Agricultural products: On February 27, institutional research was conducted, with participation from multiple organizations including Caitong Securities and Harvest Fund.

Securities Star News, February 27, 2026: Agricultural Products (000061) announced that on February 27, 2026, the company received an institutional survey. Participants included CICC Securities, Harvest Fund, Dacheng Fund, Tianhong Fund, Sunshine Asset, Great Wall Wealth Insurance, Debon Fund, Huiquan Fund, Balyasny Asset, Carrhae Capital, Willing Capital, Yuanshin Yongfeng Fund, Yuanfeng Fund, Boyu Capital, Ruiyin Investment, Zhejiang Yiheng Investment, CITIC Securities, Chongqing Jinke Investment, Huashang Fund, Huaxia Jiu Ying Asset, China Europe Fund, HSBC Jintrust Fund, China Merchants Fund, Tianfeng Securities.

The specific content is as follows:

Q: What are the reasons for the rapid expansion of the company’s entire industry chain business and future plans?

A: The company’s rapid growth across the entire industry chain is mainly due to the continuous expansion of import/export, ingredient distribution, and single-product trading businesses. The company positions itself as a “modern agricultural product circulation full industry chain resource provider and service provider.” Through full industry chain empowerment, it continuously provides upstream quality sources, downstream channel support, and other industry chain services to merchants, helping them operate stably and fostering a market and merchant ecosystem of coexistence, integration, and mutual development. In the future, the company will focus on quality growth, deepen its core industry chain advantages and product varieties, strengthen brand building, solidify core competitiveness, and improve overall profitability.

Q: What are the company’s future investment and acquisition considerations?

A: Over the past 37 years since its establishment, the company has consistently centered on its core business, expanding its market and business layout nationwide through new establishments, acquisitions, and the establishment of industry funds—both direct and indirect investments. Going forward, the company will continue to focus on investment opportunities related to agricultural wholesale markets and the full industry chain, carefully select high-quality projects, and enhance its core competitiveness and profitability.

Q: What is the leasing situation of the company’s wholesale market shops?

A: The company operates markets in over 20 major cities nationwide. The occupancy rates of shops vary depending on regional location, development stage, and market competition. Mature wholesale markets generally have good occupancy, with an average rate above 90%. Some markets, such as Changchun and Wuhan, are still in the cultivation stage and require further efforts in tenant recruitment and operations to increase occupancy and transaction volume. The company is actively increasing recruitment efforts, strengthening external cooperation and resource integration, leveraging the advantages of the “national network” layout and full industry chain empowerment to accelerate the quality and efficiency of markets in the cultivation stage.

Q: What is the commission fee model for the company’s wholesale markets?

A: The company’s management revenue from agricultural product wholesale markets mainly includes rent, commissions, management fees, parking fees, etc. Commissions are primarily charged based on a predetermined percentage of merchants’ transaction amounts or incoming goods over a certain period. The company aims to empower merchants through full industry chain services, helping them grow their business and increasing market commission income, achieving mutual growth and win-win development.

Q: What measures has Tianjin Haijixing taken to turn losses into profits?

A: Tianjin Haijixing, located in Jinghai District, Tianjin, is primarily a first-level wholesale market with a transit and sales focus, serving Tianjin, Hebei, Shandong, Liaoning, and surrounding areas. The market has improved operations through category planning, upstream and downstream industry chain招商, import/export trade, urban ingredient distribution, and production-sales matching, gradually developing into Tianjin’s largest agricultural product first-level wholesale market.

After continuous cultivation and operation, Tianjin Haijixing turned profitable in 2023. Its Phase II project has officially opened, and efforts are underway to develop categories such as meat and seafood, forming a multi-category operation pattern including vegetables, fruits, meat, and seafood. In the first half of 2025, Tianjin Haijixing achieved revenue of 232 million yuan, with net profit attributable to the parent company of 9.22 million yuan, up 49.43% year-over-year.

Q: What is the company’s import/export business status and product selection plan?

A: The company’s import/export scale has significantly increased. It has strengthened cooperation with key clients in Thailand, Vietnam, Brazil, and expanded cooperation space, with steady growth in core categories such as South American beef, Thai chicken by-products, and Southeast Asian durians. It has also successfully opened channels in Indonesia, Oman, Venezuela, Argentina, and Peru, importing Argentine frozen shrimp, Indonesian frozen squid and skipjack tuna, Russian king crab, Norwegian salmon, Venezuelan frozen hairtail and jellyfish, and the first shipment of wild frozen hairtail from Oman, enriching product varieties.

In product selection, the company considers merchant needs and consumer preferences, leveraging regional market resources to create a stable, recognized, high-quality, and cost-effective import/export product matrix. Moving forward, the company will deepen its focus on import/export categories, strengthen brand building, enhance product value, and promote high-quality growth of import/export business, supporting profitability across the full industry chain.

Q: What are the company’s capital expenditure plans and dividend policy?

A: The company’s capital expenditures follow a prudent approach, mainly focusing on new project investments and the ongoing development of existing markets. Future capital spending will be aligned with operational progress and project implementation, with precise control to further strengthen the nationwide agricultural wholesale market and full industry chain network, reinforcing the “national network” advantage.

Regarding dividends, the company values the continuity and stability of profit distribution policies. Based on industry characteristics, development stage, business model, profitability, major capital expenditures, and shareholder returns, it formulates a scientific, reasonable, and sustainable profit distribution strategy to protect shareholders’ long-term interests.

Main Business of Agricultural Products (000061): Development, construction, operation, and management of agricultural product wholesale markets, including market operation, supporting services, and agricultural product processing.

According to the 2025 Q3 report, the company’s main revenue for the first three quarters was 5.198 billion yuan, up 36.11% year-over-year; net profit attributable to the parent was 264 million yuan, down 16.31%; non-recurring net profit was 216 million yuan, down 14.47%. In Q3 2025 alone, revenue was 1.707 billion yuan, up 20.97%; net profit attributable to the parent was 73.36 million yuan, down 27.42%; non-recurring net profit was 60.49 million yuan, down 45.91%. The debt ratio is 54.0%, investment income is 76.90 million yuan, financial expenses are 118 million yuan, and gross profit margin is 20.81%.

In the past 90 days, one institution has issued a buy rating.

The above content is compiled from public information by Securities Star, generated by AI algorithm (Wangxin Calculation Backup 310104345710301240019), and does not constitute investment advice.