SDDSC(002041)

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登海种业2025年中报简析:净利润同比下降33.42%,公司应收账款体量较大
Zheng Quan Zhi Xing· 2025-08-28 22:59
Core Insights - The company, Denghai Seeds, reported a decline in total revenue and net profit for the first half of 2025 compared to the same period in 2024, with total revenue at 369 million yuan, down 9.41%, and net profit at 35.11 million yuan, down 33.42% [1] - The second quarter showed a revenue increase of 17.97% year-on-year, but net profit decreased significantly by 53.48% [1] - The company's accounts receivable is notably high, with accounts receivable accounting for 105.54% of the latest annual net profit [1] Financial Performance - Total revenue for 2025 was 369 million yuan, compared to 408 million yuan in 2024, reflecting a decrease of 9.41% [1] - Net profit for 2025 was 35.11 million yuan, down from 52.74 million yuan in 2024, a decline of 33.42% [1] - The gross profit margin improved to 27.72%, an increase of 9.23% year-on-year, while the net profit margin decreased to 8.67%, down 26.15% [1] - Total expenses (selling, administrative, and financial) amounted to 57.99 million yuan, representing 15.7% of revenue, an increase of 5.74% [1] Cash Flow and Debt - The company has a healthy cash position, with cash assets reported at 1.707 billion yuan, a 16.99% increase from the previous year [1][2] - The company’s operating cash flow per share was -0.07 yuan, showing a 50.07% improvement year-on-year [1] - The company’s interest-bearing debt increased significantly by 108.22%, reaching 39.25 million yuan [1] Investment Metrics - The company's return on invested capital (ROIC) was reported at 1.31%, indicating weak capital returns [1] - Historical data shows a median ROIC of 5.06% over the past decade, with the worst year being 2019 at -1.33% [1] - Analysts expect the company's performance for 2025 to reach 161 million yuan, with an average earnings per share of 0.18 yuan [3] Fund Holdings - The largest fund holding Denghai Seeds is the Ping An Flexible Allocation Mixed A Fund, which holds 50,000 shares and has recently entered the top ten holdings [4]
登海种业(002041):粮价低迷拖累业绩,25Q2盈利承压
HTSC· 2025-08-28 08:32
Investment Rating - The report maintains an "Accumulate" rating for the company [5][4] Core Views - The company's performance in H1 2025 was impacted by low grain prices, with revenue of 369 million RMB (down 9.41% YoY) and a net profit of 35.11 million RMB (down 33.42% YoY) [1][2] - The decline in performance is attributed to poor performance in the corn seed sector, with supply-demand imbalance leading to lower seed prices and intense competition [1][2] - The company is focusing on high-quality development through the establishment of a research and development center and an integrated breeding system [3] Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 369 million RMB, with a net profit of 35.11 million RMB and a non-recurring net profit of -4.32 million RMB [1] - Q2 2025 revenue was 207 million RMB (up 17.97% YoY, up 27.08% QoQ), but net profit was 10.51 million RMB (down 53.48% YoY, down 57.25% QoQ) [1] - The corn seed segment saw revenue decline of 12.04% YoY, while wheat seed revenue increased by 118.01% YoY [2] Research and Development - The company has invested over 90% of the planned investment in its R&D center, with a total investment of 120 million RMB in the Qingdao Biotechnology R&D Center [3] - R&D expenses in H1 2025 were 42.27 million RMB, an increase of 12.23% YoY, with an R&D expense ratio of 11.44% [3] Profit Forecast and Valuation - The report forecasts net profits of 160 million RMB, 230 million RMB, and 280 million RMB for 2025, 2026, and 2027 respectively [4][8] - The target price is set at 12.06 RMB, based on a PE ratio of 67x for 2025 [4]
登海种业:2025年半年度净利润约3511万元,同比下降33.42%
Mei Ri Jing Ji Xin Wen· 2025-08-27 23:59
Group 1 - The company Donghai Seed Industry reported a revenue of approximately 369 million yuan for the first half of 2025, representing a year-on-year decrease of 9.41% [1] - The net profit attributable to shareholders of the listed company was approximately 35.11 million yuan, a year-on-year decrease of 33.42% [1] - The basic earnings per share were 0.0399 yuan, down 33.39% year-on-year [1]
登海种业半年度扣非净利润上市来首亏,研发加码+转基因能否破局?|财报解读
Xin Lang Cai Jing· 2025-08-27 15:23
Core Viewpoint - The corn seed industry is facing supply-demand imbalance and intense competition, leading to significant revenue declines for multiple companies, including Donghai Seed Industry, which reported its first-ever half-year net profit loss since its listing [1][2]. Company Summary - Donghai Seed Industry's revenue for the first half of 2025 was 369 million yuan, a year-on-year decrease of 9.41%, with a net profit attributable to shareholders of 35.11 million yuan, down 33.42% [1][2]. - The company's net profit after excluding non-recurring gains and losses was -432.61 thousand yuan, marking a shift from profit to loss for the first time since its listing [2]. - The decline in performance is attributed to lower corn prices, insufficient market confidence, and a supply surplus, alongside challenges from diseases and market preferences for dense planting varieties [2][3]. - Donghai Seed Industry primarily engages in hybrid corn seed business, with corn seed revenue accounting for approximately 90% of total revenue, focusing on varieties like "Donghai" and "Xianyu" [2]. Industry Summary - The corn seed industry is experiencing a widespread downturn, with many listed seed companies reporting revenue declines in their corn seed businesses during the first half of the year [3]. - The industry is undergoing a phase of "de-stocking, structural adjustment, and value creation," indicating a challenging environment for seed companies [3]. - Despite a stabilization in corn spot prices, seed prices are expected to recover slowly, with traditional varieties facing dual pressures from de-stocking and price competition [3]. - The industry is transitioning from traditional seeds to genetically modified and dense planting varieties, with companies that have a first-mover advantage likely to increase their market share [3]. - Donghai Seed Industry has already made advancements in genetically modified varieties, with six nationally approved corn GM varieties, including Donghai 605D, and is seeing gradual sales increases [3].
登海种业(002041.SZ)发布上半年业绩,归母净利润3511.24万元,同比下降33.42%
智通财经网· 2025-08-27 13:15
Core Insights - The company Donghai Seeds (002041.SZ) reported a decline in revenue and net profit for the first half of 2025, indicating potential challenges in its operational performance [1] Financial Performance - The company achieved an operating revenue of 369 million yuan, representing a year-on-year decrease of 9.41% [1] - The net profit attributable to shareholders of the listed company was 35.11 million yuan, down 33.42% year-on-year [1] - The net loss attributable to shareholders, after deducting non-recurring gains and losses, was 4.32 million yuan [1] - Basic earnings per share were reported at 0.0399 yuan [1]
登海种业(002041.SZ):上半年净利润3511.24万元 同比下降33.42%
Ge Long Hui A P P· 2025-08-27 11:59
Core Viewpoint - Donghai Seed Industry (002041.SZ) reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its operational performance [1] Financial Performance - The company achieved a revenue of 369 million yuan in the first half of 2025, representing a year-on-year decrease of 9.41% [1] - The net profit attributable to shareholders was 35.11 million yuan, down 33.42% compared to the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -4.33 million yuan [1] - Basic earnings per share stood at 0.0399 yuan [1]
登海种业(002041) - 半年度非经营性资金占用及其他关联资金往来情况汇总表
2025-08-27 11:22
法定代表人:唐世伟 主管财务工作的公司负责人 :邓丽 会计机构负责人:盛文萍 山东登海种业股份有限公司 2025年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位:山东登海种业股份有限公司 单位:人民币万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的 | 上市公司核算的会计 | 2025年期初占用资金 | 2025年半年度占用累 | 2025年半年度占用资 | 2025年半年度偿还累 | 2025年半年度期末占 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 关联关系 | 科目 | 余额 | 计发生金额(不含利 息) | 金的利息(如有) | 计发生金额 | 用资金余额 | 占用形成原因 | 占用性质 | | 控股股东、实际控制人及其附属企业 | | | | | | | | | | 非经营性占用 | | 小计 | | | | | | | | | | | | 前控股股东、实际控制人及其附属企业 | | | | | | | | | | 非经营性占用 | | 小计 | | ...
登海种业(002041) - 2025年半年度财务报告
2025-08-27 11:22
会计机构负责人: 合并资产负债表(续) 合并资产负债表 | 编制单位:山东登海种业股份有限公司 | | 2025年6月30日 | 单位:人民币元 | | --- | --- | --- | --- | | 资 产 | 附注 | 期末余额 | 期初余额 | | 流动资产: | | | | | 货币资金 | 五(一) | 1,707,005,564.97 | 1,536,141,970.07 | | 交易性金融资产 | 五(二) | 1,276,365,676.54 | 1,532,591,341.11 | | 衍生金融资产 | | | | | 应收票据 | | | | | 应收账款 | 五(三) | 59,764,482.16 | 40,286,063.16 | | 应收款项融资 | | | | | 预付款项 | 五(四) | 99,828,967.52 | 34,047,945.41 | | 其他应收款 | 五(五) | 9,585,919.50 | 11,531,899.21 | | 存货 | 五(六) | 708,138,049.00 | 840,862,539.38 | | 合同资产 | | | | | ...
登海种业(002041) - 半年报董事会决议公告
2025-08-27 11:18
山东登海种业股份有限公司 证券代码:002041 证券简称:登海种业 公告编号:2025-023 山东登海种业股份有限公司 第九届董事会第二次会议决议公告 本公司及董事会全体成员保证信息披露内容真实、准确和完 整,没有虚假记载、误导性陈述或者重大遗漏。 山东登海种业股份有限公司(以下简称"公司")第九届董事会 第二次会议通知于 2025 年 8 月 16 日以传真、电子邮件方式发出,2025 年 8 月 26 日上午 8:30,在公司培训中心三楼会议室召开。会议应 参会董事 9 人,实际参会董事 9 人。会议召开的程序符合《公司法》 和《公司章程》的规定,会议合法有效。会议经参会董事审议和表决, 形成了如下决议: 一、审议通过了《公司 2025 年半年度报告及其摘要》,赞成票 9 票,反对票 0 票,弃权票 0 票。 详 见 2025 年 8 月 28 日 登 载 于 巨 潮 资 讯 网 站 (http://www.cninfo.com.cn)的《公司 2025 年半年度报告全文》。 2025年8月28日刊登在巨潮资讯网站(http://www.cninfo.com.cn)、 《中国证券报》和《证券时报》的《 ...
登海种业(002041) - 薪酬与考核委员会工作实施细则
2025-08-27 10:47
山东登海种业股份有限公司 山东登海种业股份有限公司董事会 薪酬与考核委员会工作实施细则 第一章 总 则 第一条 为规范公司董事会薪酬与考核委员会运作,根据《公司 法》《上市公司治理准则》《公司章程》及其他有关规定,制定本工 作细则。 第二条 薪酬与考核委员会是董事会按照董事会决议设立的专门 工作机构。 第三条 本细则所称董事是指在本公司领取薪酬的董事,高级管 理人员是指董事会聘任的总经理、副总经理、财务负责人、董事会秘 书及经董事会聘任的其他高级管理人员。 第四条 除非特别指明,本细则中凡述及薪酬政策与考核制度所 针对或适用人员的范围时均是指本细则第三条所列人员。 第二章 人员组成 第五条 薪酬与考核委员会成员由三名董事组成,其中独立董事 2 名。 第六条 薪酬与考核委员会委员由董事长、二分之一以上独立董 事或者全体董事的三分之一提名,并由董事会选举产生。 第七条 薪酬与考核委员会设召集人一名,并由独立董事委员担 任,召集人由薪酬与考核委员会在委员内选举产生。 第八条 薪酬与考核委员会任期与董事会任期一致,委员任期届 满,可以连选连任。期间如有委员不再担任公司董事职务,自动失去 委员资格,并由委员会根据上述第 ...