SZAP(SZ:000061)2025-11-27 11:14Company Overview - Shenzhen Agricultural Products Group Co., Ltd. was established in 1989 and listed on the Shenzhen Stock Exchange in 1997 [1] - The company has built 35 physical agricultural product logistics parks in over 20 major cities across 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] Business Strategy - The company leverages its "national network" advantage to establish quality planting bases and guides agricultural production based on market demand [2] - It focuses on creating a modern agricultural product circulation ecosystem, aiming for a "digital vegetable basket" strategy to enhance efficiency across the entire supply chain [2] - The company actively participates in promotional activities to enhance brand value and explores import/export opportunities for high-quality agricultural products [2] Revenue Sources - The main revenue sources for the company's wholesale markets include rent, commissions, management fees, and parking fees [3] - Pricing for these services is determined through a market-oriented approach, influenced by local economic conditions and competition [4] Investment Strategy - The company has consistently focused on its core business through direct investments (new establishments and acquisitions) and indirect investments (setting up industry funds) [5] - Investment considerations for agricultural wholesale markets include strategic planning, logistics nodes, urban development, regional competition, and expected returns [6] Management and Operations - The company has accumulated extensive experience and professional management talent in agricultural wholesale market operations over its 36 years of development [7] - The core management teams at various markets are appointed from headquarters, ensuring efficient operations [7] Project Development - The company is actively advancing several projects, including the Southwest Haijixing Smart Industrial Park and the Guangdong-Hong Kong-Macao Greater Bay Area Food Import and Export Center [8] - These projects are in various stages of development, with significant land acquisitions and preparations underway [8] Financial Strategy - The company adheres to a "steady and orderly" principle for capital expenditures, adjusting resource allocation based on project progress and market conditions [9] - It emphasizes long-term stable cash dividends, considering factors such as current and future profitability, cash flow, and investment needs [9]