洗牌加速，格局优化 国盛证券发布研报称，近年来，金针菇产能过剩导致行业亏损严重，为应对金针菇价格持续低迷的现 状，雪榕生物（300511）带头主动收缩产能，估算公司目前年化产能44万吨，同比下降4%。2025Q1公 司产能利用率降至63.82%，较2024年下降9pct。双孢菇方面，由于初期投入大、生产管理难度较大，双 孢菇进入壁垒相对较高，从众兴菌业（002772）双孢菇毛利率来看，仅在2019-2022年下降至30%以 下，其他年份保持在30%以上水平，盈利能力突出且有望持续。 国盛证券主要观点如下： 工厂化食用菌产量创新高，大食物观下看好食用菌需求提升 2025年中央一号文件提出"构建多元化食物供给体系"，食用菌是"大食物观"和"大健康"背景下营养与健 康的重要载体。2023年，全国食用菌产量达到4334.2万吨，同比+2.6%，10年CAGR达到3.2%；总产值 3965.6亿元，同比+2.0%，10年CAGR达到7.0%。2023年全国食用菌工厂化总产量为409.16万吨，同比 增长43.23%，10年CAGR达到7.2%。国内外实现工厂化生产的食用菌主要以中低温品种为主，目前占比 最高的是金针菇4 ...

Investment Rating - The report maintains an "Increase" rating for the agricultural sector [3] Core Views - The price of enoki mushrooms has strengthened, with the national average price reaching 5.99 CNY/kg in August 2025, up 1.01% year-on-year and 6.02% month-on-month. After a decline in the first half of the year, production cuts by leading companies are expected to reverse the industry's difficulties and lead to price recovery [10][11] - In pig farming, the national price for lean pigs is 13.68 CNY/kg, up 1% from the previous week. The report suggests focusing on leading companies with low-cost and high-growth potential, such as Muyuan Foods and Wens Foodstuff Group [11][13] - In poultry farming, the average price for white feather chickens is 7.17 CNY/kg, down 2.2% from the previous week. The report highlights the potential for price recovery in the future [11][27] - The approval of genetically modified varieties is expected to lead to commercial sales, with potential growth for industry companies [11] - The report notes that fluctuations in agricultural product prices are increasing, and leading feed companies may replace smaller ones due to their advantages in procurement and scale [11] Summary by Sections Agricultural Data Tracking - The national price for lean pigs is 13.68 CNY/kg, up 1% from last week, while the average wholesale price for pork is 19.84 CNY/kg, down 0.5% [13][20] - The average price for meat chicken chicks is 3.4 CNY each, down 5.8% from last week [24][27] - The average price for white feather chicken is 7.17 CNY/kg, down 2.2% from last week [27][28] Market Review - The agricultural sector underperformed the CSI 300 index by 0.5 percentage points, with a decline of 1.32% [7][8] - The enoki mushroom industry is expected to recover due to production cuts and seasonal demand increases [10][11]

Group 1 - The company, Zhongxing Junye, primarily utilizes a distributor sales model for its products, focusing on offline sales and has not yet engaged in online sales [2]

Market Overview - The planting industry sector experienced a decline of 1.92% on September 3, with Kangnong Seed Industry leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Kangnong Seed Industry (837403) closed at 26.42, down 10.74% with a trading volume of 93,300 shares and a transaction value of 271 million yuan [1] - Qiule Seed Industry (831087) closed at 17.00, down 6.54% with a trading volume of 95,500 shares and a transaction value of 169 million yuan [1] - Shennong Seed Industry (300189) closed at 4.81, down 4.94% with a trading volume of 1.614 million shares and a transaction value of 800 million yuan [1] - Other notable declines include: - Quanyin High-Tech (300087) down 3.75% - Xuecheng Biological (300511) down 3.51% [1] Capital Flow Analysis - The planting industry sector saw a net outflow of 378 million yuan from institutional investors, while retail investors contributed a net inflow of 208 million yuan [1] - The following stocks had significant capital flows: - Honghui Fruits and Vegetables (603336) saw a net inflow of 9.33 million yuan from institutional investors [2] - New Agricultural Development (600359) had a net inflow of 289.78 million yuan from institutional investors [2] - Wanxiang Denong (600371) experienced a net outflow of 297.60 million yuan from institutional investors but a net inflow of 285.48 million yuan from retail investors [2]

Group 1 - The company has not yet engaged in online sales for its products, including Cordyceps, and primarily relies on a distributor model for offline sales [2] - There are currently no plans or actions taken by the company regarding live-streaming e-commerce for its Cordyceps products [2]

Group 1 - The company reported a total operating revenue of 908 million yuan for the first half of 2025 [1] - The net profit attributable to shareholders reached 69.02 million yuan, an increase of 39.54 million yuan compared to the same period last year, representing a year-on-year growth of 134.13% [1] - The net cash inflow from operating activities was 150 million yuan [1] Group 2 - The latest debt-to-asset ratio of the company is 49.72% [3] - The gross profit margin improved to 19.41%, an increase of 1.69 percentage points compared to the same period last year [3] - The return on equity (ROE) is 2.12%, up by 1.24 percentage points year-on-year [3] Group 3 - The diluted earnings per share (EPS) is 0.18 yuan, an increase of 0.11 yuan compared to the same period last year, reflecting a year-on-year rise of 145.33% [3] - The total asset turnover ratio is 0.14 times [3] - The inventory turnover ratio is 0.57 times [3] Group 4 - The number of shareholders is 33,400, with the top ten shareholders holding a total of 176 million shares, accounting for 44.75% of the total share capital [3] - The top shareholder is Tao Shi, holding 28.0 million shares [3] - Other notable shareholders include Tian De with 7.92 million shares and the first employee stock ownership plan with 2.29 million shares [3]

Core Insights - The company reported a revenue of 908 million yuan for the first half of 2025, a year-on-year decrease of 0.7% [1] - The net profit attributable to shareholders reached 69.02 million yuan, showing a significant year-on-year increase of 134.1% [1] - In Q2, the company achieved a revenue of 435 million yuan, reflecting a year-on-year growth of 1.7% [1] - The net profit for Q2 turned positive at 20.82 million yuan, compared to a loss of 5.27 million yuan in the same period last year [1] Business Operations - The company's main business operations have not undergone significant changes [1] - The wholly-owned subsidiary Changhong Agriculture has been under suspension since May 2024 for technical upgrades, focusing on the research and cultivation of rare medicinal fungi, particularly the industrialized bionic cultivation of Cordyceps sinensis [1] - The technical upgrades for the Cordyceps project have been partially completed, and it has entered the trial production phase [1] - During the reporting period, the revenue from bionic Cordyceps products was 4.85 million yuan, accounting for 0.53% of the company's total revenue [1]

Core Viewpoint - The recent financial report of Zhongxing Junye (002772) shows a mixed performance with a slight decline in total revenue but a significant increase in net profit, indicating improved profitability despite challenges in revenue growth [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 908 million yuan, a decrease of 0.75% year-on-year [1]. - Net profit attributable to shareholders reached 69.02 million yuan, an increase of 134.13% year-on-year [1]. - In Q2 2025, total revenue was 435 million yuan, up 1.69% year-on-year, while net profit was 20.82 million yuan, up 495.21% year-on-year [1]. - Gross margin improved to 19.41%, a year-on-year increase of 9.56%, and net margin rose to 7.5%, up 139.76% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 118 million yuan, accounting for 12.97% of revenue, a decrease of 10.73% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) increased to 0.18 yuan, a rise of 145.33% year-on-year [1]. - Operating cash flow per share was 0.38 yuan, down 16.76% year-on-year [1]. - The company's return on invested capital (ROIC) was 3.02% last year, indicating generally weak capital returns [1]. - The debt ratio (interest-bearing liabilities) reached 41.53%, highlighting the company's debt situation [2]. Fund Holdings - The largest fund holding Zhongxing Junye is the Manulife Consumer Dividend Index A, with a scale of 576 million yuan and a recent net value increase of 1.14% [3]. - Other funds such as the Caitong Huazhen Quantitative Stock Mixed A have also increased their holdings in the company [2].

Core Insights - Tianshui Zhongxing Mushroom Industry Technology Co., Ltd. reported a revenue of 908 million yuan and a net profit of 69.02 million yuan for the first half of 2025, marking a year-on-year increase of 134.13% in net profit [1] Group 1: Financial Performance - The company achieved a revenue of 908 million yuan during the reporting period [1] - The net profit attributable to shareholders increased by 134.13% year-on-year, reaching 69.02 million yuan [1] - Financial expenses decreased year-on-year, contributing to improved profitability [1] Group 2: Business Strategy and Operations - The company focused on core business strategies of "improving quality and controlling risks," enhancing the quality of its Agaricus bisporus products [1] - Sales prices of Agaricus bisporus products remained stable with year-on-year increases in single product performance [1] - The company is actively promoting the ecological breeding project of Cordyceps sinensis to diversify its business and enhance risk resistance [1] Group 3: Expansion and Projects - The company is investing in the "Cordyceps sinensis factory-based bionic breeding renovation project" at its subsidiary in Shaanxi [2] - A new subsidiary, Sichuan Zhongxing, has been established to focus on the "Southwest Headquarters Base Project for edible and medicinal fungi," including the cultivation of Cordyceps sinensis [2] - The company is also exploring the research and cultivation of rare edible and medicinal fungi through technological upgrades at its subsidiary in Meishan [2]

Core Insights - The company reported a total revenue of 908 million yuan for the first half of 2025, a decrease of 6.83 million yuan compared to the same period last year, representing a year-on-year decline of 0.75% [1] - The net profit attributable to shareholders was 69.02 million yuan, while the net cash inflow from operating activities was 150 million yuan, down 30.31 million yuan from the same period last year, reflecting a year-on-year decrease of 16.76% [1] Financial Ratios - The latest debt-to-asset ratio stands at 49.72%, which is an increase of 2.16 percentage points from the previous quarter and an increase of 3.93 percentage points compared to the same period last year [3] - The latest gross profit margin is 19.41%, down 3.71 percentage points from the previous quarter [3] - The return on equity (ROE) is reported at 2.12% [3] Earnings and Turnover - The diluted earnings per share (EPS) is 0.18 yuan [4] - The total asset turnover ratio is 0.14 times, a decrease of 0.01 times compared to the same period last year, reflecting a year-on-year decline of 4.08% [4] - The inventory turnover ratio is 0.57 times, down 0.03 times from the same period last year, indicating a year-on-year decline of 4.41% [4] Shareholder Structure - The number of shareholders is 33,400, with the top ten shareholders holding a total of 176 million shares, accounting for 44.75% of the total share capital [4] - The top shareholders include: - Tush (28.0 million shares) - Tian De (7.92 million shares) - Tianshui Zhongxing Junye Technology Co., Ltd. - First Employee Stock Ownership Plan (2.29 million shares) [4]