Core Insights - The agricultural processing sector experienced a rise of 2.26% on October 29, with COFCO Sugar leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Agricultural Processing Sector Performance - COFCO Sugar (600737) closed at 15.35, with a significant increase of 7.34% and a trading volume of 629,100 shares, amounting to a transaction value of 951 million [1] - Other notable performers included: - Oufu Egg Industry (920371) at 11.19, up 5.17% [1] - San Si Ji (600191) at 8.33, up 4.91% [1] - Tianye Co. (920023) at 4.47, up 4.20% [1] - ST Langyuan (300175) at 6.59, up 4.11% [1] Capital Flow Analysis - The agricultural processing sector saw a net inflow of 74.86 million from institutional investors, while retail investors experienced a net outflow of 40.76 million [2] - Key stocks with significant capital flow include: - COFCO Sugar with a net inflow of 46.27 million from institutional investors [3] - Double Tower Food (002481) with a net inflow of 35.90 million [3] - Jingliang Holdings (000505) with a net inflow of 16.08 million [3]

Core Viewpoint - COFCO Sugar Industry (600737.SH) reported a decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The total operating revenue for the first three quarters reached 20.305 billion yuan, representing a year-on-year decrease of 10.6% [1] - The net profit attributable to shareholders was 815 million yuan, down 29.86% year-on-year [1] - The basic earnings per share stood at 0.3811 yuan [1]

证券代码：600737 证券简称：中粮糖业 公告编号：2025-035 中粮糖业控股股份有限公司 关于召开2025年第四次临时股东会的通知 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。 2025年第四次临时股东会 召开的日期时间：2025 年 11 月 21 日 14 点 00 分 召开地点：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 股东会召开日期：2025年11月21日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 11 月 21 日 至2025 年 11 月 21 日 重要内容提示： 一、 召开会议的基本情况 (一) 股东会类型和届次 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者 ...

证券代码：600737 证券简称：中粮糖业 公告编号：2025-033 中粮糖业控股股份有限公司 第十届董事会第二十一次会议决议公告 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。 中粮糖业控股股份有限公司（以下简称公司）第十届董事会第二十一次会议 的通知以电话、电子邮件的方式向各位董事发出，会议于 2025 年 10 月 28 日以 现场方式召开。本次会议由公司董事长李明华先生主持，应参加会议的董事 8 人，出席会议的董事 8 人。会议的召开符合《公司法》和《公司章程》的有关规 定，会议合法、有效。会议审议并通过了以下议案： 一、审议通过了《关于公司 2025 年第三季度报告的议案》。 公司董事会审计与风险管理委员会事前已审议通过本议案，并同意提交董事 会审议。 具体内容详见同日刊登在上海证券交易所网站（http://www.sse.com.cn） 的《中粮糖业控股股份有限公司 2025 年第三季度报告》。 表决结果：8 票同意，0 票反对，0 票弃权。 二、审议通过了《关于增加 2025 年度日常关联交易预计额度的议 ...

Group 1 - Company reported Q3 performance with revenue of approximately 20.305 billion yuan, a year-on-year decrease of 10.6% [1] - Net profit attributable to shareholders was approximately 815 million yuan, down 29.86% year-on-year [1] - As of the report, the company's market capitalization stands at 30.6 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation [1] - The technology sector is leading the market's transformation, indicating the emergence of a "slow bull" market pattern [1]

Group 1 - COFCO Sugar announced the convening of its 20th meeting of the 10th Board of Directors on October 28, 2025, to discuss the proposal for the 4th extraordinary shareholders' meeting of 2025 [1] - For the year 2024, COFCO Sugar's revenue composition is as follows: Industrial accounted for 70.43%, Trade for 28.93%, Other businesses for 0.46%, and Agriculture for 0.18% [1] - As of the report date, COFCO Sugar's market capitalization is 30.6 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after ten years of stagnation, with technology leading the market's transformation into a "slow bull" new pattern [1]

Financial Performance - The company's operating revenue for the third quarter reached ¥8,537,302,637.78, representing a year-on-year increase of 10.06%[4] - The total profit for the quarter was ¥454,114,097.12, reflecting an increase of 11.75% compared to the same period last year[4] - The net profit attributable to shareholders was ¥370,260,739.61, which is a 23.57% increase year-on-year[4] - The basic earnings per share for the quarter was ¥0.1731, up by 23.55% from the same period last year[5] - Total operating revenue for the first three quarters of 2025 was CNY 20.30 billion, a decrease of 10.61% compared to CNY 22.71 billion in the same period of 2024[18] - Net profit for the first three quarters of 2025 was CNY 827.89 million, a decline of 30.34% from CNY 1.19 billion in 2024[19] - Basic and diluted earnings per share for the first three quarters of 2025 were CNY 0.3811, compared to CNY 0.5434 in the same period of 2024[21] - The company reported a total comprehensive income of CNY 655.79 million for the first three quarters of 2025, down 46.00% from CNY 1.22 billion in 2024[19] - The total comprehensive income for the first three quarters of 2025 was CNY 371,051,438.78, compared to CNY 2,253,221,429.79 in the same period of 2024[31] Cash Flow and Assets - The cash flow generated from operating activities was ¥2,154,656,858.23, showing a significant increase of 56.10% compared to the previous year[4] - In the first three quarters of 2025, the net cash flow from operating activities was CNY 3,182,344,294.15, a decrease of 28.4% compared to CNY 4,440,339,205.80 in the same period of 2024[23] - The company's total assets at the end of the quarter amounted to ¥21,140,491,112.96, marking a 5.16% increase from the end of the previous year[5] - The total assets as of September 30, 2025, were CNY 14,308,604,261.86, an increase from CNY 13,648,422,659.44 at the end of 2024, reflecting a growth of 4.8%[26] - The company's current assets reached RMB 14,940,321,738.88, compared to RMB 13,894,377,019.77 in the previous year, indicating a year-over-year increase of about 7.53%[14] - Cash and cash equivalents stood at RMB 2,228,149,458.42, significantly up from RMB 836,638,171.19, representing a growth of approximately 166.67%[13] - The cash and cash equivalents at the end of the period were CNY 2,228,130,180.78, down from CNY 2,430,186,537.21 in the previous year[24] Liabilities and Equity - Total liabilities increased to CNY 9.61 billion in 2025 from CNY 8.34 billion in 2024, representing a growth of 15.36%[16] - Total equity attributable to shareholders decreased to CNY 11.28 billion in 2025 from CNY 11.51 billion in 2024, a decline of 2.00%[16] - The company's total liabilities were not explicitly stated, but the reduction in short-term borrowings suggests improved financial management[14] - The total liabilities increased to CNY 5,063,256,443.72 from CNY 3,897,198,506.60, marking a rise of 30%[26] - The company's total liabilities and equity reached CNY 21.14 billion in 2025, compared to CNY 20.10 billion in 2024, an increase of 5.16%[16] Operational Challenges - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 32.85% year-to-date, primarily due to a contraction in sugar business scale and a decline in ketchup prices[8] - The company reported non-recurring gains of ¥31,735,872.78 for the quarter, with government subsidies contributing significantly to this figure[6] - Research and development expenses for the first three quarters of 2025 were CNY 31.62 million, down 21.43% from CNY 40.21 million in 2024[18] - Other income decreased to CNY 36.32 million in 2025 from CNY 71.07 million in 2024, a drop of 48.92%[18] - The company's inventory decreased significantly to CNY 118,394,638.95 from CNY 800,094,940.36, indicating a reduction of 85.2%[25] - The company’s investment income for the first three quarters of 2025 was CNY 243,907,442.47, a sharp decline from CNY 2,236,893,830.36 in the previous year[30] Shareholder and Market Activity - The total number of ordinary shareholders at the end of the reporting period was 81,999[10] - The company has not reported any significant changes in shareholder relationships or actions regarding share lending during the reporting period[12] - There are no new product launches or technological advancements mentioned in the current report[12] - Future outlook and performance guidance were not detailed in the provided documents, indicating a potential area for further clarification in future communications[12] - The company continues to maintain a stable financial position with no significant adverse events reported during the quarter[12]

重要内容提示： 投资者可于 2025 年 11 月 18 日（星期二）至 11 月 24 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir.sugar@cofco.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 中粮糖业控股股份有限公司（以下简称公司）已于 2025 年 10 月 29 日发布 公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第 三季度经营成果、财务状况，公司计划于 2025 年 11 月 25 日（星期二）14:00-15:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 中粮糖业控股股份有限公司 关于召开 2025 年第三季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个别及 ...

证券代码：600737 证券简称：中粮糖业 公告编号： 2025-034 公司根据市场行情变化调整进口食糖量，与中粮集团及下属公司相关业务往 来较年初增加，公司结合实际情况拟在第十届董事会第十七次会议审议通过的 2025 年度日常关联交易预计基础上将向关联方采购的交易金额增加至 890,000 万元。 （二）履行的审议程序 中粮糖业控股股份有限公司 关于增加 2025 年度日常关联交易预计额度的公告 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： 是否需要提交股东会审议：公司于2025年4月23日召开了第十届董事会第 十七次会议，审议通过了《关于预计2025年度日常关联交易额度的议案》，预计 2025年向关联方采购金额为690,000万元。现根据生产经营实际情况，需对2025 年向关联方采购金额进行调增，并提交股东会审议。 日常关联交易对公司的影响：本次日常关联交易符合相关法律法规及制度 的规定，关联交易价格遵循公允性原则，不存在损害非关联股东合法权益的情形。 此交易也不会影响公司的独立性，公司的主营业务 ...

我们审阅了《关于增加2025年度日常关联交易预计额度的议案》，认为公司 增加日常关联交易额度符合《上海证券交易所股票上市规则》《公司章程》等相 关规定，公司与中粮集团及子公司之间发生的交易基于公司生产经营需要，交易 定价公平、合理，日常关联交易额度的预计符合交易双方业务发展需求，不会影 响公司的独立性，符合公司的长远发展规划。本次增加日常关联交易预计额度是 根据公司日常经营活动实际需要进行的合理估计，系公司正常经营业务发展需要， 交易价格公允、合理，审议程序合法、合规，不存在损害公司及全体股东利益的 情形。 中粮糖业控股股份有限公司 第十届董事会独立董事第六次专门会议的审查意见 根据《上市公司独立董事管理办法》《上海证券交易所股票上市规则》及《公 司章程》等有关规定，中粮糖业控股股份有限公司（以下简称公司）独立董事于 2025年10月28日召开第十届董事会独立董事第六次专门会议，全体独立董事共同 推举张伟华先生主持本次会议，董事会秘书杨静列席了会议，本次会议的召集、 召开和表决程序符合有关法律、法规和《公司章程》的规定。独立董事就《关于 增加2025年度日常关联交易预计额度的议案》召开专门会议，审查意见如下： ...