Group 1: Overall Financial Performance - In 2024, the company achieved total revenue of 28.767 billion CNY, with feed product revenue accounting for 19.054 billion CNY (66.24%) [2] - The net profit for 2024 was 715 million CNY, with a year-on-year growth of 115.9% [2] - The overall gross profit margin improved to 15.14% [2] Group 2: Business Segment Performance Feed Segment - In 2024, external sales volume of feed products was 5.4055 million tons, a decrease of 7.6% year-on-year [3] - Revenue from pig feed was 14.658 billion CNY, down 21.7% due to raw material price declines [3] - Aquaculture feed external sales volume decreased by 29.9%, with revenue of 1.33 billion CNY, a 32.3% decline [3] Pig Farming Segment - Total pig output for 2024 was 6.4046 million heads, a 5.9% increase year-on-year [4] - Average profit per head was 175 CNY, with some regions exceeding 300 CNY [4] - The total cost of pig farming was below 14 CNY/kg [4] Seed Industry Segment - In 2024, total sales of corn, rice, and soybean seeds reached 53.5264 million kg [5] - Corn seed sales were 36.3039 million kg, down 9%, generating revenue of 820 million CNY [5] - Soybean seed sales increased by 102%, achieving revenue of 22 million CNY [5] Group 3: Q1 2025 Performance - In Q1 2025, the company reported revenue of 6.865 billion CNY, a 2.4% increase year-on-year [7] - The net profit for Q1 2025 was 134 million CNY, a 164.13% increase [7] - Pig farming output for Q1 2025 was 1.8399 million heads, a 26.7% increase [7] Group 4: Future Technology and Research Initiatives - The company is advancing synthetic biology research, focusing on high-efficiency genetic transformation and gene editing [10] - The establishment of the Agricultural Synthetic Biology Innovation Center aims to develop key technologies in agricultural biotechnology [12] - The center will support the development of new products such as feed proteins and green fertilizers [12] Group 5: Cost Management and Efficiency - The company has implemented measures to reduce costs in pig farming, achieving a complete cost of 12.9 CNY/kg [8] - Strategies include breed improvement, enhanced biosecurity, and optimized nutrition [14] - The company aims to further reduce costs through continuous improvements in various operational aspects [14] Group 6: Market Position and Growth Strategy - The company targets a feed production capacity of 10 million tons, focusing on differentiated product offerings [18] - The market share for seed traits is expected to increase, supported by favorable government policies [17] - The company plans to enhance collaboration across business segments to explore new growth opportunities [19]

Investment Rating - Industry rating: Outperform the market (maintained rating) [15] Core Views - The pig farming sector shows significant profitability but with large disparities due to cost differences, leading to a "stronger becoming stronger" scenario [19][21] - The poultry sector is experiencing a structural decline in production capacity, with a focus on the white chicken segment as it approaches its lowest point [22][24] - The seed industry faces inventory pressure, but the biological breeding sector is expected to accelerate due to supportive policies [29][30] - The pet industry is witnessing rapid growth of domestic brands, with a focus on high-income growth companies [32][33] - The feed sector is recommended for investment due to improving market demand and cost control capabilities [34] Summary by Sections Pig Farming Sector - Q1 sales prices for pigs were low, averaging 14.5-15.5 CNY/kg, down from 16-17 CNY/kg in Q4 2024 [19] - Companies like Shennong and Juxing saw over 60% year-on-year growth in output [19] - Average profit per pig improved significantly, with leading companies achieving profits of 300-350 CNY per head [19][21] - Some companies are returning cash to shareholders with high dividend payout ratios [19] Poultry Sector - The white chicken segment is under pressure, with significant price declines and narrowing profits [22] - The egg-laying chicken sector is benefiting from rising chick prices and sales, with companies like Xiaoming showing substantial profit growth [28] - The yellow chicken segment is experiencing a supply contraction, with demand expected to improve gradually [26][27] Seed Industry - The seed sector is under pressure with a net profit decline of 37.6% in Q1, primarily due to excess supply [29] - High R&D investment is noted, with leading companies like Longping High-Tech maintaining a strong position [29][30] - New regulations are expected to bolster the biological breeding sector, enhancing competitiveness [30][31] Pet Industry - Major pet food companies reported strong revenue growth, with brands like Maifudi leading the market [32] - The demand for elderly pet care products is increasing significantly, indicating a shift in consumer preferences [32] - The pet economy is thriving, with a focus on high-growth domestic brands [33] Feed Sector - The feed sector is recommended for investment, with companies like Haida Group showing improved revenue and profit [34] - The market for aquaculture feed is expected to recover, driven by rising fish prices and supportive consumption policies [34] Animal Health Sector - The animal health sector is experiencing revenue and profit differentiation, with some companies benefiting from price increases in raw materials [35] - New product opportunities in the pet health segment are emerging, providing potential growth avenues [35][36]

证券研究报告 | 公司点评报告 2025 年 05 月 02 日 大北农（002385.SZ） 养殖盈利修复，饲料及种业开局良好 消费品/农林牧渔 25Q1饲料及种业开局良好、养殖盈利改善。公司未来将聚焦强化种业、疫苗动 保等科技产业业务，夯实饲料业务，平稳发展生猪养殖业务。 ❑ 风险提示：猪价表现/公司规模扩张低于预期，突发大规模不可控疫情；自然 灾害，转基因商业化进度不达预期。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 33390 | 28767 | 33720 | 35969 | 38193 | | 同比增长 | 3% | -14% | 17% | 7% | 6% | | 营业利润(百万元) | (2485) | 791 | 805 | 984 | 1218 | | 同比增长 | -761% | -132% | 2% | 22% | 24% | | 归母净利润(百万元) | (2174) | 346 | 549 | 725 | 93 ...

Group 1: Financial Performance - In 2024, the company's revenue was 28.767 billion yuan, a year-on-year decrease of 13.85%, while the net profit attributable to shareholders was 346 million yuan, turning from loss to profit [1] - For Q1 2025, the revenue was 6.865 billion yuan, a year-on-year increase of 2.36%, with a net profit of 134 million yuan, also turning from loss to profit [1] - The company adjusted its profit forecasts for 2025-2026 due to expected declines in pig prices, projecting net profits of 767 million yuan, 804 million yuan, and 836 million yuan for 2025-2027 [1] Group 2: Feed Business - In 2024, feed revenue was 19.054 billion yuan, a year-on-year decrease of 20.68%, with a gross margin of 12.49%, an increase of 0.05 percentage points [2] - Total feed sales were 5.4055 million tons, a year-on-year decrease of 7.61%, with significant growth in poultry feed sales, which increased by 54.55% [2] - The company optimized its channel structure, with 32% of feed product revenue from distribution channels and 68% from direct sales [2] Group 3: Swine Business - The company sold 6.405 million pigs in 2024, a year-on-year increase of 5.89%, with swine business revenue of 6.278 billion yuan, up 10.10% year-on-year [2] - The net profit from swine business was 1.122 billion yuan, with a gross margin of 19.80%, an increase of 27.71 percentage points, attributed to rising pig prices and declining breeding costs [2] Group 4: Seed Business - In 2024, seed revenue was 1.425 billion yuan, a year-on-year increase of 1.40%, with sales of 53.5264 million kilograms, up 1.7% [3] - The company has a robust reserve of genetically modified traits, with multiple products approved for production and import licenses [3] - As of April 8, 2025, 97 genetically modified corn varieties passed initial review, with 61% of them utilizing the company's traits [3]

Group 1 - The core viewpoint of the news highlights a mixed performance in the livestock breeding sector, with the China Livestock Breeding Index experiencing a slight decline of 0.07% as of April 30, 2025, while specific stocks like Tiankang Biological and Tianma Technology showed gains [1] - The Agricultural and Rural Affairs Department has released an implementation plan aiming to reduce the proportion of grain used in livestock feed to 60% and soybean meal to 10% by 2030, promoting measures such as precise feed formulation and the development of high-quality forage [1] - The Livestock ETF has seen a 2.47% increase over the past month, ranking in the top quarter among comparable funds [1] Group 2 - According to a report from Guosheng Securities, the allocation of the livestock sector in fund heavy positions has significantly decreased, with a first-quarter heavy position ratio of 0.45%, down 0.06 percentage points from the previous quarter and 0.65 percentage points year-on-year, marking the lowest level in three years [2] - The current price-to-earnings ratio (PE-TTM) of the Livestock ETF is 12.89, indicating it is at a historical low, being below 98.82% of the time over the past year [2] - The China Livestock Breeding Index includes companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of listed companies in the livestock sector [2] Group 3 - As of March 31, 2025, the top ten weighted stocks in the China Livestock Breeding Index accounted for 69.05% of the index, with Hai Da Group, Wens Foodstuffs, and Muyuan Foods being the top three [3] - The weightings of the top stocks include Hai Da Group at 11.24%, Wens Foodstuffs at 10.10%, and Muyuan Foods at 10.08%, with Tiankang Biological showing a notable increase of 2.88% [5]

Core Insights - The company reported a revenue of 6.865 billion yuan for Q1 2025, representing a year-on-year increase of 2.36% [1] - The net profit attributable to shareholders reached approximately 134 million yuan, showing a significant year-on-year growth of 164.13% [1] Group 1: Swine Farming Business - The company sold a total of 1.8399 million pigs in Q1 2025, generating sales revenue of 3.046 billion yuan [1] - In March 2025, the company sold 382,100 pigs, with sales revenue of 614 million yuan, marking a month-on-month sales volume increase of 35.54% and a year-on-year increase of 26.78% [1] - The sales revenue in March 2025 increased by 43.12% month-on-month and 35.84% year-on-year, significantly outperforming the industry average growth rates [1] Group 2: Biotechnology Achievements - The company achieved major breakthroughs in biotechnology, with its subsidiary receiving approval for the planting of genetically modified herbicide-resistant soybeans [1] Group 3: Management and Cost Control - The company has shown significant improvements in management and cost control, with operating expenses decreasing compared to the previous year [2] - In 2024, sales expenses decreased by 11.31% and management expenses decreased by 8.46% year-on-year [2] - This refined management approach continued into Q1 2025, effectively enhancing the company's profitability [2]

北京大北农科技集团股份有限公司（以下简称"公司"）第六届监事会第十 七次（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会议的方式召开，应到监事 3 名，实到监事 3 名。本次会议由监事会主席周业军先生主持，会议的召开符合《中华人民共和国 公司法》《公司章程》及《监事会议事规则》的有关规定。经本次监事会记名投 票的方式有效表决，会议审议通过了如下议案： 二、监事会会议审议情况 1、审议通过《2025 年第一季度报告》 具体内容详见公司同日在《证券时报》《上海证券报》《证券日报》以及巨 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）。 北京大北农科技集团股份有限公司 第六届监事会第十七次（临时）会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，并对 公告中的虚假记载、误导性陈述或者重大遗漏承担责任。 一、监事会会议召开情况 证券代码：002385 证券简称：大北农 公告编号：2025-045 2 公司监事会根据《中华人民共和国证券法》的规定，对公 ...

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]