国泰海通证券股份有限公司 关于浙江托普云农科技股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐机构名称：国泰海通证券股份有限公司 | 被保荐公司简称：托普云农（301556） | | --- | --- | | 保荐代表人姓名：刘玉飞 | 联系电话：021-38676666 | | 保荐代表人姓名：励少丹 | 联系电话：021-38676666 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0次 | | 2.督导公司建立健全并有效执行规章制度的 | | | 情况 | | | （1）是否督导公司建立健全规章制度（包括 但不限于防止关联方占用公司资源的制度、 | 是 | | 募集资金管理制度、内控制度、内部审计制度、 | | | 关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月查询募集资金账户对账单 | | （2）公司募集资金项目进 ...

证券代码：301556 证券简称：托普云农 公告编号：2025-024 浙江托普云农科技股份有限公司 第四届董事会第十三次会议决议公告 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。 一、董事会会议召开情况 浙江托普云农科技股份有限公司（以下简称"公司"）第四届董事会第十三 次会议于 2025 年 8 月 28 日在公司会议室以现场及通讯结合的方式召开，会议通 知已于 2025 年 8 月 18 日以书面文件、电子邮件、微信、专人送达等方式送达全 体董事。本次会议应出席董事 6 名，实际出席董事 6 名。本次会议由董事长陈渝 阳先生主持。公司监事、高级管理人员列席本次会议。本次会议的召开符合《中 华人民共和国公司法》等有关法律法规、规范性文件和《公司章程》的规定，程 序合法。 二、董事会会议审议情况 经与会董事认真讨论，审议并通过如下事项： 1、审议通过《关于<2025 年半年度报告>及其摘要的议案》 经审议，董事会认为公司编制的《2025 年半年度报告》及其摘要的内容和 格式符合法律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 ...

Company Overview - Full Name: Zhejiang Top Yun Nong Technology Co., Ltd [1] - Abbreviation: Top Yun Nong [1] - Stock Code: 301556.SZ [1] - IPO Application Date: June 24, 2022 [1] - Listing Date: October 17, 2024 [1] - Listing Board: Shenzhen ChiNext [1] - Industry: Software and Information Technology Services [1] - IPO Sponsoring Institution: Guotai Junan Securities [1] - IPO Underwriters: Guotai Junan Securities, GF Securities [1] - IPO Legal Advisor: Guohao Law Firm (Hangzhou) [1] - IPO Audit Institution: Lixin Certified Public Accountants (Special General Partnership) [1] Disclosure and Evaluation - Disclosure Issues: Required to disclose information related to "Three Innovations and Four New" and the accuracy of the statement regarding IoT projects [1] - Regulatory Penalties: No penalties [2] - Public Supervision: No penalties [2] - Listing Cycle: 846 days, exceeding the average of 629.45 days for 2024 A-share listings [2] - Multiple Applications: Not applicable, no penalties [2] Financial Metrics - Underwriting and Sponsorship Fees: CNY 45 million, with a commission rate of 14.56%, higher than the average of 7.71% [3] - First Day Performance: Stock price increased by 800.07% compared to the issue price [3] - Three-Month Performance: Stock price increased by 483.31% compared to the issue price [4] - Issuance Price-Earnings Ratio: 11.73 times, significantly lower than the industry average of 39.15 times [5] - Actual Fundraising: Expected to raise CNY 362 million, but actual fundraising was CNY 309 million, a decrease of 14.50% [6] Post-Listing Performance - Short-term Performance: In 2024, the company's revenue increased by 6.41% year-on-year, and net profit attributable to shareholders increased by 7.35% year-on-year [7] - Abandonment Rate: 0.31% [8] Overall Assessment - Total Score: 81 points, classified as B-level [8] - Negative Factors Affecting Score: Disclosure quality needs improvement, listing cycle over two years, high issuance cost rate, reduced actual fundraising amount, and abandonment rate of 0.31% [8]

Group 1 - The genetically modified concept sector rose by 1.82%, ranking 7th among concept sectors, with 14 stocks increasing in value, led by Top Cloud Agriculture, Kexin Biology, and Xin'an Co., which rose by 9.72%, 6.80%, and 3.63% respectively [1][2] - The sector experienced a net outflow of 9.75 million yuan in main funds, with Top Cloud Agriculture receiving the highest net inflow of 47.63 million yuan, followed by Xin'an Co., Batian Co., and Dunhuang Seed Industry with net inflows of 28.61 million yuan, 19.40 million yuan, and 18.93 million yuan respectively [2][3] - The main fund inflow ratios for Top Cloud Agriculture, Xin'an Co., and Dunhuang Seed Industry were 12.73%, 6.25%, and 5.61% respectively, indicating strong investor interest in these stocks [3] Group 2 - The top gainers in the genetically modified sector included Top Cloud Agriculture, Kexin Biology, and Xin'an Co., while the top losers were Qianyuan High-Tech, Yingtai Biology, and Qiule Seed Industry, which fell by 0.62%, 0.45%, and 0.32% respectively [1][2] - The trading volume and turnover rates for the leading stocks in the sector were significant, with Top Cloud Agriculture having a turnover rate of 15.69% and Kexin Biology at 3.59% [3][4] - The overall performance of the genetically modified sector reflects a mixed sentiment among investors, with some stocks showing strong gains while others faced declines [1][2]

Investment Highlights - The company is rated as outperforming the industry with a target price of 130.00 yuan, based on a PE valuation method corresponding to 57 times P/E for 2026 [1] - The smart agriculture sector presents a vast market opportunity, with a projected market size of 105 billion yuan in 2024 and a CAGR of 15% from 2019 to 2024 [1] - The company holds a leading position in the smart agriculture industry, with a market share of 34% in soil moisture monitoring equipment and 46% in county-level plant protection stations [1] Core Competitiveness - The company possesses core technologies with a strong R&D team, allocating 26% of its workforce and 11% of its budget to R&D in 2024, contributing over 75% of revenue from seven core technologies [2] - It offers integrated product services, with over 50% of revenue in 2023 coming from the combination of software and hardware solutions [2] - The company has established strong industry resources, having served over 1,000 county-level agricultural authorities and completed large-scale smart agriculture projects worth 67.56 million yuan in 2023, with a five-year CAGR of 81% [2] Growth Drivers - The company raised 230 million yuan through its IPO to enhance R&D, platform upgrades, and manufacturing capabilities, focusing on agricultural AI and smart agricultural robots as new growth engines [3] - It is actively expanding into new markets outside East China and internationally, aiming for steady market share growth [3] - The company is transforming commercial and civilian technology achievements, targeting a paid subscription area of 250 million acres, with significant market expansion potential [3] Potential Catalysts - Accelerated implementation of smart agriculture policies [4] - Breakthroughs in innovative technologies [4] - Rising prices of agricultural products [4] Profit Forecast and Valuation - The company is expected to achieve EPS of 1.87 yuan and 2.3 yuan for 2025 and 2026, respectively, with a CAGR of 26% [5] - The current stock price corresponds to 61 times P/E for 2025 and 50 times P/E for 2026, with a target price of 130 yuan indicating a potential upside of 13% [5]

Group 1 - The core viewpoint of the news is that Top Cloud Agriculture has shown significant trading activity and financial performance, indicating potential investment interest [1][2] - On August 22, Top Cloud Agriculture's stock rose by 6.20%, with a trading volume of 226 million yuan, and a net financing purchase of 6.36 million yuan [1] - As of August 22, the total margin balance for Top Cloud Agriculture was 187 million yuan, with a financing balance of 186 million yuan, accounting for 8.39% of the circulating market value [1] Group 2 - As of August 20, the number of shareholders for Top Cloud Agriculture was 6,964, a decrease of 0.14%, while the average circulating shares per person increased by 0.14% to 2,779 shares [2] - For the first quarter of 2025, Top Cloud Agriculture reported a revenue of 80.26 million yuan and a net profit attributable to the parent company of 5.13 million yuan, reflecting a year-on-year growth of 10.64% [2] - Since its A-share listing, Top Cloud Agriculture has distributed a total of 50.02 million yuan in dividends [3]

Group 1 - The stock price of Top Cloud Agriculture closed at 108.05 yuan on August 21, down 2.55% from the previous trading day [1] - The company operates in the software development industry and is a member of the newly registered stock sector, focusing on agricultural information technology [1] - On August 21, the stock opened at 111.00 yuan, reached a high of 112.30 yuan, and a low of 107.05 yuan, with a total trading volume of 1.20 billion yuan and a turnover rate of 5.64% [1] Group 2 - Around 9:36 AM on August 21, Top Cloud Agriculture experienced a rapid rebound, with a price increase of over 2% within five minutes, peaking at 112.20 yuan and a trading volume of 10.00 million yuan during that period [1] - In terms of capital flow, there was a net outflow of 21.32 million yuan on that day, accounting for 1.02% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 48.72 million yuan, representing 2.33% of the circulating market value [1]

Group 1 - The core viewpoint of the news is the financial performance and market activity of Top Cloud Agriculture (托普云农), highlighting its recent stock performance and financial metrics [1][3] - As of August 15, 2025, Top Cloud Agriculture's stock closed at 105.17 yuan, down 0.37%, with a turnover rate of 7.65% and a trading volume of 14,800 hands, amounting to a transaction value of 1.56 billion yuan [1] - The company experienced a net outflow of main funds amounting to 24.17 million yuan, representing 15.51% of the transaction value, with significant outflows from large orders [1] Group 2 - For the first quarter of 2025, Top Cloud Agriculture reported total operating revenue of 80.26 million yuan, a year-on-year increase of 21.04%, and a net profit attributable to shareholders of 5.13 million yuan, up 10.64% year-on-year [1] - The company's financial ratios include a current ratio of 3.740, a quick ratio of 3.464, and a debt-to-asset ratio of 17.36% [1] - Top Cloud Agriculture has made investments in 9 companies, participated in 2,521 bidding projects, and holds 88 trademark registrations and 290 patents [2]

Group 1 - The core viewpoint of the news is the financial performance and market activity of Top Cloud Agriculture (托普云农), highlighting its recent stock performance and financial metrics [1][3]. - As of August 11, 2025, Top Cloud Agriculture's stock closed at 111.76 yuan, down 0.49%, with a turnover rate of 12.38% and a trading volume of 24,000 hands, amounting to a transaction value of 267 million yuan [1]. - The company experienced a net outflow of main funds amounting to 13.08 million yuan, representing 4.91% of the transaction value, with significant movements in different order sizes [1]. Group 2 - For the first quarter of 2025, Top Cloud Agriculture reported total operating revenue of 80.26 million yuan, a year-on-year increase of 21.04%, and a net profit attributable to shareholders of 5.13 million yuan, up 10.64% [1]. - The company has a current ratio of 3.740, a quick ratio of 3.464, and a debt-to-asset ratio of 17.36%, indicating strong liquidity and low leverage [1]. - Top Cloud Agriculture, established in 2008 and located in Hangzhou, primarily engages in the manufacturing of instruments and meters, with a registered capital of 85.28 million yuan [1][2]. Group 3 - The company has made investments in 9 enterprises and participated in 2,515 bidding projects, showcasing its active engagement in the market [2]. - Top Cloud Agriculture holds 88 trademark registrations and 290 patents, reflecting its focus on intellectual property and innovation [2]. - The company possesses 20 administrative licenses, indicating compliance with regulatory requirements [2].

证券代码：301556 证券简称：托普云农 公告编号：2025-021 浙江托普云农科技股份有限公司 关于全资子公司完成设立登记并取得营业执照的公告 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。 3、统一社会信用代码：91330105MAET0D6U83 6、成立时间：2025 年 8 月 1 日 7、经营范围：一般项目：人工智能应用软件开发；人工智能理论与算法软 件开发；人工智能公共数据平台；数字技术服务；人工智能硬件销售；云计算装 备技术服务；人工智能基础资源与技术平台；农业科学研究和试验发展；工程和 技术研究和试验发展；数据处理和存储支持服务；数据处理服务；云计算设备制 造；人工智能通用应用系统；人工智能行业应用系统集成服务；人工智能基础软 件开发；智能控制系统集成；与农业生产经营有关的技术、信息、设施建设运营 等服务；智能农机装备销售；技术服务、技术开发、技术咨询、技术交流、技术 转让、技术推广；大数据服务；计算机软硬件及辅助设备批发；计算机软硬件及 辅助设备零售；云计算设备销售（除依法须经批准的项目外，凭营业执照依法自 4、住所：浙江省杭州市拱墅区 ...