证券之星消息，11月24日农产品加工板块较上一交易日下跌0.27%，华资实业领跌。当日上证指数报收 于3836.77，上涨0.05%。深证成指报收于12585.08，上涨0.37%。农产品加工板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000505 | 京粮控股 | 8.91 | 10.00% | 37.26万 | 3.21亿 | | 000019 | 深根控股 | 7.71 | 3.35% | 50.57万 | 3.87亿 | | 300175 | ST朗源 | 5.71 | 2.70% | 6.86万 | 3822.35万 | | 600127 | 金健米业 | 7.23 | 1.97% | 67.70万 | 4.87亿 | | 002852 | 道道全 | 10.30 | 1.28% | 4.95万 | 5132.56万 | | 001338 | 永顺泰 | 11.72 | 1.21% | 4.46万 | 5220.98万 | | 603182 | 喜华股份 | ...

Market Overview - The agricultural processing sector experienced a decline of 0.5% on November 19, with *ST Zhongji leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, down 0.0% [1] Stock Performance - Notable gainers in the agricultural processing sector included: - Guan Yi Co., Ltd. (600251) with a closing price of 9.34, up 3.32% and a trading volume of 235,500 shares [1] - Jin Jian Rice Industry (600127) closed at 7.08, up 1.29% with a trading volume of 363,800 shares [1] - Deep Root Holdings (000019) closed at 7.30, up 1.25% with a trading volume of 167,600 shares [1] - Conversely, *ST Zhongji (000972) led the declines with a closing price of 4.03, down 3.82% and a trading volume of 199,400 shares [2] Capital Flow - The agricultural processing sector saw a net inflow of 4.6752 million yuan from institutional investors, while retail investors experienced a net outflow of 39.3694 million yuan [2][3] - The main capital inflow was observed in: - Zhongliang Sugar Industry (600737) with a net inflow of 19.2216 million yuan [3] - Guan Yi Co., Ltd. (600251) with a net inflow of 25.7593 million yuan [3] - Jin Jian Rice Industry (600127) with a net inflow of 24.8628 million yuan [3]

Core Viewpoint - The stock of Guannong Co., Ltd. has shown a significant increase in price and trading activity, indicating positive market sentiment and potential investment opportunities [1][2]. Company Overview - Guannong Co., Ltd. is located in Korla City, Xinjiang, and was established on December 30, 1999, with its stock listed on June 9, 2003. The company specializes in deep processing, trade, warehousing logistics, and supply chain services of Xinjiang specialty agricultural products such as tomatoes, cotton, and sugar beets [2]. - The company's revenue composition is as follows: Industrial 68.69%, Commercial 27.37%, and Services & Others 3.94% [2]. Stock Performance - Year-to-date, Guannong's stock price has increased by 29.96%, with a 2.90% rise over the last five trading days, 5.60% over the last 20 days, and 11.19% over the last 60 days [2]. - As of November 19, the stock price was reported at 9.24 CNY per share, with a market capitalization of 7.179 billion CNY [1]. Financial Performance - For the period from January to September 2025, Guannong reported a revenue of 2.136 billion CNY, a year-on-year decrease of 24.80%. However, the net profit attributable to shareholders was 347 million CNY, reflecting a year-on-year increase of 4.56% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders was 35,000, a decrease of 10.64% from the previous period. The average circulating shares per person increased by 11.91% to 22,174 shares [2]. - The company has distributed a total of 1.182 billion CNY in dividends since its A-share listing, with 640 million CNY distributed over the last three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the ninth largest circulating shareholder, holding 2.6376 million shares as a new shareholder [3].

Core Viewpoint - The company has provided guarantees for its subsidiaries to support their operational needs, with a total guarantee amounting to 2.37 billion yuan, approved by the board and shareholders [7][15]. Summary by Sections Guarantee Overview - The company has signed guarantee contracts with Agricultural Bank of China for its subsidiaries, including a maximum guarantee of 100 million yuan for Lvyuan Sugar Industry and 90 million yuan for Guannong Tomato [3][4]. - The actual loan usage by Lvyuan Sugar Industry is 5 million yuan, and for Guannong Tomato, it is 15 million yuan, with the company providing full guarantees for these amounts [4][6]. Internal Decision-Making Process - The board of directors and shareholders approved the guarantee proposal on July 28, 2025, and August 13, 2025, allowing the company to provide guarantees up to 2.37 billion yuan within 12 months [7][8]. Basic Information of Guaranteed Parties - Lvyuan Sugar Industry has a guarantee amount of 100 million yuan, covering all related debts including principal, interest, penalties, and legal fees [10][11]. - Guannong Tomato has a guarantee amount of 90 million yuan, with similar coverage as Lvyuan Sugar Industry [14]. Necessity and Reasonableness of Guarantees - The guarantees are within the approved limits and are intended to support the subsidiaries' development and operational needs, which is beneficial for the company's overall business objectives [15][16]. Total External Guarantees and Overdue Guarantees - As of the announcement date, the total external guarantees approved by the shareholders amount to 3.74 billion yuan, which is 104.27% of the company's audited net assets as of the end of 2024 [16]. - The company has no overdue guarantees and has not provided guarantees to controlling shareholders or related parties [16].

证券代码：600251 证券简称：冠农股份 公告编号：临 2025-060 新疆冠农股份有限公司 关于为控股子公司提供担保的进展公告 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法律责任。 重要内容提示： 担保对象及基本情况 | 担保对 | 被担保人名称 | | 新疆绿原糖业有限公司（以下简称"绿原糖业"） | | --- | --- | --- | --- | | | 本次担保金额 | 500 万元 | | | 象一 | 实际为其提供的担保余额 | 500 | 万元（含本次担保） | | | 是否在前期预计额度内 | □√是 | □否 | | | 本次担保是否有反担保 | □是 | □√否 | | 担保对 | 被担保人名称 | | 新疆冠农番茄制品有限公司（以下简称"冠农番茄"） | | | 本次担保金额 | 2,500 | 万元 | | 象二 | 实际为其提供的担保余额 | 11,470 | 万元（含本次担保） | | | 是否在前期预计额度内 | □√是 | □否 | | | 本次担保是否有反担保 | □是 | □√否 | 1、 ...

Group 1: General Information - The research object is Guannong Co., Ltd., belonging to the agricultural, livestock, and fishery feed industry, and the reception time was on November 5, 2025. The listed company's reception staff included General Manager Sun Baoxin, Financial Controller and Board Secretary Jin Jianxia, and Independent Director and Director of the Company's Board Audit Committee Yao Wenying [16] - The detailed research institutions were all investors who participated online in the company's Q3 2025 earnings conference [19] Group 2: Main Content Cotton Price View - In the domestic market, the low inventory at the beginning of the 2025 new cotton production season provided some price support for the low cotton price. However, as new cotton was gradually launched, the market supply was significantly supplemented. Coupled with the market's expectation of a decline in cotton production in the new season, it supported the gradual upward oscillation of cotton futures prices after the National Day. The willingness to hedge cotton increased, but it restricted the upward space of cotton prices. Additionally, the off - peak downstream demand and insufficient demand - side support limited the short - term continuous upward space of cotton prices [23] Impact of Luoruo Railway - Guannong Co., Ltd.'s subsidiary Guotou Luojia's products are mainly sold in the inland areas, and the logistics mode is mainly railway transportation. The Luoruo Railway has a limited impact on its logistics costs. Since the company's cotton and tomato businesses are concentrated around Korla, they have a low correlation with the Luoruo Railway and are less affected [23] Investment Income Calculation - In Q3 2025, the company calculated the investment income corresponding to the current net profit of Guotou Luojia according to its shareholding ratio and included it in the current performance. All the company's periodic reports are accounted for according to this principle [23] Industry Position and Countermeasures - The company's tomato, cotton, and sugar - making industries are based in high - quality production areas in Xinjiang. Relying on large - scale, standardized operations and stable supply chains, they rank among the top in the industry. The company has qualifications such as "Top 100 National Agricultural Product Processing Enterprises" and "Top 50 Enterprises in the Light Industry Food Industry" and was selected as a "Pacesetter" in the digital transformation of China's light industry in 2024. In recent years, the three major industries have been affected by common challenges such as geopolitics and cyclical fluctuations. The same industry generally responds through measures such as extending the industrial chain, refined management, optimizing the supply chain and production capacity, and expanding domestic and foreign markets [25] Reasons for Revenue Decline - The company's revenue decline was mainly due to the overall downward trend of the tomato industry, which led to a decrease in sales volume and price. The company adjusted the rhythm of production capacity release as needed, not due to idle production capacity. Currently, it is actively responding through measures such as optimizing the product structure, controlling production and sales costs, and increasing sales efforts [25] Performance Boosting Measures - The company will boost performance from four aspects: deepening reforms, focusing on core industries, optimizing production capacity and supply chains to reduce costs; strengthening innovation and R & D, cultivating new productive forces, and extending the industrial chain to increase added value; expanding market development and exploring dual - circulation markets; benchmarking against excellent enterprises and dynamically adjusting strategies to resist cyclical risks [26]

Core Viewpoint - The tomato industry is experiencing a downturn, leading to a significant decline in revenue for Guannong Co., Ltd. in the first three quarters of the year, with a year-on-year decrease of over 20% [1] Group 1: Financial Performance - In the first three quarters, Guannong Co., Ltd. reported a revenue of 2.136 billion yuan, a decrease of 24.8% year-on-year [1] - The net profit attributable to shareholders was 347 million yuan, showing a year-on-year increase of 4.56% [1] Group 2: Industry Challenges - The overall decline in the tomato industry has resulted in decreased sales and prices for the company's products, leading to inventory impairment affecting performance [1] - Geopolitical risks have had a substantial impact on the tomato industry, manifesting as trade disruptions, order fulfillment issues, and increased logistics costs [1] Group 3: Strategic Adjustments - The company is adjusting its production capacity release rhythm based on demand and is implementing measures such as optimizing product structure and controlling production and sales costs to mitigate industry cycle risks [1] - The company is focusing on enhancing sales efforts to ensure stable operations amid the industry's fluctuations [1] Group 4: Other Business Segments - Guannong Co., Ltd.'s main business includes tomatoes, cotton, and sugar beet, with significant contributions to performance coming from investments in Guotou Luokai and Kedu River Hydropower [2] - In the cotton sector, low initial inventory for the new cotton season in 2025 has provided some support for cotton prices, although demand remains weak, limiting the potential for sustained price increases [2]

Core Insights - The agricultural processing sector experienced a slight increase of 0.38% on November 5, with Tianye Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Agricultural Processing Sector Performance - Tianye Co., Ltd. (code: 920023) closed at 4.62, with a rise of 4.76% and a trading volume of 256,500 shares, amounting to a transaction value of 118 million yuan [1] - Other notable performers included: - Triangle Dyeing (code: 600191) at 9.53, up 3.70% [1] - Yichang Konjac (code: 920273) at 37.20, up 2.65% [1] - Oufu Egg Industry (code: 920371) at 11.56, up 1.94% [1] - Jingliang Holdings (code: 000505) at 7.14, up 1.85% [1] Capital Flow Analysis - The agricultural processing sector saw a net outflow of 75.89 million yuan from institutional investors and 24.36 million yuan from speculative funds, while retail investors contributed a net inflow of 100 million yuan [2] - The detailed capital flow for selected stocks included: - Deep Root Holdings (code: 000019) with a net inflow of 11.44 million yuan from institutional investors [3] - Morning Light Biological (code: 300138) with a net inflow of 6.21 million yuan from speculative funds [3] - ST Jiawo (code: 300268) experienced a significant net outflow of 1.61 million yuan from institutional investors [3]

Core Viewpoint - Guannong Co., Ltd. is a leading enterprise in the fruit and vegetable processing industry in China, with a strong advantage in the full industrial chain of specialty agricultural products [1] Group 1: Business Performance - In Q3 2025, Guannong Co., Ltd. achieved an operating revenue of 2.136 billion yuan, ranking first among six companies in the industry, significantly surpassing the second-place company, Guotou Zhonglu, which reported 1.424 billion yuan [2] - The net profit for the same period was 352 million yuan, also leading the industry, with the second-place company, Andeli, reporting 284 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Guannong Co., Ltd. had a debt-to-asset ratio of 32.77%, lower than the previous year's 36.89% and below the industry average of 39.87% [3] - The gross profit margin for the same period was 7.81%, down from 9.66% in the previous year and below the industry average of 12.02% [3] Group 3: Executive Compensation - The chairman, Liu Zhonghai, received a salary of 328,700 yuan in 2024, a decrease of 391,200 yuan from 2023 [4] - The general manager, Sun Baoxin, earned 273,500 yuan in 2024 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 10.64% to 35,000 [5] - The average number of circulating A-shares held per shareholder increased by 11.91% to 22,200 [5]

Core Insights - Company reported a total operating revenue of 2.136 billion yuan, ranking 9th among disclosed peers [1] - Net profit attributable to shareholders reached 347 million yuan, ranking 2nd among disclosed peers, with a year-on-year increase of 15.14 million yuan, representing a 4.56% growth compared to the same period last year [1] - Operating cash flow net inflow was 1.335 billion yuan, ranking 3rd among disclosed peers [1] Financial Metrics - The latest debt-to-asset ratio is 32.77%, a decrease of 1.42 percentage points from the previous quarter and a decrease of 4.12 percentage points from the same period last year [3] - The latest gross profit margin is 7.81%, an increase of 0.85 percentage points from the previous quarter [3] - The latest return on equity (ROE) is 9.14%, ranking 5th among disclosed peers, with a year-on-year increase of 0.19 percentage points [3] - The diluted earnings per share (EPS) is 0.45 yuan, ranking 7th among disclosed peers, with a year-on-year increase of 0.02 yuan, representing a 4.57% growth compared to the same period last year [3] Operational Efficiency - The latest total asset turnover ratio is 0.33 times [4] - The latest inventory turnover ratio is 1.66 times [4] Shareholding Structure - The number of shareholders is 35,000, with the top ten shareholders holding 401 million shares, accounting for 51.62% of the total share capital [4] - The largest shareholder is Xinjiang Guannong Group Co., Ltd., holding 41.30% [4]