Core Viewpoint - New Five Feng reported a turnaround in profitability for the first half of 2025, achieving a revenue of 3.688 billion yuan, a year-on-year increase of 14.08%, and a net profit attributable to shareholders of 45.2344 million yuan, marking a return to profitability [1] Group 1: Revenue and Profitability - The company’s revenue for the first half of 2025 reached 3.688 billion yuan, reflecting a 14.08% increase compared to the same period last year [1] - The net profit attributable to shareholders was 45.2344 million yuan, indicating a successful turnaround from previous losses [1] Group 2: Production and Growth - New Five Feng's pig output reached 2.4333 million heads in the first half of 2025, a 23.44% increase from 1.97 million heads in the same period last year, continuing a trend of growth [2] - The company’s pig output from 2022 to 2024 showed significant growth, with figures of 1.83 million heads, 3.2 million heads, and 4.2487 million heads, representing year-on-year increases of 122.32%, 75%, and 32.74% respectively [2] Group 3: Business Model and Strategy - The growth in output is attributed to a "light asset expansion" strategy, which includes leasing pig farms for self-breeding and deepening the "company + farmer" model, enhancing survival rates and cost control [2] - The company is actively promoting farmer cooperation and has seen a significant increase in the scale of its "company + farmer" model, with a current stock of 690,000 heads [3] - The "company + farmer" model accounted for over 30% of total pig output in the first half of 2025, a year-on-year increase of 225%, becoming a key driver of capacity and efficiency growth [3] Group 4: Future Outlook - New Five Feng aims to continue optimizing its operational strategy, focusing on improving performance and reducing costs to enhance core competitiveness and profitability for better future returns [3]

证券代码：600975 证券简称：新五丰 公告编号：2025-043 湖南新五丰股份有限公司 控股股东解除股份质押公告 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: 一、股份质押情况 公司于 2025 年 8 月 27 日收到控股股东现代农业集团关于解除股份质押的通 知，获悉其所持有公司的股份解除质押，具体情况如下： 现代农业集团将其持有的新五丰 44,378,700 股质押给中国光大银行股份有 限公司长沙分行及中国建设银行股份有限公司长沙湘江支行,（其中：分别质押 给中国光大银行股份有限公司长沙分行 22,189,350 股、中国建设银行股份有限 公司长沙湘江支行 22,189,350 股）。质押登记日为 2021 年 12 月 23 日，相关质 押登记手续已于 2021 年 12 月 24 日在中国证券登记结算有限责任公司办理完毕。 其中：在中国光大银行股份有限公司长沙分行质押的 22,189,350 股股份，已于 2025 年 7 月 25 日在中国证券登记结算有限责任公司办理了股份质押解除手续， 20 ...

新五丰今年以来股价涨6.94%，近5个交易日涨3.76%，近20日涨4.08%，近60日涨8.33%。 8月26日，新五丰盘中上涨2.00%，截至10:54，报6.63元/股，成交1.72亿元，换手率2.58%，总市值83.62 亿元。 资金流向方面，主力资金净流入260.02万元，特大单买入1943.31万元，占比11.32%，卖出1168.92万 元，占比6.81%；大单买入3973.12万元，占比23.15%，卖出4487.50万元，占比26.15%。 责任编辑：小浪快报 资料显示，湖南新五丰股份有限公司位于湖南省长沙市五一西路2号"第一大道"19,20楼，成立日期2001 年6月26日，上市日期2004年6月9日，公司主营业务涉及生猪养殖、肉品销售以及饲料加工。主营业务 收入构成为：生猪销售84.21%，屠宰冷藏业务7.39%，鲜肉4.31%，贸易及其他1.78%，冻肉1.60%，饲 料0.71%。 新五丰所属申万行业为：农林牧渔-养殖业-生猪养殖。所属概念板块包括：猪肉概念、低价、国资改 革、湖南国资、增持回购等。 分红方面，新五丰A股上市后累计派现3.11亿元。近三年，累计派现0.00元。 机构持 ...

Investment Rating - Industry rating: Outperform the market (maintained rating) [9] Core Insights - The pet industry is experiencing significant growth, with the Asia Pet Expo showcasing over 2,600 exhibitors and 20,000 brands, indicating a thriving market driven by globalization and innovation [2][13] - China's pet food exports have shown continuous growth, with 201,000 tons exported from January to July 2025, reflecting a year-on-year increase of 6.64% [14] - The pig farming sector is facing challenges, with the average pig price at 13.82 yuan/kg, a decrease of 3.63% from the previous week, and the average weight of pigs reaching a historical high [15][16] - The dairy sector is poised for a recovery, with the original milk price expected to rebound as production capacity decreases after a prolonged period of losses [17][18] - The poultry sector is focusing on breeding gaps, with a significant decline in the import of breeding chickens due to avian influenza concerns, which may impact future supply [19][20] - The planting sector emphasizes food security and the importance of biotechnology, with a focus on high-yield and resilient crop varieties [25] - The feed sector is recommended for investment, particularly in companies like Haida Group, which is expected to benefit from market recovery and increased market share [26] Summary by Sections Pet Sector - The Asia Pet Expo has reached a record scale of 310,000 square meters, highlighting the industry's vitality and innovation potential [2][13] - Pet food exports from China have increased, with a total of 201,000 tons exported in the first seven months of 2025, showing a year-on-year growth of 6.64% [14] - Recommended companies include pet food brands like Guibao Pet, Zhongchong Co., and Petty Co. [14] Pig Sector - The average pig price is currently at 13.82 yuan/kg, with a year-to-date low in profitability for pig farming [15][16] - The average weight of pigs is at a historical high, indicating supply pressures [15] - Recommended companies include leading pig farming firms such as Wens Foodstuffs Group and Muyuan Foods [16] Dairy Sector - Yuran Dairy reported stable performance with a revenue of 10.3 billion yuan, showing a year-on-year growth of 2.3% [17] - The dairy industry is expected to see a recovery as production capacity decreases [18] - Recommended companies include Yuran Dairy and China Shengmu Organic Milk [18] Poultry Sector - The poultry sector is facing challenges with breeding imports, particularly for white chickens, due to avian influenza [19][20] - Recommended companies include Shennong Development and Yisheng Livestock [20] Planting Sector - The focus is on food security and biotechnology, with an emphasis on high-yield and resilient crop varieties [25] - Recommended companies include Longping High-Tech and Dabeinong Technology Group [25] Feed Sector - Haida Group is highlighted as a key investment opportunity due to its increasing market share and performance [26] - The animal health sector is also recommended, particularly companies like Kexin Biological [27]

Core Viewpoint - New Wufeng (600975) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year, indicating improved profitability and operational efficiency [1]. Financial Performance - Total revenue reached 3.688 billion yuan, a year-on-year increase of 14.08% [1] - Net profit attributable to shareholders was 45.2344 million yuan, up 118.32% year-on-year [1] - Gross margin improved to 9.5%, with a year-on-year increase of 1127.89% [1] - Net margin increased to 1.57%, reflecting a year-on-year growth of 121.19% [1] - Operating cash flow per share was 0.48 yuan, up 127.35% year-on-year [1] Cost Management - Total selling, administrative, and financial expenses amounted to 215 million yuan, accounting for 5.82% of revenue, down 18.92% year-on-year [1] - Significant reductions in sales expenses, down 38.22%, due to lower promotional and transportation costs [3] Asset and Liability Management - Accounts receivable decreased by 37.23% to 76.5582 million yuan, attributed to the recovery of frozen meat storage payments [3] - Interest-bearing liabilities decreased by 20.92% to 2.666 billion yuan, due to repayment of bank loans [3] - Cash and cash equivalents decreased by 5.56% to 1.138 billion yuan [1] Investment and Research - The company has increased its R&D expenses by 724.66%, indicating a focus on new projects and innovation [3] - The return on invested capital (ROIC) was reported at 1.04%, with historical averages indicating a need for improvement in capital efficiency [4] Market Position and Sales - The company sold 2.0618 million pigs from January to May 2025, with May sales reaching 387,000 pigs [6] - The leading fund holding the company’s shares is Yinhua Agricultural Industry Stock Fund, with a current scale of 430 million yuan [5]

Group 1 - The core viewpoint of the article indicates that Xinwufeng has experienced a decrease in the number of shareholders and an increase in average shareholding quantity, while its average shareholding value remains below the industry average [1][2] - As of June 30, 2025, the number of shareholders for Xinwufeng is 76,148, a decrease of 1,655 shareholders or 2.13% compared to March 31, 2025 [1][2] - The average shareholding quantity per shareholder increased from 16,200 shares to 16,600 shares during the same period [1][2] Group 2 - The average shareholding value for Xinwufeng is 100,200 yuan, which is lower than the industry average of 410,200 yuan for A-share listed companies in the aquaculture sector [1][2] - From March 31, 2025, to June 30, 2025, Xinwufeng's stock price increased by 2.37%, while the number of shareholders decreased [1][2] - During the same period, the net outflow of main funds was 466 million yuan, while retail investors saw a net inflow of 446 million yuan [2]

[Important Notice](index=2&type=section&id=Important%20Notice) The board and senior management assure the report's truthfulness and completeness, noting it is unaudited, with no profit distribution plan, and forward-looking statements are not commitments - The board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the report content and assume individual and joint legal responsibility[3](index=3&type=chunk) - This semi-annual report is unaudited[5](index=5&type=chunk) - The company's head, chief accountant, and head of accounting department declare that the financial report in this semi-annual report is true, accurate, and complete[5](index=5&type=chunk) - No profit distribution plan or capital reserve to share capital increase plan is applicable for this reporting period[6](index=6&type=chunk) - Forward-looking statements regarding future plans and development strategies in this semi-annual report are subject to uncertainties and do not constitute substantive commitments to investors[6](index=6&type=chunk) - There are no instances of non-operating fund appropriation by controlling shareholders or other related parties, nor any external guarantees provided in violation of prescribed decision-making procedures[7](index=7&type=chunk) - The company has detailed potential risks in the "Risk Factors and Countermeasures" section of "Management Discussion and Analysis" in Part III of this report[7](index=7&type=chunk) [Part I Definitions](index=4&type=section&id=Part%20I%20Definitions) This section defines common terms used in the report, including company names, regulatory bodies, and reporting periods, to ensure clarity - "Company," "the Company," and "Xinwufeng" refer to Hunan Xinwufeng Co., Ltd[12](index=12&type=chunk) - "Reporting Period" refers to the first half of 2025[13](index=13&type=chunk) - The report lists definitions for common terms such as China Securities Regulatory Commission, Hunan Provincial State-owned Assets Supervision and Administration Commission, and Agricultural Group[12](index=12&type=chunk) - The target companies for the 2022 reorganization, including Hunan Tianxin Seed Industry Co., Ltd., are defined in detail[12](index=12&type=chunk) [Part II Company Profile and Key Financial Indicators](index=6&type=section&id=Part%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides company basic information, stock overview, and key financial data for H1 2025, including revenue, profit, cash flow, and non-recurring items - The company's Chinese name is Hunan Xinwufeng Co., Ltd., abbreviated as Xinwufeng, with Wan Qijian as its legal representative[15](index=15&type=chunk) - The company's shares are listed on the Shanghai Stock Exchange under stock code 600975[19](index=19&type=chunk) 2025 January-June Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 3,687,997,482.29 | 3,232,893,064.46 | 14.08 | | Total Profit (yuan) | 57,890,276.41 | -239,082,232.74 | N/A (Turnaround) | | Net Profit Attributable to Shareholders of Listed Company (yuan) | 45,234,441.62 | -246,966,016.00 | N/A (Turnaround) | | Net Cash Flow from Operating Activities (yuan) | 605,875,452.22 | 266,489,536.73 | 127.35 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) (yuan) | 3,067,466,595.77 | 3,022,232,154.15 | 1.50 | | Total Assets (Period-end) (yuan) | 11,919,672,553.74 | 12,357,742,882.77 | -3.54 | 2025 January-June Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.04 | -0.20 | N/A | | Diluted Earnings Per Share (yuan/share) | 0.04 | -0.20 | N/A | | Basic EPS After Non-recurring Gains and Losses (yuan/share) | 0.03 | -0.20 | N/A | | Weighted Average Return on Net Assets (%) | 1.49 | -8.61 | 10.10 | | Weighted Average RONAE After Non-recurring Gains and Losses (%) | 1.39 | -8.73 | 10.12 | - Net cash flow from operating activities increased by **127.35%** year-on-year, primarily due to increased cash received from sales of goods and provision of services[21](index=21&type=chunk)[65](index=65&type=chunk) 2025 January-June Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -1,393,004.93 | | Government Grants Recognized in Current Profit/Loss | 6,208,883.72 | | Other Non-operating Income and Expenses | -622,038.22 | | Less: Income Tax Impact | 98,373.13 | | Minority Interest Impact (After Tax) | 1,308,295.76 | | **Total** | **2,787,171.68** | [Part III Management Discussion and Analysis](index=9&type=section&id=Part%20III%20Management%20Discussion%20and%20Analysis) This section details the company's H1 2025 operations, covering industry, business model, core competitiveness, performance, and identified risks with corresponding mitigation strategies [I. Description of the Company's Industry and Main Business During the Reporting Period](index=9&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company's core business is live hog farming, meat sales, and feed processing, with a full industry chain, operating in a market characterized by increasing scale, price volatility, and stricter environmental regulations - The company's main businesses are live hog farming, meat product sales, and feed processing, with products including live hogs, meat products, and feed[26](index=26&type=chunk) - The company is one of the major exporters of live hogs in China, with a **63-year brand advantage** in supplying live hogs to Hong Kong and Macau[26](index=26&type=chunk)[36](index=36&type=chunk) - The company has established a full live hog industry chain integrating feed production, breeding, commercial hog farming, hog slaughtering and meat processing, cold chain logistics, and live hog trading[26](index=26&type=chunk) - Live hog farming models include self-farming and "company + appropriately sized small farms" contract farming, with the contract farming scale steadily increasing from **450,000 heads to 690,000 heads** during the reporting period[27](index=27&type=chunk) - The company has completed the layout for an annual live hog slaughtering capacity of **2.05 million heads** and a feed production capacity of nearly **1.2 million tons**[28](index=28&type=chunk)[29](index=29&type=chunk) - In the first half of 2025, national pork output was **30.2 million tons**, a year-on-year increase of **1.3%**[32](index=32&type=chunk) - Pork prices continuously rose from January to May 2025, turned to decline in June, with an average increase of **3.8%** in the first half[32](index=32&type=chunk) - By the end of June 2025, the national breeding sow inventory was **40.43 million heads**, a decrease of **370,000 heads** from the peak at the end of 2024[33](index=33&type=chunk) - The Ministry of Agriculture and Rural Affairs issued the "Live Hog Production Capacity Regulation Implementation Plan (Revised 2024)," adjusting the national normal breeding sow inventory target from **41 million heads to 39 million heads**[33](index=33&type=chunk) - Environmental requirements are becoming stricter, with increased environmental inspections and penalties for livestock and poultry farming across various regions[35](index=35&type=chunk) [II. Discussion and Analysis of Operating Performance](index=13&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) In H1 2025, the company achieved **3.688 billion yuan** in operating revenue, a **14.08%** increase, and a profit turnaround, with live hog output growing **23.44%** through strategic reforms and market expansion - In the first half of 2025, the company achieved operating revenue of **3.688 billion yuan**, a year-on-year increase of **14.08%**; total profit of **57.8903 million yuan**, turning losses into profits year-on-year; and completed live hog output of **2.4333 million heads**, a year-on-year increase of **23.44%**[39](index=39&type=chunk) - The company optimized its management structure, streamlining **22 departments** across two company headquarters to **12**, and improved the production management system for the farming segment[40](index=40&type=chunk) - The company improved its compensation and performance system, implementing an assessment plan focused on "cost control during the process and profit at year-end," resulting in a year-on-year decrease in overall farming costs in the first half[40](index=40&type=chunk)[41](index=41&type=chunk) - Through breeding technology breakthroughs, optimization of capacity structure, and innovation in farming models, production performance was enhanced, leading to an effective increase in PSY (Pigs Weaned Per Sow Per Year) at sow farms and a decrease in piglet costs in the first half[41](index=41&type=chunk) - The scale of contract farming with farmers steadily grew to **690,000 heads**, with the proportion of output from the contract farming segment effectively increasing in the first half[41](index=41&type=chunk) - The company focused on specialized research in genetic breeding, disease prevention and control, precise nutrition, and environmental control, to cultivate new high-fertility, high-quality pig breeds[42](index=42&type=chunk) - One new export-registered farm was added, bringing the total number of live hog farming bases supplying Hong Kong and Macau to **over ten**[43](index=43&type=chunk) 2025 H1 Main Business Segment Sales Revenue | Business Segment | Sales Revenue (10,000 yuan) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | | Live Hog Exports | 8,485.48 | 61.8 | Increased export volume | | Domestic Live Hog Sales | 302,083.64 | 30.46 | Year-on-year increase in live hog output scale | | Feed Sales | 2,611.50 | 9.3 | Increased external feed sales volume | | Trading and Others | 6,229.52 | -73.09 | Decreased trading sales volume | | Fresh Meat Business | 15,881.61 | 32.42 | Increased fresh meat sales volume | | Frozen Meat Business | 5,903.90 | -67.44 | Decreased frozen meat sales volume | | Slaughtering and Cold Storage Business | 27,259.01 | -10.53 | Decreased self-operated slaughtering volume | [III. Analysis of Core Competitiveness During the Reporting Period](index=16&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness stems from its full industry chain, strong brand, rapid scale expansion, state-owned background, light-asset model, robust internal controls, professional team, biosecurity, ample funding, and continuous R&D - The company has formed a complete live hog full industry chain from upstream raw material procurement to downstream meat product sales, possessing strong industrial integration capabilities, risk resistance, and regional competitiveness[46](index=46&type=chunk) - The company is a national key leading enterprise in agricultural industrialization, with a **63-year brand advantage** in supplying live hogs to Hong Kong and Macau[36](index=36&type=chunk)[47](index=47&type=chunk) - The company's live hog output increased from **441,500 heads in 2021 to 4.2487 million heads at the end of 2024**, an increase of **862.33%**; in the first half of 2025, live hog output was **2.4333 million heads**, a year-on-year increase of **23.44%**[46](index=46&type=chunk)[48](index=48&type=chunk) - The company is the only state-controlled listed company under the Hunan Provincial State-owned Assets Supervision and Administration Commission with live hog industry as its main business[46](index=46&type=chunk) - The company achieves light-asset operations through leased pig farms and the "company + appropriately sized small farms" contract farming model, enabling rapid increase in live hog production capacity[49](index=49&type=chunk) - The company's disciplinary committee strengthens political supervision, deepens work style construction, implements daily supervision, and maintains a high-pressure stance against corruption, fully safeguarding the company's high-quality development[50](index=50&type=chunk)[51](index=51&type=chunk) - The company possesses a streamlined and efficient professional management team, continuously deepens internal reforms of three systems, optimizes compensation and assessment plans, and stimulates employees' intrinsic motivation[52](index=52&type=chunk)[53](index=53&type=chunk) - The company has established a comprehensive biosecurity system, including management protocols such as "three zones and two channels," "four ins and four outs," and "pest control," utilizing visual monitoring to ensure biosecurity[56](index=56&type=chunk)[57](index=57&type=chunk) - The company has a credit line of **6.5 billion yuan**, with a new one-year working capital loan interest rate of **2.11%**, demonstrating significant financial advantages[58](index=58&type=chunk) - The company collaborates with research institutions such as the Chinese Academy of Sciences and China Agricultural University to fully implement whole-genome selection technology, improving breeding efficiency and cultivating new high-fertility, high-quality pig breeds[58](index=58&type=chunk)[60](index=60&type=chunk) - The company's meat products use pig sources that meet Hong Kong and Macau live hog farming standards, establishing a full-process pollution-free control and traceability system from farm to table[61](index=61&type=chunk) - The company completed the merger and acquisition with Tianxin Seed Industry, further extending the industry chain and enhancing breeding R&D capabilities and core competitiveness in the breeding pig segment[62](index=62&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=21&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes changes in key financial statement items, showing **14.08%** revenue growth, **724.66%** R&D expense increase, and **127.35%** operating cash flow growth, alongside asset/liability shifts and subsidiary financial contributions 2025 January-June Analysis of Changes in Key Financial Statement Items | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,687,997,482.29 | 3,232,893,064.46 | 14.08 | | Operating Cost | 3,337,587,898.96 | 3,207,878,219.09 | 4.04 | | Selling Expenses | 8,593,001.79 | 13,909,215.43 | -38.22 | | Administrative Expenses | 83,624,970.98 | 81,210,693.60 | 2.97 | | Financial Expenses | 122,393,332.92 | 136,895,413.35 | -10.59 | | R&D Expenses | 75,350,827.03 | 9,137,232.66 | 724.66 | | Net Cash Flow from Operating Activities | 605,875,452.22 | 266,489,536.73 | 127.35 | - Selling expenses decreased by **38.22%** year-on-year, primarily due to a decrease in sales promotion, transportation, and employee compensation expenses[65](index=65&type=chunk) - R&D expenses increased by **724.66%** year-on-year, mainly due to investment in new R&D projects, and increased R&D testing and material costs during the reporting period[65](index=65&type=chunk) - Net cash flow from operating activities increased by **127.35%** year-on-year, primarily due to increased cash received from sales of goods and provision of services during the reporting period[65](index=65&type=chunk) 2025 Period-end Changes in Assets and Liabilities | Item Name | Current Period-end Amount (yuan) | Prior Year-end Amount (yuan) | Change Ratio from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Receivables | 76,558,181.97 | 151,222,695.47 | -49.37 | Primarily due to collection of frozen meat storage and sales payments during the reporting period | | Other Non-current Assets | 11,317,038.36 | 7,587,117.09 | 49.16 | Primarily due to increased prepaid pig farm rent during the reporting period | | Short-term Borrowings | 622,294,895.42 | 966,014,524.44 | -35.58 | Primarily due to repayment of bank loans during the reporting period | | Advances from Customers | 0 | 1,423.25 | -100.00 | Primarily due to decreased advance payments for live hogs during the reporting period | | Long-term Payables | 746,930.48 | 350,271.59 | 113.24 | Primarily due to increased specific payables during the reporting period | | Taxes Payable | 7,125,808.38 | 12,336,142.49 | -42.24 | Primarily due to decreased corporate income tax, stamp duty, etc., payable during the reporting period | 2025 Period-end Major Asset Restrictions | Item | Book Balance (yuan) | Book Value (yuan) | Restriction Status | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 117,898,596.74 | 117,898,596.74 | Bank acceptance bill and other deposits, judicially frozen funds, earmarked funds | | Productive Biological Assets | 131,200,400.22 | 86,698,631.17 | Pledged for bank loans | | Fixed Assets | 100,611,388.48 | 80,326,002.18 | Pledged for bank loans | | Intangible Assets | 5,378,873.00 | 4,849,950.60 | Pledged for bank loans | | **Total** | **355,089,258.44** | **289,773,180.69** | / | 2025 H1 Financial Information of Major Controlled and Investee Companies | Company Name | Registered Capital (10,000 yuan) | Total Assets (10,000 yuan) | Net Assets (10,000 yuan) | Operating Revenue (10,000 yuan) | Operating Profit (10,000 yuan) | Net Profit (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hunan Tianxin Seed Industry Co., Ltd. | 106,125.39 | 356,542.44 | 183,047.29 | 115,338.28 | 9,371.20 | 9,792.47 | | Hunan Changzhutan Guanglian Live Hog Trading Market Co., Ltd. | 13,333.34 | 57,718.80 | 15,913.60 | 41,778.79 | -432.10 | -468.87 | | Hunan Daqi Animal Husbandry Co., Ltd. | 2,384.00 | 6,980.42 | -11,011.00 | 3,624.12 | -817.29 | -795.37 | | Hunan Tianhan Animal Husbandry Development Co., Ltd. | 5,560.00 | 50,508.50 | 1,347.70 | 6,473.92 | -1,071.37 | -1,176.72 | | Hunan Tianqin Animal Husbandry Development Co., Ltd. | 4,440 | 50,156.82 | 6,026.34 | 9,853.70 | 1,237.25 | 1,148.59 | | Longshan Tianhan Animal Husbandry Development Co., Ltd. | 1,960.78 | 79,123.41 | 10,839.69 | 17,670.37 | 2,034.64 | 1,859.90 | [V. Other Disclosures](index=26&type=section&id=V.%20Other%20Disclosures) This section outlines ten major risks, including disease, price volatility, raw materials, environmental and industry policies, leased farms, funding, management, safety, and litigation, along with the company's mitigation strategies - The company faces swine disease risk, with countermeasures including strengthening disease monitoring, strictly implementing epidemic prevention concepts, and reducing stocking density in large-scale farming[76](index=76&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) - Continuous fluctuations in live hog prices pose risks to the company's operations; countermeasures include pursuing both domestic and international sales, diversifying sales channels and product varieties, continuously innovating farming technology and management, and reducing costs[80](index=80&type=chunk) - Raw material price fluctuation risk, where feed costs account for the largest proportion of total farming costs; countermeasures include strengthening raw material procurement planning, implementing centralized procurement by headquarters, technical-procurement collaboration, advance stockpiling, and raw material substitution[81](index=81&type=chunk) - Environmental policy changes and environmental management risks; countermeasures include increasing investment in environmental facilities, improving environmental safety management systems, practicing liquid fermentation feeding processes, and exploring comprehensive utilization of waste[81](index=81&type=chunk)[82](index=82&type=chunk) - National industry policy change risks; countermeasures include adjusting sales strategies and development approaches based on market conditions and policy changes, and developing a closed-loop industry chain of breeding, reproduction, farming, slaughtering, and sales within core regions[82](index=82&type=chunk) - Risks related to leased farms; countermeasures include conducting preliminary investigations during project development, improving lease agreement terms, and strengthening audit and supervision during pig farm project procedures and construction[83](index=83&type=chunk)[84](index=84&type=chunk) - Funding risks; countermeasures include vigorously implementing cost reduction and efficiency improvement measures, utilizing direct financing from capital markets and indirect financing from bank credit lines, and strengthening financial security management[84](index=84&type=chunk) - Management risks; countermeasures include continuously strengthening internal control management, leveraging the synergistic effects of various departments, and improving talent recruitment, training, cash management, and cost control[85](index=85&type=chunk)[86](index=86&type=chunk) - Production safety risks; countermeasures include improving safety production reward and punishment systems, actively conducting safety training, establishing a sound safety production system, and continuously carrying out major safety production inspections[86](index=86&type=chunk) - Litigation and arbitration risks; countermeasures include improving internal control systems, strengthening risk assessment and early warning mechanisms, optimizing investment and fund management, and reinforcing process control and cost management[87](index=87&type=chunk) [Part IV Corporate Governance, Environment, and Society](index=31&type=section&id=Part%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in senior management, the absence of semi-annual profit distribution, environmental disclosure for 14 subsidiaries, and the company's contributions to rural revitalization and poverty alleviation - During the reporting period, the company appointed Hu Weixin as Chief Economist, Deng Fudong as Chief Engineer, and Li Jinlin as Chief Legal Counsel[90](index=90&type=chunk) - The proposed semi-annual profit distribution plan and capital reserve to share capital increase plan are "not applicable"[90](index=90&type=chunk) - The company has **14 subsidiaries** included in the list of enterprises required to disclose environmental information, with inquiry indexes provided[91](index=91&type=chunk)[92](index=92&type=chunk) - The company actively fulfills its political responsibility for rural revitalization, dispatches village working teams, promotes the development of the farming industry, and drives employment and income growth for villagers[94](index=94&type=chunk) - The company built a boar station in Hualiang Yanluo Village, exploring profit sharing from industry chain development, and deepened the implementation of the "company + appropriately sized small farms" farming model to support rural revitalization[95](index=95&type=chunk) [Part V Significant Matters](index=34&type=section&id=Part%20V%20Significant%20Matters) This section details the fulfillment of commitments regarding related-party transactions and share lock-ups, the use of raised funds including project delays and surplus fund allocation, and the progress of daily related-party transactions - Modern Agricultural Group, Grain and Oil Group, and other related parties committed to resolving related-party transactions and horizontal competition issues, and to maintaining the company's independence[97](index=97&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) - All directors and senior management of the company committed not to transfer benefits to other entities or individuals without compensation or under unfair conditions, and to restrict their job-related consumption behavior[102](index=102&type=chunk) - Modern Agricultural Group, Seed Industry Investment, Xinwufeng Fund, and others committed to a **36-month lock-up period** for their shares, with some extended by **6 months** under specific conditions[106](index=106&type=chunk) - All parties committed that consideration shares would be primarily used to fulfill performance compensation commitments, and not to evade compensation obligations through pledging shares or other means[108](index=108&type=chunk)[109](index=109&type=chunk) - The company committed to continue advancing the cleanup of its real estate business and not to use raised funds for real estate development and operation[110](index=110&type=chunk)[111](index=111&type=chunk) - The company committed that new investment projects of the Xinwufeng Industrial M&A Fund would closely revolve around the company's upstream and downstream industry chain, investing only in targets serving its main business[111](index=111&type=chunk)[112](index=112&type=chunk) 2025 January-June Progress of Daily Related-Party Transactions | Related-Party Transaction Type | 2025 Estimated Amount (10,000 yuan) | 2025 Jan-Jun Actual Amount (10,000 yuan) | | :--- | :--- | :--- | | Purchase of Raw Materials from Related Parties | 80,000.00 | 15,592.04 | | Sale of Products/Goods to Related Parties | 7,805.00 | 80.14 | | Leasing from Related Parties | 14,886.00 | 2,895.70 | | Leasing to Related Parties | 275.00 | 131.22 | | Acceptance of Services from Related Parties | 8,150.00 | 1,138.48 | | Others | 6,780.50 | 583.79 | | **Total** | **117,896.50** | **20,421.37** | Overall Use of Raised Funds | Source of Raised Funds | Date of Fund Receipt | Net Amount of Raised Funds (10,000 yuan) | Total Raised Funds Cumulatively Invested as of Period-end (10,000 yuan) | Cumulative Investment Progress of Raised Funds as of Period-end (%) | | :--- | :--- | :--- | :--- | :--- | | Issuance of Shares to Specific Objects (2021) | October 27, 2021 | 102,219.44 | 97,725.74 | 95.60 | | Issuance of Shares to Specific Objects (2023) | June 20, 2023 | 152,764.89 | 102,898.02 | 67.36 | | **Total** | / | **254,984.33** | **200,623.76** | / | - The "Hunan Xinwufeng 43,200 Breeding Sows Farm Project" has an investment progress of **86.26%**, with the use of raised funds delayed due to rectification of the leased project by the owner[130](index=130&type=chunk) - The "Shiniu Township, Shuangfeng County 3,600 Purebred Pig Farm Project" has been terminated, with the remaining raised funds of **186.0272 million yuan** permanently supplementing the company's working capital[131](index=131&type=chunk)[135](index=135&type=chunk) - The "Hanshou High-tech Zone Annual Output of 240,000 Tons Feed Mill Project" and "Annual Output of 180,000 Tons Complete Feed for Live Hogs Mill Project" have been closed, with surplus raised funds of **41.3118 million yuan** permanently supplementing working capital[133](index=133&type=chunk)[135](index=135&type=chunk) - The "Hunan Tianxin Seed Industry Co., Ltd. Technology R&D Center" project's expected date of readiness for use has been postponed from **March 2025 to March 2027**[139](index=139&type=chunk) - The company used no more than **140 million yuan** of idle raised funds to temporarily supplement working capital, which was fully repaid by **August 1, 2025**[138](index=138&type=chunk) [Part VI Changes in Shares and Shareholder Information](index=69&type=section&id=Part%20VI%20Changes%20in%20Shares%20and%20Shareholder%20Information) This section confirms no changes in share capital or structure, lists **76,148** common shareholders, details top ten shareholders including the **19.32%** controlling stake by Hunan Modern Agricultural Industry Holding Group, and notes share pledges and related-party relationships - During the reporting period, there were no changes in the company's total share capital and share structure[142](index=142&type=chunk) - As of the end of the reporting period, the total number of common shareholders was **76,148**[143](index=143&type=chunk) 2025 Period-end Top Ten Shareholders' Shareholding | Shareholder Name | Period-end Shareholding (shares) | Proportion (%) | Number of Restricted Shares Held (shares) | Share Status | Quantity (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hunan Modern Agricultural Industry Holding Group Co., Ltd. | 243,642,903 | 19.32 | 155,567,513 | Pledged | 44,378,700 | State-owned Legal Entity | | Hunan Grain and Oil Food Import and Export Group Co., Ltd. | 206,454,936 | 16.37 | 0 | Pledged | 95,000,000 | State-owned Legal Entity | | Hunan Xingxiang Investment Holding Group Co., Ltd. | 44,378,698 | 3.52 | 0 | None | 0 | State-owned Legal Entity | | Hunan Modern Seed Industry Investment Co., Ltd. | 30,687,264 | 2.43 | 30,687,264 | None | 0 | State-owned Legal Entity | | Zhongxiang Capital Holding Co., Ltd. | 29,585,798 | 2.35 | 0 | None | 0 | State-owned Legal Entity | | Hunan Nongfa Investment Private Equity Fund Management Co., Ltd. - Hunan Xinwufeng Phase I Industrial Investment Fund Enterprise (Limited Partnership) | 29,139,598 | 2.31 | 29,139,598 | None | 0 | Other | | Zheshang Bank Co., Ltd. - Guotai CSI Livestock and Poultry Farming ETF | 10,771,971 | 0.85 | 0 | None | 0 | Unknown | | China Great Wall Asset Management Co., Ltd. | 9,544,880 | 0.76 | 9,544,880 | None | 0 | Unknown | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | 7,014,900 | 0.56 | 0 | None | 0 | Unknown | | Agricultural Bank of China Co., Ltd. - Yinhua Agricultural Industry Stock Initiated Securities Investment Fund | 6,802,363 | 0.54 | 0 | None | 0 | Unknown | - Hunan Modern Agricultural Industry Holding Group Co., Ltd. is the controlling shareholder of the company[148](index=148&type=chunk) - The concerted action relationship between Xingxiang Group, Zhongxiang Capital, and Modern Agricultural Group terminated on **November 4, 2024**[148](index=148&type=chunk) - Hunan Nongfa Investment Private Equity Fund Management Co., Ltd. - Hunan Xinwufeng Phase I Industrial Investment Fund Enterprise (Limited Partnership) waived its voting rights[148](index=148&type=chunk) 2025 Period-end Top Ten Restricted Shareholders' Shareholding | No. | Restricted Shareholder Name | Number of Restricted Shares Held (shares) | Date Available for Trading | Number of Newly Available Shares for Trading (shares) | Restriction Condition | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Hunan Modern Agricultural Industry Holding Group Co., Ltd. | 155,567,513 | 2026-01-06 | 155,567,513 | Company shares acquired through M&A reorganization locked for 36 months | | 2 | Hunan Modern Seed Industry Investment Co., Ltd. | 30,687,264 | 2026-01-06 | 30,687,264 | Company shares acquired through M&A reorganization locked for 36 months | | 3 | Hunan Nongfa Investment Private Equity Fund Management Co., Ltd. - Hunan Xinwufeng Phase I Industrial Investment Fund Enterprise (Limited Partnership) | 29,139,598 | 2026-01-06 | 29,139,598 | Company shares acquired through M&A reorganization locked for 36 months | | 4 | China Great Wall Asset Management Co., Ltd. | 9,544,880 | 2026-01-06 | 9,544,880 | Company shares acquired through M&A reorganization locked for 36 months | | 5 | China CITIC Financial Asset Management Co., Ltd. | 3,484,140 | 2026-01-06 | 3,484,140 | Company shares acquired through M&A reorganization locked for 36 months | | 6 | Hunan Tianyuan Agricultural Development Co., Ltd. | 2,571,805 | 2026-01-06 | 2,571,805 | Company shares acquired through M&A reorganization locked for 36 months | | 7 | Liu Yanshu | 2,542,961 | 2026-01-06 | 2,542,961 | Company shares acquired through M&A reorganization locked for 36 months | | 8 | Wan Qijian | 1,506,940 | 2026-01-06 | 1,506,940 | Company shares acquired through M&A reorganization locked for 36 months | | 9 | Hunan Xingxiang Capital Management Co., Ltd. | 1,499,146 | 2026-01-06 | 1,499,146 | Company shares acquired through M&A reorganization locked for 36 months | | 10 | Zhang Zhiyong | 1,318,572 | 2026-01-06 | 1,318,572 | Company shares acquired through M&A reorganization locked for 36 months | [Part VII Bond-Related Information](index=76&type=section&id=Part%20VII%20Bond-Related%20Information) The company has no corporate bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[156](index=156&type=chunk) - The company has no convertible corporate bonds[156](index=156&type=chunk) [Part VIII Financial Report](index=77&type=section&id=Part%20VIII%20Financial%20Report) This section presents the company's unaudited H1 2025 consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and comprehensive notes on accounting policies, taxes, R&D, and related-party transactions [I. Audit Report](index=77&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[158](index=158&type=chunk) [II. Financial Statements](index=77&type=section&id=II.%20Financial%20Statements) This section presents the company's H1 2025 consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity 2025 June 30 Consolidated Balance Sheet Summary | Item | Amount (yuan) | | :--- | :--- | | Total Current Assets | 3,644,368,763.46 | | Total Non-current Assets | 8,275,303,790.28 | | Total Assets | 11,919,672,553.74 | | Total Current Liabilities | 2,660,242,429.01 | | Total Non-current Liabilities | 5,976,758,297.43 | | Total Liabilities | 8,637,000,726.44 | | Total Owners' Equity Attributable to Parent Company | 3,067,466,595.77 | | Total Owners' Equity | 3,282,671,827.30 | 2025 January-June Consolidated Income Statement Summary | Item | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 3,687,997,482.29 | | Total Operating Costs | 3,634,123,524.71 | | Total Profit | 57,890,276.41 | | Net Profit | 57,857,112.42 | | Net Profit Attributable to Parent Company Shareholders | 45,234,441.62 | | Basic Earnings Per Share (yuan/share) | 0.04 | 2025 January-June Consolidated Cash Flow Statement Summary | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 605,875,452.22 | | Net Cash Flow from Investing Activities | -37,482,157.47 | | Net Cash Flow from Financing Activities | -587,228,943.08 | | Net Increase in Cash and Cash Equivalents | -18,835,648.33 | [III. Company Basic Information](index=100&type=section&id=III.%20Company%20Basic%20Information) Hunan Xinwufeng Co., Ltd., established June 26, 2001, with **1.26 billion yuan** registered capital, listed on SSE since 2004, primarily engages in live hog farming, slaughtering, feed production, and related trade - Hunan Xinwufeng Co., Ltd. was registered with the Hunan Provincial Administration for Industry and Commerce on **June 26, 2001**, and is headquartered in Changsha, Hunan Province[194](index=194&type=chunk) - The company's registered capital is **1,261,292,033.00 yuan**, and its shares were listed on the Shanghai Stock Exchange on **June 9, 2004**[194](index=194&type=chunk) - The company belongs to the animal husbandry industry, with main business activities including live hog farming and sales, hog slaughtering and cold storage, feed production and sales, and grain and frozen meat trading[194](index=194&type=chunk) [IV. Basis of Financial Statement Preparation](index=100&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared on a going concern basis, with no significant doubts about the company's ability to continue operating for the next 12 months - The company's financial statements are prepared on a going concern basis[195](index=195&type=chunk) - There are no matters or circumstances that would cause significant doubt about the company's ability to continue as a going concern within **12 months** from the end of the reporting period[196](index=196&type=chunk) [V. Significant Accounting Policies and Estimates](index=100&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section outlines the company's significant accounting policies and estimates for financial instruments, inventories, fixed assets, intangible assets, and revenue recognition, adhering to enterprise accounting standards with RMB as the functional currency - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[198](index=198&type=chunk) - The company's accounting year runs from **January 1 to December 31** of the Gregorian calendar, and the functional currency is RMB[199](index=199&type=chunk)[201](index=201&type=chunk) - The company's operating cycle is short, using **12 months** as the standard for classifying assets and liabilities as current[200](index=200&type=chunk) - The company identifies construction in progress projects with a single amount exceeding **0.3%** of total assets as significant construction in progress projects[202](index=202&type=chunk) - Financial assets are classified at initial recognition into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in current profit or loss[209](index=209&type=chunk) - Accounts receivable are subject to bad debt provisions using the aging portfolio method, with an expected credit loss rate of **5.00%** for receivables within **1 year (inclusive)**[220](index=220&type=chunk)[221](index=221&type=chunk) - Inventories include finished goods or merchandise held for sale in ordinary activities, work-in-progress, materials, and supplies; consumable biological assets are live hogs in growth held for sale, initially measured at cost[227](index=227&type=chunk)[228](index=228&type=chunk) Fixed Asset Depreciation Methods | Category | Depreciation Method | Depreciation Period (years) | Salvage Rate (%) | Annual Depreciation Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Buildings and Structures | Straight-line method | 20-35 | 0-5 | 2.71-5.00 | | Machinery and Equipment | Straight-line method | 5-15 | 0-5 | 6.33-20.00 | | Electronic Equipment | Straight-line method | 3-10 | 0-5 | 9.50-33.33 | | Transportation Vehicles | Straight-line method | 4-10 | 0-5 | 9.50-25.00 | | Other Equipment | Straight-line method | 3-10 | 0-5 | 9.50-33.33 | - Productive biological assets are breeding pigs, including boars, sows, and gilts, depreciated using the straight-line method over a useful life of **1.5-3.5 years**[255](index=255&type=chunk) - Intangible assets include land use rights, patents, and non-patented technologies, initially measured at cost and amortized using the straight-line method[256](index=256&type=chunk) - Expenditures in the research phase of internal R&D projects are recognized in current profit or loss when incurred; expenditures in the development phase are recognized as intangible assets when specific conditions are met simultaneously[260](index=260&type=chunk) - Revenue recognition principle is to recognize revenue when the customer obtains control of the related goods or services, based on the relationship between fulfilling performance obligations and customer payments[272](index=272&type=chunk)[273](index=273&type=chunk) - Government grants are recognized when both the attached conditions are met and the grants can be received, and are accounted for as either asset-related or income-related[278](index=278&type=chunk)[279](index=279&type=chunk) - As a lessee, the company classifies leases with a term not exceeding **12 months** and no purchase option as short-term leases, and leases of low-value individual assets as low-value asset leases, applying simplified accounting treatment[282](index=282&type=chunk) [VI. Taxation](index=124&type=section&id=VI.%20Taxation) This section details the company's main tax types and rates, including VAT and corporate income tax, highlighting exemptions for agricultural activities and a **20%** corporate income tax rate for small-profit subsidiaries Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Revenue from sales of goods and taxable services | 13%, 9%, 6%, 3%, 1%, Exempt | | Property Tax | Original value of property or rental income | 12%, 1.2%, Exempt | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7%, 5% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | | Corporate Income Tax | Taxable income | 25%, 15%, 20%, Exempt | - The company and several of its branches and subsidiaries are exempt from corporate income tax on income derived from livestock farming projects and primary processing of agricultural products[288](index=288&type=chunk) - Hunan Wangling Wu Ling Er Feed Co., Ltd. is a small-profit enterprise, subject to a **20%** corporate income tax rate[289](index=289&type=chunk) - Agricultural producers selling self-produced agricultural products, fresh meat and egg products in circulation, feed products, and breeding pig insemination services are exempt from Value-Added Tax[289](index=289&type=chunk)[290](index=290&type=chunk) - Properties and land used by agricultural product wholesale markets and farmers' markets (including owned and leased) are temporarily exempt from property tax and urban land use tax[290](index=290&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=126&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on all consolidated financial statement items, including assets, liabilities, equity, income, and expenses, with classifications, balances, and explanations for the reporting period - Cash and bank balances at period-end amounted to **1,138,229,468.43 yuan**, of which **117,898,596.74 yuan** was restricted, primarily for bank acceptance bill deposits, judicially frozen funds, and earmarked funds[292](index=292&type=chunk)[293](index=293&type=chunk)[371](index=371&type=chunk)[457](index=457&type=chunk) - Accounts receivable book value at period-end was **76,558,181.97 yuan**, with bad debt provisions of **35,739,132.96 yuan**. The top five debtors collectively accounted for **84.37%** of the total period-end balance of accounts receivable and contract assets[298](index=298&type=chunk)[304](index=304&type=chunk) - Other receivables book value at period-end was **93,278,983.68 yuan**, with bad debt provisions of **27,947,904.67 yuan**, primarily consisting of housing demolition compensation, deposits and guarantees, and export tax rebates receivable[308](index=308&type=chunk)[312](index=312&type=chunk)[313](index=313&type=chunk) - Inventory book value at period-end was **2,214,147,275.84 yuan**, of which consumable biological assets amounted to **1,795,421,772.00 yuan**[318](index=318&type=chunk) - Long-term equity investments book value at period-end was **356,410,035.84 yuan**, primarily investments in associates[326](index=326&type=chunk) - Fixed assets book value at period-end was **1,874,936,931.67 yuan**, with buildings and structures accounting for **1,457,480,145.26 yuan**[335](index=335&type=chunk) - Construction in progress book value at period-end was **54,362,693.12 yuan**, with major projects including the Chenzhou Suxian District Chengbei Slaughterhouse Relocation and Upgrade Project and the Shuangfeng County Shiniu Township 3,600 Purebred Pig Farm Project[342](index=342&type=chunk) - Productive biological assets book value at period-end was **719,348,035.66 yuan**, with an inventory of **291,700 heads** (including **257,700 breeding sows**)[347](index=347&type=chunk) - Right-of-use assets book value at period-end was **4,995,410,078.49 yuan**, primarily for the right to use buildings and structures[350](index=350&type=chunk) - Intangible assets book value at period-end was **180,395,354.84 yuan**, with land use rights accounting for **174,221,404.92 yuan**[353](index=353&type=chunk) - Short-term borrowings at period-end amounted to **622,294,895.42 yuan**, primarily credit loans[373](index=373&type=chunk) - Notes payable at period-end amounted to **80,770,626.11 yuan**, all being bank acceptance bills[375](index=375&type=chunk) - Accounts payable at period-end amounted to **633,994,108.46 yuan**, primarily for goods and service fees[376](index=376&type=chunk) - Contract liabilities at period-end amounted to **52,947,926.43 yuan**, primarily for goods payments[381](index=381&type=chunk) - Employee compensation payable at period-end amounted to **107,864,357.28 yuan**, of which short-term compensation was **107,257,774.77 yuan**[384](index=384&type=chunk) - Taxes payable at period-end amounted to **7,125,808.38 yuan**, primarily including stamp duty, corporate income tax, and individual income tax[390](index=390&type=chunk) - Other payables at period-end amounted to **269,293,967.25 yuan**, primarily for expense payments, deposits and guarantees, and engineering and equipment payments[394](index=394&type=chunk) - Non-current liabilities due within **1 year** at period-end amounted to **883,598,458.78 yuan**, primarily long-term borrowings and lease liabilities due within **1 year**[396](index=396&type=chunk) - Long-term borrowings at period-end amounted to **1,158,994,314.13 yuan**, primarily credit loans[399](index=399&type=chunk) - Lease liabilities at period-end amounted to **4,721,459,455.98 yuan**[401](index=401&type=chunk) - Specific payables at period-end amounted to **746,930.48 yuan**, representing research funds for the national live hog industry system construction[404](index=404&type=chunk) - Share capital at period-end amounted to **1,261,292,033.00 yuan**, with no change in total shares[406](index=406&type=chunk) - Other equity instruments at period-end amounted to **-9,308,071.39 yuan**, representing performance compensation settled in shares[407](index=407&type=chunk) - Capital reserves at period-end amounted to **2,631,250,157.19 yuan**[411](index=411&type=chunk) - Surplus reserves at period-end amounted to **111,671,556.72 yuan**[413](index=413&type=chunk) - Undistributed profits at period-end amounted to **-927,439,079.75 yuan**[416](index=416&type=chunk) 2025 January-June Operating Revenue and Operating Costs | Item | Revenue (yuan) | Cost (yuan) | | :--- | :--- | :--- | | Main Business | 3,684,546,599.81 | 3,334,854,553.16 | | Other Businesses | 3,450,882.48 | 2,733,345.80 | | **Total** | **3,687,997,482.29** | **3,337,587,898.96** | 2025 January-June Operating Revenue by Product Type | Product Type | Operating Revenue (yuan) | Operating Cost (yuan) | | :--- | :--- | :--- | | Live Hog Sales | 3,105,691,181.47 | 2,761,707,286.69 | | Fresh Meat | 158,816,105.31 | 158,638,932.60 | | Frozen Meat | 59,038,965.50 | 62,179,788.26 | | Slaughtering and Cold Storage Business | 272,590,146.69 | 273,094,146.06 | | Feed | 26,114,991.01 | 18,436,082.35 | | Trading and Others | 65,746,092.31 | 63,531,663.00 | - Selling expenses for the current period amounted to **8,593,001.79 yuan**, a decrease of **38.22%** compared to the prior year period[428](index=428&type=chunk) - Administrative expenses for the current period amounted to **83,624,970.98 yuan**[429](index=429&type=chunk) - R&D expenses for the current period amounted to **75,350,827.03 yuan**, an increase of **724.66%** compared to the prior year period[430](index=430&type=chunk) - Financial expenses for the current period amounted to **122,393,332.92 yuan**, a decrease of **10.59%** compared to the prior year period[431](index=431&type=chunk) - Other income for the current period amounted to **14,865,346.25 yuan**, primarily government grants[433](index=433&type=chunk) - Investment income for the current period amounted to **-1,802,851.89 yuan**, primarily long-term equity investment income accounted for using the equity method[435](index=435&type=chunk) - Credit impairment losses for the current period amounted to **-4,648,283.43 yuan**[437](index=437&type=chunk) - Non-operating income for the current period amounted to **17,886,980.71 yuan**, primarily insurance compensation[439](index=439&type=chunk) - Non-operating expenses for the current period amounted to **21,622,180.36 yuan**, primarily losses from the death of productive biological assets[440](index=440&type=chunk) - Income tax expense for the current period amounted to **33,163.99 yuan**[441](index=441&type=chunk) - Net cash flow from operating activities was **605,875,452.22 yuan**[451](index=451&type=chunk) - Cash and cash equivalents balance at period-end was **1,020,330,871.69 yuan**[453](index=453&type=chunk) [VIII. R&D Expenses](index=174&type=section&id=VIII.%20R%26D%20Expenses) This section details H1 2025 R&D expenses, totaling **75,350,827.03 yuan** (all expensed), primarily driven by material and testing costs, showing a significant year-on-year increase 2025 January-June R&D Expenses by Nature of Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 4,116,466.05 | 3,803,646.99 | | Inspection and Testing Fees | 8,834,548.50 | 1,382,104.87 | | Outsourced Technical Collaboration Fees | 252,250.00 | 1,200.00 | | Material Costs | 55,729,184.06 | 3,523,338.61 | | Others | 6,418,378.42 | 426,942.19 | | **Total** | **75,350,827.03** | **9,137,232.66** | | Of which: Expensed R&D Expenditures | 75,350,827.03 | 9,137,232.66 | | Capitalized R&D Expenditures | 0 | 0 | - Total R&D expenses for the current period amounted to **75,350,827.03 yuan**, all of which were expensed R&D expenditures[463](index=463&type=chunk) - Current period R&D expenses significantly increased compared to the prior year period, primarily driven by a substantial increase in material costs and inspection and testing fees[463](index=463&type=chunk) [IX. Changes in Consolidation Scope](index=174&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, there

Meeting Overview - The sixth board meeting of Hunan Xinwufeng Co., Ltd. was held on August 21, 2025, via telecommunication, with all 7 directors participating in the voting process [1] - The meeting's procedures complied with the Company Law and other relevant regulations [1] Resolutions Passed - A total of 7 votes in favor, 0 against, and 0 abstentions were recorded for the approval of the special report on the use of raised funds for the first half of 2025 [1] - The board also approved the semi-annual evaluation report of the "Quality Improvement and Efficiency Enhancement" action plan, with the same voting results [2] - The company plans to adjust the functions of its headquarters' technology department to the breeding division's production technology department, renaming the departments accordingly [2] Financial and Credit Proposals - The board approved a proposal to apply for a credit line of 200 million yuan from China Everbright Bank, with a one-year term [5] - A proposal for a credit line of 400 million yuan from the Export-Import Bank of China was also approved [5] - The company plans to apply for a comprehensive credit line of 500 million yuan from China Construction Bank, which includes 400 million yuan in renewed credit and 100 million yuan in new credit [5] - Additional credit applications were approved for various banks, including a 140 million yuan credit line from China Merchants Bank and a 5 million yuan credit line from Guangdong Huaxing Bank [6]

证券代码：600975 证券简称：新五丰 公告编号：2025-042 湖南新五丰股份有限公司 关于修订新五丰一期基金合伙协议 暨关联交易的公告 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： ● 交易简要内容：基于湖南新五丰一期产业投资基金企业（有限合伙）的 实际需求，以及根据中国证券投资基金业协会《私募投资基金登记备案办法》和 工商备案的新要求，现拟对《湖南新五丰一期产业投资基金企业（有限合伙）合 伙协议》进行修订，涉及合伙期限、负责人、出资时间、管理费条款等信息发生 变更。湖南新五丰股份有限公司（以下简称"公司"或"新五丰"）拟与普通合 伙人（GP）湖南农发投资私募基金管理有限公司（以下简称"农发投资"，原 名为"湖南现代农业产业投资基金管理有限公司"、简称为"现代农业基金管理 公司"）、有限合伙人（LP）湖南省现代农业产业控股集团有限公司（以下简 称"现代农业集团"）重新签署湖南新五丰一期产业投资基金企业（有限合伙） 合伙协议。 ● 本次交易构成关联交易：现代农业集团系新五丰控股股东，农发投资系 新五丰间 ...

Summary of Key Points Core Viewpoint The report outlines the fundraising activities and the usage of raised funds by Hunan Xinwufeng Co., Ltd. for the first half of 2025, detailing the amounts raised, their allocation, and the management of these funds. Fundraising Overview - The company raised a total of RMB 102,999.00 million by issuing 152,365,383 shares at RMB 6.76 per share, with a net amount of RMB 102,219.44 million after deducting fees [1]. - A subsequent fundraising round raised RMB 155,057.94 million by issuing 184,812,797 shares at RMB 8.39 per share, resulting in a net amount of RMB 152,764.89 million after fees [1]. Fund Usage and Balance - For the first fundraising, the net amount was RMB 102,219.44 million, with RMB 96,365.16 million allocated to projects and RMB 445.24 million in interest income, leading to a remaining balance of RMB 4,957.42 million [2]. - For the second fundraising, the net amount was RMB 152,764.89 million, with RMB 98,866.29 million allocated to projects and RMB 626.10 million in interest income, resulting in a remaining balance of RMB 50,416.81 million [2]. Fund Management - The company has established a management system for the raised funds in compliance with relevant laws and regulations to enhance efficiency and protect investor rights [3]. - Multiple tripartite and quadripartite agreements have been signed with banks and sponsors to ensure proper management and usage of the funds [4][5]. Project Adjustments - Due to delays in construction at some pig breeding sites, the company has made adjustments to the allocation of raised funds, reallocating funds from the original projects to new initiatives [7][9]. - The company terminated the "Shinou Township 3,600 Head Breeding Farm Project" due to unfavorable market conditions and redirected the remaining funds to supplement working capital [8]. Financial Performance - The company has reported that the investment projects have not encountered any significant issues, and the usage of funds has been disclosed appropriately [11][12].