9月11日，国投丰乐种业股份有限公司在公司会议室接受了广发证券、长江证券2家机构的现场调研，公 司董事会秘书顾晓新参与接待。此次调研中，公司就玉米产业、水稻产业、并购重组、农化业务及定增 项目等方面与机构进行了交流。 玉米产业：多品种发力，营收增长 国投丰乐种业玉米产业目前主要经营铁391K、铁391、丰乐520、WK1505等品种，本经营年度营业收入 有所增长。 铁391K作为国内首批审定的37个转基因玉米品种之一，于2023年12月获农业农村部颁发的转基因玉米 品种审定证书。其受体品种铁391入选2023年农业农村部推广目录"苗头型品种"。铁391K销售区域覆盖 吉林、辽宁、内蒙古、河北四省，上市后累计推广面积位居前列。丰乐520主要在黄淮海地区推广，是 绿色优质高抗性品种，公司通过多经营主体协同策略推动其销量增长。WK1505在东北地区推广，种植 表现良好，推广速度刷新公司新品种推广记录。 水稻产业：差异化发展，市场认可度提升 公司水稻产业坚持差异化、特色化发展思路，构建高效营销网络，推动区域资源整合。以乐优966为代 表的乐优系列、以祥两优676为代表的祥两优系列品种销量持续增加，南陵早2号、中科发早 ...

| | 下半年将严格落实安全环保主体责任，深化现有产品价值挖 | | --- | --- | | | 掘，提高渠道覆盖率与渗透率，提升服务水平和业务能力， | | | 精准研判市场波动和渠道变化，防范经营风险，提高盈利水 | | | 平。 | | | 5、公司定增项目进展情况如何？ | | | 答：公司向特定对象发行股票申请已获得国务院国资委 | | | 批复并获深交所受理，公司就深交所出具的《审核问询函》 | | | 相关问题予以回复，目前正在对申请文件、回复意见等进行 | | | 半年报数据更新工作。 | | 关于本次活动是 | | | 否涉及应披露重 | 否 | | 大信息的说明 | | | 活动过程中所使 | | | 用的演示文稿、提 | | | 供的文档等附件 | 否 | | （如有，可作为附 | | | 件） | | 证券代码：000713 证券简称：国投丰乐 | 国内转基因玉米单品种推广种植面积前列，入选 2025 年国 | | --- | | 家农作物优良品种推广目录，加快了国内转基因技术的市场 | | 化应用推广进程。 | | 丰乐 520 主要推广区域为黄淮海地区，是绿色优质高抗 | | ...

Core Viewpoint - The recent management changes at Hefei Fengle Seed Industry Co., Ltd. coincide with a significant earnings forecast indicating expected losses for the first half of 2025, raising concerns about the company's performance amidst increasing competition and internal restructuring [1][5][8]. Management Changes - Vice General Manager Li Weidong has resigned due to work adjustments, effective immediately upon submission of his resignation, and will focus on his role as Chairman of Hubei Fengle Ecological Fertilizer Co., Ltd. [1] - Yuan Tao has been appointed as the new Vice General Manager, bringing a diverse background with experience in various sectors including government and engineering [2][3]. Earnings Forecast - The company anticipates a net profit loss ranging from 25 million to 30 million yuan, which is a deterioration compared to the previous year's loss of 22.34 million yuan [5]. - The expected net profit loss, excluding non-recurring gains and losses, is projected to be between 30 million and 35 million yuan, also worsening from last year's loss of 27.35 million yuan [5]. Business Segment Performance - In the seed industry segment, while revenue is declining, profits are increasing due to higher sales and improved margins of hybrid rice seeds, particularly the new "Leyou" and "Xiangliangyou" series [7]. - The agricultural chemical segment is a significant drag on overall performance, with both revenue and profits under pressure due to strategic reductions in low-margin product sales and challenges in the raw material market [7]. - The fertilizer segment, despite a revenue decline attributed to delayed planting seasons, has seen profit growth driven by high-margin specialty fertilizers and a turnaround in the mineral powder business [7]. - The spice business has shown weak performance, with both revenue and profits contracting due to poor market demand and declining prices of main products [7]. Future Outlook - The management changes and earnings forecast raise questions about how the new appointee, Yuan Tao, will leverage his cross-disciplinary background to drive growth, and how Li Weidong will focus on the fertilizer business in his new role [8]. - The company's ability to navigate increasing competition and internal adjustments to reverse its performance trajectory will be a focal point for investors [8].

Group 1 - The company expects a net loss attributable to shareholders of 25 million to 30 million yuan for the period from January 1 to June 30, 2025, compared to a loss of 22.34 million yuan in the same period last year [1] - Revenue from seed business has decreased year-on-year, while profits have increased [1] - Sales revenue from hybrid rice seeds has increased year-on-year, with new varieties such as Le You series and Xiang Liang You series showing excellent performance in yield and disease resistance, leading to higher average prices [1] Group 2 - Sales revenue from corn seeds has decreased year-on-year due to oversupply in the domestic corn seed market, increased inventory pressure, and intensified market competition [1] - The market performance of the transgenic variety Tie 391K has not met expectations, resulting in increased return volumes [1]

Sales Performance - In the 2024-2025 operating year, the company achieved corn seed sales of over 30 million kilograms, with "Tie 391" and "Tie 391K" accounting for over 11 million kilograms [2] - The main promoted corn varieties in Northeast and Northwest regions are "Tie 391" and "Tie 391K," while "Fengle 520" leads the green high-resistance series in the Huang-Huai-Hai market [2][3] - The sales of "Fengle 520" reached over 4 million kilograms in the 2024-2025 operating year [3] Inventory and Production - As of the end of Q1 2025, inventory was 937 million RMB, a year-on-year increase of 264 million RMB from 673 million RMB in Q1 2024, primarily due to increased corn seed inventory [3] - The company expects to reduce the seed production area in 2025 based on market inventory assessments [3] Financial Strategy - The company plans to raise a total of no more than 1,088.6486 million RMB through a private placement, which will be used to supplement working capital and repay bank loans [3] - This fundraising is aimed at optimizing the asset-liability structure and enhancing financial strength for high-quality R&D and operational development [3] Agricultural and Chemical Business - In 2025, the company will increase R&D investment in the agricultural chemical sector, focusing on green and low-residue pesticides and bio-pesticides [4] - The strategy includes upgrading production lines and exploring new crop solutions to seek new economic growth points [4] Spice Business Development - The spice industry will focus on product differentiation and market strategies, aiming to solidify the market position of natural menthol and menthol oil [4] - The company plans to cultivate potential products like peppermint oil and develop 2-3 core products, while also preparing for market entry of new products [4]