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 ...

北京大北农科技集团股份有限公司 2024 年度 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | 1-4 | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 母公司资产负债表 | 3-4 | | — | 合并利润表 | 5 | | — | 母公司利润表 | 6 | | — | 合并现金流量表 | 7 | | — | 母公司现金流量表 | 8 | | — | 合并股东权益变动表 | 9-10 | | — | 母公司股东权益变动表 | 11-12 | | — | 财务报表附注 | 13-149 | 一、 审计意见 我们审计了北京大北农科技集团股份有限公司（以下简称"大北农公司"或"公司"） 财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母 公司利润表、合并及母公司现金流量表、合并及母公司股东权益变动表以及相关财务报 表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反 映了大北农公司 2024 年 12 月 31 日的合并及母公司财务状况以及 20 ...

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 2024年度募集资金存放与使用情况的核查意见 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2024年度募集资金存放与使用情况进行了审慎核查，具体情况如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位情况 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），公司向特定 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 金已全部划至指定账户，并经信永中和会计师事务所（特殊普通合 ...

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 2025年度对外担保额度预计的核查意见 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 2025 年度对外担保额度预计进行了审慎核查，具体情况如下： 一、担保情况概述 1、授权公司及子公司为客户提供担保 为配合市场发展的需要和提高管理效率，促进公司与客户的深度合作，进一 步提高融资效率并促进公司扩大销售规模，公司拟同意授权公司及广东巨农生物 科技有限公司等 61 家子公司为客户、合作养殖场（户）及担保方提供融资担保， 担保额度合计不超过 25,250 万元（即任一时点担保额度不超过 25,250 万元，包 含此前未履行完毕的担保额度在内），占公司最近一期经审计（2024 年度）归属 于上市公司股东的净资产 854,131.59 万元的 2.96%，主要用于供应链金融贷款使 用，担保授权期限自 2024 年年度 ...