Investment Rating - The investment rating for the agriculture industry is "Positive" (maintained) [1] Core Viewpoints - The agriculture sector's profit has contracted significantly due to the unexpected decline in pig prices, leading to a year-on-year profit drop of 58.8% in Q3 2025 [17] - The overall revenue for the agriculture industry in Q1-Q3 2025 reached 872.718 billion, with a year-on-year increase of 6.44%, while the net profit attributable to shareholders was 35.477 billion, up 10.63% year-on-year [5][17] - The average price of pigs in Q3 2025 was 13.81 yuan/kg, down 28.89% year-on-year, with the lowest price of 10.84 yuan/kg recorded on October 13, 2025 [5][17] Summary by Sections Overall Industry - In Q3 2025, the agriculture sector's profit contracted by 58.8% due to falling pig prices [17] - The industry's sales gross margin for Q1-Q3 2025 was 11.79%, up 0.12 percentage points year-on-year, while the net profit margin was 4.21%, up 0.21 percentage points year-on-year [20] - The industry’s net asset return rate was 6.75%, an increase of 0.28 percentage points year-on-year [20] Subsector Analysis - The pig farming sector has entered a de-stocking cycle, while the feed and animal health sectors are experiencing post-cycle operational improvements [6][25] - In Q1-Q3 2025, the revenue growth rates for pet food, animal health, feed, and planting were 20.34%, 17.69%, 12.38%, and 9.50% respectively [6][25] - The net profit growth rates for animal health, agricultural product processing, and feed sectors were 69.40%, 59.33%, and 54.17% respectively [6][25] Pig Farming - In Q1-Q3 2025, pig farming enterprises achieved revenue of 341.269 billion, a year-on-year increase of 8.32%, with a net profit of 22.175 billion, up 14.29% year-on-year [7][28] - The overall pig output from 12 enterprises was 123.9948 million heads, a year-on-year increase of 19.45% [41] - The profitability of the pig farming sector has declined due to falling prices, with average gross margin, net margin, and ROE at 12.25%, 4.08%, and 5.87% respectively [31] Poultry Farming - In Q1-Q3 2025, revenue for poultry farming reached 40.215 billion, a year-on-year increase of 6.92%, while net profit was 1.646 billion, down 9.52% year-on-year [44] - The profitability metrics for poultry farming were a gross margin of 12.61%, a net margin of 2.83%, and a return on equity of 4.18% [46] Feed Industry - The feed sector generated revenue of 152.955 billion in Q1-Q3 2025, reflecting a year-on-year increase of 11.69%, with a net profit of 4.505 billion, up 8.72% year-on-year [8][57] - The average gross margin, net margin, and ROE for feed enterprises were 9.41%, 1.17%, and 3.65% respectively [57] Animal Health - The animal health sector achieved revenue of 9.977 billion in Q1-Q3 2025, a year-on-year increase of 14.08%, with a net profit of 1.265 billion, up 45.51% year-on-year [63] - The average gross margin, net margin, and ROE for animal health enterprises were 53.42%, 17.77%, and 4.35% respectively [63] Seed Industry - The seed sector reported revenue of 6.814 billion in Q1-Q3 2025, down 5.82% year-on-year, with a net profit of -880 million, a decline of 53.87% year-on-year [68]

证券代码：002385 证券简称：大北农 公告编号：2025-095 北京大北农科技集团股份有限公司 关于签订募集资金专户三方监管协议的公告 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、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意北京大北农科技集团股份有限 公司向特定对象发行股票注册的批复》（证监许可〔2023〕1710号），北京大北农 科技集团股份有限公司（以下简称"公司"）2022年度向特定对象发行人民币普通 股股票211,480,362股（每股面值1元），每股发行价人民币3.31元，募集资金总额 为699,999,998.22元，扣除总发行费用（含增值税金额）人民币7,394,480.36 元，募集资金净额为人民币692,605,517.86元。 上述募集资金已于2024年7月26日划至公司指定账户，并经信永中和会计师事务 所（特殊普通合伙）审验，于2024年7月26日出具XYZH/2024CDAA4B0344号验资 报告。公司依照相关规定对上述募集资金进行专户存储管理，并与保荐机构、存 放募集资金的商业银行签订了《募集资金三方监 ...

Market Overview - The feed sector increased by 0.49% on November 3, with Boen Group leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Individual Stock Performance - Boen Group (001366) closed at 13.86, up 3.36% with a trading volume of 50,400 shares and a transaction value of 69.30 million [1] - Tiankang Biological (002100) closed at 7.55, up 2.30% with a trading volume of 319,500 shares and a transaction value of 240 million [1] - Zhenghong Technology (000702) closed at 7.30, up 1.53% with a trading volume of 76,200 shares and a transaction value of 55.31 million [1] - Jin Xin Nong (002548) closed at 5.01, up 1.42% with a trading volume of 315,900 shares and a transaction value of 155 million [1] - Zhongchong Co., Ltd. (002891) closed at 57.97, up 1.35% with a trading volume of 72,100 shares and a transaction value of 415 million [1] Capital Flow Analysis - The feed sector experienced a net outflow of 28.22 million from institutional investors, while retail investors saw a net inflow of 12.66 million [2] - The main capital inflow and outflow for selected stocks include: - Tiankang Biological: Net inflow of 16.15 million from main capital, but net outflow of 4.79 million from speculative capital [3] - Zhongchong Co., Ltd.: Net inflow of 11.32 million from main capital, with a significant net inflow of 22.82 million from speculative capital [3] - Dabeinong (002385): Net inflow of 3.82 million from main capital, but a net outflow of 20.27 million from speculative capital [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][21]. Core Views - The company's feed business remains stable, and the breeding sector is recovering profitability, with a year-on-year increase of 93% in net profit attributable to the parent company for the first three quarters of 2025 [2][9]. - The revenue for the first three quarters of 2025 reached 20.744 billion yuan, a year-on-year increase of 2.99%, driven by the expansion of breeding scale and the consolidation of the seed business [2][9]. - The breeding segment saw a significant recovery in profitability due to the rebound in pig prices and a decrease in breeding costs [3][9]. - The seed segment continues to expand, with total sales increasing by 151% year-on-year, primarily due to the consolidation of Longjing [4][21]. Summary by Sections Feed Business - The feed segment generated revenue of 13.423 billion yuan in the first three quarters of 2025, a decrease of 4.67% year-on-year, with external sales of 4.0162 million tons, an increase of 2.90% year-on-year [3]. - The profitability per ton in the feed segment remains robust, with a net profit of nearly 400 million yuan, corresponding to a net profit of about 100 yuan per ton [3]. Breeding Business - The breeding segment's controlled slaughter volume increased by 25.94% year-on-year to 3.1609 million heads, generating revenue of 4.903 billion yuan [3]. - The net profit for the breeding segment is estimated to be between 300 million to 400 million yuan, with profitability per head around 100 yuan, benefiting from lower feed costs and higher pig prices [3]. Seed Business - The seed segment's total sales volume reached 20.44 million kilograms in the first three quarters of 2025, a year-on-year increase of 151%, with total revenue of 513 million yuan, an increase of 81% [4]. - The company has a clear first-mover advantage in transgenic traits and is actively integrating high-quality targets in traditional hybrid breeding [4][21]. Financial Forecasts - The net profit forecast for 2025 has been revised down to 260 million yuan from the previous 550 million yuan, while the forecasts for 2026 and 2027 remain at 290 million yuan and 410 million yuan, respectively [21]. - The expected earnings per share (EPS) for 2025-2027 are projected to be 0.06, 0.07, and 0.09 yuan, respectively [21].

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The pork price center has significantly risen, leading to a notable reduction in industry losses. The average price of live pigs has increased to 12.51 CNY/kg, a week-on-week rise of 7.20% [2][13] - The agricultural sector is expected to maintain a good development momentum, with grain production projected to be high this year, including summer grain production of 299.48 billion jin and early rice production increasing by 6.8 billion jin, a growth of 1.2% [1][12] - The industry is currently in a supply-demand tug-of-war, with large-scale pig farms adopting strategies to control supply and raise prices, while demand is expected to improve with the arrival of warmer weather and the pickling season [2][13] Summary by Sections Planting Industry Chain - The agricultural sector is implementing key policies to support rural economic development, with a focus on achieving food security and enhancing crop yields through biotechnology [1][12] - Major beneficiaries in the planting sector include Beidahuang and Suqian Agricultural Development, while in the seed industry, companies like Dabeinong and Longping High-Tech are highlighted for their competitive advantages [1][12] Pig Farming - The pig farming industry is still experiencing losses, but there has been a significant reduction in losses compared to the previous week, with self-breeding farms reporting an average loss of 89.33 CNY per head, down nearly 100 CNY [2][13] - The industry is expected to undergo a process of capacity reduction, with a focus on improving quality and efficiency, leading to the gradual elimination of outdated production capacity [2][13] - Recommended stocks in the pig farming sector include companies like DeKang Agriculture, Jingji Zhino, and Muyuan Foods [2][13] Key Agricultural Product Data Tracking - Corn: The average price is 2241.67 CNY/ton, with a week-on-week decrease of 0.66% [27][28] - Wheat: The average price is 2482.11 CNY/ton, with a week-on-week increase of 0.87% [30][32] - Soybeans: The average price is 3996.84 CNY/ton, with a week-on-week increase of 0.06% [41][44] - Cotton: The average price in Xinjiang is 14660 CNY/ton, with a week-on-week increase of 0.15% [46][50] Feed and Vitamin Prices - The average price of pig feed is 2.6 CNY/kg, with a week-on-week decrease of 0.38% [53][55] - The average price of Vitamin E is 50.30 CNY/kg, with a week-on-week increase of 14.58% [62][63]

Market Overview - The feed sector increased by 0.67% on October 31, with Tianma Technology leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Individual Stock Performance - Tianma Technology (603668) closed at 14.23, up 3.27% with a trading volume of 239,900 shares and a turnover of 339 million yuan [1] - Other notable gainers include: - Lude Environment (688156) at 19.92, up 3.11% [1] - Bangji Technology (603151) at 25.74, up 2.92% [1] - Lusi Co., Ltd. (920419) at 18.50, up 2.89% [1] - Baiyang Co., Ltd. (002696) at 6.93, up 1.76% [1] Capital Flow Analysis - The feed sector saw a net inflow of 2.7495 million yuan from institutional investors, while retail investors experienced a net outflow of 68.2743 million yuan [2] - The main capital inflow was observed in: - Haida Group (002311) with a net inflow of 25.3688 million yuan from institutional investors [3] - Tiankang Biological (002100) with a net inflow of 17.8393 million yuan from institutional investors [3] Summary of Trading Data - The trading data for the feed sector includes: - Major stocks with significant trading volumes and turnover, such as: - Aonong Biological (603363) with a turnover of 216 million yuan [2] - Zhongchong Co., Ltd. (002891) with a turnover of 267 million yuan [2] - The overall sentiment in the feed sector appears mixed, with some stocks gaining while others faced declines [2][3]

Core Viewpoint - Beijing Dabeinong Technology Group Co., Ltd. reported a revenue of 20.744 billion yuan for the first three quarters of 2023, a year-on-year increase of 2.99%, and a net profit attributable to shareholders of 257 million yuan, a significant year-on-year increase of 92.56% [1] Group 1: Company Performance - The company has established a comprehensive business system covering six major sectors, including biotechnology and seed breeding, with a network of 50 subsidiaries [1] - Dabeinong's seed sales in 2024 are projected to reach 53.526 million kilograms, covering over 40 million mu of farmland and serving 750,000 farmers [1] Group 2: Research and Development - Dabeinong has a research team of over 2,600 people, accounting for more than 16% of its total workforce, with R&D investment of 734 million yuan in 2024, representing 2.55% of revenue [2] - The company has received six national science and technology progress awards, including one special prize and one first prize [2] Group 3: Innovation Strategy - Dabeinong has developed a clear "532" strategy and "2+4+X" matrix for innovation, emphasizing a balanced approach to independent innovation and collaboration [3] - The company implements three paths for achieving innovation: independent research and development, technology introduction, and industry-university-research cooperation [4] Group 4: Product Development and Market Strategy - Dabeinong focuses on full-chain layout and brand operation, exemplified by its flagship product "Dayougu," which aims to provide safer and more nutritious food [5] - The company is committed to driving modern agriculture towards high yield, quality, green, and low-carbon futures through its dual engines of biological breeding and manufacturing [5][6] Group 5: Global Vision and Strategic Alignment - Dabeinong's "Seed Out Bean In" plan in South America has evolved into a "Technology Out Grain In" strategy, showcasing its global perspective and capabilities [5] - The company is aligning its strategic layout with national priorities, particularly in the field of biological manufacturing, which has been identified as a key future industry by the National Development and Reform Commission [6]

Core Viewpoint - The article emphasizes the significant role of agricultural modernization in China's overall modernization strategy, highlighting the importance of technological innovation and industry upgrades in the agricultural sector [1][3]. Group 1: Industry Context - The modernization of agriculture is deemed a critical shortcoming in China's modernization efforts, as stated by Han Wensiu, Deputy Director of the Central Financial Office [1]. - Traditional industries, including agriculture, account for approximately 80% of the value added in China's manufacturing sector, underscoring agriculture's foundational role in the national economy [3]. - Agriculture faces increasing constraints from natural resources and rising labor costs, alongside growing consumer demands for quality and safety [3]. Group 2: Company Practices - Dabeinong Group has integrated the national strategy of "strong agriculture for the country" into its core operations, focusing on technological self-reliance and innovation since its inception [4]. - The company achieved significant milestones in 2019, obtaining domestic biosafety certificates for its corn and soybean varieties and gaining planting permissions in South America, marking its entry into international markets [4]. - Dabeinong operates across six major sectors, including biotechnology and seed breeding, with a business structure comprising 50 subsidiaries, and its seed sales are projected to reach 53.526 million kilograms in 2024, covering over 40 million mu of farmland [4][6]. Group 3: Research and Development - Dabeinong employs a substantial R&D team of over 2,600 members, representing more than 16% of its workforce, with a planned R&D investment of 734 million yuan in 2024, accounting for 2.55% of its revenue [6]. - The company has received six national science and technology progress awards, including one special award, reflecting its commitment to sustained innovation [6]. - Dabeinong has established a systematic innovation strategy, including the "532" strategy and the "2+4+X" matrix, to enhance its research capabilities and foster collaboration with various research institutions [6][9]. Group 4: Future Outlook - The Ministry of Agriculture and Rural Affairs has outlined a clear path for future agricultural work, emphasizing the need for collaboration among government, enterprises, and research institutions to enhance agricultural production capacity and quality [12]. - Dabeinong aims to leverage a dual-engine strategy of "new quality + new intelligence" to drive modern agriculture towards high yield, quality, green, and low-carbon outcomes [13]. - The company is focused on globalizing its agricultural practices, particularly in breeding and manufacturing, aligning with national strategies for food security and sustainability [13][14].

Core Viewpoint - The recent 20th Central Committee meeting outlined a grand blueprint for the "14th Five-Year Plan" period, emphasizing the acceleration of agricultural modernization and the construction of an agricultural powerhouse, with Dabeinong (002385) committed to integrating "strong agriculture for the nation" into its core mission [1] Group 1: Company Development and Strategy - Dabeinong has embedded the goal of achieving high-level technological self-reliance into its corporate DNA, driven by a profound understanding of agricultural principles and a commitment to national agricultural development [2] - The company has developed new corn and soybean varieties that have received domestic biosafety certificates and international planting permissions, marking its entry into the global market [2] - Dabeinong operates across six major sectors, including biotechnology and seed breeding, with a business structure comprising 50 companies, and has established a presence in 26 provinces and 181 cities/counties in China [2] Group 2: Research and Innovation - Dabeinong has a research team of over 2,600 employees, accounting for more than 16% of its total workforce, and plans to invest 734 million yuan in R&D in 2024, representing 2.55% of its revenue [2] - The company has received six national science and technology progress awards, including one special award and one first-class award, highlighting its commitment to innovation [2] Group 3: Innovation Strategy - Dabeinong has adopted a platform-based and systematic approach to innovation, implementing a "532" strategy that allocates 50% of results to independent innovation, 30% to enterprise-science integration, and 20% to incubation [3] - The company collaborates with over 30 universities and 300 research institutions, positioning itself as a "super connector" to facilitate the flow of knowledge from academia to industry [4] Group 4: Future Vision and Goals - Dabeinong aims to achieve global leadership in agricultural technology by 2035, aligning its goals with national strategies and emphasizing the importance of collaboration among government, enterprises, and research institutions [6][7] - The company is focusing on key categories such as corn, soybeans, rice, and pigs, leveraging global genetic resources and biotechnological breeding techniques to develop high-yield and high-quality varieties [6] - Dabeinong's leadership in establishing a national key laboratory for green biological manufacturing reflects its commitment to supporting national food security and carbon neutrality strategies [6]

Core Insights - The report indicates that the swine industry is entering a de-stocking cycle, while the beef cattle sector continues to experience an upward trend in demand and pricing [2][3] Group 1: Swine Industry - The swine sector is witnessing accelerated de-stocking driven by policy and market dynamics, presenting a good opportunity for investment [3][43] - As of Q3 2025, China's pig output reached 530 million heads, a year-on-year increase of 1.8%, with pork production at 43.68 million tons, up 3.0% year-on-year [10][13] - The average price of pigs in October 2025 dropped to 10.84 yuan/kg, a significant decline of 40.28% year-on-year, marking a new low for the year [10][13] Group 2: Beef Cattle Industry - The beef cattle supply is contracting, with the cycle of demand expected to continue its upward trajectory until 2027 [4][49] - In Q3 2025, the number of beef cattle in China was 99.32 million heads, a decrease of 2.4% year-on-year, while beef production reached 5.5 million tons, up 3.3% year-on-year [49][51] - The average price of beef in September 2025 was 70.52 yuan/kg, reflecting a year-on-year increase of 5.36% [59] Group 3: Poultry Industry - The white chicken sector is experiencing a gradual increase in demand, with the output of white feathered chickens expected to rise to 90.3 million heads in 2024, a year-on-year increase of 2.2% [94][98] - The rolling update of grandparent stock for white feathered chickens is projected to decline, which will support an increase in chicken prices in 2026 [100] Group 4: Seed Industry - Grain prices are expected to stabilize and rise due to various factors, including U.S.-China tariff disturbances and climate impacts [6] - The commercialization of genetically modified crops is anticipated to accelerate, supported by an increase in the number of approved varieties [6] Group 5: Pet Industry - The pet food export volume in China increased by 7.55% year-on-year from January to September 2025, indicating strong performance from leading companies [7] - Domestic pet consumption is expected to grow due to increasing companionship demand and emotional value associated with pet ownership [7]