证券代码：000998 证券简称：隆平高科 袁隆平农业高科技股份有限公司投资者关系活动记录表 编号：2025-04 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 ☑业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 详见投资者参会清单 | | 人员姓名 | | | 时间 | 2025 年 8 月 25 日下午 15:30-16:30 | | 地点 | 线上交流 | | 接待人员姓名 | 副总裁、财务总监 黄冀湘 | | | 副总裁、董事会秘书 胡 博 | | | 董事会办公室总经理、证券事务代表 罗明燕 | | | 投资者关系负责人 吴 菁 1、公司上半年基本情况介绍？ | | | （一）主营业务高质量发展 今年上半年，种子行业整体处于周期性底部，供大于求的格 | | 投资者关系活动 | 局未得到根本性改善，行业毛利率、退货率均面临一定压力；在 | | 主要内容介绍 | 行业景气度下行的背景下，公司仍展现出较强的经营韧性，保持 | | | 了稳健的 ...

农林牧渔/种植业 隆平高科（000998.SZ） 国内玉米种子销售承压，巴西业务大幅减亏 2025 年 08 月 26 日 投资评级：买入（维持） | 日期 | 2025/8/25 | | --- | --- | | 当前股价(元) | 10.09 | | 一年最高最低(元) | 12.99/8.98 | | 总市值(亿元) | 148.27 | | 流通市值(亿元) | 132.69 | | 总股本(亿股) | 14.69 | | 流通股本(亿股) | 13.15 | | 近 3 个月换手率(%) | 82.53 | 股价走势图 数据来源：聚源 -10% 0% 10% 20% 30% 40% 2024-08 2024-12 2025-04 隆平高科 沪深300 相关研究报告 《巴西玉米行业低迷致业绩承压，国 内种子表现稳健—公司信息更新报 告》-2025.4.29 《稻种量价齐增支撑业绩，瘦身健体 助力高质量发展—公司信息更新报 告》-2024.11.1 《稻种业绩高速增长，瘦身健体进展 顺利—公司信息更新报告》-2024.8.31 陈雪丽（分析师） 王高展（分析师） chenxueli@kysec.cn ...

风险提示：投资有风险，入市需谨慎。 截至2025年8月22日15时，隆平高科股价报9.99元，较前一交易日下跌0.01元，跌幅0.10%。当日成交量 为228646手，成交金额2.28亿元，振幅0.80%。 隆平高科主营业务为农作物种子研发、生产和销售，产品包括水稻种子、玉米种子、蔬菜瓜果种子等。 公司在水稻育种领域具有领先优势，同时积极布局转基因玉米种子市场。 公司8月22日晚间披露的半年报显示，上半年实现营业收入21.66亿元，同比下降16.11%；归属于上市公 司股东的净利润亏损1.64亿元，同比由盈转亏。分业务看，水稻种子收入7.79亿元，玉米种子收入近10 亿元，巴西玉米业务实现营收8.68亿元。公司在转基因玉米品种方面已有10个次通过国家审定，产业化 示范面积全国领先。 ...

Core Viewpoint - Longping High-Tech (隆平高科) reported a revenue of 2.166 billion yuan for the first half of 2025, with a non-net profit loss of 157 million yuan, marking a year-on-year reduction in losses by 39.13% [1] Group 1: Business Performance - The company achieved stable revenue of 779 million yuan from rice seeds, with a net profit increase of 4% year-on-year [2] - The corn business generated nearly 1 billion yuan in revenue, with the Brazilian corn segment significantly reducing losses by 59.13% [3] - The Brazilian corn business reported revenue of 868 million yuan, a year-on-year increase of 2.11% (14% when adjusted for last year's exchange rate) [3] Group 2: Research and Development - Longping High-Tech invested 280 million yuan in R&D, achieving breakthroughs in breeding technologies for rice, corn, and wheat [4] - The company made significant progress in rice parent creation, with 47.8% of trial combinations being dual-resistant recovery lines [4] - The company registered 11 new corn varieties and 5 sorghum varieties in Brazil, expanding planting areas due to their disease resistance and high yield characteristics [4] Group 3: Management and Financial Health - The company completed a private placement raising 1.2 billion yuan from its major shareholder, significantly reducing interest-bearing liabilities by 726 million yuan [7] - Operating cash flow increased by 52.66% year-on-year, and the asset-liability ratio decreased by 6.46% since the beginning of the year [7] - Financial expenses decreased by approximately 17.33% due to reduced interest-bearing liabilities and favorable loan rates [7] Group 4: Future Outlook - The company plans to capitalize on opportunities in low-cadmium rice varieties and rapid growth of key new varieties to strengthen its leading position in the rice industry [8] - The domestic corn business is expected to enhance its competitive advantage due to the opportunities in the bio-breeding industry [8] - The Brazilian corn segment is anticipated to benefit from the growth of the ethanol industry and diversified demand for Chinese agricultural products, leading to increased seed and grain sales and prices [8]

公司8月15日晚间发布公告称，拟向特定对象发行A股股票募资不超过4.07亿元，发行对象为公司实际控 制人中国农发集团及其控股子公司华农资产，发行价格为5.14元/股。募集资金将用于偿还国拨资金专 项应付款和补充流动资金。 风险提示：投资有风险，入市需谨慎。 截至2025年8月15日收盘，农发种业股价报6.35元，较前一交易日上涨0.03元，涨幅0.47%。当日成交量 为168274手，成交金额达1.07亿元。 农发种业主要从事农作物种子的研发、生产和销售业务，是农业产业化国家重点龙头企业。公司产品涵 盖玉米、水稻、小麦、棉花、油菜等多种农作物种子。 ...

Core Viewpoint - The article emphasizes the importance of seed development in ensuring national food security, highlighting the efforts made in Hainan's seed industry and the advancements in agricultural research and technology [2][3][5]. Group 1: Seed Industry Development - Hainan is revitalizing abandoned land to create a year-round seed production base, leveraging local climate and advanced breeding techniques [2]. - The National South Breeding Research Base has become a key player in China's seed industry, with over 70% of new crop varieties developed through its programs [6]. - The base is equipped with advanced technologies such as laser radar and hyperspectral cameras to enhance breeding efficiency [5]. Group 2: Government Support and Research Initiatives - President Xi Jinping has emphasized the critical role of quality seeds in increasing grain production and has urged the development of varieties with independent intellectual property rights [2][3]. - Researchers like Xie Hua'an are leading teams to develop high-yield, storage-resistant rice varieties, reflecting the government's commitment to food security [3][4]. - The South Breeding Base serves as an accelerator for agricultural research and a reliable source of seeds, producing millions of pounds of rice seeds annually for extensive cultivation [5][6]. Group 3: Future Aspirations - The concept of "South Breeding Silicon Valley" is introduced, aiming to strengthen China's seed base and ensure that Chinese agriculture relies on domestically developed seeds [6]. - The ongoing efforts in seed research and development are expected to significantly contribute to national food security and agricultural sustainability [3][6].

Financial Support for High-Quality Development - The People's Bank of China (PBOC) in Sanming has implemented financial services to support the high-quality development of revolutionary old areas, focusing on traditional industrial transformation, rural revitalization, and green development [1] - Since 2021, the PBOC has provided a total of 12.141 billion yuan in preferential funds, significantly boosting local economic development [1] - As of June 2023, the total loan balance in Sanming reached 266.56 billion yuan, with an increase of 96.734 billion yuan since the beginning of 2021, representing a growth rate of 52.86% [1] Support for Manufacturing Upgrades - Fujian Keda New Energy Technology Co., Ltd. is expanding its production capacity with a new production line for graphite anode materials, supported by a 100 million yuan loan from Industrial Bank Sanming Branch [2] - The loan benefits from a two-year 1% fiscal interest subsidy, reducing the financing cost for the company [2] - Since 2021, the total amount of policy-based preferential loans for technology and equipment upgrades in Sanming has exceeded 4.386 billion yuan, with a loan balance for the manufacturing sector reaching 38.969 billion yuan, an increase of 23.526 billion yuan, or 152.5% [3] Financial Support for Rural Revitalization - Fujian Liusan Seed Industry Co., Ltd. received a 30 million yuan loan from Agricultural Bank of China Sanming Branch to support its operational cash flow during the peak sales season [4] - The loan has a favorable interest rate of 2.9%, significantly lowering the company's financial costs [4] - Since 2021, the total amount of agricultural support loans issued in Sanming has reached 5.416 billion yuan, benefiting over 13,500 agricultural entities [5] Green Finance Initiatives - Sanming has a forest coverage rate of 77.12%, which supports its ecological advantages and the development of green finance [6] - The introduction of "Fulin Tickets," which are income rights certificates based on forest management, aims to promote large-scale forestry operations and attract social capital [6] - The first batch of "Fulin Tickets" was issued in early 2023, covering 20,000 acres of forest with a total value of 12.031 million yuan [6][7]

Group 1 - The company expects to turn a profit in the first half of 2025, with a projected net profit between 19 million and 25 million yuan, compared to a loss in the same period last year [1][2] - The seed business has shown significant growth, with rice seed sales increasing by over 100% and corn seed sales increasing by over 300% year-on-year [1] - The company has improved its feed business, with sales growth and reduced operating expenses due to enhanced management and efficiency [1] Group 2 - The company has reported a total of 3.8347 million pigs sold from its controlled and affiliated companies, representing a year-on-year increase of 34.64% [2] - Continuous improvements in production metrics and breeding capabilities have led to a decrease in pig farming costs, contributing to profitability in the pig farming segment [2]

Core Points - The case involves three individuals (A, B, C) conspiring to falsely inflate seed procurement quantities, resulting in an overpayment of 120,000 yuan to Company C, which they later divided among themselves [5][9][10] - A, while serving as the head of the Agricultural Technology Promotion Station, engaged in corrupt practices, including embezzlement and bribery, totaling 2.08 million yuan in bribes and 460,000 yuan in collusion with another employee [6][12][14] - The investigation led to A being expelled from the party and public office, with subsequent criminal charges filed for embezzlement, bribery, and collusion [7][18][20] Summary by Sections Basic Case Facts - A was responsible for a seed procurement contract, where he, along with B and C, conspired to create a false procurement quantity, leading to an illegal return of 120,000 yuan [4][5] - A's actions included receiving bribes from multiple suppliers, totaling 2.08 million yuan over a decade [6][12] Investigation Process - The investigation began on September 25, 2023, with A being placed under detention, followed by disciplinary actions and criminal charges [7][19] - A was convicted on April 30, 2025, receiving a combined sentence of seven years in prison and a fine of 550,000 yuan [7][18] Legal Interpretations - The actions of A, B, and C were classified as joint embezzlement rather than bribery, as they involved the illegal appropriation of public funds [8][9] - The court determined that A and another employee, D, engaged in joint bribery, with A being the principal actor and D playing a secondary role [15][16]

Core Viewpoint - The article highlights the development and supervision of the rice seed production industry in Guangxi's Bobai County, emphasizing the effective implementation of supportive policies and the role of local authorities in ensuring the industry's growth and addressing challenges faced by farmers [1][2]. Group 1: Industry Development - Bobai County has been recognized as a national-level seed production county for rice, benefiting from favorable climatic conditions and over 40 years of industry cultivation and policy support [1]. - The county's rice seed production area is projected to reach 42,000 acres in 2024, with an expected annual output of 8.4 million kilograms, generating an annual output value of 168 million yuan [4]. Group 2: Supervision and Support - The county's disciplinary inspection and supervision committee has integrated the rice seed production industry into its key oversight list, employing a collaborative model to monitor the responsibilities of relevant departments and ensure the effective distribution of subsidies and policy implementation [1][2]. - The committee has resolved over 50 issues related to the development of the seed production industry and has addressed 20 cases of false reporting and subsidy misappropriation, holding 22 individuals accountable [4]. Group 3: Challenges and Responses - The article notes challenges such as drought, frost damage, and pest issues affecting seedling growth due to adverse weather conditions, which prompted the committee to take proactive measures, including technical guidance and resource allocation [2]. - The use of a seed industry big data monitoring platform has been implemented to manage and monitor conditions such as weather, pest situations, and irrigation in seed production bases [2].