Core Viewpoint - The modernization of agriculture and rural areas is a priority for China's development, with a focus on technological innovation to enhance agricultural productivity and ensure food security [1] Group 1: Agricultural Biotechnology - Companies like Beijing Dabeinong Technology Group have made significant advancements in biotechnology, creating alternative feed products that reduce reliance on imported soybean meal by 7.8% to 13.0% [1] - Dabeinong has developed four genetically modified corn traits and four soybean traits, receiving 15 safety certificates for production applications [2] - Longping High-Tech has invested over 2.1 billion yuan in research and developed high-yield hybrid rice varieties, achieving record yields of 1158.8 kg per mu [2] Group 2: Gene Editing Technology - Shandong Shunfeng Biotechnology has developed new gene editing tools, leading to the creation of high oleic acid soybeans and signing licensing agreements with international firms [3] Group 3: Smart Agricultural Equipment - Companies are innovating in smart agricultural equipment to address labor shortages and improve efficiency, such as Aobo's automated harvesting robots that enhance productivity in greenhouses [4] - DJI's agricultural drones have revolutionized mountain and highland farming, significantly increasing efficiency in transporting crops and reducing costs by 70% [5] Group 4: Green Innovation - Silky Technology is a leader in RNA biopesticides, achieving breakthroughs in environmentally friendly pest control and investing over 100 million yuan in research [6] - The company has established partnerships to create demonstration zones for RNA biopesticides, effectively reducing chemical pesticide use by over 70% [7] Group 5: Overall Impact - The contribution rate of technological progress in agriculture has reached 63.2%, indicating a strong potential for future advancements in agricultural modernization and food security [7]

Group 1 - The Agricultural, Animal Husbandry, and Fishery ETF (159275) showed stable performance with a 0.2% increase in price and a trading volume of 6.91 million yuan, bringing the fund's total size to 203 million yuan as of November 5 [1] - Among the constituent stocks, Shennong Seed Industry had the highest increase at 6.4%, followed by Luoniushan at 5.24%, and Zhongxing Junye at 3.46%. Conversely, Tianma Technology experienced the largest decline at 1.79%, with Meihua Biological and Tianma Technology also showing declines of 1.92% and 1.57% respectively [1] - The Ministry of Agriculture and Rural Affairs will implement six types of agricultural electronic certificates nationwide starting November 1, 2025, including feed import registration certificates and agricultural transgenic biological safety certificates, transitioning to full electronic certification by 2026 [1] Group 2 - According to Tianfeng Securities, the egg-laying chicken industry is expected to see a significant reduction in domestic breeding volume to 41,200 birds by 2025, indicating a shift from surplus to tight supply. The white chicken industry is also experiencing a contraction in production capacity due to three years of bottoming out and overseas breeding disruptions [2] - The pig farming sector is anticipated to undergo capacity reduction due to low prices and policy guidance, while dairy cow inventory has decreased by 8%, nearing the end of the reduction phase. Beef prices may see unexpected increases [2] - The planting sector is accelerating the commercialization of transgenic corn, enhancing the competitiveness of leading seed companies. The aquaculture feed sector is recovering from a downturn, with leading companies increasing their market share [2] Group 3 - The Agricultural, Animal Husbandry, and Fishery ETF (159275) and its linked funds (Link A: 013471, Link C: 013472) passively track the Agricultural, Animal Husbandry, and Fishery Index, with the top ten weighted stocks including Muyuan Foods, Wens Foodstuff Group, Haida Group, Meihua Biological, New Hope Liuhe, Dabeinong, Bio-Stock, Shennong Development, Beidahuang, and Longping High-Tech [3]

Core Points - Dabeinong announced the resignation of its Chief Financial Officer, Jiang Han, due to other work commitments, while Jiang will continue to serve in the company [2] - The board approved the appointment of Shao Lijun as the new Chief Financial Officer [2] - Shao Lijun, being a senior management member, will no longer serve as a member of the sixth board's audit committee, with Zhang Lizhong taking over that role [2]

Company Changes - Jiang Han has resigned as the Chief Financial Officer of Dabeinong due to other work arrangements but will continue to work within the company [1] - Shao Lijun has been appointed as the new Chief Financial Officer, while Zhang Lizhong will take over as a member of the sixth board of directors' audit committee [1] Financial Performance - For the first half of 2025, Dabeinong's revenue composition is as follows: Feed and veterinary business accounts for 64.63%, pig farming industry for 25.08%, other industries for 5.7%, and seed and plant protection for 4.59% [1] - The current market capitalization of Dabeinong is 17.7 billion yuan [1] Industry Insights - A significant increase in overseas orders by 246% has been reported, covering over 50 countries and regions [1] - Concerns have been raised about potential vicious competition in the industry, as some entities are selling at a loss [1]

证券代码：002385 证券简称：大北农 公告编号：2025-097 北京大北农科技集团股份有限公司 关于变更高级管理人员及调整专门委员会委员的公告 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、财务总监变更情况 北京大北农科技集团股份有限公司（以下简称"公司"）于近日收到公司财 务总监姜晗女士提交的《辞任报告》，姜晗女士因工作另有安排，申请辞去公司 财务总监的职务，根据《公司法》和《公司章程》的有关规定，姜晗女士的辞任 报告自送达公司董事会之日起生效。姜晗女士辞任财务总监后继续在公司任职。 截至本公告披露日，姜晗女士直接持有公司股票 223,800 股，辞任后将继续 严格遵守《上市公司董事、监事和高级管理人员所持本公司股份及其变动管理规 则》《深圳证券交易所上市公司自律监管指引第 18 号—股东及董事、监事、高 级管理人员减持股份》等相关规定。在此，公司向姜晗女士在任职期间为公司发 展所做贡献表示感谢！ 2 公司董事会审计委员会调整情况如下： 专门委员会 调整前 调整后 原召集人 原委员 现召集人 现委员 审计委员会 岳彦芳 岳彦芳、冯玉军、 邵丽君 ...

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 十六次（临时）会议通知于 2025 年 11 月 3 日以电子邮件的方式发出，会议于 2025 年 11 月 4 日以通讯方式召开，经全体董事一致同意豁免本次董事会会议的 提前通知期限，会议召集人已在会议上作出说明。本次会议应出席董事 9 名，实 际出席董事 9 名，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》《公司章程》《董 事会议事规则》的有关规定。 证券代码：002385 证券简称：大北农 公告编号：2025-096 北京大北农科技集团股份有限公司 第六届董事会第三十六次（临时）会议决议公告 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 二、董事会会议审议情况 经本次董事会有效表决，会议审议通过了如下议案： 1、审议通过《关于聘任财务总监的议案》 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《关于变更高级管理 ...

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].