荃银高科与中种集团合并水稻业务，将形成全国杂交水稻绝对龙头，显 著提升市场占有率。玉米业务通过收购三北先正达等公司增强实力，但 需关注整合效益。 国内种业并购案例显示，隆平高科、大北农等通过并购迅速扩大市场份 额，成为行业领导者。中种集团通过收购加强玉米领域竞争力，但系统 化管理是关键挑战。 玉米种子行业 2023 年制种面积创历史新高，2024 年略降，但单产高 企。2025 年库存高企，供需比达历史高位，预计 2027 年市场竞争环 境才能改善。 玉米种子市场出现分化，拥有耐密植、高产新品种的企业盈利良好，如 河南豫玉 MY73 销量超 2000 万亩。缺乏迭代能力的企业面临价格下降 和利润下滑。 大农户对高产耐密植玉米品种需求强烈，虽然水肥投入略增 10%- 20%，但增产效益显著，每亩地增收 200 斤粮食，规模化经营优势明显。 专家视角：我国种业竞争格局展望 20251123 摘要 国内近些年的收并购确实推动了行业规模集中，其中一些经典案例如下： Q&A 3. 蔬菜和甜玉米业务：原属于老先正达中国区业务，虽然规模不大（销售 额约一两个亿），但盈利水平很高。例如番茄种子的毛利率可达 90%。 4. 小 ...

Core Points - The 2025 Central Plains Agricultural Conference opened in Zhengzhou, Henan Province, focusing on the theme "A Seed Promotes Revitalization, Central Plains Agricultural Valley Reaches New Heights" [2][8] - The conference aims to gather experts and stakeholders in the seed industry to discuss the entire seed industry chain, share innovative results, and promote collaboration for agricultural revitalization and food security [10][11][12] Group 1: Conference Overview - The conference is organized by the Henan Provincial Department of Agriculture and Rural Affairs and the Central Plains Agricultural Valley Management Committee, with participation from various agricultural institutions and experts [8][9] - It features a format of "1+5+2+2," including one opening ceremony, five parallel forums, two special events, and two major sub-forums [22][23] - Major information releases during the opening ceremony include the new three-year action plan for the Central Plains Agricultural Valley and significant innovations in the seed industry [24][26] Group 2: Achievements and Goals - This year is critical for achieving the five-year effectiveness goal of the seed industry revitalization action plan [13] - Henan Province has made significant progress in seed variety selection, with 822 varieties approved nationally and 125 high-quality varieties rapidly promoted [16][17] - The province leads in the national promotion area for wheat, corn, and peanuts, with notable varieties achieving national recognition [18][19][20] Group 3: Future Directions - The conference serves as a strategic engine for Henan's agricultural development, aiming to enhance the seed industry chain and attract investment [34][36] - Various agreements and collaborations were signed during the conference to support the development of the Central Plains Agricultural Valley [35][36] - The event also included discussions on the application of artificial intelligence in agriculture and the establishment of research centers to boost innovation [25][26]

Summary of the Conference Call for Denghai Seed Industry Industry Overview - In 2025, the corn seed production area is expected to decrease to 3.6-3.8 million acres, primarily due to high inventory levels and increased demand for variety updates, with a market preference for high-density and disease-resistant varieties, maintaining historical high levels overall [2][7] - The overall industry destocking cycle is uncertain, potentially taking two to three years to recover from the low point, influenced by market trends and policy signals [2][8] Company Insights - Key transgenic varieties include 1,605D, 710D, 533D, and 685D, with 1,605D sales exceeding 1 million acres last year and expected to expand this year [2][9] - The retail price for transgenic varieties is approximately 65-70 yuan per acre, with pricing determined through negotiations with partners like Dabeinong and the Chinese Academy of Agricultural Sciences [2][10][11] - The company is focusing on the demand for high-density and disease-resistant varieties, launching new products like MY73 and developing new high-density varieties such as 997 for production trials [2][15] Financial Performance - The overall cost of corn seeds is trending downwards, with a decrease in per-acre production costs by several hundred yuan, although complete data will be available by the end of the year [5] - The company has seen a reduction in contract liabilities from January to September 2025, attributed to decreased prepayments due to sales issues [20] Market Dynamics - The sales progress for the new season is not fully disclosed yet, with significant sales expected to begin in November, which is typically the peak sales period [13] - The price trend for 2025 shows a decline for conventional corn varieties due to high inventory, while transgenic corn prices remain stable [14] Research and Development - The company has partnered with the Shandong Academy of Agricultural Sciences to develop biosafety certificate transformation bodies, ranking first in the industry, and plans to compete in trait segments [3][18] - There are plans to commercialize newly developed varieties, as self-use alone cannot meet demand [19] - The company has not yet ventured into gene editing but may consider it in the future, supported by local agricultural institutions [21] Future Outlook - The company is optimistic about the future of transgenic varieties like 605D, 685D, and 710D, which will require 1-2 years of trial planting before expanding sales [17] - The overall industry is expected to face changes in supply-demand dynamics, but the potential for conventional varieties with excellent resistance traits remains promising [22] Additional Information - Investors are encouraged to visit the company for further research and discussions [23]

Core Insights - The agricultural resilience of Henan province is crucial for food security in China, especially given the challenges posed by extreme weather conditions [5][15] - The introduction of high-yield and drought-resistant crop varieties, such as Zhengmai 1860 and Qiuye 368, has significantly improved crop yields despite adverse weather [6][8] - Technological advancements in farming practices and machinery are enhancing the efficiency and effectiveness of agricultural operations in Henan [10][13] Agricultural Resilience - Henan's agricultural sector faces severe challenges due to extreme weather, including droughts and floods, impacting food production [4][15] - The province has implemented strategies to enhance agricultural resilience, focusing on the development of drought-resistant and flood-resistant crop varieties [5][15] - The introduction of advanced breeding techniques has led to the creation of high-yield varieties that can withstand extreme weather conditions [6][7] Crop Varieties and Yields - Zhengmai 1860 has shown impressive yields, with an average of 766.4 kg per mu in demonstration fields, outperforming traditional varieties [6] - Other varieties like Qiuye 368 and MY73 have also demonstrated strong resistance to adverse weather, contributing to stable yields [7][8] - The promotion of these resilient crop varieties is accelerating the modernization of Henan's corn industry [8] Technological Innovations - The integration of smart irrigation systems and precision farming technologies is improving water management and crop monitoring [11][12] - The deployment of advanced machinery, such as tracked harvesters, has proven effective in adverse weather conditions, facilitating timely harvesting [13][14] - The establishment of a multi-layered technological support system is aiding farmers in adopting modern agricultural practices [10][11] Infrastructure and Support - Henan has invested in irrigation infrastructure, with over 56.94 billion cubic meters of water allocated for agricultural use [11] - The province has also enhanced its disaster response capabilities, with a focus on preemptive measures and improved water management systems [17] - Financial support for farmers has increased, with over 178.27 billion yuan in loans provided to support agricultural operations [18] Challenges and Future Directions - Despite advancements, there are still gaps in the availability of specialized crop varieties that can withstand extreme weather [15] - The integration of smallholder farmers into modern agricultural practices remains a challenge, as many still rely on traditional methods [16] - Ongoing efforts to strengthen the agricultural disaster response system and improve post-harvest infrastructure are essential for enhancing food security [18]

Investment Rating - The industry investment rating is "Maintain Overweight" [3] Core Viewpoints - The agricultural sector is experiencing a strong trend towards high-yield, densely planted varieties, particularly in hybrid corn, with MY73 maintaining the top position in terms of planting area at 20.97 million acres, showing a slight increase from last year [1][10] - In the pig farming sector, the average selling price of lean pigs is 12.44 yuan/kg, down 3% from last week, indicating a continued low valuation in the market [2][11] - The poultry sector shows mixed trends, with white feather chicken prices rising by 0.3% to 6.9 yuan/kg, while chicken product prices remain stable at 8.65 yuan/kg [11][31] - The introduction of genetically modified varieties is expected to enhance the growth potential of industry companies, with commercial sales anticipated to begin following the public announcement period [11][12] Summary by Sections Agricultural Data Tracking - The average selling price of lean pigs is 12.44 yuan/kg, down 3% from last week, while the average wholesale price of pork is 19.42 yuan/kg, down 0.3% [12][20] - The price of 15kg piglets is 23.98 yuan/kg, down 4.7% week-on-week [19][23] Pig Farming - The self-breeding profit per head is -74.11 yuan, a decrease of 49.66 yuan from last week, while the profit from purchasing piglets is -236.57 yuan, down 37.25 yuan [16][17] - The average weight of slaughtered pigs remains stable at 89.07 kg [19][21] Poultry Farming - The price of meat chicken seedlings has increased by 4.4% to 3.29 yuan each, while the price of parent chicken seedlings has decreased by 0.4% to 43.19 yuan/set [26][29] - The profit from parent chicken breeding is 0.54 yuan each, up 0.14 yuan from last week, while the profit from meat chicken breeding is -2.22 yuan each, down 0.66 yuan [36][37] Crop Prices - Domestic corn prices have risen by 0.2% to 2365.29 yuan/ton, while soybean meal prices have decreased by 0.4% to 3019.71 yuan/ton [45][67] - The price of domestic wheat is 2436.28 yuan/ton, also up by 0.2% [47] Market Trends - The agricultural sector has underperformed compared to the CSI 300 index, with a decline of 1.97% [7][8] - The overall market sentiment indicates a potential recovery in chicken prices following emotional adjustments in the market [11][12]