Investment Rating - The report maintains a "Recommended" investment rating for the company [5]. Core Insights - The company reported a revenue of 51.88 million yuan for the first three quarters of 2024, a year-on-year decrease of 4.85%. However, the net profit attributable to shareholders increased by 20.04% to 9.54 million yuan, while the non-recurring net profit turned to a loss of 2.20 million yuan [2][3]. - In Q3 2024, the company achieved a revenue of 4.74 million yuan, down 34.98% year-on-year, but the net profit attributable to shareholders surged by 166.79% to 1.80 million yuan. Overall, the company's performance in a weak industry backdrop is considered acceptable [2][3]. - The company has increased its R&D investment significantly, leading to a rise in expense ratios: sales expense ratio at 20.33%, management expense ratio at 18.63%, and R&D expense ratio at 16.55%, all of which are higher than in previous years. The increase in sales expenses is attributed to travel and promotion costs in regions like Huanghuaihai, while management expenses are closely related to the company's listing [2][3]. Financial Forecast - The company is expected to generate revenues of 358.43 million yuan, 421.89 million yuan, and 480.13 million yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 24.35%, 17.70%, and 13.80%. The net profit attributable to shareholders is projected to be 59.12 million yuan, 66.07 million yuan, and 71.67 million yuan for the same years, with growth rates of 11.09%, 11.77%, and 8.47% [3][8]. - The earnings per share (EPS) are forecasted to be 0.83 yuan, 0.93 yuan, and 1.01 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 16.17, 14.47, and 13.34 [3][8]. Market Environment - The company is positioned to expand its market share due to supportive policies, as China's seed market is the second largest globally, with corn accounting for nearly 25%. The implementation of the "Food Security Guarantee Law" on June 1, 2024, is expected to create a favorable environment for the healthy development of the seed industry [3][2].

Investment Rating - The investment rating for the company is maintained at "Accumulate" [1] Core Views - The Q3 performance of the company met expectations, and it is anticipated that the company will maintain growth throughout the year [1] - The company reported a slight decline in revenue for Q3, but net profit increased both year-on-year and quarter-on-quarter [2] - The company is actively expanding its market presence and increasing R&D investment, which is expected to drive growth [3] - The company is focusing on new variety breeding projects and expanding into new markets, particularly in the Huanghuaihai region [3] - Profit forecasts remain unchanged, with expected net profits for 2024-2026 being 0.62 billion, 0.69 billion, and 0.77 billion respectively, with corresponding growth rates of 16%, 12%, and 11% [4] Financial Summary - For the first three quarters of 2024, the company achieved total revenue of 0.52 billion, a year-on-year decrease of 4.85%, while net profit was 0.10 billion, an increase of 20.04% year-on-year [2] - In Q3 2024, the company reported revenue of 0.05 billion, a year-on-year decrease of 34.98% and a quarter-on-quarter decrease of 63.12%, while net profit was 0.02 billion, showing a year-on-year increase of 166.79% and a quarter-on-quarter increase of 173.76% [2] - The company's total revenue is projected to grow from 288.24 million in 2023 to 330.54 million in 2024, representing a year-on-year growth of 14.68% [1][4] - The company's P/E ratio is expected to decrease from 18.67 in 2023 to 16.12 in 2024, indicating a more attractive valuation over time [1][4]

Financial Performance - Net profit attributable to shareholders rose by 20.04% to CNY 9,540,656.58 for the first nine months of 2024, up from CNY 7,947,696.90 in the same period of 2023[4] - The company reported a 166.79% increase in net profit attributable to shareholders for Q3 2024, reaching CNY 1,797,984.49, compared to a loss of CNY 2,691,889.43 in Q3 2023[4] - Net profit for the first nine months of 2024 reached CNY 9,942,855.70, compared to CNY 7,356,400.37 in the same period of 2023, representing a growth of 35.4%[22] - Net profit for the first nine months of 2024 was ¥7,113,987.83, compared to ¥8,661,771.72 in the same period of 2023, indicating a decline of approximately 17.9%[23] Revenue and Costs - Operating revenue for the first nine months of 2024 decreased by 4.85% to CNY 51,883,089.46, compared to CNY 54,528,997.88 in the previous year[4] - Total operating revenue for the first nine months of 2024 was CNY 51,883,089.46, a decrease of 2.4% compared to CNY 54,528,997.88 in the same period of 2023[21] - Total operating costs increased to CNY 58,563,320.52, up 5.5% from CNY 55,353,724.23 year-over-year[21] - Operating costs decreased to ¥31,022,962.62 from ¥32,953,055.54, reflecting a reduction of approximately 5.9%[23] Assets and Liabilities - Total assets increased by 44.72% to CNY 779,845,022.02 as of September 30, 2024, compared to CNY 538,862,673.54 at the end of 2023[4] - Current assets totaled ¥617,499,114.02, up from ¥394,829,550.46, indicating a growth of about 56.5% year-over-year[15] - Total liabilities amounted to ¥365,419,646.72, compared to ¥266,036,392.54, which is an increase of around 37.4%[17] - Total liabilities decreased to CNY 183,718,416.56 from CNY 230,807,617.75, a reduction of 20.4%[20] Cash Flow - Cash flow from operating activities decreased by 19.33% to CNY 83,017,039.59, down from CNY 102,913,965.85 year-on-year[4] - Operating cash inflow for the first nine months of 2024 was CNY 143,155,492.99, a decrease of 37.3% compared to CNY 228,318,451.46 in the same period of 2023[27] - Cash inflow from financing activities totaled CNY 173,050,720.00, significantly higher than CNY 33,000,000.00 in the same period last year[28] - Cash outflow for operating activities was CNY 172,223,785.44, compared to CNY 164,156,874.30 in the same period of 2023, indicating a rise of 4.0%[28] Shareholder Information - The largest shareholder, Fang Yanli, holds 36,595,000 shares, representing 51.56% of total shares[10] - The total number of unrestricted shares increased from 27,705,600 to 29,827,200, representing a change of 2,080,800 shares, or an increase of 7.5%[8] - The total number of restricted shares decreased from 43,266,600 to 41,145,000, a reduction of 2,121,600 shares, or a decrease of 4.9%[8] - The number of shareholders holding more than 5% of shares is concentrated, with the top ten shareholders holding a total of 46,011,227 shares, or 64.83% of total shares[10] Research and Development - Research and development expenses increased by 45.42% to CNY 8,588,924.27, reflecting the company's commitment to innovation[5] - Research and development expenses for the first nine months of 2024 were CNY 8,588,924.27, an increase of 45.4% compared to CNY 5,906,372.79 in the same period of 2023[21] - Research and development expenses increased significantly to ¥8,588,924.27, up from ¥5,659,576.78, representing a rise of about 52.3%[23] Future Outlook - The company plans to expand its market presence and enhance product offerings, supported by the significant increase in cash reserves[6] - Future outlook indicates a focus on market expansion and new product development to drive revenue growth in the upcoming quarters[21] - The company plans to continue investing in new technologies and market expansion strategies to drive future growth[23] - The company has indicated a focus on improving operational efficiency and reducing costs in the upcoming quarters[23] Other Information - The company reported no litigation or arbitration matters during the reporting period[11] - There were no new commitments disclosed during the reporting period, and all previously disclosed commitments are being fulfilled as scheduled[14] - The company has engaged in routine related-party transactions, which were disclosed in a timely manner[11] - Non-recurring gains totaled ¥14,560,013.04, with a net amount of ¥11,741,242.54 after tax impacts and minority interests[7]

证券代码：837403 证券简称：康农种业 公告编号：2024-092 湖北康农种业股份有限公司投资理财管理制度 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 审议及表决情况 公司第三届董事会第二十一次会议审议通过《湖北康农种业股份有限公司投 资理财管理制度》，同意票数 9 票，反对票数 0 票，弃权票数 0 票。该议案无需 提交股东大会审议。 二、 制度的主要内容，分章节列示： 湖北康农种业股份有限公司 投资理财管理制度 第二条 本制度适用于公司及下属各子公司的投资理财管理。 第三条 本制度所称投资理财是指公司以提高资金使用效率和收益水平为目 标，对自有闲置资金通过利用银行存款产品、金融机构理财及其他投资和理财工 具进行的现金运作和管理，在确保安全性、流动性的基础上实现闲置资金保值增 值的过程。 第四条 公司从事投资理财的原则为： （一）投资理财管理应以安全性为首要原则，在确保资金安全可控以及合理 的资金流动性的前提下，并遵循规范程序，对投资产品作充分评估后再进行运作， 不片面追求高收益。 （ ...

证券代码：837403 证券简称：康农种业 公告编号：2024-094 湖北康农种业股份有限公司 第三届董事会第二十一次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2024 年 10 月 28 日 2.会议召开地点：公司会议室 3.会议召开方式：本次会议采用现场和通讯相结合的方式 4.发出董事会会议通知的时间和方式：2024 年 10 月 25 日以通讯方式发出 5.会议主持人：董事长方燕丽 6.会议列席人员：监事及高级管理人员 7.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、议案审议程序均符合《中华人民共和国公司法》和 《湖北康农种业股份有限公司章程》的规定，所作决议合法有效。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 二、议案审议情况 （一）审议通过《关于公司 2024 年第三季度报告的议案》 1.议案内容： 具体内容详见公司于 2024 年 10 月 30 日在北京证券交易 ...

湖北康农种业股份有限公司 第三届监事会第二十次会议决议公告 证券代码：837403 证券简称：康农种业 公告编号：2024-095 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 本次会议的召集、召开、议案审议程序均符合《中华人民共和国公司法》和 《湖北康农种业股份有限公司章程》的规定，所作决议合法有效。 （二）会议出席情况 会议应出席监事 3 人，出席和授权出席监事 3 人。 二、议案审议情况 （一）审议通过《关于公司 2024 年第三季度报告的议案》 1.议案内容： 具体内容详见公司于 2024 年 10 月 30 日在北京证券交易所指定信息披露平 台（www.bse.cn）披露的《2024 年第三季度报告》。 3.回避表决情况 本议案不涉及关联交易，无需回避表决。 本议案无需提交股东大会审议。 （二）审议通过《关于使用闲置自有资金购买理财产品的议案》 1.议案内容： 为提高资金的使用效率，增加投资收益，在不影响公司主营业务的正常开展， 并确保公司正常经营 ...

证券代码：837403 证券简称：康农种业 公告编号：2024-093 湖北康农种业股份有限公司 关于使用闲置自有资金购买理财产品的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 购买理财产品概述 （一） 购买理财产品的目的 为提高资金的使用效率，增加投资收益，在不影响公司主营业务的正常开展， 并确保公司正常经营需求的前提下，公司拟使用自有闲置资金购买安全性高、流 动性好的低风险理财产品，为公司及股东创造更大的收益。 （二） 购买理财产品的金额和资金来源 公司拟使用自有闲置资金累计不超过 15,000 万元（包括 15,000 万元）购买 安全性高、流动性好的低风险理财产品，资金来源均为利用回付款时间差，临时 性闲置的自有资金。 三、 风险分析及风控措施 （一）风险分析： 1.投资风险。金融市场受宏观经济的影响较大，不排除该项投资受到市场波 动的影响。 （三） 购买理财产品的方式 1、 预计购买理财产品的额度及情形 公司拟使用 15,000.00 万元的自有闲置资金购买安全性高、流动性好的低 ...

证券代码：837403 证券简称：康农种业 公告编号：2024-096 湖北康农种业股份有限公司 关于召开 2024 年第五次临时股东大会通知公告（提供网络投票） 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开基本情况 （一）股东大会届次 本次会议为 2024 年第五次临时股东大会。 （二）召集人 本次股东大会的召集人为董事会。 登记在册的股东可通过中国证券登记结算有限责任公司（以下简称"中国结 算"）持有人大会网络投票系统对有关议案进行投票表决，为有利于投票意见的 顺利提交，请拟参加网络投票的投资者在上述时间内及早登录中国结算网上营业 厅（网址：inv.chinaclear.cn）或关注中国结算官方微信公众号（"中国结算营业 厅"）提交投票意见。 投资者首次登陆中国结算网站进行投票的，需要首先进行身份认证。请投资 者提前访问中国结算网上营业厅（网址：inv.chinaclear.cn）或中国结算官方微信 公众号（"中国结算营业厅"）进行注册，对相关证券账户开通中国结算网络服务 功能。具体 ...

证券代码：837403 证券简称：康农种业 公告编号：2024-091 湖北康农种业股份有限公司舆情管理制度 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 舆情管理制度 第一章 总则 第一条 为提高湖北康农种业股份有限公司（以下简称"公司"）应对各类舆 情的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对公司股价、 公司商业信誉及正常生产经营活动造成的影响，切实保护投资者合法权益，根据 相关法律、法规和规范性文件的规定及《公司章程》，结合公司实际情况，制定 本制度。 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的负面报道； 一、 审议及表决情况 公司第三届董事会第二十一次会议审议通过《湖北康农种业股份有限公司舆 情管理制度》，同意票数 9 票，反对票数 0 票，弃权票数 0 票。该议案无需提交 股东大会审议。 二、 制度的主要内容，分章节列示： 湖北康农种业股份有限公司 第四条 公司成立应对舆情管理工作领导小组（以下简称"舆情工作组"）， 由公司董事长任组长，董事会秘 ...

证券代码：837403 证券简称：康农种业 公告编号：2024-096 湖北康农种业股份有限公司 关于召开 2024 年第五次临时股东大会通知公告（提供网络投票） 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开基本情况 （一）股东大会届次 本次会议为 2024 年第五次临时股东大会。 （二）召集人 本次股东大会的召集人为董事会。 2024 年 10 月 28 日，湖北康农种业股份有限公司（以下简称"公司"）召开 了第三届董事会第二十一次会议，审议通过《关于提请召开 2024 年第五次临时 股东大会的议案》，公司董事会根据本次会议决议召集股东大会。 （三）会议召开的合法性、合规性 本次会议召集、召开程序符合《中华人民共和国公司法》等相关法律法规及 《湖北康农种业股份有限公司章程》的有关规定。 （四）会议召开方式 1 现场会议召开时间：2024 年 11 月 14 日 15:30。 2、网络投票起止时间：2024 年 11 月 13 日 15:00—2024 年 11 月 14 日 15:00 ...