Group 1 - The core viewpoint of the news is that Zhengbang Technology reported significant revenue growth in Q3 2025, but a drastic decline in net profit [1] - For the first three quarters of 2025, the company's revenue reached approximately 10.658 billion yuan, representing a year-on-year increase of 82.58% [1] - The net profit attributable to shareholders was about 8.27 million yuan, showing a year-on-year decrease of 97.25% [1] - Basic earnings per share were 0.0009 yuan, which is a decrease of 97.23% compared to the previous year [1] Group 2 - As of the report, Zhengbang Technology has a market capitalization of 27.4 billion yuan [2]

Core Viewpoint - Zhengbang Technology (002157.SZ) reported a significant increase in revenue for the first three quarters, but faced a substantial decline in net profit, indicating potential challenges in profitability despite strong sales growth [1] Financial Performance - The company's operating revenue for the first three quarters reached 10.658 billion, representing a year-on-year increase of 82.58% [1] - The net profit attributable to shareholders was 8.2656 million, showing a year-on-year decline of 97.25% [1] - The company reported a non-recurring net loss of 188 million [1]

证券代码：002157 证券简称：正邦科技 公告编号：2025—068 江西正邦科技股份有限公司 关于计提资产减值准备的公告 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。 根据《企业会计准则》《深圳证券交易所股票上市规则》相关规定，为了 更加真实、准确地反映江西正邦科技股份有限公司（以下简称"公司"）截至 2025 年 9 月 30 日的财务状况和资产价值，基于谨慎性原则，公司对可能发生减 值损失的资产计提相应减值准备。本次计提资产减值准备事项是按照《企业会计 准则》及公司会计政策的相关规定执行，无需公司董事会审议。公司 2025 年前 三季度相关资产计提资产减值准备情况公告如下： 一、本次计提资产减值准备情况概述 依照《企业会计准则》及公司会计政策的相关规定，公司及下属子公司对 2025 年 9 月 30 日的应收款项、其他应收款、存货、固定资产、使用权资产、无 形资产、在建工程等资产进行了全面清查，对应收款项、其他应收款回收的可能 性，存货的可变现净值，固定资产、使用权资产、无形资产、在建工程等资产的 可收回金额进行了充分的评估和分析，认为上述资产中部分 ...

证券代码：002157 证券简称：正邦科技 公告编号：2025—067 江西正邦科技股份有限公司 第八届董事会第六次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 1、江西正邦科技股份有限公司（以下简称"公司"）第八届董事会第六次会议 （以下简称"本次会议"）通知于2025年10月17日以电子邮件和专人送达方式发出。 2、本次会议于2025年10月27日以现场及通讯表决相结合的方式召开。 3、本次会议应参加董事6名，实际参加董事6名，全体董事均亲自出席会议。符 合《中华人民共和国公司法》的规定和《公司章程》的要求。 5、本次董事会会议的召开符合有关法律、行政法规、部门规章、规范性文件和 《公司章程》的规定。 二、董事会会议审议情况 1、会议以 6 票同意，0 票反对，0 票弃权，审议通过了《公司 2025 年第三季度 报告》。 《2025 年第三季度报告》详见 2025 年 10 月 29 日披露于《证券时报》《证券日 报》《上海证券报》《中国证券报》和巨潮资讯网（http://www.cninfo.com.cn）的公 司 ...

Financial Performance - The company's revenue for Q3 2025 reached ¥3,820,123,376.91, representing a 46.11% increase compared to the same period last year[4] - The net profit attributable to shareholders was -¥193,396,822.25, a decrease of 145.17% year-on-year[4] - Total operating revenue for the period reached ¥10,657,928,460.92, a significant increase from ¥5,837,407,151.00 in the previous period, representing an 82.5% growth[17] - The company's net profit for the period was reported at -¥119,292,733.20, compared to a profit of ¥300,116,765.34 in the previous period, reflecting a decline in profitability[17] - The net profit for the current period is -120,835,548.17, compared to a profit of 296,548,868.01 in the previous period[18] - The total comprehensive income for the current period is -112,646,610.50, while it was 244,483,417.89 in the previous period[18] Cash Flow - The operating cash flow for the year-to-date period was ¥282,953,581.99, showing a significant increase of 129.96% compared to the previous year[4] - The cash flow from operating activities generated a net cash flow of 282,953,581.99, a significant improvement from -944,579,753.03 in the previous period[21] - Cash inflow from sales of goods and services reached 10,619,289,253.25, up from 5,802,041,966.02 in the previous period, indicating a growth of approximately 83.5%[21] - The cash outflow for purchasing goods and services was 8,906,347,556.89, compared to 5,017,663,470.46 in the previous period, reflecting an increase of about 77.5%[21] - The net cash flow from investing activities was -679,853,881.10, worsening from -245,192,172.70 in the previous period[21] - The net cash flow from financing activities was 246,409,596.72, a decrease from 1,358,284,864.04 in the previous period[21] - The ending cash and cash equivalents balance is 2,960,356,461.99, compared to 2,472,662,878.47 at the end of the previous period[21] Assets and Liabilities - Total assets as of September 30, 2025, amounted to ¥19,809,790,684.28, reflecting a 4.26% increase from the end of the previous year[4] - Current assets totaled ¥6,353,045,136.08, an increase from ¥5,883,107,160.30, showing an 8% growth[14] - Non-current assets increased to ¥13,456,745,548.20 from ¥13,117,300,739.41, marking a 2.6% rise[15] - Total liabilities rose to ¥9,408,842,422.77, compared to ¥8,819,090,138.55, indicating a 6.7% increase[16] - The company's cash and cash equivalents decreased slightly to ¥3,287,059,303.58 from ¥3,320,661,467.66, a decline of 1%[14] - Inventory levels increased to ¥2,404,115,598.15 from ¥2,009,091,991.93, reflecting a 19.6% rise[14] - The total equity attributable to shareholders increased to ¥11,740,316,561.04 from ¥11,420,237,260.23, a growth of 2.8%[16] Shareholder Information - Total number of common shareholders at the end of the reporting period is 166,146[11] - The largest shareholder, Jiangxi Twin Agriculture Co., Ltd., holds 15.13% of shares, totaling 1,400,000,000 shares[11] - The top 10 shareholders collectively hold significant stakes, with the first three shareholders accounting for 25.67% of total shares[11] - The employee stock ownership plan's first unlock period allows for the release of 19,294,018 shares, representing 0.21% of the total share capital[12] - The company has not disclosed any related party relationships among the top shareholders[11] - The total number of preferred shareholders is reported as zero, indicating no preferred shares are currently held[12] Research and Development - The company's R&D expenses rose by 42.77% to ¥5,564,405.60, attributed to new project investments[9] - Research and development expenses for the period were ¥5,564,405.60, up from ¥3,897,398.78, representing a 42.8% increase[17] Corporate Governance - The company plans to revise its articles of association to eliminate the supervisory board, transferring its powers to the audit committee of the board of directors[12] - A subsidiary, Liaoning Chaoyang Zhengbang Ecological Agriculture Co., Ltd., is undergoing restructuring as per a court ruling[12] - The company has not reported any changes in the participation of major shareholders in margin trading activities[12] - The first assessment period of the employee stock ownership plan saw 215 participants achieving a performance rating of "B" or above, allowing for a 100% unlock ratio[12] Earnings Per Share - The basic earnings per share for the period was -¥0.0209, a decline of 145.14% compared to the same period last year[4] - The basic and diluted earnings per share for the current period are 0.0009, down from 0.0325 in the previous period[18] Other Financial Metrics - The company's accounts receivable increased by 94.83% to ¥160,287,930.25, primarily due to temporary credit policies extended to quality customers in the feed sector[9] - The company experienced a 62.48% decrease in investment income, totaling ¥304,647,133.93, due to reduced restructuring amounts compared to the previous year[9] - The net cash flow from investing activities was -¥679,853,881.10, a decrease of 177.27% due to increased capital expenditures on fixed asset upgrades[9] - The company has not undergone an audit for the third quarter financial report[22]

Core Insights - The aquaculture sector experienced a slight increase of 0.28% on October 23, with Xiaoming Co. leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Aquaculture Sector Performance - Xiaoming Co. (300967) closed at 21.86, up 2.82% with a trading volume of 105,300 shares and a transaction value of 230 million [1] - Tianyu Biological (603717) closed at 9.17, up 2.12% with a trading volume of 152,700 shares and a transaction value of 140 million [1] - Other notable performers include Xiangjia Co. (002982) up 1.76%, Minhe Co. (002234) up 1.73%, and Xinwufeng (600975) up 1.57% [1] Capital Flow Analysis - The aquaculture sector saw a net inflow of 25.81 million from institutional investors, while retail investors contributed a net inflow of 4.57 million [2] - Major stocks like Jingji Zhino (000048) experienced a significant net outflow of 29.90 million from speculative funds [3] - Muyu Co. (002714) had a net inflow of 43.02 million from institutional investors, but also saw a net outflow of 26.25 million from speculative funds [3]

Core Insights - The company, Zhengbang Technology, reported that as of October 20, 2025, the total number of shareholders is 165,200 [1] Summary by Categories - **Company Information** - Zhengbang Technology has a total of 165,200 shareholders as of the specified date [1]

Summary of Key Points Core Viewpoint - On October 22, a total of 10 companies had their restricted shares unlocked, with a total unlocking volume of 166 million shares, amounting to a market value of 4.002 billion yuan based on the latest closing prices [1]. Unlocking Volume - Four companies had unlocking volumes exceeding 10 million shares: - Zhengbang Technology: 67.215 million shares - Anke Kery: 36.0685 million shares - *ST Qingyan: 31.0167 million shares [1]. Unlocking Market Value - Four companies had unlocking market values exceeding 100 million yuan: - Saiwei Microelectronics: 2.354 billion yuan - Anke Kery: 888 million yuan - *ST Qingyan: 509 million yuan [1]. Proportion of Total Share Capital - Three companies had unlocking ratios exceeding 10% of their total share capital: - Saiwei Microelectronics: 30.37% - *ST Qingyan: 28.72% - Anke Kery: 14.38% [1].

Market Overview - The aquaculture sector increased by 0.28% on October 21, with Tianbang Food leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Stock Performance - Tianbang Food (002124) closed at 2.93, up 3.90% with a trading volume of 849,200 shares and a transaction value of 247 million [1] - Minhe Livestock (002234) closed at 69.8, up 2.24% with a trading volume of 49,700 shares and a transaction value of 42.8 million [1] - Xiaoming Co. (300967) closed at 20.91, up 2.00% with a trading volume of 48,100 shares and a transaction value of 99.9 million [1] - Shengnong Development (002299) closed at 16.86, up 2.00% with a trading volume of 118,600 shares and a transaction value of 28.67 million [1] - Tianyu Bio (603717) closed at 8.93, up 1.94% with a trading volume of 81,500 shares and a transaction value of 72.32 million [1] Capital Flow - The aquaculture sector experienced a net outflow of 44.44 million from institutional investors and 35.77 million from retail investors, while retail investors saw a net inflow of 80.22 million [2] - The capital flow for individual stocks shows Shengnong Development (002299) with a net inflow of 22.98 million from institutional investors [3] - Institutional investors also showed a net inflow of 18.73 million for Zhengbang Technology (002157) [3] - Tianbang Food (002124) had a net inflow of 16.94 million from institutional investors [3]

Core Viewpoint - Zhengbang Technology (002157) announced the release of 67,214,964 restricted shares, accounting for 0.73% of the total share capital, with a listing date of October 22, 2025 [2] Company Overview - Zhengbang Technology was established on September 26, 1996, with a registered capital of 9,298.08 million RMB. The company is headquartered in Nanchang, Jiangxi Province, and its main business includes the production and sales of feed, pigs, and veterinary drugs, as well as providing comprehensive services to small and medium-sized enterprises and farmers [2] - The current chairman is Bao Hongxing, and the company employs 7,780 people. The actual controllers are Bao Hongxing, Hua Tao, and Bao Huayue [2] Shareholder Information - The shareholders releasing the restricted shares include 29 creditors, such as China Cinda Asset Management Co., Ltd. and Jiangxi Haiji Financing Leasing Co., Ltd. These shareholders obtained the shares through a restructuring plan and committed to a 12-month lock-up period starting from the registration date [2] Financial Performance - The company's revenue for 2024 and Q2 2025 is projected to be 8.87 billion RMB, 3.00 billion RMB, and 6.84 billion RMB, representing year-on-year growth of 26.86%, 108.22%, and 112.17% respectively [4] - The net profit attributable to the parent company for the same periods is expected to be 216 million RMB, 171 million RMB, and 202 million RMB, with year-on-year growth rates of -97.46%, 449.58%, and 258.18% respectively [4] - The company's asset-liability ratios for the same periods are 46.42%, 44.91%, and 45.69% [4] Risk Information - The company has a total of 3,562 risk records, with 8,274 surrounding risks, 626 historical risks, and 897 warning risks according to Tianyancha [4]