TacticScaleWhat Heilongjiang Agriculture (北大荒) Does & How It Makes Money (600598.SS)
Updated October 2026 · reflects Heilongjiang Agriculture's latest reported financials
Chinese state-backed farmland operator growing rice, corn and soybeans. It mainly earns income from contracting and managing cultivated land and from selling grain and oilseed products.
How Heilongjiang Agriculture makes money
It mainly earns income from contracting and managing cultivated land and from selling grain and oilseed products. Smaller revenue streams come from fertilizer sales, grain procurement, warehousing, agricultural technical services and real estate development.
What Heilongjiang Agriculture does
Heilongjiang Agriculture Company Limited, founded in 1998 and based in Harbin, is a subsidiary of Beidahuang Land Reclamation Group. Its core business is contracting and managing cultivated land in China, and it produces rice, corn, soybeans, other crops and oilseed products. The company also has related businesses across the farm value chain: grain procurement, food production, fertilizer manufacturing and sales, agricultural technology development and consulting, warehousing, information processing and storage support, and livestock breeding services. It is also involved in real estate development and management. Investors often treat it as a pure play on large-scale Chinese grain farming.
Products & services
- Cultivated land contracting and management
- Rice
- Corn
- Soybeans
- Oilseed products
- Fertilizers
北大荒是做什么的？
北大荒农业股份有限公司成立于1998年，总部位于哈尔滨，是北大荒农垦集团有限公司的子公司。公司主营耕地承包与经营管理，产品包括水稻、玉米、大豆等农产品及油料产品。 公司还从事粮食收购、食品生产、化肥制造与销售、农业技术开发与咨询服务、仓储、信息处理与存储支持以及畜禽养殖服务，同时涉足房地产开发与经营，业务覆盖农业产业链的多个环节。
What is Heilongjiang Agriculture worth?
On an owner-earnings DCF, Heilongjiang Agriculture's most-likely value is about ¥9 versus a recent price near ¥13 (41% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥4) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
Related companies
Jiangsu Provincial Agricultural Reclamation and Development (601952.SS) · Yuan Long Ping High-Tech Agriculture (000998.SZ) · ShanDongDenghai Seeds (002041.SZ) · Yihai Kerry Arawana (300999.SZ) · Guangdong Haid (002311.SZ)