2024年营收、净利双降背景下，深圳市京基智农时代股份有限公司（简称"京基智农"）准备再次跨界。 2025年5月，京基智农宣布开展IP运营业务，开辟第二增长曲线。从饲料、养鸡起家，到押宝房地产， 再到聚焦生猪，京基智农的每一次转型看似都踩上了行业风口。"谷子经济"火热背景下，京基智农跨界 IP产业，是理性决策还是盲目跟风？ 业内人士指出，京基智农跨界养猪时，行业的确处于高红利期，但伴随产能恢复，行情已经回归平稳， 长期微利的状态下，从业者寻找第二增长极也是明智之举。值得注意的是，跨界的机遇总是与风险并 存，想要走好IP运营这条路，既要做好持续研究与创新，也要做好和猪业之间的平衡，以免顾此失彼。 进军IP产业 2025年5月，京基智农在新业务发布会上宣布，公司正式进军IP产业，旗下企业应允之地文化科技有限 公司（以下简称"应允之地"）将以"IP矩阵—流量运营—二级市场管理"三位一体模式切入IP产业万亿级 市场，打造公司盈利第二增长曲线。 据京基智农介绍，目前，应允之地可以合作的IP约有50多个，并规划在明年新增超过10个签约和孵化 IP，后续会加速IP签约和孵化。IP矩阵的组合为"现役+预备役"，基于赛马原则， ...

Core Viewpoint - Jingji Zhinong is expanding into the IP industry to create a second growth curve for profitability while maintaining its core modern agriculture business [1][3] Group 1: Company Developments - Jingji Zhinong established an IP operation company, Shenzhen Yingyunzhidi Cultural Technology Co., Ltd., to explore new business opportunities in digital cultural creativity [1][3] - The company aims to diversify its revenue streams and enhance its risk resistance through this new venture [3][4] - The company has achieved significant success in modern agriculture, with per capita profit levels entering the industry's top tier [3][4] Group 2: Market Insights - The IP industry is experiencing a golden development period, with a market size reaching trillions of yuan [2][4] - The global IP licensing market reached $356.5 billion in 2023, with China's market expected to exceed 168.9 billion yuan in 2024, showing a 40% year-on-year growth [3][4] Group 3: Strategic Focus - Jingji Zhinong's long-term vision for Yingyunzhidi is to become a global top-tier fashion and art brand, focusing on trendy art and cultural products [4][6] - The company plans to accelerate the development of its new business and strategically allocate funds based on market performance [4][6] - The company is adopting a differentiated strategy by focusing on post-link operations in the IP market, enhancing user engagement and monetization [5][6] Group 4: Competitive Advantages - Jingji Zhinong's unique joint operation model aims to deeply bind with IP partners, providing comprehensive services from derivative product development to user engagement [6][7] - The company has made substantial progress in forming strategic partnerships with emerging artists and leading game IPs, indicating strong growth momentum [6][7]

Core Viewpoint - The company, Jingji Zhinong, is entering the cultural and creative IP operation sector, leveraging its existing agricultural business as a foundation for growth in this new area [1][10]. Group 1: New Business Development - Jingji Zhinong announced its entry into the cultural IP operation field through its subsidiary, Shenzhen Yingyun Zhidi Cultural Technology Co., Ltd. [1][3] - The company aims to capitalize on the booming IP market, which is projected to be a trillion-dollar industry, and plans to generate profits from this new business [1][10]. - The management team of Yingyun Zhidi has extensive experience in IP operation, focusing on post-chain operations rather than the more common front-chain operations [4][5]. Group 2: Financial Performance and Projections - Jingji Zhinong's pig farming business reported a revenue of 3.901 billion yuan in 2024, a year-on-year increase of 38.69%, accounting for 65.45% of total revenue [11]. - The company achieved a sales volume of 678,000 pigs from January to April 2025, with a revenue of 1.222 billion yuan, reflecting a year-on-year growth of 25.59% [12]. - The company is targeting a pig output of approximately 2.5 million by 2025, supported by ongoing capacity expansion projects [17][19]. Group 3: Competitive Strategy - Yingyun Zhidi plans to manage over 50 IPs, with a goal to add more than 10 new IPs in the coming year, focusing on mid-tier IPs for collaboration [5][10]. - The company emphasizes a differentiated strategy by concentrating on post-chain operations, which includes user engagement and monetization of existing IPs [4][8]. - The management team has a strong background in digital marketing, user operations, and event planning, which are crucial for successful IP management [9][10]. Group 4: Operational Challenges - The company acknowledges potential challenges in talent acquisition for the new IP business, but plans to collaborate with experienced teams in the field [6][10]. - Jingji Zhinong's financial health is stable, with a debt ratio of approximately 59% and a low interest-bearing debt ratio of under 20%, allowing for simultaneous investment in both agricultural and IP operations [19]. - The company aims to balance its heavy asset agricultural business with the lighter asset model of IP operations, seeking to create a complementary relationship between the two [18][20].

Core Viewpoint - The company is expanding its business into digital cultural creativity through the establishment of a new subsidiary, aiming to diversify its revenue streams and enhance its risk resilience [2] Group 1: Company Overview - Shenzhen Jiankai Zhino Agricultural Technology Co., Ltd. has established a wholly-owned subsidiary, Shenzhen Jiutian Zhishang Technology Media Co., Ltd., which focuses on digital cultural creative businesses, including the development, operation, and sales of trendy IP products [2] - The registered capital of Shenzhen Yingyun Zhidai Cultural Technology Co., Ltd. is 1 million yuan, with Jiutian Zhishang holding 51% and a professional team holding 49% [2] Group 2: Market Positioning - The company differentiates itself from other IP operators by focusing on the back-end operations of IP, targeting existing user bases for precise engagement and differentiated monetization strategies [2] - The cultural consumption market is evolving, with younger generations seeking personalized experiences, leading to a shift in focus from front-end IP incubation to back-end operational capabilities [2] Group 3: Future Plans - The company currently has over 50 IPs available for collaboration and plans to sign and incubate more than 10 new IPs in the coming year [2] - The new IP operation business will adopt a light asset model, allowing for quicker business cycles and potentially creating a significant profit stream as a second growth curve for the company [2]

Core Viewpoint - The company, Jingji Zhinong, is expanding into the "IP economy" sector to create a second growth curve while continuing to meet essential consumer needs in modern agriculture [2][3]. Group 1: Business Strategy - Jingji Zhinong aims to construct a multi-level growth model combining "physical industry + IP ecosystem" [2]. - The IP ecosystem business is centered around its subsidiary, Shenzhen Yingyun Zhidi Cultural Technology Co., Ltd., focusing on IP licensing and distribution [2]. - The business model includes an "IP matrix - traffic operation - secondary market management" approach, emphasizing brand positioning and product quality [2]. Group 2: Innovation and Technology - The company plans to explore AI's role in empowering IP, creating AI co-created IP that covers the entire operational ecosystem from design to sales [3]. - The cautious approach to initial investments will not significantly impact overall performance, allowing for flexible scaling of future investments [3]. Group 3: Financial Outlook - Jingji Zhinong will maintain stable operations in its main livestock business while leveraging technological innovation to enhance efficiency [3]. - The new spiritual consumption business is seen as a light asset that complements the existing heavy asset agricultural operations, potentially creating new long-term profit opportunities [3]. - The company's experience in cross-industry operations provides sufficient capital and risk management support for new business ventures, which may enhance overall profitability and mitigate cyclical risks in the pig farming industry [3].

Group 1 - The core focus of Jingji Zhino is on establishing a wholly-owned subsidiary, Yingyun Zhi Di, which specializes in IP post-link operations to provide emotional value and meet market demands and social responsibilities [1] - The core team of Yingyun Zhi Di covers all functions of IP operations, possessing rich experience and competitive advantages in IP operation cases, planning capabilities, and traffic management [1] - The company offers IP post-link operation services, including derivative design, large-scale events, and user operations, with over 50 cooperative IPs and plans to add more than 10 new ones next year, managed under a horse racing principle [1] Group 2 - The pig farming business of Jingji Zhino is steadily developing, and the new IP operation business is expected to become a second growth curve [1] - The financial condition of the company is good, and it plans to reasonably allocate funds for the new business [1] Group 3 - Beijing Dingsa Investment Co., Ltd. was established in March 2012 and has since become a member of the China Securities Investment Fund Industry Association and the China Securities Association [2] - The founder, Mr. Peng Xu, is a well-known investment director and star fund manager in the public fund industry, adhering to a "value + growth" stock selection investment strategy [2] - The company has received several awards, including the champion of the "Stock-type Sunshine Private Equity Company 2019 Revenue Ranking (Beijing Region)" and the third place in the "Stock-type Sunshine Private Equity Company 2020 First Half Revenue Ranking (Beijing Region)" [2]

Core Viewpoint - Jingji Zhino is expanding into the IP industry while maintaining steady growth in its modern agriculture business, aiming to create a second growth curve for profitability [1] Group 1: Business Expansion - The company is actively exploring the IP new business layout to open up new growth spaces while ensuring the stability of its modern agriculture core business [1] - Jingji Zhino's chairman stated that the company has been deeply engaged in modern agriculture for six years, achieving a profit level that ranks among the industry's top tier [1] - The new business unit, Yingyunzhidi, focuses on IP licensing and distribution, aiming to create a "three-in-one" business model that includes IP matrix, traffic operation, and secondary market management [1] Group 2: Market Potential - According to the International Licensing Industry Association, the global IP licensing market is projected to reach $356.5 billion in 2023, with China's IP licensing market expected to exceed 168.9 billion yuan in 2024, reflecting a 40% year-on-year growth [1] Group 3: Competitive Strategy - The company’s strategy for Yingyunzhidi focuses on post-IP operation, targeting existing users and enhancing user engagement through differentiated scene monetization and derivative product design [2] - Jingji Zhino aims to create unique and scarce IP content and experiences for consumers, maximizing value through exclusive channels [2] - The company has established strategic partnerships with emerging artists and leading gaming IPs, indicating strong commercial collaboration [2] Group 4: Long-term Vision - Yingyunzhidi's long-term vision is to become a "global top fashion and art brand," expanding its operational scope to include trendy toys and core IP products [3] - The company plans to gradually develop its own core IP products and terminal operation stores based on market performance, aiming to build a business moat while expanding profitability [3] Group 5: Agricultural Business Performance - Jingji Zhino's pig farming business continues to perform well, with projected revenue of 3.901 billion yuan in 2024, representing a year-on-year growth of 38.69% [3] - In the first four months of 2025, the company sold 678,000 pigs, achieving a sales revenue of 1.222 billion yuan, a year-on-year increase of 25.59% [3] - The company maintains a leading position in cost control, with the complete cost of fattening pigs around 13 yuan/kg as of March 2025 [3] Group 6: Strategic Exploration - The expansion into the IP new business is a strategic exploration based on the stable development of the modern agriculture core business [3] - The company is pursuing a multi-driven development strategy, optimizing capacity in its core heavy asset business while actively exploring light asset operation models [3] - The IP business is expected to become a second growth curve following the pig farming business, reshaping the company's overall valuation system [3]

Group 1: Company Overview and Strategy - The company has established a wholly-owned subsidiary, "Yingyunzhidi," to enter the optional spiritual consumption sector, aiming to provide emotional value through IP operations [3] - The market for cultural consumption is growing, with a shift towards personalized demands and self-expression, indicating a significant market opportunity for back-end IP operations [3][5] - The company plans to explore the IP operation field continuously and validate its capabilities through practical actions [3] Group 2: Competitive Advantage - "Yingyunzhidi" has a strong core team with extensive experience in IP operations, covering areas such as IP identification, event planning, product design, and supply chain management [4][5] - The company’s competitive edge lies in its ability to quickly facilitate authorized cooperation and effectively push IP to target audiences for commercial returns [5] - Strong traffic management capabilities allow the company to convert user traffic into private domains, achieving precise user engagement and customer acquisition [5] Group 3: Products and Services - The company offers back-end operational services for IP, including derivative product design, large-scale offline events, and user operations, aiming for long-term deep integration with IP [5][6] - Currently, the company has over 50 IPs available for cooperation and plans to add more than 10 new IPs in the coming year [6] Group 4: Financial Health and Future Plans - As of the end of Q1 2025, the company's debt-to-asset ratio is approximately 59%, with interest-bearing debt below 20%, indicating a stable financial condition [8] - The company will continue to invest in its stable pig farming business while also accelerating the new light-asset IP operation business, which is expected to create significant profits and become a second growth line [8]

Core Viewpoint - The company held its 8th temporary meeting of the 11th Board of Directors, where several key resolutions were passed regarding the appointment of board members and senior management to ensure smooth operations and enhance management efficiency [1][2]. Group 1: Board Resolutions - The board approved the proposal to supplement a non-independent director, nominating Mr. Wu Zhijun as a candidate, pending approval at the shareholders' meeting [1][2]. - The board also approved the appointment of members to various specialized committees, including Mr. Fu Yan, Mr. Chen Jiarong, and Mr. Cai Xinping, to ensure orderly operations of the committees [2]. - All resolutions received unanimous support with 6 votes in favor, and no votes against or abstentions [2]. Group 2: Senior Management Appointments - The board approved the appointment of senior management personnel to enhance operational efficiency and management effectiveness in modern agriculture and new IP operations [2]. - Mr. Chen Jiarong was appointed as the President, Mr. Cai Xinping as Co-President, Mr. Gu Bin as Vice President and CFO, Mr. Shang Pengchao as Vice President, and Mr. Lan Di as Secretary of the Board [2][5][8][10][11]. - The term for these appointments is effective from the board's approval until the end of the 11th Board of Directors' term [2].

证券代码：000048 证券简称：京基智农 公告编号：2025-022 深圳市京基智农时代股份有限公司 第十一届董事会第八次临时会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 2025 年 5 月 16 日上午 10:00，深圳市京基智农时代股份有限公司（以下简称 "公司"）第十一届董事会第八次临时会议以通讯方式召开。根据公司《董事会 议事规则》相关规定，经全体董事同意，本次会议豁免通知时限要求，会议通知 于 2025 年 5 月 15 日以通讯方式送达各位董事。本次应参会董事 6 名，实际参会 董事 6 名。会议由董事长陈家荣先生主持。会议的召开和表决程序符合《公司法》 和《公司章程》等有关规定。经与会董事认真审议并投票表决，本次会议形成以 下决议： 一、审议通过《关于补选第十一届董事会非独立董事的议案》 鉴于公司董事会成员存在空缺，为保障公司董事会各项工作的顺利开展，根 据《公司法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司 规范运作》等法律法规、规范性文件及《公司章程》等有关规定，现拟补选第十 一届董事会非独立董事并提名 ...