Company Overview - Shenzhen Agricultural Products Group Co., Ltd. was established in 1989 and listed on the Shenzhen Stock Exchange in 1997. The company has built 35 physical agricultural product logistics parks across over 20 major cities in China, forming the largest wholesale market network in the country. The average annual trading volume of its wholesale markets exceeds 33 million tons, with an average annual transaction value exceeding 250 billion yuan [1][2]. Business Operations - The company operates across the entire agricultural product supply chain, including standardized base planting, cold chain processing, wholesale market construction and operation, urban ingredient distribution, brand development, and import-export trade [2]. - The company focuses on creating a modern agricultural product circulation ecosystem, aiming to achieve efficient collaboration and value reconstruction across the entire supply chain [2]. Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 5.197 billion yuan, representing a year-on-year growth of 36.11%. This growth is attributed to the expansion of subsidiaries such as Shenzhen Haijixing Import and Export Company and Tianjin Haijixing [3]. - However, net profit attributable to shareholders and basic earnings per share decreased year-on-year due to competitive market strategies and reduced non-recurring gains [3]. Market Strategy - The company is actively promoting digital transformation and enhancing supply chain efficiency through digital tools and data analysis, which strengthens its role as a core hub in the supply chain [4]. - Future plans include expanding the agricultural product wholesale market, particularly in key regions like Shanghai, Guangzhou, and Chengdu, while also upgrading older markets [5]. Logistics and Distribution - The company is developing a seafood distribution hub in South China, leveraging its proximity to established markets to enhance operational efficiency [6]. - The urban ingredient distribution business targets clients such as military, hospitals, schools, and large enterprises, focusing on market-oriented operations and efficient supply chain management [7]. Brand Development - The company is expanding its "Deep Agricultural Selection" product line, ensuring quality through rigorous testing and promoting its brand through various marketing activities [7]. - Successful products include high-quality items like Sichuan Pa Pa Gan and Danzhou Beibei Pumpkin, among others [7]. Digital Transformation - The company is enhancing its digital capabilities through big data, IoT, and cloud computing, with initiatives like the Deep Agricultural Aggregation Trading System and a price collection and release platform [8]. - These efforts aim to improve market operational efficiency and transparency in pricing [8]. Capital Expenditure and Dividend Strategy - The company adheres to a "steady and orderly" principle in capital investment, adjusting resource allocation based on project progress and market conditions. It emphasizes stable cash dividends while considering future profitability and cash flow [8].

Core Viewpoint - The company is actively expanding its "Deep Agriculture Selection" product matrix by selecting high-quality products through multiple rounds of testing based on safety, quality, and flavor standards, aiming to enhance brand image and influence through various activities like "Fushi Market" [1] Group 1 - The company has successfully cultivated dozens of high-quality specialty products, including Sichuan Pa Pa Gan, Danzhou Beibei Pumpkin, Danzhou Sweet Potato, Zhangshu Port Chili, Huaiji Rice, Mao Shan Wang Ice Skin Durian Mooncake, and Korla Fragrant Pear [1]

Core Insights - The new brand "Fushijiji" from Shenzhen Agricultural and Food Investment Holdings (Shenzhen Nongtou) became a highlight at the 5th China International Consumer Products Expo, attracting over 20,000 visitors daily and achieving an intended transaction amount exceeding 10 million yuan [2][3]. Group 1: Brand and Market Positioning - "Fushijiji" integrates resources from four major business sectors of Shenzhen Nongtou and aims to create a national and global platform for high-quality agricultural products and services [3][4]. - The brand's slogan "Fushijiji·Get Beauty" emphasizes both the acquisition of quality products and the necessity of meeting high standards to enter the platform [4]. Group 2: Quality Assurance and Consumer Trust - Shenzhen Nongtou employs a unique "three-wheel standard system" for quality control, which includes food safety, nutritional quality, and taste evaluation, ensuring a comprehensive quality assurance process [4][5]. - A report indicates that quality (75.0%) and price (72.3%) are the top factors influencing consumer choices, highlighting a shift from price wars to value-driven consumption [4]. Group 3: Supply Chain and Operational Efficiency - The brand's success reflects a transformation in the agricultural industry from scale expansion to value enhancement, supported by a robust supply chain that includes 400,000 acres of demonstration farms and a network of over 60,000 partner merchants globally [6][7]. - Shenzhen Nongtou's integration of production, processing, and distribution allows for a one-stop service capability, enhancing its appeal to buyers at the expo [7][8]. Group 4: Global Reach and Strategic Positioning - The brand serves as a "super connector" in the global agricultural food industry, facilitating trade and distribution of both domestic and international products [8][10]. - Shenzhen Nongtou is developing a comprehensive logistics network to support its dual circulation strategy, enabling efficient distribution of global products within China and vice versa [10].

Company Overview - Shenzhen Agricultural Products Group Co., Ltd. was established in 1989 and listed on the Shenzhen Stock Exchange in 1997, operating over 34 agricultural product logistics parks across more than 20 major cities in China [1] - The average annual trading volume of the company's wholesale markets exceeds 33 million tons, with an average annual transaction value exceeding 250 billion yuan, covering over 200 million people and maintaining over 10% market share in wholesale markets with transaction values exceeding 100 million yuan [1] Business Expansion - The company is expanding its business into upstream agricultural planting bases, establishing partnerships with over 400,000 acres of bases, and developing a "one base, one garden, one center" industrial model [1] - The company is also enhancing its downstream food distribution system, with significant growth in food distribution business in key cities like Shenzhen, Chengdu, and Changsha [2] Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 3.73 billion yuan, a year-on-year decrease of 7.93%, while net profit reached 453 million yuan, a year-on-year increase of 9.86% [2][3] - The increase in net profit is attributed to improved operating profits from agricultural wholesale markets and gains from the exit of related property leasing by its international food company [3] Shareholding Structure - The actual controller of the company is the Shenzhen State-owned Assets Supervision and Administration Commission, with the largest shareholder being Shenzhen Agricultural and Food Investment Holding Group Co., Ltd. holding 34% of shares, followed by Fude Life Insurance Co., Ltd. with 29.97% [3] Market Development - The development of new retail formats has not significantly impacted the company's core business, as the agricultural wholesale markets remain a primary channel for diverse agricultural product supply [4] - The company is leveraging digital tools to enhance the value of its wholesale market resources and promote a full industry chain business layout [4] Project Development - The company is actively investing in new market projects in key areas such as Chengdu and Shanghai, while steadily advancing the second phase of construction in Tianjin, Changsha, and Guangxi [5] - The Tianjin Haijixing market has successfully turned profitable in 2023 and is currently developing its second phase project [6] Stock Issuance - The company has submitted a stock issuance proposal to the Shenzhen Stock Exchange, pending approval from the China Securities Regulatory Commission [6]