证券代码：600251 证券简称：冠农股份 公告编号：临 2025-047 (一) 股东会召开的时间：2025 年 9 月 11 日 (二) 股东会召开的地点：新疆库尔勒市团结南路 48 号小区冠农大厦 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 351 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 373,040,919 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例（%） | 48.0108 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情 况等。 本次会议由公司董事会召集，董事长刘中海先生主持。会议采用现场投票和 网络投票相结合的表决方式进行表决。会议的召开和表决方式符合《公司法》及 《公司章程》的规定，合法有效。 新疆冠农股份有限公司 2025年第四次临时股东会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 3．本所及经办律师依据《证券法》《证券法律业务管理办法》《证券法律业务执 业规则》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格履行了法定 1 关于新疆冠农股份有限公司 2025 年第四次临时股东会的法律意见书 国枫律股字[2025]A0430 号 致：新疆冠农股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2025 年第四次临时股东会（以下简称"本次会议"）。 本所律师根据《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》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证 券法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简 称"《证券法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《新 疆冠农股份有限公司 ...

Core Viewpoint - The company, Guannong Co., Ltd. (600251.SH), has stated that it currently has no plans to engage in engineering cotton-related business activities [1] Group 1 - The company confirmed its lack of plans for engineering cotton business [1]

Market Overview - On August 29, the agricultural processing sector rose by 0.17% compared to the previous trading day, with Sobao Protein leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Stock Performance - Sobao Protein (603231) closed at 19.59, with a significant increase of 9.99% and a trading volume of 195,100 shares, amounting to a transaction value of 367 million yuan [1] - Other notable performers included: - Jinlongyu (666000E) at 33.66, up 3.47%, with a transaction value of 1.038 billion yuan [1] - Yizhi Magic Hand (839273) at 47.42, up 2.89%, with a transaction value of 135.2 million yuan [1] - Huazi Industrial (600191) at 8.81, up 2.20%, with a transaction value of 10.3 million yuan [1] Capital Flow - The agricultural processing sector saw a net inflow of 57.6014 million yuan from institutional investors, while retail investors experienced a net outflow of 19.2071 million yuan [2] - The capital flow for key stocks included: - Sobao Protein had a net inflow of 82.9185 million yuan from institutional investors, but a net outflow of 48.5839 million yuan from retail investors [3] - Jinlongyu experienced a net inflow of 78.3111 million yuan from institutional investors, with a net outflow of 72.0730 million yuan from retail investors [3] - Baolingbao (002286) had a net inflow of 13.2288 million yuan from institutional investors, while retail investors saw a net outflow of 9.2370 million yuan [3]

Summary of Guannong Co., Ltd. Conference Call Company Overview - Guannong Co., Ltd. is a publicly listed company controlled by the Xinjiang Production and Construction Corps, established on December 30, 1999, and listed on the Shanghai Stock Exchange in 2003. The total share capital is 776 million shares, with the controlling shareholder being Guandong Group, holding 45.5% of the shares. The company focuses on Xinjiang's specialty agriculture, including cotton, tomatoes, and sugar beet processing [3][4]. Financial Performance - In the first half of 2025, Guannong's revenue decreased by 24% year-on-year to 1.834 billion yuan, while net profit attributable to shareholders slightly declined by 0.89% to 300 million yuan. However, in the second quarter, net profit surged by 93% year-on-year to 115 million yuan, primarily due to contributions from the oil and cotton segments and stable returns from external investments [2][5]. Business Segments Oil and Cotton Segments - The oil segment benefited from last year's asset impairment provisions and rising prices of cotton oil and cotton meal, generating a profit of 8 million yuan in Q2, totaling approximately 18 million yuan for the first half. The cotton segment also contributed significantly due to inventory releases [2][6][7]. Tomato Sauce Market - China's tomato sauce production surged in 2023, leading to high inventory levels. A reduction in production is expected in 2025, but supply will still exceed demand. The export price of bulk tomato sauce remains low, with limited potential for price increases by year-end. Domestic demand for tomato sauce is approximately 400,000 tons annually, with a projected 10% growth in 2026 [2][9][10][12]. External Investments - Guannong's external investments, including stakes in the Lop Nur potassium salt and the Kaitu River hydropower projects, provide stable profits and cash flow, with cash dividend ratios of 100% and 90%, respectively [4][6]. Market Dynamics - The tomato sauce market is characterized by an oversupply situation, with production expected to reach 1.3 million tons in 2025, while domestic and international demand totals 800,000 to 1 million tons. The company faces challenges in the export market due to geopolitical factors affecting traditional markets like Italy [9][14]. Future Outlook Potassium Fertilizer Business - The potassium fertilizer segment is a key profit driver, with average factory prices expected to rise by about 10% in 2025. The market is anticipated to remain stable, with no significant fluctuations in sulfate potassium prices [17][18]. Dividend Policy - Guannong plans to maintain a minimum annual dividend payout ratio of 30% and aims to normalize mid-term dividends. The company will consider increasing the dividend ratio based on operational performance and shareholder requirements [20]. Additional Insights - The company does not plan to expand its oil production capacity but aims to improve the utilization rate of existing capacity to meet demand. The oil production for the first half of 2025 was over 20,000 tons, with expectations to produce over 60,000 tons for the full year [8][12]. - The domestic demand for diced tomatoes has doubled from 2,000 tons in 2021 to 20,000 tons in 2025, indicating a growing market segment [16]. This summary encapsulates the key points from the conference call, highlighting Guannong Co., Ltd.'s financial performance, business segments, market dynamics, and future outlook.

Group 1 - The stock price of Guannong Co., Ltd. is reported at 8.47 yuan, down 2.42% from the previous trading day, with a trading volume of 144,700 hands and a transaction amount of 124 million yuan [1] - The company's main business includes three major sectors: tomato industry, cotton industry, and sugar beet processing [1] - In the first half of 2025, the company achieved an operating income of 1.834 billion yuan, a net profit attributable to shareholders of 300 million yuan, and a net cash flow from operating activities of 1.231 billion yuan [1] Group 2 - The company plans to distribute a cash dividend of 1 yuan for every 10 shares to all shareholders in the first half of 2025 [1] - On August 27, 2025, the net outflow of main funds was 29.926 million yuan, with a cumulative net outflow of 12.4328 million yuan over the past five days [1]

证券代码：600251 证券简称：冠农股份 公告编号：临 2025-046 新疆冠农股份有限公司 ? 会议召开地点：价值在线（网址：www.ir-online.cn） ? 会议召开方式：网络互动方式 ?投资者可于 2025 年 09 月 05 日前访问网址 https://eseb.cn/1r4HsEfVJM4 或使用微信扫描下方小程序码进行会前提问。公司将在说明会上对投资者普遍关 注的问题在信息披露允许的范围内进行回答。 新疆冠农股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日发布 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度的经营 成果、财务状况，公司计划于 2025 年 09 月 05 日上午 11:00-12:00 在"价值在 线" 关于召开 2025 年半年度业绩说明会的公告 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法律责任。 重要内容提示： ? 会议召开时间：2025 年 09 月 05 日（星期五）上午 11:00 - 12:00 总经理：孙保新先生； （www. ...

Group 1 - The total external guarantees provided by the company and its subsidiaries amount to 3.222 billion yuan, which represents 89.71% of the company's audited net assets as of the end of 2024 [1] - The guarantees provided by the listed company to its controlling subsidiaries total 3.009 billion yuan, accounting for 83.78% of the company's audited net assets as of the end of 2024 [1] - The balance of external guarantees as of the announcement date is 852 million yuan, all of which are guarantees provided to controlling subsidiaries and their subsidiaries, representing 23.73% of the company's audited net assets as of the end of 2024 [1] Group 2 - For the first half of 2025, the company's revenue composition is as follows: industrial sector accounts for 68.69%, commercial sector accounts for 27.37%, and services and others account for 3.94% [1]

Group 1 - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling 77,699,358.30 yuan, which represents a cash dividend ratio of 25.90% based on the total share capital as of June 30, 2025 [1][52] - The company has announced the date for the fourth extraordinary general meeting of shareholders to be held on September 11, 2025, at 10:30 AM [4][7] - The voting for the upcoming shareholders' meeting will be conducted through a combination of on-site and online voting methods [5][6] Group 2 - The company intends to provide a joint liability guarantee for its subsidiaries, Xinjiang Huijin Logistics and Aksu Yikang Warehousing, for their regulatory cotton storage and cotton futures delivery business [21][30] - The guarantee period for the regulatory cotton storage business is set for two years from the termination of the relevant cooperation agreement, while the guarantee for cotton futures delivery will last for three years from the date the Zhengzhou Commodity Exchange obtains the right to claim against the delivery warehouse [22][27] - The board of directors has unanimously approved the guarantee proposal, emphasizing that it will enhance the market competitiveness of the subsidiaries and contribute to the overall economic benefits for the company and its shareholders [32][42] Group 3 - The company has reported a total of 32.22 billion yuan in external guarantees, which accounts for 89.71% of the company's audited net assets as of the end of 2024 [33][43] - The company has no overdue guarantee matters, and the external guarantee balance is 8.52 billion yuan, representing 23.73% of the company's audited net assets as of the end of 2024 [33][43] - The company has committed to providing a maximum of 9.26 billion yuan in joint liability guarantees for its subsidiaries' banking and financing activities [38][40]

Core Viewpoint - The report highlights the financial performance and operational challenges faced by Xinjiang Guannong Co., Ltd. in the first half of 2025, particularly in the tomato processing and cotton industries, while also outlining the company's strategic focus on enhancing product quality and market presence [1][12]. Financial Performance - The company's total revenue for the first half of 2025 was approximately 1.83 billion yuan, a decrease of 24.66% compared to the same period in the previous year [2]. - The total profit for the period was about 317.59 million yuan, down 12.50% year-on-year [2]. - The net profit attributable to shareholders was approximately 299.96 million yuan, reflecting a slight decrease of 0.89% from the previous year [2]. - The net cash flow from operating activities was about 1.23 billion yuan, a decline of 21.19% compared to the previous year [2]. - The company's net assets increased by 6.50% to approximately 3.83 billion yuan by the end of the reporting period [2]. Industry Overview - The Chinese processed tomato industry is experiencing a downturn due to oversupply and declining international prices, with a projected 42.6% drop in production to 6 million tons in 2025 [4]. - Xinjiang is a key region for tomato processing, contributing significantly to China's export of tomato products, which account for 25% of global trade [4]. - The cotton industry in Xinjiang is expected to see a production increase of 3.5% in 2025, with total cotton production reaching approximately 6.5 million tons [4]. - The domestic market for fresh tomatoes and high-end products is growing, driven by the rise of fast food chains and e-commerce [4]. Business Operations - The company focuses on three main sectors: tomato processing, cotton processing, and sugar production, with a commitment to modernizing agriculture and enhancing product quality [12][13]. - The tomato processing capacity includes the ability to handle 16,000 tons of raw tomatoes daily, producing various tomato products [13]. - The cotton processing segment has a capacity of 130,000 tons, with products primarily serving the textile industry [15]. - The sugar production segment has a processing capacity of 5,000 tons of beets daily, with a focus on sustainable practices and resource efficiency [16]. Strategic Initiatives - The company aims to enhance its market presence through brand promotion and participation in trade shows, leveraging digital marketing strategies [18]. - There is a strong emphasis on technological innovation and digital transformation to improve operational efficiency and product quality [19]. - The company is committed to risk management and compliance, ensuring stable operations amid market fluctuations [20].