Group 1 - The article highlights the recent investment activities of several prominent private equity firms in the A-share market, particularly focusing on consumer stocks and other sectors [1][4][11] - The investment by the Ge family in Kuaijishan marks a rare shift towards consumer stocks, as they have previously favored technology and growth sectors [2][3][4] - Kuaijishan's stock price saw a significant increase of 93.19% in Q2, rising from approximately 11 CNY per share to a peak of 26.39 CNY [4][6] Group 2 - Ge Weidong holds 4.97 million shares of Kuaijishan, valued at approximately 99 million CNY, while his sister holds 13.80 million shares valued at around 275 million CNY [2][3] - High Yi Asset's Feng Liu has entered the top ten shareholders of Taiji Group with 20 million shares, valued at 426 million CNY, while also increasing stakes in Longbai Group and Angel Yeast [8][9] - Taiji Group reported a significant decline in revenue and net profit for the first half of the year, with total revenue of 5.658 billion CNY, down 27.63%, and net profit of 139 million CNY, down 71.94% [9][10] Group 3 - Ningquan Asset, led by Yang Dong, has newly invested in Tianhao Energy, holding 14.56 million shares valued at 74 million CNY, and increased its position in Zhouming Technology [11][12] - Rui Jun Asset's Dong Chengfei has newly invested in Yangjie Technology and Rabbit Baby, with holdings valued at 133 million CNY and 59 million CNY respectively [11][13] - Renqiao Asset's Xia Junjie has increased holdings in New Classic and Su Keng Agricultural Development, with total shares valued at 44 million CNY and 140 million CNY respectively [11][14]

Group 1: Investment Activities of Notable Private Equity Firms - The Ge family, led by Ge Weidong, has made a rare investment in consumer stocks, specifically entering the shareholder list of Huangjiu brand Kuaijishan [1][5] - Gao Yi Asset's Feng Liu has newly invested in Taiji Group, holding 20 million shares valued at 426 million yuan, while also increasing positions in Longbai Group and Angel Yeast [1][11] - Ningquan Asset, managed by Yang Dong, has entered the shareholder list of clean energy company Tianhao Energy, holding 14.56 million shares valued at 74 million yuan [1][13] - Rui Jun Asset's chief researcher Dong Chengfei has newly invested in power semiconductor company Yangjie Technology and decorative board leader Tubao, while reducing holdings in Chipongwei [1][14] - Renqiao Asset's Xia Junjie has increased positions in New Classics and Su Kuan Agricultural Development, holding 2.29 million shares valued at 44 million yuan and 14.22 million shares valued at 140 million yuan respectively [1][15] Group 2: Financial Performance of Kuaijishan - Kuaijishan reported a revenue of 817 million yuan for the first half of the year, representing a year-on-year growth of 11.03%, with a net profit of 93.88 million yuan, up 3.41% [1][7] - The stock price of Kuaijishan surged from approximately 11 yuan per share to a peak of 26.39 yuan per share during the second quarter, resulting in an overall increase of 93.19% [1][5] Group 3: Financial Performance of Taiji Group - Taiji Group reported total revenue of 5.658 billion yuan for the first half of the year, a year-on-year decline of 27.63%, with a net profit of 139 million yuan, down 71.94% [1][11]

Investment Rating - Industry rating: Outperform the market (maintained rating) [9] Core Insights - The pet industry is experiencing significant growth, with the Asia Pet Expo showcasing over 2,600 exhibitors and 20,000 brands, indicating a thriving market driven by globalization and innovation [2][13] - China's pet food exports have shown continuous growth, with 201,000 tons exported from January to July 2025, reflecting a year-on-year increase of 6.64% [14] - The pig farming sector is facing challenges, with the average pig price at 13.82 yuan/kg, a decrease of 3.63% from the previous week, and the average weight of pigs reaching a historical high [15][16] - The dairy sector is poised for a recovery, with the original milk price expected to rebound as production capacity decreases after a prolonged period of losses [17][18] - The poultry sector is focusing on breeding gaps, with a significant decline in the import of breeding chickens due to avian influenza concerns, which may impact future supply [19][20] - The planting sector emphasizes food security and the importance of biotechnology, with a focus on high-yield and resilient crop varieties [25] - The feed sector is recommended for investment, particularly in companies like Haida Group, which is expected to benefit from market recovery and increased market share [26] Summary by Sections Pet Sector - The Asia Pet Expo has reached a record scale of 310,000 square meters, highlighting the industry's vitality and innovation potential [2][13] - Pet food exports from China have increased, with a total of 201,000 tons exported in the first seven months of 2025, showing a year-on-year growth of 6.64% [14] - Recommended companies include pet food brands like Guibao Pet, Zhongchong Co., and Petty Co. [14] Pig Sector - The average pig price is currently at 13.82 yuan/kg, with a year-to-date low in profitability for pig farming [15][16] - The average weight of pigs is at a historical high, indicating supply pressures [15] - Recommended companies include leading pig farming firms such as Wens Foodstuffs Group and Muyuan Foods [16] Dairy Sector - Yuran Dairy reported stable performance with a revenue of 10.3 billion yuan, showing a year-on-year growth of 2.3% [17] - The dairy industry is expected to see a recovery as production capacity decreases [18] - Recommended companies include Yuran Dairy and China Shengmu Organic Milk [18] Poultry Sector - The poultry sector is facing challenges with breeding imports, particularly for white chickens, due to avian influenza [19][20] - Recommended companies include Shennong Development and Yisheng Livestock [20] Planting Sector - The focus is on food security and biotechnology, with an emphasis on high-yield and resilient crop varieties [25] - Recommended companies include Longping High-Tech and Dabeinong Technology Group [25] Feed Sector - Haida Group is highlighted as a key investment opportunity due to its increasing market share and performance [26] - The animal health sector is also recommended, particularly companies like Kexin Biological [27]

Investment Rating - The report maintains a "Buy" rating for the agriculture, forestry, animal husbandry, and fishery sector [4] Core Viewpoints - The report indicates that the destocking phase for live pigs is nearing its end, with a focus on the effects of a new round of pork reserves [1] - The report highlights a recent decline in pork prices, with the average price for live pigs at 13.75 yuan/kg, down 0.07% week-on-week, and a significant drop in the price of piglets by 3.78% to 27.78 yuan/kg [1][22] - The report notes an increase in the average weight of slaughtered pigs, which is expected to stabilize prices as the government resumes pork reserves to boost market sentiment [1][22] Summary by Sections 1. Market Overview - The agriculture, forestry, animal husbandry, and fishery sector underperformed compared to the broader market, with the sector index rising by 3.72% while the Shanghai Composite Index rose by 3.49% [13] - The report provides a detailed performance breakdown of sub-sectors, with livestock farming showing a 4.31% increase [13] 2. Key Data Tracking 2.1 Live Pigs - The average weight of slaughtered pigs is reported at 127.98 kg, showing a slight increase of 0.16 kg week-on-week [22] - The national frozen meat storage capacity rate is at 14.77%, up 0.1 percentage points [22] 2.2 White Feather Broilers - The price of white feather broilers increased to 7.33 yuan/kg, up 1.81% week-on-week, while chick prices remained stable at 3.58 yuan each [31] 2.3 Yellow Feather Broilers - The price of medium-speed chickens rose to 6.34 yuan/jin, reflecting a 4.97% increase, driven by rising demand post-typhoon [40] 2.4 Feed Sector - The report notes a decline in the prices of corn, wheat, and soybean meal, with corn averaging 2373.53 yuan/ton, down 0.86% week-on-week [2][45] 2.5 Major Agricultural Products - The price of natural rubber fell to 15640 yuan/ton, down 0.89% week-on-week, with inventory levels decreasing slightly [60] 3. Investment Recommendations - The report recommends focusing on the pig farming sector, suggesting that the long-term profitability cycle is beginning to improve, with specific companies highlighted for investment: Muyuan Foods, Wens Foodstuff Group, Juxing Agriculture, and Shennong Group [3] - It also suggests monitoring the feed and animal health sectors, particularly companies like Haida Group and Ruipu Biological, as demand is expected to rise [3] - In the planting chain, the report identifies investment opportunities in companies such as Suqian Agricultural Development and Beidahuang Group due to favorable grain price trends [3]

太平洋8月22日发布研报称，给予苏垦农发（601952.SH，最新价：9.77元）买入评级。评级理由主要包 括：1）公司夏粮生产总体平稳，产量好于预期；2）Q2单季盈利环增58.68%；3）公司自主经营土地面 积稳步增长，土地资源优势持续扩大。风险提示：粮价未来涨幅不及预期，种植业政策支持力度不及预 期。 （文章来源：每日经济新闻） ...

Core Insights - The company Suqian Agricultural Development (601952) reported a decline in both revenue and net profit for the first half of 2025, with total revenue at 4.588 billion yuan, down 9.26% year-on-year, and net profit at 213 million yuan, down 27.71% [1][4]. Financial Performance - Total revenue for Q2 2025 was 2.455 billion yuan, a decrease of 9.75% year-on-year, while net profit for the same period was 131 million yuan, down 21.11% [1]. - The gross profit margin fell to 12.03%, a decrease of 8.2% year-on-year, and the net profit margin decreased to 4.87%, down 19.58% [1]. - The total of selling, administrative, and financial expenses reached 417 million yuan, accounting for 9.09% of revenue, an increase of 10.02% year-on-year [1]. - Earnings per share decreased to 0.15 yuan, down 28.57% year-on-year, while operating cash flow per share increased significantly to 0.52 yuan, up 412.77% [1]. Balance Sheet Changes - Cash and cash equivalents increased by 74.20% to 1.337 billion yuan, attributed to increased inventory and faster cash recovery [3]. - Accounts receivable decreased by 31.57% to 566 million yuan, while accounts payable increased by 36.15% due to seasonal procurement [3][5]. - The company reported a significant increase in prepayments by 55.17%, reflecting seasonal increases in agricultural inputs [3]. Market Conditions - The decline in revenue was primarily due to low and fluctuating agricultural product prices, alongside a general decrease in agricultural input prices and reduced sales volume [4][5]. - The company's return on invested capital (ROIC) was reported at 7.95%, indicating average capital returns, with historical data showing a median ROIC of 11.26% since its listing [5]. Fund Holdings - The largest fund holding Suqian Agricultural Development is the ICBC Innovation Power Stock Fund, which has reduced its holdings, while other funds have shown varied changes in their positions [6].

Core Viewpoint - Su Kuan Agricultural Development's 2025 semi-annual report indicates a decline in both revenue and net profit due to low agricultural product prices and overall decrease in agricultural material prices [1][2]. Financial Performance - In the first half of 2025, the company achieved an operating income of approximately 4.588 billion yuan, a year-on-year decrease of 9.26% [1]. - The net profit attributable to shareholders was about 213 million yuan, reflecting a year-on-year decline of 27.71% [1]. Reasons for Performance Change - The decline in performance is attributed to the narrow fluctuations in low agricultural product prices and the overall downward trend in agricultural material prices, which led to a reduced gross profit margin for key products such as rice and wheat [2]. Business Expansion - The company announced plans to expand its business scope to include "sales of smart agricultural machinery, software development, artificial intelligence application software development, and leasing of land use rights; non-residential real estate leasing" to enhance service functions and accelerate the transformation of technological achievements [2].

Core Viewpoint - Su Keng Agricultural Development (苏垦农发) reported a revenue of 4.588 billion yuan and a net profit of 213 million yuan for the first half of 2025, emphasizing its commitment to food security and achieving annual goals through focused strategies [1] Business Performance - The company operates in the agricultural sector, primarily engaged in the cultivation of staple crops like rice and wheat, with products sold as raw grains or processed into seeds, rice, and malt [2] - The total summer grain production reached 1.351 billion jin, with wheat yield per mu at 1163 jin, marking the third highest yield in history [2] - The company has established 16 county-level full agricultural service centers in Jiangsu province, providing comprehensive services to large-scale farmers [2] Business Expansion - Subsidiaries like Dahuazhongye are enhancing their technological capabilities, with four new regional experimental bases established [3] - Su Keng Rice Industry is advancing product development and marketing reforms, opening five new sales centers [3] - Su Keng Agricultural Services has been recognized for five consecutive years as a key agricultural supply enterprise [3] Competitive Strategy - The company aims to build a modern agricultural "aircraft carrier" with a focus on core industries and dual engines of technological innovation and capital operation [4] - A vertically integrated management model has been established to enhance operational efficiency and reduce internal communication costs [4] - The company has secured high-quality arable land and maintains a robust agricultural infrastructure, contributing to high agricultural output rates [4] Quality and Safety Management - Su Keng Agricultural Development has implemented a comprehensive agricultural product quality safety control system, utilizing modern technology for lifecycle management of products [4] - The company is committed to enhancing the standards of product quality management and food safety across its entire supply chain [4] Technological Innovation - The company focuses on agricultural technological innovation, integrating production, learning, research, and promotion to accelerate the conversion of scientific research into productive forces [5]

Group 1 - The company plans to distribute a cash dividend of 0.6 RMB per 10 shares (including tax) to all shareholders [1] - As of June 30, 2025, the total share capital of the company is 1,378,000,000 shares, resulting in a total cash dividend distribution of 82,680,000 RMB (including tax), which accounts for a certain percentage of the net profit attributable to shareholders [1] - The profit distribution plan does not require approval from the shareholders' meeting as it complies with relevant regulations and the company's articles of association [2] Group 2 - The board of directors has been authorized to determine the mid-term cash dividend plan for 2025, with a maximum limit of 50% of the net profit attributable to shareholders in the current period [2] - The supervisory board agrees with the profit distribution plan, stating that it aligns with legal regulations and does not harm the interests of minority shareholders [2]

江苏省农垦农业发展股份有限公司 第五届监事会第五次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、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法律责任。 一、监事会会议召开情况 江苏省农垦农业发展股份有限公司（以下简称"公司"）第五届监事会第五 次会议通知及议案于 2025 年 8 月 10 日以专人送达或微信方式发出。本次会议由 公司监事会主席殷红女士主持，于 2025 年 8 月 20 日在公司会议室以现场方式召 开。本次会议应出席监事 5 名，实际出席监事 5 名。本次会议的通知、召开及表 决程序符合公司法、公司章程及监事会议事规则的相关规定。 二、监事会会议审议情况 证券代码：601952 证券简称：苏垦农发 公告编号：2025-048 （二）审议通过《公司 2025 年半年度报告全文及摘要》。 监事会认为：公司 2025 年半年度报告全文及其摘要的编制和审议程序符合 法律、法规、公司章程和公司内部管理制度的相关规定，公司 2025 年半年度报 告全文及其摘要的内容和格式符合证监会和上海证券交易所的相关规定，所包含 的信息真实地反映了公司当期的经营管理和财务状 ...