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]

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].