Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [2] Core Insights - The agricultural industry achieved a revenue of CNY 11,498.20 billion in 2024, a year-on-year decrease of 3.68%, while the net profit attributable to shareholders rose to CNY 466.39 billion, an increase of 806.55% [6][17] - In Q1 2025, the industry reported a revenue of CNY 2,706.77 billion, a year-on-year growth of 6.79%, with a net profit of CNY 133.13 billion, up 795.07% [6][17] - The overall profitability of the industry improved significantly in Q1 2025, with gross profit margin at 12.91%, net profit margin at 5.16%, and return on equity (ROE) at 2.57%, all showing year-on-year increases [21][30] Summary by Sections Overall Industry Performance - In 2024, the agricultural industry saw a slight decline in revenue but a substantial increase in net profit, indicating improved profitability despite lower sales [17] - The profitability metrics for Q1 2025 showed significant improvements compared to the previous year, with a notable decrease in the expense ratio [21] Sub-industry Analysis - The livestock sector experienced a remarkable increase in net profit, with pig farming turning profitable in 2024 and continuing strong performance into 2025 [6][29] - The poultry farming sector also showed strong growth, with net profit increasing significantly due to reduced feed costs and improved efficiency [43][44] - The pet food sector maintained high growth rates, with revenues and profits continuing to rise [6][25] Livestock Farming - In 2024, pig farming companies generated CNY 4,370.03 billion in revenue, a slight decline, but net profit surged to CNY 320.13 billion, reflecting a recovery in profitability [29] - In Q1 2025, revenues for pig farming increased by 18.69% year-on-year, with net profit rising by 236.12% [29][30] Poultry Farming - Poultry farming companies achieved a revenue of CNY 520.71 billion in 2024, with a net profit of CNY 28.49 billion, marking a significant increase [43] - In Q1 2025, revenue continued to grow, reaching CNY 118.71 billion, with net profit increasing to CNY 4.51 billion [43][44] Feed Industry - The feed industry reported a revenue of CNY 1,863.30 billion in 2024, with a net profit of CNY 52.48 billion, showing a significant recovery in profitability [58] - In Q1 2025, revenues rose to CNY 428.66 billion, with net profit increasing to CNY 15.26 billion [58][61] Animal Health - The animal health sector saw a revenue of CNY 129.02 billion in 2024, with a net profit of CNY 10.82 billion, despite a decline in profitability [66] - In Q1 2025, revenues increased to CNY 30.96 billion, with net profit rising to CNY 4.26 billion [66]

Group 1 - Kexin Technology plans to repurchase shares worth between 30 million and 50 million yuan, with a maximum repurchase price of 80 yuan per share, for employee stock ownership plans or capital reduction [1] - Jiahua Technology's shareholder plans to reduce holdings by up to 1.5% of the company's total shares, amounting to a maximum of 116,000 shares, between May 28, 2025, and August 25, 2025 [1] - Beiqi Blue Valley's subsidiary reported cumulative sales of 38,041 vehicles this year, representing a year-on-year increase of 192.53% [2] Group 2 - AVIC Finance plans to transfer shares of AVIC Xi'an Aircraft Industry Group and AVIC Onboard Systems, totaling 4.067 billion yuan, to its controlling shareholder [2] - Haide shares' executives plan to increase their holdings by at least 20.73 million yuan within six months [3] - Dabeinong's subsidiary received planting approval for genetically modified soybeans in Brazil, marking significant progress in the South American market [4] Group 3 - Yongan Pharmaceutical's chairman is under investigation, but the company's operations remain normal [4] - Teruid's subsidiary is expected to win a 126 million yuan project from the State Grid, which will enhance the company's brand and industry influence [4][5] - Junxin shares plan to repurchase shares worth between 200 million and 300 million yuan, with a maximum price of 30.57 yuan per share [5] Group 4 - Meinian Health plans to reduce its holdings by up to 3% of the company's total shares, amounting to a maximum of 11.7 million shares, starting from May 27, 2025 [7] - Electric Power Investment is planning a major asset restructuring, leading to a temporary suspension of its stock [9] - Tongda shares are expected to win a 207 million yuan project from the State Grid, which will positively impact future operating performance [10] Group 5 - Xintian Technology's major shareholder plans to reduce holdings by up to 3% of the company's total shares, amounting to a maximum of 580,410 shares [11] - Huizhou Intelligent's controlling shareholder and some executives plan to increase their holdings by between 29.2 million and 58.4 million yuan [12] - Zhongdali De plans to sell a 50% stake in Shanghai Ketaike Transmission System Co., Ltd. for 9.2777 million yuan to optimize its asset structure [14] Group 6 - Jinlitai's stock will be suspended due to the inability to disclose periodic reports within the statutory deadline [15] - Chuhuan Technology's major shareholder plans to reduce holdings by up to 3% of the company's total shares, amounting to a maximum of 239,560 shares [15] - Guilin Sanjin's subsidiary received approval for clinical trials of a new indication for a monoclonal antibody injection [16] Group 7 - Plit plans to sign a strategic supply agreement for sodium-ion batteries, committing to supply at least 1 GWh over four years [17] - Dalian Electric Porcelain's subsidiary is expected to win a project worth approximately 71 million yuan from the State Grid [18]

Investment Rating - Industry rating: Outperform the market (maintained rating) [17] Core Views - The pig farming sector shows significant profitability but with large variances due to cost differences, leading to a stronger performance from leading companies [19][21] - The poultry sector is experiencing a structural adjustment with varying profitability across different types of chickens, indicating a potential bottoming out in the white chicken segment [22][26] - The seed industry faces inventory pressure, but the biotechnological 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 continuous performance from leading companies [34] Summary by Sections Pig Farming Sector - Q1 sales prices for most A-share pig companies were between 14.5-15.5 yuan/kg, down from 16-17 yuan/kg in Q4 2024 [19] - Leading companies like Shennong and Juxing saw over 60% year-on-year growth in output [19] - Average profit per pig improved significantly, with Shennong achieving around 300-350 yuan per head [19][21] - Some companies are returning cash to shareholders with dividend payout ratios of 49.6% for Tiankang and 42.4% for Muyuan [19] Poultry Sector - The profitability of white chickens is narrowing, with major companies reporting significant declines in net profits [22] - The supply of parent stock is at a five-year low, indicating a potential for price increases as demand recovers [26] - Investment recommendations include focusing on companies like Shengnong Development and Yisheng [25][26] Seed Industry - The seed sector's net profit dropped by 37.6% in Q1 2025 due to oversupply, with leading companies showing varied performance [29] - High R&D investment continues, with a focus on biotechnological advancements expected to enhance competitiveness [30][31] Pet Industry - Major pet food companies reported strong revenue growth, with significant increases in net profits for companies like Guibao Pet and Zhongchong [32] - The demand for senior pet care products is rising, indicating a shift in consumer preferences [32] Feed Sector - Haida Group is highlighted for its market share growth and improving financial performance, with Q1 revenues up by 10.6% [34] - The aquaculture feed market is expected to improve due to rising fish prices and supportive consumption policies [34] Animal Health Sector - The animal health sector is experiencing revenue and profit differentiation, with some companies like Huisheng showing over 50% growth [35] - Investment focus is on new product lines and the potential for pet health products to capture market share [35][36]

Group 1: Swine Industry - The domestic supply and demand for pigs is expected to improve marginally by Q2 2025, with pig prices supported and entering a phase of gradual upward movement. External factors such as tariff-driven increases in feed raw material prices and higher costs for imported meat are also contributing positively to pig prices. The swine sector is highlighted as a defensive asset amid macroeconomic shocks, reinforcing investment logic. Recommended stocks include Wens Foodstuff Group, Muyuan Foods, and Juxing Agriculture [4][86]. - In 2024, China's pork production is projected to reach 56.75 million tons, accounting for 49% of global production, with consumption at 57.95 million tons, representing 50% of global consumption. This positions China as the world's largest pork producer and consumer [13][15]. - The average price of pork in 2024 is estimated at 16.8 yuan per kilogram, reflecting an increase of 11.8% year-on-year. The swine farming market size is expected to reach 1.5 trillion yuan, up 11.2% year-on-year [17][32]. Group 2: Poultry Industry - The demand for white chicken remains resilient despite uncertainties from U.S.-China tariff policies and avian influenza outbreaks. The consumption of white feather broilers is expected to improve marginally, with recommended stocks including San Nong Development and He Feng Co [5][94]. - In 2024, the total output of meat chickens in China is projected to reach 14.84 billion, with white feather broilers accounting for 60.85% of this figure. The output of white feather broilers is expected to increase by 2.2% year-on-year [99]. Group 3: Animal Health - The market for piglets and poultry chicks is stable, with a solid demand for poultry chicks supported by increasing poultry farming. The market for ruminant and pet vaccines is also expected to remain robust, with recommended stocks including Bio-Group, Kexin Biology, and Pulaike [6]. Group 4: Planting and Seeds - The focus on food security is emphasized, with companies involved in high-yield genetically modified soybeans likely to benefit from the ongoing U.S.-China trade tensions. The third batch of genetically modified corn varieties is expected to be approved for planting, which may increase the area under cultivation [7]. Group 5: Feed Industry - The recovery of the swine sector is expected to boost domestic demand for feed, while overseas markets present new growth opportunities. The demand for pig feed is anticipated to rebound as pig farming profitability improves and pig stocks gradually recover [8]. Group 6: Pet Industry - The upcoming shopping festivals are expected to drive demand for pet food, with domestic brands likely to gain market share due to increased tariffs on imported high-end products. Recommended stocks include Guibao Pet, Zhongchong Co, and Petty Co [6].

证券代码： 002385 证券简称：大北农 公告编号：2025-047 北京大北农科技集团股份有限公司 关于控股子公司大豆产品获批巴西种植许可的公告 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、巴西种植许可获批情况 巴西当地时间 2025 年 4 月 30 日，巴西官方网站公布了巴西国家生物安全技 术委员会（CTNBio）会议决议，其中北京大北农科技集团股份有限公司（以下 简称"公司"）控股子公司北京大北农生物技术有限公司（以下简称"大北农生 物"） 研 发 的 转 基因 抗 虫 耐 除 草 剂 大豆 转 化 事 件 DBN9004 × DBN8002 （DBN-09004-6×DBN-08002-3）通过安全评价审查，正式获批种植许可。 转基因耐除草剂抗虫大豆转化事件 DBN9004 和 DBN8002 已分别于 2023 年 和 2024 年获批巴西种植许可。DBN9004×DBN8002 叠加事件综合了两者优势， 可形成优良的耐除草剂抗虫复合性状产品，为合作伙伴和大豆种植户提供更丰富、 更有竞争力的性状产品和技术服务。此前，DBN9004×DBN ...

Core Viewpoint - Dabeinong (002385) announced that its subsidiary, Beijing Dabeinong Biotechnology Co., Ltd., has received approval for the planting license of genetically modified insect-resistant and herbicide-tolerant soybean variety DBN9004×DBN8002, marking a significant step in expanding its presence in the South American market [1] Summary by Relevant Categories Company Developments - The genetically modified soybean DBN9004×DBN8002 has passed safety evaluation and has been officially approved for planting [1] - This approval follows previous planting licenses granted in Argentina in 2023 and Uruguay in 2025, indicating a strategic move to enhance market penetration in South America [1]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The industry experienced a decline in revenue in 2024 but saw a significant increase in net profit, indicating improved profitability. The first quarter of 2025 showed a revenue growth of 6.79% year-on-year and a net profit increase of 795.07% [4][14] - The livestock sector, particularly poultry and pet food, demonstrated high growth rates in net profit, with poultry farming seeing a 1109.96% increase in 2024 and a 588.35% increase in Q1 2025 [5][20] - The report highlights the recovery of the pig cycle and the upward trend in pig prices, suggesting a favorable outlook for the livestock sector [6][24] Summary by Sections Weekly Observation - In 2024, the agriculture industry achieved a revenue of 11,498.20 billion yuan, a year-on-year decline of 3.68%, while net profit reached 466.39 billion yuan, an increase of 806.55%. In Q1 2025, revenue was 2,706.77 billion yuan, up 6.79%, and net profit was 133.13 billion yuan, up 795.07% [4][14] Weekly Viewpoint - The pig sector shows low valuation and potential for recovery, supported by consumption revival. Recommended stocks include Muyuan Foods, Wens Foodstuff, and others. The feed sector benefits from strong domestic and overseas demand [6][24] Market Performance - During the week of April 28 to May 2, the agriculture index underperformed the market by 0.08 percentage points, with the agriculture index down 0.56% [7][27] Price Tracking - As of May 2, the average price of live pigs was 14.84 yuan/kg, a slight decrease from the previous week. The average price of piglets was 36.88 yuan/kg, also down slightly [8][37]

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 ...