安徽荃银高科种业股份有限公司 2024-2025业务年度经营情况报告 证券代码：300087 证券简称：荃银高科 公告编号：2025-036 三、营业收入排名前五的品种大类经营情况 | 项目 | 2024年8月1日至 2025年7月31日 | 2023年8月1日至 2024年7月31日 | 同比增减 | | --- | --- | --- | --- | | 1、水稻种子 | | | | | 销售收入(万元) | 187,156.39 | 177,356.29 | 5.53% | | 占营业收入比例 | 39.55% | 39.51% | 0.04% | | 销售数量(万公斤) | 6,472.08 | 5,867.61 | 10.30% | | 占总销售数量的比例 | 6.91% | 7.35% | -0.44% | | 2、粮食作物 | | | | | 销售收入(万元) | 101,555.65 | 105,348.24 | -3.60% | | 占营业收入比例 | 21.46% | 23.47% | -2.01% | | --- | --- | --- | --- | | 销售数量(万公斤) | 43, ...

Group 1 - The core point of the news is that Xinjiang Sailimu Modern Agriculture Co., Ltd. (新赛股份) has experienced fluctuations in its stock price, with a year-to-date increase of 22.84% but a recent decline of 1.43% over the last five trading days [1] - As of October 29, the stock price was reported at 4.84 yuan per share, with a total market capitalization of 2.814 billion yuan [1] - The company has seen a net outflow of main funds amounting to 220,900 yuan, with significant selling pressure compared to buying [1] Group 2 - Xinjiang Sailimu Modern Agriculture Co., Ltd. was established on December 22, 1999, and listed on January 7, 2004, with its main business involving cotton acquisition, processing, and sales, among other agricultural activities [2] - The revenue composition of the company includes 87.31% from cotton, 3.81% from cotton protein, and smaller percentages from other products [2] - As of June 30, the number of shareholders increased by 19.39% to 37,000, while the average circulating shares per person decreased by 16.24% [2] Group 3 - The company has cumulatively distributed 102 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]

Report Information - Report Title: Zhengzhou Cotton: Rising Cost of Cotton Lint [1][40] - Research Team: Hongye Futures Agricultural Products Research Team [3] - Report Date: October 23, 2025 [3] - Author: Wang Xiaobei [3] - Qualification Number: F0272777 [3] - Investment Consulting License Number: Z0010085 [3] Report Industry Investment Rating - Not provided in the document Core Viewpoints - Trump's continuous signals have led the market to have positive expectations for China-US trade relations; as the domestic cotton harvest progresses, the market's estimate of this year's cotton production has been revised downward compared to the previous period, and the purchase price of seed cotton has steadily increased. Recently, both domestic and international cotton prices have rebounded, with Zhengzhou cotton showing stronger rebound momentum than US cotton. Although downstream demand remains lackluster, the rising price of seed cotton has increased the cost of cotton lint, and the hedging pressure range has shifted upward. It is expected that Zhengzhou cotton may fluctuate with a slight upward trend in the short term, but due to the expected high yield and average downstream demand, the upward space is currently limited [4]. Summary by Related Catalogs Market Expectations and Production Estimates - Trump's signals have created positive expectations for China-US trade relations, which may boost cotton prices if favorable. The market's estimate of this year's cotton production has been revised downward due to concerns about the impact of rainfall and cooling in Xinjiang on cotton yield and quality [4][5]. - As of October 16, the national cotton picking progress was 58.8%, 4.7 percentage points faster than the same period last year. The purchase price of machine-picked seed cotton has been rising steadily. As of the previous day, the purchase price index of machine-picked seed cotton in southern Xinjiang was 6.29 yuan/kg, up 0.04 yuan/kg from the previous day and 0.17 yuan/kg week-on-week; in northern Xinjiang, it was 6.21 yuan/kg, up 0.03 yuan/kg from the previous day and 0.11 yuan/kg week-on-week [5]. - As of October 21, the cumulative inspection of cotton lint in the 2025 cotton year nationwide was 97.86 million tons, a year-on-year increase of 94%, with Xinjiang accounting for 96.91 million tons, a year-on-year increase of 97% [5][6]. Import and Inventory - In September, China imported 95,000 tons of cotton, a year-on-year decrease of 22,300 tons but a month-on-month increase of 22,300 tons. From January to September this year, the cumulative cotton imports were 680,800 tons, a year-on-year decrease of 1.58 million tons, a decline of 69.9%. In September, the import volume of cotton yarn was about 130,000 tons, a year-on-year increase of 18% and flat month-on-month. From January to September, the cumulative import of cotton yarn was 1.04 million tons, a year-on-year decrease of 80,000 tons, a decline of 7.7%. In terms of import proportion, Australian cotton had the highest import volume in September, and Vietnamese cotton yarn had the highest import volume [7]. - As of the end of September, the domestic commercial cotton inventory was 1.02 million tons, a decrease of 660,000 tons compared to the same period last year. As of mid-October, it was 1.72 million tons, only slightly higher than at the end of September last year [7]. Price Trends - From October 15 to October 22, the price of the active contract of Zhengzhou cotton rose from 13,270 yuan/ton to 13,535 yuan/ton, an increase of 265 yuan/ton, while the price of the active contract of US cotton decreased from 63.83 cents/pound to 63.65 cents/pound, a decrease of 0.18 cents/pound [8]. - From October 14 to October 21, the Cotlook A price index rose from 74.95 cents/pound to 75.6 cents/pound, an increase of 0.65 cents/pound. From October 13 to October 20, the price of Indian S-6 cotton decreased from 54,200 rupees/candy to 52,900 rupees/candy, a decrease of 1,300 rupees/candy [10]. - From October 15 to October 22, the port pick-up prices of imported cotton yarn from India, Vietnam, and Indonesia all increased by 30 yuan/ton [11]. - From October 15 to October 22, the arrival prices of imported cotton (1% tariff and sliding duty) from the US and Brazil increased to varying degrees [12]. Downstream Market - The production and circulation prosperity indexes of Keqiao Textile showed certain fluctuations. The inventory of raw materials (cotton in yarn mills and cotton yarn in weaving mills) and finished products in the downstream market also showed different trends [37][39][42]. - The operating load of the downstream yarn and fabric industries also showed certain fluctuations [43][44]. Futures Market - As of Wednesday this week, the spot price index of 328 cotton increased week-on-week, the closing price of the main contract of Zhengzhou cotton increased week-on-week, and the basis between them widened week-on-week. The price index of C32S cotton yarn increased week-on-week, the closing price of the main contract of Zhengzhou yarn increased week-on-week, and the basis between them widened week-on-week [46]. - As of Wednesday this week, the price difference between the domestic 328 cotton price index and the imported cotton price index under sliding duty and 1% tariff increased week-on-week. The price difference between the C32S cotton yarn price index and the port pick-up price increased week-on-week [48]. - As of Wednesday this week, the price difference between the main contract of Zhengzhou yarn and the main contract of Zhengzhou cotton on the futures market widened week-on-week, and the loss of the immediate theoretical processing profit of 32-count pure cotton yarn widened week-on-week [49]. - As of Thursday this week, the total of Zhengzhou cotton warehouse receipts and valid forecasts was 2,851, and the total of Zhengzhou yarn warehouse receipts and valid forecasts was 6 [55].

Core Viewpoint - The agricultural cooperation between China and Tajikistan, particularly in cotton production, has significantly improved local livelihoods and transformed the industry from raw material export to high-value product export [1][2]. Group 1: Agricultural Development - The cotton yield in Tajikistan has increased from approximately 100 kilograms per mu to over 400 kilograms per mu due to the implementation of Chinese agricultural technology [2]. - The establishment of the Dangara Agricultural Textile Industrial Park has created a full industrial chain from cotton planting to garment production, enhancing local employment and income [1][2]. Group 2: Local Impact - Local residents, including young people, are benefiting from professional training and stable employment opportunities, reducing the need to migrate for work [2]. - The presence of the industrial park has fostered a sense of pride among local workers, who now view employment in the park as a prestigious opportunity [2][3]. Group 3: Skills Development - Workers in the industrial park are gaining valuable skills, with many transitioning from manual labor to technical roles, thanks to training provided by Chinese experts [3]. - The involvement of women in the workforce has increased, with many women now pursuing careers in textile and garment production, which was previously uncommon [2][3].

Core Viewpoint - The cotton planting area in Xinjiang is expected to increase in 2025, leading to a significant rise in total cotton production, despite cautious purchasing attitudes from ginning enterprises due to macroeconomic fluctuations and tariff issues [1][2][5]. Group 1: Cotton Production and Growth - In 2025, the cotton planting area in Xinjiang is projected to increase by 8.68% year-on-year, primarily due to poor earnings from other crops in 2024 and the stability of cotton subsidies [2]. - The overall weather conditions in Xinjiang have been favorable, resulting in improved yield expectations, with a preliminary estimate of total cotton production reaching 7.1 million tons in 2024, an increase of approximately 11.29% year-on-year [2]. - The harvesting time for cotton in both northern and southern Xinjiang is expected to be 7-10 days earlier than last year, with some areas starting to harvest by September 20 [4][10]. Group 2: Market Pricing and Expectations - The expected opening price for cotton in Xinjiang for 2025 is projected to be between 6.1-6.5 yuan per kilogram, with a significant portion of market participants anticipating this range [5][10]. - A comparison of survey results from July and August indicates a shift in market sentiment, with participants now expecting lower opening prices due to tariff pressures and increased production expectations [7]. - The survey revealed that 33% of participants expect the opening price to be in the 6.1-6.5 yuan range, while 21% remain uncertain, and smaller percentages expect prices of 5.6-6.0 yuan and 6.6-7.0 yuan [5]. Group 3: Ginning Enterprises and Cost Management - Ginning enterprises are adopting a cautious approach due to poor profitability over the past three years, leading to a decline in rental fees for production lines [8]. - To mitigate potential losses, some ginning enterprises are pre-selling cotton in a basis spot format to lock in profits, while trade companies are also securing pre-purchases to capitalize on limited resources [8]. - The estimated production cost for cotton in 2025 is projected to be between 13,900-15,100 yuan per ton, which is relatively stable compared to previous years, although the opening price for cotton seeds is expected to be slightly higher than last year [8][9].

Group 1 - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling 77,699,358.30 yuan, which represents a cash dividend ratio of 25.90% based on the total share capital as of June 30, 2025 [1][52] - The company has announced the date for the fourth extraordinary general meeting of shareholders to be held on September 11, 2025, at 10:30 AM [4][7] - The voting for the upcoming shareholders' meeting will be conducted through a combination of on-site and online voting methods [5][6] Group 2 - The company intends to provide a joint liability guarantee for its subsidiaries, Xinjiang Huijin Logistics and Aksu Yikang Warehousing, for their regulatory cotton storage and cotton futures delivery business [21][30] - The guarantee period for the regulatory cotton storage business is set for two years from the termination of the relevant cooperation agreement, while the guarantee for cotton futures delivery will last for three years from the date the Zhengzhou Commodity Exchange obtains the right to claim against the delivery warehouse [22][27] - The board of directors has unanimously approved the guarantee proposal, emphasizing that it will enhance the market competitiveness of the subsidiaries and contribute to the overall economic benefits for the company and its shareholders [32][42] Group 3 - The company has reported a total of 32.22 billion yuan in external guarantees, which accounts for 89.71% of the company's audited net assets as of the end of 2024 [33][43] - The company has no overdue guarantee matters, and the external guarantee balance is 8.52 billion yuan, representing 23.73% of the company's audited net assets as of the end of 2024 [33][43] - The company has committed to providing a maximum of 9.26 billion yuan in joint liability guarantees for its subsidiaries' banking and financing activities [38][40]

Core Viewpoint - The report highlights the financial performance and operational challenges faced by Xinjiang Guannong Co., Ltd. in the first half of 2025, particularly in the tomato processing and cotton industries, while also outlining the company's strategic focus on enhancing product quality and market presence [1][12]. Financial Performance - The company's total revenue for the first half of 2025 was approximately 1.83 billion yuan, a decrease of 24.66% compared to the same period in the previous year [2]. - The total profit for the period was about 317.59 million yuan, down 12.50% year-on-year [2]. - The net profit attributable to shareholders was approximately 299.96 million yuan, reflecting a slight decrease of 0.89% from the previous year [2]. - The net cash flow from operating activities was about 1.23 billion yuan, a decline of 21.19% compared to the previous year [2]. - The company's net assets increased by 6.50% to approximately 3.83 billion yuan by the end of the reporting period [2]. Industry Overview - The Chinese processed tomato industry is experiencing a downturn due to oversupply and declining international prices, with a projected 42.6% drop in production to 6 million tons in 2025 [4]. - Xinjiang is a key region for tomato processing, contributing significantly to China's export of tomato products, which account for 25% of global trade [4]. - The cotton industry in Xinjiang is expected to see a production increase of 3.5% in 2025, with total cotton production reaching approximately 6.5 million tons [4]. - The domestic market for fresh tomatoes and high-end products is growing, driven by the rise of fast food chains and e-commerce [4]. Business Operations - The company focuses on three main sectors: tomato processing, cotton processing, and sugar production, with a commitment to modernizing agriculture and enhancing product quality [12][13]. - The tomato processing capacity includes the ability to handle 16,000 tons of raw tomatoes daily, producing various tomato products [13]. - The cotton processing segment has a capacity of 130,000 tons, with products primarily serving the textile industry [15]. - The sugar production segment has a processing capacity of 5,000 tons of beets daily, with a focus on sustainable practices and resource efficiency [16]. Strategic Initiatives - The company aims to enhance its market presence through brand promotion and participation in trade shows, leveraging digital marketing strategies [18]. - There is a strong emphasis on technological innovation and digital transformation to improve operational efficiency and product quality [19]. - The company is committed to risk management and compliance, ensuring stable operations amid market fluctuations [20].

Market Overview - Cotton yarn futures experienced low-level fluctuations, with the main contract reported at 20,130.00 yuan/ton, a slight decrease of 0.17% [1] Market Data - As of August 18, the number of cotton yarn futures warehouse receipts was 69, a decrease of 5 from the previous trading day [2] - The average price of 3128-grade cotton arriving nationwide was 15,342 yuan/ton, an increase of 50.00 yuan/ton; the price of 32s pure cotton yarn was 21,555 yuan/ton, up by 41.00 yuan/ton [2] - Spinning profit stood at -1,321.2 yuan/ton, a decline of 14.00 yuan/ton [2] Export Performance - In July, China's textile and apparel exports fell by 1.3% year-on-year and 2.3% month-on-month, indicating increasing downward pressure [2] - Cumulative exports from January to July reached 1.23 trillion yuan, reflecting a year-on-year growth of 1.8%, with a slowdown in growth highlighting industry challenges [2]

Core Viewpoint - The company reported significant revenue growth in 2024 but faced substantial losses, primarily due to declining profit margins and increased costs associated with its main products, particularly cotton and cotton by-products [1][2][3]. Financial Performance - In 2024, the company achieved a revenue of 1.636 billion yuan, a year-on-year increase of 68.42%, while the operating profit reached 1.836 billion yuan, up 79.22%. However, the net profit attributable to shareholders was a loss of 243 million yuan, a staggering decline of 1,758.96% [1][2]. - The net cash flow from operating activities was -1.436 billion yuan, down 234.62% year-on-year, indicating a significant cash outflow despite revenue growth [1][2]. Product Performance - The company’s main products, including self-produced cotton and cottonseed, reported negative gross margins. For instance, self-produced cotton had a gross profit of -19.8 million yuan with a gross margin of -2.37% [1][3]. - Cottonseed sales increased significantly, with a total of 111,094.45 tons sold, but the gross profit was -35.2 million yuan, reflecting a gross margin of -15.09% [1][3]. Market Conditions - The cotton market faced oversupply in 2024, with total cotton production reaching 666.4 million tons, while consumption was only 770 million tons, leading to a supply-demand imbalance [2][3]. - The average market price for self-produced cotton decreased from 17,000 yuan/ton to 14,500 yuan/ton, a drop of 26% [9][10]. Sales Strategy - The company adopted a "fast in, fast out" sales strategy for cotton to mitigate risks associated with storage costs and declining prices. This strategy was influenced by the seasonal nature of cotton production and the need for cash flow to fund raw material purchases [2][3]. - The company expanded its cotton trading business, achieving a gross profit of 898,820 yuan with a gross margin of 3.03% in 2024, despite the overall losses in self-produced cotton [5][6]. Cost Analysis - The company faced increased costs in storage and interest expenses, with storage fees rising to 13.44 million yuan, an increase of 1.03 million yuan year-on-year [10]. - The interest expenses also increased due to a rise in interest-bearing liabilities, amounting to 61.5 million yuan, which negatively impacted net profit [10]. Customer and Sales Dynamics - The company reported significant changes in its customer base, with a focus on expanding relationships with import traders due to reduced import quotas for cotton [5][6]. - The sales volume for cotton trading increased significantly, with a total of 21,449.65 tons sold through online transactions, indicating a shift in sales strategy [6][7].

Group 1: Annual Reports and Dividends - Gujinggong Liquor (000596) reported 2024 revenue of 23.578 billion yuan, up 16.41%, and net profit of 5.517 billion yuan, up 20.22%. The company plans to distribute a cash dividend of 50 yuan per 10 shares, totaling 2.643 billion yuan [2] - Luzhou Laojiao (000568) reported 2024 revenue of 31.196 billion yuan, up 3.19%, and net profit of 13.473 billion yuan, up 1.71%. The company plans to distribute a cash dividend of 45.92 yuan per 10 shares, totaling 6.759 billion yuan [2] - Gree Electric (000651) reported 2024 revenue of 189.164 billion yuan, down 7.26%, and net profit of 32.185 billion yuan, up 10.91%. The company plans to distribute a cash dividend of 20 yuan per 10 shares, totaling 11.17 billion yuan [3] Group 2: Q1 2025 Performance - Gujinggong Liquor reported Q1 2025 revenue of 9.146 billion yuan, up 10.38%, and net profit of 2.330 billion yuan, up 12.78% [2] - Gree Electric reported Q1 2025 revenue of 41.507 billion yuan, up 14.14%, and net profit of 5.904 billion yuan, up 26.29% [3] - National City Mining (000688) reported Q1 2025 revenue of 0.053 billion yuan, up 77.25%, and net profit of 0.0612 billion yuan, up 18279.65% [4] - Taiyuan Iron & Steel (000825) reported Q1 2025 revenue of 23.31 billion yuan, down 4.71%, and net profit of 0.0188 billion yuan, up 5506.92% [4] - Shenfang A (000029) reported Q1 2025 revenue of 0.033 billion yuan, up 457.38%, and net profit of 0.0724 billion yuan, up 3718.51% [4] - Qingda Environmental Protection (688501) reported Q1 2025 revenue of 0.0619 billion yuan, up 317.43%, and net profit of 0.0687 billion yuan, up 990.26% [4] - Tianbao Infrastructure (000965) reported Q1 2025 revenue of 0.0169 billion yuan, down 34.62%, and net profit of 0.01 billion yuan, up 737.29% [4] - Taihe Intelligent (603656) reported Q1 2025 revenue of 0.0105 billion yuan, up 10.19%, and net profit of 0.0002097 billion yuan, up 716.41% [5] - Meg Intelligent (002881) reported Q1 2025 revenue of 0.0997 billion yuan, up 73.57%, and net profit of 0.0463 billion yuan, up 616.02% [5] - Shengda Biological (603079) reported Q1 2025 revenue of 0.0203 billion yuan, up 9.95%, and net profit of 0.0217 billion yuan, up 469.35% [5] - Jincai Interconnection (002530) reported Q1 2025 revenue of 0.0206 billion yuan, down 33%, and net profit of 0.001364 billion yuan, up 466.95% [5] - XinSai Co. (600540) reported Q1 2025 revenue of 1.215 billion yuan, up 312.03%, and net profit of 0.01819 billion yuan, up 315.74% [6]