Core Viewpoint - The company Fengle Seed Industry (000713) is undergoing a significant capital increase plan, raising up to 1.089 billion yuan through a private placement to its controlling shareholder, Guotou Seed Industry, amid worsening financial performance and increasing losses in recent quarters [1][2][4]. Group 1: Capital Increase Plan - Fengle Seed Industry plans to issue up to 184 million shares, raising no more than 1.089 billion yuan, which will be used to supplement working capital and repay bank loans [2][3]. - This capital increase is seen as a way to optimize the company's capital structure and improve financial conditions, providing necessary funding for business expansion and strategic development [2][3]. - Guotou Seed Industry's stake in Fengle Seed Industry will significantly increase post-placement, further strengthening its control over the company [3]. Group 2: Financial Performance - The company has experienced a continuous decline in revenue, with year-on-year growth rates of 14.83%, 3.61%, and -6.03% from 2022 to 2024 [4]. - The net profit attributable to shareholders has dropped sharply from 183 million yuan in 2021 to only 69.84 million yuan in 2024, with forecasts indicating a loss of 25 to 30 million yuan for the first half of 2025 [4][5]. - In the first quarter of this year, Fengle Seed Industry reported a revenue of 548.3 million yuan, a decrease of 5.5% year-on-year, and a net loss of 10.59 million yuan, marking a 22.88% increase in losses compared to the previous year [5][6]. Group 3: Business Segment Performance - All major business segments of Fengle Seed Industry have seen revenue declines, particularly in the seed business due to oversupply in the corn seed market [5][6]. - The company's gross profit margins across its three main business segments (seeds, agrochemicals, and spices) are significantly lower than industry averages, with gross margins of 28.81% for seeds, 7.68% for agrochemicals, and 10.42% for spices in 2024 [7][9]. - The low margins are attributed to factors such as product structure differences, reliance on external procurement for raw materials, and higher costs associated with natural ingredients compared to synthetic alternatives [8][9].
丰乐种业控股股东“输血”背后:上半年预计亏损加剧,主要业务收入全线下滑