Core Viewpoint - The report discusses the progress and challenges of two major investment projects by Green Hen Technology Group, specifically the "Nansha Green Hen Breeding Research Institute Base Construction Project" and the "Tianjin Green Hen Agricultural Science and Technology Park Construction Project," highlighting delays and adjustments in timelines due to various factors [1][12]. Group 1: Nansha Green Hen Breeding Research Institute Base Construction Project - The project has experienced delays, with the completion date extended from April 2025 to December 2025 due to external factors such as land acquisition and government support services [4][12]. - As of June 2025, the project has incurred a total investment of 30.24 million yuan, representing 48.65% of the planned investment, with the main construction nearing completion [3][5]. - The project focuses on breeding new vegetable varieties rather than direct production, aiming to enhance the company's long-term market competitiveness [6][12]. Group 2: Tianjin Green Hen Agricultural Science and Technology Park Construction Project - The project is progressing according to plan, with no significant delays reported, and aims to strengthen the company's operations in northern China [7][8]. - The total investment for the project is set at 130 million yuan, with construction expected to be completed by April 2027 [10][13]. - The project includes the establishment of a fertilizer production facility and a vegetable seed processing plant, which are essential for the company's growth in the northern market [8][9].

Core Insights - The Heilongjiang Academy of Agricultural Sciences has achieved a record-breaking transfer of production rights for the soybean variety "Kedou 91" at 31.55 million yuan, marking the highest market transaction for soybean varieties in China [1] - The academy has implemented over 12,000 technology transfer projects since the 14th Five-Year Plan, generating 710 million yuan in revenue, and has ranked first among provincial research institutes in technology transfer for two consecutive years [1][2] - The academy's focus on innovation and technology transfer has led to significant advancements in agricultural productivity and quality, particularly in soybean and rice varieties [2][3] Innovation and Achievements - "Kedou 91" is a high-protein, high-yield soybean variety with a crude protein content of 46.52% and a crude fat content of 16.87%, achieving a 7.2% yield increase over the control variety "Beidou 40" [2] - The academy has developed 737 approved crop varieties since the 14th Five-Year Plan, accounting for one-fourth of the province's total, with several varieties leading in national promotion areas [2] - The academy has also made strides in livestock breeding, soil improvement technologies, and agricultural machinery, contributing to comprehensive agricultural innovation [3] Mechanisms and Policies - The academy has introduced policies to enhance technology transfer, including the delegation of approval rights to affiliated units and a clear distribution of net transfer profits [4][5] - A one-stop service platform for technology transfer has been established, facilitating the conversion of research outcomes into practical applications [5] - The academy has successfully implemented a model combining expert evaluation and public bidding, resulting in significant financial gains from technology transfers [5] Talent and Collaboration - The academy has initiated collaborations with local agricultural production counties, sending research teams to address on-ground agricultural challenges [7] - A provincial-level knowledge property innovation consortium has been formed, integrating various stakeholders to enhance the efficiency of technology transfer [7][8] - The establishment of 16 industry technology research institutes has enabled rapid conversion of laboratory results into productive applications, generating over 14 billion yuan in value for enterprises [8] Future Directions - The academy aims to focus on core areas such as seed technology, soil protection, and smart agricultural machinery to strengthen the foundation of modern agriculture in Heilongjiang [8]

Investment Rating - The industry is rated as "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index in the next six months [75]. Core Insights - The animal health industry is anticipated to recover alongside improvements in the breeding sector, driven by the approval of clinical trials for African swine fever vaccines, which could significantly expand the market [7][10]. - The breeding industry has shown mixed performance, with some companies reporting increased sales and profits, while others face challenges due to fluctuating prices and weights of livestock [8][9]. - The global grain supply and demand dynamics are being affected by geopolitical factors, with adjustments in production forecasts for wheat, rice, corn, and soybeans for the 2025/26 season [11][12][13][14]. Summary by Sections Animal Health Industry - The approval of clinical trials for African swine fever vaccines is a significant development, with a potential market size of 14.5 billion expected by 2027 [23]. - Several animal health companies have forecasted substantial profit growth for the first half of 2025, with increases ranging from 40% to 70% year-on-year [7]. Breeding Industry - In June, the total sales of pigs from 12 companies reached 7.4472 million heads, a month-on-month decrease of 3.21%, while the average price per kilogram was 14.32 yuan, down 1.92% [8]. - The average weight of pigs sold decreased to 101.8 kg, a drop of 7.84% month-on-month, indicating challenges in the breeding sector [8]. Grain Supply and Demand - The global wheat supply is projected to decrease by 400,000 tons to 107.21 million tons for the 2025/26 season, while consumption is expected to rise by 800,000 tons to 81.06 million tons [11]. - The rice supply remains stable, but consumption is forecasted to reach a record 54.16 million tons, driven by increased demand from China [12]. - The corn market is seeing increased production in Canada and Mexico, while global corn stocks are expected to decrease by 3.2 million tons to 27.21 million tons [13]. - The soybean market is projected to see an increase in supply and crushing, with ending stocks expected to rise by 800,000 tons to 12.61 million tons [14]. Seed Industry - The revitalization of the seed industry is supported by government policies aimed at enhancing crop yields and promoting the commercialization of biotechnology [15]. - Companies with advantages in biotechnology and seed varieties are expected to benefit from ongoing industry expansion [15]. Pet Industry - The domestic pet food market is projected to grow significantly, with compound annual growth rates of 17% for pet staples and 25% for pet snacks expected by 2026 [16]. - Leading domestic pet food companies are increasingly focusing on brand strategies and global expansion to enhance their market presence [16].

随后，参会专家围绕项目展开了讨论，阳成伟教授、吴俊教授和戴高兴研究员对项目进行了点评。李振 柱做了会议总结，对项目取得的成果给予了肯定，鼓励项目组成员进一步发扬艰苦奋斗的精神，培育更 多重大的科研成果，将"良种、良法、良技"转化为我国现代种业的新质生产力。 座谈会上，广州国家现代农业产业科技创新中心主任刘玉涛还结合大米加工，探讨了岭南传统食品中的 稻米历史文化如何赋能高质量发展。 为示范推广"十四五"广东省农业科技创新十大主攻方向"揭榜挂帅"项目成果，推进科技成果更快更好落 地转化，7月17日，华南农业大学和岭南现代农业科学与技术广东省实验室（下称"岭南实验室"）在广 州市从化区万亩良田示范区召开了《广东重要农作物功能基因挖掘与应用》项目的水稻新品种观摩测产 会暨岭南实验室自主科研项目启动会。此次活动由广州从化现代农业投资集团有限公司和广州和稻丰农 业科技发展有限公司联合承办。 会后，项目专家代表深入田间，仔细观摩了"揭榜挂帅"项目培育新品种的田间表现。同时，对项目组培 育的"匠心香丝苗""黄广金占""黄广农占"等五个品种进行了测产，测产专家组一致认为五个品种产量表 现优异，亩产连续3年稳定在500公斤以上， ...

Core Insights - The article discusses the innovative agricultural practices in Jilin Province, particularly focusing on the "Lishu Model" of conservation tillage, which has significantly improved soil health and increased crop yields while reducing operational costs [1][2][4] - The establishment of modern agricultural technology demonstration zones, such as the Changchun National Agricultural High-tech Industry Demonstration Zone, showcases advancements in seed breeding and deep processing of corn, contributing to the overall enhancement of the agricultural industry [2][3][4] Group 1: Agricultural Practices - The "Lishu Model" of conservation tillage has been developed over 20 years, promoting soil health and stabilizing grain yields across nearly 10 million acres of farmland [1][2] - The model has led to a reduction in operational costs by over 5% while increasing grain production [2] Group 2: Technological Advancements - The Changchun National Agricultural High-tech Industry Demonstration Zone features eight modern agricultural industrial parks, focusing on seed breeding, corn deep processing, and smart agricultural equipment [2][3] - The zone has implemented over 20 construction projects exceeding 50 million yuan, establishing high-level innovation platforms and standards [3] Group 3: Industry Growth - The transformation of scientific innovations into practical applications is extending the agricultural industry chain, resulting in a variety of high-value products [3][4] - Jilin Province's agricultural sector is increasingly becoming a modernized industry, with companies like Jilin Agricultural Food Co., Ltd. producing and exporting fresh corn products to over 20 countries [4]

Core Insights - The article highlights the innovative agricultural practices in Jilin Province, specifically the "Lishu Model" which combines straw coverage, mechanized planting, crop rotation, and large-scale management to protect and enhance the black soil's fertility [1][2][4] - The integration of technology in agriculture is emphasized, showcasing the use of remote sensing and data monitoring systems for precision farming, which enhances productivity and sustainability [2][4] Group 1: Agricultural Innovation - The "Lishu Model" involves using straw to cover the soil, which helps retain moisture and improve soil quality over time [2] - The "Double Guarantee and Unified Management" land trusteeship model ensures that the production costs and yields of managed farmers are competitive with neighboring farmers [2] Group 2: Technological Integration - The establishment of a smart agriculture control center allows for real-time monitoring of soil conditions, pest situations, and yield estimates, demonstrating a shift towards modern agricultural practices [2][3] - The Long Spring National Agricultural High-tech Industry Demonstration Zone collaborates with multiple research institutions to foster innovation in seed breeding and agricultural technology [3][4] Group 3: Industry Growth - Leading companies in the region, such as Hongxiang Seed Industry and Nongsao Food Co., are investing in research and development to create new products and improve crop varieties, contributing to the agricultural sector's growth [3] - The integration of advanced technologies like satellite remote sensing, IoT, and 5G into agriculture is being actively pursued to enhance operational efficiency and productivity [4]

Group 1 - The province is facing severe challenges in rice production due to ongoing high temperatures, prompting the provincial rice industry technology system to engage experts for guidance to farmers [1] - Experts have been providing on-site instructions to farmers, focusing on water management techniques to improve rice growth during critical growth stages such as heading and tillering [1] - The implementation of "one spray multiple promotions" is recommended to enhance photosynthesis and improve rice's resistance to high temperatures, aiming to prevent diseases and pests [1] Group 2 - Henan Baodao Seed Industry Technology Co., Ltd. is a well-known rice breeding company in the province, primarily promoting water-saving and drought-resistant rice varieties [2] - The drought-resistant rice integrates high yield and quality characteristics with water-saving traits, requiring over 50% less water compared to traditional rice under good irrigation conditions [2] - Over 1 million acres of drought-resistant rice have been promoted across the province, indicating significant adoption and potential for further development in areas with severe water shortages [2]

Group 1: Agricultural Practices - Jilin province utilizes 4% of China's arable land to produce 6% of its grain, with a grain commercialization rate exceeding 90% [1] - The "Lishu model" of conservation tillage in Lishu County has improved efficiency by over 300% through the use of a multifunctional no-till seeder developed in collaboration with China Agricultural University [2][5] - Continuous implementation of the "Lishu model" has led to a 20% increase in soil moisture and a nearly 13% increase in organic matter content in the topsoil over ten years [5] Group 2: Seed Industry - Jilin province's Hongxiang Agricultural Group has promoted approximately 100 million mu of high-yield corn seeds over the past five years, resulting in an increase of over 5 billion jin in production [6] - The company invests over 40% of its net profit in research and development, maintaining a high germination rate of 97.75% for its seeds [7] - The Long Spring National Agricultural High-tech Industrial Demonstration Zone has over 55 licensed seed production companies, accounting for more than one-third of the province's total [7] Group 3: Food Processing and Value Addition - Fresh corn can sell for 5 to 11 yuan per ear, significantly higher than the 1 yuan per pound for regular feed corn, highlighting the value of processed agricultural products [8] - Jilin Province's Nongsao Food Company has seen rapid growth, with a projected total output value of 223 million yuan in 2024, driven by a diverse product line including fresh and frozen corn [10] - Farmers leasing land for fresh corn cultivation can earn an additional 3,000 to 5,000 yuan per hectare, while workers at the company can earn 4,000 to 5,000 yuan per month [10]

Group 1 - The company expects a net loss attributable to shareholders of 25 million to 30 million yuan for the period from January 1 to June 30, 2025, compared to a loss of 22.34 million yuan in the same period last year [1] - Revenue from seed business has decreased year-on-year, while profits have increased [1] - Sales revenue from hybrid rice seeds has increased year-on-year, with new varieties such as Le You series and Xiang Liang You series showing excellent performance in yield and disease resistance, leading to higher average prices [1] Group 2 - Sales revenue from corn seeds has decreased year-on-year due to oversupply in the domestic corn seed market, increased inventory pressure, and intensified market competition [1] - The market performance of the transgenic variety Tie 391K has not met expectations, resulting in increased return volumes [1]

Investment Rating - The report maintains an investment rating of "Outperform" for the agricultural, forestry, animal husbandry, and fishery industry [1][9]. Core Insights - The agricultural, forestry, animal husbandry, and fishery industry is currently experiencing weak market demand and low prices for livestock and poultry, particularly in the pig farming sector, which has seen a significant price drop [9][12]. - The report highlights that the industry is currently undervalued, with price-to-earnings (P/E) and price-to-book (P/B) ratios below historical averages, suggesting potential for valuation recovery [9][12]. Summary by Sections Market Review - In June 2025, the agricultural, forestry, animal husbandry, and fishery index rose by 1.13%, underperforming the CSI 300 index, which increased by 2.50%, resulting in a relative underperformance of 1.37 percentage points [9][12]. - The planting sector showed the highest gains, while the animal health processing sector experienced the largest declines [12]. Livestock Farming Data Tracking - **Pig Farming**: The average trading price for pigs in June 2025 was 14.28 yuan/kg, down 2.16% month-on-month and 21.81% year-on-year. The market shifted to a surplus situation, leading to price declines [9][17]. - **Broiler Chickens**: The average price for broiler chicks in June 2025 was 2.15 yuan/chick, reflecting a slight decrease. The cautious replenishment of chicks due to declining prices further pressured the market [9][27]. Pet Food Sector - In May 2025, pet food exports totaled 28,900 tons, a year-on-year decrease of 5.52%. The cumulative export value for the first five months was $581 million, up 4.59% year-on-year [9][34]. Major Agricultural Product Price Tracking - The report includes tracking of key agricultural product prices, indicating fluctuations in corn, wheat, and soybean meal prices during June 2025 [9][39]. Industry Dynamics and Company News - The report outlines significant events in the industry, including a decrease in grain imports and ongoing developments in the seed industry aimed at enhancing agricultural productivity [9][46]. - Key announcements from listed companies in the sector include various asset restructuring and financing activities [9][48].