证券代码：002385 证券简称：大北农 公告编号：2025-044 北京大北农科技集团股份有限公司 第六届董事会第三十次（临时）会议决议公告 1、审议通过《2025 年第一季度报告》 具体内容详见公司同日在指定信息披露媒体《证券时报》《上海证券报》《证 券日报》及巨潮资讯网（www.cninfo.com.cn）披露的《2025 年第一季度报告》 （公告编号：2025-046）。 该议案已经董事会审计委员会审议同意。 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、董事会会议召开情况 北京大北农科技集团股份有限公司（以下简称"公司"）第六届董事会第三 十次（临时）会议通知于 2025 年 4 月 24 日以电子邮件的方式发出，会议于 2025 年 4 月 29 日在公司会议室以现场+通讯方式召开，本次会议应出席董事 9 名，实 际出席董事 9 名，其中董事长邵根伙先生、董事林孙雄先生、邵丽君女士现场参 加会议，其他董事以通讯方式参加会议。本次会议由董事长邵根伙先生主持，公 司监事及其他高级管理人员列席了会议。会议的召开符合《中华人民共和国公司 法》《公司章 ...

智通财经4月29日电，大北农(002385.SZ)公告称，大北农发布2025年第一季度报告，实现营业收入68.65 亿元，同比增长2.36%；归属于上市公司股东的净利润1.34亿元，同比增长164.13%。 大北农：一季度净利润1.34亿元 同比增长164.13% ...

Financial Performance - The company's revenue for Q1 2025 reached ¥6,865,069,300.44, representing a 2.36% increase compared to ¥6,706,917,768.69 in the same period last year[7] - Net profit attributable to shareholders was ¥134,335,350.38, a significant turnaround from a loss of ¥209,459,753.17, marking a 164.13% improvement[7] - The net profit after deducting non-recurring gains and losses was ¥62,959,649.76, compared to a loss of ¥222,115,271.05, reflecting a 128.35% increase[7] - Net profit for the current period was ¥212,010,194.14, a significant recovery from a net loss of ¥250,266,231.97 in the previous period[28] - The company's basic earnings per share improved to ¥0.03 from a loss of ¥0.05, reflecting a 160.00% increase[7] - The company reported a basic earnings per share of ¥0.03, recovering from a loss of ¥0.05 in the previous period[28] Assets and Liabilities - The company's total assets increased by 3.88% to ¥30,265,549,873.47 from ¥29,135,597,310.44 at the end of the previous year[7] - Total assets increased to ¥30,265,549,873.47 from ¥29,135,597,310.44, reflecting a growth of about 3.9%[24] - Total liabilities increased to ¥11,000,000,000, indicating a significant rise in financial obligations[24] - The total liabilities increased to ¥19,496,302,748.27, up from ¥18,486,899,296.02 at the beginning of the period[25] - Total equity rose to ¥10,769,247,125.20, compared to ¥10,648,698,014.42 at the beginning of the period[25] Cash Flow - Cash flow from operating activities showed a net outflow of ¥556,028,811.32, but this was an improvement of 33.24% compared to the outflow of ¥832,883,521.44 in the same period last year[7] - The net cash flow from operating activities was -¥556,028,811.32, an improvement from -¥832,883,521.44 in the previous period[29] - The company's cash inflow from operating activities totaled ¥6,626,806,453.96, compared to ¥6,407,729,440.34 in the previous period[29] - Cash inflow from financing activities totaled 5,333,231,055.91, up from 3,173,045,870.53, representing an increase of about 68%[30] - Net cash flow from financing activities was 1,473,430,068.70, a significant turnaround from -720,333,569.54 in the previous period[30] - The net increase in cash and cash equivalents was 800,059,264.31, compared to a decrease of 1,720,966,526.81 in the prior period[30] - The ending balance of cash and cash equivalents was 4,572,656,750.83, up from 2,852,421,012.07, reflecting a growth of approximately 60%[30] Investments - The company reported a significant increase in investment income, reaching ¥137,950,373.80, compared to a loss of ¥29,231,422.98 in the previous year, marking a 571.92% increase[14] - Investment income for the current period was ¥137,950,373.80, a turnaround from a loss of ¥29,231,422.98 in the previous period[27] Shareholder Information - Total number of common shareholders at the end of the reporting period is 231,218[19] - The largest shareholder, Shao Genhuo, holds 22.73% of shares, amounting to 977,200,026 shares, with 499,635,000 shares pledged[19] Operational Highlights - The company is focusing on expanding its market presence and developing new technologies to enhance its product offerings[22] - Future guidance indicates a positive outlook with expected revenue growth driven by new product launches and market expansion strategies[22] Inventory and Receivables - Accounts receivable rose to ¥1,399,281,818.54 from ¥1,000,002,379.41, indicating a 39.9% increase[23] - The company's inventory decreased to ¥4,424,974,952.27 from ¥4,568,776,737.40, showing a decline of about 3.1%[23] Borrowings - The company’s long-term borrowings rose by 41.09% to ¥2,739,852,666.53, attributed to increased loans for fixed asset projects[12] - Short-term borrowings increased to ¥8,464,267,045.72 from ¥7,300,277,966.26, which is an increase of approximately 15.9%[24] Accounting Standards - The company did not undergo an audit for the first quarter report[31] - The new accounting standards were first implemented in 2025, affecting the financial statements[32]

Core Viewpoint - The company reported a revenue of 28.767 billion yuan for 2024, a year-on-year decrease of 13.85%, while the net profit attributable to shareholders was 346 million yuan, an increase of 115.91% [1] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 8.625 billion yuan, down 8.81% year-on-year but up 22.39% quarter-on-quarter [1] - The company's feed business revenue for 2024 was 19.1 billion yuan, a year-on-year decline of 20%, primarily due to falling feed prices and slight volume decreases [2] - The total sales volume of feed for the year was 5.41 million tons, down 7.6% year-on-year, with pig feed sales at 4.28 million tons, down 8.2% [2] Group 2: Business Segments - The pig farming segment generated a revenue of 6.28 billion yuan in 2024, a year-on-year increase of 10%, with a gross margin of 19.8%, significantly improved from -27.9% in 2023 [2] - The company plans to sell 6.4 million pigs in 2024, a year-on-year increase of 5.8%, with 3.59 million from the controlling company and 2.81 million from joint ventures [2] Group 3: Research and Development - The company has obtained 20 biosafety certificates for genetically modified organisms (15 for corn and 5 for soybeans) as of the end of 2024, with 15 new varieties approved this year [3] - The R&D expenditure for 2024 was 675 million yuan, with an R&D expense ratio of 2.3%, an increase of 0.11 percentage points year-on-year [3] Group 4: Profit Forecast and Valuation - The profit forecast for 2025 has been adjusted down to 730 million yuan, a decrease of 34%, and for 2026 to 500 million yuan, a decrease of 69% [4] - The target price for the company is set at 5.12 yuan, down from the previous 5.56 yuan, maintaining a "buy" rating [4]

Industry Overview - The dairy industry concept has seen a decline of 4.12%, ranking among the top sectors in terms of drop in value [1] - Major companies within the sector, such as Beiyinmei, have experienced significant losses, with Beiyinmei hitting the daily limit down [1] Market Performance - The dairy sector faced a net outflow of 640 million yuan from main funds today, with 31 stocks experiencing net outflows [2] - Beiyinmei led the outflow with 201 million yuan, followed by Yili Group with 117 million yuan and Dabeinong with 39.64 million yuan [2] Stock Performance - Beiyinmei's stock dropped by 9.94% with a turnover rate of 26.27% and a net outflow of 200.52 million yuan [2] - Other notable declines include: - Yili Group: -1.28% with a net outflow of 116.71 million yuan - Dabeinong: -1.46% with a net outflow of 39.64 million yuan - Wewei Co.: -8.84% with a net outflow of 37.92 million yuan [2][3]

Core Insights - The article discusses the structure and dynamics of the feed industry in China, highlighting the upstream raw materials, midstream production, and downstream demand from farming and aquaculture sectors [1][4][6]. Industry Chain Overview - The feed industry chain consists of three segments: upstream raw materials (energy, protein, and microbial sources), midstream feed product development and production (including pig, poultry, ruminant, and aquaculture feeds), and downstream demand primarily from farmers and aquaculture enterprises [1]. - Recent government initiatives aim to reduce reliance on imported corn and soybean meal, leading to a gradual establishment of domestic raw material sources and improved stability [1]. - Midstream companies are enhancing innovation capabilities and accelerating new product development, with increasing vertical integration between midstream and upstream/downstream sectors [1]. - Rising meat consumption levels in China are expected to boost the scale of downstream aquaculture and livestock farming [1]. Regional Distribution - Upstream raw material suppliers are mainly located in Inner Mongolia, Guangdong, Fujian, and Beijing, while feed production companies are concentrated in Guangdong and Sichuan [6]. - The majority of downstream aquaculture companies are found in Guangdong, Jiangsu, and Henan provinces [6]. Company Developments - Major feed companies in China, such as New Hope, Haida Group, and Tongwei, have reported feed revenues exceeding 30 billion yuan, with some companies like Dabeinong and Jingji Zhino achieving gross margins above 11% [9]. - Haida Group and New Hope have high feed production and sales volumes, each exceeding 20 million tons [9]. - Investment activities in 2023 include establishing subsidiaries, new projects, and increasing capital in existing subsidiaries by leading feed companies [10].

Industry Overview - The biobreeding industry is a crucial segment of high-tech agricultural development in China, with a focus on modern agricultural practices [1] - As of January 2025, there are 21 biobreeding industrial parks in China, with the highest concentration in Shandong Province, which has 6 parks [1] Company Developments - Dabeinong has entered a strategic partnership with Fuhua Tongda Chemical Co., aiming to explore new technologies and applications for biobreeding crop herbicides [5] - Wanxiang Denong has reported that two genetically modified varieties have passed national approval, with four varieties participating in the national testing this year. These GM varieties are designed to resist pests, reducing yield loss [5] - Yisheng has successfully imported 28,000 sets of Lihong ancestor white feather broilers, contributing to a total of 230,000 sets imported this year, enhancing domestic supply [5] - Longping High-Tech has improved its rice breeding information system, achieving a 52.58% increase in breeding efficiency for high-yield varieties in the Yangtze River basin [5] Challenges in the Industry - The acceptance of genetically modified rice in China is lower compared to hybrid rice, primarily due to limited public awareness and promotion of GM technology [8] - Currently, only two GM rice varieties have received production safety certificates, indicating a gap in technology maturity compared to developed countries [8] - The dominance of hybrid rice seeds in the market poses a significant challenge for the commercialization and scaling of GM rice seeds [8]

Core Viewpoint - Dabeinong (002385) reported a decline in total revenue for 2024, but a significant increase in net profit, indicating a potential recovery in profitability despite revenue challenges [1][3]. Financial Performance - Total revenue for 2024 was 28.767 billion yuan, a decrease of 13.85% year-on-year [1][3]. - Net profit attributable to shareholders was 346 million yuan, an increase of 115.91% year-on-year [1][3]. - The fourth quarter revenue was 8.625 billion yuan, down 8.81% year-on-year, while net profit for the quarter was 212 million yuan, up 116.78% year-on-year [1][3]. - Gross margin improved to 15.14%, up 57.22% year-on-year, while net margin reached 2.49%, an increase of 132.27% [3][4]. - Operating cash flow per share was 0.58 yuan, a significant increase of 873.5% year-on-year [3][4]. Debt and Liquidity - The company faced increased short-term debt pressure, with a current ratio of 0.72 [1][4]. - Interest-bearing liabilities decreased to 12.072 billion yuan, down 10.04% year-on-year [3]. Market Position and Analyst Expectations - Analysts had previously expected a net profit of approximately 359 million yuan for 2024, indicating that actual results fell short of expectations [1][2]. - The company’s return on invested capital (ROIC) was reported at 5.76%, suggesting average capital returns [4]. Shareholder and Fund Management - The company has been held by notable fund managers, with the most significant holdings in the Guotai CSI Livestock Breeding ETF [5]. - The fund management landscape shows mixed movements, with some funds increasing their positions while others reduced their holdings [5].

Company Overview - The company operates in seed, feed, pig farming, and vaccine production and sales, achieving a revenue of 28.77 billion yuan in 2024, a decrease of 13.85% year-on-year [1] - The net profit for the year was 715.50 million yuan, with a profit attributable to shareholders of 345.77 million yuan, marking a turnaround from losses due to increased pig sales prices and reduced costs [1] Business Segments Seed Business - Seed revenue reached 142.51 million yuan, accounting for 4.95% of total revenue, with a year-on-year growth of 1.40% [7] - The company has established a comprehensive seed industry chain, focusing on corn, rice, and soybean, with over 200 cooperative seed enterprises [3][4] - The company has received multiple approvals for genetically modified crops, enhancing its market presence in both domestic and international markets [8] Feed Business - Feed product revenue was 1.91 billion yuan, down 20.68% year-on-year, with total sales volume of 540,550 tons, a decrease of 7.61% [13] - The company has developed a comprehensive management and manufacturing system, with over 100 production bases across 28 provinces [9][10] - The feed business is transitioning to a more open and shared industrial ecosystem, providing comprehensive solutions to small and medium-sized farms [10] Pig Farming Business - The pig farming segment generated revenue of 627.78 million yuan, a year-on-year increase of 10.10%, with a total of 640,500 pigs sold [16] - The company has established a breeding system and a cooperative farming model, covering 22 provinces and over 2,000 cooperative farms [14][15] - The company aims to create a sustainable pig farming ecosystem, focusing on quality and efficiency [15] Financial Highlights - The company plans not to distribute cash dividends or issue new shares, with retained earnings carried forward to future periods [20][22] - The net profit attributable to shareholders for the consolidated financial statements was 345.77 million yuan, with a retained profit of 2.40 billion yuan [22] - The company has a significant amount of undistributed profits, indicating a focus on reinvestment for future growth [22]

中德证券有限责任公司 关于北京大北农科技集团股份有限公司 使用闲置自有资金进行委托理财的核查意见 中德证券有限责任公司（以下简称"中德证券"或"保荐机构"）作为北京 大北农科技集团股份有限公司（以下简称"大北农"或"公司"）向特定对象发 行A股股票的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交 易所上市公司自律监管指引第1号—主板上市公司规范运作》等相关规定，对大 北农使用闲置自有资金进行委托理财业务事项进行了审慎核查，具体情况如下： 一、投资情况概述 1、投资目的 在保证日常经营资金需求和资金安全的前提下，合理利用闲置自有资金，有 效提高该部分资金的效益，进而获取较好的投资回报。 2、投资额度 公司及子公司拟使用不超过人民币20亿元闲置自有资金进行委托理财，在上 述额度内，资金可以滚动使用，即任一时点上用于理财产品投资的资金余额（含 前述投资的收益进行再投资的相关金额）不得超过人民币20亿元。 3、投资种类 公司及子公司运用闲置自有资金投资的品种为中低风险、流动性好、安全性 高的理财产品，包括但不限于固定收益型、保本浮动型理财产品、结构性存款等 中低风险产品。 4、资金来源 资金来源为公司及子 ...