山东邦基科技股份有限公司 2025 年第三季度报告 证券代码：603151 证券简称：邦基科技 山东邦基科技股份有限公司 2025 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | 基本每股收益（元/股） | 0.2455 | 114.22 | 0.6291 | 147.58 | | --- | --- | --- | --- | --- | | 稀释每股收益（元/股） | 0.2455 | 114.22 | 0.6291 | 147.58 | | 加权平均净资产收益率 （%） | 3.24% | 增 加 1.67 个百分点 | 8.17% ...

Market Overview - The feed sector increased by 1.16% on October 27, with Jin Xin Nong leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Individual Stock Performance - Jin Xin Nong (002548) closed at 4.80, up 5.49% with a trading volume of 369,000 shares and a turnover of 173 million yuan [1] - Tian Kang Biological (002100) closed at 7.89, up 5.34% with a trading volume of 506,600 shares [1] - Tian Ma Technology (603668) closed at 14.06, up 4.15% with a trading volume of 218,000 shares and a turnover of 302 million yuan [1] - Ao Nong Biological (603363) closed at 5.16, up 4.03% with a trading volume of 1,878,500 shares and a turnover of 451 million yuan [1] - Other notable stocks include Bangtai Technology (603151) at 26.26, up 1.70%, and Hai Da Group (002311) at 58.18, up 0.97% [1] Capital Flow Analysis - The feed sector saw a net inflow of 132 million yuan from institutional investors, while retail investors experienced a net outflow of 148 million yuan [2] - The main capital inflow and outflow for key stocks are as follows: - Ao Nong Biological: Net outflow of 40.5 million yuan from main capital [3] - Tian Ma Technology: Net inflow of 34.8 million yuan from main capital [3] - Tian Kang Biological: Net inflow of 32.8 million yuan from main capital [3] - Hai Da Group: Net inflow of 30.4 million yuan from main capital [3]

Core Viewpoint - The recent increase in pig prices is driven by emotional factors and seasonal consumption recovery, with a focus on the sustainability of secondary fattening entry [2][3] Pig Farming Sector - The concentration of large pig sales has led to a decrease in large pig inventory, widening the price gap and increasing the enthusiasm for secondary fattening, with a sales proportion of 2.09% from October 11-20, up by 1.07 percentage points [1][2] - The national average pig price on October 24 was 11.81 yuan/kg, an increase of 0.63 yuan/kg week-on-week [2] - The average weight of pigs sold continues to decline, with an average weight of 127.90 kg for the week of October 24, down by 0.35 kg week-on-week [2] - Long-term expectations indicate a downward shift in pig prices, with increasing losses in farming and enhanced expectations for capacity reduction policies, which may lead to a long-term upward shift in the price center [1][3] Cattle Sector - Short-term prices for beef cattle have slightly declined, while long-term trends suggest a potential upward cycle for beef prices due to previous long-term losses leading to capacity clearance [4] Dairy Sector - Raw milk prices are currently at a cyclical low, with a price of 3.04 yuan/kg as of October 17, remaining stable week-on-week but down 31% from the cyclical high [4] - The ongoing losses in raw milk are expected to drive continued capacity reduction, potentially stabilizing prices in the future [4] Poultry Sector - The price of white chickens remains stable, with a price of 6.88 yuan/kg as of October 24, reflecting a slight increase week-on-week [5] - Egg prices have decreased, with an average price of 6.06 yuan/kg, while chick prices remain stable [5] Agricultural Products - Soybean meal prices have rebounded from a low, with a current price of 2984 yuan/ton as of October 24, down by 26 yuan/ton week-on-week [7] - The futures market for soybean meal showed a recovery, with the main contract closing at 2933 yuan/ton, up by 65 yuan/ton week-on-week [7]

Investment Rating - The industry rating is "Outperform the Market" [5][76]. Core Insights - The pig price has rebounded due to emotional factors, with a focus on the sustainability of secondary fattening [2][11]. - The beef market is experiencing a slight price decline in the short term, but a tightening supply is expected to lead to an upward cycle in beef prices by 2026-2027 [3][36]. - The poultry sector shows stable prices for white chickens, while egg prices are declining, indicating a potential recovery driven by capacity reduction [4][43]. Summary by Sections Pig Farming - Pig prices have increased, with the national average price at 11.81 yuan/kg as of October 24, reflecting a week-on-week increase of 0.63 yuan/kg [2][11]. - The average weight of pigs sold has decreased to 127.90 kg, with group farms averaging 123.94 kg and smallholders at 142.21 kg [2][23]. - The secondary fattening sales ratio increased to 2.09%, up by 1.07 percentage points week-on-week [2][11]. Beef Industry - Calf and fattening bull prices are at 32.13 yuan/kg and 25.67 yuan/kg, respectively, with year-to-date increases of 33.26% and 9.05% [3][36]. - The supply of beef is expected to tighten due to significant capacity reduction from previous losses, leading to a potential price increase in 2026-2027 [3][36]. Dairy Sector - The raw milk price is at a low of 3.04 yuan/kg, with a 31% decline from the peak [3][37]. - Continuous losses in the dairy sector are expected to drive capacity reduction, which may stabilize raw milk prices in the future [3][37]. Poultry Sector - The price of white feathered chickens is stable at 6.88 yuan/kg, with chick prices at 3.32 yuan each [4][43]. - The ongoing avian influenza outbreak may further restrict upstream production capacity, impacting the market [4][47]. Agricultural Products - Soybean meal prices have rebounded, with the current spot price at 2984 yuan/ton, reflecting a slight week-on-week decrease of 26 yuan/ton [4][55]. - The futures market shows a recovery in soybean meal prices, supported by declining inventories and import costs [4][55].

Core Insights - The feed sector experienced a slight decline of 0.17% on October 24, with Tianma Technology leading the losses [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Feed Sector Performance - Zhongchong Co., Ltd. (002891) saw a closing price of 54.36, with an increase of 3.74% and a trading volume of 96,700 shares, amounting to a transaction value of 526 million yuan [1] - Other notable performers included Boen Group (001366) with a closing price of 13.03, up 0.77%, and Petty Co., Ltd. (300673) at 17.42, up 0.40% [1] - Tianma Technology (603668) led the declines with a closing price of 13.50, down 4.66%, and a trading volume of 222,500 shares, resulting in a transaction value of 309 million yuan [2] Capital Flow Analysis - The feed sector experienced a net outflow of 154 million yuan from institutional investors, while retail investors saw a net inflow of 97.74 million yuan [2] - The capital flow for individual stocks showed that Zhongchong Co., Ltd. had a net inflow of 12.28 million yuan from institutional investors, while it faced a net outflow of 36.39 million yuan from retail investors [3] - Other stocks like He Feng Co., Ltd. (60360a) and Boen Group (001366) also showed mixed capital flows, with varying degrees of net inflows and outflows from different investor categories [3]

Core Viewpoint - The feed sector experienced a decline of 2.45% on October 22, with Guai Bao Pet Food leading the drop. The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1]. Summary by Category Market Performance - The feed sector's overall performance was negative, with a notable decline in key stocks, particularly Guai Bao Pet Food, which fell by 3.98% [2]. - The trading volume and turnover for Guai Bao Pet Food reached 34,900 shares and 301 million yuan, respectively [2]. Individual Stock Performance - Key stocks in the feed sector showed varied performance: - Baiyang Co. (002696) increased by 1.96% to close at 6.75 yuan [1]. - Zhenghong Technology (000702) rose by 0.83% to 7.29 yuan [1]. - Other stocks like Da Bei Nong (002385) and He Feng Co. (603609) saw minor declines of 0.49% and 0.50%, respectively [1]. Capital Flow - The feed sector saw a net outflow of 151 million yuan from institutional investors, while retail investors contributed a net inflow of 1.42 billion yuan [2]. - Guai Bao Pet Food had a net outflow of 23.62 million yuan from institutional investors, indicating a significant shift in capital dynamics [3].

Group 1 - The recent announcement by the Ministry of Finance to abolish tax incentives for the wind power industry, which have been in place for eight years, and the countdown for nuclear power subsidies, indicates significant policy shifts in the energy sector [1][3] - The price of Moutai has dropped below 1700 yuan per bottle ahead of the "Double Eleven" shopping festival, suggesting a potential price war among e-commerce platforms [1][3] - The article highlights the historical context of market behavior, noting that during previous bull markets, retail investors often faced significant losses despite apparent gains in stock prices [4][6] Group 2 - The article discusses the implications of the recent tax policy changes on the wind and nuclear power sectors, emphasizing that these adjustments are not coincidental and may lead to market volatility [3][4] - It mentions that the price drop of premium liquor brands, including Moutai, reflects broader market dynamics and consumer behavior during promotional events [1][3] - The text emphasizes the importance of understanding institutional trading behavior and market sentiment, suggesting that retail investors should not be swayed by surface-level news [15][12]

Investment Rating - The industry rating is "Strongly Outperform the Market" [5][81]. Core Viewpoints - The pig farming sector is experiencing increased losses, leading to heightened expectations for capacity reduction, which may eventually push the long-term price center of pigs upward [2][41]. - In the beef sector, short-term prices are slightly declining, but a tightening supply is expected to lead to an upward price cycle for beef by 2026-2027 [3][46]. - The poultry sector shows stable prices for broilers, while egg prices are declining due to weakened demand post-holidays [4][51]. Summary by Sections Pig Farming - In September, 17 listed pig companies collectively sold 14.14 million pigs, a month-on-month decrease of 6.62% but a year-on-year increase of 21.94% [2][12]. - The average selling price of pigs in September was 13.11 yuan/kg, down 5.87% month-on-month and 30.76% year-on-year [17][19]. - The average weight of pigs sold in September was 128.39 kg, an increase of 0.53 kg from the previous month [17][19]. Beef Industry - The price of calves and fattened bulls as of October 16 was 32.19 yuan/kg and 25.73 yuan/kg, respectively, with year-to-date increases of 33.51% and 8.89% [3][46]. - The supply of beef is expected to tighten in the medium to long term due to significant capacity reductions from previous losses [46]. Poultry Sector - The price of white feather broilers was stable at 6.87 yuan/kg, while the price of broiler chicks was 3.29 yuan/chick, reflecting a slight increase [4][51]. - Egg prices have decreased to 5.95 yuan/kg, down 0.90 yuan/kg week-on-week, with expectations for recovery driven by capacity reduction [4][51]. Agricultural Products - The price of soybean meal was 3,010 yuan/ton as of October 17, with a slight increase of 4 yuan/ton week-on-week, but the market lacks clear bullish drivers [4][64]. - The soybean meal market is currently characterized by supply pressure and support from import costs, with expectations for a prolonged bottoming period [64].

今日具体限售解禁股情况如下： 智通财经APP获悉，10月20日共有23家上市公司的限售股解禁，解禁总市值约194.03亿元。 | 股票简称 | 股票代码 | 限售股类型 | 解禁股数 | | --- | --- | --- | --- | | 豫园股份 | 600655 | 股权激励限售流通 | 222.18万 | | 软控股份 | 002073 | 股权激励限售流通 | 1875万 | | 宝鼎科技 | 002552 | 增发A股法人配售上市 | 2669.04万 | | 保隆科技 | 603197 | 股权激励限售流通 | 85.98万 | | 蓝思科技 | 300433 | 股权激励限售流通 | 487.4万 | | 永创智能 | 603901 | 股权激励限售流通 | 55.5万 | | 蜀道装备 | 300540 | 股权激励限售流通 | 122.76万 | | 立方制药 | 003020 | 股权激励限售流通 | 78.51万 | | 杰创智能 | 301248 | 延长限售锁定期流通 | 4302.6万 | | 舒华体育 | 605299 | 股权激励限售流通 | 8.5万 | | 中一科技 | ...

Summary of Key Points Core Viewpoint - On October 20, a total of 22 companies had their restricted shares unlocked, with a total unlock volume of 2.095 billion shares, amounting to a market value of 40.69 billion yuan based on the latest closing prices [1]. Group 1: Unlock Volume and Market Value - The unlock volume of 2.095 billion shares is significant, with 16 companies having more than 10 million shares unlocked [1]. - The companies with the highest unlock volumes include Shougang Co., Ltd. (10.15 billion shares), Sanbai Shuo (1.78 billion shares), and Huibo Yuntong (1.57 billion shares) [1]. - In terms of market value, Huibo Yuntong (8.428 billion yuan), Fengcai Technology (7.075 billion yuan), and Shougang Co., Ltd. (4.153 billion yuan) lead the list [1]. Group 2: Unlock Ratio - Eleven companies have an unlock ratio exceeding 10% of their total share capital [1]. - The companies with the highest unlock ratios are Sanbai Shuo (72.84%), Yongxin Zhicheng (51.71%), and Bangji Technology (51.03%) [1].