分析师 1: 对，麻烦您。 种业专家: 好好，这个开始之前，先这个扯两句闲白，说两句这个题外话，就是首先祝大家这个新年 快乐，开工第一天。这个也是，大家都不愿意上班是吧？这都一样。然后这个就是假如说 我在说的这个过程中，有什么问题，大家可以随时提出来，就是咱们可以及时的去沟通， 如果我没说明白，或者咱们没沟通明白，也不要紧，没问题。就是这个，咱们这个电话交 流之后，这个跟嘉言，可以这个，我们再沟通，有什么问题咱们再继续沟通。然后这个闲 言少叙，咱们就开始，这个刚才上午的时候吧，这个普杰同志是吧，给我了大概能有个 6 个问题，我也是做了一点点准备，因为有点忙，准备的不是很充分。 分析师 1: 各位线上领导，张老师新年好。我们今天这个开工第一天，因为现在整个这个种植的销售 季，也是接近尾声，所以我们也准备这个开一个种业的一个电话会议，然后也是跟各位更 新一下这个就是这个销售字的一个大概的一个情况的。然后专业老师，我们看要不能不能 先麻烦您帮我们介绍一下就是咱们自己就是说咱们自己的一个品种的一个情况，推广面积 和区域的一些情况等等。然后后面这个，看线上领导有没有需要交流的问题，也可随时这 个进行提问，谢谢。 种业专 ...

Group 1: Financial Performance and Strategies - 隆平巴西 significantly reduced losses through organizational optimization and enhanced marketing strategies, achieving a gross profit margin increase of over 8% year-on-year [2][3] - Financial expenses decreased by approximately 90% compared to the previous year due to the replacement of high-interest debt with a RMB 4 billion syndicated loan [2][3] - The company aims to achieve profitability in 2026 by optimizing its debt structure and improving capital management [3] Group 2: Rice Industry Outlook - The company maintains a market share of over 20% in the rice seed industry, demonstrating resilience amid increased competition and extreme weather conditions [4] - Future growth opportunities exist in international markets, particularly in Southeast Asia, where the company can leverage its technological advantages [4] Group 3: Specialized Business Development - The specialized business segment showed varied performance, with steady growth in sunflower and pepper seed businesses, while the millet seed business faced a decline due to market price adjustments [5][6] - The company plans to expand its product categories and enhance international operations while managing risks effectively [5][6] Group 4: Corn Industry Challenges - The domestic corn seed industry is currently in a downturn, with expectations of continued challenges over the next one to two years [6] - The company is proactively preparing next-generation corn varieties and has a good cash flow to seize opportunities during this low period [6]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is expected to achieve steady growth throughout the year, driven by the expansion of new varieties in the Huang-Huai-Hai market [7] - The company reported a revenue of 0.46 billion yuan in H1 2025, a year-on-year decrease of 2.68%, while the net profit attributable to the parent company was 0.09 billion yuan, an increase of 12.22% year-on-year [7] - The company is focusing on promoting its core hybrid corn seed business, with new varieties showing strong performance and demand growth [7] Financial Forecasts - Total revenue is projected to reach 403 million yuan in 2025, with a year-on-year growth of 19.71% [1][8] - Net profit attributable to the parent company is expected to be 90.87 million yuan in 2025, reflecting a year-on-year increase of 10.01% [1][8] - The earnings per share (EPS) is forecasted to be 0.91 yuan in 2025, with a price-to-earnings (P/E) ratio of 27.64 based on the latest diluted EPS [1][8] Market Data - The closing price of the stock is 25.28 yuan, with a market capitalization of 2,511.85 million yuan [5] - The company has a price-to-book (P/B) ratio of 5.21 and a total asset-liability ratio of 39.21% [5][6] Operational Insights - The company has increased its sales and marketing expenses to promote its core products, resulting in a sales expense ratio of 22.92% in Q2 2025, up by 6.99% year-on-year [7] - The gross profit margin improved to 39.46% in H1 2025, an increase of 13.47 percentage points year-on-year, due to higher production yields and better pricing power [7]

Group 1: Investor Relations Activity Overview - The investor relations activity was an earnings briefing held on May 21, 2025, from 15:00 to 16:00 [3] - The event was conducted online via www.ir-online.cn, with participation from various investors [3] - Key company representatives included CEO Peng Xubing, Secretary Li Danni, and CFO Deng Huayong [3] Group 2: Industry Challenges and Company Strategy - The corn seed industry is currently facing an oversupply situation, presenting both challenges and opportunities for the company [5] - The company aims to enhance its market share and profitability by focusing on high-yield, resilient new varieties and leveraging transgenic technology [5] - The company is committed to maintaining long-term partnerships with feed enterprises to secure demand [5] Group 3: International Market Expansion - The company is actively exploring international markets, conducting variety trials in Southeast Asia (Cambodia, Pakistan) and Africa (Nigeria, Angola, Madagascar) [5] - The goal is to establish overseas partnerships to promote products and services globally [5] Group 4: Product Development and Market Strategy - The company has successfully developed transgenic corn variety Kangnong 20065KK, which has shown stable performance in trials [7] - Plans are in place to expand production scale and market promotion in the coming year, with over 300 acres already designated for demonstration planting [7] - The company is focusing on building a diverse product matrix in key regions like Huanghuaihai and East North China to enhance competitiveness [8] Group 5: Mergers and Acquisitions Considerations - The company is considering mergers and acquisitions to diversify its business and improve risk resilience, evaluating potential targets based on industry conditions and strategic alignment [6][8] - Any significant developments will be disclosed in accordance with the Beijing Stock Exchange listing rules [6][8] Group 6: Research and Development Collaborations - The company has established strategic partnerships with agricultural research institutions to enhance R&D capabilities in the Northeast region [8] - This collaboration aims to address specific challenges such as disease resistance in corn varieties [8]