop in sales volume due to increased market competition and supply [2]. Group 3: Future Outlook - The domestic hybrid rice seed industry is entering a destocking phase starting in 2024, indicating a potential upward trend in the rice seed market [2]. - The company’s operational capabilities are expected to improve, potentially leading to high-quality profit growth [2]. - The company maintains a strong investment rating, projecting net profits of 432 million yuan, 605 million yuan, and 859 million yuan for 2025 to 2027, with diluted EPS of 0.33, 0.46, and 0.65 yuan respectively [3].

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights significant growth in the pig farming sector, with a notable increase in slaughter volume and consumer demand. The average price of pigs is showing a slight upward trend, indicating potential profitability for producers [2][12] - The agricultural sector is benefiting from supportive financial policies aimed at revitalizing the seed industry, with a focus on enhancing productivity through biotechnology and improved financial services [1][11] Summary by Sections 1. Weekly Insights - The Ministry of Agriculture and Rural Affairs has introduced new financial support measures for the seed industry, including a total of 150 billion yuan in loans and funds since the start of the 14th Five-Year Plan [1][11] - The commercialization of genetically modified crops is expected to accelerate, enhancing self-sufficiency in key varieties [1][11] 2. Market Review - The agricultural sector index decreased by 0.16% during the week, while the overall market indices showed positive growth [14] - The top-performing sub-sectors included animal health and feed, indicating a shift in investor interest towards these areas [14][18] 3. Key Agricultural Product Data Tracking - The average price of corn is 2278.78 yuan/ton, with a week-on-week increase of 0.47% [24] - The average price of pigs is reported at 14.98 yuan/kg, reflecting a week-on-week increase of 0.44% [12][61] - The average price of soybeans is 3887.37 yuan/ton, with a slight increase of 0.16% [38] 4. Profitability Forecasts and Valuations - Specific companies in the pig farming sector, such as 京基智农, 牧原股份, and 温氏股份, are recommended for their potential profitability due to improved cost management and higher output flexibility [2][12] - In the seed industry, companies like 隆平高科 and 登海种业 are highlighted for their competitive advantages and expected benefits from the supportive policies [1][11]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][6]. Core Views - The rice seed industry is experiencing counter-cyclical growth with better-than-expected profitability; the domestic corn seed industry maintains its leading advantage and demonstrates operational resilience; the overseas corn seed industry may reach a transformative turning point and is expected to benefit from changes in international trade dynamics, leading to market expansion. The long-term development prospects of the company are viewed positively [1][6]. Financial Data and Valuation - The company is projected to achieve total revenue of 85.66 billion yuan in 2024, a year-on-year decrease of 7%, with a net profit attributable to shareholders of 1.14 billion yuan, down 43% year-on-year. The earnings per share (EPS) for 2024 is expected to be 0.09 yuan [2][18]. - Revenue is expected to grow to 94.81 billion yuan in 2025, with a net profit of 4.32 billion yuan, reflecting a significant year-on-year increase of 279% [18][21]. - The company’s total market capitalization is approximately 13.6 billion yuan, with a current share price of 10.29 yuan [3][6]. Performance Summary - The domestic rice seed business has shown strong performance, with a revenue increase of 13% in 2024, leading to a net profit of 340 million yuan, which is over 50% growth [6][19]. - The domestic corn seed business generated revenue of 2.12 billion yuan despite high inventory pressures, showcasing operational resilience [6][19]. - The overseas corn seed business faced challenges due to falling international grain prices and extreme weather, but maintained a market share of around 20% [6][19]. Future Outlook - The domestic hybrid rice seed industry is entering a destocking phase, indicating a potential upward trend in the rice seed market; the company’s product lineup is well-prepared, and high growth is expected to continue [6][19]. - The overseas corn seed market is anticipated to benefit from changes in international trade patterns, leading to market expansion opportunities [6][19]. - The company is expected to see a recovery in its Brazilian corn seed business, contributing positively to its overall performance [6][19].

Industry Overview - The biobreeding industry is a crucial segment of high-tech agricultural development in China, with a focus on modern agricultural practices [1] - As of January 2025, there are 21 biobreeding industrial parks in China, with the highest concentration in Shandong Province, which has 6 parks [1] Company Developments - Dabeinong has entered a strategic partnership with Fuhua Tongda Chemical Co., aiming to explore new technologies and applications for biobreeding crop herbicides [5] - Wanxiang Denong has reported that two genetically modified varieties have passed national approval, with four varieties participating in the national testing this year. These GM varieties are designed to resist pests, reducing yield loss [5] - Yisheng has successfully imported 28,000 sets of Lihong ancestor white feather broilers, contributing to a total of 230,000 sets imported this year, enhancing domestic supply [5] - Longping High-Tech has improved its rice breeding information system, achieving a 52.58% increase in breeding efficiency for high-yield varieties in the Yangtze River basin [5] Challenges in the Industry - The acceptance of genetically modified rice in China is lower compared to hybrid rice, primarily due to limited public awareness and promotion of GM technology [8] - Currently, only two GM rice varieties have received production safety certificates, indicating a gap in technology maturity compared to developed countries [8] - The dominance of hybrid rice seeds in the market poses a significant challenge for the commercialization and scaling of GM rice seeds [8]

袁隆平农业高科技股份有限公司 独立董事2024年度述职报告 （李少昆） 本人自 2023 年 7 月起担任袁隆平农业高科技股份有限公司（以下简称"公 司"）第九届董事会的独立董事，严格按照《中华人民共和国公司法》《中华人 民共和国证券法》《上市公司独立董事管理办法》《深圳证券交易所股票上市规 则》（以下简称《上市规则》）、《袁隆平农业高科技股份有限公司章程》（以 下简称《公司章程》）等有关法律、法规、业务规则和公司制度的规定和要求， 忠实履行了独立董事的职责，谨慎、认真、勤勉地行使了独立董事的权利，积极 出席相关会议，认真审议董事会各项议案，对公司相关事项发表意见。现就本人 2024 年度履职情况汇报如下： 一、独立董事的基本情况 （一）独立董事人员情况 公司于 2023 年 7 月完成第九届董事会换届选举工作，第九届董事会共 9 名 董事，其中独立董事 3 名，分别为本人、李皎予先生、刘贵富先生，占董事会人 数三分之一，符合相关法律法规和公司制度的规定。 （二）个人履历、专业背景及兼职情况 李少昆：男，1963 年 12 月生，中共党员，博士研究生学历、农学博士学位。 现任中国农业科学院作物科学研究所研究员 ...

1．公司注册地、组织形式和总部地址 一、中信财务基本情况 袁隆平农业高科技股份有限公司（以下简称"公司"）依据有关法律政策的 规定和深圳证券交易所的要求，通过查验中信财务有限公司（以下简称"中信财 务"）提供的《金融许可证》《营业执照》等证件资料，并审阅中信财务 2024 年度财务报表，对中信财务的经营资质、业务和风险状况进行了评估，具体情况 报告如下： 中信财务成立于 2012 年 11 月 19 日，统一社会信用代码为 91110000717834 635Q。中信财务于 2021 年 08 月 18 日取得国家金融监督管理总局北京监管局换 发的《中华人民共和国金融许可证》（机构编码为 L0163H211000001）。 袁隆平农业高科技股份有限公司 关于中信财务有限公司 2024年度风险持续评估报告 中信财务经营范围：企业集团财务公司服务。（依法须经批准的项目，经相 关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件 为准）（不得从事国家和本市产业政策禁止和限制类项目的经营活动。） 二、中信财务公司内部控制的基本情况 1．内部控制环境 中信财务最高权力机构为股东会，下设董事会、监事会。 ...

袁隆平农业高科技股份有限公司 2024 年度内部控制评价报告 袁隆平农业高科技股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和要求，结合袁隆平农业高科 技股份有限公司（以下简称"本公司"或"公司"）内部控制制度和评价办法，在内部 控制日常监督和专项监督的基础上，我们对公司 2024 年度内部控制的有效性进行了自 我评价： 一、重要声明 按照企业内部控制规范体系的规定，建立健全并有效实施内部控制是公司董事会的 责任；监事会对董事会建立与实施内部控制进行监督；经营管理层负责组织领导公司内 部控制的日常运行。公司内部控制的目标是合理保证经营管理合法合规、资产安全、财 务报告及相关信息真实、准确、完整，提高经营效率和效果，促进发展战略目标的实现。 由于内部控制存在固有局限性，故只能为实现上述目标提供合理保证。此外，由于客观 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据 内部控制评价结果推测未来内部控制的有效性具有一定的风险。公司董事会、监事会及 董事、监事、高级管理人员保证本报告内容不存在任何虚假记载、误导性陈述或重大遗 漏，并对报告内容的真实性、准确性和完整性 ...

证券代码：000998 证券简称：隆平高科 公告编号：2025-20 4.风险提示：公司及控股子公司开展的外汇衍生品交易业务遵循稳健原则，不 进行以投机为目的的套期保值业务，但进行衍生品交易仍存在市场风险、流动性 风险、履约风险等影响，敬请广大投资者注意投资风险。 一、开展外汇衍生品交易业务概述 （一）交易目的 袁隆平农业高科技股份有限公司（以下简称"公司"）控股子公司隆平农业 发展股份有限公司（以下简称"隆平发展"）及其下属子公司拟向银团申请中长 期贷款人民币 40 亿元（或等值外币）。本次贷款旨在置换巴西跨境人民币直贷以 及本地雷亚尔高利率贷款，以达到优化借款结构，降低贷款利率、减低汇率波动 对财务报表造成的重大影响为主要目的。隆平发展下属子公司日常经营中使用外 袁隆平农业高科技股份有限公司 关于开展外汇衍生品套期保值交易业务的公告 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。 特别提示： 1.投资种类：拟开展的衍生品交易品种包括远期结售汇、货币及利率掉期等产 品或上述产品的组合。 2.投资金额：拟开展的货币类衍生品交易业务总金额不超过 40 亿元人民币（或 ...