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Group 1: Beef Industry Overview - The beef industry in Yangxin County, Binzhou City, utilizes every part of the cow, creating a comprehensive value chain from cattle farming to various end products [2][3] - The digitalization of cattle farming, particularly through 5G technology, allows a small team of five to manage over 5,000 cattle efficiently [4][3] - The beef produced is not only sold domestically but also exported, with companies like Yiliyuan supplying to multiple hot pot brands [2] Group 2: Beef Processing and Value Addition - Huayang Group, a leading meat processing company, processes around 1 million cow hides annually, generating approximately 600 million yuan in revenue [4][5] - The company employs advanced eco-friendly techniques in leather processing, significantly enhancing the value of each cowhide, which can increase by over ten times [5][6] - The integration of technology in the processing of cow hides ensures high-quality standards suitable for luxury goods and automotive interiors [5][6] Group 3: Bone and By-product Utilization - Cow bones, previously considered waste, are now transformed into valuable art pieces through skilled craftsmanship, with some pieces valued at thousands to tens of thousands of yuan [8][9] - The company specializing in bone carving has developed unique techniques to create intricate designs, making it a rare industry in northern China [9] - Cow dung is processed into organic fertilizer, contributing to sustainable agricultural practices and reducing reliance on chemical fertilizers [10][11]

公 司 研 究 兴业科技（002674.SZ） 2025 年 05 月 06 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 9.23 | | 一年最高最低(元) | 13.02/7.72 | | 总市值(亿元) | 27.25 | | 流通市值(亿元) | 26.97 | | 总股本(亿股) | 2.95 | | 流通股本(亿股) | 2.92 | | 近 3 个月换手率(%) | 90.23 | 股价走势图 数据来源：聚源 -48% -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 兴业科技 沪深300 纺织服饰/纺织制造 相关研究报告 《Q3 外销与汽车皮革增速亮眼，静待 内需订单改善—公司信息更新报告》 -2024.10.30 《H1 资产减值拖累利润，汽车内饰皮 革盈利好于预期—公司信息更新报 告》-2024.8.22 主业内销需求疲软致业绩承压，期待宏兴及外销发力 ——公司信息更新报告 | 吕明（分析师） | 周嘉乐（分析师） | 张霜凝（分析师） | | --- | --- | ...