Core Viewpoint - Dayu Water-saving has achieved a significant opportunity for business expansion by winning the bid for a high-standard farmland construction project in Jinta County, which aligns with national rural revitalization strategies [1][2]. Group 1: Project Bid and Impact - Dayu Water-saving's wholly-owned subsidiary, Gansu Dayu Water-saving Group Hydropower Engineering Co., Ltd., has become the first candidate for the first bid section of the Jinta County 2025 high-standard farmland construction project, with a bid price of 106 million yuan [1]. - The project is expected to enhance the company's technical capabilities and brand influence in the high-standard farmland construction sector in Gansu Province [1][2]. - If the project proceeds smoothly, it will significantly improve Dayu Water-saving's technical standards and comprehensive solution capabilities in high-standard farmland construction, further expanding its market influence in Gansu [2]. Group 2: Financial Performance and R&D Investment - In the first half of 2025, Dayu Water-saving reported an operating income of 1.276 billion yuan, a year-on-year increase of 4.9%, while the net profit attributable to shareholders decreased by 33.24% to 12.5941 million yuan [3]. - Despite the decline in net profit, the company's gross profit margin remained stable, with an overall gross margin of 23.25%, up 0.17 percentage points year-on-year [3]. - The company has significantly increased its R&D investment, with a total of 477 million yuan spent on R&D from 2020 to the first half of 2025, focusing on smart agricultural technologies [3]. Group 3: Technological Advancements and Future Plans - Dayu Water-saving has introduced advanced drip irrigation technology to China, making it affordable for farmers, and its drip irrigation products have reached international standards [4]. - The company plans to enhance its industrial layout through external mergers and acquisitions, expanding into new business areas such as agricultural drones and unmanned equipment to further improve its competitive edge [4].

Group 1 - The agricultural comprehensive sector experienced a decline of 0.94% on September 25, with Runong Water Saving leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] - Key stocks in the agricultural sector showed varied performance, with Huilong Co. down 0.55%, Dayu Water Saving down 1.42%, and Runong Water Saving down 2.67% [1] Group 2 - The net outflow of main funds in the agricultural comprehensive sector was 10.56 million yuan, while retail investors saw a net inflow of 8.21 million yuan [1] - Detailed fund flow data indicated that Huilong Co. had a main fund net outflow of 90,000 yuan, while Dayu Water Saving experienced a significant outflow of 10.47 million yuan [1]

Industry Rating - The report maintains an "Outperform" rating for the agricultural sector [1] Core Insights - Global food prices showed structural increases in August 2025, with marginal declines in grain and dairy prices. The FAO reported an average global food price index of 130.1, remaining stable month-on-month but up 6.9% year-on-year [2][8] - Domestic grain prices are influenced by the new crop listings, with wheat and corn being closely monitored. The soybean market is affected by trade relations and biofuel policies [3] Summary by Sections Global Grain Price Analysis - The global grain price index averaged 105.6 in August 2025, down 0.8% month-on-month and 4.5% year-on-year, indicating ample supply and weak import sentiment [10] - The global corn price has risen for three consecutive months due to adverse weather affecting EU corn yields and increased demand for animal feed and ethanol processing in the US [10] Domestic Grain Price Analysis - The new season's wheat production is expected to be lower than anticipated, maintaining a supply surplus. The actual sowing area for winter wheat in 2025 is 33.9 million acres, a slight increase from the previous year [5][19] - The domestic corn market is projected to strengthen in the second half of 2025, with new corn listings expected to impact prices significantly [34][46] Investment Recommendations - Focus on seed companies due to their correlation with grain prices, with recommendations for companies like Longping High-Tech, Dabeinong, and Qianyuan High-Tech. The seed sector is currently at a low profitability point, awaiting a cyclical rebound [4] - In the grain and oil sector, attention should be paid to tariff price transmission for high-import-dependent varieties, with recommendations for companies like Suqian Agricultural Development and Beidahuang [4] - The agricultural water conservancy sector is expected to benefit from significant construction funding, with a recommendation for Dayu Water-saving [4] Supply and Demand Analysis - For wheat, the global production forecast for 2025/26 is 816 million tons, with a consumption increase of 11.4 million tons. The ending stock is projected at 264 million tons, reflecting a slight increase from the previous year [11] - The global corn production forecast for 2025/26 is 1.287 billion tons, with consumption rising by 31.4 million tons. The ending stock is expected to decrease to 281 million tons [11] - The global rice production is estimated at 541 million tons for 2025/26, with a consumption increase of 9.81 million tons, leading to a slight decrease in ending stocks [11] Domestic Supply and Demand Analysis - Domestic wheat production for 2025/26 is forecasted at 141.29 million tons, with a consumption increase of 2.4%. The import volume is expected to decrease significantly [20][23] - Domestic corn production is projected at 296.16 million tons, with consumption remaining stable. The import volume is expected to stay low, reflecting a tightening supply-demand balance [34][37] - Domestic rice production is expected to reach 208.58 million tons, with a slight increase in consumption. The rice market is projected to face downward pressure due to oversupply and changing consumption patterns [51][55]

Group 1 - The company announced that its wholly-owned subsidiary, Gansu Dayu Water Saving Group Hydropower Engineering Co., Ltd., has become the first candidate for the bid of the first section of the Jinta County 2025 high-standard farmland construction project, with a bid price of 106 million yuan [2] - The project involves the construction of high-standard farmland covering 36,427 acres, land consolidation of 35,856 acres, efficient water-saving systems (pipe irrigation, drip irrigation) for 36,494 acres, as well as environmental protection measures, water storage facilities, and road improvements [2] - The company aims to respond to national policies on rural revitalization, food security, and agricultural strength, showcasing its integrated comprehensive solution capabilities [2] Group 2 - Successful implementation of the project is expected to enhance the company's technical level and comprehensive solution capabilities in high-standard farmland construction [3] - The project will further expand the company's influence in Gansu Province, improving its core competitiveness and brand impact [3]

Core Viewpoint - Dayu Water-saving announced that its wholly-owned subsidiary, Gansu Dayu Water-saving Group Hydraulic and Hydropower Engineering Co., Ltd., in partnership with Jinxin Industrial Investment Development Group Co., Ltd., has become the first candidate for the bid of the first section of the 2025 high-standard farmland construction project in Jinta County, Gansu Province [1]. Summary by Relevant Sections - Company Announcement - Dayu Water-saving published an announcement on September 23, stating its subsidiary's successful bid [1]. - Project Details - The project involves high-standard farmland construction in Jinta County, with the public resource trading service platform of Jiuquan City, Gansu Province, releasing the bid candidate list [1].

Core Viewpoint - Dayu Water-saving Group Co., Ltd. has been awarded the first bid for the construction of high-standard farmland in Jinta County, Gansu Province, with a bid price of 105.53 million yuan [1] Group 1 - The Gansu Dayu Water-saving Group Hydropower Engineering Co., Ltd., a wholly-owned subsidiary of Dayu Water-saving, formed a consortium with Jinta County Jinxin Industrial Investment Development Group Co., Ltd. to win the bid [1] - The consortium agreement stipulates that the hydropower company will be responsible for the construction of the project and the operation and maintenance for three years after completion [1] - The actual construction content of the project will be determined by the final construction contract signed by the consortium [1]

Group 1 - The core point of the article is that Dayu Water-saving (300021) announced its subsidiary, Gansu Dayu Water-saving Group Hydropower Engineering Co., Ltd., has become the first candidate for the bidding of the first section of the high-standard farmland construction project in Jinta County for 2025 [1] - The project bid price is set at 106 million yuan, with a project duration of 465 days [1] - According to the joint agreement, the hydropower company is responsible for the construction of the project and the operation and maintenance work for three years after completion [1]

证券代码：300021 证券简称：大禹节水 公告编号：2025－144 大禹节水集团股份有限公司 关于联合体预中标甘肃省酒泉市金塔县 2025 年高标准农田建设项目 第一标段的公告 10、 项目建设内容：在金塔县东坝镇渠东村、东坝镇古墩子村、大庄子 镇大庄子村、中东镇梧桐坝村建设高标准农田 36427 亩、田块整治 35856 亩、高 效节水（管灌、滴灌）36494 亩以及农田防护与生态环境保护、修建蓄水池、田 间道路整治等。 11、 资金来源：中央财政资金、省级配套资金、县级配套资金 12、 公示期限：2025 年 9 月 23 日至 2025 年 9 月 25 日 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。 2025 年 9 月 23 日 ， 甘 肃 省 酒 泉 市 公 共 资 源 交 易 服 务 平 台 （https://www.ggzyjypt.com.cn）发布《金塔县 2025 年高标准农田建设项目第 一标段中标候选人公示》，大禹节水集团股份有限公司（以下简称"公司"）全 资子公司甘肃大禹节水集团水利水电工程有限责任公司（以下简称"水电公司"） ...

Core Viewpoint - The company has been awarded the first bid for the high-standard farmland construction project in Jiuquan City, Gansu Province, with a bid price of 106 million yuan, which is expected to positively impact its future operating performance and enhance its competitiveness in the industry [1] Group 1 - The company’s wholly-owned subsidiary, Gansu Dayu Irrigation Group Water Conservancy and Hydropower Engineering Co., Ltd., formed a consortium with Jinxin Industrial Investment Development Group Co., Ltd. to win the bid [1] - The project includes high-standard farmland construction, land consolidation, and efficient water-saving measures, covering a total area of 36,427 acres [1] - The public announcement period for the bid is from September 23, 2025, to September 25, 2025 [1] Group 2 - Successful implementation of the project is expected to enhance the company's technical capabilities and comprehensive solution offerings in high-standard farmland construction [1] - The project is anticipated to improve the company's core competitiveness and brand influence in the industry [1]

Group 1 - The agricultural comprehensive sector experienced a decline of 1.68% on September 22, with Runong Water Saving leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] - Key stocks in the agricultural sector showed varied performance, with Huilong Co. down 1.60%, Dayu Water Saving down 1.78%, and Runong Water Saving down 4.55% [1] Group 2 - The net outflow of main funds in the agricultural comprehensive sector was 25.12 million yuan, while retail investors saw a net inflow of 20.41 million yuan [1] - Dayu Water Saving had a significant net outflow of 20.83 million yuan from main funds, but a net inflow of 21.64 million yuan from retail investors [1] - Huilong Co. experienced a net outflow of 4.29 million yuan from main funds, with a small net inflow from retail investors [1]