Core Insights - The modern livestock industry is increasingly demanding diverse animal nutrition, leading to higher requirements for feed performance, which traditional standardized products can no longer meet [1] - Additive premix feed fills the market gap with flexible formulation design and precise nutritional supply, improving feed utilization, reducing farming costs, and enhancing animal growth performance and product quality [1] Industry Overview - Additive premix feed consists of two or more nutritional feed additives mixed with carriers or diluents, including compound premix feed, trace element premix feed, and vitamin premix feed [3] - The production of additive premix feed in China has experienced fluctuations, with production reaching 542.6 million tons in 2019, a decrease of 16.9% year-on-year, and recovering to 594.5 million tons in 2020, a growth of 9.6% [1][8] - In 2021, production increased to 663.1 million tons, a year-on-year growth of 11.54%, but fell to 652.2 million tons in 2022 due to various factors, including the pandemic [1][8] - In 2023, production rebounded to 709.1 million tons, an increase of 8.7% year-on-year, but is expected to decline to 695.1 million tons in 2024 due to adjustments in pig production capacity and reduced livestock inventory [1][8] Industry Policies - The industry has seen a series of supportive and regulatory policies aimed at promoting standardization and efficiency, such as the 2024 "Green Sword Protect Grain Safety" enforcement action focusing on illegal production and sales of feed additives [4][6] - The 2025 Feed Quality Safety Supervision Work Plan emphasizes the inspection of banned substances and illegal additives in various feed products, including premix feeds [4][6] Industry Chain - The upstream of the additive premix feed industry includes feed raw materials like soybeans, corn, and fish meal, while the midstream involves the production of various types of premix feeds [6] - The downstream application includes livestock farming sectors such as pig, poultry, and aquaculture [6] Market Dynamics - The additive premix feed market is characterized by a clear competitive structure, with leading companies like New Hope, Tongwei, and Da Bei Nong forming the first tier, while other companies like Haida Group and Zhengbang Technology represent the second tier [10][12] - The market is expected to consolidate further, with smaller companies facing challenges due to limited innovation and sales channels [10][12] Future Trends - The industry is moving towards precise product functionality and value enhancement, focusing on tailored formulations for different livestock species and growth stages [16] - Technological advancements will drive the integration of biotechnology and smart manufacturing, optimizing formulation structures and improving production processes [17] - A comprehensive service model will emerge, extending beyond product provision to include technical support and real-time monitoring for farmers [18]

关于控股股东、实际控制人股份变动比例触及1%整数倍的公告 ■■ 注：因四舍五入，公告中数据可能存在尾差。 公司控股股东、实际控制人邵根伙先生保证向本公司提供的信息内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 北京大北农科技集团股份有限公司（以下简称"公司"）于2025年9月10日披露了《关于公司控股股东、 实际控制人减持股份的预披露公告》（公告编号：2025-080），邵根伙先生拟在该公告披露之日起15个 交易日后的3个月内以大宗交易方式和集中竞价交易方式减持公司股份合计不超85,607,400股，占公司总 股本的1.99%（占剔除回购专用账户股份后公司总股本的2.00%）。 公司于近日收到控股股东、实际控制人邵根伙先生出具的《告知函》，2025年11月19日至11月24日，邵 根伙先生以集中竞价方式减持41,840,000股，占公司总股本的0.97%（占剔除回购专用账户股份后公司 总股本的0.98%），邵根伙先生持有股份比例由22.73%（占剔除回购专用账户股份后公司总股本的 22.83%）变动至21.75%（占剔除回购专用 ...

（编辑 姚尧） 证券日报网讯 11月25日晚间，大北农发布公告称，公司于近日收到控股股东、实际控制人邵根伙先生 出具的《告知函》，2025年11月19日至11月24日，邵根伙先生以集中竞价方式减持41，840，000股，占 公司总股本的0.97%（占剔除回购专用账户股份后公司总股本的0.98%），邵根伙先生持有股份比例由 22.73%（占剔除回购专用账户股份后公司总股本的22.83%）变动至21.75%（占剔除回购专用账户股份 后公司总股本的21.85%），变动触及1%的整数倍。 ...

证券代码：002385 证券简称：大北农 公告编号：2025-105 北京大北农科技集团股份有限公司 关于控股股东、实际控制人股份变动比例触及1%整数倍的公告 公司控股股东、实际控制人邵根伙先生保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 4．承诺、计划等履行情况 | | | | 是☑ | 否□ | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 公司于 2025 年 日披露了《关于公司控股股东、 | 9 | 月 10 | | | | | | | 本次变动是否为履行已作出的承 | 实际控制人减持股份的预披露公告》（公告编号： | | | | | | | | | 诺、意向、计划 | 2025-080），公司控股股东、实际控制人邵根伙先生拟 | | | | | | | | | | 以大宗交易方式或集中竞价交易方式减持公司股份合计 | | | | | | | | | | 不超过 85,607,400 11 19 月 24 | ...

格隆汇11月25日丨大北农(002385.SZ)公布，公司于近日收到控股股东、实际控制人邵根伙先生出具的 《告知函》，2025年11月19日至11月24日，邵根伙先生以集中竞价方式减持41,840,000股，占公司总股 本的0.97%（占剔除回购专用账户股份后公司总股本的0.98%），邵根伙先生持有股份比例由22.73% （占剔除回购专用账户股份后公司总股本的22.83%）变动至21.75%（占剔除回购专用账户股份后公司 总股本的21.85%），变动触及1%的整数倍。 ...

Core Points - The company, Dabeinong (002385.SZ), announced that its controlling shareholder and actual controller, Mr. Shao Genhuo, has reduced his shareholding by 41,840,000 shares, which accounts for 0.97% of the company's total share capital [1] - Following the reduction, Mr. Shao's shareholding percentage decreased from 22.73% to 21.75%, marking a change that touches the 1% integer threshold [1] Summary by Sections - **Shareholding Reduction** - Mr. Shao Genhuo reduced his holdings through centralized bidding from November 19 to November 24, 2025 [1] - The reduction represents 0.98% of the company's total share capital after excluding shares in the repurchase special account [1] - **Post-Reduction Shareholding** - After the reduction, Mr. Shao's shareholding percentage is now 21.75%, down from 22.73% [1] - The adjusted percentage after excluding repurchase shares is 21.85% [1]

Core Viewpoint - The importance of listed companies in stabilizing the capital market and promoting sustainable development is increasingly recognized, especially in the current environment where market sentiment is volatile. High-quality companies that focus on core operations and deliver excellent performance are essential to restore investor confidence and stabilize market expectations [1]. Group 1: Market Valuation and Investment Opportunities - A-share valuations are currently at a low level, indicating potential for recovery and highlighting long-term investment value [2][3]. - The medical industry is expected to grow significantly due to China's large population and increasing healthcare demands, driven by the "Healthy China" strategy [2]. - The market is experiencing a divergence where funds are increasingly concentrated on high-quality companies, reflecting a shift towards value investing [4][5]. Group 2: Company Actions and Strategies - Companies like Aier Eye Hospital are committed to aligning interests with investors and enhancing performance, achieving a market value of approximately 80 billion yuan, which is 12 times its initial listing value [6]. - Dabeinong is balancing short-term and long-term goals through employee stock ownership plans to ensure sustainable growth [6]. - Guolinda aims for stable revenue growth and successful cloud transformation while focusing on shareholder returns [7]. Group 3: Economic Environment and Future Outlook - Positive fiscal policies are anticipated in the second half of the year, which may improve the macroeconomic environment and boost investor confidence [3]. - The A-share market is expected to gradually return to value investing as macro policies adjust and market sentiment stabilizes [2][3]. - The inclusion of A-shares in the MSCI index is seen as a beneficial factor, indicating a potential shift in market investment styles towards high-quality growth companies [4].

Investment Rating - The industry rating is "Recommended" [3] Core Views - The report highlights that the national breeding sow inventory has fallen below 40 million heads as of the end of October, indicating a significant reduction in production capacity. This situation presents a left-side layout opportunity in the pig farming sector [2][12] - The report emphasizes that the pig farming industry is currently in a loss-making state, with average losses per self-bred pig reaching 135.9 yuan and 234.63 yuan for purchased piglets. However, proactive and reactive capacity reduction measures are expected to accelerate, leading to a potential increase in domestic pig prices in the medium to long term [2][12] - The report suggests that the future trend in the pig industry will focus on "quality improvement and efficiency enhancement," with the gradual elimination of backward production capacity and an increase in market share for financially sound and low-cost producers [2][12] Summary by Sections 1. Weekly Insights - The Ministry of Agriculture and Rural Affairs held a meeting to promote the revitalization of the seed industry, emphasizing the importance of enhancing responsibility and focusing on high-quality development during the 14th Five-Year Plan period. The meeting also highlighted the revolutionary role of genetically modified technology in improving yield [11] 2. Market Review - The agricultural sector index decreased by 3.45% during the week from November 17 to November 21, with the pig farming sector experiencing price fluctuations close to cash costs [14][19] 3. Key Agricultural Product Data Tracking - The average price of live pigs was reported at 11.72 yuan/kg, down 1.50% week-on-week. The average price of pig feed was 2.6 yuan/kg, reflecting a 0.78% increase [26][51]

Core Insights - The phytic acid enzyme market is experiencing significant growth, primarily driven by increased demand in the feed industry, especially after the ban on antibiotics in animal feed in China in 2020, positioning phytic acid enzymes as ideal alternatives [1][7] - China's annual production of phytic acid enzymes has significantly increased, from 43,200 tons in 2015 to an expected 120,600 tons by 2024, indicating a robust growth trajectory [1][8] - The global phytic acid enzyme market is projected to grow from $513 million in 2023 to $822 million by 2029, with a compound annual growth rate (CAGR) of 8.2% [6] Industry Overview - Phytic acid enzymes belong to the class of phosphoric monoester hydrolases and are crucial for enhancing the bioavailability of minerals in plant-based feeds by breaking down phytic acid [2] - The industry has evolved through three stages: initial development in the 1990s, rapid growth from 2001 to 2012, and a mature phase from 2013 onwards, with domestic products replacing imports and achieving international technical standards [3][4] Industry Chain - The upstream of the phytic acid enzyme industry includes raw materials such as wheat, barley, and microorganisms, while the downstream applications span food, pharmaceutical, and feed industries [5] - The feed industry is the largest application area for phytic acid enzymes, driven by the need to improve feed efficiency and reduce costs, with a notable increase in China's feed production reaching 250.7 million tons in the first nine months of 2025, up 6.4% year-on-year [5][6] Competitive Landscape - The global phytic acid enzyme market is highly competitive, with companies like Novozymes, DuPont, and DSM holding significant market shares due to their technological advantages and patent protections [8] - Chinese companies such as Blue Horizon Biotechnology, Yidali, and Xinghuo Technology are emerging as strong competitors, gradually capturing high-end market segments [8] Development Trends - Technological innovation is a key driver for the industry, with advancements in enzyme production and purification methods expected to enhance yield and efficiency [10] - The application of phytic acid enzymes is expanding beyond traditional uses in poultry and pig feed to include aquaculture and organic agriculture, indicating new growth opportunities [11] - Environmental sustainability is becoming increasingly important, with stricter regulations prompting phytic acid enzyme companies to enhance their eco-friendly practices and production processes [12]

Core Viewpoint - The feed sector experienced a decline of 1.6% on November 20, with Tianma Technology leading the drop, while the Shanghai Composite Index fell by 0.4% and the Shenzhen Component Index decreased by 0.76% [1]. Group 1: Market Performance - The feed sector's individual stock performance showed mixed results, with Hai Da Group slightly increasing by 0.02% to close at 58.55, while Tianma Technology dropped significantly by 9.90% to 15.02 [1][2]. - The total trading volume for the feed sector was substantial, with Hai Da Group recording a transaction amount of 2.12 billion, and Tianma Technology reaching 10.94 billion [1][2]. Group 2: Capital Flow - The feed sector saw a net outflow of 498 million from major funds, while retail investors contributed a net inflow of 239 million [2]. - Specific stocks like Hai Da Group and He Feng Co. experienced varying levels of net inflow and outflow from different investor categories, indicating a shift in investor sentiment [3].