■本报记者曹沛原 2025年中央一号文件明确提出"推进肉牛、奶牛产业纾困，稳定基础产能。"交通银行积极响应国家号 召，结合地域特色"一地一品"创新信贷产品，以金融科技重塑业务流程，助力打通肉牛产业链痛点堵 点，在广袤乡村大地上书写金融支持产业振兴新篇章。 创新服务模式破解"融资难" 在"天府之国"四川，交行四川省分行深入研究本地肉牛产业特点，依托四川省供销科技产业集团有限公 司生物资产动态监测体系，创新推出"肉牛贷"。 交行可实时获取养殖户肉牛资产数据，结合订单、物流等全链条信息，构建养殖主体信用评估模型，同 时锁定贷款资金用途，确保定向支付至饲料、兽药等供应商账户，形成"数据监测—风险评估—资金闭 环"完整链条。养殖户仅需在平台注册、提交资料，即可开启贷款申请。系统高效运作，实现线上申 请、审批，单笔额度最高达300万元。 泸州养殖户王先生见证了科技助力金融惠农的力量。在扩建养殖场计划因资金缺口搁浅时，交行"肉牛 贷"助他完成牛舍升级、良种引进，肉牛品质跃升，销路快速打开。在交行助力下，他的养殖场已成为 当地乡村振兴标杆示范点。 目前，"肉牛贷"在四川已惠及众多养殖主体，累计投放超亿元，助力当地肉牛产业链完 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its future performance [3]. Core Views - The company has demonstrated strong revenue growth, with 2024 revenue reaching 5.584 billion yuan, a year-on-year increase of 43.51%, and a return to profitability with a net profit of 687 million yuan [1]. - The first quarter of 2025 also showed robust performance, with revenue of 1.472 billion yuan, up 35.97% year-on-year, and a net profit of 229 million yuan [1]. - The company's growth is driven by capacity expansion and cost optimization, with a focus on increasing the number of breeding sows and reducing breeding costs [2]. - The company has a solid financial structure, with a low debt ratio of 27.81% as of the end of Q1 2025, which supports its long-term expansion plans [3]. Summary by Sections Revenue and Profitability - In 2024, the company achieved a revenue of 5.584 billion yuan, with a net profit of 687 million yuan, marking a significant turnaround from losses in previous years [1]. - For 2025, the revenue forecast is set at 8.042 billion yuan, with a projected net profit of 569 million yuan [4]. Capacity and Cost Management - As of March 2025, the company has a breeding sow inventory of 128,000, an increase from 121,000 at the end of 2024, with ongoing capacity expansion expected to be completed by mid-2025 [2]. - The cost of breeding has been optimized, with the total cost per kilogram dropping to approximately 12.4 yuan in Q1 2025 [2]. Financial Health - The company raised 290 million yuan through a private placement to accelerate capacity construction, enhancing its financial strength [3]. - The asset-liability ratio has decreased by 1.72 percentage points year-on-year, indicating improved financial stability [3]. Profit Forecasts - The net profit forecast for 2025 has been raised to 569 million yuan, reflecting an increase of 111.8% from previous estimates, with further increases projected for 2026 and 2027 [3].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603363 证券简称：*ST傲农 福建傲农生物科技集团股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 ■ (二)非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 (三)主要会计数据、财务指标 ...

Core Insights - The article highlights the innovative "borrowing grazing" model that addresses the challenges faced by both herders and farmers, promoting resource efficiency and ecological benefits [1][2][3] - It emphasizes the need for reform and innovation in agricultural management to enhance productivity and farmer income, as outlined in the recent "Accelerating the Construction of an Agricultural Power Plan (2024-2035)" [1][2] Group 1: Innovative Agricultural Practices - The "borrowing grazing" model allows herders to find stable feed sources for livestock during winter while providing farmers with rental income and reducing straw disposal costs [1] - Similar innovative practices, such as the "large托管" model in Anhui and the "small fields into large fields" reform in Jiangsu, demonstrate effective resource allocation and enhanced agricultural productivity [2] Group 2: Systematic Support and Management - Successful implementation of the "borrowing grazing" model requires a structured management service system involving provincial, municipal, and county-level coordination to address logistical challenges [3] - The article stresses the importance of a robust agricultural social service system to maximize the benefits of innovative management practices and ensure sustainable agricultural development [3]

Core Viewpoint - The performance of A-share listed companies in Henan province for 2024 shows significant growth in both revenue and net profit, indicating a resilient and high-quality economic performance despite a complex economic environment [1][2]. Group 1: Financial Performance - In 2024, Henan A-share listed companies achieved a total operating revenue of 1,055.73 billion yuan, representing a year-on-year growth of 6.01% [1]. - The net profit attributable to shareholders reached 72.08 billion yuan, with a remarkable year-on-year increase of 31.91% [1]. - A total of 20 companies in Henan reported operating revenues exceeding 10 billion yuan, with Luoyang Molybdenum and Muyuan Foods leading the list with revenues of 213.03 billion yuan and 100 billion yuan respectively [3]. Group 2: Resilience and Confidence - The resilience of Henan companies is highlighted by 87 out of 111 listed companies being profitable, with 56 companies reporting net profits exceeding 100 million yuan [3]. - In 2024, 82 companies implemented cash dividends totaling 41.69 billion yuan, a significant increase from the previous year, reflecting improved profitability and cash flow management [4]. - The increase in dividend frequency, including quarterly dividends from several companies, demonstrates a commitment to investor returns and enhances confidence in the region's A-share companies [4]. Group 3: Innovation and Growth - The rise of emerging industries has opened new opportunities for Henan A-share companies, with a strong focus on research and development (R&D) driving growth [5]. - Thirteen companies reported R&D expenses exceeding 10% of their operating revenue, with notable investments from companies like AVIC Optoelectronics and Yutong [5]. - Policies supporting technological innovation and manufacturing, including tax reductions and refunds totaling 63.07 billion yuan, have further facilitated R&D efforts, particularly benefiting private enterprises [5].

公司截至2025年3月31日，*ST天山摊薄每股收益为-0.02元，在已披露的同业公司中排名第18。 2025年4月29日，*ST天山(300313.SZ)发布2025年一季报。 公司截至2025年3月31日，*ST天山营业总收入为2464.85万元，在已披露的同业公司中排名第21。截至2025年3月31日，*ST天山归母净利润为-495.92万元， 在已披露的同业公司中排名第16。截至2025年3月31日，*ST天山经营活动现金净流入为-714.59万元，在已披露的同业公司中排名第17，较去年同报告期经 营活动现金净流入减少1257.07万元，同比较去年同期下降231.73%。 公司截至2025年3月31日，*ST天山最新资产负债率为99.62%，在已披露的同业公司中排名第21，较上季度资产负债率增加1.91个百分点，较去年同期资产负 债率增加20.48个百分点。 公司截至2025年3月31日，*ST天山最新毛利率为11.43%，在已披露的同业公司中排名第14。 公司截至2025年3月31日，*ST天山最新总资产周转率为0.10次，在已披露的同业公司中排名第18。截至2025年3月31日，*ST天山最新存货 ...

Core Viewpoint - The article emphasizes the importance of boosting domestic demand and investment in Henan province to ensure economic recovery and growth, particularly in the second quarter of 2025. Domestic Demand and Consumption - Henan province is implementing a special action plan to boost consumption, focusing on enhancing consumer capacity, expanding product consumption, and improving service quality through eight major actions [1] - The plan aims to address barriers to consumption by promoting high-quality employment, increasing residents' income, and improving the overall consumption environment [1] - The province has allocated 1.5 billion yuan for the "Lego Henan" consumption voucher program to stimulate consumer spending [10] Infrastructure Investment - The provincial government has introduced 14 measures to enhance infrastructure investment, covering the entire lifecycle of infrastructure projects [2] - Key strategies include concentrated project oversight, expedited preliminary work, and strengthened support for major projects [3] Support for Enterprises - The government is expanding its support for key enterprises, increasing the number of companies receiving assistance from 1,500 to 15,000 [4] - Measures include helping enterprises secure orders, reduce costs, and transition to new business models [5] - Financial support will be provided to enterprises with significant revenue growth, with a one-time subsidy of 100,000 yuan for those achieving a 10% increase in revenue [7] Agricultural Production - The second quarter is critical for summer grain production, with efforts focused on managing wheat during its critical growth phase [8] - The province is also enhancing livestock production capabilities and supporting farmers through various policies [9] Foreign Trade - Henan's foreign trade saw a total import and export value of 204.26 billion yuan in the first three months of the year, with a year-on-year growth of 28% [11] - The government plans to stabilize foreign trade through policy support, market expansion, and assistance for enterprises facing challenges [11]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Short - term hog prices may fluctuate, and there may still be a possibility of new lows in the long - term [4]. - From sow and piglet data, hog supplies in the second, third, and fourth quarters of 2025 will be abundant, so there is no basis for a significant increase in hog prices [4]. - Demand in the second and third quarters provides weak support for hog prices, making it difficult to drive a significant price increase [4]. - The current increasing hog slaughter weight indicates that the farming sector is still accumulating inventory, which is negative for future prices. If there is a concentrated weight reduction later, hog prices may hit new lows [4]. - Although there may be new lows in the long - term for spot prices, due to high uncertainty and weak short - term weight reduction drivers, and the futures price being in a relatively reasonable range, it is recommended to wait and see [4]. 3. Summary by Relevant Catalogs Market Overview - On April 29, the number of registered hog warehouse receipts was 705 lots [2]. - The LH2505 contract is mainly about spot - futures convergence and delivery games, while far - month contracts are weakly operating due to the expected increase in future hog supplies [2]. - The main contract (LH2509) reduced its positions by 421 lots today, with a position of about 72,900 lots. The highest price was 14,130 yuan/ton, the lowest was 13,910 yuan/ton, and it closed at 13,930 yuan/ton [2]. - The national average hog slaughter price on April 29 was 14.72 yuan/kg, down 0.01 yuan/kg (- 0.07%) from the previous day. The prices in Henan and Sichuan were 14.74 yuan/kg (down 0.08 yuan/kg, - 0.54%) and 14.35 yuan/kg (unchanged) respectively [6]. - Among futures contracts, the prices of 01, 03, 07, 09, and 11 contracts decreased, while the 05 contract increased. The price changes were - 100 yuan/ton (- 0.72%), - 75 yuan/ton (- 0.57%), - 35 yuan/ton (- 0.26%), - 200 yuan/ton (- 1.42%), - 105 yuan/ton (- 0.77%), and + 25 yuan/ton (+ 0.18%) respectively [6]. - The main basis in Henan increased by 120 yuan/ton (17.39%) to 810 yuan/ton [6]. Fundamental Analysis - From the perspective of the number of fertile sows, hog supplies from March to December are expected to increase monthly, but the increase is limited. According to piglet data, hog slaughter volumes will generally increase in the second and third quarters of 2025. The first half of the year is the off - season for demand, while the second half is the peak season [3]. - Based on historical data and current fundamentals, there is still room for the fat - standard price difference to decline [3]. - Short - side logic: The farming sector has not yet reduced hog weights, which is negative for future prices; future hog supplies are expected to continue to increase; the second and third quarters are not the peak consumption seasons, so demand support for hog prices is limited [3]. - Long - side logic: Slaughterhouses' inventory replenishment is not over, which can support hog prices; the firm spot price indicates that the supply - demand situation is not as loose as the short - side believes; although future hog supplies will increase, the increase is limited, and the third and fourth quarters are gradually entering the peak hog consumption season; rising prices of corn and soybean meal may increase hog farming costs [3]. Strategy Suggestions - The short - term hog price may fluctuate, and there may be new lows in the long - term. It is recommended to wait and see for now [4].

Group 1 - The core event is the agricultural cooperation promotion activity held in Zhengzhou, Henan Province, where Jilin and Henan provinces aim to enhance collaboration in the livestock industry, resulting in four cooperation intention agreements among seven enterprises [1][3]. - Key topics discussed include the "Straw to Meat and Ten Million Beef Cattle Project," research and sales of Sika deer products, and the construction of a cold chain logistics system, highlighting Jilin's role as a major grain and livestock product supplier [3][5]. - The collaboration is expected to leverage Henan's food processing experience and sales channels to support the development of the Sika deer industry, with significant opportunities in beef cattle and pork processing [3][5]. Group 2 - Four agreements were signed, including a framework cooperation agreement for Sika deer product sales and a project cooperation framework for the annual slaughter and processing of 100,000 beef cattle, with an estimated annual cooperation scale exceeding 500 million yuan [5][7]. - During the event, the Jilin delegation visited key enterprises in Henan, and a consensus was reached to establish a "Jilin Quality Livestock Products Central China Exhibition Center" through the Jilin Chamber of Commerce [7]. - The initiative aims to create a new model of industrial cooperation, establishing a long-term connection mechanism through the Chamber of Commerce, with plans for the Jilin Livestock Management Bureau to promote the transformation of intention agreements into actionable projects [7].

Core Viewpoint - TianKang Biological has reported significant growth in revenue and net profit for the year 2024, indicating strong performance in the agricultural biotechnology sector [1][3]. Financial Performance - The company achieved a total revenue of 17.176 billion yuan and a net profit attributable to shareholders of 605 million yuan, marking a year-on-year increase of 144.38% [1]. - The basic earnings per share stood at 0.44 yuan [1]. - The company plans to distribute a cash dividend of 2.20 yuan per 10 shares, totaling 300 million yuan [2]. Business Operations - TianKang Biological aims to become a leading health farming service provider and safe food supplier in China, covering the entire industry chain from breeding to processing [2]. - The company operates over 30 feed production enterprises nationwide and ranks among the top 20 in China's feed industry [2]. - In the veterinary biological products sector, it is recognized as a key production enterprise for various vaccines, including foot-and-mouth disease and avian influenza [2]. Research and Development - The company has increased its R&D investment, with over 15% of its biological pharmaceutical sales revenue allocated to product development and technological innovation [3]. - It has developed significant vaccines, including a pioneering swine fever vaccine and a brucellosis vaccine, contributing to disease control in livestock [3]. Segment Performance - In the swine breeding segment, the company reported an output of 3.0285 million pigs, a year-on-year increase of 7.55%, with sales revenue of 6.157 billion yuan [3]. - The feed segment saw a slight increase in sales volume to 2.8283 million tons, but revenue decreased by 17.67% [4]. - The veterinary medicine segment generated 999 million yuan in revenue, with vaccine sales increasing by 18.44% [4]. Future Goals - For 2025, TianKang Biological targets a revenue of 21 billion yuan, with specific goals for feed production, animal vaccines, and pig output [4]. - The company aims to enhance its core competencies in the livestock industry, providing comprehensive solutions to improve farming efficiency and achieve mutual growth with clients [4].