Breaking Down Shenzhen Kingkey Smart Agriculture Times Co.,Ltd Financial Health: Key Insights for Investors

From its roots as Shenzhen Kondarl in 1979 to a strategic rebrand in April 2020, Shenzhen Kingkey Smart Agriculture Times Co., Ltd. (000048.SZ) has pivoted from property to become a leading swine producer-by 2024 pig farming represented over 65% of revenue and the company sold 2.146 million pigs (a 16% YoY rise), generating about RMB 3.90 billion from the segment while operating a herd of roughly 116,000 heads and deploying IoT/AI-enabled, vertically integrated farms; listed on the Shenzhen exchange with a mixed shareholder base and continuing influence from founder Jiarong Chen, the firm combines sustainability programs (donating 1,600+ tons of organic fertilizer in 2024), R&D investment (RMB 52.1089 million in 2024), a debt-to-asset ratio near 60%, and plans to market about 2.5 million pigs in 2025 as it diversifies into cultural and tech IP while scaling intelligent farming systems and circular crop-livestock models to capture revenue from feeds, poultry, property leasing, community intelligence services and strategic partnerships.

Shenzhen Kingkey Smart Agriculture Times Co.,Ltd (000048.SZ): Intro

• Founded in 1979 as Shenzhen Kondarl (Group) Co., Ltd., originally focused on real estate development and property leasing.
• April 2020: rebranded to Shenzhen Kingkey Smart Agriculture Times Co.,Ltd (000048.SZ), marking a strategic shift toward modern agriculture and agribusiness.
• 2019-2024: heavy capital allocation and operational focus on swine production, turning a real estate-centric firm into a large-scale pig producer.
• 2024: sold 2.146 million pigs, a 16% year-on-year increase-evidence of rapid scale-up and operational optimization.
• Also developing cultural and technological IP businesses to diversify revenue and capture value beyond commodity farming.

• Listed company structure with a mix of institutional investors, public shareholders and group/strategic stakeholders originating from the Kondarl/Kingkey family and related entities.
• Governance shifted to support agricultural operations: board and executive appointments with agribusiness and supply-chain experience since 2020.
• Ongoing capital raises and reinvestment of operating cash flow into breeding, feed, biosecurity and slaughter/logistics capacity.

• Mission: transform legacy property value into a modern, vertically integrated smart-agriculture platform focused on swine production, food safety and branded protein supply.
• Priorities: scale-efficient production, biosecurity, genetic improvement/breeding, downstream processing and leveraging IP/tech for branding and traceability.

• Breeding and genetics: nucleus and multiplier farms to improve sow productivity and piglet survival rates.
• Feed and nutrition: internal sourcing/contracting to control cost and consistency of feed inputs.
• Farming operations: farrow-to-finish farms across regions to manage seasonal/price risk and maximize throughput.
• Processing & logistics: slaughterhouses, cold-chain and distribution to capture downstream margin and ensure food safety.
• Sales channels: wholesale to processors and retailers, direct supply contracts, and branded/traceable product lines supported by tech/IP.

• Primary revenue: live hog sales and pork product sales-by 2024 this accounted for over 65% of operating revenue (vs. <1% ~2019).
• Secondary revenue: property leasing and residual real-estate income (declined as a share), plus growing contributions from cultural and technology IP licensing and branded product premiums.
• Margin levers: improved herd productivity, vertical integration (feed-to-market), scale benefits in slaughter/logistics, and value-added branded products.

• Large CAPEX into farm construction, biosecure facilities and integrated slaughter/logistics capacity to support millions of head annually.
• R&D and tech investments for breeding, traceability and digital farm management to reduce mortality and increase per-sow output.
• Selective M&A and JV activity (regional farms, processing capacity) to accelerate scale and regional coverage.

• Positioning: fast-growing vertically integrated swine producer leveraging an established listed platform to access capital and scale quickly.
• Main risks: hog price volatility, disease/biosecurity (ASF and other pathogens), feed cost inflation, and execution risk in integrating new farms and IP ventures.

Shenzhen Kingkey Smart Agriculture Times Co.,Ltd (000048.SZ): History

Shenzhen Kingkey Smart Agriculture Times Co.,Ltd (000048.SZ) is a Shenzhen Stock Exchange-listed company focused on integrating smart-agriculture technologies with property and urban farming initiatives. Key corporate milestones in recent years include leadership consolidation and active portfolio transactions that shaped its ownership and strategic direction.

• Ticker: 000048.SZ (Shenzhen Stock Exchange)
• Leadership: Jiarong Chen appointed President and Chairman of the Board in May 2025
• Major transaction: In October 2025, Shenzhen Zhonghengtong Private Securities Fund Management Co., Ltd. acquired a 5.0% stake from KINGKEY GROUP CO., LTD.

The company's mission centers on deploying IoT, controlled-environment agriculture, and integrated supply-chain services to increase yield efficiency, reduce urban food miles and create recurring property-linked agribusiness revenue.

Ownership Structure

Ownership is a mix of the founding family interests (historically through KINGKEY GROUP CO., LTD.), institutional investors, and public retail holders. Recent activity-such as the October 2025 5% transfer to Shenzhen Zhonghengtong-demonstrates active secondary-market reallocation and institutional interest.

• Founding family / Kingkey-related holdings: retain significant influence; leadership roles held by family members (e.g., Jiarong Chen).
• Institutional investors: domestic funds and asset managers, exemplified by the 2025 Zhonghengtong acquisition.
• Retail investors: broad public float on the Shenzhen exchange.

Governance & Controls

• Board of Directors with executive and independent directors to meet listing and corporate governance standards.
• Executive roles (CEO/President, CFO) oversee operations; the Chairman provides strategic oversight.
• Shareholder composition and disclosure practices aim to balance control with transparency in accordance with exchange requirements.

How It Works & How Shenzhen Kingkey Smart Agriculture Times Co.,Ltd Makes Money

Revenue streams combine technology-enabled agriculture operations, property-anchored agribusiness, and service contracts:

• Controlled-environment agriculture: sale of produce (B2B and B2C), long-term supply contracts with retailers and foodservice operators.
• Technology & services: IoT platform subscriptions, installation and maintenance of smart-farm systems, and data/analytics services to partners.
• Real-estate synergies: land-use partnerships and rooftop/indoor farm leases within Kingkey property developments, creating recurring rental and service revenue.
• Capital and investment: strategic stake sales and corporate-level asset transfers (e.g., the 2025 5% stake sale) that can reshape capital structure and unlock value.

For investor-focused details and shareholder movement analysis, see: Exploring Shenzhen Kingkey Smart Agriculture Times Co.,Ltd Investor Profile: Who's Buying and Why?

Shenzhen Kingkey Smart Agriculture Times Co.,Ltd (000048.SZ): Ownership Structure

• Mission: Lead in modern agriculture by integrating technology and sustainable practices to enhance food security and rural revitalization.
• Core values: innovation, sustainability, and social responsibility-these guide operations and strategic decisions.
• Environmental stewardship: practices focused on reducing water and chemical usage, optimizing land use, and promoting ecological balance.
• Social responsibility: programs supporting rural communities - including donating over 1,600 tons of organic fertilizer to local farmers in 2024.
• Technology commitment: ongoing investment in R&D to drive efficiency and productivity in agriculture, aligning with national rural revitalization and agricultural modernization policies.

• Integrated model combining smart greenhouse systems, precision farming services, and agricultural supply chain solutions.
• Revenue streams: product sales (smart equipment and supplies), service contracts (farm management, precision agriculture), and produce sales/partnerships.
• R&D-driven product cycle: development of IoT sensors, AI-driven crop management platforms, and low‑input organic solutions to reduce resource use and increase yields.

• Major shareholder typically a strategic industrial group with significant influence over board composition and long‑term strategy.
• Public float comprised of institutional and retail investors supporting liquidity on the Shenzhen exchange.
• Corporate governance emphasizes alignment with national policy on rural revitalization, transparency in sustainability reporting, and stakeholder engagement.

• Allocate capital to expand smart agriculture deployments, scale service contracts, and strengthen supply‑chain partnerships.
• Targeted R&D investments to improve sensor accuracy, AI models for yield optimization, and low‑resource cultivation methods.
• Social investments: continuing rural support programs, community training, and fertilizer donations to improve local productivity.

Shenzhen Kingkey Smart Agriculture Times Co.,Ltd (000048.SZ): Mission and Values

• Integrated operations: breeding → fattening → slaughter → distribution, minimizing third-party reliance and ensuring traceability.
• Large-scale sow herd: approximately 116,000 heads total, comprising ~103,000 breeding sows and ~13,000 gilts, enabling stable supply and scale economies.
• Eight intelligent farming systems are deployed across sites to improve breeding outcomes and unit economics.
• Digital & advanced tech: IoT sensors, AI-driven analytics and farm-management platforms optimize feed conversion ratios, mortality rates and resource use.
• Vertical circularity: crop cultivation integrated with pig farming to recycle nutrients, reduce feed costs and provide feed/fertilizer for local farmers.
• R&D partnerships: collaboration with institutions such as the Guangdong Academy of Agricultural Sciences' Institute of Animal Science to design environmentally friendly farms and husbandry practices.

• Primary revenue streams:
  • Sale of live pigs and pork products to wholesale, retail and institutional customers.
  • Processed pork and value-added products sold via distribution channels and branded outlets.
  • Animal breeding stock and genetics-related services from company-managed sow herd.
• Margin enhancement through vertical integration: retaining value from breeding to sales reduces procurement costs and increases per-animal gross margin.
• Cost savings from technology: IoT/AI-driven improvements lower feed conversion ratios and mortality, improving EBITDA per head.
• Sustainability-driven cost offsets: circular crop integration reduces external feed and fertilizer spend while generating potential ancillary revenue for local co-ops.

• Eco-design: farm designs developed with academic partners to reduce emissions and manage waste.
• Local support: crop-pig circularity supports nearby farmers by supplying organic fertilizer and feed inputs.
• Digital traceability: farm-to-fork traceability enabled by IoT and management systems to meet food-safety requirements.

Shenzhen Kingkey Smart Agriculture Times Co.,Ltd (000048.SZ): How It Works

• Primary business: large-scale pig breeding, fattening, slaughtering and live/processed pork sales.
• Upstream integration: in-house animal feed manufacturing to control costs and supply consistency.
• Downstream channels: wholesale to meat processors, retail distribution, and direct sales to institutional buyers.
• Support services: community intelligence and farm-management tech platforms for monitoring, traceability and efficiency.
• Legacy and non-core: real estate development and property leasing (declining share as agriculture scale-up continues).
• Financial & strategic: investments and partnerships that contribute non-operating income and strategic synergies.

• Breeding nucleus → sow herd management → piglet production.
• Nursery & fattening farms → standardized feeding (in-house feed) → health & biosecurity controls.
• Collection & slaughter/processing → packaging, cold-chain logistics → wholesale/retail distribution.
• Technology overlay: IoT/sensors, herd-management software, traceability and community intelligence services.
• Non-agricultural assets: property leasing and selective real estate projects providing steady rental income.

• Scale in pig production drives gross margin improvement through lower unit feed and fixed-cost absorption.
• Vertical feed integration reduces volatility from third‑party supply and feed-price inflation.
• Technology (IoT, traceability) improves animal health outcomes and reduces mortality rates, supporting yield gains.
• Real estate leasing provides recurring cash flows that cushion cyclical agricultural margins during downturns.
• Strategic investments broaden the company's income base and enable cross-selling between agriculture and community intelligence services.

Shenzhen Kingkey Smart Agriculture Times Co.,Ltd (000048.SZ): How It Makes Money

• Primary business: commercial swine breeding, fattening and sale - targeting ~2.5 million pigs marketed in 2025.
• Ancillary revenue: feed, breeding stock sales, slaughtering/processing services, and logistics.
• New revenue streams: cultural and technological IP ventures, digital farming platforms, and IoT-enabled smart-ag solutions.

• Market position: Leading swine producer in China with growing South China footprint to secure regional supply and margins.
• Financial posture: Leverages scale in livestock operations while managing a moderate leverage profile (≈60% debt-to-asset) to fund expansion and IP/tech initiatives.
• Innovation traction: RMB 52.1089 million allocated to R&D in 2024 underpins precision breeding, digital farm management and IoT applications that can reduce costs and open subscription/license revenue.