Core Viewpoint - The continuous rainy weather in the Huanghuaihai region has significantly impacted the "Three Autumns" agricultural production, prompting the National Supply and Marketing Cooperative to issue an urgent notice to assist farmers in harvesting and drying crops efficiently [1] Group 1: Emergency Response and Coordination - The National Supply and Marketing Cooperative is mobilizing over 1,300 agricultural service centers and 19,000 "crop hospitals" in the Huanghuaihai region to enhance emergency agricultural machinery dispatch and reduce losses from wet grain [2] - In Anhui, the agricultural service center optimized machinery transfer paths, reducing transfer time by 15% and achieving a daily effective operation time of over 13 hours, with a maximum daily harvesting capacity of 800 acres [4] - In Jiangsu, an emergency drying plan has been initiated, integrating 63 drying centers and 295 drying machines to achieve a daily drying capacity of 10,200 tons [4][21] Group 2: Harvesting Progress and Techniques - In Shandong, corn harvesting is 60% complete, with four drying towers operating continuously to manage the wet grain [6] - The agricultural mechanization management department has mobilized 248,700 tracked harvesters and 2,352 mobile dryers nationwide to support harvesting efforts in the Huanghuaihai region [8] - In Shanxi, local agricultural departments are coordinating with drying enterprises to ensure timely drying of wet grain, with 18 operational drying towers capable of processing 3,500 tons daily [12] Group 3: Regional Efforts and Achievements - In Jiangsu's Xuzhou and Lianyungang, over 3,150 agricultural machines have been deployed for harvesting, with 500,000 acres of autumn grain harvested so far [17] - In Lianyungang, a fully automated drying process is in place, ensuring that freshly harvested corn is continuously dried and stored [19] - The establishment of a closed-loop service system in Lianyungang ensures timely drying of autumn grain, with 295 drying machines operating at full capacity [21] Group 4: Policy Implementation - The National Grain and Material Reserve Bureau has initiated the minimum purchase price execution plan for mid-late rice in Henan, effective from the 17th, to protect the interests of grain farmers and ensure national food security [22]

Core Viewpoint - Huaxi Technology has announced a second delay for its fundraising project "Annual Production of 5,000 Agricultural Harvesting Machinery Intelligent Upgrade and Expansion Project," pushing the completion date from September 30, 2025, to October 31, 2027 [1][2]. Group 1: Project Delay Details - The project involves an investment of 76.875 million yuan, and this is not the first delay; the initial completion date was extended in August 2024 [2]. - The company cited market growth conditions and production capacity as reasons for the delay, indicating a cautious approach to the use of raised funds [1][2]. - As of June 30, 2025, approximately 54.007 million yuan has been invested in the project, representing a progress rate of 70.25%, which is a slight increase from 69.51% a year prior [2]. Group 2: Financial Performance and Market Conditions - Huaxi Technology reported a significant decline in revenue, with a 57.39% year-on-year drop to 14.576 million yuan in the first half of 2025, and a net loss of 4.944 million yuan, a staggering 747.16% decrease [4]. - The agricultural machinery market is experiencing a downturn, as indicated by the declining market sentiment index reported by the China Agricultural Machinery Circulation Association [4]. - The demand for straw balers is decreasing due to low beef and lamb prices, leading to a reduction in the number of small-scale farmers in the market [4][5]. Group 3: Industry Challenges - The straw baler industry is entering a transformation phase, with intense market competition likely resulting in the exit of some companies [5]. - The investment return rate for straw balers is declining due to an increase in market supply without a corresponding rise in demand for straw collection, leading to lower operational costs and reduced purchasing interest [4][5].

Core Viewpoint - Huaxi Technology reported a revenue increase of 4.72% in 2024, but net profit decreased by 53.53%, indicating a significant pressure on profit margins due to intensified competition in the agricultural machinery market [1][2][3] Revenue and Profit Summary - In 2024, Huaxi Technology achieved a revenue of 82.1853 million yuan, up 4.72% year-on-year, while net profit attributable to shareholders fell to 1.5626 million yuan, down 53.53% [1][2] - The company's gross profit margin declined to 23.99%, a decrease of 5.08 percentage points compared to the previous year [2] - The revenue from the picking-type baler was 45.394 million yuan, an increase of 14.75%, but its gross margin dropped to 24.47%, down 15.80 percentage points [2][3] - The revenue from the crushing-type baler decreased by 39.52% to 18.4918 million yuan, while its gross margin increased by 2.39 percentage points to 24.67% [2] - The corn header saw a revenue increase of 140.61% to 15.267 million yuan, with a gross margin of 15.60%, down 0.86 percentage points [2] Market Competition and Challenges - The company attributed the decline in gross margins to severe product homogeneity in the agricultural machinery market, leading to price competition and shrinking profit margins [2][3] - The sales volume of high-end models of the picking-type baler decreased, while low-end models increased, negatively impacting average selling prices [3] - The overall revenue growth was primarily due to winning a project for self-manufactured balers; excluding this project, the main business revenue actually declined by 7.49% [2] Inventory and Financial Management - As of the end of 2024, Huaxi Technology's inventory balance was 30.2479 million yuan, a decrease of 20.54% year-on-year, with a provision for inventory impairment rising by 97.10% to 1.1916 million yuan [4][5] - The company stated that the inventory mainly consisted of market-ready models, indicating no significant risk of sales slowdown or unsold stock [5] - The company provided a maximum repurchase guarantee of 20 million yuan for financing leasing business, with an actual guarantee balance of 4.1368 million yuan at year-end [5][6] Customer Dynamics - In 2024, four out of the top five customers were new, attributed to market saturation in certain regions leading to a decline in dealer sales [3] - The company explained that the changes in customer structure were reasonable due to the nature of its products as durable goods [3]

证券简称：花溪科技 证券代码：872895 河南省新乡市西工区花庄村南二号公路北侧 新乡市花溪科技股份有限公司 新乡市花溪科技股份有限公司招股说明书 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。 开源证券股份有限公司 保荐机构（主承销商） （西安市高新区锦业路 1 号都市之门 B 座 5 层） 1-1-1 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；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行后因发 行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-2 声明 发 ...

证券简称：花溪科技 证券代码：872895 河南省新乡市西工区花庄村南二号公路北侧 新乡市花溪科技股份有限公司 新乡市花溪科技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。 开源证券股份有限公司 保荐机构（主承销商） （西安市高新区锦业路 1 号都市之门 B 座 5 层） 1-1-1 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 ...