证券代码：000998 证券简称：隆平高科 公告编号：2025-73 袁隆平农业高科技股份有限公司 2024-2025 业务年度经营情况报告 | | | 一、业务年度期间：2024 年 10 月 1 日-2025 年 9 月 30 日 | 项目 | 2024 | 年 10 月 | 1 | 日- | 2023 年 | 10 月 1 | 日- | 同比增减 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2025 | 年 月 9 30 | | 日 | 年 2024 | 月 9 30 | 日 | | | 总营业收入（万元） | | | 852,551.79 | | | 873,622.58 | | -2.41% | | 种子销售数量合计（公斤） | | | 304,346,731.55 | | | 293,121,146.59 | | 3.83% | | 期末库存商品账面余额（万元） | | | 522,056.40 | | | 469,853.86 | | 11.11% | 二、总体经营情况 三、主要品种大类经营情况 | 项目 | 202 ...

Core Insights - The article emphasizes the importance of ensuring seed quality and market order in the agricultural sector, particularly during the autumn and winter planting seasons [1][2] - It highlights the necessity of achieving a stable grain production capacity of 1.4 trillion jin by 2027 as part of national agricultural planning [1] Group 1: Agricultural Production and Planning - The current autumn and winter planting season is underway, with a peak in the purchase and use of seeds, fertilizers, and pesticides [1] - The year marks the conclusion of the "14th Five-Year Plan" and the beginning of new agricultural development plans, which set a target for grain production capacity [1] - Last year, China's grain production exceeded 1.4 trillion jin for the first time, indicating a significant achievement [1] Group 2: Seed Quality and Market Regulation - There are ongoing issues with counterfeit seeds and unapproved products, necessitating rigorous market inspections to ensure seed safety [1] - Authorities are conducting nationwide inspections of the seed market, focusing on key areas such as urban-rural junctions and agricultural supply hubs [1] - The article stresses the need for collaboration between supply departments and regulatory bodies to ensure timely delivery and availability of agricultural inputs [2] Group 3: Enforcement and Compliance - Strengthening enforcement against counterfeit agricultural products is crucial, with a focus on online sales and compliance checks [2] - There is a call for cross-departmental and cross-regional cooperation to enhance the effectiveness of agricultural law enforcement [2] - The article advocates for immediate action against non-compliant products, including swift removal from the market and public notifications to farmers [1][2]

Group 1 - The core strategy of the company is mergers and acquisitions, particularly in the seed industry, which is characterized by a fragmented market with few quality targets available for acquisition [1] - The company plans to focus its acquisitions in the corn seed industry in the Huang-Huai-Hai, Southwest, and Northwest markets [1] - In the rice seed industry, the company will target acquisitions in the middle and lower reaches of the Yangtze River for medium indica rice, post-wheat rice, late rice markets, and high-quality rice markets in South China [1]

Group 1 - The core viewpoint of the article highlights the successful harvest of corn seeds in Zhangye, Gansu, indicating a positive agricultural outcome for the region [2][3][4] Group 2 - The article emphasizes the increased yield of corn seeds, which is expected to benefit local farmers and contribute to the agricultural economy [2][3] - It mentions the efforts made by local agricultural departments to improve seed quality and farming techniques, leading to enhanced productivity [3][4] - The article also notes the significance of this harvest in supporting food security and local livelihoods in Zhangye [2][4]

Core Viewpoint - The corn seed industry is facing supply-demand imbalance and intense competition, leading to significant revenue declines for multiple companies, including Donghai Seed Industry, which reported its first-ever half-year net profit loss since its listing [1][2]. Company Summary - Donghai Seed Industry's revenue for the first half of 2025 was 369 million yuan, a year-on-year decrease of 9.41%, with a net profit attributable to shareholders of 35.11 million yuan, down 33.42% [1][2]. - The company's net profit after excluding non-recurring gains and losses was -432.61 thousand yuan, marking a shift from profit to loss for the first time since its listing [2]. - The decline in performance is attributed to lower corn prices, insufficient market confidence, and a supply surplus, alongside challenges from diseases and market preferences for dense planting varieties [2][3]. - Donghai Seed Industry primarily engages in hybrid corn seed business, with corn seed revenue accounting for approximately 90% of total revenue, focusing on varieties like "Donghai" and "Xianyu" [2]. Industry Summary - The corn seed industry is experiencing a widespread downturn, with many listed seed companies reporting revenue declines in their corn seed businesses during the first half of the year [3]. - The industry is undergoing a phase of "de-stocking, structural adjustment, and value creation," indicating a challenging environment for seed companies [3]. - Despite a stabilization in corn spot prices, seed prices are expected to recover slowly, with traditional varieties facing dual pressures from de-stocking and price competition [3]. - The industry is transitioning from traditional seeds to genetically modified and dense planting varieties, with companies that have a first-mover advantage likely to increase their market share [3]. - Donghai Seed Industry has already made advancements in genetically modified varieties, with six nationally approved corn GM varieties, including Donghai 605D, and is seeing gradual sales increases [3].

Group 1: Company Performance Overview - In the first half of 2025, the company achieved revenue of 21.66 million, with a net profit attributable to shareholders of -1.64 million, and a non-recurring net profit of -1.57 million, marking a nearly 40% reduction in losses compared to the previous year [2][3] - The domestic corn business generated revenue of 1.25 million, significantly impacted by supply-demand imbalances and increased market competition [3] - The rice industry maintained stable revenue with a 4% year-on-year profit increase, driven by the growth of high-quality and advantageous new varieties [3] Group 2: Capital and Cost Management - The company completed a capital increase of 1.2 billion from its major shareholder, significantly optimizing its capital structure, with interest-bearing debt decreasing by 726 million and the asset-liability ratio down by 6.46% [4] - Financial expenses decreased by 46 million, a reduction of approximately 17.33%, due to lower interest-bearing debt and favorable loan rates [4] - The net cash flow from operating activities improved significantly, increasing by 52.66% year-on-year [4] Group 3: Market and Product Strategy - The company is transitioning towards genetically modified and densely planted corn varieties, with a focus on enhancing market share through early reserves of next-generation products [7][8] - The domestic corn market is experiencing significant pressure due to oversupply and high inventory levels, with traditional varieties facing promotional pricing strategies to clear stock [6][7] - The company is expanding its rice seed business, currently holding a 20% market share domestically, with plans to enhance profitability and market presence through high-quality rice varieties [9][11] Group 4: International Expansion and Inventory Management - The company is actively expanding its rice seed exports to countries like the Philippines and Pakistan, targeting a market with approximately 1.5 billion acres of rice cultivation area [11] - The inventory structure is deemed reasonable, with domestic rice and corn stocks returning to normal levels, while the Brazilian corn seed inventory requires strategic sales adjustments [12]

Core Viewpoint - Longping High-Tech's stock price has experienced a slight decline, reflecting challenges in its financial performance, particularly in revenue and profit margins [1] Company Overview - Longping High-Tech specializes in the research, production, and sales of crop seeds, including rice, corn, and vegetable seeds [1] - The company holds a leading position in rice breeding and is actively expanding into the genetically modified corn seed market [1] Financial Performance - For the first half of the year, Longping High-Tech reported a revenue of 2.166 billion yuan, a year-on-year decrease of 16.11% [1] - The net profit attributable to shareholders turned into a loss of 164 million yuan, contrasting with a profit in the previous year [1] - Revenue breakdown shows rice seed sales at 779 million yuan, corn seed sales nearing 1 billion yuan, and Brazilian corn business generating 868 million yuan [1] Market Position - The company has achieved national leadership in the demonstration area for the industrialization of genetically modified corn varieties, with 10 varieties passing national approval [1]

Core Viewpoint - The company is committed to a strategy of simultaneous domestic and international development, focusing on product promotion and enhancing its overseas brand through various dimensions such as overseas production and research [1] Summary by Categories Overseas Business Performance - In the fiscal year 2024, the company sold 19.3735 million kilograms of various agricultural seeds overseas, representing a year-on-year increase of 74.80% [1] - The overseas business generated revenue of 492 million yuan, which is a 72.39% increase compared to the same period last year [1]