Investment Rating - The investment rating for the company is "Overweight" (maintained) [1] Core Views - The company's revenue for H1 2024 decreased by 16.4% YoY, but net profit attributable to shareholders significantly reduced losses, with a turnaround to profit in Q2 2024 [3] - Gross profit margin and net profit margin both increased in H1 2024, with gross profit margin rising by 4.4 pcts YoY to 13.1% and net profit margin improving by 3.8 pcts YoY to -1.2% [3] - The pig farming segment saw a significant improvement in profitability, with a gross margin increase of 19.5 pcts YoY to 11.7% [3] - The seed business grew rapidly, contributing RMB 300 million in revenue, up 13.5% YoY, with rice seed sales increasing by 25.3% YoY [3] Financial Performance Summary Revenue and Profit - H1 2024 revenue: RMB 13.09 billion, down 16.4% YoY [3] - H1 2024 net profit attributable to shareholders: RMB -160 million, significantly reducing losses [3] - Q2 2024 revenue: RMB 6.39 billion, down 19.0% YoY, with net profit turning positive at RMB 50 million [3] Segment Performance - Feed segment: Revenue of RMB 9.23 billion, down 20.5% YoY, contributing 70.5% of total revenue, with a gross margin of 12.7% (+0.6 pcts YoY) [3] - Pig farming segment: Revenue of RMB 2.65 billion, down 3.5% YoY, contributing 20.3% of total revenue, with a gross margin of 11.7% (+19.5 pcts YoY) [3] - Seed segment: Revenue of RMB 300 million, up 13.5% YoY, contributing 2.3% of total revenue [3] Financial Ratios - H1 2024 gross profit margin: 13.1% (+4.4 pcts YoY) [3] - H1 2024 net profit margin: -1.2% (+3.8 pcts YoY) [3] - Q2 2024 gross profit margin: 14.4% (+5.5 pcts YoY) [3] - Q2 2024 net profit margin: 0.8% (+6.8 pcts YoY) [3] Future Projections - Expected net profit attributable to shareholders for 2024-2026: RMB 248 million, RMB 697 million, and RMB 983 million, respectively [4] - EPS for 2024-2026: RMB 0.06, RMB 0.16, and RMB 0.23, respectively [4] - PE ratios for 2024-2026: 67x, 24x, and 17x, respectively [4] Historical Financial Data Income Statement - 2022A revenue: RMB 32.40 billion, 2023A revenue: RMB 33.39 billion, 2024E revenue: RMB 34.08 billion [5] - 2022A net profit: RMB 51 million, 2023A net profit: RMB -2.17 billion, 2024E net profit: RMB 248 million [5] Balance Sheet - 2022A total assets: RMB 31.23 billion, 2023A total assets: RMB 29.78 billion, 2024E total assets: RMB 30.48 billion [6] - 2022A total liabilities: RMB 18.21 billion, 2023A total liabilities: RMB 19.74 billion, 2024E total liabilities: RMB 19.97 billion [6] Cash Flow Statement - 2022A operating cash flow: RMB 1.42 billion, 2023A operating cash flow: RMB 245 million, 2024E operating cash flow: RMB 2.46 billion [6] Valuation Metrics - 2024E PE: 67x, 2025E PE: 24x, 2026E PE: 17x [5] - 2024E PB: 2.0x, 2025E PB: 1.9x, 2026E PB: 1.8x [5] - 2024E ROE: 3.0%, 2025E ROE: 7.9%, 2026E ROE: 10.3% [5]

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [4]. Core Views - The company has shown improvement in its performance in the first half of 2024, with a focus on the potential of its genetically modified (GM) business and the establishment of a nationwide seed promotion network [1][3]. - The company is expected to benefit from the recovery in the pig cycle in the second half of 2024, which is anticipated to drive growth in its pig farming segment [3][4]. Financial Data and Valuation - Revenue for 2023 is projected at 33,390.13 million yuan, with a growth rate of 3.07% compared to 2022. By 2026, revenue is expected to reach 54,328.29 million yuan, reflecting a growth rate of 13.02% [1][8]. - The company reported a net profit attributable to the parent company of -2,173.89 million yuan in 2023, with a significant recovery expected in the following years, reaching 1,265.60 million yuan by 2026 [1][8]. - The company's earnings per share (EPS) is forecasted to improve from -0.50 yuan in 2023 to 0.29 yuan in both 2025 and 2026 [1][3]. Business Segments - In the feed segment, the company experienced a slight decline in sales volume, down 8.92% year-on-year, but improved its gross margin to 12.67% in the first half of 2024 [2]. - The pig farming segment showed a 2.45% increase in sales volume, with profitability improving in the second quarter of 2024 [2]. - The seed segment saw a significant increase in sales volume, up 87.74% year-on-year, with a focus on GM corn varieties that have received safety certificates [3]. Profitability Forecast - The company is expected to achieve EPS of 0.03 yuan in 2024, increasing to 0.29 yuan in 2025 and 2026, driven by advancements in its GM technology and a favorable market environment for its seed and pig farming businesses [3][4].

法定代表人：邵根伙 主管会计工作负责人：姜晗 会计机构负责人：张欣 母公司资产负债表 2024年6月30日 合并资产负债表 2024年6月30日 | 编制单位：北京大北农科技集团股份有限公司 | | 单位：人民币元 | | --- | --- | --- | | 项 目 | 2024年6月30日 | 2024年1月1日 | | 流动资产： | | | | 货币资金 | 3,114,079,889.36 | 4,640,736,278.80 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 59,827,184.45 | 47,101,744.45 | | 衍生金融资产 | | | | 应收票据 | 12,307,785.00 | 4,492,127.11 | | 应收账款 | 1,619,233,611.10 | 1,182,587,597.65 | | 应收款项融资 | 84,510,292.98 | 83,243,926.87 | | 预付款项 | 651,394,290.87 | 425,055,638.41 | | 应收保费 | | | | 应收分保账款 | | | | ...

Financial Performance - The company reported a revenue of CNY 13.09 billion for the current period, a decrease of 16.42% compared to CNY 15.67 billion in the same period last year[34]. - The net profit attributable to shareholders was a loss of CNY 155.90 million, an improvement of 79.86% from a loss of CNY 774.04 million year-on-year[34]. - The net cash flow from operating activities was a negative CNY 190.05 million, showing a 71.04% improvement from a negative CNY 656.28 million in the previous year[34]. - The total assets at the end of the reporting period were CNY 28.74 billion, down 3.50% from CNY 29.78 billion at the end of the previous year[34]. - The net assets attributable to shareholders decreased by 5.88% to CNY 7.61 billion from CNY 8.08 billion at the end of the previous year[34]. - The total revenue for the current reporting period was CNY 13.095 billion, a decrease of 16.42% compared to CNY 15.667 billion in the same period last year[72]. - The cost of sales decreased by 20.49% to CNY 11.379 billion from CNY 14.311 billion year-on-year[72]. - The company's total revenue for the feed and veterinary segment was approximately CNY 9.36 billion, a decrease of 20.33% compared to the same period last year, with a gross margin of 13.00%[77]. - The pig farming segment generated revenue of approximately CNY 2.65 billion, down 3.54% year-over-year, with a gross margin of 11.70%, which is an increase of 19.48% compared to the previous year[77]. Business Segments - The feed business accounted for 70.46% of total revenue, while the pig farming business contributed 20.27%[34]. - The company’s feed business constitutes a significant portion of its revenue, highlighting its reliance on stable agricultural markets[5]. - The company is focusing on the seed industry, which had a market value of CNY 133.2 billion in 2022, growing by 4.1% year-on-year[35]. - The company has developed a comprehensive breeding and marketing strategy for corn, rice, and soybean, with a focus on domestic and South American markets[39]. - The company’s pig farming model includes "self-breeding and self-raising" and "company + ecological farm," with the latter accounting for approximately 84%[51]. - The total hog output from the company and its subsidiaries reached 2.8482 million heads, an increase of 15.2% year-on-year, with the controlling company accounting for 60.63% of the output[55]. Market Conditions and Risks - The company reported significant fluctuations in feed raw material prices, which could impact feed and breeding costs due to various market factors[5]. - Health risks in pig farming, including diseases like blue ear disease and porcine epidemic diarrhea, could lead to reduced pig production and affect feed demand[6]. - The cyclical volatility of pig prices, influenced by growth cycles and market supply-demand dynamics, may impact the company's profitability[7]. - The company faces risks related to fluctuations in feed raw material prices, which significantly impact its revenue due to the high proportion of feed business in its operations[55]. - Health risks in hog farming include diseases such as porcine reproductive and respiratory syndrome, which can unpredictably affect production and inventory levels[56]. - The cyclical fluctuations in hog prices are influenced by multiple factors, including growth cycles, inventory levels, and feed prices, which can impact the company's gross margins[57]. Strategic Initiatives - The company is focused on mitigating risks associated with animal health and market price fluctuations to ensure operational stability[6]. - The company continues to monitor and adapt to changes in agricultural policies and market conditions that could affect its operations[5]. - The company is actively pursuing mergers and acquisitions in the seed industry to enhance market concentration and competitiveness[36]. - The company is focused on technological innovation in agricultural science, with a new innovation park aimed at becoming a leading agricultural technology hub[64]. - The company emphasizes talent development and has established a diverse incentive mechanism to enhance employee engagement and innovation capabilities[63]. - The company is responding to intensified competition in the seed industry by focusing on key technologies and strengthening independent innovation to maintain its market position[106]. Environmental Compliance - The company operates under the pollution discharge standards for the livestock industry, which are regulated by GB 18596[127]. - The overall compliance with environmental regulations remains a critical focus for the company moving forward[127]. - The company has implemented measures to ensure that all discharge levels remain within regulatory limits, with no exceedances reported[131]. - The company is focused on improving wastewater treatment processes to enhance compliance and reduce environmental impact[131]. - The company plans to invest in new technologies for wastewater management to further minimize pollution levels in the future[131]. - The company is committed to enhancing its environmental performance through ongoing assessments and improvements in its waste management practices[135]. Corporate Governance - The company emphasizes the importance of maintaining accurate financial reporting and compliance with regulatory requirements[4]. - The company’s management has confirmed the accuracy and completeness of the financial report, taking legal responsibility for its contents[4]. - The company plans not to distribute cash dividends or issue bonus shares for the current period[8]. - The company has not reported any non-operating fund occupation by major shareholders or related parties during the reporting period[189]. - The company has not undergone any bankruptcy restructuring or significant litigation matters in the reporting period, ensuring operational continuity[193][194]. - There were no significant legal disputes or non-compliance issues reported during the reporting period, indicating a stable operational environment[188][194]. Future Outlook - The company reported a significant increase in revenue for the first half of 2024, with a year-on-year growth of 15%[173]. - The company has set a revenue guidance for the second half of 2024, projecting an increase of 10% to 12%[173]. - New product launches are expected to contribute an additional 5% to overall revenue in the upcoming quarters[173]. - The company aims to enhance its sustainability practices, targeting a 30% reduction in emissions by 2025[173]. - Overall, the company remains optimistic about future growth, driven by innovation and market expansion strategies[173].

证券代码：002385 证券简称：大北农 公告编号：2024-095 北京大北农科技集团股份有限公司 关于增加注册资本暨修改《公司章程》 并办理工商变更登记的公告 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。 根据《公司法》《上市公司章程指引（2022 年修订）》《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》等相关法律法规、部 门规章和规范性文件的规定，北京大北农科技集团股份有限公司（以下简称"公 司"）于 2024 年 8 月 21 日召开第六届董事会第二十一次会议，审议通过了《关 于增加注册资本暨修改<公司章程>并办理工商变更登记的议案》，拟对现行的 《公司章程》之有关条款进行修订，具体情况如下： 一、增加注册资本情况 | 原条款 | | 修改后条款 | | | --- | --- | --- | --- | | 第六条 | 公司注册资本为人民币 | 第六条 | 公 司 注 册 资 本 为 人 民 币 | | 4,112,241,528 元。 | | 4,323,721,890 | 元。 | 经中国证券监督管理委员会《关于同意 ...

关于北京大北农科技集团股份有限公司 募集资金置换的鉴证报告 | 索引 | 页码 | | --- | --- | | 鉴证报告 | 1-2 | | 关于使用募集资金置换预先投入募投项目及已支付发 | 3-6 | | 行费用的自筹资金的专项说明 | | 募集资金置换的鉴证报告 XYZH/2024CDAA4F0105 北京大北农科技集团股份有限公司 北京大北农科技集团股份有限公司全体股东： 我们接受委托，对后附的北京大北农科技集团股份有限公司(以下简称大北农公司) 管理层编制的截止日为 2024 年 8 月 15 日的《北京大北农科技集团股份有限公司关于使 用募集资金置换预先投入募投项目及已支付发行费用的自筹资金的专项说明》(以下简 称专项说明）进行专项鉴证。 一、管理层对专项说明的责任 | 信永中和会计师事务所 北京市东城区朝阳门北大街 联系电话: +86 (010) 6554 2288 | | | | --- | --- | --- | | telephone: +86 (010) 6554 2288 | 8 号富华大厦 A 座 9 层 | | | ShineWing | 9/F, Block A, Fu Hu ...

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 调整募投项目拟投入募集资金金额的核查意见 中德证券有限责任公司（以下简称"中德证券"或"保荐人"）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"）2022 年度向特定 对象发行股票的保荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交 易所股票上市规则》《上市公司监管指引第 2 号——上市公司募集资金管理和使 用的监管要求》《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》等相关法律、法规和规范性文件的规定，对大北农调整募投项目拟 投入募集资金金额的事项进行了核查，具体情况如下： 一、募集资金基本情况 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），公司本 次向特定对象发行人民币普通股股票 211,480,362 股，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. ...

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 使用募集资金置换预先投入募投项目及已支付发行费用的 自筹资金的核查意见 中德证券有限责任公司（以下简称"中德证券"或"保荐人"）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"）2022 年度向特定 对象发行股票的保荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交 易所股票上市规则》《上市公司监管指引第 2 号——上市公司募集资金管理和使 用的监管要求》《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》等相关法律、法规和规范性文件的规定，对大北农使用募集资金置 换预先投入募投项目及已支付发行费用的自筹资金的事项进行了核查，具体情况 如下： 一、募集资金基本情况 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），公司本 次向特定对象发行人民币普通股股票 211,480,362 股，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 7,394,48 ...

北京大北农科技集团股份有限公司（以下简称"公司"或"大北农"）于 2024年8月21日召开了公司第六届董事会第二十一次会议和第六届监事会第十一 次会议，审议通过了《关于调整公司向特定对象发行A股股票募集资金投资项 目拟使用募集资金金额的议案》，同意公司根据向特定对象发行股票募集资金 实际情况，对募集资金投资项目拟使用募集资金金额进行调整。公司监事会、 独立董事对本事项发表了明确同意的意见，保荐机构中德证券有限责任公司（ 以下简称"保荐机构"）对本事项出具了明确无异议的核查意见。现将有关事 项公告如下： 证券代码：002385 证券简称：大北农 公告编号：2024-093 北京大北农科技集团股份有限公司 关于调整公司向特定对象发行A股股票募集资金投资项目 拟使用募集资金金额的公告 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、募集资金基本情况 经中国证券监督管理委员会《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）注册通过，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 ...

上市公司2024年半年度非经营性资金占用及其他关联资金往来情况汇总表 | 其他关联资金往来 | 资金往来方名称 | 往来方与上市公 | 上市公司核算的会 | 2024年初往 | 2024年半年度往来累计 | 2024年半年度往来资 | 2024年半年度偿 | 2024年半年度期 | 往来形成 | 往来性质（经营性往 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 司的关联关系 | 计科目 | 来资金余额 | 发生金额（不含利息） | 金的利息（如有） | 还累计发生额 | 末往来资金余额 | 原因 | 来、非经营性往来） | | | 哈尔滨大北农牧业科技有限公司 | 子公司 | 其他应收款 | | 3,202.90 | | 3,202.90 | | 流动资金 | 非经营性往来 | | | 海南大北农生物科技有限公司 | 子公司 | 其他应收款 | | 390.00 | | 390.00 | | 流动资金 | 非经营性往来 | | | 河北大北农反刍科技有限公司 | 子公司 | 其他应收款 | | 300.0 ...