众兴菌业所属申万行业为：农林牧渔-种植业-食用菌。所属概念板块包括：西部开发、小盘、乡村振兴 等。 截至9月30日，众兴菌业股东户数2.62万，较上期减少21.79%；人均流通股14915股，较上期增加 27.86%。2025年1月-9月，众兴菌业实现营业收入14.75亿元，同比增长4.16%；归母净利润2.04亿元，同 比增长130.51%。 分红方面，众兴菌业A股上市后累计派现5.83亿元。近三年，累计派现3.48亿元。 机构持仓方面，截止2025年9月30日，众兴菌业十大流通股东中，宏利消费红利指数A（008928）位居 第七大流通股东，持股349.80万股，相比上期增加36.31万股。中欧农业产业混合发起A（022521）位居 第九大流通股东，持股282.60万股，为新进股东。 责任编辑：小浪快报 11月24日，众兴菌业盘中上涨2.09%，截至13:48，报12.22元/股，成交1.24亿元，换手率2.64%，总市值 48.05亿元。 资金流向方面，主力资金净流出725.05万元，特大单买入359.02万元，占比2.89%，卖出418.94万元，占 比3.37%；大单买入912.76万元，占比7.35 ...

Core Viewpoint - The stock of Zhongxing Mushroom Industry has shown significant growth this year, with a year-to-date increase of 104.40% and a recent surge in trading volume, indicating strong market interest and potential investment opportunities [1][2]. Financial Performance - For the period from January to September 2025, Zhongxing Mushroom Industry reported a revenue of 1.475 billion yuan, representing a year-on-year growth of 4.16% [2]. - The net profit attributable to shareholders for the same period was 204 million yuan, marking a substantial increase of 130.51% compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 583 million yuan, with 348 million yuan distributed over the last three years [2]. Stock Market Activity - As of November 5, the stock price reached 14.48 yuan per share, with a trading volume of 113 million yuan and a market capitalization of 5.694 billion yuan [1]. - The stock has experienced a net inflow of 14.168 million yuan from major funds, with significant buying activity observed [1]. - The stock has been listed on the "龙虎榜" (Dragon and Tiger List) once this year, with the last occurrence on September 12 [1]. Shareholder Structure - As of September 30, the number of shareholders decreased by 21.79% to 26,200, while the average number of circulating shares per person increased by 27.86% to 14,915 shares [2]. - Among the top ten circulating shareholders, Manulife Consumer Dividend Index A (008928) increased its holdings by 36,300 shares, while China Europe Agricultural Industry Mixed Fund A (022521) entered as a new shareholder with 2.826 million shares [2]. Business Overview - Zhongxing Mushroom Industry, established on November 18, 2005, and listed on June 26, 2015, specializes in the research, cultivation, and sales of edible mushrooms [1]. - The main revenue sources include Agaricus bisporus (63.04%) and Enoki mushrooms (35.32%), with minor contributions from other products [1].

Group 1 - The core point of the news is that Zhongxing Mushroom Industry has seen a stock price increase of 5.16%, reaching 13.25 CNY per share, with a trading volume of 2.58 billion CNY and a turnover rate of 5.12%, resulting in a total market capitalization of 5.21 billion CNY [1] - Zhongxing Mushroom Industry, established on November 18, 2005, and listed on June 26, 2015, is primarily engaged in the research, cultivation, and sales of edible mushrooms [1] - The company's main revenue sources are: Agaricus bisporus (63.04%), Enoki mushrooms (35.32%), Cordyceps (0.89%), and other products [1] Group 2 - From the perspective of major fund holdings, a fund under Yinhua Fund has a significant position in Zhongxing Mushroom Industry, with Yinhua Yongxiang Flexible Allocation Mixed Fund (180028) holding 439,800 shares, accounting for 4.96% of the fund's net value, making it the largest holding [2] - The Yinhua Yongxiang Flexible Allocation Mixed Fund has a total scale of 92.028 million CNY and has achieved a year-to-date return of 13.28%, ranking 5424 out of 8154 in its category [2] - The fund manager, Guo Sijie, has been in position for 5 years and 96 days, with the fund's total asset scale at 823 million CNY [2]

Core Viewpoint - The company is implementing a factory-based ecological breeding project for Cordyceps sinensis at its Changhong Agriculture and Qingshui Zhongxing bases, with partial technical upgrades completed and trial production underway [1] Group 1: Company Operations - Changhong Agriculture base has partially completed technical upgrades and has entered trial production [1] - The revenue from the first three quarters from this project accounts for less than 1% of the company's total revenue [1] - The main products of the company currently are enoki mushrooms and Agaricus bisporus [1] Group 2: Project Development - Other base projects are progressing in an orderly manner [1]

Advanced Manufacturing Sector - The narrow passenger car retail market in October is expected to reach 2.2 million units, reflecting a month-on-month decline of 2.0% and a year-on-year decline of 2.6%. The retail sales of new energy vehicles are projected to be 1.32 million units, with a penetration rate potentially rising to around 60%, marking a historical high [3] - The average price of new energy vehicles in September was 158,000 yuan, down 8% year-on-year, indicating price pressure at the market level. The ongoing price war negatively impacts the improvement of profitability quality in October, posing significant resistance to the recovery of market conditions [3] Consumer Sector - Zhongxing Junye reported a revenue of 1.475 billion yuan for the first three quarters of 2025, a year-on-year increase of 4.16%, with a net profit attributable to shareholders of 204 million yuan, up 130.51%. The third quarter revenue was 568 million yuan, growing 13.10% year-on-year, and net profit reached 135 million yuan, increasing by 128.70% [7] - The growth in performance is primarily attributed to stable price increases for Agaricus bisporus products, reduced costs for enoki mushrooms, and improved prices in the third quarter, along with increased investment income and reduced financial expenses. The ongoing price rise in vegetable products has contributed to the recovery of industry conditions [7] - The company is actively advancing its artificial cultivation project for Cordyceps sinensis, which is seen as a second growth curve. The project has moved from planning to trial production, generating revenue of 4.8451 million yuan in the first half of 2025 [7] - Zhongshun Jierou reported a revenue of 6.478 billion yuan for the first three quarters, an increase of 8.78%, with net profit and net profit excluding non-recurring items both experiencing over threefold growth. The third quarter revenue was 2.149 billion yuan, up 11.09%, and net profit reached 80 million yuan, growing 335.38% [8] - The company has seen a recovery in operations, driven by the continuous release of cost benefits from raw materials like pulp, along with internal cost reduction and efficiency improvement measures. It is expected that the gross margin and net margin will continue to improve in the short term [8] - The company is focusing on high-end, high-margin non-traditional dry towels and personal care products as strategic categories for future development, aiming to enhance overall profitability [8]

Group 1 - The core viewpoint of the news is that Zhongxing Mushroom Industry has seen a stock price increase of 5.23%, reaching 10.67 CNY per share, with a trading volume of 353 million CNY and a turnover rate of 8.68%, resulting in a total market capitalization of 4.196 billion CNY [1] - Zhongxing Mushroom Industry, established on November 18, 2005, and listed on June 26, 2015, is primarily engaged in the research, cultivation, and sales of edible mushrooms. The main revenue composition includes: 63.04% from Agaricus bisporus, 35.32% from Enoki mushrooms, 0.89% from Cordyceps sinensis, 0.53% from ecological breeding of Cordyceps, and 0.22% from other sources [1] Group 2 - Manulife Fund's Manulife Consumer Dividend Index A (008928) is among the top ten circulating shareholders of Zhongxing Mushroom Industry, having increased its holdings by 23,800 shares in the second quarter, totaling 3.1349 million shares, which represents 0.8% of the circulating shares. The estimated floating profit today is approximately 1.6615 million CNY [2] - The Manulife Consumer Dividend Index A (008928) was established on March 26, 2020, with a latest scale of 576 million CNY. Year-to-date returns are 3.5%, ranking 3870 out of 4220 in its category; the one-year return is 13.35%, ranking 3444 out of 3835; and since inception, the return is 58.9% [2] Group 3 - The fund manager of Manulife Consumer Dividend Index A (008928) is Li Tingting, who has been in the position for 3 years and 276 days. The total asset scale of the fund is 2.516 billion CNY, with the best fund return during her tenure being 33.98% and the worst being -35.89% [3] - Manulife Consumer Dividend Index A (008928) has Zhongxing Mushroom Industry as its eighth largest heavy stock, with 3.1349 million shares held, representing 2.71% of the fund's net value. The estimated floating profit today is approximately 1.6615 million CNY [4]

Core Viewpoint - On September 22, Zhongxing Mushroom Industry experienced a decline of 5.07%, with a stock price of 9.55 CNY per share, a trading volume of 164 million CNY, a turnover rate of 4.27%, and a total market capitalization of 3.755 billion CNY [1] Company Overview - Zhongxing Mushroom Industry Technology Co., Ltd. is located in Tianshui City, Gansu Province, established on November 18, 2005, and listed on June 26, 2015. The company's main business involves the research, industrial cultivation, and sales of edible mushrooms [1] - The revenue composition of the main business includes: 63.04% from Agaricus bisporus, 35.32% from Enoki mushrooms, 0.89% from Cordyceps sinensis, 0.53% from ecological breeding of Cordyceps, and 0.22% from other sources [1] Shareholder Information - Among the top ten circulating shareholders of Zhongxing Mushroom Industry, a fund under Manulife Financial holds a position. The Manulife Consumer Dividend Index A (008928) increased its holdings by 23,800 shares in the second quarter, totaling 3.1349 million shares, which represents 0.8% of the circulating shares. The estimated floating loss today is approximately 1.5988 million CNY [2] - The Manulife Consumer Dividend Index A (008928) was established on March 26, 2020, with a latest scale of 576 million CNY. Year-to-date returns are 6.29%, ranking 3715 out of 4222 in its category; the one-year return is 26.47%, ranking 3381 out of 3813; and since inception, the return is 63.18% [2] Fund Management - The fund manager of Manulife Consumer Dividend Index A (008928) is Li Tingting. As of the report date, Li has served for 3 years and 269 days, with the total asset scale of the fund at 2.516 billion CNY. The best fund return during her tenure is 32.79%, while the worst return is -35.89% [3] Fund Holdings - The Manulife Consumer Dividend Index A (008928) has Zhongxing Mushroom Industry as one of its top ten heavy positions. In the second quarter, it increased its holdings by 23,800 shares, totaling 3.1349 million shares, which accounts for 2.71% of the fund's net value. The estimated floating loss today is approximately 1.5988 million CNY [4]

Group 1 - The core viewpoint is that the edible mushroom industry is experiencing a rational return of capacity due to severe losses from overcapacity, particularly in enoki mushrooms, prompting leading companies to actively reduce production [1][4][6] - In 2023, the total production of edible mushrooms in China reached 43.34 million tons, a year-on-year increase of 2.6%, with a total output value of 396.56 billion yuan, also up 2.0% year-on-year [2] - The factory production of edible mushrooms saw a significant increase, with a total output of 4.09 million tons in 2023, representing a year-on-year growth of 43.23% [2] Group 2 - The enoki mushroom sector is facing severe overcapacity, with leading companies like Xuerong Bio reducing their annual production capacity to 440,000 tons, a decrease of 4% year-on-year, and a capacity utilization rate dropping to 63.82% in Q1 2025, down 9 percentage points from 2024 [1][4] - The profitability of the button mushroom segment remains strong, with its gross margin staying above 30% in most years, despite a slight decline to below 30% from 2019 to 2022 [1][4] - The industry is witnessing a consolidation phase, with smaller companies exiting the market, allowing larger firms like Xuerong Bio and Zhongxing Mushroom to solidify their leading positions [3][4] Group 3 - The cultivation of Cordyceps sinensis is emerging as a new growth area, with companies like Zhongxing Mushroom and Xuerong Bio initiating factory cultivation projects, potentially leading to significant revenue and profit increases [5] - The industry is expected to see a reversal in performance for stable production varieties, while the initial phase of Cordyceps cultivation may open a second growth curve for edible mushroom companies [6]

Investment Rating - Maintain "Increase" rating for the industry [5] Core Viewpoints - The edible mushroom industry is expected to benefit from the "big food concept" and "big health" initiatives, with a projected increase in demand [21][10] - The industry is experiencing a rational return of production capacity, with leading companies actively reducing capacity to stabilize production [57][52] - The winter worm summer grass industry is in its early stages of industrialization, presenting new growth opportunities for leading edible mushroom companies [4][52] Summary by Sections Edible Mushroom Production - In 2023, the national edible mushroom production reached 43.342 million tons, a year-on-year increase of 2.6%, with a total output value of 396.56 billion yuan, up 2.0% year-on-year [10][21] - The factory-produced edible mushroom output reached 4.0916 million tons in 2023, a significant increase of 43.23% year-on-year [16][10] Market Restructuring - The number of factory-produced edible mushroom enterprises surged from 47 in 2006 to 788 in 2012, leading to overcapacity and declining profits, particularly in the golden needle mushroom sector [2][24] - The industry concentration ratio (CR5) has stabilized between 33% and 36% from 2020 to 2024, indicating a stable market structure [47][20] Traditional Products - The golden needle mushroom has faced severe overcapacity, prompting leading companies like Xue Rong Biological to reduce production capacity by 4% to an annualized capacity of 440,000 tons [3][57] - The white mushroom (Agaricus bisporus) has maintained stable production levels, with a daily output of 916.7 tons in 2023, showing a slight decline of 1.6% year-on-year [67][70] Winter Worm Summer Grass - The artificial cultivation of winter worm summer grass is emerging as a new growth area, with companies like Zhongxing Mushroom Industry and Xue Rong Biological initiating factory cultivation projects [4][52] - The projected annual revenue from a fully operational winter worm summer grass project is approximately 26.22 million yuan, with a profit margin of 24.8% [4][52] Investment Recommendations - The edible mushroom industry is entering a phase of rational capacity return, with leading companies expected to reverse performance in their core business segments [52][4] - The industrialization of winter worm summer grass may open a second growth curve for edible mushroom companies, with a focus on Zhongxing Mushroom Industry and Xue Rong Biological [52][4]

Core Viewpoint - Liu Shiling, an agricultural expert in Yichang, has dedicated over 20 years to the research and promotion of edible mushroom technology, significantly aiding local farmers in increasing their income through innovative cultivation techniques [2][4]. Group 1: Research and Development - Liu Shiling has established provincial standards for the cultivation of various mushroom species, including morel and button mushrooms, enhancing their disease resistance and yield [4]. - The Yichang Agricultural Science Research Institute has collected 143 species of local fungi, creating a large fungal specimen museum for resource protection and utilization [3]. Group 2: Practical Application and Farmer Support - Liu Shiling actively participates in training sessions and provides hands-on guidance to farmers, helping them adopt advanced cultivation techniques such as "rice-mushroom rotation" to improve yields [5][6]. - The introduction of high-quality mushroom varieties, such as the morel, has led to significant income increases for farmers, with reports of over 10,000 yuan per acre in net income [5]. Group 3: Challenges and Solutions - Liu Shiling addresses challenges faced by farmers, such as pest infestations and environmental conditions, by providing tailored advice and solutions to restore crop health [6][8]. - The cultivation of new mushroom varieties, like the button mushroom, has been optimized under Liu's guidance, achieving yields of up to 3,000 kg per acre [8]. Group 4: Community Impact - Liu Shiling's efforts have resulted in training over 20,000 farmers, significantly impacting the local agricultural community and enhancing their productivity [9]. - The personal sacrifices made by Liu, including time away from family, highlight her commitment to supporting local farmers and improving their livelihoods [9].