Cost Management - The company's blueberry cost structure consists of three main components: base planting costs, growth costs, and harvesting, post-harvest, and indirect costs [2] - Since Q3, the company has achieved initial success in cost control through independent management of new production areas, maintaining expenses at a similar level year-on-year while expanding scale [2] - Future cost management will focus on improving organizational efficiency, optimizing technical solutions, enhancing budget management, and concentrating on core resources [2] Production Outlook - The new production season has started smoothly, benefiting from the mature application of early promotion technology, which has advanced production timing [3] - The company anticipates a significant increase in the proportion of production in Q4 and Q1 compared to the previous season, reducing supply pressure in the later stages of the production season [3] Pricing and Brand Development - Current prices for the new production season remain comparable to the same period last year, supported by strong market confidence [4] - Key factors supporting prices include the company's control over the timing of market entry, selection of premium fruit, and focused brand development of "Love Berry Garden" to achieve brand premium [4] - The company plans to continue investing in brand building to enhance industry reputation [4] Channel and Export Strategy - The company aims to increase the sales proportion from KA channels and has established deep cooperation with many mainstream KA clients [4] - Export volumes to Southeast Asian markets are expected to rise this production season, with a clear strategy for brand segmentation to ensure independent operation and focus on target markets [4] Land Expansion Plans - The company is among the leaders in land scale for substrate blueberries in Yunnan, facing challenges due to the scarcity of high-quality land resources [5][6] - The company is actively seeking quality land through various models and plans to maintain a stable expansion pace [6] - The Laos production base is progressing as planned, replicating domestic operational models to support scale growth and facilitate "direct sales overseas" [6] Industry Competition and Future Plans - The overall planting scale of substrate blueberries in Yunnan has been rapidly increasing, reflecting positive market outlooks for the blueberry industry [6] - The company is leveraging its first-mover advantage, mature technical operations, and comprehensive control capabilities to build competitive barriers [6] - In addition to focusing on fresh blueberry business, the company is expanding into deep processing as a future growth supplement [6] Collaboration with Major Clients - The company plans to deepen cooperation with Sam's Club, aiming to expand coverage nationwide based on last year's foundation [6] - A dedicated large customer department has been established to ensure stable quality and supply for major clients [6]

Core Viewpoint - The company, Noposion, indicated on October 29 that specific operational data should be monitored through its regular reports [2] Group 1 - The company responded to investor inquiries on an interactive platform [2] - The company emphasized the importance of following its periodic reports for detailed operational data [2]

Core Viewpoint - The company is committed to enhancing its operational capabilities and brand influence across the entire supply chain, focusing on both cultivation and sales [1] Group 1 - The company is actively working to improve its full-chain operational capabilities [1] - The company aims to strengthen its brand influence in the market [1] - The company emphasizes the importance of both growing and selling products effectively [1]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3][6]. Core Insights - The company is focused on building a high-end blueberry brand through a full-chain approach, which creates high-value barriers and enhances profitability [2][6]. - The company has seen rapid growth in its blueberry business, with significant revenue and profit increases projected for the coming years [6][25]. Summary by Sections Company Overview - The company, established in 1999, initially focused on pesticide formulations and has since expanded into fresh produce, particularly blueberries, and other high-end crops [14][15]. - The company has a concentrated ownership structure, with the founder holding a significant portion of shares, ensuring stable management [19][22]. Financial Performance - In 2024, the company achieved a revenue of 52.9 billion yuan, a year-on-year increase of 28.4%, with a net profit of 5.8 billion yuan, reflecting a substantial growth of 148.1% [25][26]. - The blueberry business has become a key driver of revenue, with its contribution to total revenue rising significantly [28][30]. Global Perspective on Demand and Supply - The demand for blueberries in China is expected to grow rapidly, with per capita consumption still significantly lower than in developed countries [34][36]. - China has become the largest producer of blueberries globally, with a total cultivation area of 143.82 million mu and a production volume of 780,000 tons in 2024 [46][50]. Competitive Advantages - The company has established a comprehensive supply chain from planting to sales, ensuring product freshness and quality [2][4]. - The company is leveraging its technological advancements in planting and processing to enhance yield and product quality, positioning itself favorably in the market [2][6].

Core Insights - Nopson (002215.SZ) reported its Q3 2025 results, revealing that 14 institutional investors hold a total of 148 million shares, representing 14.69% of the company's total equity [1] - The top ten institutional investors collectively own 14.62% of the shares, with a 1.48 percentage point increase compared to the previous quarter [1] Institutional Holdings - The number of institutional investors holding Nopson shares has reached 14, with a total holding of 148 million shares [1] - The top ten institutional investors include notable entities such as Shenzhen Nopson Investment Holdings Co., Ltd. and Hong Kong Central Clearing Limited [1] - The increase in holdings by the top ten institutional investors indicates growing confidence in Nopson, as their collective ownership rose by 1.48 percentage points from the last quarter [1] Public Fund Activity - Two public funds increased their holdings in Nopson, namely Huaxia Industry Prosperity Mixed A and Minsheng Jia Yin Xinxi Mixed A, with an increase rate of 0.92% [2] - One public fund, Yinhua Growth Pioneer Mixed, reported a slight decrease in holdings compared to the previous quarter [2] - Five new public funds disclosed their holdings in Nopson this quarter, including Huaxia Excellent Growth Mixed A and Morgan Stanley Quality Life Selected Stock A [2] Social Security Fund and Insurance Capital - One social security fund, Huaxia Fund Management Co., Ltd. - Social Security Fund 422 Combination, increased its holdings by 0.27% [2] - One insurance capital, Qianhai Life Insurance Co., Ltd. - Dividend Insurance Product, also increased its holdings by 1.3% [2] Foreign Investment Trends - One foreign fund, Hong Kong Central Clearing Limited, reported a slight decrease in holdings compared to the previous quarter [2]

Meeting Overview - Shenzhen Noposion Agrochemical Co., Ltd. will hold its first extraordinary general meeting of shareholders in 2025 on November 19, 2025 [1][5] - The meeting will be conducted in a hybrid format, combining on-site voting and online voting [3][5] Meeting Details - The meeting will take place at the company's conference room located at 113 Shui Reservoir Road, Xixiang, Bao'an District, Shenzhen [5] - The registration date for shareholders to attend the meeting is set for November 13, 2025 [4][6] - The meeting will start at 14:30 on November 19, 2025, with online voting available from 9:15 to 15:00 on the same day [2][10] Attendance and Voting - All shareholders registered with China Securities Depository and Clearing Corporation Limited by the registration date are eligible to attend [4] - Shareholders unable to attend can authorize a proxy to vote on their behalf [4][6] - The voting process will include specific time slots for online voting through the Shenzhen Stock Exchange system [10][12] Agenda Items - The main agenda item for the meeting is the resolution regarding the amendment of the company's articles of association, which requires a two-thirds majority of the voting rights held by attending shareholders for approval [6][11] - The resolutions discussed at the meeting were previously approved in the seventh board meetings held on August 18 and October 28, 2025 [6][11] Registration and Contact Information - Registration for the meeting will occur on November 14, 2025, with specific requirements for both corporate and individual shareholders [7][8] - Contact details for inquiries include the company's address, phone number, and email [10]

Core Viewpoint - The company, Shenzhen Noposion Agricultural Science Co., Ltd., has released its third-quarter report for 2025, ensuring the accuracy and completeness of the information disclosed, and has made decisions regarding financial management and governance structure adjustments [7][8][24]. Financial Data Summary - The third-quarter financial report for 2025 has not been audited [6]. - The company has confirmed that there are no adjustments or restatements required for previous accounting data [3]. - The company reported no non-recurring gains or losses during the period [3]. Shareholder Information - The total number of ordinary shareholders and the status of major shareholders have been disclosed, with no changes reported in the top ten shareholders due to securities lending activities [5]. Board Meeting Decisions - The board meeting held on October 28, 2025, approved the third-quarter report with unanimous consent [7][8]. - The board also approved the use of self-owned funds by a subsidiary for purchasing financial products, with an investment limit set at 100 million RMB [24][25]. - The board approved amendments to the company's articles of association and governance structures, which include 38 sub-proposals that require further shareholder approval [10][35]. Investment Management - The subsidiary, Shenzhen Runkang Ecological Environment Co., Ltd., aims to enhance fund utilization efficiency by investing in low-risk financial products [24][25]. - The investment will be limited to safe and stable financial products, with a rolling usage of funds within the approved limit [25][26]. - The investment decision-making authority is delegated to the management team, ensuring compliance with internal controls and risk management measures [28][30]. Governance Structure Changes - The company has revised its articles of association to reflect changes in registered capital and governance practices, increasing the total number of articles from 197 to 207 [34]. - The revisions include updates to meeting rules and management systems, which will enhance corporate governance [35].

Company and Industry Summary Company Overview - The company is focused on the blueberry market, with significant expansion efforts in Yunnan and plans to enter Southeast Asian markets through new plantations in Laos [2][4][10]. Key Financial Performance - In Q3 2025, the company reported total revenue of 4.086 billion yuan and a net profit of 576 million yuan, both showing growth compared to the previous year [3][4]. - The company effectively reduced its non-recurring net profit losses during the off-season through cost control measures, despite an increase in sales expenses [3][4]. Production and Sales Insights - The company achieved a shipment volume of nearly 1,000 tons from new production areas in October 2025, significantly higher than 300-400 tons in the same month last year [2][5]. - For the 2025 production season, the total expected effective fruit volume is between 50,000 to 55,000 tons, with Q4 expected to contribute about 9,000 tons, representing approximately 50% of the total season output [2][5]. - The average selling price of blueberries exceeds 100,000 yuan per ton, aligning with expectations [2][6]. Strategic Initiatives - The company is focusing on the "Aimeizhuang" beauty brand, increasing advertising efforts, and adjusting sales structures to enhance direct supply ratios [4][8][9]. - Expansion into Laos includes the establishment of blueberry plantations totaling approximately 4,000 acres, aimed at addressing land acquisition challenges in Yunnan and supporting regional market expansion [4][10]. Cost Management - The company's cost structure primarily consists of depreciation, production costs, and post-harvest costs. Future efforts will focus on reducing variable costs, with an expected reduction of 2,000 yuan per ton [4][11]. - The company plans to implement detailed management across four major supply chains in Yunnan to align with its expansion and efficiency goals [4][11]. Brand Performance - The "Aimeizhuang" brand is positioned at a 30% higher price point compared to other varieties, with expectations for increased market share in the current production season [12][9]. - The company has implemented strict quality control measures to ensure the best quality for "Aimeizhuang" products, targeting high-end retail channels [9][12]. Market Dynamics - The company faces competition from both domestic and international blueberry producers, with a notable increase in planting scale in Yunnan [16][17]. - Despite reported price declines in blueberries from Peru and Yunnan, the company maintains confidence in its pricing strategy and product freshness compared to imports [17][16]. Future Growth Opportunities - The company continues to explore new business avenues, including deep processing industries for blueberry products and expansion into Southeast Asian markets [18]. - There is still potential for land acquisition in Yunnan, with plans to add approximately 10,000 acres annually while optimizing product quality through the elimination of inferior varieties [18]. Partnerships and Distribution - The company has established a deep partnership with Sam's Club, aiming to expand its supply across the nation and ensure stable supply through designated farms [19].

Core Insights - Nopson (002215) reported a revenue of 407 million yuan for Q3 2025, representing a year-on-year decline of 17.59% [1] - The company recorded a net loss of 72.5 million yuan in Q3 2025, which is a year-on-year decrease of 12.24% [1] Financial Performance - Q3 2025 revenue: 407 million yuan, down 17.59% year-on-year [1] - Q3 2025 net profit: -72.5 million yuan, down 12.24% year-on-year [1]

深圳诺普信作物科学股份有限公司 授权管理制度 第一条 为提高深圳诺普信作物科学股份有限公司（以下简称"公司"）运行效率， 有效控制公司的投资及财务决算风险，健全公司法人治理结构，确保公司规范化运作， 保护公司、股东的合法权益，根据《中华人民共和国公司法》（以下简称"《公司法》"） 及国家有关法律法规的规定，结合《深圳诺普信作物科学股份有限公司章程》（以下简 称"《公司章程》"）和本公司的实际情况，制定本制度。 第二条 本制度所称"授权管理"是指： （一）公司股东会对董事会的授权； （二）董事会对董事长、总经理的授权； （三）公司在具体经营管理过程中的必要授权。 第三条 授权管理的原则是：在保证股东权益的前提下，提高工作效率，使公司经 营管理走向规范化、科学化、程序化。 第四条 股东会是公司的最高权力机构，股东会依法行使《公司章程》规定的以及 董事会权限以上的职权。股东会就专门事项通过决议对董事会授权。 第五条 董事会有权决定下列收购或出售资产、资产抵押、对外长期投资、贷款、 对外担保及关联交易等事项： （一）审议公司在一年内对外投资、购买、出售重大资产、委托理财不超过公司最 近一期经审计合并会计报表总资产30 ...