证券代码：600737 证券简称：中粮糖业 公告编号：2025-029 中粮糖业控股股份有限公司 2025年第二次临时股东大会决议公告 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 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 1,135 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,108,290,197 | | 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 | 51.8171 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，公司董事赵玮先生主持。会议采用现场记名投 (一) 股东大会召开的时间：2025 年 9 月 22 日 (二) 股东大会召开的地点：北京市朝阳区朝阳门南大街 10 号兆泰国际中心 A 座 11 层中糖公司会议室 (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： 票与网络投票相结合 ...

Core Insights - The agricultural processing sector experienced a decline of 0.47% on September 22, with *ST Zhongji leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Agricultural Processing Sector Performance - Notable gainers included: - Yicheng Magic Hand (Code: 839273) with a closing price of 39.39, up 1.97% on a trading volume of 17,500 shares and a transaction value of 67.89 million yuan [1] - COFCO Sugar (Code: 600737) closed at 17.14, up 1.48% with a trading volume of 725,200 shares and a transaction value of 126.9 million yuan [1] - Guotou Zhonglu (Code: 600962) closed at 21.00, up 1.06% with a trading volume of 32,600 shares and a transaction value of 68.01 million yuan [1] - Notable decliners included: - *ST Zhongji (Code: 000972) closed at 3.70, down 4.64% with a trading volume of 251,200 shares and a transaction value of 93.69 million yuan [2] - Baolingbao (Code: 002286) closed at 9.56, down 3.43% with a trading volume of 139,800 shares and a transaction value of 134 million yuan [2] - Tianye Co. (Code: 832023) closed at 4.50, down 3.02% with a trading volume of 117,200 shares and a transaction value of 53.02 million yuan [2] Capital Flow Analysis - The agricultural processing sector saw a net inflow of 74.48 million yuan from institutional investors, while retail investors experienced a net outflow of 118 million yuan [2][3] - Key stocks with significant capital flow include: - COFCO Sugar with a net inflow of 129 million yuan from institutional investors, accounting for 10.17% of its trading volume [3] - COFCO Technology (Code: 000930) had a net inflow of 10.87 million yuan from institutional investors, with a net outflow of 6.90 million yuan from retail investors [3] - Baolingbao had a net inflow of 1.24 million yuan from institutional investors, but a net outflow of 7.11 million yuan from retail investors [3]

Group 1 - The agricultural processing sector rose by 0.28% on September 19, with Guannong Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] - Key stocks in the agricultural processing sector showed varied performance, with Guannong Co., Ltd. closing at 8.34, up 2.08%, and ST Langyuan at 6.29, up 1.78% [1] Group 2 - The agricultural processing sector saw a net inflow of main funds amounting to 72.77 million yuan, while retail investors experienced a net outflow of 114 million yuan [2] - The main fund inflow for COFCO Sugar was 136 million yuan, representing 11.60% of its total trading volume [3] - Guannong Co., Ltd. had a main fund inflow of 3.29 million yuan, with retail investors showing a net outflow of 6.66 million yuan [3]

Group 1 - The core viewpoint of the news is that COFCO Sugar Industry has seen a significant increase in its stock price, rising by 5.09% to reach 17.54 CNY per share, with a trading volume of 352 million CNY and a turnover rate of 0.96%, resulting in a total market capitalization of 37.515 billion CNY [1] - COFCO Sugar Industry, established on September 18, 1993, and listed on July 31, 1996, is primarily engaged in the manufacturing and sales of white sugar and related products, as well as the processing and sales of tomatoes and tomato products [1] - The revenue composition of COFCO Sugar Industry is as follows: sugar-related products account for 90.03%, tomato-related products for 7.83%, and other products for 2.15% [1] Group 2 - Tianhong Fund has a significant holding in COFCO Sugar Industry, with its Tianhong CSI Central Enterprise Dividend 50 Index Fund A (021561) reducing its holdings by 21,900 shares in the second quarter, now holding 90,000 shares, which represents 2.47% of the fund's net value, ranking as the eighth largest holding [2] - The Tianhong CSI Central Enterprise Dividend 50 Index Fund A has a current scale of 10.6713 million CNY and has achieved a year-to-date return of 8.17%, ranking 3609 out of 4222 in its category, with a one-year return of 29.27%, ranking 3310 out of 3805 [2]

Market Overview - On September 18, the agricultural processing sector declined by 1.81%, with Huazi Industrial leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable stock performances in the agricultural processing sector included: - Oufujieye (839371) closed at 11.72, up 0.86% with a trading volume of 40,500 shares [1] - Tianye Co. (832023) closed at 4.76, up 0.21% with a trading volume of 208,300 shares [1] - Sobo Protein (603231) closed at 18.57, down 0.38% with a trading volume of 57,400 shares [1] - Zhongliang Sugar Industry (600737) closed at 16.69, down 0.95% with a trading volume of 529,300 shares [1] - Jinjian Rice Industry (600127) closed at 6.86, down 1.29% with a trading volume of 166,100 shares [1] Capital Flow - The agricultural processing sector experienced a net outflow of 226 million yuan from institutional investors, while retail investors saw a net inflow of 95.64 million yuan [2] - The overall capital flow indicates a mixed sentiment among different investor types, with institutional investors pulling back while retail investors showed interest [2] Individual Stock Capital Flow - Key individual stock capital flows included: - Sobo Protein (603231) saw a net inflow of 11.46 million yuan from institutional investors but a net outflow of 16.21 million yuan from retail investors [3] - Zhongliang Technology (000930) had a net inflow of 5.95 million yuan from institutional investors and a net outflow of 24.27 million yuan from retail investors [3] - Jiayuan Holdings (000505) experienced a slight net outflow from institutional investors but a small net inflow from retail investors [3]

Group 1 - The core viewpoint of the article highlights the significant target price increases for certain listed companies, with Haier Biomedical, Sanlian Hongpu, and Laofengxiang leading the rankings with target price increases of 32.81%, 32.56%, and 30.70% respectively, indicating strong bullish sentiment in the medical device, professional engineering, and jewelry sectors [1] - On September 17, a total of 29 target price adjustments were made by brokerages, reflecting active market engagement and potential investment opportunities [1] - Seven companies received initial coverage from brokerages on the same day, with Zhongfu Industrial and COFCO Sugar both rated "Buy" by Zhongyuan Securities, indicating positive outlooks for these firms [1] Group 2 - Shanshui Technology received a "Buy" rating from Dongbei Securities, suggesting confidence in its growth potential [1] - Heng Rui Pharmaceutical was rated "Buy" by Bohai Securities, reflecting optimism in the pharmaceutical sector [1] - Kaipu Cloud was also rated "Buy" by Zheshang Securities, indicating a favorable view on its market prospects [1]

Core Viewpoint - COFCO Sugar's stock price has shown significant volatility, with a year-to-date increase of 68.47% but a recent decline of 2.02% on September 18, 2023 [1][2]. Company Overview - COFCO Sugar, established on September 18, 1993, and listed on July 31, 1996, is headquartered in Beijing and primarily engages in the manufacturing and sales of white sugar and related products, as well as tomato processing and products [2]. - The company's revenue composition is as follows: sugar products account for 90.03%, tomato products for 7.83%, and other products for 2.15% [2]. Financial Performance - For the first half of 2025, COFCO Sugar reported a revenue of 11.767 billion yuan, a year-on-year decrease of 21.32%, and a net profit attributable to shareholders of 445 million yuan, down 48.42% year-on-year [2]. - The company has distributed a total of 5.4 billion yuan in dividends since its A-share listing, with 3.722 billion yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, COFCO Sugar had 107,600 shareholders, an increase of 0.72% from the previous period, with an average of 19,874 circulating shares per shareholder, a decrease of 0.72% [2]. - The top shareholders include Hongli Low Volatility (512890) with 38.7445 million shares, Southern CSI 500 ETF (510500) with 15.8634 million shares, and Hong Kong Central Clearing Limited with 15.0916 million shares [3].

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [19] Core Views - The company's performance aligns with forecasts, with a narrowing decline in earnings for Q2 2025. For the first half of 2025, the company reported revenue of 11.767 billion yuan, a year-on-year decrease of 21.32%, and a net profit attributable to shareholders of 445 million yuan, down 48.42% year-on-year [5][6] - The industry is experiencing a downturn, with increased production year-on-year. The international sugar prices have shown significant volatility, while domestic sugar prices have remained relatively stable due to a slowdown in import supply [7] - The company's main business revenue has declined, but breakthroughs have been achieved in specific product categories. The sugar business revenue was 10.594 billion yuan, accounting for 90.03% of total revenue, with a year-on-year decrease of 22.12% [7][8] Financial Performance Summary - For Q2 2025, the company achieved revenue of 6.730 billion yuan, a year-on-year decline of 5.80%, and a net profit of 268 million yuan, down 36.54% year-on-year [5] - The gross margin for the first half of 2025 was 8.49%, a decrease of 1.93 percentage points year-on-year, while the net margin was 3.85%, down 2.01 percentage points year-on-year [10] - The company’s debt-to-asset ratio stood at 48.04% as of mid-2025, an increase of 6.56 percentage points compared to the end of 2024 [10] Future Earnings Projections - The company is expected to achieve net profits of 1.298 billion yuan, 1.892 billion yuan, and 2.029 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.61 yuan, 0.88 yuan, and 0.95 yuan [10][11] - The current stock price corresponds to a PE ratio of 27.67 for 2025, 18.98 for 2026, and 17.70 for 2027, indicating that the company is within a reasonable valuation range [10][11]

Group 1 - The core viewpoint of the report is that Zhongliang Sugar Industry (600737.SH) is given an "Accumulate" rating due to its performance meeting forecasts and a narrowing year-on-year decline in Q2 2025 [1] - The industry is experiencing a downturn in prosperity, yet the production volume has increased year-on-year [1] - The company's main business revenue has declined, but breakthroughs have been achieved in specific subcategories [1] - The company's profitability has decreased, while the expense ratio remains relatively stable [1] - This is the first coverage of the company, leading to the "Accumulate" rating being assigned [1]

Core Viewpoint - The agricultural processing sector experienced a decline of 0.58% on September 17, with *ST Zhongji leading the drop, while the overall market indices showed positive movements [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3876.34, up by 0.37% [1]. - The Shenzhen Component Index closed at 13215.46, up by 1.16% [1]. Group 2: Individual Stock Performance - Morning Light Bio (300138) closed at 13.09, with an increase of 0.54% and a trading volume of 59,700 shares, totaling a transaction value of 78.23 million yuan [1]. - Baolingbao (002286) closed at 10.28, up by 0.49%, with a trading volume of 71,000 shares and a transaction value of 72.97 million yuan [1]. - COFCO Sugar (600737) closed at 16.85, up by 0.36%, with a trading volume of 336,400 shares and a transaction value of 566 million yuan [1]. - Other notable stocks include Jin Jian Rice Industry (600127) down by 0.29% and Golden Dragon Fish (300999) down by 0.33% [1]. Group 3: Fund Flow Analysis - The agricultural processing sector saw a net outflow of 71.57 million yuan from main funds, while retail funds experienced a net outflow of 10.00 million yuan [3]. - Speculative funds recorded a net inflow of 81.58 million yuan [3].