Group 1 - The genetically modified (GM) concept sector declined by 1.12%, ranking among the top declines in concept sectors, with leading decliners including Fengle Seed Industry, Qianyuan High-Tech, and Wanxiang DeNong [1][2] - Among the GM concept stocks, only four experienced price increases, with Ba Tian Co., Qian Qian Bio, and Top Cloud Agriculture rising by 2.16%, 1.92%, and 1.85% respectively [1][2] - The GM concept sector saw a net outflow of 123 million yuan from main funds today, with 11 stocks experiencing net outflows, and six stocks seeing outflows exceeding 10 million yuan [2] Group 2 - The stock with the highest net outflow was Qianyuan High-Tech, with a net outflow of 28.98 million yuan, followed by Fengle Seed Industry, Dabeinong, and Shennong Seed Industry with net outflows of 25.65 million yuan, 22.57 million yuan, and 18.05 million yuan respectively [2][3] - The stocks with the highest net inflows included Top Cloud Agriculture, Longping High-Tech, and Ba Tian Co., with net inflows of 7.65 million yuan, 7.01 million yuan, and 2.32 million yuan respectively [3]

Core Viewpoint - The company is positioned to benefit from national agricultural modernization policies and high-standard farmland construction initiatives, which present significant growth opportunities in the smart agriculture sector [1][2]. Group 1: Policy and Market Opportunities - The national strategy emphasizes agricultural modernization and aims to enhance comprehensive agricultural production capacity and ensure food security, creating numerous market opportunities for the company [1]. - By 2030, the goal is to establish 1.35 billion acres of high-standard farmland, with a vision to convert all eligible permanent basic farmland into high-standard farmland by 2035, indicating a substantial demand for smart agriculture technologies and products [1]. Group 2: Technological and Operational Advantages - The company has a strong advantage in technology research and development, focusing on cutting-edge technologies such as intelligent perception, machine vision, AI algorithms, and agricultural big data [2]. - It has developed an integrated data collection system to monitor agricultural conditions and provides decision support through proprietary algorithm models, showcasing its capability in project implementation [2]. - The company is committed to increasing R&D investment, optimizing existing products and services, and launching new technologies and products that align with market needs [2]. Group 3: Strategic Initiatives and Industry Leadership - To capitalize on policy-driven growth opportunities, the company is actively expanding its market presence and strengthening collaborations with government agencies, enterprises, and agricultural companies across various regions [2]. - The company aims to leverage its industry influence to participate in the formulation of relevant industry standards, thereby guiding the direction of industry development [2].

Group 1: Company Overview and Financial Performance - The company achieved a revenue of ¥488,895,664.04 in 2024, representing a year-on-year growth of 6.41% [3] - Revenue from smart agriculture projects was ¥294,038,781.66, with a year-on-year increase of 8.86% [3] - Revenue from smart hardware devices reached ¥189,699,958.05, growing by 4.56% year-on-year [3] - The company's asset-liability ratio is 21.07%, indicating a stable financial condition [3] Group 2: Strategic Initiatives and Market Expansion - The company plans to deepen its market presence across various regions and enhance brand influence [3] - It aims to leverage the national strategy for agricultural modernization, which includes building 1.35 billion mu of high-standard farmland by 2030 [4] - The company is committed to increasing R&D investments and optimizing existing products to meet market demands [5] Group 3: Technological Advancements and Innovations - The company is focusing on integrating AI and agricultural technologies, developing a comprehensive system that includes perception, decision-making, and execution [2] - It is actively developing smart agricultural robots, such as the "Crop Guardian" AR glasses and the "Field Scout" quadruped robot [6] - The company utilizes IoT and big data technologies to enhance agricultural production efficiency and provide tailored solutions for small and medium-sized farmers [7] Group 4: Competitive Advantages and Industry Position - The company stands out in the fragmented smart agriculture market by offering a comprehensive range of products and services [6] - It emphasizes technology innovation and resource integration to maintain a competitive edge in the industry [6] - The company aims to lead industry standards and drive sector growth through its extensive experience and product offerings [5]

Investment Rating - The report assigns a "Recommended" rating to the company, indicating a potential upside of over 15% relative to the benchmark index [5][11]. Core Insights - The company has demonstrated steady revenue growth, with 2024 revenue reaching 489 million yuan, a year-on-year increase of 6.41%, and a net profit of 123 million yuan, up 7.4% [1]. - In Q1 2025, the company reported revenue of 80.26 million yuan, reflecting a significant year-on-year growth of 21.04%, and a net profit of 5.13 million yuan, up 10.64% [1]. - The company is focusing on the integration of AI and robotics in agriculture, positioning itself as a leader in the "AI + Agriculture" sector, which is expected to benefit from favorable policies promoting smart agriculture [3][4]. Summary by Sections Revenue and Profitability - In 2024, the company's revenue from smart agriculture projects was 294 million yuan, a growth of 8.86%, while revenue from smart hardware reached 190 million yuan, growing by 4.56% [2]. - The company’s R&D investment in 2024 was 50 million yuan, an increase of 2.47%, focusing on advanced technologies such as AI and agricultural robotics [2]. Future Projections - Revenue forecasts for 2025 to 2027 are projected at 614 million yuan, 793 million yuan, and 1.04 billion yuan, respectively, with corresponding growth rates of 25.7%, 29.1%, and 31.2% [4]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.83 yuan, 2.43 yuan, and 3.24 yuan, respectively, with price-to-earnings (PE) ratios decreasing from 48X in 2025 to 27X in 2027 [4]. Market Position and Strategy - The company is establishing stable partnerships with local governments and enterprises, positioning itself to benefit from the central government's focus on "new agricultural productivity" as outlined in the 2025 Central Document No. 1 [3]. - The integration of various core technologies enables the company to develop products that enhance the digitalization and automation of the agricultural lifecycle, from planting to harvesting [2].

Investment Rating - The report assigns a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][11]. Core Insights - The company has demonstrated steady revenue growth, with 2024 revenue reaching 489 million yuan, a year-on-year increase of 6.41%, and a net profit of 123 million yuan, up 7.4% [1]. - In Q1 2025, the company reported revenue of 80.26 million yuan, reflecting a significant year-on-year growth of 21.04%, and a net profit of 5.13 million yuan, up 10.64% [1]. - The company is focusing on the integration of AI and robotics in agriculture, positioning itself as a leader in the "AI + Agriculture" sector, which is expected to benefit from favorable policies promoting smart agriculture [3][4]. Summary by Sections Revenue and Profitability - The company's revenue from smart agriculture projects in 2024 was 294 million yuan, growing by 8.86% year-on-year, while revenue from smart hardware devices reached 190 million yuan, an increase of 4.56% [2]. - The company’s R&D investment in 2024 was 50 million yuan, up 2.47%, focusing on advanced technologies such as AI and agricultural robotics [2]. Future Projections - Revenue forecasts for 2025 to 2027 are projected at 614 million yuan, 793 million yuan, and 1.04 billion yuan, respectively, with corresponding EPS estimates of 1.83 yuan, 2.43 yuan, and 3.24 yuan [4]. - The report anticipates a significant increase in revenue growth rates, with 2025 expected to see a 25.7% increase, followed by 29.1% in 2026 and 31.2% in 2027 [4]. Market Position and Strategy - The company is establishing stable partnerships with local governments and enterprises, positioning itself to benefit from the policy push for "new agricultural productivity" as outlined in the 2025 Central Document No. 1 [3]. - The company’s innovative products, such as the "Field Scout" robot, leverage AI and multi-modal sensor integration to enhance precision agriculture management [2].

Group 1 - Zhejiang Guanghe Zhijie Technology Co., Ltd. has been established with a registered capital of 10 million yuan [1] - The legal representative of the company is Chen Yuyang [1] - The business scope includes manufacturing and sales of agricultural machinery, crop cultivation services, and initial processing of edible agricultural products [1] Group 2 - The company is wholly owned by Top Cloud Agriculture (301556) through indirect shareholding [1]

智慧农业的发展离不开政策支持。自2014年以来，中央一号文件连续多年强调"农业信息化""农业现代 化"等内容。2024年10月，农业农村部印发《全国智慧农业行动计划（2024-2028年）》，明确提出到 2026年和2028年底，农业生产信息化率要分别达到30%和32%以上。2025年中央一号文件再次强调要支 持发展智慧农业，拓展人工智能、大数据等技术的应用场景。 在政策引导下，各地农业主管部门加大在智慧农业领域的财政投入，以政府采购或向农业生产者补贴等 方式购置相关产品和服务，为智慧农业企业提供了广阔的市场空间。 在实现业务发展的同时，公司也注重股东回报。根据2024年度利润分配预案，公司拟以现有股本8528万 股为基数，向全体股东每10股派发现金红利5.865元（含税），合计派发现金红利5001.67万元（含 税），分红比例约40.5%，体现了公司共享发展成果的理念。 在国家大力推进农业现代化与乡村振兴的战略背景下，智慧农业行业正迎来前所未有的发展机遇。作为 国家级专精特新"小巨人"企业和国家高新技术企业，托普云农（301556.SZ）交出了一份亮眼的成绩 单：2024年，公司资产总额突破11.96亿元， ...

Core Viewpoint - The company, Top Cloud Agriculture, focuses on integrating advanced technologies such as IoT, AI, and big data into the agricultural sector, providing comprehensive services and solutions to enhance agricultural efficiency and management [4][5]. Company Overview - Top Cloud Agriculture is recognized as a national-level specialized and innovative "little giant" enterprise and a national high-tech enterprise, emphasizing independent research and innovation [4]. - The company operates primarily in the agricultural planting industry, offering a full-cycle service system tailored to various regional and customer needs [5]. Main Business and Products - The company’s main business includes smart agriculture projects and intelligent hardware devices, with a focus on the entire planting cycle from pre-planting to post-harvest [5][6]. - Smart agriculture projects consist of agricultural IoT and information software platforms, which are increasingly integrated as the digital transformation of agriculture progresses [6]. - The IoT projects utilize sensor devices to collect data throughout the agricultural production process, enabling remote monitoring and decision-making [6]. - The information software platform is developed using big data and cloud computing to meet the specific information needs of agricultural clients [6][7]. - Intelligent hardware devices include a variety of smart equipment and sensors designed for monitoring and controlling agricultural processes, enhancing decision-making capabilities for users [7]. Financial Information - The company has undergone a change in its auditing firm to Lixin Certified Public Accountants, which provided a standard unqualified opinion on the financial report [2]. - The company has proposed a profit distribution plan, distributing a cash dividend of 5.8650 yuan per 10 shares to shareholders [2].

Financial Performance - The basic earnings per share for Q1 2025 is CNY 0.0600, a decrease of 14.29% compared to Q1 2024 [1] - Operating revenue for Q1 2025 is CNY 0.8 billion, an increase of 21.21% from CNY 0.66 billion in Q1 2024 [1] - Net profit for Q1 2025 remains at CNY 0.05 billion, unchanged from Q1 2024 [1] - The return on equity for Q1 2025 is 0.54% [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 2.7712 million shares, accounting for 15.11% of the circulating shares, with a decrease of 294,400 shares from the previous period [1] - The largest shareholder is the Basic Pension Insurance Fund No. 2101, holding 1.0589 million shares, representing 5.77% of total share capital [2] - Notable changes include the exit of China Agricultural Bank from the top ten shareholders, which previously held 400,000 shares [2] Dividend Policy - The company has announced that there will be no distribution or transfer of dividends this time [3]

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 使用闲置自有资金进行现金管理的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 浙江托普云农科技股份有限公司（以下简称"托普云农"或"公司"）首次公开 发行股票并在创业板上市及持续督导的保荐机构，根据《证券发行上市保荐业务 管理办法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自 律监管指引第2号——创业板上市公司规范运作》等相关法律、法规和规范性文 件的规定，对托普云农拟使用闲置自有资金进行现金管理的事项进行了审慎核查， 具体情况如下： 一、使用闲置自有资金进行现金管理的基本情况 （一）现金管理的目的及来源 为提高资金使用效率，合理利用自有资金，在不影响公司正常经营的情况下， 使用部分暂时闲置的自有资金进行现金管理，增加资金收益，为公司及股东获取 更多的回报。 （二）现金管理额度及期限 公司拟使用最高额度不超过100,000万元人民币、暂时闲置的自有资金适时进 行现金管理，前述额度可循环滚动使用。 （三）现金管理产品类型 为严格控制资金使用风险，本次现金管理拟用于购买公司主要合作银行、 证券公司等金融机构 ...