2025年12月31日，浙江托普云农科技股份有限公司（以下简称"公司"）在公司会议室接待了机构调研。 国泰海通证券、国泰海通资管、国新投资、大家资产、拾贝投资共5家机构参与了本次特定对象调研及 现场参观活动，公司副总经理、财务总监、董事会秘书朱娜负责接待并与机构投资者进行了深入交流。 公司基本情况：深耕智慧农业的国家级专精特新"小巨人" 据介绍，浙江托普云农成立于2008年，是一家专注于智慧农业领域的国家级专精特新"小巨人"企业。公 司运用物联网、人工智能、大数据、算法等新一代信息技术，通过智能硬件设备、农业物联网及信息化 软件平台，为农业领域的政府部门、企事业单位、科研院校等提供数据采集、分析决策、精准执行、科 学管理等综合解决方案。 公司产品及服务主要分为两大类：一是智慧农业项目，包括农业物联网和信息化软件平台；二是智能硬 件设备，涵盖可直接联网的智能装备、具备监测或检测功能的仪器设备、搭载在物联网或其他装置的传 感器等前端硬件，全面覆盖种植业信息采集、检测、控制及监测环节，贯穿作物从育种至收获的整个生 命周期。 调研核心聚焦：AI驱动智慧农业发展 技术落地成效显著 在问答环节，机构投资者重点关注了智慧农 ...

Core Insights - The event in Wuhan showcased innovative technologies in agriculture, emphasizing the integration of AI in various agricultural processes, from molecular breeding to space monitoring [1][9] - The collaboration among agricultural technology companies is creating a robust ecosystem that accelerates the transformation of technological achievements into practical applications [11] Group 1: AI Integration in Agriculture - Companies presented solutions that combine satellite, drone, and ground sensor technologies for real-time monitoring of crop health and pest migration, enabling farmers to prepare for pest outbreaks 7-10 days in advance [1] - A laser weeding machine demonstrated the ability to identify and eliminate weeds with a precision of 2 millimeters, avoiding damage to surrounding crops [2][4] Group 2: Innovations in Crop Nutrition and Seed Development - A system developed by Hubei Zhihui Technology provides customized fertilizer formulations based on AI analysis of soil and crop data, achieving a 70% reduction in fertilizer use and a 47% decrease in water consumption, while increasing cotton yield by 87 kilograms per acre [4] - Companies are leveraging AI and quantum computing to enhance seed development, significantly shortening breeding cycles and improving the efficiency of agricultural research [5] Group 3: Collaborative Ecosystem and Future Prospects - The event highlighted a clear transformation path from laboratory research to field application and market integration, fostering a collaborative innovation ecosystem in Wuhan [11] - The goal is to establish Wuhan as a national demonstration hub for "AI+ agriculture," promoting a shift from traditional farming methods to data-driven agricultural practices [9][11]

Core Viewpoint - The company emphasizes the importance of AI technology in agriculture and is actively responding to national initiatives regarding "AI + Agriculture" [1] Group 1: Company Initiatives - The company is committed to enhancing its core competitiveness in agriculture through the application of AI technology [1] - The company aims to improve agricultural production efficiency and quality via technological innovation [1] Group 2: Industry Trends - The company is focusing on the forefront of AI agricultural technology [1]

Investment Rating - The industry rating is "Strongly Outperform the Market" [5][72]. Core Viewpoints - The supply-demand imbalance in the pig farming sector continues, leading to downward pressure on pig prices. As of November 28, the pig price was 11.20 CNY/kg, a decrease of 0.42 CNY/kg week-on-week. The average weight of pigs sold increased to 129.22 kg, up 0.41 kg week-on-week, indicating a potential recovery in prices in the long term due to capacity reduction policies [2][10][30]. - In the beef sector, calf prices have rebounded, and the long-term trend for beef prices is upward. As of November 28, the price for fattened bulls was 25.55 CNY/kg, down 0.12% week-on-week, while calf prices rose to 32.09 CNY/kg, up 0.28% week-on-week. The market is expected to tighten due to a reduction in breeding cows [3][33]. - The poultry sector is experiencing a decrease in the enthusiasm for restocking broiler chicks, with prices slightly adjusting. As of November 28, the price for white feather broilers was 7.19 CNY/kg, up 0.04% week-on-week, while broiler chick prices were 3.47 CNY each, down 0.01 CNY [4][40]. - The agricultural products sector, particularly soybean meal, is seeing price fluctuations. As of November 28, the spot price for soybean meal was 3100 CNY/ton, up 30 CNY/ton week-on-week. The market is expected to continue its oscillating trend due to high domestic inventory levels [4][55]. Summary by Sections Pig Farming - The supply-demand imbalance persists, leading to a decrease in pig prices. The average price on November 28 was 11.20 CNY/kg, with a week-on-week decrease of 0.42 CNY/kg. The average weight of pigs sold increased to 129.22 kg, indicating a potential recovery in prices in the long term due to capacity reduction policies [2][10][30]. - The average profit for self-bred pigs was -147.99 CNY/head, and for purchased piglets, it was -248.82 CNY/head, reflecting ongoing losses in the sector [10]. Beef Industry - Calf prices have shown signs of recovery, with the price for fattened bulls at 25.55 CNY/kg, down 0.12% week-on-week, and calf prices at 32.09 CNY/kg, up 0.28% week-on-week. The market is expected to tighten due to a reduction in breeding cows, leading to a potential upward trend in beef prices in the coming years [3][33]. Poultry Sector - The enthusiasm for restocking broiler chicks has decreased, with broiler prices at 7.19 CNY/kg, up 0.04% week-on-week, and broiler chick prices at 3.47 CNY each, down 0.01 CNY. The ongoing avian influenza outbreak may lead to a contraction in upstream production capacity [4][40][43]. Agricultural Products - The soybean meal market is experiencing price fluctuations, with a spot price of 3100 CNY/ton, up 30 CNY/ton week-on-week. The market is expected to continue its oscillating trend due to high domestic inventory levels and external factors affecting supply [4][55].

Group 1 - The core viewpoint emphasizes the necessity of a differentiated approach in implementing the "Artificial Intelligence +" initiative, highlighting that regions must identify their unique strengths to compete effectively [1][2] - The "14th Five-Year Plan" suggests a comprehensive implementation of the "Artificial Intelligence +" action, aiming to empower various industries through innovative applications in healthcare, manufacturing, and agriculture [1][2] - The rapid development of AI technology in China is closely linked to diverse application scenarios, which include smart teaching assistants, home automation robots, and quality inspection robots in manufacturing [1][2] Group 2 - Different regions are encouraged to leverage their unique characteristics and resources to maximize the benefits of AI technology, with examples such as Shanghai's focus on "AI + Manufacturing" and Shandong's emphasis on "AI + Agriculture" [2] - The implementation of the "Artificial Intelligence +" initiative requires collaboration across various sectors and regions, including partnerships between enterprises and educational institutions to cultivate talent [3] - Safety is highlighted as a prerequisite for advancing AI, with concerns regarding data security, privacy, and the potential risks associated with AI technologies [3][4] Group 3 - The importance of integrating AI with industrial development, cultural construction, and public welfare is underscored, with the goal of fostering a healthy and orderly development of AI that benefits society [4]

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 to 12 months [78]. Core Insights - The report highlights a gradual reduction in production capacity in the pig farming sector, with the number of breeding sows in China dropping below 40 million as of October, reflecting a decrease of over 350,000 from September [2][35]. - The report suggests that the recent losses in pig farming, combined with capacity control policies, are likely to enhance expectations for production capacity reduction, which may lead to a long-term increase in pig prices [2][35]. - The report recommends focusing on companies such as TianKang Biological, Muyuan Foods, Wens Foodstuff Group, and Dekang Agriculture [2][35]. Summary by Sections Pig Farming - Pig prices initially declined but showed slight recovery later in the week, with an average price of 11.62 CNY/kg as of November 21, reflecting a week-on-week decrease of 0.04 CNY/kg [11]. - The average weight of pigs sold increased to 128.81 kg, up by 0.33 kg week-on-week, driven by improved weight gain due to lower temperatures [24][35]. - The report indicates that the industry is currently facing losses, but the expected reduction in production capacity may lead to higher long-term price stability for quality pig farming companies [35]. Cattle Farming - Short-term prices for beef cattle have slightly decreased, with the price of fattened bulls at 25.58 CNY/kg, down 0.16% week-on-week, while calf prices increased to 32 CNY/kg, up 0.63% week-on-week [38]. - The report notes that the supply of beef cattle is expected to tighten in the medium to long term, with prices anticipated to enter an upward cycle between 2026 and 2027 [38]. Dairy Farming - The price of raw milk is currently at a low point, recorded at 3.03 CNY/kg, which is a 31% decrease from the peak [39]. - The ongoing losses in the dairy sector are expected to continue driving production capacity reduction, with a potential stabilization and recovery in raw milk prices anticipated as supply contracts [39]. Poultry Farming - The report indicates a decrease in the enthusiasm for restocking broiler chickens, with the price of white feather broilers at 7.15 CNY/kg, showing a slight increase of 0.03 CNY/kg week-on-week [46]. - The price of chicken eggs averaged 6.25 CNY/kg, down 0.24 CNY/kg week-on-week, with expectations for future price recovery due to supply constraints from ongoing avian influenza outbreaks [46][49]. Agricultural Products - The report notes a correction in soybean meal prices following the USDA report, with spot prices at 3070 CNY/ton, down 28 CNY/ton week-on-week [62]. - The report emphasizes the importance of monitoring actual soybean purchases and planting weather in South America for future price movements [62].

Core Insights - Jiangsu Lizhuo Information Technology Co., Ltd. held a strategic investment signing conference, signing agreements with China Innovation Investment Co., Ltd. and Chengtou Development Fund Co., Ltd. for strategic investments, and with Nanjing Botuo Agricultural Technology Co., Ltd. and Nanjing Haoshihui Agricultural Development Co., Ltd. for agricultural projects [1][7][9][10][11] Group 1: Strategic Agreements - Jiangsu Lizhuo signed a "Strategic Investment Agreement" with China Innovation Investment Co., Ltd. [7] - Jiangsu Lizhuo signed a "Strategic Investment Agreement" with Chengtou Development Fund Co., Ltd. [9] - Jiangsu Lizhuo signed a "10,000-Mu Smart Greenhouse Planting Agreement" with Nanjing Botuo Agricultural Technology Co., Ltd. [10] - Jiangsu Lizhuo signed a "10,000-Mu Economic Crop Purchase Agreement" with Nanjing Haoshihui Agricultural Development Co., Ltd. [11] Group 2: Vision and Strategy - The chairman of Jiangsu Lizhuo emphasized the company's strategic plan in the smart agriculture sector, aiming to integrate "AI + Robotics + Agriculture" into its core operations and become a leader in China's smart agriculture [1] - The chairman of China Innovation Investment expressed high recognition of Jiangsu Lizhuo's business model and development prospects, showing great expectations for the integration of smart agriculture in China [3] - The executive director of Nanjing Agricultural University’s Smart Agriculture Research Institute praised Jiangsu Lizhuo's technological breakthroughs and market achievements, encouraging further collaboration between industry and academia [5] Group 3: Collaborative Principles - The signing parties will adhere to principles of "resource sharing, complementary advantages, mutual promotion, and common development" to integrate industry and capital resources, expand markets, and inject new momentum for sustainable development [13] Group 4: Industry Engagement - A roundtable forum was held where industry peers and investment institutions discussed practical issues such as technology research and capital empowerment, providing actionable suggestions for ecological construction and industry-academia cooperation [15] - The successful signing conference highlighted a vibrant and intelligent collaborative innovation blueprint for the industry [17]

Group 1: Agricultural AI Development - The "Future Agricultural Intelligent Hub" was jointly launched by Yanzhou Bay National Laboratory and Huawei, aiming to enhance breeding efficiency through AI and establish a unified data platform for multi-modal seed industry data [1] - The global smart agriculture market is projected to reach $34.1 billion by 2026, with a compound annual growth rate (CAGR) of 18.5%, while China's "AI + agriculture" market is expected to reach 48.7 billion RMB by 2025, growing at 26.5% [1] - The integration of AI in agriculture is seen as a typical case of technology empowering traditional industries, driven by the need to overcome bottlenecks in traditional agricultural models [1] Group 2: Industry Innovations and Applications - XAG Technology has developed an agricultural drone capable of sowing rice seeds, completing the task for 6 acres in about 4 minutes, which is 50 times more efficient than traditional manual methods [2] - XAG's products are now available in 70 countries and regions, serving over one million farmers, showcasing the innovative practices driven by AI in agriculture [2] - Longping High-Tech focuses on core seed industry operations, leveraging technological innovation to become a comprehensive multinational seed group specializing in major crops [2][3] Group 3: Digital Agriculture Platforms - Dayu Water-saving Group has developed a digital agriculture platform that integrates precision irrigation, data management, IoT, remote sensing technology, and agricultural big data [3] - The company utilizes AI, digital twins, and big data to enhance water resource management, enabling real-time monitoring and optimization of water resource allocation [3]

Core Insights - The event "Intelligent Gathering in Ba Gui: Academics and Experts' Visit for High-Quality Development of Characteristic Agriculture in Guangxi" aims to enhance the agricultural sector in Guangxi through smart technology and expert guidance [1] - The focus is on achieving food security and improving grain production capacity through smart agriculture, with the first unmanned rice farm in Guangxi demonstrating significant yield [2] - The integration of AI in agriculture is expected to attract younger generations to the sector by addressing labor shortages and improving production efficiency [2] Group 1: Smart Agriculture Initiatives - The first unmanned rice farm in Guangxi achieved a yield of 1,051.89 kg per mu, with the "Wei Liang You 8612" variety consistently exceeding 1,000 kg per mu for two consecutive years [2] - The farm utilizes a range of smart equipment, including unmanned tractors and drones, to manage the entire rice production process digitally [2] - Experts emphasize the importance of smart technology in addressing rural labor shortages and enhancing agricultural productivity [2] Group 2: Aquaculture and Smart Technology - Smart aquaculture is being developed in Guangxi, with real-time monitoring of water quality in modern fish farming facilities [3] - The system alerts farmers when water quality exceeds safe limits, promoting a shift towards ecological farming practices [3] - Collaboration between research teams and local enterprises aims to enhance the entire fish farming process through smart technology [3] Group 3: Sugarcane Production Challenges - The hilly terrain in Guangxi poses challenges for mechanization and smart technology in sugarcane production [3] - Experts recommend improving land suitability for machinery through terrain modification and developing specialized equipment for hilly areas [3] - The promotion of a "step-by-step harvesting" model is being implemented to address harvesting difficulties in small and sloped fields [3] Group 4: Agricultural Technology Exchange - Guangxi is positioned as a potential agricultural technology export hub to ASEAN countries facing similar agricultural challenges [4] - The region can enhance economic cooperation through technology transfer, product exports, and skills training [4] - The integration of traditional breeding methods with modern technology is seen as a way to enhance the competitiveness of local crop varieties [4] Group 5: AI in Breeding and Crop Management - AI technology is being utilized to improve breeding efficiency and shorten breeding cycles for rice and vegetable varieties [5] - Experts suggest focusing on quality improvement in crop varieties, particularly for high-temperature and high-humidity conditions in Guangxi [5] - AI models can also optimize field management by predicting pest and disease outbreaks based on climate data [5] Group 6: Events and Expert Engagement - The event included various activities such as the 2025 Smart Agriculture Expo and the closing ceremony of the Smart Agriculture Innovation Competition, facilitating exchanges between experts and local agricultural representatives [6] - The insights and recommendations from experts are expected to drive the transformation and upgrading of Guangxi's agricultural sector [6]

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [70]. Core Views - The report highlights ongoing supply pressure in the pig farming sector, leading to a downward trend in pig prices. As of November 7, the average pig price was 11.85 CNY/kg, down 0.69 CNY/kg week-on-week. The average weight of pigs sold has increased to 128.30 kg, up 0.61 kg week-on-week, indicating a shift towards heavier pigs being sold [2][10][30]. - 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 in 2026-2027. The price of calves as of November 7 was 31.93 CNY/kg, down 0.53% week-on-week, but up 32.43% year-to-date [3][32]. - The poultry sector is experiencing stable yet declining prices for meat chickens, with the average price for white feathered meat chickens at 7.09 CNY/kg as of November 7. The egg price is slightly up at 6.22 CNY/kg, indicating potential recovery in the egg market as downstream production decreases [4][40][45]. - The agricultural sector is seeing a strong performance in soybean meal prices due to changes in import tariffs on U.S. soybeans, with the spot price at 3094 CNY/ton, up 36 CNY/ton week-on-week. This is expected to support a strong trend in soybean meal prices moving forward [4][53]. Summary by Sections Pig Farming - Supply pressure continues, leading to a decline in pig prices. The average pig price as of November 7 is 11.85 CNY/kg, down 0.69 CNY/kg week-on-week. The average weight of pigs sold has increased to 128.30 kg, up 0.61 kg week-on-week [2][10][30]. - The report notes that the market is transitioning to sporadic replenishment as the enthusiasm for secondary fattening has decreased significantly [10][30]. Beef Industry - Short-term prices for beef are slightly declining, with calf prices at 31.93 CNY/kg, down 0.53% week-on-week, but up 32.43% year-to-date. The market is expected to tighten in the medium to long term, leading to a potential price increase cycle in 2026-2027 [3][32]. Poultry Sector - The average price for white feathered meat chickens is stable at 7.09 CNY/kg, while egg prices are slightly up at 6.22 CNY/kg. The report suggests that the poultry sector may benefit from a recovery in consumption as production decreases [4][40][45]. Agricultural Products - The soybean meal market is expected to remain strong due to tariff changes on U.S. soybeans, with current prices at 3094 CNY/ton, up 36 CNY/ton week-on-week. This is anticipated to support a bullish trend in soybean meal prices [4][53].