SZAP(SZ:000061)2025-11-26 11:50Company Overview - Shenzhen Agricultural Products Group Co., Ltd. was established in 1989 and listed on the Shenzhen Stock Exchange in 1997, operating 35 agricultural product logistics parks across over 20 major cities in China, forming the largest wholesale market network in the country [1] - The average annual trading volume of the company's wholesale markets exceeds 33 million tons, with an average annual transaction value exceeding 250 billion yuan [1] - The company's business scope includes standardized base planting, cold chain processing, wholesale market construction and operation, urban ingredient distribution, brand development, and import-export trade [1] Strategic Focus - The company leverages its "national network" advantage to establish quality planting bases, guiding agricultural production based on market demand, and promoting standardized and digitalized planting [2] - It actively participates in promotional activities to enhance brand value and explores import-export business, successfully introducing high-quality products from Malaysia, Venezuela, and Oman [2] - The company aims to build a modern agricultural product circulation ecosystem, focusing on efficient collaboration across the entire industry chain [2] Revenue Structure - The revenue structure of the wholesale market management business primarily consists of rental income, commissions, management fees, and parking fees, with pricing determined by market conditions and local economic factors [2] Market Expansion Plans - The company has invested in 35 logistics parks, primarily positioned as sales markets, with plans for further development in key areas such as Shanghai, Chengdu, and Guangzhou [2] - Future projects will focus on expanding varieties and enhancing operations, including the relocation or upgrading of older markets [2] Investment Strategy - Over its 36 years, the company has focused on direct investments through new establishments and acquisitions, as well as indirect investments via industry funds, to expand its market presence [3] Import-Export Business - The company has significantly increased its import-export business, strengthening partnerships with core clients in Thailand, Vietnam, and Brazil, while also expanding channels to countries like Indonesia and Argentina [4] Urban Ingredient Distribution - The company has established 21 branches in major cities for its ingredient distribution business, covering hospitals, schools, and large enterprises, creating a nationwide network centered in Shenzhen [5] Digital Transformation - The company is enhancing its digital operations through big data, IoT, and cloud computing, including the implementation of a unified payment system and various information management upgrades [6] Loss Mitigation Measures - The company is implementing differentiated operational improvement plans for underperforming markets, focusing on strategic partnerships and resource integration to enhance operational efficiency [7] Case Study: Tianjin Haijixing - Tianjin Haijixing has evolved into the largest first-level wholesale market in Tianjin, achieving profitability in 2023 with a revenue of 232 million yuan and a net profit of 9.22 million yuan, marking a 49.43% year-on-year increase [7]