Core Insights - The Henan provincial government has issued the "Central Plains Agricultural Valley High-Quality Development Three-Year Action Plan (2025-2027)" to promote high-quality development in the seed industry and establish a national and international agricultural technology innovation hub [1][2] Group 1: Development Goals - By 2027, the Central Plains Agricultural Valley aims to achieve significant advancements in modern seed industry development, with enhanced resource aggregation, optimized innovation ecosystems, and expanded industry scale [1] - The plan includes the establishment of over 10 national-level innovation platforms and more than 15 branch offices (R&D centers) outside the province [1] Group 2: Talent and Innovation - The initiative targets the cultivation of over 3 academicians, more than 50 leading talents, and over 200 high-level "dual-skilled" talents in the seed industry, along with training over 1,000 graduate students [1] - Major breakthroughs are expected in breeding parent creation, molecular design breeding, and AI breeding, with the goal of developing over 200 new varieties with independent intellectual property rights and achieving a transformation rate of over 80% [1] Group 3: Industry Scale and Collaboration - The plan aims to attract over 10 seed companies from the international top 30 and domestic top 20, with a total seed industry output value exceeding 15 billion yuan [2] - The Central Plains Agricultural Valley will enhance its international seed industry conference's influence and integrate deeply into the "Belt and Road" initiative, planning to establish over 5 overseas R&D bases (centers) and international breeding innovation platforms [2]

登海种业 20250429 摘要 • 公司 2025 年一季度营收同比下降 30%至 1.62 亿元，归母净利润同比下 降 18.37%至 2,459.77 万元，主要受粮食价格不景气影响，农民购种意 愿降低，导致产品售价下降。 • 2024 年公司制造成本因单产提高和大豆产值费用减少而下降。玉米平均 单产从 2023 年的 300 多公斤提高到 400 多公斤，增幅显著，同时大豆产 值费用每吨减少五六百元。 • 受粮食价格下跌影响，种子产品出厂价和终端售价均有所下降。预计未来 种子产品售价将继续受市场品种结构调整和转基因品种扩面提速影响，但 成本有望通过单产提高和生产效率提升得到控制。 • 公司毛利率在 2024 年三四季度及 2025 年一季度同比提升，主要得益于 制造成本下降、品种结构优化以及推广耐密植抗病性强的新型品种。 • 市场对种子的需求趋向低成本、高产量，单产低于 400 公斤的种子竞争力 减弱。公司目标产值提高，西北地区目标产值为 3,600 元，甘肃地区约为 4,200 元。 Q&A 公司 2024 年和 2025 年一季度的业绩表现如何？ 根据公司披露的财报，2024 年全年营业收入为 1 ...