转自：新华财经 中国石油河北销售公司农业板块紧扣农时，以"全链条农资服务+精准惠农贷"双轮驱动，深入田间地头，从农资保供、金融支持到用油服务，全方 位助力农户抢收抢种，以实际行动诠释央企责任，为全省秋粮丰收筑牢坚实基础。 "在家门口就订到了优质化肥麦种，还签了粮食回收协议，省心 又踏实！"邯郸永年区的种粮大户王大哥在秋季农资订货会上欣喜地说道。今年，河北销售将农资订货会的成功模式推广至邯郸、沧州、衡水等10 余个粮食主产区，联合中农集团、统帅种业等伙伴，密集举办32场专场订货会，把"家底"厚、品质优的农资直接送到农户手中。 河北销售构建起"售种—供肥—田间巡诊—测产—粮食销售"的全链条服务体系。农资通过三级配送网48小时直达地头；农业专家定期下乡巡诊；粮 食销售渠道畅通，实现"种管收销"一站式服务。 秋收期间，全省178座加油站化身"秋收保供站"，每升优惠0.5元、24小时待命、送油到田。邢台、 衡水等多地加油站员工深夜响应农户求助，及时送油解难，被村民誉为"最靠谱的后盾"。 在2025年中国农民丰收节河北庆祝活动上，河北销售的"农资加油站"展台集中展示了全链条助农成果，获得河北省政府充分肯定："央企助农有实 ...

Financial Performance - The company reported a total operating revenue of 458.82 million yuan for the first half of 2025, a decrease of 9.26% compared to 505.65 million yuan in the same period last year [1] - Operating profit was 23.22 million yuan, down 29.42% from 32.89 million yuan year-on-year [1] - Total profit amounted to 23.22 million yuan, reflecting a decline of 29.51% from 32.94 million yuan in the previous year [1] - The net profit attributable to shareholders, after excluding non-recurring gains and losses, was 17.55 million yuan, a decrease of 31.40% from 25.58 million yuan in the same period last year [1] - Basic earnings per share were 0.15 yuan, down 28.57% from 0.21 yuan year-on-year [1] - The weighted average return on net assets decreased by 1.32 percentage points to 3.08% [1] Key Operational Data - The production volume of self-produced wheat was 638,300 tons, an increase of 6.03% compared to the previous year, while sales volume was 182,700 tons, up 77.78% [1] - The company sourced 207,100 tons of external wheat, which is a 124.69% increase year-on-year [1] - Rice production was 96,500 tons, with a slight decrease of 0.19%, while sales volume was 185,500 tons, down 19.13% [1] - The production of edible oil was 65,700 tons, with a decrease of 17.53% in sales volume [1] - The company reported a total asset value of 1,463.41 million yuan at the end of the reporting period, reflecting a 1.52% increase from the beginning of the period [1] Business Environment - The decline in revenue and profit is attributed to low and narrow fluctuations in agricultural product prices and a general decline in agricultural input prices, which have compressed the gross profit margins of key products such as rice and wheat [1]

Core Viewpoint - The establishment of the Wujiang District Seed Industry Technology Achievement Transformation Center (Bacheng Base) is a significant step towards revitalizing the seed industry, driven by local government and community engagement [1][2]. Group 1: Project Development - The successful launch of the seed industry center was facilitated by the active involvement of district political consultative committee members, who focused on community needs and provided strong support for the project [1]. - Prior to the center's establishment, the Wujiang District Political Consultative Committee conducted multiple field studies with relevant departments to gather advanced experiences and optimize the construction plan [1][2]. - The project received recognition as an excellent case in the "2024 Annual Committee Member Service for the People" activities in Suzhou, showcasing effective grassroots service [1]. Group 2: Community Engagement - The Wujiang District Political Consultative Committee moved its service efforts to the grassroots level, collecting public opinions on the seed industry center's construction through direct engagement with the community [2]. - Committee members played a crucial role in overcoming challenges during the bidding process, acting as a bridge to facilitate communication and provide innovative solutions [2]. - The project has significantly boosted the local economy, with the village expected to sell nearly 2.25 million kilograms of wheat seeds by the second half of 2024, enhancing collective income and providing new wealth opportunities for farmers [2]. Group 3: Future Prospects - Once operational, the seed industry center will focus on high-quality seed breeding and promotion, localizing agricultural technology achievements, and training new professional farmers, thereby extending the industrial chain and increasing added value [3]. - The center aims to support the creation of a distinctive seed industry brand for Tanghua Village and contribute to comprehensive rural revitalization through core technological support [3].

Investment Rating - The investment rating for Su Kan Agricultural Development (601952.SH) is "Buy" (maintained) [1] Core Views - The report indicates that the decline in grain prices has led to a contraction in sales scale, with expectations for a recovery in grain prices to improve performance [4] - The company reported a revenue of 10.917 billion yuan in 2024, a year-on-year decrease of 10.28%, and a net profit attributable to shareholders of 730 million yuan, down 10.56% year-on-year [4] - For Q1 2025, the revenue was 2.133 billion yuan, a decrease of 8.70% year-on-year, and the net profit attributable to shareholders was 82 million yuan, down 36.18% year-on-year [4] - The report has adjusted the profit forecasts for 2025-2026 and added a forecast for 2027, estimating net profits of 865 million yuan, 907 million yuan, and 960 million yuan for 2025-2027 respectively [4] Financial Summary - The total market capitalization is 13.601 billion yuan, with a current stock price of 9.87 yuan [1] - The earnings per share (EPS) for 2025-2027 are projected to be 0.63 yuan, 0.66 yuan, and 0.70 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 15.9, 15.2, and 14.4 [4] - The company’s gross margin for 2024 is reported at 14.5%, with a net profit margin of 6.7% [10][11] Business Segments - In the planting business, revenue for 2024 was 3.646 billion yuan, down 4.13% year-on-year, with a gross margin of 25.96%, up 2.32 percentage points [5] - The seed business saw revenue of 1.812 billion yuan, a decline of 21.47% year-on-year, with a gross margin of 10.97% [6] - The processing business reported a slight revenue decline to 3.606 billion yuan, down 5.48% year-on-year, but with an increase in profitability [7]

Investment Rating - The investment rating for Su Kan Agricultural Development (601952.SH) is "Buy" (maintained) [1] Core Views - The report indicates that the decline in grain prices has led to a contraction in sales scale, with expectations for a recovery in grain prices to improve performance [4] - The company reported a revenue of 10.917 billion yuan in 2024, a year-on-year decrease of 10.28%, and a net profit attributable to shareholders of 730 million yuan, down 10.56% year-on-year [4] - For Q1 2025, the revenue was 2.133 billion yuan, a decrease of 8.70% year-on-year, with a net profit of 82 million yuan, down 36.18% year-on-year [4] - The report has adjusted the profit forecasts for 2025-2026 and added a forecast for 2027, expecting net profits of 865 million yuan, 907 million yuan, and 960 million yuan for 2025-2027 respectively [4] Financial Summary - The total market capitalization is 13.601 billion yuan, with a current stock price of 9.87 yuan [1] - The earnings per share (EPS) for 2025-2027 are projected to be 0.63 yuan, 0.66 yuan, and 0.70 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 15.9, 15.2, and 14.4 [4][10] - The gross profit margin is expected to stabilize around 14.5% for 2025-2027 [11] Business Segments Planting Business - The planting business generated revenue of 3.646 billion yuan in 2024, down 4.13% year-on-year, with a gross margin of 25.96%, up 2.32 percentage points [5] - The company has cultivated approximately 1.364 million acres of land, with self-operated and contracted land areas of 409,000 acres and 955,000 acres respectively [5] Seed Business - The seed business revenue was 1.812 billion yuan in 2024, a decrease of 21.47% year-on-year, with a gross margin of 10.97% [6] - Wheat seed sales fell by 31.45% year-on-year, while rice seed sales increased by 24.98% [6] Processing Business - The processing business saw a slight revenue decline, with rice processing revenue at 3.606 billion yuan, down 5.48% year-on-year, and a gross margin of 3.08% [7] - The edible oil processing revenue was 2.283 billion yuan, down 9.00% year-on-year, with a gross margin of 5.24% [7]