Summary of the Conference Call for 康农种业 Company Overview - 康农种业 is focused on the agricultural sector, specifically in the seed industry, with a notable product being 康农玉 8,009, which has rapidly expanded its market presence. Key Points Industry and Product Performance - 康农玉 8,009 has expanded its planting area to over 7 million acres by 2025, primarily in the 黄淮海 region, due to its strong disease resistance and high yield, which is 10%-20% higher than traditional varieties [2][3] - The product has gained market dominance and is now being introduced in the Southwest and Northeast regions [2][5] - The company has shipped over 10 million acres in the first quarter of 2026, exceeding expectations, with a strategy shift to deliver directly to large growers, significantly reducing return risks [2][6] Return Rates and Market Strategy - 康农种业 reported a return rate of 29.88% in 2025, significantly lower than the industry average of 50%-60% in the 黄淮海 market and 70%-80% in the Northeast market [2][7] - The company has implemented measures such as early storage and cold storage of seeds to manage return rates, aiming for a lower rate than the industry average in 2026 [2][8] Product Quality and Market Acceptance - Farmers are increasingly opting for high-quality, disease-resistant seeds during adverse weather conditions, leading to a rise in brand recognition and product acceptance [2][8] - The company is continuously innovating, with new varieties like YD8,219, 红龙 816, and 康农玉 707 being developed to cater to different climatic conditions [2][8] Sales Team and Market Expansion - The sales team in the 黄海 region has expanded to over 20 members, incentivized by a commission-based structure, enhancing sales and brand building [2][9] - The Northeast market is identified as a significant opportunity, with plans to strengthen research and development efforts to establish a strong presence by 2028-2029 [2][10] Inventory Management - Inventory in the Southwest region is being managed effectively, with a strategy to sell new products while clearing out older stock, resulting in manageable inventory pressure [2][11][12] Cost Management - The company has seen a decrease in seed production costs due to reduced planting areas and increased supply, which is expected to enhance profitability [2][13][14] Research and Development Collaboration - 康农种业 collaborates with research institutions for product development, sharing profits based on sales performance, particularly for 康农玉 8,009 [2][15] - The company emphasizes maintaining high levels of R&D investment to adapt to market changes and ensure continuous innovation [2][15]

康农种业 20250506 摘要 • 康农种业一季度营收同比下降，净利润为负，主要受去年同期上市补助影 响。扣非归母净利润亦下降，因西南地区销售占比高，毛利率较低，且销 售费用增加，同时部分库存未能及时入库结算，影响现金流。 • 玉米行业受粮价影响，种植积极性下降，但播种面积稳定。康农种业预计 二季度黄淮海区域销售增长，总销量将高于去年，通过"饥饿疗法"维持 市场秩序，并布局康龙玉 707 和红龙 816 新品种。 • 耐密性品种是未来趋势，康龙玉 809 在 2024 年表现优秀，耐高温结实。 公司启动"优质粮食一体化"项目，通过资源匹配实现优质优价，推动推 广面积扩大。 • 公司预计 2025-2026 年度黄淮海区域种植面积约为 800 万亩，并积极布 局 YD8,219 和红龙 816 等新品种。西南玉米区通过新品种迭代和销售网 络布局，计划召开西南大会推广大单品。 • 公司研发重点包括提升玉米品质和蛋白质含量，筛选高蛋白玉米品种，最 高含量达 14.06%。关注粮食品质安全，通过康农玉 809 等品种减少毒素。 Q&A 请介绍一下康农种业 2024 年度和 2025 年一季度的经营情况。 康农种业在 ...