Core Viewpoint - The integration of planting, breeding, and processing industries, known as the "plant-breed-process integration," is gaining traction in China, projected to reach a market value of 3.2 trillion yuan in 2024 and 6.8 trillion yuan by 2030, driven by increasing consumer demand for healthy and organic products and government support for sustainable agriculture [1][10]. Industry Overview - The plant-breed-process integration model combines planting, breeding, and processing to achieve ecological and economic benefits through resource recycling and efficient industry chain connections [3][9]. - The model enhances resource utilization efficiency, reduces costs, and promotes sustainable agricultural development [1][9]. Industry Policies - Recent government policies support the integration model as a means to boost agricultural transformation and rural prosperity, including guidelines for optimizing livestock development and promoting ecological farms [4][5]. - The Ministry of Agriculture and Rural Affairs has issued directives to encourage standardized and ecological farming practices [4][5]. Current Industry Status - The total sown area of crops in China has been increasing, reaching 173 million hectares by 2024, driven by rising consumer demand for staple agricultural products [6][7]. - The livestock sector has also seen growth, with the pig population reaching 424.47 million heads in the first half of 2025, a 2.2% increase year-on-year [7][8]. Competitive Landscape - The industry features a diverse competitive landscape, including large enterprises, small and medium-sized enterprises, and farmer cooperatives, each leveraging unique strengths to capture market share [10]. - Key players include China Shengmu Organic Milk, Hunan New Wufeng, and Modern Farming Group, which are integrating various stages of the agricultural value chain [10][11]. Industry Development Trends - The rapid advancement of modern agricultural technologies, such as biotechnology and smart equipment, is expected to enhance production efficiency and product quality within the integration model [14]. - Increasing market demand for high-quality, organic agricultural products is anticipated to drive further adoption of the integration model, as it aligns with consumer preferences for safety and sustainability [16].

Core Insights - The evaluation results for information disclosure of listed companies in Shanghai and Shenzhen for the 2024-2025 period have been released, showing that 18.70% of companies received an "A" rating, while 66.46% received a "B" rating [1][2]. Group 1: Evaluation Results Overview - In the 2024 evaluation year, out of 5,095 listed companies, 953 received an "A" rating (18.70%), 3,386 received a "B" rating (66.46%), 622 received a "C" rating (12.21%), and 134 received a "D" rating (2.63%) [1][2]. - The total number of companies evaluated was 5,605, with 100% accounted for [2]. Group 2: Year-on-Year Changes - Compared to 2023, 26 companies improved their ratings by two levels, while 24 companies saw their ratings drop by two levels [3][7]. - A total of 540 companies experienced a one-level downgrade, while 560 companies improved by one level [3][7]. Group 3: Companies with Significant Changes - Notable companies that improved by two levels include Longyuan Power, which moved from "C" to "A," and several others that improved from "D" to "B" [4][5]. - Companies that dropped by two levels include Qianyin High-Tech and Guo Wang Xintong, which fell from "A" to "C" [6][12]. Group 4: Continuous Improvement and Decline - From 2022 to 2024, 18 companies have shown continuous improvement in their ratings, while 26 companies have consistently declined [15][17]. - Companies like Huylong New Materials and Jingtuo Co. have improved from "C" to "A" over the two years [15][16].

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The pork price center has significantly risen, leading to a notable reduction in industry losses. The average price of live pigs has increased to 12.51 CNY/kg, a week-on-week rise of 7.20% [2][13] - The agricultural sector is expected to maintain a good development momentum, with grain production projected to be high this year, including summer grain production of 299.48 billion jin and early rice production increasing by 6.8 billion jin, a growth of 1.2% [1][12] - The industry is currently in a supply-demand tug-of-war, with large-scale pig farms adopting strategies to control supply and raise prices, while demand is expected to improve with the arrival of warmer weather and the pickling season [2][13] Summary by Sections Planting Industry Chain - The agricultural sector is implementing key policies to support rural economic development, with a focus on achieving food security and enhancing crop yields through biotechnology [1][12] - Major beneficiaries in the planting sector include Beidahuang and Suqian Agricultural Development, while in the seed industry, companies like Dabeinong and Longping High-Tech are highlighted for their competitive advantages [1][12] Pig Farming - The pig farming industry is still experiencing losses, but there has been a significant reduction in losses compared to the previous week, with self-breeding farms reporting an average loss of 89.33 CNY per head, down nearly 100 CNY [2][13] - The industry is expected to undergo a process of capacity reduction, with a focus on improving quality and efficiency, leading to the gradual elimination of outdated production capacity [2][13] - Recommended stocks in the pig farming sector include companies like DeKang Agriculture, Jingji Zhino, and Muyuan Foods [2][13] Key Agricultural Product Data Tracking - Corn: The average price is 2241.67 CNY/ton, with a week-on-week decrease of 0.66% [27][28] - Wheat: The average price is 2482.11 CNY/ton, with a week-on-week increase of 0.87% [30][32] - Soybeans: The average price is 3996.84 CNY/ton, with a week-on-week increase of 0.06% [41][44] - Cotton: The average price in Xinjiang is 14660 CNY/ton, with a week-on-week increase of 0.15% [46][50] Feed and Vitamin Prices - The average price of pig feed is 2.6 CNY/kg, with a week-on-week decrease of 0.38% [53][55] - The average price of Vitamin E is 50.30 CNY/kg, with a week-on-week increase of 14.58% [62][63]

安徽荃银高科种业股份有限公司 证券代码：300087 证券简称：荃银高科 公告编号：2025-037 二、本次计提减值损失的具体说明 1、计提信用减值损失 公司依据《企业会计准则第 22 号—金融工具确认与计量》的相 关规定，对应收账款、其他应收款、长期应收款等各类应收款项的信 用风险特征，在单项或组合基础上计算预期信用损失。 公司根据历史信用损失，结合当前状况、对未来经济状况的预测 以及综合考虑前瞻性因素调整，考虑不同客户的信用风险特征，确定 存续期的预期信用损失率、计提预期信用损失。2025 年 1 月 1 日至 2025 年 9 月 30 日，公司对应收账款、其他应收款共计提信用减值损 失 13,423,936.19 元。 2、计提资产减值损失 关于 2025 年前三季度计提信用减值及资产减值损失的公告 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、本次计提信用减值及资产减值损失概述 安徽荃银高科种业股份有限公司（以下简称"公司"）根据《企 业会计准则》及公司会计政策的相关规定，为更加客观公正地反映公 司的财务状况和资产价值，基于谨慎性原则，对合并 ...

安徽荃银高科种业股份有限公司 2024-2025业务年度经营情况报告 证券代码：300087 证券简称：荃银高科 公告编号：2025-036 三、营业收入排名前五的品种大类经营情况 | 项目 | 2024年8月1日至 2025年7月31日 | 2023年8月1日至 2024年7月31日 | 同比增减 | | --- | --- | --- | --- | | 1、水稻种子 | | | | | 销售收入(万元) | 187,156.39 | 177,356.29 | 5.53% | | 占营业收入比例 | 39.55% | 39.51% | 0.04% | | 销售数量(万公斤) | 6,472.08 | 5,867.61 | 10.30% | | 占总销售数量的比例 | 6.91% | 7.35% | -0.44% | | 2、粮食作物 | | | | | 销售收入(万元) | 101,555.65 | 105,348.24 | -3.60% | | 占营业收入比例 | 21.46% | 23.47% | -2.01% | | --- | --- | --- | --- | | 销售数量(万公斤) | 43, ...

安徽荃银高科种业股份有限公司 第五届监事会第二十四次会议决议公告 证券代码：300087 证券简称：荃银高科 公告编号：2025-034 经审核，监事会认为董事会编制和审议《公司 2025 年第三季度 报告》的程序符合法律、行政法规和中国证监会的规定，报告内容真 实、准确、完整地反映了公司的实际情况，不存在任何虚假记载、误 导性陈述或重大遗漏。 特此公告 安徽荃银高科种业股份有限公司监事会 二〇二五年十月三十日 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，没有虚假 记载、误导性陈述或重大遗漏。 安徽荃银高科种业股份有限公司（以下简称"公司"）第五届监 事会第二十四次会议于 2025 年 10 月 28 日以现场与通讯表决相结合 的方式召开。会议通知于 2025 年 10 月 23 日以电子邮件方式送达。 会议应出席监事 3 人，实际出席监事 3 人，会议由监事会主席谢庆军 先生主持。本次会议的召集、召开程序符合《公司法》及《公司章程》 等相关规定。与会监事经过审议并表决，形成决议如下： 会议以 3 票赞成、0 票反对、0 票弃权审议通过《公司 2025 年第 三季度报告》 ...

一、会议以 8 票赞成、0 票反对、0 票弃权审议通过《公司 2025 年第三季度报告》 《公司 2025 年第三季度报告》详见巨潮资讯网。 安徽荃银高科种业股份有限公司 第五届董事会第二十六次会议决议公告 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。 安徽荃银高科种业股份有限公司（以下简称"公司"）第五届董 事会第二十六次会议于 2025 年 10 月 28 日以现场与通讯表决相结合 的方式召开。会议通知于 2025 年 10 月 23 日以电子邮件方式送达。 会议应出席董事 8 人，实际出席董事 8 人，会议由董事长应敏杰先生 主持。本次会议的召集、召开程序符合《中华人民共和国公司法》及 《公司章程》等相关规定。与会董事经过审议并表决，形成决议如下： 证券代码：300087 证券简称：荃银高科 公告编号：2025-033 公司 2025 年第三季度报告相关的财务信息，已经公司审计委员 会 2025 年第六次会议审议通过。 二、会议以8票赞成、0票反对、0票弃权审议通过《公司2024-2025 业务年度经营情况报告》 《公司 2024-2025 业务年度经 ...

Financial Performance - Q3 2025 revenue was CNY 497,754,348.82, a decrease of 22.78% year-over-year[4] - Net profit attributable to shareholders was a loss of CNY 138,682,490.13, down 123.34% compared to the same period last year[4] - The company achieved operating revenue of CNY 1,933.88 million, a decrease of 5.90% compared to the same period last year[14] - The net profit attributable to shareholders was CNY -180.12 million, a decline of 113.45% year-on-year, primarily due to high product homogeneity and intensified market competition[14] - Net loss for the period was CNY 254,891,246.58, compared to a net loss of CNY 119,268,802.60 in the previous period, indicating a significant increase in losses[21] - Basic and diluted earnings per share were both reported at -0.1900, compared to -0.0890 in the previous period, indicating a worsening of earnings per share[21] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date was CNY -198,861,807.39, an improvement of 20.53% from the previous year[4] - The net cash flow from operating activities was -198,861,807.39, compared to -250,250,503.64 in the previous period, indicating an improvement of approximately 20.5%[23] - Total cash inflow from investment activities was 291,524,634.65, while cash outflow was 312,849,843.01, resulting in a net cash flow of -21,325,208.36, an improvement from -224,487,961.08 in the previous period[23] - Cash inflow from financing activities totaled 1,580,081,153.00, while cash outflow was 1,639,049,006.32, leading to a net cash flow of -58,967,853.32, a decline from 602,729,125.14 in the previous period[23] - The total cash and cash equivalents at the end of the period was 1,292,185,780.71, down from 1,610,507,686.54 in the previous period, reflecting a decrease of approximately 19.7%[23] Assets and Liabilities - Total assets at the end of Q3 2025 were CNY 7,537,006,748.55, a decrease of 1.51% from the end of the previous year[4] - The company's equity attributable to shareholders decreased by 11.51% to CNY 1,742,228,259.35 compared to the end of the previous year[4] - Total non-current assets increased to CNY 2,020,072,396.79 from CNY 1,738,583,685.62, reflecting a growth of approximately 16.2%[19] - Total liabilities increased to CNY 5,225,398,742.37 from CNY 5,030,356,423.14, representing an increase of about 3.9% year-over-year[19] - The company's total assets decreased slightly to CNY 7,537,006,748.55 from CNY 7,652,407,216.86, a decline of approximately 1.5%[19] Income and Expenses - Other income increased by 86.31% to CNY 44,653,481.62 year-to-date, primarily due to increased government subsidies[9] - Investment income surged by 1961.57% to CNY 14,677,541.09, attributed to interest income from the transfer of large certificates of deposit[9] - Research and development expenses rose to CNY 74,410,679.70 from CNY 61,511,504.86, marking an increase of approximately 21% year-over-year[20] - Total operating costs increased to CNY 2,224,819,260.49 from CNY 2,172,377,628.50, reflecting an increase of about 2.4% year-over-year[20] Shareholder Information - The total number of common shareholders at the end of the reporting period was 44,749, with the largest shareholder, China Seed Group Co., Ltd., holding 20.51% of shares[10] - The company plans to distribute a cash dividend of CNY 0.5 per 10 shares, totaling CNY 47.37 million, based on the total issued share capital of 947,331,751 shares as of December 31, 2024[14] - The company’s total number of preferred shareholders was zero, indicating no preferred shares outstanding[12] Inventory and Receivables - The inventory balance increased to CNY 3,044.98 million from CNY 2,988.86 million at the beginning of the period[17] - The company’s long-term receivables rose to CNY 173.24 million from CNY 167.63 million at the beginning of the period[17] - The company’s total current assets decreased from CNY 5,913.82 million to CNY 5,516.93 million[17]

Core Insights - The Hainan Seed Industry Laboratory and China Seed Group have launched a joint project for 2025, focusing on agricultural innovation and collaboration [1] - Four projects were signed, including the development of high-yield rice varieties and advanced crop technologies [1] - The initiative has produced significant results over two years, establishing a "Hainan model" for organized scientific research in agriculture [1] Group 1 - The joint project aims to enhance agricultural productivity through innovative seed technology and research collaboration [1] - The signed projects include "Breeding of High-Quality Rice Varieties" and "Research on High Light Efficiency Crop Technologies" [1] - The collaboration has involved nearly 100 research teams nationwide, emphasizing the importance of enterprise-led scientific research [1] Group 2 - Three additional project agreements were signed, focusing on soybean gene utilization, red pepper variety development, and drought-resistant rice [1] - The partnerships include cooperation with Heilongjiang Academy of Agricultural Sciences and Hunan Vegetable Research Institute [1] - The initiative aims to accelerate the commercialization of new agricultural varieties and technologies [1]

Investment Rating - The industry rating is "Recommended" [3] Core Views - The planting industry is focusing on enhancing crop yields and ensuring food security through advanced agricultural technologies and policies [1][12] - The pig farming sector is currently experiencing significant losses, with average losses per head reaching 244.70 yuan for self-bred pigs and 375.29 yuan for purchased piglets, indicating a need for capacity reduction [2][13] - The report anticipates a gradual recovery in pig prices due to government policies aimed at reducing breeding sow numbers and improving overall industry efficiency [5][13] Summary by Sections Planting Industry - The Ministry of Agriculture emphasized the importance of increasing crop yields and implementing comprehensive solutions tailored to specific regions and crops [1][12] - The report highlights the potential for genetically modified crops to significantly enhance yields and self-sufficiency in key varieties [1][12] - Recommended stocks in the planting sector include Beidahuang and Suqian Agricultural Development, with a focus on leading seed companies like Dabeinong and Longping High-Tech [1][12] Pig Farming - The average price of live pigs is reported at 11.14 yuan/kg, with a week-on-week decrease of 4.95%, reflecting an oversupply in the market [2][13] - The industry is facing deep losses, prompting a proactive reduction in production capacity, with a target to decrease the breeding sow population by approximately 1 million [5][13] - Recommended stocks in the pig farming sector include Muyuan Foods, Wens Foodstuff, and other companies with strong financial positions and cost improvements [5][13] Key Agricultural Products - Corn: The average price is 2276.08 yuan/ton, down 1.61% week-on-week [26] - Wheat: The average price is 2450.11 yuan/ton, up 0.30% week-on-week [29] - Soybeans: The average price is 3988.53 yuan/ton, with a slight increase of 0.03% [41] - Cotton: The average price is 14580 yuan/ton, down 0.98% week-on-week [45] Feed and Vitamin Prices - The average price of pig feed is 2.64 yuan/kg, down 0.75% week-on-week [52] - Vitamin E is priced at 43.10 yuan/kg, reflecting a significant decrease of 12.58% [52]