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]

Group 1 - The genetically modified (GM) concept sector declined by 1.07%, ranking among the top declines in the concept sectors as of the market close on October 15 [1][2] - Within the GM sector, companies such as Shennong Seed Industry, Wanxiang DeNong, and Dunhuang Seed Industry experienced significant declines, while four stocks saw price increases, with Jincheng Medicine, Top Cloud Agriculture, and Huabang Health leading the gains at 2.31%, 1.90%, and 0.88% respectively [1][2] - The GM sector faced a net outflow of 112 million yuan from major funds today, with ten stocks experiencing net outflows, and five stocks seeing outflows exceeding 10 million yuan [2] Group 2 - The top net outflow stock in the GM sector was Batian Shares, with a net outflow of 47.51 million yuan, followed by Shennong Seed Industry, Xin'an Shares, and Nongfa Seed Industry with net outflows of 33.24 million yuan, 16.07 million yuan, and 15.62 million yuan respectively [2] - Conversely, the stocks with the highest net inflows included Quanyin High-Tech, Jincheng Medicine, and Dunhuang Seed Industry, with net inflows of 21.44 million yuan, 14.19 million yuan, and 2.79 million yuan respectively [2]

Market Overview - The planting industry sector rose by 0.33% on October 14, with Qiu Le Seed Industry leading the gains [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Stock Performance - Qiu Le Seed Industry (code: 920087) closed at 18.10, up 6.16% with a trading volume of 169,200 shares and a transaction value of 294 million [1] - Other notable performers include: - Shen Nong Seed Industry (code: 681000E) at 4.81, up 2.78% with a volume of 2.06 million shares [1] - Zhongxing Fungi Industry (code: 002772) at 10.47, up 2.05% with a volume of 325,800 shares [1] - Dunhuang Seed Industry (code: 600354) at 6.56, up 2.02% with a volume of 496,000 shares [1] Capital Flow - The planting industry sector experienced a net outflow of 54.07 million from main funds, while retail funds saw a net inflow of 8.37 million [2] - The main funds' net inflow and outflow for specific stocks include: - Shen Nong Seed Industry: net inflow of 37.01 million [3] - Dunhuang Seed Industry: net inflow of 17.90 million [3] - Zhongxing Fungi Industry: net inflow of 17.41 million [3]

Group 1 - The company, Qianyin High-Tech (300087.SZ), stated on its investor interaction platform that its varieties, including Qianyan 2001, Qianyan 588, and Qianyan 656, exhibit certain drought and flood resistance effects [1]

Group 1 - The core viewpoint of the news highlights the trading performance and financial metrics of Qianyinhigh-tech, indicating a net financing outflow and low financing balance relative to market capitalization [1] - On September 30, Qianyinhigh-tech's financing buy amounted to 10.02 million yuan, while financing repayment reached 23.39 million yuan, resulting in a net financing outflow of 13.37 million yuan [1] - As of September 30, the total margin balance for Qianyinhigh-tech was 509 million yuan, with the financing balance accounting for 5.85% of the circulating market value, which is below the 20th percentile level over the past year [1] Group 2 - Qianyinhigh-tech, established on July 24, 2002, and listed on May 26, 2010, focuses on the research, breeding, promotion, and service of major crop seeds such as rice, corn, and wheat [2] - The company's main business revenue composition includes: order grain and silage corn at 44.79%, rice seeds at 25.38%, and other agricultural products at 15.26% [2] - For the first half of 2025, Qianyinhigh-tech reported operating revenue of 1.436 billion yuan, a year-on-year increase of 1.81%, while the net profit attributable to shareholders was -41.33 million yuan, a decrease of 85.85% year-on-year [2] Group 3 - Since its A-share listing, Qianyinhigh-tech has distributed a total of 446 million yuan in dividends, with 210 million yuan distributed over the past three years [3] - As of June 30, 2025, the top ten circulating shareholders of Qianyinhigh-tech included Wanjiapinzhi Life A, which held 17.41 million shares, a decrease of 2.31 million shares from the previous period [3] - New shareholders include the Southern CSI 1000 ETF, which held 6.14 million shares, while some other funds reduced their holdings [3]

Investment Rating - The industry investment rating is "Maintain Overweight" [3] Core Viewpoints - The agricultural sector is experiencing a strong trend towards high-yield, densely planted varieties, particularly in hybrid corn, with MY73 maintaining the top position in terms of planting area at 20.97 million acres, showing a slight increase from last year [1][10] - In the pig farming sector, the average selling price of lean pigs is 12.44 yuan/kg, down 3% from last week, indicating a continued low valuation in the market [2][11] - The poultry sector shows mixed trends, with white feather chicken prices rising by 0.3% to 6.9 yuan/kg, while chicken product prices remain stable at 8.65 yuan/kg [11][31] - The introduction of genetically modified varieties is expected to enhance the growth potential of industry companies, with commercial sales anticipated to begin following the public announcement period [11][12] Summary by Sections Agricultural Data Tracking - The average selling price of lean pigs is 12.44 yuan/kg, down 3% from last week, while the average wholesale price of pork is 19.42 yuan/kg, down 0.3% [12][20] - The price of 15kg piglets is 23.98 yuan/kg, down 4.7% week-on-week [19][23] Pig Farming - The self-breeding profit per head is -74.11 yuan, a decrease of 49.66 yuan from last week, while the profit from purchasing piglets is -236.57 yuan, down 37.25 yuan [16][17] - The average weight of slaughtered pigs remains stable at 89.07 kg [19][21] Poultry Farming - The price of meat chicken seedlings has increased by 4.4% to 3.29 yuan each, while the price of parent chicken seedlings has decreased by 0.4% to 43.19 yuan/set [26][29] - The profit from parent chicken breeding is 0.54 yuan each, up 0.14 yuan from last week, while the profit from meat chicken breeding is -2.22 yuan each, down 0.66 yuan [36][37] Crop Prices - Domestic corn prices have risen by 0.2% to 2365.29 yuan/ton, while soybean meal prices have decreased by 0.4% to 3019.71 yuan/ton [45][67] - The price of domestic wheat is 2436.28 yuan/ton, also up by 0.2% [47] Market Trends - The agricultural sector has underperformed compared to the CSI 300 index, with a decline of 1.97% [7][8] - The overall market sentiment indicates a potential recovery in chicken prices following emotional adjustments in the market [11][12]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the ongoing decline in pork prices, with the average price of live pigs at 12.64 CNY/kg, down 3.05% week-on-week, indicating a supply surplus in the market. However, upcoming festivals are expected to boost consumption and potentially stabilize prices [2][13] - The report emphasizes the importance of improving grain yield through advanced agricultural practices and technology, particularly in the context of food security and the promotion of genetically modified crops [1][12] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs is focusing on enhancing grain yields through a comprehensive approach tailored to specific crops and regions. This includes promoting high-performance agricultural machinery and addressing storage issues in different regions [1][12] - Companies like Beidahuang and Suqian Agricultural Development are expected to benefit from these initiatives, along with seed companies such as Dabeinong and Longping High-Tech [1][12] Swine Farming - The current average price of live pigs is 12.64 CNY/kg, reflecting a significant decrease due to oversupply. A meeting was held to discuss reducing the breeding sow population by approximately 1 million to stabilize prices [2][13] - The report suggests that the swine industry will focus on quality improvement and efficiency, with a gradual elimination of outdated production capacity. Companies like Muyuan Foods and Wen's Foodstuffs are highlighted as key players to watch [2][5][13] Key Agricultural Product Data Tracking - Corn: The average price is 2360.47 CNY/ton, down 0.10% week-on-week [26] - Wheat: The average price is 2434.39 CNY/ton, up 0.23% week-on-week [29] - Soybeans: The average price is 4050.42 CNY/ton, up 0.17% week-on-week [38] - Cotton: The average price is 15090.00 CNY/ton, down 0.89% week-on-week [46] Feed and Vitamin Prices - The average price of pig feed is 2.68 CNY/kg, with no change week-on-week. Vitamin E prices have decreased by 7.84% to 51.70 CNY/kg [52][63]