Group 1 - The company expects to turn a profit in the first half of 2025, with a projected net profit between 19 million and 25 million yuan, compared to a loss in the same period last year [1][2] - The seed business has shown significant growth, with rice seed sales increasing by over 100% and corn seed sales increasing by over 300% year-on-year [1] - The company has improved its feed business, with sales growth and reduced operating expenses due to enhanced management and efficiency [1] Group 2 - The company has reported a total of 3.8347 million pigs sold from its controlled and affiliated companies, representing a year-on-year increase of 34.64% [2] - Continuous improvements in production metrics and breeding capabilities have led to a decrease in pig farming costs, contributing to profitability in the pig farming segment [2]

[2025 Semi-Annual Performance Forecast](index=1&type=section&id=Beijing%20Dabeinong%20Technology%20Group%20Co.%2C%20Ltd.%202025%20Semi-Annual%20Performance%20Forecast) Beijing Dabeinong Technology Group Co., Ltd. provides its preliminary performance forecast for the first half of 2025 [Performance Forecast Overview](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company anticipates a significant turnaround to profitability in the first half of 2025, with net profit attributable to shareholders projected between CNY 190 million and CNY 250 million, compared to a loss of CNY 155.9036 million in the prior year, and non-recurring net profit also turning profitable, estimated at CNY 140 million to CNY 180 million 2025 First-Half Performance Forecast Key Indicators | Item | Current Reporting Period (2025.1.1 - 2025.6.30) | Prior Year Same Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Profit: CNY 190 million – CNY 250 million | Loss: CNY 155.9036 million | | **Net Profit After Non-Recurring Items** | Profit: CNY 140 million – CNY 180 million | Loss: CNY 208.0807 million | | **Basic Earnings Per Share** | Profit: CNY 0.04/share – CNY 0.06/share | Loss: CNY 0.04/share | [Explanation of Performance Changes](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Changes) The turnaround to profitability is primarily attributed to the strong performance of the company's core business segments, including significant sales growth in the seed business, steady growth and reduced expenses in the feed business, and successful profitability in the hog farming business due to increased output, optimized costs, and stable market conditions - The company's 2025 first-half performance turnaround to profitability was primarily driven by the combined positive impact of the seed, feed, and hog farming business segments[5](index=5&type=chunk) [Seed Business](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Changes%20-%20Seed%20Business) During the reporting period, the seed business achieved significant year-over-year growth in sales volume, revenue, and profit, with rice seed sales increasing by over 100% and corn seed sales by over 300%, becoming a key driver of performance growth - Rice seed sales volume increased by over **100%** year-over-year[4](index=4&type=chunk) - Corn seed sales volume increased by over **300%** year-over-year[4](index=4&type=chunk) - Overall revenue and profit from the seed business showed significant growth compared to the prior year[4](index=4&type=chunk) [Feed Business](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Changes%20-%20Feed%20Business) The feed business achieved year-over-year sales growth during the reporting period, while the company successfully reduced period expenses through strengthened operational management and improved efficiency, contributing to profit improvement - Feed product sales volume increased compared to the prior year[4](index=4&type=chunk) - Period expenses showed a year-over-year decline due to strengthened management and improved efficiency[4](index=4&type=chunk) [Hog Farming Business](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Changes%20-%20Hog%20Farming%20Business) The hog farming business achieved profitability in the first half, primarily benefiting from a substantial increase in hog output, continuous decline in farming costs, and stable hog market prices, with hog output from controlled and associate companies increasing by 34.64% year-over-year to 3.8347 million heads Hog Farming Business Key Indicators (H1 2025) | Indicator | Data | Year-over-Year Change | | :--- | :--- | :--- | | Hog Output (Controlled & Associate Companies) | 3.8347 million heads | +34.64% | - The company continuously reduced hog farming costs by improving production indicators and optimizing breeding stock[4](index=4&type=chunk)[5](index=5&type=chunk) - Stable hog market prices during the reporting period, combined with declining costs and increased sales volume, collectively drove the hog farming business to profitability[5](index=5&type=chunk) [Communication with Accounting Firm](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm) The company explicitly states that all financial data in this performance forecast are preliminary estimates by the company's finance department and have not yet been audited by an accounting firm - The financial data related to this performance forecast are preliminary estimates by the company's finance department and have not been audited by an accounting firm[3](index=3&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) The company advises investors that the data in this performance forecast are preliminary and unaudited estimates, and the final accurate financial data will be disclosed in the company's officially released 2025 semi-annual report, reminding investors to be aware of investment risks - Final financial data will be subject to the company's 2025 semi-annual report, as current data are preliminary estimates[6](index=6&type=chunk) - The company will strictly adhere to regulatory requirements for information disclosure and urges investors to be mindful of investment risks[6](index=6&type=chunk)

Core Viewpoint - The company, Dabeinong, expects a net profit of between 190 million and 250 million yuan for the first half of the year, indicating a turnaround from losses in the previous year [1] Group 1: Financial Performance - The projected net profit for the first half of the year is between 190 million and 250 million yuan, showing a significant improvement compared to the previous year [1] - The company has successfully turned around its financial performance, moving from a loss to profitability [1] Group 2: Operational Metrics - During the reporting period, the company's controlled and affiliated companies collectively sold 3.8347 million pigs, representing a year-on-year increase of 34.64% [1]

Core Viewpoint - Dabeinong (002385.SZ) is expected to report a net profit of 190 million to 250 million yuan for the first half of 2025, marking a turnaround from losses in the previous year [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of 190 million to 250 million yuan, indicating a year-on-year turnaround [1] - The significant increase in seed business sales contributed to the profitability, with rice seed sales more than doubling and corn seed sales increasing over threefold [1] Group 2: Operational Highlights - Feed product sales also saw growth during the reporting period, alongside a reduction in operating expenses [1] - The number of pigs sold increased by 34.64% year-on-year, while breeding costs decreased, and pig prices remained stable [1]

Investment Rating - The report maintains a "Recommend" rating for the industry, indicating a positive outlook for the sector's fundamentals [15]. Core Insights - The global demand gap for corn and wheat continues to expand, while soybean supply remains ample [1]. - The USDA report indicates a downward revision in U.S. corn production expectations, but global production is still expected to be high, leading to an increased production gap for the 2025/26 season [2][3]. - For wheat, global production is projected to increase, but the demand gap is also expected to widen, with a notable increase in total consumption [8]. - The soybean market shows a slight increase in global production expectations, but supply remains relatively loose, with domestic demand in the U.S. improving [10][11]. Summary by Sections Corn - The USDA report revised the 2025/26 global corn production down by approximately 2.32 million tons to 1.264 billion tons, a year-on-year increase of 3.1% [2]. - The U.S. corn production is expected to decrease by 1.15 million bushels, with total demand projected to reach a record 1.276 billion tons, resulting in a production gap of 12.1 million tons [3][6]. - The global corn ending stocks-to-use ratio is expected to decline to 21.3%, down 1.3 percentage points year-on-year [2][6]. Wheat - The global wheat production forecast for 2025/26 has been slightly revised down by 40,000 tons to 808 million tons, with a year-on-year increase of 1.1% [8][9]. - Total global wheat consumption is expected to rise by 800,000 tons to 811 million tons, leading to an expanded production gap of 2.07 million tons [8]. - The global wheat ending stocks-to-use ratio is projected to be 32.3%, down from the previous year [8][9]. Soybeans - The USDA report raised the global soybean production forecast by 860,000 tons to 428 million tons, a year-on-year increase of 1.4% [10][12]. - U.S. soybean production is expected to decrease by 140,000 tons to 11.8 million tons, while domestic demand is projected to increase due to higher biodiesel usage [11][13]. - The global soybean ending stocks-to-use ratio is expected to be 29.7%, down from the previous year [10][12]. Investment Recommendations - The report suggests a favorable outlook for international corn and wheat prices, driven by expanding demand gaps and supply dynamics [15]. - The focus on food security is emphasized, with recommendations for companies involved in seed production and agricultural technology, particularly those benefiting from the commercialization of genetically modified corn [15].

Group 1 - The core index of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index reported at 5488.14 points, showing a decline of 1.54% over the past month, an increase of 2.05% over the past three months, and a year-to-date increase of 3.77% [1] - The CSI Hong Kong-Shanghai-Shenzhen industry index series categorizes the CSI 500, CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Composite, and CSI Hong Kong-Shanghai-Shenzhen Connect Composite Index into 11 industries to reflect the overall performance of different industry companies [1] - The top ten holdings of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index include Meihua Biological (2.53%), Zhengbang Technology (2.43%), Yanjing Beer (2.2%), Anjii Food (1.83%), Maogeping (1.79%), Hengan International (1.76%), Dabeinong (1.66%), Dekang Animal Husbandry (1.64%), First Pacific (1.57%), and Bairun Co. (1.55%) [1] Group 2 - The market share of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index holdings is 41.28% from Shanghai Stock Exchange, 41.17% from Shenzhen Stock Exchange, and 17.55% from Hong Kong Stock Exchange [2] - The industry composition of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index holdings shows that food accounts for 32.70%, breeding for 20.94%, liquor for 17.06%, planting for 8.99%, beauty care for 6.79%, soft drinks for 6.78%, and household goods for 6.75% [2] - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2]

Core Viewpoint - The report outlines the corporate social responsibility (CSR) initiatives and achievements of Beijing Dabeinong Technology Group Co., Ltd. (DBN Group), emphasizing its commitment to environmental, social, and governance (ESG) practices while promoting agricultural innovation and development in China. ESG Management - DBN Group has established a three-level organizational structure for sustainability work, integrating ESG into business development and urging branches to fulfill ESG responsibilities [10][11][12] - The company focuses on improving resource utilization efficiency, reducing waste discharge, and promoting carbon emission reductions to minimize environmental impact [11][12] Company Profile - DBN Group, founded in 1993 by agricultural specialists, aims to strengthen agriculture and serve the country through innovation [7][9] - The company operates over 300 production bases and branches, with more than 10,000 primary-level technology promotion service stations nationwide [7][9] Key Achievements - As of the end of the reporting period, DBN Group owns 2 state key laboratories, 4 Enterprise Key Laboratories, and has been recognized as a national high-tech enterprise [7][9] - The company has made significant contributions to poverty alleviation, donating 5.35 million CNY to earthquake relief efforts [5][10] Financial Performance - In 2024, DBN Group reported revenues of 1.43 billion CNY from crop products, 19.05 billion CNY from feed products, and 6.28 billion CNY from pig farming, with year-on-year increases of 1.4% and 10.1% respectively [10][11] - The total energy consumption was reported at 75,436.45 tons of coal equivalent (tce), with greenhouse gas emissions of approximately 199,700 tons of CO2 equivalent (tCO2e) [10][11] Corporate Governance - DBN Group has implemented a governance structure that includes a Strategy and ESG Committee under the Board of Directors, ensuring compliance with laws and regulations [11][12] - The company emphasizes transparency and communication with stakeholders, actively responding to social concerns and participating in charity activities [11][12]

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。 特别提示： 北京大北农科技集团股份有限公司及控股子公司对外担保总额超过最近一 期经审计净资产的 100%，担保金额超过公司最近一期经审计净资产的 50%，本 次公司及控股子公司担保进展中涉及对资产负债率超过 70%的被担保对象"北 京右信供应链管理有限公司、北京易富农商贸发展有限公司、北京大北农贸易有 限责任公司、漳州大北农农牧科技有限公司、广州易富农商贸发展有限公司、安 徽省大北农农牧科技有限公司、清远大北农生物科技有限公司、四川大北农农牧 科技有限责任公司、福泉大北农农业科技有限公司、吉林大北农农牧科技有限责 任公司、南皮大北农农牧食品有限公司、江西大北农科技有限责任公司、淮安市 淮阴大北农饲料有限公司、海南大北农生物科技有限公司、江西高安大北农饲料 有限公司、广州大北农农牧科技有限责任公司、安徽长风农牧科技有限公司、湖 南大北农华有水产科技有限公司、兆丰华生物科技（北京）有限公司、北京大有 谷科技集团有限公司、绥化大北农农牧科技有限公司"提供担保，公司对上述被 担保对象在经营管理、财务、投资、融资等方面均能 ...

2024 Corporate Social Responsibility Report (CSR Report) Beijing Dabeinong Technology Group Co., Ltd. | Appendix | 48 | | --- | --- | | Key Performance Indicators | 48 | | Core Scientific Research | 50 | | Platforms | | | National Key Leading En | 50 | | terprise in Agricultural | | | Industrialization | | | Report Index | 51 | | Product Profile | 52 | | Reader Feedback Form | 62 | ESG Management Management Framework ESG Management Effectiveness Stakeholder Communication Materiality Assessment 07 (Stock Cod ...

Group 1 - The core viewpoint of the announcement is the sales performance of the company's pig farming operations in June 2025, highlighting significant year-on-year growth in both sales volume and revenue [2][3][5] - In June 2025, the total pig sales volume from the company's controlled and affiliated companies reached 666,100 heads, with a total sales revenue of 1.078 billion yuan [2] - The average selling price of commercial pigs in June 2025 was 14.09 yuan per kilogram, with the average weight of pigs sold being 125.88 kilograms for the controlling company and 123.27 kilograms for the affiliated company [2][3] Group 2 - For the first half of 2025, the controlling company sold a total of 2.1449 million pigs, representing a year-on-year increase of 24.21%, with total sales revenue of 3.398 billion yuan, up 28.13% year-on-year [2][3] - The affiliated company reported a total of 1.6898 million pigs sold in the first half of 2025, marking a year-on-year increase of 50.71%, with total sales revenue of 2.983 billion yuan, also up 50.73% year-on-year [3] - The changes in sales volume and revenue in June 2025 are attributed to fluctuations in the domestic pig market and the gradual release of production capacity [5]