正大种业冲击上市：营收净利双降，无实控人、华人跨国公司卜蜂集团控股61%

Core Viewpoint - Xiangyang Chia Tai Seed Industry Co., Ltd. has been accepted for IPO on the Beijing Stock Exchange, with CITIC Securities as the sponsor and KPMG Huazhen as the accounting firm [2] Company Overview - Established in July 1996, the company focuses on the research, production, and sales of corn seeds, operating as an integrated seed enterprise with a complete system for research, production, sales, promotion, and service [2] - As of December 31, 2024, the company has obtained 68 plant variety authorizations and has 71 approved corn varieties for sale, covering major corn production areas in China [2] Financial Performance - The company reported revenues of 319 million yuan, 409 million yuan, and 380 million yuan for the years 2022, 2023, and 2024 respectively, indicating a year-on-year revenue decline of 7.1% in 2024 [3] - Net profits for the same years were 94.69 million yuan, 88.43 million yuan, and 81.13 million yuan, reflecting a decrease of 8.25% in 2024 compared to the previous year [3] - The gross profit margin was 40.71%, 39.52%, and 47.13% for the years 2022, 2023, and 2024 respectively [3] - Research and development expenses accounted for 5.37%, 5.70%, and 7.04% of operating revenue in the respective years [3] Shareholding Structure - Chia Tai Group directly holds 49 million shares, representing a 33.99% stake, while Chia Tai Livestock Investment holds 40.01 million shares, accounting for 27.76% [5] - Chia Tai Group is the controlling shareholder of the company, with no actual controller reported during the reporting period [5] - Chia Tai Group, established in 1976 in Thailand, operates in various sectors including agriculture, food, retail, telecommunications, finance, real estate, pharmaceuticals, and machinery across over 100 countries [5]