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。 ...

Group 1 - In the first half of the year, Qinghai Province's foreign trade import and export reached 3.59 billion yuan, an increase of 57.7% compared to the same period last year, with both import and export growth rates ranking first in China [1] - Qinghai Province engaged in trade with 91 countries and regions, including 67 countries involved in the Belt and Road Initiative, with imports and exports to these countries totaling 2.96 billion yuan, a growth of 78.7%, accounting for 82.5% of the province's total foreign trade [1] - The province exported agricultural products to 45 countries and regions, with new markets including Kyrgyzstan, Saudi Arabia, and Indonesia, achieving an export value of 340 million yuan, a growth of 56%, leading the country in export growth [1] Group 2 - The variety of agricultural products exported reached 89, with notable first-time exports of quinoa seeds to Spain and Denmark, and rapeseed seeds to Mongolia, marking a breakthrough in the export of high-quality genetic resources [1] - The introduction of international passenger flights with cargo capacity has enabled fresh agricultural products from Qinghai, such as cold-water fish and vegetables, to reach international customers within 24 hours, with frozen trout exports valued at 190 million yuan, a growth of 1.7 times, and vegetable exports of 1,944.6 tons, also growing by 1.7 times [1] - In the first half of 2025, agricultural products became the largest import category for Qinghai Province, with imports of agricultural products valued at 170 million yuan, an increase of 18.3%, and imports of electromechanical products reaching 8.83 million yuan, a growth of 1.4 times [2]

Core Viewpoint - The Agricultural Development Bank of China (ADBC) is providing significant financial support to the "Tianfu Grain Warehouse" rapeseed seed production demonstration base project in San Tai County, with a total investment exceeding 100 million yuan to enhance the local rapeseed seed production industry [1][2]. Group 1: Project Financing and Support - ADBC's San Tai County branch has recently invested an additional 40 million yuan in loans to support the project, which aims to promote high-quality development in the local rapeseed seed production industry [1]. - The branch has proactively addressed the project's financing needs, forming a specialized team to conduct in-depth research and tailor financial service plans, resulting in the approval of 400 million yuan in project loans [1][2]. Group 2: Project Objectives and Benefits - The project includes land consolidation, construction of field roads, improvement of irrigation facilities, and provision of seed production experimental greenhouses and quality testing equipment [2]. - Upon completion, the project is expected to significantly enhance per-acre productivity and disaster resistance, facilitate agricultural transformation, and create conditions for mechanized and large-scale production, thereby reducing operational costs [2]. - The project will also leverage land transfer mechanisms to increase villagers' income through both land rent and employment opportunities, contributing to rural economic growth [2]. Group 3: Future Plans and Contributions - ADBC's San Tai County branch plans to continue enhancing its role as a policy-oriented agricultural bank by increasing credit support and focusing on the upgrade of the entire agricultural industry chain [2]. - The bank aims to explore new pathways for rural revitalization that enhance industry efficiency and farmers' income, thereby contributing to local economic development and comprehensive rural revitalization [2].

Core Viewpoint - Hainan Shennong Seed Industry Technology Co., Ltd. plans to issue shares through a simplified procedure to specific investors, aiming to raise no more than RMB 300 million, which does not exceed 20% of the net assets as of the end of the previous year [1][2]. Group 1: Issuance Details - The company will issue domestic listed ordinary shares (A shares) with a par value of RMB 1.00 per share [2]. - The issuance will be completed within ten working days after the China Securities Regulatory Commission (CSRC) approves the registration [2]. - The issuance targets up to 35 specific investors, including qualified institutional investors such as securities investment fund management companies, securities companies, trust companies, and qualified foreign institutional investors [3]. Group 2: Pricing and Quantity - The pricing benchmark date will be the first day of the issuance period, with the issuance price set at no less than 80% of the average trading price over the previous 20 trading days [4]. - The maximum number of shares to be issued is 50 million, corresponding to a total fundraising amount not exceeding RMB 300 million [5]. - The final issuance price will be determined through a bidding process, and the issuance will be subject to adjustments based on any corporate actions such as dividends or stock splits [4][5]. Group 3: Fund Utilization - The total amount raised will be used for projects including the "Rapeseed 'Good Seed + Good Method' Demonstration Promotion Project" and to supplement working capital [7][10]. - The total investment for the rapeseed project is RMB 147.81 million, with RMB 104 million expected to be funded from the issuance [7]. - If the actual net amount raised is less than the planned investment, the company will adjust the investment priorities based on the actual funds available [10]. Group 4: Shareholder Returns and Future Plans - The company has developed a three-year dividend return plan for shareholders from 2025 to 2027 to enhance transparency and operational efficiency in profit distribution [11]. - The company will ensure that the new and old shareholders share the undistributed profits proportionately after the issuance [6][10]. - The resolution for the issuance is valid until the next annual general meeting, and any changes in regulations will be adhered to [10].

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].