8月29日，大北农跌0.24%，成交额4.50亿元。两融数据显示，当日大北农获融资买入额3003.10万元， 融资偿还4792.99万元，融资净买入-1789.89万元。截至8月29日，大北农融资融券余额合计9.68亿元。 融资方面，大北农当日融资买入3003.10万元。当前融资余额9.61亿元，占流通市值的5.28%，融资余额 超过近一年80%分位水平，处于高位。 融券方面，大北农8月29日融券偿还27.86万股，融券卖出6900.00股，按当日收盘价计算，卖出金额2.92 万元；融券余量172.71万股，融券余额730.56万元，低于近一年50%分位水平，处于较低位。 资料显示，北京大北农科技集团股份有限公司位于北京市海淀区苏家坨镇澄湾街19号院大北农凤凰国际 创新园，成立日期1994年10月18日，上市日期2010年4月9日，公司主营业务涉及饲料产品的生产、销售 和农作物种子产品的培育与推广。主营业务收入构成为：饲料产品66.24%，养猪产品21.82%，其他产 品5.15%，种业产品4.95%，植保产品0.78%，兽药产品0.56%，疫苗产品0.50%。 截至6月30日，大北农股东户数24.15万，较 ...

8月29日，北京大北农科技集团股份有限公司通过电话会议的形式，接受了中信证券、高盛、天风证券 等22家机构26位投资者及分析师的调研。公司副董事长张立忠、董事兼总裁谈松林等多位高管参与接 待。以下为本次调研的详细情况。 投资者关系活动重要信息投资者活动关系类别：其他时间：2025年8月29日（周五）15:00 - 16:00地点： 电话会议参与单位名称：中信证券、高盛、天风证券等22家机构上市公司接待人员姓名：副董事长张立 忠先生；董事、总裁谈松林先生；董事邵丽君女士；财务总监姜晗女士；董事会秘书、副总裁尹伟先 生；创种科技副总裁李军民女士 上半年业绩扭亏为盈，各板块亮点突出 2025年上半年，大北农饲料产品销量、生猪出栏数量、种子产品销量均较去年同期实现不同幅度增长， 同时优化经营效率，强化经营管理，提升生产效率，期间费用同比下降，实现扭亏为盈。 公司整体实现收入135.59亿元。其中，饲料产品收入85.99亿元，占比63.4%，同比下降6.8%；生猪（控 股）收入34亿元，占比25.1%，同比增长28.1%；参股公司营收约29.8亿元，生猪业务参控股公司营收合 计63.8亿元；种业产品收入4.77亿元（不 ...

Group 1: Overall Performance in H1 2025 - The company achieved a total revenue of 135.59 billion CNY, with a net profit of 3.81 billion CNY, marking a year-on-year increase of 344.9% [3] - Feed products generated revenue of 85.99 billion CNY, accounting for 63.4% of total revenue, with a year-on-year decrease of 6.8% [3] - The pig farming segment (controlling stake) generated revenue of 34 billion CNY, representing a 28.1% year-on-year increase [3] - Seed products revenue reached 4.77 billion CNY, a significant increase of 59.2% year-on-year [3] Group 2: Business Segment Performance Feed Segment - Total feed sales volume reached 420,000 tons, with external sales of 257.5 million tons, a year-on-year increase of over 1.6% [3] - The gross profit margin for feed products was 12.5%, indicating stable profitability [3] - Aquaculture feed sales volume decreased by 17.1%, with revenue dropping by 29.7% [4] Pig Farming Segment - Total pig output from controlling and affiliated companies was 383.5 million heads, a year-on-year increase of 34.6% [5] - The average profit per head was 165 CNY, with a total stock of approximately 506 million heads as of July [5] - The average cost of pig farming was 12.7 CNY/kg, with feed costs accounting for 6.5 CNY/kg [14] Seed Segment - The company sold 28.42 million kg of seeds, a year-on-year increase of 42.0% [6] - Corn seed sales increased by 310.8%, generating revenue of 0.78 billion CNY [6] - The company anticipates seed business revenue of 17-18 billion CNY for the 2024-2025 agricultural year [6] Group 3: Cost Management and Efficiency - Operating expenses decreased compared to the previous year, with sales expenses down by 4.07% and management expenses down by 11% [3] - The company is implementing strategies to improve production efficiency and reduce costs in the pig farming segment [14] Group 4: Strategic Developments - The company is focusing on enhancing its seed business in the Southwest region, with significant growth in corn and rice seed sales [7][8] - Strategic partnerships with agricultural chemical companies are being pursued to enhance the seed business [9] - The company is actively working on genetic improvements in pig farming to enhance productivity and efficiency [15]

Core Viewpoint - The article highlights the recent movements of the "national team" in the A-share market, revealing their increased holdings in several companies during the second quarter, indicating potential investment opportunities in these sectors [1]. Group 1: National Team Holdings - The "national team" increased its holdings in 14 A-share companies during Q2, including major firms like Dabeinong, Huazhong CNC, and Zhonglian Heavy Industry [1]. - Dabeinong, a company focused on feed products, saw a new holding value of 0.89 billion yuan from the "national team" [2]. - Huazhong CNC, specializing in CNC systems and industrial robots, received a new holding value of 0.37 billion yuan from the "national team" [2]. Group 2: Company Performance - Dabeinong reported a revenue of 13.559 billion yuan for the first half of the year, a year-on-year increase of 3.55%, and achieved a net profit of 0.235 billion yuan, marking a turnaround from losses [2]. - Huazhong CNC's revenue for the first half was 0.554 billion yuan, a decrease of 11.91% year-on-year, with a net loss of 81.449 million yuan, although the loss narrowed compared to the previous year [2]. Group 3: Technological Advancements - Huazhong CNC launched the world's first AI CNC system equipped with AI chips and models, which has been integrated with 18 machine tool manufacturers, enhancing processing efficiency by approximately 10% [3]. - The system includes an intelligent fault diagnosis module, achieving a skill level comparable to a technician with three years of experience, indicating significant improvements in user interaction and processing efficiency [3].

Group 1 - The company is exploring collaborations with local seed companies, farmers, and domestic grain merchants in South America [2] - Progress on these collaborations is being made in an orderly manner [2]

Group 1 - The core viewpoint of the articles highlights the positive performance of agricultural stocks and the grain industry index, with specific stocks like Agricultural Products (000061) and Cangge Mining (000408) showing significant increases in value [1][2] - As of August 29, 2025, the National Grain Industry Index (399365) has seen a rise in its component stocks, with a notable increase of 9.96% for Agricultural Products and 6.00% for Cangge Mining [1] - The total early rice production in China for 2025 is projected to be 28.513 million tons (570.3 billion jin), reflecting a year-on-year increase of 339,000 tons (6.8 billion jin), or 1.2% [1] Group 2 - The National Grain Industry Index (399365) closely tracks the performance of listed companies related to the grain industry on the Shanghai and Shenzhen stock exchanges [2] - As of July 31, 2025, the top ten weighted stocks in the National Grain Industry Index account for 50.43% of the index, with major companies including Dabeinong (002385) and Longping High-Tech (000998) [2] - The industry is expected to benefit from ongoing support policies for seed industry and the maturation of new biological breeding technologies, which may optimize the competitive landscape [1]

Group 1 - The genetically modified (GM) concept sector declined by 1.81%, ranking among the top declines in concept sectors as of the market close on August 28 [1] - Within the GM sector, major decliners included Top Cloud Agriculture, Longping High-Tech, and Da Bei Nong, while New An Co., Ba Tian Co., and Hua Bang Health saw slight increases of 0.57%, 0.56%, and 0.41% respectively [1] - The top gainers in other concept sectors included Copper Cable High-Speed Connection (+5.61%), Co-Packaged Optics (+5.13%), and F5G Concept (+5.12%) [1] Group 2 - The GM sector experienced a net outflow of 217 million yuan, with 13 stocks seeing net outflows, and 10 stocks with outflows exceeding 10 million yuan [1] - Top Cloud Agriculture had the highest net outflow of 53.95 million yuan, followed by Longping High-Tech (35.27 million yuan) and Da Bei Nong (22.89 million yuan) [1] - New An Co. and Dunhuang Seed Industry were the only stocks in the GM sector to see net inflows, with 5.72 million yuan and 0.38 million yuan respectively [2]

Group 1 - The company plans to provide a guarantee of up to 10 million RMB for its associate company, Nongxin Hulin, to support its operational development [4][6][7] - The guarantee is deemed necessary and the associated risks are considered manageable, with no expected impact on the company's financial status or operations [4][6] - The board of directors has approved this guarantee and it will be submitted for review at the upcoming extraordinary general meeting [6][10] Group 2 - As of the announcement date, the total expected external guarantees approved by the board and shareholders amount to 1,816.33 million RMB, with an actual external guarantee balance of 1,259.11 million RMB, which is 147.41% of the company's latest audited net assets [3] - The actual guarantee balance for consolidated entities is 1,085.47 million RMB, representing 127.08% of the company's latest audited net assets [3] - There are no overdue guarantees as of the announcement date, but there is an outstanding guarantee amount of 16.27 million RMB for subsidiaries [3] Group 3 - The company has conducted a comprehensive review and impairment testing of its assets as of June 30, 2025, resulting in a total impairment loss of 50.19 million RMB, which negatively impacts the consolidated profit [37][43] - The impairment losses include credit impairment losses and asset impairment losses, reflecting a cautious accounting approach [43] - The board's audit committee supports the impairment preparation, affirming that it aligns with accounting standards and accurately reflects the company's financial condition [43] Group 4 - The company raised approximately 700 million RMB through a specific stock issuance, with a net amount of about 692.61 million RMB after deducting issuance costs [45] - The raised funds are managed in a dedicated account, with strict regulatory compliance to ensure the safety of the funds [47] - The company has established a management system for the raised funds, ensuring proper storage, approval, and usage [47][48] Group 5 - The company has approved the use of idle raised funds to temporarily supplement working capital, with a balance of 121 million RMB as of June 30, 2025 [53] - There are no instances of using raised funds for cash management or any surplus funds [54] - The company has not changed the implementation location or method for its fundraising projects during the reporting period [50]

Core Insights - The company reported a revenue of 13.559 billion yuan for the first half of 2025, representing a year-on-year growth of 3.5% [1] - The net profit attributable to shareholders was 235 million yuan, marking a turnaround from losses in the previous year [1] Seed Business - The sales volume of seed products saw significant year-on-year growth, with rice seed sales increasing by over 100% and corn seed sales increasing by over 300% [1] - Revenue and profit from the seed business also showed notable increases compared to the same period last year [1] Feed Business - The sales volume of feed products experienced year-on-year growth, with the average gross margin for feed products remaining stable [1] - Feed product revenue amounted to 8.599 billion yuan, accounting for 63.4% of total revenue [1] Pig Farming Business - The pig farming sector benefited from stable market prices during the reporting period, and the company optimized its breeding stock to enhance pig farming capacity [1] - Improvements in production metrics led to a continuous decrease in pig farming costs [1] - Revenue from pig farming products reached 3.4 billion yuan, representing 25.1% of total revenue [1] Operational Efficiency - The company strengthened its management practices, leading to improved operational efficiency and a year-on-year decline in period expenses [1] Overall Revenue Breakdown - Revenue from the seed industry was 477 million yuan, making up 3.5% of total revenue [1]

Group 1 - Company Dabeinong announced the convening of its 33rd meeting of the 6th Board of Directors on August 26, 2025, held both in-person and via communication [1] - The meeting reviewed the proposal to hold the 4th extraordinary general meeting of shareholders in 2025 [1]