每经AI快讯，11月21日，农业板块早盘逆势活跃，荃银高科20cm涨停，秋乐种业、康农种业、农发种 业、神农种业、国投丰乐跟涨。 （文章来源：每日经济新闻） ...

Group 1 - The agricultural and livestock ETF (159275) is showing resilience with a 0.4% increase in market price and a transaction volume of 1.43 million yuan as of November 21 [1] - Key stocks in the ETF include strong performers such as Quanyin High-Tech, Shennong Seed Industry, and Zhongshui Fishery, while Huaying Agriculture, Yike Food, and Guannong Co. are underperforming [1] - The price of live pigs has dropped to 11.74 yuan/kg, indicating ongoing pressure on breeding profits, which may accelerate upstream capacity reduction [1][2] Group 2 - The price of white feather broilers has increased to 7.12 yuan/kg, suggesting improved profit margins for leading breeders [1] - Dongguan Securities highlights that the decline in pig prices and continued losses per head may drive the reduction of breeding sow capacity, with current stock levels remaining high [1][2] - The Ministry of Agriculture and Rural Affairs emphasizes the need for technological self-reliance in seed industry development [1][2] Group 3 - The livestock industry is facing multiple pressures, including ongoing losses in the pig sector and a reduction in breeding sow stock by 370,000 heads compared to last year's peak [2] - The price of broiler chickens is expected to rebound by mid-next year due to anticipated supply reductions, while yellow chickens benefit from seasonal demand [2] - The animal health industry is experiencing a recovery, with high antibiotic prices and significant growth in domestic vaccines [2] Group 4 - The agricultural and livestock ETF and its linked funds passively track the agricultural and livestock index, with top ten weighted stocks including Muyuan Foods, Wens Foodstuff Group, and Haida Group [2]

（文章来源：每日经济新闻） 每经AI快讯，11月21日，大豆板块逆势走高，荃银高科涨超15%，秋乐种业、农发种业、北大荒、苏垦 农发、大北农跟涨。 ...

大豆板块逆势走高，荃银高科涨超15%，秋乐种业、农发种业、北大荒、苏垦农发、大北农跟涨。 ...

Core Viewpoint - Zhongzhong Group plans to launch a partial tender offer to acquire 189 million shares of Quanyin High-Tech, representing 20% of the total issued shares, at a price of 11.85 CNY per share, which is a premium of approximately 16.63% over the closing price of 10.16 CNY on November 20 [1][4] Group 1: Tender Offer Details - The total funding required for the tender offer is estimated to be no more than 2.245 billion CNY [4] - After the completion of the tender offer, Zhongzhong Group will hold up to 384 million shares, accounting for approximately 40.51% of Quanyin High-Tech's total share capital [1][4] - The tender offer is classified as a voluntary offer and is not intended to terminate the listing status of Quanyin High-Tech [4] Group 2: Shareholder Agreements - Zhongzhong Group has terminated the voting rights delegation and concerted action agreement with previous shareholders Jia Guilan and Wang Yulin, while maintaining its direct shareholding of 20.51% [4] - Following the termination, Zhongzhong Group will no longer combine voting rights with Jia Guilan and Wang Yulin, although they have committed to accept the tender offer with their freely tradable shares [4] Group 3: Industry Context - Zhongzhong Group is a national-level seed company established in 1978, recognized as a leading enterprise in agricultural industrialization by eight ministries [5] - Quanyin High-Tech is one of the first companies certified by the Ministry of Agriculture and Rural Affairs for integrated seed breeding and promotion, focusing on the research, breeding, and marketing of major crops [6] Group 4: Competitive Landscape - The tender offer may be closely related to Zhongzhong Group's impending commitment to resolve competition issues with Quanyin High-Tech, which was established when Zhongzhong Group became the controlling shareholder in 2021 [7] - Zhongzhong Group had committed to resolving any competitive situations between itself and Quanyin High-Tech within five years of the previous equity change, which is approaching its deadline [7] Group 5: Financial Performance - In the first three quarters of the year, Quanyin High-Tech reported revenue of approximately 1.934 billion CNY, a year-on-year decrease of 5.9%, with a net loss attributable to shareholders of approximately 180 million CNY [8] - The company’s third-quarter revenue was 498 million CNY, down 22.78% year-on-year, and the net loss for the quarter was 139 million CNY, a decline of 123.34% year-on-year [8] - Quanyin High-Tech aims to achieve a revenue target of 5 billion CNY and a net profit of 300 million CNY by 2025, requiring significant revenue growth in the fourth quarter [8]

登录新浪财经APP 搜索【信披】查看更多考评等级 收购人财务顾问 上市公司名称：安徽荃银高科种业股份有限公司 股票上市地点：深圳证券交易所创业板 ■ 股票简称：荃银高科 签署日期：二〇二五年十一月 股票代码：300087 收购人名称：中国种子集团有限公司 收购人住所：海南省三亚市崖州区还金路金茂南繁科创中心A座8楼001号 通讯地址：海南省三亚市崖州区还金路金茂南繁科创中心A座8楼001号 重要声明 本要约收购报告书摘要的目的仅为向社会公众投资者提供本次要约收购的简要情况，投资者在做出是否 预受要约的决定之前，应当仔细阅读要约收购报告书全文，并以此作为投资决定的依据。要约收购报告 书全文将刊登于深圳证券交易所网站（http://www.szse.cn）。 本次收购要约尚未生效，具有相当的不确定性。要约收购报告书全文将在收购人正式发出要约收购之日 起刊登于深圳证券交易所网站（http://www.szse.com.cn）。 特别提示 本部分所述的词语或简称与本报告书摘要"释义"部分所定义的词语或简称具有相同的涵义。 1、本次要约收购的收购人为中种集团。本次要约收购为收购人向除收购人以外的荃银高科全体股东发 出的 ...

Core Viewpoint - The announcement of a partial tender offer by Zhongzhong Group for 189 million shares of Quanyin High-Tech, representing 20% of its total issued shares, is a strategic move to address potential competition issues and strengthen its position in the agricultural seed industry [1][2]. Group 1: Tender Offer Details - Zhongzhong Group plans to acquire 189 million shares of Quanyin High-Tech at a price of 11.85 CNY per share, totaling an estimated funding requirement of no more than 2.245 billion CNY [1]. - The tender offer price represents a premium of approximately 16.63% over Quanyin High-Tech's closing price of 10.16 CNY per share as of November 20 [1]. - Upon completion of the tender offer, Zhongzhong Group could hold up to 384 million shares, accounting for approximately 40.51% of Quanyin High-Tech's total share capital [1]. Group 2: Background on Zhongzhong Group - Zhongzhong Group, established in 1978, is a wholly-owned subsidiary of China National Chemical Corporation and is recognized as a leading enterprise in agricultural industrialization [1]. - The company specializes in the research, production, processing, and marketing of crop seeds, covering major crops such as rice, corn, wheat, and vegetables [1]. Group 3: Competition and Commitment - The tender offer is closely related to Zhongzhong Group's commitment to resolve competition issues with Quanyin High-Tech, which arose after Zhongzhong became the controlling shareholder in 2021 [2]. - Zhongzhong Group had previously disclosed potential overlaps in business operations, particularly in the rice and wheat seed sectors, and committed to resolving these issues within five years [2]. Group 4: Financial Performance - Quanyin High-Tech reported a revenue of 1.934 billion CNY for the first three quarters of the year, a year-on-year decline of 5.90%, with a net loss of 180 million CNY, an increase in losses by 113.45% [3]. - The company aims to achieve a revenue target of 5 billion CNY and a net profit of 300 million CNY by 2025, requiring a significant increase in Q4 performance to meet these goals [3]. - Historically, Quanyin High-Tech has never achieved its highest quarterly revenue or profit targets in Q4, with previous highs of 2.654 billion CNY in revenue and 263 million CNY in net profit [3].

Group 1 - The company held its 54th meeting of the 7th Board of Directors on November 20, 2025, where all procedures complied with relevant regulations [2] - The Board approved the appointment of Beijing Dadi Taihua Accounting Firm as the auditor for the fiscal year 2025, with a total audit fee of 790,000 RMB [2][54] - The company plans to increase the daily related transaction limit with its second largest shareholder, Beijing Yingtai, by 128 million RMB for the year 2025 [3][67] Group 2 - The company will utilize temporarily idle funds for cash management, with a total limit not exceeding 700 million RMB, from January 1, 2026, to December 31, 2026 [4][72] - The company intends to use its capital reserve to cover losses, reducing its surplus reserve to 0 and capital reserve to approximately 261.8 million RMB [6][45] - The company’s subsidiary, Henan Dishen Seed Industry, plans to procure wheat seeds from its second largest shareholder, Huangfan District Industrial Group, for the 2025-2026 production year [7][28] Group 3 - The company will hold its third extraordinary general meeting of shareholders on December 9, 2025, with both onsite and online voting options available [9][10] - The meeting will discuss the approved proposals from the Board, including the appointment of the auditor and the increase in related transaction limits [13][14] - The company emphasizes that all transactions and proposals are conducted in compliance with laws and regulations, ensuring no harm to minority shareholders [67][71]

11月20日晚间，荃银高科（300087）公告称，公司收到中种集团出具的要约收购报告书摘要，中种集团拟向除收购人以外 的荃银高科全体股东发出部分要约，预定要约收购股份数量为1.89亿股，约占荃银高科已发行股份总数的20.00%。本次要 约收购完成后，收购人最多合计持有荃银高科3.84亿股股份，约占荃银高科总股本的40.51%。 溢价约16.63% 荃银高科称，本次要约收购所需资金总额预计不超过22.45亿元。本次要约收购完成后，收购人最多合计持有荃银高科3.84 亿股股份，约占荃银高科总股本的40.51%。本次要约收购类型为主动要约，并非履行法定收购义务，且不以终止上市公司 上市地位为目的。 同日，荃银高科还发布了一份关于股东解除一致行动关系暨权益变动的提示性公告。中种集团与原先的一致行动人贾桂 兰、王玉林签署了《表决权委托及一致行动协议终止协议》。 本次权益变动前，中种集团直接持有公司20.51%股份，并通过一致行动人合计控制公司28.36%的表决权。权益变动后，中 种集团直接持股比例不变，但不再与贾桂兰、王玉林合并计算表决权。 此外，贾桂兰、王玉林不可撤销地承诺，以其所持荃银高科无限售条件流通股份有效申报 ...

Core Viewpoint - The company plans to use its reserve funds to cover losses, aiming to enhance its ability to provide returns to investors and comply with regulatory requirements [2] Group 1: Company Actions - The company announced that its board approved a proposal to use reserve funds to offset losses during the meeting held on November 20, 2025 [2] - This action is in line with the directives from the State Council and the China Securities Regulatory Commission to strengthen supervision and promote high-quality development in the capital market [2] - The proposal will be submitted for approval at the company's shareholders' meeting [2]