8月22日晚，京基智农发布2025年半年度报告。 报告显示，公司上半年实现营业收入23.87亿元，同比下滑11.61%；归属于上市公司股东的净利润2.26 亿元，同比下滑3.97%；基本每股收益0.43元/股，同比下滑4.62%。 分产品来看，猪业产品和饲料产品是营业收入的主要来源。报告期内，公司累计销售生猪106.21万头 （其中仔猪15.31万头），实现生猪销售收入18.95亿元；饲料业务方面，报告期内，广东京基智农科技 实现营业收入约2.8亿元，同比下降15.02%；实现归母净利润620.39万元，同比上升10.88%。 对于饲料销售收入同比有所下降，京基智农表示系因上游大宗原材料价格持续下降，同时水产料因牛 蛙、生鱼等水产养殖持续亏损情况销量不及预期，公司水产料销量低于预期。 展望未来，京基智农表示，下半年公司将继续围绕"精湛技术、精细管理、精诚合作、精英团队"的经营 主题开展工作，聚焦经营优化，通过提升养殖健康度、优化营养方案、提高产床利用率等系列措施，保 持项目精准运营，持续降本，稳步增效，确保稳健发展。 同时，报告披露了2025年半年度利润分配预案，拟向全体股东每10股派发现金红利3.80元（含 ...

雷达财经出品 文|莫恩盟 编|深海 随着《2025新财富杂志500创富榜》的发布，各企业家财富变迁的轨迹再度进入公众视野。本年度，刘永好父女凭借386.9亿元的财富位居榜单第85位，较 去年财富小幅回升9.5亿元。 雷达财经梳理发现，此前在2021年，刘永好父女的财富曾达到725.7亿元的高峰。据此计算，刘永好父女的财富较高点缩水338.8亿元。 刘永好父女财富较缩水的背后，与新希望在资本市场的表现密不可分。与2020年9月高达42.1元/股（前复权）的历史高点相比，新希望当前的股价已大幅 下滑超过七成。 业绩方面，2020年至2024年，新希望的营收增速逐渐放缓，甚至在去年出现负增长；而其归母净利润先从盈利转为大幅亏损，后虽扭亏但盈利水平远低于 过去。此外，公司的资产负债率近来也处于相对较高的水平。 值得一提的是，刘永好的兄弟刘永行也登上了今年的《新财富杂志500创富榜》，且财富领先刘永好父女189.1亿元。 据悉，刘氏四兄弟的财富传奇，始于他们共同创立的育新良种场。他们从养鸡、养鹌鹑起步，后转型饲料生产并推出"希望一号"乳猪饲料，并一起见证了 希望集团从无到有、从小到大的艰辛历程和辉煌成就。 1995年， ...

Summary of Key Points Core Viewpoint - The company, Shenzhen Jinxinnong Technology Co., Ltd., is providing a guarantee of up to 40 million yuan for its subsidiary, Guangzhou Jinnong Modern Agriculture Co., Ltd., to support its business development and procurement of feed from Yinglian Feed (Shanghai) Co., Ltd. The guarantee is set to be effective until May 30, 2032, and can be used on a rolling basis [1][5]. Group 1: Guarantee Details - The total guarantee amount after this transaction will be 304 million yuan, which represents 200.73% of the company's most recent audited net assets [1][7]. - As of June 30, 2025, the actual external guarantee balance of the company and its subsidiaries is 160.91 million yuan, accounting for 106.25% of the most recent audited net assets [1][7]. - The guarantee covers 85.7143% of the principal, interest, penalties, and other costs related to the feed supply agreement [5][6]. Group 2: Subsidiary Information - Guangzhou Jinnong Modern Agriculture Co., Ltd. was established on March 3, 2020, with a registered capital of 47.38 million yuan [3][4]. - The company is primarily engaged in livestock breeding, feed production, and agricultural services [3][4]. - The total assets of Guangzhou Jinnong are reported at 120.96 million yuan, with total liabilities of 89.41 million yuan, resulting in net assets of 31.54 million yuan [4][5]. Group 3: Financial Performance - Guangzhou Jinnong reported a revenue of 10.85 million yuan and a net loss of 1.88 million yuan [5]. - The company has no external guarantees prior to this transaction, and its assets have been used as collateral for bank loans [5][6]. Group 4: Board Opinion - The board believes that the guarantee will facilitate the business expansion of Guangzhou Jinnong, stabilize the supply chain, and reduce costs, aligning with the overall interests of the company [6].

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the **agriculture sector** in China, focusing on livestock, particularly **beef cattle**, **dairy cows**, and **pigs** [1][2][4][5]. Key Points and Arguments Beef Cattle and Dairy Market - Domestic beef cattle inventory has been declining since mid-2023, with an expected decrease of over **10%** this year [1][2]. - Global beef cattle inventory has also been decreasing since 2022, with expectations for continued reduction this year [1][2]. - Chinese government policies are reducing beef imports, contributing to rising domestic beef prices, which are expected to maintain an upward trend for over **two years** [1][2][7]. - Raw milk prices are anticipated to stabilize and rise by **2026**, with a strong correlation to beef cattle prices [1][3]. - Dairy cow inventory has decreased by over **5%** year-on-year since early **2024**, with over **90%** of farms currently operating at a loss [8]. Pig Farming Sector - The pig farming sector is experiencing a supply-side reform that is expected to enhance profitability in the medium to long term [4][10]. - Policies are guiding the management of pig inventory, weight, and breeding stock, with a target to keep the pig population at or below **39.5 million** [4][10]. - If the pig population is effectively controlled, a profit reduction of approximately **200 CNY** per pig is expected, while leading enterprises could see profits near **400 CNY** per head [4][10]. - The average price for pigs is projected to fluctuate around **4.5 CNY** per kilogram this year, with profits potentially compressing to **30-100 CNY** per head [10]. Grain and Feed Market - Grain prices for corn and wheat have reached a bottom and are expected to rise due to external disturbances, positively impacting related sectors [2][3][19]. - Total feed production has improved significantly year-on-year, with feed prices stabilizing at the bottom [2][18]. - Companies benefiting from the recovery in feed stock include **Haida Group** and **Feng Group** [2][18]. Policy and Market Dynamics - Policy adjustments, including environmental standards and credit controls, are expected to effectively manage capacity expansion and improve overall industry profitability [12][15]. - The agricultural sector is viewed as a defensive investment, particularly in a volatile market environment [5][2]. Future Trends and Recommendations - The beef and raw milk markets are expected to see upward trends due to supply constraints and increasing demand [7][8]. - Companies such as **YouRan Agriculture**, **Modern Agriculture**, and **Guangming Meat Industry** are recommended as beneficiaries of rising meat and milk prices [9]. - The pig farming market is shifting towards larger enterprises, which may lead to a more stable supply rhythm and improved profitability for cost-efficient companies [11][15]. Additional Insights - The poultry market, particularly for yellow feathered chickens, is stabilizing after previous disruptions, with a potential for improved performance as market conditions normalize [16]. - The white feathered chicken supply is currently adequate, with attention needed on domestic substitution themes and mid-tier consumption improvements [17]. Conclusion The agriculture sector in China is undergoing significant changes, with rising prices in beef and dairy expected to continue due to supply constraints and favorable policies. The pig farming sector is also poised for profitability improvements through effective supply-side reforms. Investors are advised to focus on companies with strong cost advantages and those positioned to benefit from the anticipated market trends.

Core Viewpoint - The company, Shandong Bangji Technology Co., Ltd., plans to issue shares and pay cash to acquire assets from Riverstone Farm Pte. Ltd., which includes 100% equity stakes in several pig farming companies and a partial stake in a consulting firm, aiming to vertically integrate its operations in the livestock industry [9][19]. Group 1: Transaction Overview - The transaction involves issuing shares and paying cash to acquire 100% equity in North Stream Animal Husbandry, Rui Dong Wei Li, Xin Mu Animal Husbandry, Rui Dong Animal Husbandry (Lijin), Rui Dong Animal Husbandry (Shandong), and Wei Li Animal Husbandry (Binzhou), as well as 80% equity in Pi Si Dong [9][19]. - The specific transaction price and the number of shares to be issued are yet to be determined, pending the completion of auditing and evaluation work [9][20]. Group 2: Impact on Business Operations - The acquisition will allow the company to extend its operations from solely producing pig feed to include pig farming and sales, creating a vertically integrated supply chain [19][20]. - The company specializes in the research, production, and sales of pig feed, with a focus on optimizing feed formulations and production processes to maintain high product quality [19][20]. Group 3: Financial Implications - The transaction is expected to enhance the company's asset scale, revenue, and net profit attributable to shareholders, thereby improving overall performance [20]. - The final financial impact will be assessed after the completion of the auditing and evaluation processes [20]. Group 4: Regulatory and Approval Process - The transaction requires approval from the shareholders' meeting and regulatory bodies, including the China Securities Regulatory Commission [3][20]. - The company has committed to strict compliance with information disclosure obligations and will ensure that the transaction pricing is fair and reasonable [25][26]. Group 5: Stakeholder Commitments - The controlling shareholder and senior management have pledged not to reduce their holdings during the transaction process, ensuring stability [22][23]. - The company will implement measures to protect the rights of minority investors throughout the transaction [26].

Core Viewpoint - The company plans to acquire 100% equity of seven companies in the pig farming and feed production sector, aiming to extend its business from feed production to a vertically integrated model that includes pig farming and sales [1][4][5]. Group 1: Acquisition Details - The acquisition involves seven companies: Beixi Agriculture, Ruidong Weili, Xinmu Agriculture, Ruidong Agriculture (Lijin), Ruidong Agriculture (Shandong), Weili Agriculture (Binzhou), and 80% of Paistong [1][4]. - The transaction price will be determined after the completion of auditing and evaluation, adhering to the principles of good faith [4]. Group 2: Financial Performance of Target Companies - Beixi Agriculture reported revenues of 155.19 million, 130.76 million, and 46.81 million for 2023, 2024, and the first four months of 2025, with net profits of -11.91 million, 11.46 million, and 3.75 million respectively [5]. - Ruidong Weili's revenues were 282.14 million, 311.11 million, and 102.26 million for the same periods, with net profits of -13.16 million, 72.40 million, and 34.54 million [5]. - Xinmu Agriculture had revenues of 76.31 million, 33.35 million, and 6.65 million, with net profits of -29.35 million, -26.67 million, and -7.34 million [5]. Group 3: Company Performance and Market Position - The company has seen a continuous decline in net profits since its IPO in 2022, despite revenue growth [7]. - From 2020 to 2024, the company’s revenues were 1.72 billion, 2.04 billion, 1.66 billion, 1.65 billion, and 2.54 billion, while net profits were 113 million, 146 million, 120 million, 84 million, and 52 million, indicating a downward trend in profitability [7]. - In 2024, the company achieved a revenue growth of 54.36%, reaching 2.54 billion, but net profits declined significantly [8]. Group 4: Challenges and Strategic Shift - The company faces challenges in profitability due to high fixed costs during the ramp-up phase of its projects and a shift towards credit sales, leading to increased accounts receivable and bad debt provisions [8]. - The increase in low-margin feed products has further compressed profit margins, despite a favorable trend in raw material costs [8].

Core Viewpoint - The company, Shandong Bangji Technology Co., Ltd. (603151.SH), has announced a major asset restructuring plan to acquire 100% equity of seven companies, expanding its business from pig feed production to a vertically integrated model that includes pig farming and sales [1][4][5]. Group 1: Acquisition Details - The acquisition involves purchasing 100% equity of Beixi Agriculture, Ruidong Weili, Xinmu Agriculture, Ruidong Agriculture (Lijin), Ruidong Agriculture (Shandong), Weili Animal Husbandry (Binzhou), and 80% equity of Paistong [1][4]. - The transaction price will be determined after a formal evaluation report is issued by a qualified appraisal agency [4]. Group 2: Financial Performance of Target Companies - Financial data for the target companies shows varying performance, with Beixi Agriculture reporting revenues of 155.19 million yuan in 2023, but a net loss of 11.91 million yuan [5]. - Ruidong Weili's revenues were 282.14 million yuan in 2023, with a net profit of 7.24 million yuan in 2024 [5][6]. - Overall, six of the seven target companies are showing a trend of increasing net profits, indicating potential for improved performance post-acquisition [7]. Group 3: Company Performance and Market Position - Since its IPO in 2022, the company has faced pressure with declining net profits despite revenue growth, with net profits decreasing for three consecutive years [9][10]. - In 2024, the company reported a revenue increase of 54.36% to 2.542 billion yuan, but net profits fell significantly due to high fixed costs and a shift in customer payment structures [11]. - The company aims to leverage the acquisition to enhance its market position and address performance challenges [9][10].

Group 1 - The core point of the news is that Shandong Bangji Technology Co., Ltd. is planning a major asset restructuring by acquiring 100% equity of six companies and 80% equity of one company, which will lead to a significant shift in its business model from solely producing pig feed to integrating pig farming and sales [1][2] - The acquisition aims to leverage the modern pig farming experience from Riverstone's shareholders in the U.S. and adapt it to the Chinese context, promoting a sustainable and efficient farming model [2] - The transaction is expected to enhance the company's operational synergy, reduce risks associated with underutilization of new projects, and create additional revenue streams and profit growth opportunities [2][3] Group 2 - Post-acquisition, the company plans to integrate resources, combining management experience in pig farming with feed product innovation, which is anticipated to improve feed product development and pig farming efficiency [3] - The acquisition will also help the company enhance its brand recognition and market influence in the pig farming sector, aiming to capture a larger share of the domestic market and strengthen its pig feed business [3]

福建傲农生物科技集团股份有限公司 章 程 二〇二五年五月 目 录 第一章 总则 第一条 为适应建立现代企业制度的需要，规范福建傲农生物科技集团股份有 限公司（以下简称"公司"）的组织和行为，维护公司、股东、职工和债权人的合法 权益，根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证 券法》（以下简称《证券法》）和其他有关法律、法规的规定，参照《上市公司章程 指引》 （以下简称《章程指引》）、 《上海证券交易所股票上市规则》 （以下简称《股票 上市规则》）制订本章程。 第二条 公司系依照《公司法》和其他有关规定由福建傲农生物科技集团有限 公司整体变更，采取发起设立方式设立的股份有限公司，在福建省漳州市工商行政 管理局注册登记，取得营业执照，统一社会信用代码为 91350600572989045Q。 第三条 公司于 2017 年 9 月 1 日经中国证券监督管理委员会（以下简称"中国 证监会"）核准，首次向社会公众发行人民币普通股 6,000 万股，均为向境内投资人 发行的以人民币认购的内资股，于 2017 年 9 月 26 日在上海证券交易所（以下简称"证 券交易所"）上市。 第四条 公司注 ...

Core Viewpoint - The article highlights the innovative approach of Insep Technology, led by founder Yu Guangtao, in utilizing black soldier fly larvae to address environmental issues and food protein shortages, thereby tapping into a multi-billion market opportunity in the sustainable protein sector [1][2][3]. Company Overview - Insep Technology is focused on transforming organic waste into high-protein feed using black soldier fly larvae, which can consume various organic materials, including kitchen waste and brewery byproducts [3][4]. - The company has achieved annual sales in the tens of millions of RMB, with over 50% growth, primarily from insect protein for animal feed, and is developing food-grade protein products [3][4]. Market Potential - The black soldier fly larvae can process significant amounts of organic waste, with one kilogram of larvae capable of consuming 15 tons of kitchen waste in 10 days, producing 2-3 tons of marketable larvae and 5 tons of organic fertilizer [4]. - The potential market for this technology is estimated to be in the hundreds of billions, especially as urban areas like Shenzhen push for comprehensive waste management solutions [4]. Environmental Impact - The technology not only addresses waste management but also contributes to reducing reliance on imported protein sources, as 80% of China's feed protein is currently imported [4][8]. - By converting organic waste into high-value protein, the company aims to mitigate ecological pollution while providing a sustainable alternative to traditional feed sources [4][8]. Innovation and Technology - Insep Technology employs a comprehensive production chain that integrates biotechnology, automation, and artificial intelligence to optimize the conversion of organic waste into insect protein [7][8]. - The company operates a modular, fully automated facility in Shenzhen, designed to minimize environmental impact [7]. Challenges and Solutions - The founder faced significant challenges in the early stages, including funding shortages and technical hurdles, which were addressed through strategic partnerships and financing [8][9]. - The company has successfully navigated the complexities of aligning personal interests with market demands, emphasizing the importance of solving real market pain points [9].