隆平高科(000998) - 2025年8月25日投资者关系活动记录表

Group 1: Company Performance Overview - In the first half of 2025, the company achieved revenue of 21.66 million, with a net profit attributable to shareholders of -1.64 million, and a non-recurring net profit of -1.57 million, marking a nearly 40% reduction in losses compared to the previous year [2][3] - The domestic corn business generated revenue of 1.25 million, significantly impacted by supply-demand imbalances and increased market competition [3] - The rice industry maintained stable revenue with a 4% year-on-year profit increase, driven by the growth of high-quality and advantageous new varieties [3] Group 2: Capital and Cost Management - The company completed a capital increase of 1.2 billion from its major shareholder, significantly optimizing its capital structure, with interest-bearing debt decreasing by 726 million and the asset-liability ratio down by 6.46% [4] - Financial expenses decreased by 46 million, a reduction of approximately 17.33%, due to lower interest-bearing debt and favorable loan rates [4] - The net cash flow from operating activities improved significantly, increasing by 52.66% year-on-year [4] Group 3: Market and Product Strategy - The company is transitioning towards genetically modified and densely planted corn varieties, with a focus on enhancing market share through early reserves of next-generation products [7][8] - The domestic corn market is experiencing significant pressure due to oversupply and high inventory levels, with traditional varieties facing promotional pricing strategies to clear stock [6][7] - The company is expanding its rice seed business, currently holding a 20% market share domestically, with plans to enhance profitability and market presence through high-quality rice varieties [9][11] Group 4: International Expansion and Inventory Management - The company is actively expanding its rice seed exports to countries like the Philippines and Pakistan, targeting a market with approximately 1.5 billion acres of rice cultivation area [11] - The inventory structure is deemed reasonable, with domestic rice and corn stocks returning to normal levels, while the Brazilian corn seed inventory requires strategic sales adjustments [12]