Core Insights - The company, Guangming Meat Industry, reported a half-year revenue of 12,069,608,632.09 yuan, representing a year-on-year increase of 4.03% [1] - The net profit attributable to shareholders decreased by 30.52% to 176,033,571.37 yuan compared to the previous year [1] Shareholder Changes - Among the top ten circulating shareholders, the National Social Security Fund's 503 portfolio is a new institutional investor [1] - New circulating shareholders also include China Construction Bank's Jiashi Agricultural Industry Stock Fund and Agricultural Bank of China's Dacheng New Industry Mixed Fund [1]

证券代码：600073 证券简称：光明肉业 编号：2025-037 上海光明肉业集团股份有限公司 第十届董事会第二次会议决议公告 本公司董事会及全体董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个别及连带责任。 上海光明肉业集团股份有限公司（以下简称"光明肉业"或"公司"）第十 届董事会第二次会议于 2025 年 8 月 19 日以电子邮件形式通知全体董事，并于 2025 年 8 月 29 日以现场表决方式召开。会议应到董事 9 名，实到董事 9 名，会 议由董事长李俊龙主持。本次会议的召集、召开和表决程序符合《公司法》和公 司《章程》等有关规定。与会董事经过充分讨论，审议通过了如下决议： 一、审议通过了2025年半年度报告全文及摘要 同意公司2025年半年度报告全文及摘要的内容。（详见2025年8月30日在上 海证券交易所网站www.sse.com.cn披露的《光明肉业2025年半年度报告》及《光 明肉业2025年半年度报告摘要》，编号：2025-038） 表决结果：赞成9票，反对0票，弃权0票 本议案已经公司第十届董事会审计委员会 2025 年第二次 ...

Core Points - The company held its second board meeting of the tenth session on August 19, 2025, where several key resolutions were passed [1][2][3] Group 1: Financial Reporting - The board approved the full and summary report for the first half of 2025, with a voting result of 9 in favor, 0 against, and 0 abstentions [1] - The half-year report will be disclosed on the Shanghai Stock Exchange website on August 30, 2025 [1] Group 2: Related Party Transactions - The board approved an increase in the estimated amount for daily related party transactions for 2025, with a voting result of 7 in favor, 0 against, and 0 abstentions [2] - Two related directors abstained from voting on this matter [2] Group 3: Asset Impairment - The board approved the proposal for asset impairment provisions for the first half of 2025, with a voting result of 9 in favor, 0 against, and 0 abstentions [2] - Details will be disclosed in a separate announcement [2] Group 4: Risk Assessment - The board approved the risk continuous assessment report for Bright Food Group Finance Co., Ltd., with a voting result of 7 in favor, 0 against, and 0 abstentions [2] - Two related directors abstained from voting on this matter [2]

[Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section lists the definitions of common terms used in the report to ensure clear understanding - Company's full name: **Shanghai Bright Meat Group Co., Ltd** (Bright Meat)[12](index=12&type=chunk) - Controlling shareholder: **Bright Food (Group) Co., Ltd**[12](index=12&type=chunk) - Major subsidiaries include **Yimin Food Group, Bright Finance Company, Bright Agriculture & Husbandry, Maling Co., Ltd, and Silver Fern Farms**[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's basic registration information - Company's Chinese name: 上海光明肉业集团股份有限公司[14](index=14&type=chunk) - Company's stock short name: Bright Meat[14](index=14&type=chunk) - Legal representative: Li Junlong[14](index=14&type=chunk) [Contact Person and Methods](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact information for the company's Board Secretary and Securities Affairs Representative - Board Secretary: He Ru[15](index=15&type=chunk) - Contact number: 021-22866016[15](index=15&type=chunk) - Email: ir@brightmeat.com[15](index=15&type=chunk) [Changes in Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section discloses the company's registered and office addresses, noting no changes during the reporting period - Registered address: Room 101, Building 7, 1501 Chuanqiao Road, China (Shanghai) Pilot Free Trade Zone[16](index=16&type=chunk) - Company website: https://www.brightmeat.com/[16](index=16&type=chunk) - **No changes** occurred during the reporting period[16](index=16&type=chunk) [Changes in Information Disclosure and Report Preparation Location](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section specifies the designated newspapers and websites for information disclosure - Designated newspapers for information disclosure: *China Securities Journal*, *Shanghai Securities News*[17](index=17&type=chunk) - Website for semi-annual report disclosure: www.sse.com.cn[17](index=17&type=chunk) - Location for semi-annual report preparation: 18 Jining Road, Yangpu District, Shanghai[17](index=17&type=chunk) [Company Stock Profile](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides information on the company's stock listing exchange, short name, and code - Stock type: A-Share[18](index=18&type=chunk) - Stock exchange: Shanghai Stock Exchange[18](index=18&type=chunk) - Stock code: 600073[18](index=18&type=chunk) - Previous stock short name: Shanghai Maling[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's H1 2025 data shows revenue growth but a significant profit decline due to fixed asset impairment Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Same Period Last Year | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 12,069,608,632.09 Yuan | 11,601,598,700.01 Yuan | 4.03 | | Total Profit | 259,445,280.73 Yuan | 354,873,612.21 Yuan | -26.89 | | Net Profit Attributable to Shareholders | 176,033,571.37 Yuan | 253,348,285.38 Yuan | -30.52 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 169,389,257.38 Yuan | 176,197,030.81 Yuan | -3.86 | | Net Cash Flow from Operating Activities | 90,713,195.38 Yuan | 99,787,186.64 Yuan | -9.09 | | Net Assets Attributable to Shareholders (End of Period) | 5,183,256,511.07 Yuan | 4,895,490,164.33 Yuan | 5.88 | | Total Assets (End of Period) | 14,402,538,375.63 Yuan | 14,885,174,768.82 Yuan | -3.24 | Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Same Period Last Year | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/Share) | 0.19 | 0.27 | -29.63 | | Basic EPS (Excluding Non-recurring Items) (Yuan/Share) | 0.18 | 0.19 | -5.26 | | Weighted Average Return on Equity (%) | 3.49 | 5.07 | Decreased by 1.58 percentage points | | Weighted Average ROE (Excluding Non-recurring Items) (%) | 3.36 | 3.53 | Decreased by 0.17 percentage points | - Reason for change in net profit attributable to shareholders: **Significant impairment provision for fixed assets** was made during the period[21](index=21&type=chunk) [Non-recurring Profit and Loss Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section lists the company's non-recurring profit and loss items for H1 2025, totaling RMB 6,644,313.99 Non-recurring Profit and Loss Items for H1 2025 | Non-recurring Profit and Loss Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -2,431,485.44 | | Government Grants Included in Current Profit/Loss | 9,689,413.22 | | Fair Value Change Gains/Losses and Gains/Losses from Disposal of Financial Assets/Liabilities | 692,855.44 | | Gains/Losses from Entrusted Investments or Asset Management | 11,767,352.18 | | Gains/Losses on Debt Restructuring | -13,367,029.56 | | Other Non-operating Income and Expenses | -5,444,241.61 | | Less: Income Tax Impact | 3,480,453.56 | | Minority Interest Impact (After Tax) | -9,217,903.33 | | **Total** | **6,644,313.99** | [Management Discussion and Analysis](index=7&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Industry and Core Business Overview](index=7&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This section details the company's market position, industry trends, and core business segments in pork, beef/lamb, and branded snack foods - The company is one of the largest food producers and sellers in China, holding a **leading position** in segments like canned meat, beef/lamb, honey, and milk candy[25](index=25&type=chunk) - **Pork Industry**: The company operates a **full industry chain** including hog farming, slaughtering, processing, and distribution; H1 2025 saw ample supply and declining prices in the hog farming sector[26](index=26&type=chunk)[27](index=27&type=chunk) - **Beef/Lamb Industry**: Per capita beef consumption in China is rising with significant growth potential; H1 2025 saw structural adjustments and price recovery in the domestic beef market[31](index=31&type=chunk)[32](index=32&type=chunk) - **Branded Food Industry**: The sector benefits from policies promoting domestic demand and rising incomes, with future trends toward functional, healthy, casual, and high-end products[33](index=33&type=chunk) - The company's core business comprises the **meat segment** (pork and beef/lamb across farming, slaughtering, and processing) and the **branded food segment**[34](index=34&type=chunk) [Discussion and Analysis of Operations](index=11&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) Revenue grew 4.03% YoY, but net profit attributable to shareholders fell 30.52% due to fixed asset impairment provisions - In H1 2025, the company achieved **operating revenue of RMB 12.07 billion**, a YoY increase of **4.03%**; net profit attributable to shareholders was **RMB 176 million**, a YoY decrease of **30.52%**[40](index=40&type=chunk) - Net profit excluding non-recurring items was **RMB 169 million**, a YoY decrease of **3.86%**; basic earnings per share were **RMB 0.19/share**, down **29.63%** YoY[40](index=40&type=chunk) - The company focused on its annual goals of "focusing on meat strategy, optimizing chain layout, and accelerating value creation" through cost reduction and efficiency improvements[39](index=39&type=chunk) [(I) Key Operational Initiatives](index=11&type=section&id=(%E4%B8%80)%20%E9%87%8D%E7%82%B9%E7%BB%8F%E8%90%A5%E4%B8%BE%E6%8E%AA) The company implemented key initiatives including deepening meat business integration, optimizing costs, and strengthening brand building - **Pork Business**: Integrated feed business operations, improved formula quality to **reduce feed costs**, and lowered farming costs by closing inefficient farms and optimizing management[40](index=40&type=chunk) - **Meat Processing**: Shanghai Aisen developed 9 new products; Jiangsu Sushipin used patented "fresh-lock + automatic venting" packaging for its new fresh-braised product line[41](index=41&type=chunk)[42](index=42&type=chunk) - **Beef/Lamb Business**: New Zealand's Silver Fern Farms controlled costs through factory optimization and launched its first ready-to-heat burger product[42](index=42&type=chunk) - **Distribution System**: Expanded into fourth and fifth-tier cities, cultivated single-product sales for brands like "Dafan" and "Dabaitu Toffee", and penetrated new markets[42](index=42&type=chunk) - **Brand Building**: Increased brand exposure by sponsoring the "HADO 2025 World Cup" and collaborating with a Tencent variety show for the new "Dafan" series[43](index=43&type=chunk) - **Supporting Mechanisms**: Adjusted organizational structure, improved performance incentives, and accelerated innovation at the Bright Meat Technology Center[43](index=43&type=chunk)[44](index=44&type=chunk) - **Safety Management**: Completed **52 safety inspections**, rectifying 212 issues with a **100% correction rate**; achieved a **100% pass rate** in national and municipal spot checks[45](index=45&type=chunk) [(II) Operational Performance by Business Segment](index=13&type=section&id=(%E4%BA%8C)%20%E7%94%9F%E4%BA%A7%E7%BB%8F%E8%90%A5%E5%88%86%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The hog farming segment incurred losses due to price declines, while the beef/lamb business saw significant profit growth from higher prices and cost controls - **Hog Farming**: Revenue of **RMB 875 million** with a net loss of **RMB 407 million**; a subsidiary's litigation led to a **RMB 266 million fixed asset impairment**, reducing net profit attributable to parent by **RMB 128 million**[46](index=46&type=chunk) - **Hog Slaughtering, Processing & Distribution**: Sushipin launched six new "fresh-braised" products; Shanghai Aisen obtained certification for antibiotic-free pork; Shanghai Maling introduced the "Dafan" series using Tetra Pak technology[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk) - **Beef/Lamb Business**: Silver Fern Farms achieved sales revenue of **RMB 7.234 billion** and a net profit of **RMB 253 million**, a YoY increase of **311.81%**, driven by higher beef/lamb prices and effective cost reduction[50](index=50&type=chunk) - **Branded Food Business**: Guanshengyuan developed new products like Dabaitu Toffee, integrated online/offline channels, and launched a crossover collaboration with the mobile game "Arknights"[52](index=52&type=chunk) [Core Competitiveness Analysis](index=15&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness lies in its strong brand value, full-chain synergy, R&D capabilities, and unique beef/lamb resource advantages - **Brand Value**: The company owns a portfolio of renowned domestic and international brands including "Maling B2", "Guanshengyuan", "Dabaitu", "Sushipin", "Lianhao", "Aisen", and "Silver Fern"[53](index=53&type=chunk) - **Full-Chain Synergy**: The pork business operates a complete industry chain from farming to distribution, enhancing its resilience against industry risks[54](index=54&type=chunk)[55](index=55&type=chunk) - **Technology and R&D**: The company operates three municipal-level technology centers and applied for **39 patents in 2024**, enhancing its processing capabilities and product competitiveness[55](index=55&type=chunk) - **Beef/Lamb Resource Advantage**: Through its controlling stake in Silver Fern Farms, New Zealand's largest meat processor, the company commands premium overseas resources and global market channels[55](index=55&type=chunk) [Key Operational Results](index=16&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes changes in key financial statement items, highlighting a 4.03% revenue increase and significant shifts in financial expenses and investment cash flow Analysis of Changes in Financial Statement Items | Item | Current Period (Yuan) | Same Period Last Year (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 12,069,608,632.09 | 11,601,598,700.01 | 4.03 | | Operating Costs | 10,631,919,811.77 | 10,380,568,578.14 | 2.42 | | Selling Expenses | 443,505,716.81 | 444,682,079.78 | -0.26 | | Administrative Expenses | 465,411,537.67 | 477,423,136.62 | -2.52 | | Financial Expenses | 90,559,206.50 | -10,092,709.02 | 997.27 | | R&D Expenses | 18,854,513.99 | 19,120,841.59 | -1.39 | | Net Cash Flow from Operating Activities | 90,713,195.38 | 99,787,186.64 | -9.09 | | Net Cash Flow from Investing Activities | -312,377,775.07 | -23,702,284.58 | -1,217.92 | | Net Cash Flow from Financing Activities | -297,979,089.87 | -522,887,347.75 | 43.01 | - Reason for change in financial expenses: Increased **foreign exchange losses** from overseas subsidiaries and decreased interest income from domestic companies[56](index=56&type=chunk) - Reason for change in net cash flow from investing activities: Land disposal in the prior period, asset construction by overseas subsidiaries, and changes in domestic term deposits[57](index=57&type=chunk) - Reason for change in net cash flow from financing activities: The amount of bank loan repayments was lower than in the same period last year[57](index=57&type=chunk) [(III) Analysis of Assets and Liabilities](index=17&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) Total assets slightly decreased, while net assets attributable to shareholders grew; overseas assets, mainly from Silver Fern Farms, constitute a significant portion Changes in Assets and Liabilities | Item Name | Current Period-End (Yuan) | % of Total Assets | Prior Period-End (Yuan) | % of Total Assets | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,890,260,058.15 | 20.07 | 3,456,429,780.44 | 23.22 | -16.38 | | Accounts Receivable | 1,746,601,735.29 | 12.13 | 1,606,276,506.92 | 10.79 | 8.74 | | Inventories | 2,682,313,520.02 | 18.62 | 2,584,511,761.77 | 17.36 | 3.78 | | Fixed Assets | 3,582,955,231.54 | 24.88 | 3,813,377,432.31 | 25.62 | -6.04 | | Total Assets | 14,402,538,375.63 | - | 14,885,174,768.82 | - | -3.24 | | Short-term Borrowings | 2,761,182,662.54 | 19.17 | 2,936,704,184.48 | 19.73 | -5.98 | | Contract Liabilities | 276,085,965.98 | 1.92 | 407,823,258.46 | 2.74 | -32.30 | | Long-term Borrowings | 152,663,094.14 | 1.06 | 57,163,094.14 | 0.38 | 167.07 | - Overseas assets: **RMB 5,822,942,605.77**, accounting for **40.43%** of total assets[60](index=60&type=chunk) - Overseas assets are primarily contributed by **Silver Fern Farms Limited** in New Zealand, which generated revenue of **RMB 7,234,208,879.40** and net profit of **RMB 252,591,864.03** in the reporting period[62](index=62&type=chunk) - Restricted assets at period-end: **Cash of RMB 6,613,704.02** (deposits, pledges, frozen accounts) and **fixed assets of RMB 1,954,812,715.68** (mortgages, guarantees, seizures)[63](index=63&type=chunk) [(IV) Investment Analysis](index=19&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's external equity investments slightly decreased, and it utilized derivative instruments, primarily forward foreign exchange contracts, for hedging purposes - External equity investment balance at period-end was **RMB 408,023,051.51**, compared to **RMB 423,606,790.24** at the beginning of the period[65](index=65&type=chunk) - Investment income recognized under the equity method was **RMB 42,525,977.57**[65](index=65&type=chunk) Derivative Investments for Hedging Purposes | Derivative Type | Period-End Book Value (RMB 10k) | % of Net Assets | | :--- | :--- | :--- | | Forward Foreign Exchange Contracts | 2,185.98 | 0.42 | | **Total** | **2,185.98** | **0.42** | - Hedging effectiveness: The hedging activities effectively mitigated foreign exchange risks as intended[67](index=67&type=chunk) [(VI) Analysis of Major Subsidiaries and Associates](index=22&type=section&id=(%E5%85%AD)%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Bright Agriculture & Husbandry incurred losses due to hog prices, while Silver Fern Farms' net profit surged on higher meat prices and cost efficiencies Operating Performance of Major Subsidiaries | Company Name | Core Business | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | | Bright Agriculture & Husbandry Technology Co., Ltd | Hog Farming | 874,934,962.39 | -406,721,383.42 | | Shanghai Maling Food Co., Ltd | Canned Food Production & Sales | 190,955,486.90 | 14,924,545.22 | | Shanghai Guanshengyuan Food Co., Ltd | Snack Food Production & Sales | 739,592,695.72 | 161,673,201.92 | | Silver Fern Farms Limited | Beef, Lamb, Venison Slaughter & Sales | 7,234,208,879.40 | 252,591,864.03 | - **Bright Agriculture & Husbandry Technology Co., Ltd performance fluctuation**: Affected by weak hog prices, the company's hog farming revenue was **RMB 875 million** with a net loss of **RMB 407 million**; a subsidiary's litigation resulted in a **RMB 266 million** fixed asset impairment, reducing net profit attributable to parent by **RMB 128 million**[69](index=69&type=chunk) - **Silver Fern Farms Limited performance fluctuation**: Benefiting from rising beef and lamb prices and effective cost-saving measures, Silver Fern Farms achieved sales revenue of **RMB 7.234 billion** and a net profit of **RMB 253 million**, a YoY increase of **311.81%**[69](index=69&type=chunk) [Other Disclosures](index=24&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces multiple risks including macroeconomic conditions, African swine fever, pork industry volatility, and overseas operational challenges - **Macroeconomic Risk**: Weakening global economic growth, trade barriers, geopolitical risks, and insufficient domestic demand may adversely affect the company's performance[70](index=70&type=chunk) - **African Swine Fever Risk**: The company prioritizes prevention in its hog farming operations, strictly implementing biosecurity and quarantine measures[70](index=70&type=chunk) - **Pork Industry Volatility Risk**: The hog farming sector faces risks from market fluctuations, disease, rising feed costs, policy changes, and environmental pressures, leading to cyclical profitability[71](index=71&type=chunk) - **Overseas Operational Risk**: The performance of New Zealand's Silver Fern Farms is subject to weather changes, environmental legislation, and international exchange rate fluctuations, which may cause volatility[71](index=71&type=chunk) [Corporate Governance, Environment, and Society](index=25&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Changes in Directors and Senior Management](index=25&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Independent directors Mr. Tian Rencan and Mr. Hong Liang resigned upon term completion and were replaced by Mr. Yu Leng and Mr. Wang Jie - Independent directors **Mr. Tian Rencan** and **Mr. Hong Liang** resigned from the 9th Board of Directors upon completion of their terms[74](index=74&type=chunk) - At the shareholders' meeting on June 11, 2025, **Mr. Yu Leng** and **Mr. Wang Jie** were elected as new independent directors to the 9th Board of Directors[74](index=74&type=chunk) [Profit Distribution or Capitalization of Capital Reserve Plan](index=25&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company's proposed semi-annual profit distribution or capitalization of capital reserve plan is "None" - Proposed semi-annual profit distribution or capitalization of capital reserve plan: **None**[6](index=6&type=chunk) - Whether to distribute or capitalize: **No**[75](index=75&type=chunk) - Bonus shares, dividends, and capitalization per 10 shares are not applicable[75](index=75&type=chunk) [Environmental Information Disclosure](index=26&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) Six of the company's subsidiaries are included in the list of enterprises required to disclose environmental information - Number of enterprises on the mandatory environmental information disclosure list: **6**[77](index=77&type=chunk) - Key disclosing entities include: Shanghai Maling Food Co., Ltd, Shanghai Aisen Meat Food Co., Ltd, Shanghai Maling Zheng Guanghe (Mianyang) Co., Ltd, Jiangsu Huai'an Sushipin Co., Ltd, Bright Agriculture & Husbandry Technology Co., Ltd, and Gaoyou Pinwang Agriculture & Husbandry Technology Co., Ltd[77](index=77&type=chunk) [Significant Matters](index=27&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Fulfillment of Commitments](index=27&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The actual controller and controlling shareholder have strictly fulfilled their commitments to resolve horizontal competition issues - **Bright Food (Group) Co., Ltd** committed not to engage in businesses that substantively compete with the company and has strictly adhered to this commitment[80](index=80&type=chunk) - **Shanghai Yimin Food No.1 Factory (Group) Co., Ltd** committed not to engage in businesses that compete or may constitute substantive horizontal competition and has strictly adhered to this commitment[80](index=80&type=chunk) - **Bright Food (Group) Co., Ltd** committed that its beef cattle, feed, and hog farming businesses would be primarily operated by Shanghai Maling and has strictly adhered to this commitment[80](index=80&type=chunk) [Major Litigation and Arbitration](index=28&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company is involved in several major lawsuits concerning loan, sales, and construction contract disputes, with some cases in the enforcement stage - **Shanghai Bright Meat Group Co., Ltd vs. China Merchants Bank et al.** (entrusted loan contract dispute): The company won the case in the second instance, and it is now under enforcement, with partial auction proceeds received[84](index=84&type=chunk) - **Shanghai Dingying Agricultural Co., Ltd vs. Ningxia Zhongle Forage Co., Ltd** (contract dispute): Dingying won the case in the second instance, applied for enforcement, reached a settlement, and received a total of **RMB 6.72 million**[84](index=84&type=chunk)[85](index=85&type=chunk) - **Jiangsu Fengda Guorun Construction Group Co., Ltd vs. Hebei Zhongwang Agriculture & Husbandry Technology Co., Ltd** (construction contract dispute): Hebei Zhongwang lost the case, and the court ordered a debt-for-asset swap, with foreclosed assets worth **RMB 20,356,800** transferred to the plaintiff[85](index=85&type=chunk) [Significant Related-Party Transactions](index=31&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engages in financial service transactions with Bright Food Group Finance Co., Ltd and routine operational transactions with other related parties - Transactions with **Bright Food Group Finance Co., Ltd**: As of June 30, 2025, the company had deposits of **RMB 2,508,893,577.01** and loans of **RMB 150,000,000.00**[86](index=86&type=chunk)[87](index=87&type=chunk) Routine Related-Party Transactions (Purchase of Goods/Services) | Related Party | Transaction Content | Current Period Amount (Yuan) | | :--- | :--- | :--- | | Bright Food (Group) Co., Ltd and other subsidiaries | Purchase of goods/services | 61,182,856.85 | | Shanghai Wufeng Commerce Co., Ltd | Purchase of goods/services | 185,506,720.17 | | Associates | Purchase of goods/services | 250,245,254.69 | Routine Related-Party Transactions (Sale of Goods/Services) | Related Party | Transaction Content | Current Period Amount (Yuan) | | :--- | :--- | :--- | | Bright Dairy & Food Co., Ltd and its subsidiaries | Sale of goods/services | 18,213,876.26 | | Bright Food (Group) Co., Ltd and other subsidiaries | Sale of goods/services | 54,693,654.84 | | Associates | Sale of goods/services | 323,459,401.20 | - **Related-party debt and credit**: The company and Yimin Food Group provided financial assistance totaling **RMB 200 million** to Bright Agriculture & Husbandry based on their shareholding ratios, with the company providing **RMB 102 million** and Yimin Food Group providing **RMB 98 million**[91](index=91&type=chunk)[92](index=92&type=chunk) [Significant Contracts and Their Performance](index=35&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's total guarantees for subsidiaries amounted to RMB 100 million, representing 1.93% of its net assets - External guarantees (excluding those for subsidiaries): **RMB 0**[99](index=99&type=chunk) - Total guarantees provided to subsidiaries during the period: **RMB 100,000,000.00**[99](index=99&type=chunk) - Total outstanding guarantees for subsidiaries at period-end: **RMB 100,000,000.00**, representing **1.93%** of the company's net assets[99](index=99&type=chunk) - Guarantees provided for entities with an asset-liability ratio exceeding 70%: **RMB 100,000,000.00**[99](index=99&type=chunk) [Explanation of Other Significant Matters](index=37&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company's New Zealand subsidiary, Silver Fern Farms, procures raw materials from local farm operators through its minority shareholder, Silver Fern Co-operative - The company's New Zealand subsidiary, Silver Fern Farms, procures raw materials through the Silver Fern Co-operative from its individual shareholders and other local farm operators[100](index=100&type=chunk) - As of June 30, 2025, the procurement amount through the Silver Fern Co-operative was equivalent to **RMB 3,206,152,098.05**[100](index=100&type=chunk) - The Silver Fern Co-operative did not generate any profit from these transactions[100](index=100&type=chunk) [Changes in Share Capital and Shareholders](index=37&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Changes in Share Capital](index=37&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total number of shares and share capital structure remained unchanged during the reporting period - During the reporting period, the company's **total number of shares and share capital structure did not change**[103](index=103&type=chunk) [Shareholder Information](index=37&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the period-end, the company had 43,579 common shareholders, with Shanghai Yimin Food No.1 Factory (Group) Co., Ltd as the controlling shareholder - Total number of common shareholders at period-end: **43,579**[103](index=103&type=chunk) Top Ten Shareholders | Shareholder Name | Shares Held (Shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shanghai Yimin Food No.1 Factory (Group) Co., Ltd | 298,386,000 | 31.82 | State-owned legal person | | Bright Food (Group) Co., Ltd | 55,978,874 | 5.97 | State-owned legal person | | Hong Kong Securities Clearing Company Ltd | 40,801,192 | 4.35 | Unknown | | Cinda Guocui Equity Investment Fund (Shanghai) Partnership (LP) | 11,227,902 | 1.2 | Unknown | | China Construction Bank - Harvest Agriculture Industry Equity Fund | 9,522,327 | 1.02 | Unknown | | National Social Security Fund Portfolio 503 | 8,000,005 | 0.85 | Unknown | | Guo Dawei | 6,820,000 | 0.73 | Unknown | | China Merchants Bank - Southern CSI 1000 ETF | 6,088,700 | 0.65 | Unknown | | ICBC - CSI Shanghai SOE ETF | 6,060,400 | 0.65 | Unknown | | Agricultural Bank of China - Dacheng New-Growth Industry Hybrid Fund | 5,586,100 | 0.6 | Unknown | - **Shanghai Yimin Food No.1 Factory (Group) Co., Ltd** is the company's controlling shareholder, and **Bright Food (Group) Co., Ltd** is the actual controller[106](index=106&type=chunk) [Bond-related Matters](index=41&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Corporate Bonds and Non-financial Enterprise Debt Financing Instruments](index=41&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company had no corporate bonds or non-financial enterprise debt financing instruments during the reporting period - The company had **no corporate bonds** (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period[110](index=110&type=chunk) [Convertible Corporate Bonds](index=41&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) The company had no convertible corporate bonds during the reporting period - The company had **no convertible corporate bonds** during the reporting period[110](index=110&type=chunk) [Financial Report](index=42&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Report](index=42&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report has not been audited - This semi-annual report is **unaudited**[5](index=5&type=chunk)[112](index=112&type=chunk) [Financial Statements](index=42&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the consolidated and parent company financial statements for the semi-annual period of 2025 Key Data from Consolidated Balance Sheet (June 30, 2025) | Item | Amount (Yuan) | | :--- | :--- | | Cash and Cash Equivalents | 2,890,260,058.15 | | Accounts Receivable | 1,746,601,735.29 | | Inventories | 2,682,313,520.02 | | Fixed Assets | 3,582,955,231.54 | | Total Assets | 14,402,538,375.63 | | Short-term Borrowings | 2,761,182,662.54 | | Accounts Payable | 1,729,764,702.27 | | Total Liabilities | 7,361,460,952.30 | | Total Equity Attributable to Parent Company | 5,183,256,511.07 | | Total Equity | 7,041,077,423.33 | Key Data from Consolidated Income Statement (H1 2025) | Item | Amount (Yuan) | | :--- | :--- | | Total Operating Revenue | 12,069,608,632.09 | | Total Operating Costs | 11,672,562,425.19 | | Operating Profit | 264,794,522.34 | | Total Profit | 259,445,280.73 | | Net Profit | 105,965,474.17 | | Net Profit Attributable to Parent Company Shareholders | 176,033,571.37 | | Basic Earnings Per Share (Yuan/Share) | 0.19 | Key Data from Consolidated Cash Flow Statement (H1 2025) | Item | Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 90,713,195.38 | | Net Cash Flow from Investing Activities | -312,377,775.07 | | Net Cash Flow from Financing Activities | -297,979,089.87 | | Net Increase in Cash and Cash Equivalents | -567,130,625.68 | | Cash and Cash Equivalents at End of Period | 2,883,646,354.13 | [Company Basic Information](index=59&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section outlines the company's background, listing information, industry, registered capital, and ultimate controller - The company was established as a joint-stock limited company in Shanghai on June 27, 1997, and was listed on the Shanghai Stock Exchange in July 1997[141](index=141&type=chunk) - Registered capital is **RMB 937.73 million**, and the company belongs to the food processing industry[141](index=141&type=chunk) - Core business activities include the development, production, and sale of meat and snack foods, with main products including pork, beef, lamb, canned goods, honey, and milk candy[141](index=141&type=chunk) - The parent company is **Shanghai Yimin Food No.1 Factory (Group) Co., Ltd**, and the ultimate controller is **Bright Food (Group) Co., Ltd**[141](index=141&type=chunk) [Basis of Preparation for Financial Statements](index=59&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared in accordance with PRC Accounting Standards for Business Enterprises and on a going concern basis - These financial statements are prepared in accordance with the **"Accounting Standards for Business Enterprises"** issued by the Ministry of Finance and relevant regulations from the China Securities Regulatory Commission[142](index=142&type=chunk) - The Group has assessed its ability to continue as a going concern for the next 6 months from January 1, 2025, and found no material uncertainties, thus preparing the statements on a **going concern basis**[143](index=143&type=chunk) [Significant Accounting Policies and Estimates](index=59&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's specific accounting policies for financial instruments, inventory, fixed assets, revenue recognition, and other key areas - The company's fiscal year is from January 1 to December 31, and the functional currency is the **Renminbi (RMB)**[144](index=144&type=chunk)[147](index=147&type=chunk) - **Materiality standards**: Significant construction in progress is defined as ≥ RMB 30 million; significant long-term equity investments in joint ventures or associates are defined as ≥ 1% of the Group's total assets[148](index=148&type=chunk)[260](index=260&type=chunk) - **Financial instruments** are classified as financial assets at amortized cost, financial assets at fair value through other comprehensive income, and financial assets at fair value through profit or loss[158](index=158&type=chunk) - **Inventory** is valued using the weighted average method upon dispatch; subsidiary SFF uses the retail method for meat and related product inventories[185](index=185&type=chunk) - **Revenue recognition**: Revenue is recognized when the customer obtains control of the related goods or services[228](index=228&type=chunk) - **Hedge accounting**: The company formally designates and documents its hedging relationships, risk management objectives, and strategies, and continuously assesses hedge effectiveness[249](index=249&type=chunk)[250](index=250&type=chunk) [Taxes](index=89&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section discloses the company's main tax types and rates, along with various tax incentives related to its agricultural and high-tech operations Main Tax Types and Rates | Tax Type | Rate | | :--- | :--- | | Value-Added Tax (VAT) | 0%, 2%, 3%, 5%, 6%, 9%, 11%, 13% | | Corporate Income Tax | 0%, 15%, 16.5%, 17%, 19%, 20%, 21%, 25%, 28% | | New Zealand Goods and Services Tax (GST) | 15% | - **Tax incentives**: VAT exemption for fresh meat products, feed products, and self-produced agricultural products sold by agricultural producers[263](index=263&type=chunk)[264](index=264&type=chunk) - **Tax incentives**: Income tax exemption for primary processing of meat products; a reduced corporate income tax rate of **15%** for high-tech enterprises; preferential policies for small and micro enterprises extended to December 31, 2027[264](index=264&type=chunk)[265](index=265&type=chunk)[266](index=266&type=chunk) - **Tax incentives**: Exemption from stamp duty, property tax, and urban land use tax for commodity reserve enterprises[267](index=267&type=chunk)[268](index=268&type=chunk) [Notes to the Consolidated Financial Statements](index=91&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on items in the consolidated financial statements, including balances, changes, and valuation methods - **Cash and cash equivalents** at period-end were **RMB 2,890,260,058.15**, including **RMB 1,767,093,577.01** deposited with Bright Food Group Finance Co., Ltd[270](index=270&type=chunk) - **Derivative financial assets** at period-end were **RMB 37,233,138.78**, primarily representing the fair value changes of forward foreign exchange contracts[272](index=272&type=chunk) - **Accounts receivable** book value at period-end was **RMB 1,746,601,735.29**, with a significant portion related to the New Zealand subsidiary, for which credit loss provisions are assessed individually[281](index=281&type=chunk)[283](index=283&type=chunk) - **Inventory** book value at period-end was **RMB 2,682,313,520.02**, including **RMB 583,795,940.32** in consumable biological assets[313](index=313&type=chunk) - **Fixed assets** book value at period-end was **RMB 3,582,955,231.54**; an impairment provision of **RMB 266,222,035.94** was made during the period[331](index=331&type=chunk)[437](index=437&type=chunk) - **Short-term borrowings** at period-end were **RMB 2,761,182,662.54**, including secured, guaranteed, and unsecured loans[368](index=368&type=chunk) - **Operating revenue** for the period was **RMB 12,069,608,632.09**, with the beef and lamb business contributing **RMB 7,385,084,862.08**[419](index=419&type=chunk)[422](index=422&type=chunk) - **Asset impairment loss** for the period was **-RMB 266,222,035.94**, primarily related to fixed asset impairment[437](index=437&type=chunk)[439](index=439&type=chunk) [R&D Expenses](index=152&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenditure for the period was RMB 18,854,513.99, all of which was expensed R&D Expense Composition | Item | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 12,358,118.65 | 11,048,311.92 | | Material Costs | 5,288,228.31 | 5,364,211.95 | | Utility Fees | 25,475.80 | 25,860.88 | | Machine Depreciation | 735,574.54 | 1,070,290.07 | | Others | 447,116.69 | 1,612,166.77 | | **Total** | **18,854,513.99** | **19,120,841.59** | - All R&D expenditures for the current period were **expensed**[466](index=466&type=chunk) [Changes in Consolidation Scope](index=153&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) There were no changes in the consolidation scope due to business combinations or disposals during the reporting period - The company had **no business combinations under common control** during the reporting period[467](index=467&type=chunk) - The company had **no business combinations not under common control** during the reporting period[467](index=467&type=chunk) - The company had **no reverse acquisitions** during the reporting period[467](index=467&type=chunk) - The company had **no transactions or events leading to a loss of control** over subsidiaries during the reporting period[467](index=467&type=chunk) [Interests in Other Entities](index=154&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section discloses the company's interests in subsidiaries, joint ventures, and associates, including key financial information for significant non-wholly-owned subsidiaries - The company has several subsidiaries, including Shanghai Maling Food Co., Ltd, Shanghai Aisen Meat Food Co., Ltd, and Silver Fern Farms Limited[469](index=469&type=chunk) - Significant non-wholly-owned subsidiaries include Jiangsu Sushipin Co., Ltd, Jiangsu Huai'an Sushipin Co., Ltd, Bright Agriculture & Husbandry Technology Co., Ltd, and Silver Fern Farms Limited[473](index=473&type=chunk) - For **Silver Fern Farms Limited**, the minority interest is **50%**; profit attributable to minority shareholders for the period was **RMB 126,295,932.01**, and the period-end minority interest balance was **RMB 1,670,210,642.89**[473](index=473&type=chunk) - A significant joint venture is **Shanghai Shen-Mei Beverage and Food Co., Ltd**, which is accounted for using the equity method[475](index=475&type=chunk) [Government Grants](index=159&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company received various government grants during the period, totaling RMB 10,413,375.55 recognized in current profit or loss Liability Items Involving Government Grants (Deferred Income) | Item | Period-End Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | | Huatuo Relocation Project | 7,146,203.41 | Asset-related | | Smart, Healthy, Ecological, and Beautiful Integrated Pig Farm Construction Project | 475,169.17 | Income-related | | Yangpu District Trademark Subsidy | 150,000.00 | Income-related | | VAT Refund | 4,800,000.00 | Income-related | | Others | 15,706.00 | Income-related | | **Total** | **12,587,078.58** | / | Government Grants Recognized in Current Profit or Loss | Type | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Fiscal Subsidies | 6,878,002.04 | 10,047,281.00 | | Meat Reserve Subsidies | 391,882.58 | 1,980,000.00 | | Training and Employment Stability Subsidies | 362,125.19 | 1,394,538.59 | | Agricultural Subsidies | 1,528,469.00 | 143,900.00 | | Other Miscellaneous Subsidies | 1,252,896.74 | 2,540,049.04 | | **Total** | **10,413,375.55** | **16,614,907.83** | [Risks Related to Financial Instruments](index=160&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages credit, liquidity, and market risks through various measures including credit assessments, cash management, and hedging - The company faces various financial risks in its operations: **credit risk, liquidity risk, and market risk** (including currency risk, interest rate risk, and other price risks)[484](index=484&type=chunk) - **Credit Risk Management**: The company places cash funds primarily with reputable financial institutions and has policies to control credit risk exposure for receivables[485](index=485&type=chunk)[486](index=486&type=chunk) - **Liquidity Risk Management**: Each subsidiary manages its own cash flow, regularly monitoring liquidity needs to ensure sufficient cash reserves and marketable securities[487](index=487&type=chunk) - **Market Risk Management**: The company monitors the impact of interest rate changes on cash flow risk and manages foreign currency exposure by trading currencies at market rates when necessary[488](index=488&type=chunk)[489](index=489&type=chunk) - **Hedging Activities**: SFF designates forward foreign exchange contracts as highly effective hedging instruments to manage cash flow risks arising from expected sales in USD, RMB, CAD, EUR, and GBP[491](index=491&type=chunk) [Fair Value Disclosure](index=164&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section discloses the fair value of assets and liabilities measured at fair value, primarily consisting of financial assets and liabilities Period-End Fair Value of Assets and Liabilities Measured Continuously at Fair Value | Item | Period-End Fair Value (Yuan) | | :--- | :--- | | **Total Assets Measured Continuously at Fair Value** | **186,495,134.57** | | Trading Financial Assets | 60,494,616.00 | | Of which: Equity Instrument Investments | 23,261,477.22 | | Of which: Derivative Financial Assets | 37,233,138.78 | | Receivables Financing | 126,000,518.57 | | **Total Liabilities Measured Continuously at Fair Value** | **15,373,360.69** | | Trading Financial Liabilities | 15,373,360.69 | | Of which: Derivative Financial Liabilities | 15,373,360.69 | - **Level 1 Fair Value Measurement**: Primarily listed stock investments, with fair value determined by public market quotes[502](index=502&type=chunk) - **Level 2 Fair Value Measurement**: Mainly forward foreign exchange contracts and receivables financing held by SFF, with fair value determined by forward quotes and market yields of similar instruments[503](index=503&type=chunk) - **Level 3 Fair Value Measurement**: Primarily unlisted equity investments, for which management considers the fair value to be approximate to the book investment cost[504](index=504&type=chunk) [Related Parties and Transactions](index=166&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section details the company's related parties and various transactions including sales, purchases, leases, guarantees, and financing - The company's parent is **Shanghai Yimin Food No.1 Factory (Group) Co., Ltd** (31.82% shareholding); the ultimate controller is **Bright Food (Group) Co., Ltd**[507](index=507&type=chunk) - **Sales/Purchases Transactions**: Purchases from Bright Food Group amounted to **RMB 61,182,856.85**, while sales to associates were **RMB 323,459,401.20**[514](index=514&type=chunk)[516](index=516&type=chunk) - **Related-Party Leases**: The company recognized **RMB 1,100,917.44** in rental income as a lessor (from Bright Dairy) and paid **RMB 4,545,804.88** in rent as a lessee (to Bright Food Group)[518](index=518&type=chunk)[519](index=519&type=chunk) - **Related-Party Guarantees**: As of June 30, 2025, guarantees totaling **RMB 30,975,000.00** provided by related parties had been fully discharged[520](index=520&type=chunk) - **Related-Party Financing**: The company borrowed **RMB 98,000,000.00** from Shanghai Yimin Food No.1 Factory (Group) Co., Ltd[523](index=523&type=chunk) - **Other Related-Party Transactions**: The New Zealand subsidiary SFF procured raw materials through its minority shareholder SFF Co-operative, with a transaction value of **RMB 3,206,152,098.05** in H1 2025[533](index=533&type=chunk) [Notes to Parent Company Financial Statements](index=180&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on the parent company's key financial items, reflecting its standalone financial performance - Parent company's accounts receivable had a gross balance of **RMB 67,700,122.81** with a bad debt provision of **RMB 12,878,043.87**[537](index=537&type=chunk) - Parent company's other receivables had a gross balance of **RMB 509,285,531.92** with a bad debt provision of **RMB 267,086,771.17**[552](index=552&type=chunk)[553](index=553&type=chunk) - Parent company's long-term equity investments had a book value of **RMB 4,200,308,860.01**, primarily investments in subsidiaries[558](index=558&type=chunk) Parent Company Operating Revenue and Costs | Item | Current Period (Yuan) | | :--- | :--- | | Operating Revenue | 452,507,165.12 | | Operating Costs | 387,990,867.79 | - Parent company's investment income for the period was **RMB 291,539,167.34**, mainly from long-term equity investments accounted for under the cost method[572](index=572&type=chunk) [Supplementary Information](index=191&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides supplementary details on non-recurring items and key performance ratios - Total non-recurring profit and loss for the current period: **RMB 6,644,313.99**[573](index=573&type=chunk) Return on Equity (ROE) and Earnings Per Share (EPS) | Profit for the Period | Weighted Average ROE (%) | Basic EPS (Yuan/Share) | | :--- | :--- | :--- | | Net profit attributable to common shareholders | 3.49 | 0.19 | | Net profit attributable to common shareholders (excluding non-recurring items) | 3.36 | 0.18 |

上海光明肉业集团股份有限公司 2025 年半年度经营数据公告 本公司董事会及全体董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个别及连带责任。 根据上海证券交易所《上市公司自律监管指引第 3 号-行业信息披露》之第十 四号—食品制造》第十四条的相关规定，现将上海光明肉业集团股份有限公司(以 下简称"公司")2025 年半年度主要经营数据（未经审计）公告如下： 证券代码：600073 证券简称：光明肉业 公告编号： 2025-041 | 区域 | 2025 年 月 | 1-6 | 2024 年同期 | 同比变动 | | --- | --- | --- | --- | --- | | 中国地区 | 6,320,268,593.85 | | 6,659,755,315.98 | -5.10% | | 海外地区 | 5,749,340,038.24 | | 4,941,843,384.03 | 16.34% | | 合计 | 12,069,608,632.09 | | 11,601,598,700.01 | 4.03% | 二、报告期经销商变动情况 一、2025 ...

证券代码：600073 证券简称：光明肉业 公告编号：2025-039 上海光明肉业集团股份有限公司 关于增加 2025 年度日常关联交易预计额度的公告 1、公司已于 2024 年年度股东大会审议通过《关于 2025 年度预计日常关联 交易的议案》。（详见公司于 2025 年 3 月 29 日、2025 年 6 月 12 日在上海证券 交易所网站 www.sse.com.cn 披露的《关于 2025 年度预计日常关联交易的公告》 及《2024 年年度股东大会决议公告》，公告编号：2025-011、2025-022） 2、公司于 2025 年 8 月 29 日召开第十届董事会独立董事 2025 年第一次专门 会议，审议通过了《关于增加 2025 年度日常关联交易预计额度的议案》，表决 结果：赞成 4 票，弃权 0 票，反对 0 票。独立董事认为：本次增加日常关联交易 预计额度是基于市场变化和公司生产经营实际需要，日常经营关联交易是在平等、 互利的基础上进行的，不存在损害公司和非关联方股东的利益的情形，也不影响 公司的独立性，公司及公司控股子公司不会因此类交易而对关联人形成依赖，同 意将上述议案提交公司第十届董事 ...

证券代码：600073 证券简称：光明肉业 公告编号： 2025-040 上海光明肉业集团股份有限公司 关于计提资产减值准备的公告 本公司董事会及全体董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个别及连带责任。 重要内容提示： 本次计提资产减值准备，合计计提资产减值准备26,622万元，将减少 2025年度归母净利润12,763万元。 本议案已经通过光明肉业第十届董事会第二次会议审议，无需提交公 司股东会审议。 1 / 2 四、相关审批程序及意见 1、2025年8月29日，公司召开第十届董事会审计委员会2025年第二次会 议，会议审议通过了《关于2025年半年度计提资产减值准备事项的议案》,表决 结果：赞成3票，反对0票，弃权0票。 2、2025年8月29日，公司召开第十届董事会第二次会议，会议审议通过了 《关于2025年半年度计提资产减值准备事项的议案》，表决结果：赞成9票，反 对0票，弃权0票。董事会认为：本次计提资产减值准备符合《企业会计准则》 及其他相关法律法规的要求；本次计提资产减值准备的依据充分，符合会计谨 慎性原则，能够真实、准确地反映公 ...

上海光明肉业集团股份有限公司 关于对光明食品集团财务有限公司的风险持续评估报告 按照证监会及上海证券交易所相关工作要求，通过查验光明食品 集团财务有限公司（以下简称"财务公司"）《金融许可证》、《企 业法人营业执照》等证件资料，并审阅了财务公司截至 2025 年第二 季度的财务报表（未经审计），对财务公司的经营资质、业务开展和 内部控制等风险管理体系的制定及实施情况进行了评估。具体情况如 下： 一、财务公司基本情况 财务公司成立于 2014 年 12 月 29 日，是经中国银行保险监督管 理委员会批准成立的非银行金融机构。 注册地址：上海市静安区南京西路 1539 号办公楼二座 33 层 法定代表人：沈军 企业法人营业执照注册号：91310106324270568D 税务登记证号码：91310106324270568D （一）股东情况 财务公司注册资本金 20 亿元（人民币，下同），其中：光明食 品（集团）有限公司为 51%，上海轻工业对外经济技术合作有限公司 为 39%，上海大都市资产经营管理有限公司为 10%。 （二）经营范围 1.吸收成员单位存款；2.办理成员单位贷款；3.办理成员单位票据 1 贴现；4 ...

Group 1 - The core point of the article is the announcement by Guangming Meat Industry regarding the debt situation of its subsidiary, Hebei Zhongwang Agricultural Technology Co., Ltd. [1] - Hebei Zhongwang, established in October 2017 with a registered capital of 300 million yuan, primarily engages in pig farming, breeding, and related technical services [1] - Guangming Meat Industry holds a 51% stake in Guangming Agricultural Technology, which in turn owns 94% of Hebei Zhongwang [1] Group 2 - Hebei Zhongwang has received various legal documents from local courts regarding its debt situation, as detailed in a previous announcement on August 22 [1] - The debt issue has led to indications of impairment in some of Hebei Zhongwang's long-term assets, prompting the company to prepare for a potential impairment loss estimated to reduce its net profit attributable to shareholders by approximately 130 million yuan for the first half of the year [1] - The impairment amount is unaudited and will be confirmed by the annual audit, and the debt issue is not expected to significantly impact the company's normal operations [1] Group 3 - The impairment provision related to the debt issue requires board approval, indicating a level of uncertainty that investors should be aware of [1]

特此公告。 1 / 2 上海光明肉业集团股份有限公司 关于子公司河北众旺农牧科技有限公司 债务事项的进展公告 本公司董事会及全体董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个别及连带责任。 河北众旺农牧科技有限公司（以下简称"河北众旺"）成立于2017年10月， 注册资本3亿元人民币，主要从事生猪养殖、种猪生产及其技术开发推广服务， 为上海光明肉业集团股份有限公司（以下简称"光明肉业"或"公司"）下属 控股子公司。光明肉业持有光明农牧科技有限公司（以下简称"光明农牧"） 51%股权，光明农牧持有河北众旺94%股权。近日，河北众旺收到了河北省临西 县人民法院、邢台市中级人民法院民事判决书、调解书、执行裁定书等材料， 具 体 所 涉 债 务 情 况 详 见 公 司 于 2025 年 8 月 22 日 在 上 海 证 券 交 易 所 网 站 www.sse.com.cn披露的 《关于子公司河北众旺农牧科技有限公司债务事项的公 告》（公告编号：2025-035）。 上述债务事项导致河北众旺部分长期资产存在减值迹象，按照《企业会计 准则》和相关会计政策，依据谨慎 ...