Investment Rating - The report maintains a "Buy" rating for the agriculture, forestry, animal husbandry, and fishery sector [4]. Core Viewpoints - The report indicates that the pig farming sector has a significant safety margin under the current trading expectations, with potential pressure on pig output in the first half of 2025 due to high levels of new piglets [3][4]. - The report highlights that the supply of pigs is expected to rebound, which will boost demand for feed and animal health products, leading to a valuation recovery in related sectors [3]. - The report emphasizes investment opportunities in the planting chain due to rising grain prices amid US-China tariff tensions, recommending several companies in this space [3]. Summary by Sections 1. Pig Farming Sector - The average price of pigs has decreased to 14.95 yuan/kg as of April 25, 2025, with a week-on-week change of -0.13% [35]. - The total number of pigs slaughtered in Q1 2025 was 19,476 million heads, showing a year-on-year increase of 0.11% and a quarter-on-quarter increase of 6.86% [14]. - The average profit per pig has continued to decline, with large-scale farms reporting a profit of 84 yuan per head in March, down from 131 yuan in February [18]. 2. Key Data Tracking - The number of breeding sows as of the end of March 2025 was 40.39 million heads, reflecting a quarter-on-quarter decrease of 1.0% [13]. - The average weight of pigs at slaughter has increased to 128.94 kg, with a week-on-week increase of 0.37 kg [35]. - The average price of piglets in March 2025 was 37.24 yuan/kg, with a year-on-year increase of 16% [18]. 3. Investment Recommendations - The report recommends focusing on pig farming companies with high output and cost recovery, specifically mentioning Muyuan Foods and Shennong Group, while also suggesting attention to Wens Foodstuff Group and Juxing Agriculture [3]. - For the post-cycle sector, the report suggests that the rebound in pig inventory will enhance demand for feed and animal health products, recommending Hai Da Group [3]. - In the planting chain, the report highlights investment opportunities in companies like Suqian Agricultural Development, Beidahuang, and Hainan Rubber due to strong grain prices [3].

Industry Overview - The biobreeding industry is a crucial segment of high-tech agricultural development in China, with a focus on modern agricultural practices [1] - As of January 2025, there are 21 biobreeding industrial parks in China, with the highest concentration in Shandong Province, which has 6 parks [1] Company Developments - Dabeinong has entered a strategic partnership with Fuhua Tongda Chemical Co., aiming to explore new technologies and applications for biobreeding crop herbicides [5] - Wanxiang Denong has reported that two genetically modified varieties have passed national approval, with four varieties participating in the national testing this year. These GM varieties are designed to resist pests, reducing yield loss [5] - Yisheng has successfully imported 28,000 sets of Lihong ancestor white feather broilers, contributing to a total of 230,000 sets imported this year, enhancing domestic supply [5] - Longping High-Tech has improved its rice breeding information system, achieving a 52.58% increase in breeding efficiency for high-yield varieties in the Yangtze River basin [5] Challenges in the Industry - The acceptance of genetically modified rice in China is lower compared to hybrid rice, primarily due to limited public awareness and promotion of GM technology [8] - Currently, only two GM rice varieties have received production safety certificates, indicating a gap in technology maturity compared to developed countries [8] - The dominance of hybrid rice seeds in the market poses a significant challenge for the commercialization and scaling of GM rice seeds [8]

Group 1: Fixed Income and Currency - The recent decline in the US dollar index indicates a weakening of its safe-haven attributes, influenced by multiple long-term and short-term factors, including tariff policies and economic recession concerns [2][3] - Gold is identified as a primary beneficiary of a weak dollar, although it is currently overbought and sensitive to negative news [2] - The report suggests that Eurozone assets may replace US dollar assets as a new safe haven, with potential opportunities in the Japanese yen and Japanese stocks [2] Group 2: Internet and Gaming Industry - The gaming industry shows resilience with new game launches, particularly from Tencent and NetEase, expected to enhance revenue streams [3][4] - In Q1, domestic iOS game revenue increased by 2.8% year-on-year, with significant growth during the Spring Festival for popular games [3] - The government is providing more policy support for the gaming industry, including initiatives to promote overseas expansion and the establishment of new educational programs [3] Group 3: Real Estate Sector - Public fund holdings in real estate stocks have decreased, while concentration has increased, indicating a mixed sentiment among institutional investors [5] - The report anticipates a potential increase in policy support for the real estate sector, driven by seasonal trends and external economic factors [5] Group 4: Pharmaceutical and Health Sector - The gene sequencing industry is entering a new era, with domestic companies expected to accelerate their market share due to recent government restrictions on foreign competitors [6] - Companies like BGI are positioned as leaders in the sequencing service market, with a comprehensive approach to health and disease prevention [6] Group 5: Telecommunications Industry - China Mobile reported a slight increase in revenue and a notable growth in net profit, driven by advancements in AI services [7][8] - The company is transitioning from cloud computing to AI-integrated services, which is expected to become a new revenue growth driver [7] Group 6: Consumer Goods and Retail - Pop Mart's Q1 performance exceeded expectations, with significant revenue growth attributed to both domestic and international markets [9] - The company is expanding its product offerings and optimizing its store formats to enhance customer engagement and sales [9] Group 7: Electric Equipment and New Energy - Dongfang Cable reported a substantial increase in revenue and net profit, driven by growth in high-margin export sales [10] - The company is well-positioned to benefit from the increasing demand for offshore wind projects and related cable installations [10] Group 8: Agriculture and Food Sector - Salted Fish's revenue and net profit showed strong growth, driven by an expanding product range and improved distribution channels [15] - The company is leveraging its diverse product offerings to capture market share and enhance profitability [15] Group 9: Financial Services - The internet finance sector is experiencing stable growth, with healthy loan quality and increasing profitability [6] - Regulatory changes are expected to positively impact leading platforms while potentially accelerating the exit of smaller players [6] Group 10: Materials and Chemicals - Feikai Materials reported significant growth in net profit, supported by new projects and a strong market position in the semiconductor sector [22] - The company is expected to continue benefiting from the demand for lithium battery materials, with improving profitability anticipated [22]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of RMB 11.34 [6][7]. Core Views - The company's revenue for 2024 is RMB 1.246 billion, a year-on-year decrease of 19.74%, and the net profit attributable to the parent company is RMB 56.63 million, down 77.86% year-on-year, primarily due to significant asset impairment losses in Q4 2024 [1][2]. - The domestic corn seed market is oversupplied, leading to weak sales and intense competition, which has pressured the company's revenue and profitability [2][3]. - The company is expected to benefit from the commercialization of genetically modified (GM) crops, with several GM corn varieties already approved and more in the pipeline [3][4]. Revenue and Profitability - In 2024, the company achieved revenue of RMB 1.246 billion, with corn seed revenue at RMB 1.07 billion and wheat seed revenue at RMB 110 million, reflecting declines of 21% and 3.4% respectively [2][5]. - The gross margin for 2024 is projected to be 28.1%, a decrease of 0.64 percentage points year-on-year, influenced by a significant drop in rice seed margins [2][5]. - The company recorded an asset impairment loss of RMB 129 million, which significantly impacted profitability, resulting in a net loss in Q4 2024 [2][4]. Future Outlook - The company plans to increase its R&D investment, which reached RMB 83.22 million in 2024, a year-on-year increase of 25%, indicating a commitment to innovation and product development [3][4]. - The long-term outlook is positive due to the strategic emphasis on food security and agricultural innovation by the Chinese government, which may enhance the company's market position [3][4]. Financial Projections - The forecast for net profit attributable to the parent company for 2025 is RMB 161.47 million, a significant increase of 185.15% compared to 2024 [5][16]. - The projected revenue for 2025 is RMB 1.277 billion, reflecting a slight recovery from the previous year [5][16]. - The company is expected to maintain a strong market position as a leading corn seed producer, benefiting from the anticipated growth in the agricultural sector [4][5].

山东登海种业股份有限公司 证券代码：002041 证券简称：登海种业 公告编号：2025-005 山东登海种业股份有限公司 第八届监事会第十三次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确和完 整，没有虚假记载、误导性陈述或者重大遗漏。 山东登海种业股份有限公司（以下简称"公司"）第八届监事会 第十三次会议于 2025 年 4 月 21 日上午 11:30 在公司三楼会议室召 开，应参会监事 7 人，实际参会监事 4 人。监事王寰邦先生因身体 原因，未能亲自出席本次会议,授权委托监事翟冬峰女士代为行使表 决权；监事张明先生因公出差，未能亲自出席本次会议,授权委托监 事王玉玲女士代为行使表决权；监事王敏邦先生因公出差，未能亲 自出席本次会议,授权委托监事李玉明先生代为行使表决权。本次会 议由监事会主席翟冬峰女士主持召开，董事会秘书原绍刚列席参 加。会议召开程序符合《公司法》和《公司章程》的有关规定，会 议合法有效。 会议经参会监事审议和表决，形成如下决议： 本报告需提交公司 2024 年度股东会审议。 二、审议通过了《公司 2024 年度报告及其摘要》，赞成票 7 票，反对票 0 票，弃权票 ...

（一）报刊、电视、网络等媒体对公司进行的负面报道、不实报 道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异 常波动的信息； 山东登海种业股份有限公司 山东登海种业股份有限公司舆情管理制度 （2025 年 4 月） 第一章 总则 第一条 为了提高山东登海种业股份有限公司（以下简称"公司"） 应对各类舆情的能力，建立快速反应和应急处置机制，及时、妥善处 理各类舆情对公司股票及其衍生品交易价格、公司商业信誉及正常生 产经营活动造成的影响，切实保护公司及投资者合法权益，根据相关 法律、行政法规和规范性文件的规定及《山东登海种业股份有限公司 章程》（以下简称"《公司章程》"）等相关规定，结合公司实际情况， 制定本制度。 第二条 本制度所称舆情包括： （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易 价格产生较大影响的事件信息。 第三条 舆情信息的分类： （一）重大舆情：指传播范围较广，严重影响公司公众形象或正 常经营活动，使公司已经或可能遭受损失，已经或可能造成公司股票 及其衍生品种交易价格变动的负面舆情； （二）一般舆情：指除重大舆情之 ...

山东登海种业股份有限公司 2025 年 4 月 1 山东登海种业股份有限公司 山东登海种业股份有限公司 公 司 章 程 （草案） | | 目 录 | | --- | --- | | 第一章 | 总则………………………………………………………………… 3 | | 第二章 | 经营宗旨和范围…………………………………………………… 4 | | 第三章 | 股份………………………………………………………………… 4 | | 第四章 | 股东和股东会……………………………………………………… 7 | | 第五章 | 董事和董事会………………………………………………………23 | | 第六章 | 经理及其他高级管理人员…………………………………………34 | | 第七章 | 财务会计制度、利润分配和审计…………………………………36 | | 第八章 | 通知和公告…………………………………………………………40 | | 第九章 | 合并、分立、增资、减资、解散和清算…………………………41 | | 第十章 | 修改章程 ……………………………………………………………45 | | 第十一章 | 附则 ………………………… ...

山东登海种业股份有限公司 第四条 审计委员会委员由董事长、二分之一以上独立董事或者 全体董事的三分之一提名，并由董事会选举产生。 山东登海种业股份有限公司董事会 审计委员会工作实施细则 (2025 年 4 月修订) 第一章 总则 第一条 为强化山东登海种业股份有限公司（以下简称"公司"） 董事会决策的科学性，提高决策水平，做到事前审计、专业审计，确 保董事会对经理层的有效监督，完善公司治理结构，根据《中华人民 共和国公司法》（以下称"《公司法》"）、《上市公司治理准则》、 《山东登海种业股份有限公司章程》（以下简称"《公司章程》"） 及其他有关规定，公司特设立董事会审计委员会，并制定本细则。 第二条 董事会审计委员会是董事会按照股东会决议设立的专门 工作机构，对董事会负责，向董事会报告工作，主要负责公司内、外 部审计的沟通、监督和核查工作。 第二章 人员组成 第三条 审计委员会成员由 3 名董事组成，其中包括 2 名独立董 事，委员中至少有一名独立董事为专业会计人士。审计委员会成员原 则上独立于公司日常经营管理事务，且应当具备履行审计委员会工作 职责的专业知识和商业经验。 第五条 审计委员会设主任委员（召集人 ...

山东登海种业股份有限公司 山东登海种业股份有限公司 独立董事 2024 年度述职报告 --黄方亮 各位股东及股东代表： 本人作为山东登海种业股份有限公司（以下简称"公司"）的独立董事，根 据《中华人民共和国公司法》《上市公司独立董事管理办法》《深圳证券交易所 上市公司自律监管指引第 1 号——主板上市公司规范运作》以及《公司章程》 《公司独立董事工作制度》等相关法律法规、部门规章制度的规定和要求，在 2024 年的工作中，勤勉、尽责、忠实履行职责，积极出席公司相关会议，认真审 议各项议案，对公司发展提出合理的建议，充分发挥独立董事的作用，切实维护 了公司和股东尤其是中小股东的合法权益。现将 2024 年度本人履行独立董事职 责情况述职如下： 一、独立董事的基本情况 2024 年度，本人作为公司独立董事任职符合《上市公司独立董事管理办法》 第六条规定的独立性要求，不存在影响独立性的情况。本人履历如下： 黄方亮先生：中国国籍，汉族，1968 年 10 月出生，经济学博士，美国佛罗 里达州立大学访问学者，捷克布拉格经济大学客座教授。历任山东工业大学外语 系教师，山东证券有限责任公司和天同证券有限责任公司投资银行总部 ...

山东登海种业股份有限公司 山东登海种业股份有限公司 股东会议事规则 (2025 年 4 月修订) 第一章 总 则 第一条 为规范公司行为，保证公司股东会依法行使职权，根据 《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共 和国证券法》（以下简称《证券法》）的规定，制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规 则。 第三条 公司应当严格按照法律、行政法规、本规则及公司章程 的相关规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全 体董事应当勤勉尽责，确保股东会正常召开和依法行使职权。 第四条 股东会应当在《公司法》和公司章程规定的范围内行使 职权。 第五条 股东会分为年度股东会和临时股东会。年度股东会每年 召开一次，应当于上一会计年度结束后的六个月内举行。临时股东会 不定期召开，出现《公司法》第一百一十三条规定的应当召开临时股 东会的情形时，临时股东会应当在两个月内召开。 公司在上述期限内不能召开股东会的，应当报告公司所在地中国 证券监督管理委员会派出机构和公司股票挂牌交易的证券交易所（以 下简称"证券交易所"），说明原因并 ...