Financial Data and Key Metrics Changes - In fiscal year 2025, net sales and revenues decreased by 12% to $45.7 billion, while net sales for equipment operations fell by 13% to $38.9 billion [8][12] - Net income attributable to Deere & Company was $5 billion, or $18.50 per diluted share [8][12] - For the fourth quarter, net sales and revenues increased by 11% to $12.4 billion, and net sales for equipment operations rose by 14% to $10.6 billion [8][12] - Net income for the fourth quarter decreased to $1.1 billion, or $3.93 per diluted share [8][12] Business Segment Data and Key Metrics Changes - Production and Precision Ag segment saw net sales of $4.74 billion, up 10% year-over-year, with an operating margin of 12.7% [9] - Small Ag and Turf segment reported net sales of $2.57 billion, up 7% year-over-year, but operating profit declined to $25 million due to higher costs [10] - Construction and Forestry segment's net sales increased by 27% year-over-year to $3.382 billion, with an operating margin of 10.3% [13] Market Data and Key Metrics Changes - Industry sales of large equipment in the U.S. and Canada are expected to decline by 15%-20% in fiscal year 2026, while small ag and turf demand is estimated to be flat to up 5% [10][11] - In Europe, the industry is projected to be flat to up 5%, with robust dairy sector margins [11][46] - South America is expected to see flat industry sales, with Brazilian demand tempered by high interest rates and strong global crop yields [11][12] Company Strategy and Development Direction - The company aims to manage inventory carefully and avoid oversupply while focusing on used inventory reduction [37] - Deere is committed to advancing its smart industrial journey, emphasizing technology and innovation across all production systems [19][23] - The company anticipates growth in small ag and turf, as well as construction and forestry, while entering North American large ag with lean production [67] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about stabilization in certain segments and geographies, despite challenges in large ag [7][8] - The company highlighted strong crop use and supportive government payments as potential upside factors [10][41] - Management acknowledged the resilience of the organization amidst a challenging market backdrop, with a focus on long-term customer value [19][67] Other Important Information - The company expects full-year net income for fiscal year 2026 to be in the range of $4 billion to $4.75 billion, with an effective tax rate between 25%-27% [17] - Cash flow from equipment operations is projected to be between $4 billion and $5 billion [17] - The company plans to resume normal capital allocation activities in 2026 after pausing buybacks in Q4 due to market uncertainty [67] Q&A Session Summary Question: How is the company thinking about offsetting the $1.2 billion tariff headwind in 2026? - The company expects to capture back some of the incremental exposure through price-cost positive expectations and will continue to execute activities to mitigate the impact [73][74] Question: Can you provide insights on the production plans and product mix implications for seasonality? - The company anticipates lower than normal seasonal production to start the year, with flexibility to adjust to demand in subsequent quarters [51][44]

天眼查App显示，近日，蓬安县常沃农资有限公司成立，法定代表人为江铮，注册资本2000万人民币， 经营范围为一般项目：肥料销售；生物有机肥料研发；农林废物资源化无害化利用技术研发；化肥销 售；土壤与肥料的复混加工；复合微生物肥料研发；物联网应用服务；低温仓储（不含危险化学品等需 许可审批的项目）；互联网销售（除销售需要许可的商品）；日用品批发；食品销售（仅销售预包装食 品）；特殊医学用途配方食品销售；婴幼儿配方乳粉及其他婴幼儿配方食品销售；鲜肉批发；鲜蛋批 发；玩具销售；食用农产品批发；新鲜水果批发；水产品批发；个人卫生用品销售；新鲜蔬菜批发；智 能农机装备销售；初级农产品收购；装卸搬运；粮食收购；农作物栽培服务；农作物种子经营（仅限不 再分装的包装种子）；非主要农作物种子生产；生物农药技术研发；农业机械服务；食用农产品初加 工；农业机械销售；日用品销售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许 可项目：城市生活垃圾经营性服务；食品互联网销售；餐饮服务；酒类经营；烟草制品零售；农作物种 子经营；农作物种子质量检验；农作物种子进出口；林木种子生产经营；主要农作物种子生产；农药生 产；农药批发 ...

深秋时节，步入丹徒区宝堰镇现代农业产业科创园的智能恒温大棚，映入眼帘的是一排排整齐的栽 培架，金灿灿的榆黄菇簇拥生长、生机盎然。这座曾经因企业运营不善而长期荒置的"问题园区"，如今 通过"政府主导、村集体参与、企业运营"的创新模式，已成功转型为集高科技种植、产业孵化、三产融 合于一体的农业科创平台，通过盘活存量、引入增量、提升质量，成为推动乡村振兴的"新引擎"。 宝堰镇现代农业产业科创园位于宝堰镇前隍村，占地约90亩，前身是经营停滞的润丰现代农业产业 园。改造前，这里连栋大棚破损严重，建筑外立面斑驳脱落，部分墙体开裂，院落杂草丛生，加上企业 长期拖欠村民土地租金，一度成为当地治理难题。为激活这片低效资产，宝堰镇政府对园区进行整体收 购并启动全面修缮。2021年12月，修缮一新的园区正式揭牌运营。 "园区统一建设大棚，我们以租赁方式入驻，大幅减轻了前期固定资产投入，能够更专注于生产与 销售。"公司相关负责人表示，在技术层面，企业与江苏农林职业技术学院保持紧密合作，为品种更新 和技术升级提供了有力支撑。 除了高科技菌菇种植，园区还通过引入特色项目，开辟差异化发展路径，生石花培育基地就是其中 的亮点之一。生石花原产 ...

天眼查App显示，近日，甘肃鑫田化肥科技有限公司成立，法定代表人为刘文昕，注册资本1000万人民 币，经营范围为许可项目：肥料生产；农药批发；农药生产；农药零售；住宿服务；餐饮服务；水产养 殖；饲料生产；道路货物运输（不含危险货物）（依法须经批准的项目，经相关部门批准后方可开展经 营活动）一般项目：土壤与肥料的复混加工；化肥销售；肥料销售；技术服务、技术开发、技术咨询、 技术交流、技术转让、技术推广；生物有机肥料研发；农业机械服务；农用薄膜销售；塑料制品销售； 塑料制品制造；水产品批发；谷物种植；豆及薯类销售；谷物销售；农产品的生产、销售、加工、运 输、贮藏及其他相关服务；花卉种植；水果种植；新鲜水果批发；农作物收割服务；农作物栽培服务； 五金产品批发；五金产品零售；停车场服务；电子过磅服务；装卸搬运；普通货物仓储服务（不含危险 化学品等需许可审批的项目）；住房租赁；物业管理；土地使用权租赁；饲料原料销售；酒店管理（除 许可业务外，可自主依法经营法律。 ...

眼下，重庆市潼南区32万亩柠檬迎来采收季。走进小渡镇大土村的柠檬种植基地，农户们穿梭林间，将 柠檬采摘、装筐。 操作员黄锐介绍，无人机换电仅需几分钟，能够持续作业，非常适合在丘陵地区运送农资和农产品。同 时，这些无人机还兼具喷洒农药、播撒种子等多种功能。今年以来，他们的无人机已累计运输柠檬约 700吨，成为柠檬、玉米、小麦等农作物运输的"得力助手"。 目前，潼南区已配备带转运功能的农用无人机90余台，有效破解了丘陵山区农产品运输难题，推动农业 节本增效，为特色产业发展注入了科技动力。 《 人民日报 》（ 2025年11月13日 10 版） (责编：赵欣悦、袁勃) 两台农用无人机正悬停在果林上空，机身下方挂着装满柠檬的果筐，将新鲜采摘的柠檬运往集装点，全 程不过1分钟。起伏的丘陵间，这条高效运转的"空中走廊"，成为今年柠檬丰收的一抹亮色。 潼南地处丘陵地带，以往柠檬采收后的转运多依赖人工。"过去全靠肩挑背扛，每人每天最多搬运千余 斤，遇到雨天路滑，还存在安全隐患。"基地负责人何小洋介绍，今年基地首次引入农用无人机参与运 输，每台无人机一次能装运柠檬200斤，单日运输量可达15吨，效率显著提升。 ...

Core Insights - South Africa is signaling new cooperation opportunities to global investors, particularly from China, in the context of global green transition and supply chain restructuring [1][2] - The South African Investment Conference held in Beijing emphasized the potential for collaboration in renewable energy, fintech, and agri-tech, highlighting the urgency for early participation [1][5] Renewable Energy - South Africa is actively promoting investments in renewable energy, including hydrogen, solar, and wind energy projects, creating ample opportunities for external investors [4][5] - The urgency for investment in renewable energy is underscored, with the potential for significant mutual benefits for both South Africa and China [5] Financial Services - The financial services sector in South Africa is mature and well-developed, presenting new growth opportunities, particularly in fintech [5] - South Africa encourages Chinese enterprises to engage in digital banking, payments, credit, and blockchain collaborations [5] Agriculture - Agriculture remains a crucial economic pillar for South Africa, with increasing opportunities for investment and collaboration in agri-tech [5] - The opening of the Chinese market has facilitated the entry of more South African products, enhancing bilateral agricultural cooperation [5] Key Mineral Resources - South Africa possesses abundant "critical minerals" essential for battery and renewable energy industries, ranking fifth globally in mining GDP contribution [2][8] - The country produces nearly 60% of the world's platinum group metals, providing a significant resource base for potential investors [2] Strategic Positioning - South Africa serves as a strategic gateway for Chinese investors looking to enter the African market, leveraging its industrialization and financial infrastructure [2][7] - The upcoming G20 summit in South Africa is expected to enhance the country's role in attracting high-quality investments and promoting sustainable development [2][6] Youth and Talent - South Africa has a relatively young population, which is adaptable to new technologies, providing a dynamic labor force for future industries [9] - The country’s industrial base and financial services support innovation, creating a conducive environment for technology-driven investments [9]

Core Insights - Pinggu has improved its ranking in the national rural revitalization statistical monitoring index, moving up 20 places to 58th nationwide, and has maintained its position as the top ecological conservation area in the capital for two consecutive years [1][3]. Economic Growth - Over the past five years, Pinggu's GDP has grown at an average annual rate of 8.2%, leading the ecological conservation area and ranking first in the city [3]. - Fixed asset investment growth has consistently remained among the top in the city, with a significant milestone achieved this year by surpassing 10 billion yuan in the first half [3]. Agricultural Development - The construction of the National Agricultural Technology Innovation Port is underway, with 11 projects planned for completion by 2028, which will include 13 national key laboratories and 4 innovation bases [3][4]. - Pinggu has developed a range of cutting-edge industries, including food nutrition and synthetic biology, and has attracted 52 food enterprises to extend the agricultural industry chain [4]. Logistics and Infrastructure - Pinggu is positioned as a logistics hub due to its geographical advantages, with plans to establish the largest logistics warehousing cluster in the city, covering 3.1 million square meters [4]. - The district aims to create a "big agriculture - big food - big logistics" industrial pattern [4]. Future Projects - Upcoming projects include the China-Europe Agricultural Food Industry Park and the One Health International Cooperation Science Center, which will enhance agricultural technology and health integration [5]. - Plans for the establishment of a functional agricultural association and a future food research institute are set for next year, alongside the construction of the first proactive health hospital in Beijing [5]. Government Support and Services - Pinggu has implemented a service system that focuses on the entire lifecycle of enterprises, ensuring that government services are responsive to business needs [6]. - Monthly events such as "Service Enterprise Reception Day" and "On-site Service Day" are held to facilitate direct communication between government leaders and businesses [6]. - Strategic partnerships with banks have secured 30 billion yuan in special credit for high-end industries, supporting the entire chain from R&D to application [6].

Core Insights - Bayer Crop Science is leveraging the China International Import Expo (CIIE) as a significant platform to showcase innovations and deepen local collaborations, presenting 7 "China debuts" and 8 "CIIE debuts" this year [1][2] - The company sees great potential in China's agricultural market, particularly in the biotechnology corn seed sector, which is expected to further unlock market value and opportunities [1][2] Group 1: Innovation and Product Development - Bayer is committed to enhancing agricultural productivity through innovation, addressing challenges such as soil issues and pest outbreaks driven by climate change [1][7] - The company has established a supply chain in China, including a production center in Hangzhou and an innovation center in Danyang, to support localized and customized agricultural solutions [3] - Bayer's CropKey initiative utilizes AI and computational modeling to accelerate the development of crop protection products, aiming to introduce ten major innovative products in the next decade [6] Group 2: Market Environment and Policy - The Chinese government is actively improving the business environment for foreign enterprises, which is beneficial for companies like Bayer, as highlighted by recent engagements with agricultural authorities [4] - The implementation of the new Seed Law in 2022 has strengthened variety rights protection, fostering a more conducive environment for seed industry innovation [4][5] - Bayer anticipates further enhancements in intellectual property protection within the seed sector, which is crucial for industry growth and innovation [4] Group 3: Challenges and Opportunities - The agricultural sector in China faces the dual challenge of ensuring food security while pursuing sustainable development, which presents both risks and opportunities for innovation [7][8] - There is a growing demand from farmers for specialized and customized solutions, alongside increasing consumer expectations for the quality and safety of agricultural products [8] - Bayer aims to support the cultivation of new agricultural productivity through product innovation and local partnerships, focusing on enhancing farmers' resilience and profitability [8]

Core Insights - Bayer Crop Science is leveraging the China International Import Expo (CIIE) as a significant platform to showcase innovations and deepen local collaborations, presenting 7 "China premieres" and 8 "CIIE premieres" this year [1][2] - The company emphasizes the importance of agricultural technology in addressing challenges posed by climate change and soil issues, driving the industry towards innovation and sustainable development [1][7] - Bayer sees substantial market potential in China's agricultural sector, particularly in the biotechnology corn seed market, which is expected to further unlock value and opportunities [2][5] Company Strategy - Bayer has established a comprehensive supply chain in China, including a production supply center in Hangzhou and an innovation center in Danyang, to support localized and customized agricultural needs [3] - The Hangzhou supply center, with an investment exceeding 300 million RMB, is set to enhance the distribution of Bayer's innovative agricultural products across China and Asia [3] - Bayer's joint venture, Zhongzhong International Seed Co., has invested significantly in local corn seed research and development, with an average annual R&D investment of nearly 15% of sales over the past 20 years [3] Market Environment - The Chinese government is actively improving the business environment for foreign enterprises, as evidenced by recent engagements between Bayer's global leadership and Chinese agricultural authorities [4] - The new Seed Law implemented in 2022 aims to strengthen variety rights protection, which is expected to foster innovation in the seed industry [4] - Bayer anticipates further enhancements in intellectual property protection within the seed sector, which will support the overall innovation ecosystem [4] Technological Innovation - Bayer is utilizing AI and computational modeling to accelerate the development of crop protection products, significantly shortening the R&D cycle [6] - The company plans to introduce ten major innovative products over the next decade, focusing on increasing yields while promoting environmental sustainability [6][8] - The integration of digital technologies in agriculture is expected to meet the growing demand for specialized and customized solutions from farmers [8] Industry Challenges and Opportunities - The agricultural sector faces dual pressures of ensuring food security and achieving sustainable development, presenting both challenges and opportunities for innovation [7][8] - The demand for high-quality, safe agricultural products is rising, prompting a shift towards efficient, low-toxicity crop protection solutions [8] - Bayer aims to support farmers in enhancing their resilience and productivity through innovative products and local partnerships, aligning with the vision of promoting regenerative agriculture [8]

Core Viewpoint - The article emphasizes the importance of agricultural technology and education in enhancing productivity and achieving rural revitalization in China, highlighting the efforts of agricultural universities and their students in practical applications of research to improve farming practices and support local communities [5][10]. Group 1: Agricultural Technology Innovations - The research station in Heilongjiang Province has achieved a corn yield of 2088.2 jin per mu, maintaining a "ton grain field" for three consecutive years through innovative agricultural practices [5][6]. - The integrated management model includes techniques such as "large ridge double-row dense planting," water and fertilizer integration, and deep burying of straw, which have led to increased corn yields [5][6]. - The introduction of over a thousand corn varieties and the development of specialty industries like fresh corn and seed testing have created job opportunities and increased income for local farmers [7][8]. Group 2: Practical Education and Student Involvement - Agricultural students are actively involved in fieldwork, applying classroom knowledge to real-world farming challenges, which enhances their understanding of agricultural practices [8][10]. - The "Four Dense One Sparse" strip planting technique has improved corn seedling rates to 98% and increased uniformity by 30% through precise planting methods [9]. - The implementation of drip irrigation and micro-spraying has resulted in a 14.2% increase in yield and a 33.3% improvement in water utilization efficiency [9]. Group 3: Community Engagement and Rural Development - Graduates from agricultural universities are taking on roles in rural areas, implementing projects that improve agricultural conditions and increase productivity [12][14]. - Initiatives such as transforming sloped land into terraced fields have enhanced agricultural production conditions and reduced soil erosion [12][14]. - The commitment of young professionals to serve rural communities reflects a broader trend of integrating agricultural education with practical community development efforts [14].