Core Insights - New Wufeng (600975.SH) reported a total operating revenue of 1.863 billion yuan for Q1 2025, marking a year-on-year increase of 30.32% and achieving five consecutive years of growth [1] - The net profit attributable to shareholders reached 19.62 million yuan, an increase of 274 million yuan compared to the same period last year [1] - The net cash inflow from operating activities was 339 million yuan, representing a year-on-year increase of 555.45% and achieving three consecutive years of growth [1] Financial Performance - The latest debt-to-asset ratio is 73.53%, a decrease of 0.47 percentage points from the previous quarter and a decrease of 2.52 percentage points from the same period last year [3] - The latest gross profit margin is 8.64%, an increase of 1.21 percentage points from the previous quarter and an increase of 17.24 percentage points from the same period last year, achieving five consecutive quarters of growth [3] - The latest return on equity (ROE) is 0.65%, an increase of 9.93 percentage points from the same period last year [3] Earnings and Efficiency Ratios - The diluted earnings per share are 0.02 yuan, an increase of 0.22 yuan compared to the same period last year, achieving two consecutive years of growth [4] - The total asset turnover ratio is 0.15 times, an increase of 0.04 times from the same period last year, representing a year-on-year increase of 31.17% [4] - The inventory turnover ratio is 0.83 times, an increase of 0.02 times from the same period last year, representing a year-on-year increase of 2.19% [4] Shareholder Structure - The number of shareholders is 77,800, with the top ten shareholders holding 621 million shares, accounting for 49.20% of the total share capital [4] - The largest shareholder is Hunan Modern Agricultural Industry Holding Group Co., Ltd., holding 19.32% of the shares [4]

证券代码：600975 证券简称：新五丰 公告编号：2025-021 湖南新五丰股份有限公司 第六届董事会第十五次会议决议公告 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法律责任。 一、董事会会议召开情况 湖南新五丰股份有限公司（以下简称"公司"或"新五丰"）第六届董事会 第十五次会议于 2025 年 4 月 28 日（周一）以通讯方式召开。公司董事 7 名，实 际参加表决董事 7 名。会议召开程序符合《公司法》《公司章程》及其他法律法 规的规定。 二、董事会会议审议情况 经统计各位董事通讯表决票，本次会议审议表决结果如下： 1、关于公司 2025 年第一季度报告的议案 以同意票 7 票，反对票 0 票，弃权票 0 票通过了该议案，内容详见上海证券 交易所网站 www.sse.com.cn 上《湖南新五丰股份有限公司 2025 年第一季度报 告》。 此议案在提交董事会前已经公司第六届董事会审计委员会第十三次会议审 议通过。 2、关于申请办理广发银行长沙分行 30,000 万元综合授信计划的议案 根据公司生产经营计划及发展需要，公司拟 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥1,863,428,098.96, representing a 30.32% increase compared to ¥1,429,922,405.05 in the same period last year[5] - Net profit attributable to shareholders was ¥19,620,628.64, a significant recovery from a loss of ¥254,311,686.94 in the previous year[5] - Basic and diluted earnings per share improved to ¥0.02, recovering from a loss of ¥0.20 per share in the same period last year[6] - The net profit for Q1 2025 was CNY 27,018,725.95, a significant recovery from a net loss of CNY 259,207,917.46 in Q1 2024, marking a turnaround of over 110%[17] - Operating profit for Q1 2025 was CNY 28,910,608.96, compared to an operating loss of CNY 253,651,030.32 in the same period last year[17] Cash Flow and Liquidity - The net cash flow from operating activities increased by 555.45%, amounting to ¥338,806,045.03, up from ¥51,690,282.32 in the previous year[6] - The company's cash and cash equivalents increased to CNY 1,333,755,345.19 as of March 31, 2025, up from CNY 1,170,301,299.91 at the end of 2024, representing a growth of 13.9%[12] - The cash and cash equivalents at the end of Q1 2025 stood at CNY 1,201,457,715.33, an increase from CNY 913,563,447.25 at the end of Q1 2024[20] - The company reported a significant increase in cash inflows from operating activities, totaling ¥1,350,423,248.63 in Q1 2025, compared to ¥1,088,343,835.20 in Q1 2024[29] Assets and Liabilities - Total assets at the end of the reporting period were ¥12,242,644,713.11, a slight decrease of 0.93% from ¥12,357,742,882.77 at the end of the previous year[6] - Total current assets amounted to CNY 3,722,152,221.60 as of March 31, 2025, compared to CNY 3,608,880,569.99 at the end of 2024, indicating an increase of 3.1%[13] - Total liabilities decreased to CNY 9,002,311,272.28 as of March 31, 2025, down from CNY 9,144,428,167.89 at the end of 2024, a reduction of 1.6%[14] - The total assets as of March 31, 2025, were CNY 3,389,593,149.88, up from CNY 2,896,713,892.03 at the end of 2024, reflecting an increase of approximately 17%[23] Research and Development - Research and development expenses surged to CNY 23,823,239.17 in Q1 2025, compared to CNY 6,841,654.57 in Q1 2024, marking a significant increase of 248.5%[16] - Research and development expenses increased significantly to ¥13,417,249.76 in Q1 2025, compared to ¥4,901,864.52 in Q1 2024, reflecting a focus on innovation[25] Market Strategy - The increase in operating revenue was mainly driven by a growth in the scale of hog sales during the reporting period[8] - The company plans to continue expanding its market presence and enhancing its product offerings in the upcoming quarters[8] Changes in Accounting Standards - The company will implement new accounting standards starting from 2025, which will involve adjustments to the financial statements at the beginning of the year of first-time application[30] Board Announcement - The announcement was made by the board of directors of Hunan Xinwufeng Co., Ltd. on April 29, 2025[31]

湖南新五丰股份有限公司第六届董事会提名委员会 关于高级管理人员任职资格的审查意见 根据《中华人民共和国公司法》等法律法规及《公司章程》的有关规定,湖南新五丰股 份有限公司(以下简称"公司")第六届董事会提名委员会对总法律顾问候选李锦林先生的 履历等相关资料进行了审核,并发表审核意见如下:公司董事会提名委员会已经按照《中华 人民共和国公司法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管 指引第一号 -- 规范运作》以及《公司章程》等相关规定对相关资料进行了核查,确认上述 人员具备担任上市公司高级管理人员的任职资格,符合《公司法》《公司章程》以及中国证 监会和上海证券交易所规定的任职条件,未发现根据《公司法》等法律法规及其他有关规定, 不得担任高级管理人员的情形,未发现存在被中国证监会采取不得担任上市公司高级管理人 员的市场禁入措施且期限尚未届满,或被证券交易所公开认定为不适合担任上市公司高级管 理人员且期限尚未届满的情形,同意将聘任上述人员相关议案提交董事会审议。 提名委员会委员签名: 李林 [本页仅为湖南新五丰股份有限公司第六届董事会提名委员会关于高级管理人员任职资格 的审查意见签字页] 提 ...

| | | | | 生产量 | 销售量比上 | 库存量 | | --- | --- | --- | --- | --- | --- | --- | | 主要产品 | 生产量 | 销售量 | 库存量 | 比上年 增减（%） | 年增减（%） | 比上年 增减（%） | | 生猪（万头） | 126.67 | 125.89 | | 37.12 | 43.32 | | | 饲料（吨） | 238,914.15 | 4,119.20 | 3,185.25 | 57.77 | -0.66 | 45.02 | | 屠宰肉品（吨） | 12,485.64 | 11,851.74 | 2,431.15 | -26.85 | -24.47 | -59.02 | 注：生猪生产量 126.67 万头，其中，以活猪销售 125.89 万头，以肉品销售 0.78 万头。生猪销售量 125.89 万头，其中，自有活猪销售 125.89 万头。 以上经营数据未经审计，仅供投资者参考。 特此公告。 证券代码：600975 证券简称：新五丰 公告编号：2025-022 湖南新五丰股份有限公司 2025 年 1-3 月主要经营数据公告 本公司董 ...

新五丰（600975）公告，2025年第一季度营收为18.63亿元，同比增长30.32%；净利润为1962.06万元， 去年同期净亏损2.54亿元。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the industry, suggesting a potential upside of over 15% relative to benchmark indices [4]. Core Insights - The swine industry shows stable breeding profits, with a focus on capacity reduction logic. The average price of external three yuan pigs was 15.0 CNY/kg, up 2.1% week-on-week, while the average weight of pigs sold was 128.6 kg, down 0.2% [19][20]. - The beef industry is at an inflection point, with strong price performance continuing. The average price of calves was 28.2 CNY/kg, up 2.1%, and the average price of fattened cattle was 25.8 CNY/kg, up 0.7% [23][30]. - The white chicken market is affected by ongoing avian influenza, with significant impacts on breeding stock and prices. The average price of white feather broiler chicks was 2.8 CNY/chick, up 9.5% [31][34]. - The animal health sector is seeing a recovery in demand as breeding supply stabilizes, with a notable increase in the issuance of vaccines [48][49]. Summary by Sections Swine Industry - The average price of external three yuan pigs was 15.0 CNY/kg, reflecting a week-on-week increase of 2.1%. The average weight of pigs sold was 128.6 kg, down 0.2%. The price of 15 kg external three yuan piglets was 668 CNY/head, with a slight decrease of 0.05% [19][21]. - Supply pressure remains stable, with normal sales rhythms from large producers and limited sales from smallholders. The demand side shows increased activity from secondary breeding, but overall consumption remains weak [20][21]. - The report recommends companies such as Muyuan Foods, Wens Foodstuff Group, and New Hope Liuhe for investment [20]. Beef Industry - The beef breeding industry is entering a capacity release phase, with the earliest signs of a price bottom forming. The report anticipates a potential recovery in the industry by late 2025 or early 2026 [23][30]. - The average wholesale price of beef was 61.4 CNY/kg, reflecting a slight increase of 0.2% [29][30]. - Recommended companies include Fucheng Co. and Guangming Meat Industry, focusing on integrated breeding and sales [23]. Poultry Industry - The average price of white feather broiler eggs was 1.6 CNY/egg, up 2.0%, while the average price of white feather broilers was 3.7 CNY/kg, up 2.2% [31][34]. - The report highlights the impact of avian influenza on breeding imports, particularly from the U.S. and New Zealand, which has been suspended for over three months [31][32]. - Recommended companies include Yisheng Livestock and He Feng Food [31]. Animal Health Sector - The demand for animal health products is expected to recover as breeding supply stabilizes. The issuance of vaccines has shown significant increases, particularly for swine diseases [48][49]. - The report recommends companies like Kexin Biological and Zhongmu Biotechnology, which are positioned to benefit from the recovery in the animal health market [49].

证券研究报告 | 2025年04月14日 新五丰（600975.SH） 优于大市 2024 年报点评:净利润同比扭亏，资产负债表稳步修复 公司 2024 年归母净利扭亏，受益猪价景气增长及养殖成本改善。公司 2024 年实现营收 70.45 亿元，同比增长 25.09%；归母净利润 3932.04 万元，同 比扭亏为盈。单季度来看，2024Q4 营业总收入 17.74 亿元，同比上升 0.93%， 归母净利润 3809.15 万元，同比扭亏。在细分业务方面，公司 2024 年生猪 出栏达 424.87 万头，同比增长 32.74%；饲料生产量 89.12 万吨，同比增 长 45.22%；屠宰生产量 6.88 万吨，同比增长 11.30%。此外，公司养殖的 饲料自给率已突破 86%，形成生猪屠宰年产能 205 万头、饲料年产能 120 万 吨的双支撑体系。 老牌国资生猪养殖企业，经营规模有望稳步扩大。公司实控人为湖南省国 资委，2022 年收购湖南省优质种猪及仔猪销售企业天心种业 100%股权 等资产，天心种业为国家生猪产业体系长沙综合试验站站长单位，入选 "国家生猪核心育种场"名单，公司持有天心种业后，进一步 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][30]. Core Views - The company achieved a turnaround in net profit for 2024, benefiting from rising pig prices and improved breeding costs, with a revenue of 7.045 billion yuan, a year-on-year increase of 25.09%, and a net profit of 39.32 million yuan, compared to a loss in the previous year [1][8]. - The company has expanded its breeding capabilities through the acquisition of Tianxin Breeding, enhancing its core competitiveness in pig breeding and extending its operations across the entire pig industry chain [2][30]. - The company is expected to maintain steady growth in pig output, with a forecasted output of approximately 4.9 million heads in 2025, 5.5 million in 2026, and 5.9 million in 2027 [21][30]. Financial Summary - For 2024, the company reported a revenue of 7,045 million yuan, with a year-on-year growth of 25.1%, and a net profit of 39 million yuan [4][29]. - The company’s operating cash flow improved significantly, reaching 857 million yuan, accounting for 12.16% of total revenue [17]. - The company’s total assets were reported at 12,358 million yuan in 2024, with a debt ratio of 74% [31]. Business Segmentation - The pig breeding business is projected to generate revenues of 5.382 billion yuan in 2024, with a gross margin of 9.8% [27]. - The slaughtering and cold storage business is expected to contribute 686 million yuan in revenue for 2024, with a gross margin of 3.8% [24]. - The frozen meat business is forecasted to generate 321 million yuan in revenue in 2024, with a gross margin of 0.8% [24]. Future Projections - The company is expected to achieve revenues of 7.892 billion yuan in 2025, 8.547 billion yuan in 2026, and 8.775 billion yuan in 2027, with corresponding net profits of 36 million yuan, 35 million yuan, and 17 million yuan respectively [29][30]. - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.03 yuan, 0.03 yuan, and 0.01 yuan respectively [30].

证券研究报告 新五丰 (600975 CH) 2024 年同比扭亏，成本持续拓潜 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 31 日│中国内地 | 农业综合 | 新五丰发布年报，2024 年实现营收 70.45 亿元（yoy+25.09%），归母净利 3932.04 万元（yoy+103.27%），扣非净利 2150.45 万元（yoy+101.79%）。 其中 Q4实现营收 17.74亿元（yoy+0.93%，qoq-12.94%），归母净利 3809.15 万元（yoy+108.39%，qoq-84.65%）。公司出栏维持高增，成本仍有拓潜空 间，维持"增持"评级。 猪价回暖+成本拓潜，公司 2024 年同比扭亏 猪价回升及公司养殖成本下降或是公司 2024 年归母净利润扭亏主因。2024 年公司实现归母净利润 0.39 亿元，估算主系生猪养殖板块贡献，其他饲料 及屠宰板块略有亏损。其中 1）2024 年合计出栏生猪 425 万头，同比+33%， 公司生猪出栏保持高速增长；2）我们估算公司 2024 年肥猪养殖完全成本 在 ...