新 疆 冠 农 股 份 有 限 公 司 XINJIANG GUANNONG CO.，LTD. 《公司章程》 新疆冠农股份有限公司 章 程 2025 年 12 月 | | | 新 疆 冠 农 股 份 有 限 公 司 XINJIANG GUANNONG CO.，LTD. 《公司章程》 新疆冠农股份有限公司章程 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和 行为，根据《中华人民共和国公司法》（以下简称《公司法》）《中华人民共和国 证券法》（以下简称《证券法》）《上市公司章程指引》《中国共产党章程》（以下 简称《党章》）和其他有关规定，制定本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司（以下 简称"公司"）。 公司经新疆维吾尔自治区人民政府"新政函[1999]192 号文"批准，以发起 方式设立；在新疆生产建设兵团市场监督管理局注册登记，取得营业执照，统一 社会信用代码：91650000718902003J。 第三条 公司于2003年5月7日经"证监发行字[2003]46 号"文核准，于2003 年5月26日首次向中国境内社会公众发行人民币普通股4,000万 ...

证券之星消息，12月2日农产品加工板块较上一交易日下跌0.3%，中粮糖业领跌。当日上证指数报收于 3897.71，下跌0.42%。深证成指报收于13056.7，下跌0.68%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 300268 | *ST佳沃 | 14.80 | 6.86% | 4.09万 | | 5873.74万 | | 600127 | 金健米业 | 7.20 | 4.35% | 65.90万 | | 4.71亿 | | 600191 | 三相经济 | 11.93 | 2.84% | 23.72万 | | 2.81亿 | | 000019 | 深粮控股 | 7.32 | 2.23% | 23.69万 | | 1.71亿 | | 000505 | 京粮控股 | 7.88 | 1.55% | 55.88万 | | 4.30亿 | | 001338 | 永顺泰 | 11.98 | 1.44% | 6.69万 | | 7976.33万 | | ...

Group 1 - The core transaction involved 296,400 shares of Guannong Co., with a total transaction value of 2.5728 million yuan, accounting for 5.58% of the total trading volume on that day [1] - The transaction price was 8.68 yuan, which represents a discount of 2.58% compared to the market closing price of 8.91 yuan [1][2] - The buying and selling parties involved in the transaction were from Changjiang Securities, indicating institutional interest in the stock [2]

Market Overview - The agricultural processing sector experienced a decline of 0.27% on November 24, with Huazi Industrial leading the drop [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Stock Performance - Key stocks in the agricultural processing sector showed varied performance, with Jingliang Holdings (000505) leading with a 10.00% increase, closing at 8.91 [1] - Other notable gainers included Shen Gen Holdings (000019) with a 3.35% increase and ST Langyuan (300175) with a 2.70% increase [1] - Conversely, stocks like San Si Si (600191) and Jinlongyu (300999) faced declines of 4.68% and 2.43%, respectively [2] Trading Volume and Value - Jingliang Holdings recorded a trading volume of 372,600 shares and a transaction value of 321 million yuan [1] - Jinlongyu had a trading volume of 258,800 shares with a transaction value of 784 million yuan, indicating significant market activity despite the decline [2] Capital Flow - The agricultural processing sector saw a net inflow of 849,300 yuan from institutional investors, while retail investors experienced a net outflow of 3,031,770 yuan [2][3] - Notably, Jingliang Holdings attracted a net inflow of 101 million yuan from institutional investors, indicating strong interest despite the overall sector decline [3]

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]