Investment Rating - The report maintains an "Outperform" rating for the agricultural sector in light of the recent tariff increases on U.S. imports [1][5][4]. Core Views - The imposition of a 34% tariff on all U.S. imports is expected to benefit the domestic agricultural sector, particularly in the areas of feed, livestock, and seed industries [1][2][3]. - The report highlights that the increase in tariffs will likely lead to price hikes in key agricultural products such as soybean meal, corn, and beef, thereby enhancing the profitability of domestic producers [2][24][3]. Summary by Sections Tariff Impact Analysis - The Chinese government announced a 34% tariff on all U.S. imports effective April 10, 2025, which is expected to raise the import costs of key agricultural products [1][15][16]. - Major U.S. agricultural imports to China include sorghum, soybeans, cotton, beef, and corn, with soybeans and corn being particularly affected by the tariff [1][24]. Feed and Livestock Sector - The report is optimistic about companies like Haida Group and leading pig and poultry farming enterprises, which are expected to see enhanced profit margins due to better raw material management amid rising feed prices [2][3]. - The report suggests that the cost of feed, which constitutes a significant portion of livestock production costs, will rise, potentially accelerating the cycle of livestock production and benefiting leading companies in the sector [2][3]. Seed and Crop Sector - The seed industry is anticipated to benefit from a favorable price cycle and advancements in genetically modified crops, with corn prices expected to rise due to increased import costs from the U.S. tariffs [2][3]. - Companies with land resources in the planting sector are also expected to gain from rising grain prices [2][3]. Beef Industry Outlook - The domestic beef industry is projected to experience a turnaround as domestic supply decreases and U.S. beef imports shrink due to the new tariffs [3][24]. - The report indicates that the valuation of related beef companies is currently at a low point, suggesting potential for growth as market sentiment improves [3][24]. Investment Recommendations - The report recommends investments in the following sectors: 1. Pig farming: Mu Yuan, Hua Tong, Wen's, Shen Nong Group, Xin Wu Feng, Ju Xing Agricultural, Tang Ren Shen, Tian Kang Biological 2. Poultry farming: Li Hua, Yi Sheng, Sheng Nong Development 3. Feed: Haida Group 4. Seed: Quan Yin Gao Ke, Long Ping Gao Ke, Feng Le Seed Industry, Deng Hai Seed Industry, Da Bei Nong [3][4].

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The report highlights that the recent increase in tariffs imposed by the US on Chinese imports, along with China's retaliatory measures, is expected to positively impact domestic agricultural product prices, particularly pork prices [5][15] - The average price of live pigs in China as of April 6, 2025, is 14.60 yuan/kg, showing a week-on-week increase of 0.05 yuan/kg, indicating a gradual upward trend in pork prices supported by improved demand and reduced supply pressure [6][18] - The report recommends actively allocating investments in the pig farming sector due to its defensive attributes amid macroeconomic shocks and the strengthening investment logic [6][28] Summary by Sections Weekly Observation - The US has imposed a 34% tariff on Chinese imports, leading to a cumulative tariff rate of 54% on Chinese goods, which is expected to benefit domestic agricultural prices [5][15] - The report notes that the dependency of key agricultural products on imports from the US is significant, with soybeans and beef having high foreign dependency rates of 81.49% and 25.22%, respectively [16][17] Weekly Market Performance - The agricultural index outperformed the market by 1.79 percentage points, with the agricultural index rising by 1.51% during the week [32][34] - Key stocks such as Huisheng Biological and Jinhai Biological saw significant gains, with increases of 39.96% and 18.80%, respectively [32][36] Price Tracking - As of April 4, 2025, the average price of live pigs is 14.60 yuan/kg, with a slight increase from the previous week, while the price of piglets has risen to 37.08 yuan/kg [39][40] - The report indicates that the price of beef has also increased, reaching 66.38 yuan/kg, reflecting a positive trend in meat prices [43][46] Recommendations - The report suggests focusing on the pig farming sector, with specific recommendations for companies such as Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [7][28] - In the feed sector, companies like Haida Group and New Hope are recommended due to their potential benefits from the recovery in livestock and poultry production [28]

Investment Rating - The report maintains an "Outperform" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][5][39] Core Viewpoints - The report highlights the recovery potential of undervalued leading breeding companies and the long-term upward trend in rubber prices [1][3][14] - Key recommendations include focusing on high ROE value stocks in the breeding sector and identifying growth opportunities in the pet food market [1][3][39] Summary by Sections Investment Recommendations - Recommended stocks include: - For pets: Guai Bao Pet, Zhong Chong Co., and Rui Pu Biological [1][3][16] - For breeding: Mu Yuan Co., Hua Tong Co., and Wen's Food Group [1][3][39] - For rubber: Hainan Rubber, a leading global player in natural rubber cultivation and processing [1][3][22] Breeding Sector - The breeding sector is expected to maintain low volatility in production capacity, with overall supply-demand balance remaining stable [1][17][39] - Specific insights include: - Swine prices were reported at 14.46 CNY/kg, down 8.88% month-on-month, with a slight increase in average weight [2][25] - Poultry supply is at a low, with potential demand recovery as macroeconomic conditions improve [30][35] Planting Chain - The report emphasizes the importance of focusing on leading companies with R&D and integration advantages in the seed industry [1][19][39] - Key recommendations include: - Hainan Rubber, with significant production and processing capabilities [1][22] Market Trends - The report notes that the agriculture, forestry, animal husbandry, and fishery index increased by 0.20% in February, underperforming compared to the broader market [2][5] - The report also highlights the strong performance of specific stocks, such as Tianye Co. and Dayu Biological, with notable increases in their stock prices [2][5]

Investment Rating - The report maintains a "Market Perform" rating for the agriculture, forestry, animal husbandry, and fishery industry [2] Core Insights - The agriculture, forestry, animal husbandry, and fishery industry underperformed the market in February, with a 0.20% increase compared to the Shanghai Composite Index's 2.16% increase [12][8] - The report highlights that the pig farming sector is expected to maintain profitability in 2025, supported by favorable policies and a gradual recovery in pig inventory [49][50] - The poultry farming sector, particularly white feather chicken, is anticipated to see marginal price improvements as the macroeconomic environment stabilizes [52] - The feed and animal health sectors are projected to experience performance recovery as pig inventory gradually increases [53] Summary by Sections Market Review - The agriculture, forestry, animal husbandry, and fishery industry index ranked 25th among 31 industry indices in February, with a year-to-date decline of 2.79% [12][8] - The sub-sectors of fruit and vegetable processing, comprehensive III, and grain and oil processing showed positive growth, while pet food and poultry farming lagged behind [13] Pig Farming - In February, the average price of external three yuan pigs decreased by 6.80% month-on-month, while the average price of external three yuan piglets increased by 21.91% [20] - The average profit for self-bred pigs was approximately 37.35 yuan per head, while for purchased piglets, it was 10.95 yuan per head [20] Poultry Farming - The average price of white feather chicken in February was 6.05 yuan per kilogram, down 18.34% month-on-month [34] - The average price of meat chicken seedlings was 2.12 yuan per chick, down 19.67% month-on-month [34] Fisheries - In February, the prices of various freshwater fish remained stable, while the price of shrimp decreased by 11.11% [45] Investment Recommendations - The report suggests maintaining a focus on high-quality pig farming companies such as Muyuan Foods and Wens Foodstuffs, which are expected to continue generating profits in 2025 [49][52] - The report recommends attention to the feed sector as a post-cycle investment opportunity, particularly in leading companies like Haida Group [53] - In the seed industry, companies with strong research capabilities are highlighted as key players, including Dabeinong and Longping High-Tech [54] - The pet food sector is expected to grow, with recommendations to monitor companies like Guobao Pet and Zhongchong Co., which are expanding their market presence [56]

Financial Performance Forecast - The estimated net profit attributable to shareholders for 2024 is projected to be between 56.32 million and 84.48 million CNY, representing a decline of 66.97% to 77.98% compared to the previous year[2]. - The net profit after deducting non-recurring gains and losses is expected to incur a loss between 0.52 million and 28.68 million CNY, a decrease of 100.29% to 116.17% from the previous year's profit of 177.34 million CNY[2]. - Basic earnings per share are forecasted to be between 0.0640 CNY and 0.0960 CNY, down from 0.2907 CNY per share in the previous year[2]. Reasons for Performance Decline - The primary reason for the decline in performance is the provision for inventory impairment estimated between 90 million and 120 million CNY due to changes in the corn seed market and inventory conditions[3]. Communication and Reporting - The company has communicated its performance forecast with the auditing firm, and there are no discrepancies regarding the forecast[2]. - The performance forecast is based on preliminary calculations by the company's finance department, and the final results will be disclosed in the official 2024 annual report[4].

Core Viewpoint - Donghai Seed Industry plans to increase registered capital for four wholly-owned subsidiaries by a total of 173 million yuan to optimize their asset-liability structure and enhance competitive advantages [1][2] Group 1: Company Actions - The capital increase will be allocated as follows: 30 million yuan to Changji Donghai, 43 million yuan to Zhangye Donghai, 40 million yuan to Ningxia Donghai, and 60 million yuan to Qingdao Donghai [1] - The company emphasizes that this capital increase is necessary for business development and will not change the consolidation scope or adversely affect financial status and operating results [1] Group 2: Financial Performance - In the first three quarters, Changji Donghai and Zhangye Donghai reported profits of 10.94 million yuan and 4.75 million yuan, respectively, while Ningxia Donghai and Qingdao Donghai incurred losses of 7.41 million yuan and 8.53 million yuan [2] - Donghai Seed Industry's total revenue for the first three quarters was 578 million yuan, a year-on-year decrease of 11.55%, with net profit down 38.57% to 58.58 million yuan [2] Group 3: Industry Outlook - The seed industry is experiencing intense competition, but Donghai Seed Industry maintains stability in its core business, particularly in corn seed products [2] - The domestic transgenic corn planting has shifted from pilot demonstration to accelerated expansion, with expectations for significant market growth in the next 3 to 5 years [2] - National strategies emphasize seed industry revitalization, with policies focusing on variety standards, intellectual property protection, and support for seed enterprises [3]

Core Viewpoint - The company intends to increase the registered capital of its wholly-owned subsidiaries, indicating a strategy to strengthen its financial position and support growth initiatives [1][2]. Group 1: Capital Increase Details - The company plans to increase the registered capital of Changji Denghai by 30 million yuan [1] - The registered capital of Zhangye Denghai will be increased by 43 million yuan [1] - Ningxia Denghai will see an increase of 40 million yuan in its registered capital [1] - Qingdao Denghai will receive a capital increase of 60 million yuan [1] Group 2: Subsidiary Status - After the capital increases, Changji Denghai, Zhangye Denghai, Ningxia Denghai, and Qingdao Denghai will continue to be wholly-owned subsidiaries of the company [2]

会议经参会董事审议和表决，通过了如下决议： 审议通过了《关于对全资子公司增资的议案》，赞成票9票，反 对票0票，弃权票0票。 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：2024-026 山东登海种业股份有限公司 第八届董事会第十四次（临时）会议决议公告 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。 山东登海种业股份有限公司（以下简称"公司"）第八届董事会 第十四次（临时）会议通知于 2024 年 12 月 13 日以电子邮件方式发 出，2024 年 12 月 18 日上午以通讯表决方式召开。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。 详见公司 2024 年 12 月 19 日 在 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上披露的《关于对全资子公司增资的 公告》。 特此公告。 山东登海种业股份有限公司董事会 2024 年 12 月 19 日 ...

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：2024-027 山东登海种业股份有限公司 关于对全资子公司增资的公告 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、本次增资概述 1、 山东登海种业股份有限公司（以下简称"公司"）拟对全资子公司昌 吉州登海种业有限公司（以下简称"昌吉登海"）、张掖市登海种业有限公司 （以下简称"张掖登海"）、宁夏登海种业有限公司（以下简称"宁夏登 海"）、青岛登海种业有限公司（以下简称"青岛登海"）增加注册资本，其 中对昌吉登海增资 3,000.00 万元人民币，增资完成后，昌吉登海注册资本将由 3,000.00 万元人民币增加至 6,000.00 万元人民币；对张掖登海增资 4,300.00 万元人民币，增资完成后，张掖登海注册资本将由 3,000.00 万元人民币增加至 7,300.00 万元人民币；对宁夏登海增资 4,000.00 万元人民币，增资完成后， 宁夏登海注册资本将由 5,000.00 万元人民币增加至 9,000.00 万元人民币；对 青岛登海增资 6,000.00 万元 ...

济南市历下区舜泰北路 567 号银丰科技公园 2 号楼 电话：0531-81663606 邮编：250 000 北京德恒（济南）律师事务所 关于山东登海种业股份有限公司 2024 年第一次临时股东大会的法律意见 北京德恒（济南）律师事务所 关于山东登海种业股份有限公司 2024 年第一次临时股东大会的 法律意见 北京德恒（济南）律师事务所 关于 山东登海种业股份有限公司 2024 年第一次临时股东大会的 法律意见 德恒20241115001号 致：山东登海种业股份有限公司 北京德恒（济南）律师事务所（以下简称"本所"）作为山东登海种业股份 有限公司（以下简称"公司"）的常年法律顾问，受公司委托，指派张莹莹律师、 董慧利律师（以下简称"本所律师"）出席公司2024年第一次临时股东大会（以 下简称"本次股东大会"），根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《上市公司股东大会规则》（以下简称"《股东大会规则》"）等 现行有效的法律、法规、规范性文件以及《山东登海种业股份有限公司章程》（以 下简称"《公司章程》"）、《山东登海种业股份有限公司股东大会议事规则》 （以下简称"《股东大会议事规则》"）的 ...