国金证券股份有限公司 关于 宏辉果蔬股份有限公司 详式权益变动报告书 之 2025 年第三季度持续督导意见 二〇二五年十一月 财务顾问声明 本财务顾问接受申泽瑞泰委托，担任上市公司本次权益变动的财务顾问。根 据《收购管理办法》等法律法规的规定，本财务顾问本着诚实信用、勤勉尽责的 精神，自本次权益变动完成后的 12 个月内，对上述事项履行持续督导职责。 （一）本持续督导意见所依据的文件、资料及其他相关材料基于的假设前提 是上述资料和意见真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏； 本财务顾问未对上述资料和意见作出任何承诺或保证。 （二）本持续督导意见不构成对上市公司的任何投资建议，投资者根据本持 续督导意见所做出的任何投资决策而产生的相应风险，本财务顾问不承担任何责 任。 （三）本财务顾问基于诚实信用、勤勉尽责的原则，已按照执业规则规定的 工作程序，旨在就本持续督导期发表意见，发表意见的内容仅限本持续督导意见 正文所列内容，除非中国证监会另有要求，并不对与本次权益变动有关的其他方 面发表意见。 （四）本财务顾问没有委托或授权其他任何机构和个人提供未在本持续督导 意见中列载的信息和对本持续督导意见做任 ...

Core Insights - The apple futures sector experienced a decline of 2.32% on November 11, with Andeli leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Sector Performance - The closing prices and percentage changes for key stocks in the apple futures sector are as follows: - Honghui Fruits and Vegetables: 10.41, +1.07% - Guotou Zhonglu: 21.12, -0.28% - ST Langyuan: 6.15, -0.32% - Xinyangfeng: 16.49, -0.48% - Great Wall Electric: 10.50, -3.05% - Andeli: 41.48, -8.03% [1] Capital Flow - The apple futures sector saw a net outflow of 109 million yuan from main funds, while retail funds had a net inflow of 71.61 million yuan [1] - The detailed capital flow for individual stocks indicates: - Guotou Zhonglu: Main funds -68,000 yuan, retail funds -105,450 yuan - ST Langyuan: Main funds -2.38 million yuan, retail funds +95,270 yuan - Honghui Fruits and Vegetables: Main funds -13.61 million yuan, retail funds +2.96 million yuan - Xinyangfeng: Main funds -23.36 million yuan, retail funds +1.62 million yuan - Great Wall Electric: Main funds -33.74 million yuan, retail funds +2.17 million yuan - Andeli: Main funds -35.68 million yuan, retail funds +419,840 yuan [2]

Market Overview - The planting industry sector rose by 0.96% on November 10, with Honghui Fruits and Vegetables leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - Key stocks in the planting industry showed varied performance, with Honghui Fruits and Vegetables (code: 603336) closing at 10.30, up 5.10% with a trading volume of 327,700 shares and a transaction value of 336 million yuan [1] - Other notable performers included Xue Rong Biological (code: 300511) at 7.44, up 2.62%, and Hainan Rubber (code: 601118) at 6.14, up 2.16% [1] Capital Flow - The planting industry experienced a net outflow of 41.81 million yuan from institutional funds, while retail investors saw a net inflow of 76.42 million yuan [2] - The main stocks with significant capital flow included Hainan Rubber with a net inflow of 18.11 million yuan from institutional investors [3] Individual Stock Analysis - Hainan Rubber (code: 601118) had a net inflow of 18.11 million yuan from institutional investors, but a net outflow of 99.20 million yuan from retail investors, indicating mixed sentiment [3] - Honghui Fruits and Vegetables (code: 603336) saw a net inflow of 2.93 million yuan from institutional investors, but retail investors contributed a net inflow of 802.72 million yuan [3]

Core Insights - The apple futures sector experienced a rise of 0.96% on November 7, with Honghui Fruits and Vegetables leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Sector Performance - Honghui Fruits and Vegetables (603336) closed at 9.80, up 5.15% with a trading volume of 284,800 shares and a transaction value of 27.7 million yuan [1] - Xinyangfeng (000902) closed at 16.14, up 2.93% with a trading volume of 379,000 shares and a transaction value of 602 million yuan [1] - ST Langyuan (300175) closed at 6.13, down 0.16% with a trading volume of 52,600 shares and a transaction value of 32.19 million yuan [1] - Changcheng Electric (600192) closed at 10.52, down 0.85% with a trading volume of 237,600 shares and a transaction value of 250 million yuan [1] - Guotou Zhonglu (600962) closed at 21.09, down 1.22% with a trading volume of 28,200 shares and a transaction value of 59.37 million yuan [1] - Andeli (605198) closed at 46.36, down 1.78% with a trading volume of 15,300 shares and a transaction value of 70.86 million yuan [1] Capital Flow - The apple futures sector saw a net inflow of 46.84 million yuan from main funds, while retail funds experienced a net outflow of 11.02 million yuan [1] - Xinyangfeng had a main fund net inflow of 36.76 million yuan, but retail funds saw a net outflow of 19.96 million yuan [2] - Honghui Fruits and Vegetables had a main fund net inflow of 27.91 million yuan, with retail funds also experiencing a net outflow of 8.88 million yuan [2] - Andeli had a small main fund net inflow of 1.34 million yuan, but a significant retail fund net outflow of 9.73 million yuan [2] - Changcheng Electric had a net outflow of 5.35 million yuan from main funds, while retail funds saw a net inflow of 16.78 million yuan [2] - ST Langyuan and Guotou Zhonglu both experienced net outflows from main funds, with ST Langyuan at -6.03 million yuan and Guotou Zhonglu at -7.79 million yuan [2]

Market Overview - The planting industry sector increased by 0.48% on November 7, with Honghui Fruits and Vegetables leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Honghui Fruits and Vegetables (603336) closed at 9.80, up 5.15% with a trading volume of 284,800 shares and a turnover of 277 million yuan [1] - Hainan Rubber (601118) closed at 6.01, up 2.74% with a trading volume of 816,000 shares and a turnover of 487 million yuan [1] - New Sai Co. (600540) closed at 5.04, up 1.00% with a trading volume of 108,500 shares and a turnover of 54.53 million yuan [1] - Other notable stocks include Nongfa Seed Industry (600313) and Denghai Seeds (002041), with slight increases of 0.76% and 0.63% respectively [1] Capital Flow - The planting industry sector experienced a net outflow of 139 million yuan from main funds, while retail investors saw a net inflow of 141 million yuan [2][3] - Major stocks like Honghui Fruits and Vegetables and Hainan Rubber had mixed capital flows, with Honghui experiencing a net outflow of 27.9 million yuan from main funds [3] - Hainan Rubber saw a net inflow of 24.7 million yuan from main funds, indicating strong interest despite overall sector outflows [3]

Group 1 - The Agricultural, Animal Husbandry, and Fishery ETF (159275) has shown a contrary rise, with an increase of 0.6% and a trading volume of 5.25 million yuan, bringing the fund's total size to 200 million yuan [1] - Key performing stocks include Honghui Fruits and Vegetables, Longniu Mountain, and Hainan Rubber, with respective increases of 6.22%, 4.04%, and 2.56% [1] - The Ministry of Agriculture and Rural Affairs held a meeting on November 4, 2025, to establish a full-chain regulatory mechanism for agricultural product quality and safety [1] Group 2 - Pacific Securities highlighted multiple pressures on the breeding industry, including ongoing losses in the pig industry, high levels of breeding sows, and rising risks from African swine fever [2] - The poultry industry is experiencing a historical high in production capacity, with broiler prices fluctuating at low levels, while yellow chicken prices are rising due to seasonal demand [2] - The planting industry is stabilizing grain prices, with expectations for mid-term increases, and the seed industry is gaining strategic importance due to advancements in genetically modified crops [2]

Core Insights - The apple futures sector experienced a 1.01% increase on November 5, with Changcheng Electric leading the gains [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Stock Performance - Changcheng Electric (600192) closed at 11.01, with a rise of 6.27% and a trading volume of 647,800 shares, amounting to a transaction value of 714 million yuan [1] - Guotou Zhonglu (600962) closed at 21.52, up 1.18%, with a trading volume of 28,300 shares and a transaction value of 60.63 million yuan [1] - Andeli (605198) closed at 47.00, with a 0.75% increase, trading 16,000 shares for a total of 7.49 million yuan [1] - Xinyangfeng (000902) closed at 14.78, up 0.48%, with a trading volume of 71,900 shares and a transaction value of 106 million yuan [1] - Honghui Wushu (603336) closed at 9.24, down 0.11%, with a trading volume of 71,800 shares and a transaction value of 66.1 million yuan [1] - ST Langyuan (300175) closed at 6.23, down 1.11%, with a trading volume of 61,900 shares and a transaction value of 38.78 million yuan [1] Capital Flow - The apple futures sector saw a net inflow of 48.55 million yuan from main funds, while retail funds experienced a net outflow of 20.28 million yuan [1] - Changcheng Electric had a main fund net inflow of 66.95 million yuan, but retail funds saw a net outflow of 29.42 million yuan [2] - Xinyangfeng had a small main fund net inflow of 2.55 million yuan, with retail funds showing a net inflow of 2.13 million yuan [2] - Guotou Zhonglu experienced a minor main fund net inflow of 115,000 yuan, with retail funds showing a net inflow of 622,670 yuan [2] - Andeli had a main fund net outflow of 4.37 million yuan, but retail funds had a net inflow of 766,530 yuan [2] - ST Langyuan saw a significant main fund net outflow of 7.76 million yuan, while retail funds had a net inflow of 348,780 yuan [2] - Honghui Wushu had a main fund net outflow of 8.94 million yuan, with retail funds showing a net inflow of 788,690 yuan [2]

Core Viewpoint - The apple futures sector experienced a decline of 0.53% on November 4, with significant losses in the Honghui Fruit and Vegetable sector, amidst a broader market downturn reflected in the Shanghai Composite Index and Shenzhen Component Index [1]. Market Performance - The Shanghai Composite Index closed at 3960.19, down 0.41% - The Shenzhen Component Index closed at 13175.22, down 1.71% [1]. Individual Stock Performance - The following stocks in the apple futures sector showed varied performance: - Andeli (605198) closed at 46.65, up 0.95% with a trading volume of 19,000 shares and a turnover of 88.20 million yuan - ST Langyuan (300175) closed at 6.30, up 0.16% with a trading volume of 84,300 shares and a turnover of 53.48 million yuan - Changcheng Electric (600192) closed at 10.36, down 0.38% with a trading volume of 178,400 shares and a turnover of 185 million yuan - Xinyangfeng (000902) closed at 14.71, down 0.94% with a trading volume of 101,400 shares and a turnover of 14.90 million yuan - Guotou Zhonglu (600962) closed at 21.27, down 1.76% with a trading volume of 38,200 shares and a turnover of 81.43 million yuan - Honghui Fruit and Vegetable (603336) closed at 9.25, down 1.80% with a trading volume of 84,600 shares and a turnover of 78.43 million yuan [1]. Capital Flow Analysis - The apple futures sector saw a net outflow of 4.94 million yuan from main funds, while retail investors contributed a net inflow of 7.68 million yuan [1]. - Detailed capital flow for individual stocks: - Changcheng Electric (600192) had a main fund net inflow of 6.20 million yuan, with a retail net inflow of 1.33 million yuan - Andeli (605198) had a main fund net inflow of 5.88 million yuan, with a retail net inflow of 0.83 million yuan - Guotou Zhonglu (600962) had a main fund net inflow of 2.36 million yuan, but a retail net outflow of 5.91 million yuan - ST Langyuan (300175) had a main fund net outflow of 2.18 million yuan, with a retail net inflow of 0.55 million yuan - Honghui Fruit and Vegetable (603336) had a main fund net outflow of 8.54 million yuan, with a retail net inflow of 5.94 million yuan - Xinyangfeng (000902) had a main fund net outflow of 8.66 million yuan, with a retail net inflow of 4.93 million yuan [2].

Core Viewpoint - Honghui Fruits and Vegetables (603336) announced that it does not provide guarantees for entities outside its subsidiaries, and there are no overdue guarantees or guarantees provided for shareholders, actual controllers, or their related parties [1] Summary by Categories - **Company Guarantees** - The company confirmed that it does not provide guarantees for any entities outside its subsidiaries [1] - There are no overdue guarantees associated with the company or its subsidiaries [1] - The company has not provided guarantees for shareholders, actual controllers, or their related parties [1]

Core Viewpoint - Honghui Fruits and Vegetables (603336.SH) reported a decline in both revenue and net profit for Q3 2025, indicating potential challenges in the company's financial performance [1] Financial Performance - The company's operating revenue for Q3 2025 was 234 million yuan, representing a year-on-year decrease of 19.70% [1] - The net profit attributable to shareholders of the listed company was 3.8553 million yuan, down 43.86% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 4.5814 million yuan, reflecting a year-on-year decline of 31.93% [1]