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康农种业上半年增利不增收,杂交玉米种子营收下滑
Bei Ke Cai Jing· 2025-08-21 15:20
编辑 杨娟娟 校对 王心 新京报贝壳财经讯(记者阎侠)8月21日,康农种业的2025年半年度报告已出炉。2025年上半年,康农 种业实现营业收入约4587.42万元,同比下滑2.68%;归属于上市公司股东的净利润约868.85万元,同比 增长12.22%。 具体来看,2025年上半年,康农种业杂交玉米种子销售收入4272.17万元,同比减少5.12%,主要是由于 公司客户通常需要在农历春节前完成进货、备货和铺货,2025年农历春节时点较早,则该销售季度内销 售旺季则会提前结束,相应地造成了2025年1月公司的发货量减少,收入向2024年12月集中,因此公司 2025年上半年主要是正常的补货收入,较上年同期收入有所下降。 2025年上半年,康农种业的中药材种苗和魔芋种子销售未实现销售收入,主要原因一是中药材和魔芋行 业逐步进入了下行周期,二是公司将更主要的管理精力投入到核心优势的杂交玉米种子业务,暂时未投 入较多精力开展相关业务。2025年上半年,康农种业的其他业务收入同比增长56.37%,主要原因为公 司本期为外单位制种面积增加,代繁收入相应增加。 ...
康农种业(837403):2025H1合同负债同比增长410%,期待销售旺季业绩表现
Hua Yuan Zheng Quan· 2025-08-21 09:48
证券研究报告 农林牧渔 | 种植业 北交所|公司点评报告 hyzqdatemark 2025 年 08 月 21 日 赵昊 SAC:S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC:S1350525050003 wangyuxuan@huayuanstock.com 康农种业(837403.BJ) 投资评级: 增持(维持) ——2025H1 合同负债同比增长 410%,期待销售旺季业绩表现 投资要点: 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 经营情况:2025H1 实现营业收入 4587.42 万元(yoy-2.68%),归母净利润为 868.85 万元(yoy+12.22%),扣非归母净利润为 399.41 万元,同比扭亏为盈,毛利率 39.46% (yoy+13.5pcts);销售费用率 17.31%,同比增长 7.21pcts,主要原因是公司进一 步加大核心品种的宣传力度,宣传推广费用增加,仓储运输费用同比增加。2025Q2 公司实现营业收入 2157.55 万元(yoy+67.73%),归母净利润为 957.60 万元,同 比扭亏为盈。 联 ...
北交所消费服务产业跟踪第十五期(20250523):转基因商业化持续推进,关注康农种业等北交所种业公司
Hua Yuan Zheng Quan· 2025-05-26 03:05
Industry Overview - The global seed industry has a high concentration, with a CR5 of 52% in 2021, while China's seed industry CR5 is only 17%, indicating significant room for improvement[4] - Major grain prices in China have shown a slight increase, with corn prices up by 11.9%, while soybean prices decreased by 0.7%, and wheat prices increased by 2.9% as of May 23, 2025[4] Genetically Modified Organisms (GMOs) - Three batches of genetically modified corn varieties have been approved for commercialization, totaling 161 varieties, with significant advantages for leading companies[4][16] - The domestic market for genetically modified crops is expected to accelerate, with companies like Kangnong Seed focusing on high-yield and resilient hybrid corn varieties[19] Company Performance - Kangnong Seed's revenue for 2024 is projected to be 337 million yuan, representing a year-over-year increase of 16.80%, with a net profit of approximately 82.60 million yuan and gross/net profit margins of 35.79% and 24.72%, respectively[30] - The company's three-year CAGR for revenue and net profit from 2021 to 2024 is 33.45% and 24.53%, respectively, indicating strong growth potential[30] Market Trends - The median price-to-earnings (P/E) ratio for the North Exchange consumer service sector decreased from 57.9X to 53.2X, reflecting a broader market trend[34] - The total market capitalization of the North Exchange consumer service sector fell from 119.36 billion yuan to 116.79 billion yuan during the week of May 19 to May 23, 2025[38] Risk Factors - Potential risks include macroeconomic fluctuations, market competition, and statistical data inaccuracies, which could impact the overall market performance[52]
荃银高科(300087):2024年报及2025一季报点评:毛利率下降,减值计提增加,公司盈利承压
Guoxin Securities· 2025-05-06 11:23
Investment Rating - The investment rating for the company is "Outperform the Market" [5][30][36] Core Views - The company experienced a decline in gross margin and an increase in impairment provisions, leading to a significant drop in net profit attributable to shareholders [1][9] - The company is expected to benefit from its leading position in rice seed business and rapid expansion in corn seed business, with a forecasted net profit of 2.0/2.4/2.7 billion yuan for 2025-2027 [3][30][36] - The stock is considered to have a reasonable valuation range of 10.4-11.4 yuan, representing a premium of approximately 10-20% over the current stock price [30][36] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 4.709 billion yuan, a year-on-year increase of 14.77%, primarily driven by growth in grain and seed business [1][9] - The net profit attributable to shareholders was 114 million yuan, a significant decline of 58.23% year-on-year, mainly due to lower gross margins and increased impairment provisions [1][9] - For Q1 2025, the company reported operating revenue of 835 million yuan, up 24.13% year-on-year, but net profit dropped to 2 million yuan, down 87.62% year-on-year [1][9] Business Segments - The rice seed segment generated revenue of 1.858 billion yuan in 2024, a 5.67% increase, but gross margin decreased to 39.81%, down 3.00 percentage points [2][26] - The corn seed segment saw revenue of 589 million yuan, a 20.43% increase, with gross margin improving to 33.15%, up 7.87 percentage points [2][26] - The order grain business revenue increased by 44.54% to 1.022 billion yuan, but gross margin fell to 1.56%, down 3.33 percentage points [2][26] Profitability and Cash Flow - The company’s sales gross margin for Q1 2025 was 13.48%, down 6.26 percentage points year-on-year, with a net profit margin of -2.02%, down 4.51 percentage points [2][18] - Operating cash flow for Q1 2025 was -777 million yuan, representing -93.00% of operating revenue [3][20] - Inventory days stood at 360 days, while accounts receivable turnover days were 69 days [3][20] Future Outlook - The company is expected to maintain growth in its rice seed business, with projected revenues of 1.951 billion yuan for 2025, reflecting a 5.0% growth [27][24] - The corn seed business is anticipated to generate revenues of 648 million yuan in 2025, with a growth rate of 10.0% [24][27] - The order grain business is forecasted to achieve revenues of 1.175 billion yuan in 2025, maintaining a stable growth trajectory [24][27]
荃银高科2024年年报被审计机构出具“保留意见”
Mei Ri Jing Ji Xin Wen· 2025-05-05 14:09
Core Viewpoint - The company reported a revenue increase of 14.77% in 2024, but net profit decreased by 58.23% due to various factors including declining seed gross margins and increased operating expenses [1][2][3] Financial Performance - In 2024, the company achieved a revenue of 4.709 billion yuan, up from the previous year, primarily driven by increased seed exports and domestic corn seed sales [2][3] - The company's net profit for 2024 was 114 million yuan, a significant decline of 58.23% compared to the previous year, resulting in a decrease of 160 million yuan [2][3] Revenue Breakdown - The largest revenue source was rice seed sales, generating 1.858 billion yuan, a growth of 5.67% year-on-year [2] - Corn seed sales reached 589 million yuan, marking a 20.43% increase [2] - The fastest growth came from order grain and silage feed, which generated 1.191 billion yuan, up 44.22% [2] Profitability Issues - The decline in net profit was attributed to three main factors: reduced gross margins in seed business due to increased competition, higher research and management expenses, and significant impairment losses [3][4] - The company reported total impairment losses of 238 million yuan, including credit impairment losses on receivables and inventory write-downs [3][4] Audit Concerns - The audit firm KPMG issued a qualified opinion on the financial statements due to two key issues: the existence and valuation of certain receivables and the accuracy of inventory valuation [1][5] - The first issue involved receivables related to grain sales, where the company failed to provide sufficient evidence for the existence and accuracy of the amounts [5][6] - The second issue pertained to the valuation of inventory, where the company could not substantiate its sales forecasts for corn seed inventory, leading to questions about the adequacy of inventory write-downs [7][8] Management Response - The company plans to assign personnel to pursue the collection of receivables from three grain sales companies and aims to recover the amounts within two years [8] - For the corn seed inventory, the company intends to implement various measures to ensure sales over the next two years [8]
荃银高科2024年年报被出具“保留意见”:部分应收款与存货账面价值准确性审计范围受限
Mei Ri Jing Ji Xin Wen· 2025-04-30 14:24
Core Viewpoint - The company reported a revenue increase of 14.77% in 2024, but net profit decreased by 58.23% due to various factors including declining seed gross margins and increased operating expenses [1][5][6]. Financial Performance - In 2024, the company achieved a revenue of 4.709 billion yuan, up from the previous year, primarily driven by increased seed exports and domestic corn seed sales [5][6]. - The sales revenue from rice seeds was 1.858 billion yuan, a year-on-year increase of 5.67%, while corn seed sales reached 589 million yuan, growing by 20.43% [5]. - The fastest growth came from order grain and silage feed, which generated 1.191 billion yuan, marking a 44.22% increase [5]. Profitability Issues - The company reported a net profit of 114 million yuan, down 58.23% from the previous year, resulting in a decrease of 160 million yuan [1][6]. - The decline in net profit was attributed to three main factors: reduced gross margins in seed business, increased R&D and operating expenses, and significant impairment losses [6][7]. Impairment Losses - The total impairment losses for the year amounted to 238 million yuan, which significantly impacted the net profit [6][7]. - Specific impairment losses included 85.6686 million yuan for accounts receivable, 21.6848 million yuan for other receivables, and 80.7006 million yuan for inventory [6][7]. Audit Concerns - The company's financial statements received a qualified opinion from the auditing firm due to two key issues: the existence and accuracy of certain receivables and the valuation of inventory [7][8]. - The first issue involved accounts receivable related to grain sales, where the company could not confirm the existence and accuracy of 32.7759 million yuan in receivables [7][8]. - The second issue pertained to the valuation of inventory, where the company failed to provide sufficient evidence to support its sales forecasts for corn seed inventory [8][9]. Management Response - The company plans to actively pursue the collection of receivables from three grain sales companies and aims to recover the amounts within two years [9]. - For the corn seed inventory, the company intends to implement various measures to ensure sales within the next two years [9].
康农种业:招股说明书(上会稿)
2023-09-15 10:22
证券简称: 康农种业 证券代码: 837403 湖北省宜昌市长阳经济开发区长阳大道 553 号 湖北康农种业股份有限公司 湖北康农种业股份有限公司招股说明书(申报稿) 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力,投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市,该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业,上市公司具有经营风险高、业绩不稳定、退市风险高等特点,投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素,审 慎作出投资决定。 保荐机构(主承销商) (北京市西城区武定侯街 6 号卓著中心 10 层) 二零二三年九月 中国证监会和北京证券交易所对本次发行所作的任何决定或意见,均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证,也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定,股票依法发行后,发行人经营与收益的变化,由发行人自行负 责;投资者自 ...
康农种业:招股说明书(申报稿)
2023-04-28 09:18
湖北省宜昌市长阳经济开发区长阳大道 553 号 湖北康农种业股份有限公司 湖北康农种业股份有限公司招股说明书(申报稿) 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力,投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市,该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业,上市公司具有经营风险高、业绩不稳定、退市风险高等特点,投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素,审 慎作出投资决定。 保荐机构(主承销商) (北京市西城区武定侯街 6 号卓著中心 10 层) 二零二三年四月 证券简称: 康农种业 证券代码: 837403 中国证监会和北京证券交易所对本次发行所作的任何决定或意见,均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证,也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定,股票依法发行后,发行人经营与收益的变化,由发行人自行负 责;投资者自 ...