| 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2026-010 | | --- | --- | --- | | 债券代码：113647 | 债券简称：禾丰转债 | | 禾丰食品股份有限公司 关于可转换公司债券转股结果暨股份变动公告 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： ● 累计转股情况：禾丰食品股份有限公司可转换公司债券（以下简称"禾 丰转债"）自 2022 年 10 月 28 日起开始转股，截至 2026 年 3 月 31 日，累计共 有 33,134,000 元"禾丰转债"转换为公司股份，因转股形成的股份数量为 3,229,516 股，占可转债转股前公司已发行股份总额的 0.35%。 ● 未转股可转债情况：截至 2026 年 3 月 31 日，尚未转股的"禾丰转债" 金额为 1,466,862,000 元，占"禾丰转债"发行总额的 97.79%。 1 丰转债"初始转股价格为 10.22 元/股。转股期限为 2022 年 10 月 28 日至 2028 年 4 月 21 日。 根 ...

Investment Rating - The industry is rated as "Maintain Overweight" [4] Core Views - The pig farming sector is experiencing significant losses, with prices dropping to 9.46 CNY/kg, indicating a high certainty of continued deep losses in the industry. The expected duration and extent of these losses are surpassing initial forecasts. The focus remains on the reduction of loss-making capacity, with a high likelihood of industry losses in the upcoming quarter. Investors are advised to strengthen their allocations and pay attention to opportunities in bulk agricultural products and edible fungi [12][13] - In the livestock sector, the price of lean meat pigs has fallen below 10 CNY/kg, deepening losses. The market has seen a significant pullback after a brief rebound, with low participation levels. It is anticipated that participants facing high costs will reduce their output over a longer period. Investors are encouraged to consider opportunities during this loss phase, particularly in low-cost pig farming companies such as DeKang Agriculture, Wen's Foodstuffs, Muyuan Foods, and others [12][13] - The bulk agricultural products sector is influenced by high oil prices, which are expected to increase production costs and expand demand. The most affected products include vegetable oils and rubber, followed by sugar and corn. Current pricing for major bulk agricultural products has seen some increases, but the market has not fully reflected these changes yet [13] - The mushroom sector, particularly enoki mushrooms, is experiencing unexpected price stability, with key companies reporting high growth. The upcoming release of winter worm summer grass as a new product is anticipated to enhance annual investment value [13] - In the poultry sector, there are seasonal price elasticity opportunities for yellow feathered chickens, while the trend for parent stock in white feathered chickens is noteworthy. Companies such as Shennong Development and Yisheng Livestock are highlighted for potential investment [13] Summary by Sections Pig Farming - The average price of lean meat pigs is 9.46 CNY/kg, down 12.2% from last month. The average wholesale price of pork is 15.73 CNY/kg, down 11.1% [15][22] - Self-breeding and self-raising profitability has decreased, with average losses of 344.24 CNY per head for self-bred pigs and 189.87 CNY per head for purchased piglets. The gross profit from selling piglets has decreased by 62.18 CNY per head [19][20] Bulk Agricultural Products - Domestic corn prices have risen to 2452.75 CNY/ton, an increase of 3.0% from last month. Wheat prices have also increased to 2588.11 CNY/ton, up 2.1% [38][40] - The price of domestic soybeans has risen to 4277.37 CNY/ton, up 5.0% from last month [52] Mushroom Sector - The enoki mushroom prices remain unexpectedly stable, with key companies like Zhongxing Mushroom Industry and Xue Rong Biological reporting high growth [13] Poultry Sector - The average price of white feathered chickens is 7.11 CNY/kg, down 4.8% from last month. The average price of chicken products is 9 CNY/kg, down 2.7% [25][26] - Profitability for parent stock chickens has increased slightly, while slaughter profits have also seen a rise [28]

Core Insights - The report indicates a significant decline in pig prices, with the national average price dropping to 9.98 CNY/kg, a 4% decrease from the previous week and a 30.9% decrease year-on-year. This decline is attributed to increased supply pressure and rising feed costs, leading to cash flow challenges across the industry [6][14][25]. - The report emphasizes the need for policy adjustments to reduce annual output among leading pig farming companies, suggesting that effective capacity reduction is underway, signaling the potential for a new industry cycle [6][14]. - The report recommends focusing on leading companies with cost advantages, specifically highlighting Wens Foodstuffs and Muyuan Foods as key investment opportunities, while also suggesting attention to other companies like Dekang Agriculture and New Hope [6][14]. Livestock Farming - The average weight of pigs sold this week is approximately 128.6 kg, showing a slight increase from the previous week, but the overall supply pressure remains high [6][14]. - In the broiler chicken sector, the average price for broilers in Yantai is 3.52 CNY/jin, remaining stable, while the price for broiler chicks has increased by 9.8% to 3.2 CNY/chick, indicating potential for improved performance in Q1 2026 for white-feathered chicken companies [6][14]. - The report suggests monitoring companies like Shengnong Development and Yisheng Livestock for potential gains in the white-feathered chicken market [6][14]. Dairy Industry - The report notes that the price of fresh milk in major production areas is 3.02 CNY/kg, reflecting a 1.9% year-on-year decrease and a 0.3% decrease from the previous month. The reduction in milk prices is linked to the end of the stocking season and ongoing adjustments in dairy cow inventory [15][47]. - The report expresses optimism about the future upward cycle of raw milk prices, driven by improvements in supply-demand balance and the cyclical rise in beef prices, recommending companies like Yuran Dairy and Modern Dairy for investment [15][47]. Feed and Animal Health - The report highlights structural price differentiation in the aquaculture sector, with an increase in stock levels compared to last year, which is expected to boost feed demand. The report anticipates significant growth in the aquaculture feed industry in March [16]. - It emphasizes the competitive landscape in the feed industry, suggesting that leading companies are likely to gain market share due to their cost advantages and efficiency, particularly in international markets [16]. - The report also notes that leading animal health companies are exploring new avenues such as pet healthcare and synthetic biology, which could enhance industry profitability [16]. Crop Prices - The report tracks key crop prices, noting that corn prices have increased by 0.3% to 2455 CNY/ton, while soybean meal prices have decreased by 1% to 3405 CNY/ton. Wheat prices have risen by 0.9% to 2600 CNY/ton, indicating a mixed trend in crop pricing [17][50][60]. - The report suggests that rising agricultural commodity prices could improve profitability for planting sectors, benefiting upstream entities like seed and land resource companies [18][50]. Pet Food Market - The report indicates that the urban pet consumption market is projected to reach 312.6 billion CNY by 2025, with a year-on-year growth of 4.1%. The market is showing signs of consolidation, with leading companies expected to drive the penetration of new product categories [19]. - Companies like Guibao Pet and Zhongchong Co. are highlighted for their innovative product strategies aimed at enhancing nutritional standards and expanding their market presence [19].

Core Viewpoints - The report indicates that pig prices are hovering at the bottom, suggesting a new cycle is beginning in the industry. The average price for lean pigs is currently 10.4 CNY/kg, which is a 0.1% increase week-on-week but a 28.4% decrease year-on-year, marking the lowest level since 2019 [6][14][25] - The report recommends focusing on leading companies with cost advantages, particularly large breeding enterprises such as Wens Foodstuffs Group and Muyuan Foods, while also highlighting potential turnaround candidates like Zhengbang Technology and smaller companies like Tiankang Biological and Shennong Group [6][14][15] Livestock Breeding - The report notes that the current cash flow pressure in the industry is exacerbated by rising feed costs, leading to cash flow losses for most breeding groups. The elimination of sows is expected to accelerate, initiating a capacity reduction phase [6][14] - The report emphasizes the importance of monitoring the recovery of the restaurant chain, which could benefit companies like San Nong Development and Yisheng Shares in the white feather chicken segment [6][14] Dairy Industry - The average price of fresh milk in major production areas is reported at 3.03 CNY/kg, a 1.6% decrease year-on-year, with a stable trend month-on-month. The report suggests that the overall increase in the proportion of breeding cows will help improve the supply-demand balance for raw milk [15][16] Feed and Animal Health - The report highlights that feed prices are rising due to increased fishmeal and soybean meal prices, which could impact the spring stocking of aquatic products. The report anticipates a structural differentiation in the aquaculture industry in 2026, which may increase competitive pressure on local and single-species feed companies [16][17] - Leading companies in the animal health sector are actively seeking breakthroughs in pet healthcare and synthetic biology, which could enhance industry profitability. Companies such as Reap Bio, Keqian Bio, and others are recommended for attention [16][17] Agricultural Sector Performance - The agricultural sector outperformed the market by 0.8 percentage points, with the agricultural products processing, livestock breeding, and planting sectors showing significant gains of 2.8%, 1.6%, and 1.1% respectively [23][24] - The report tracks key agricultural product prices, noting that corn prices increased by 1.2% to 2447 CNY/ton, while soybean meal prices rose by 8.3% to 3439 CNY/ton [17][25] Key Company Insights - Huazhong Holdings reported a significant increase in pig sales in February, with a 32.23% month-on-month increase and a 48.78% year-on-year increase, indicating strong sales performance despite price fluctuations [19] - Tianma Technology disclosed its eel output for February, with a total of 1163.92 tons, indicating a stable market for this product [20] - Zhongchong Co. announced the early redemption of its convertible bonds due to favorable stock performance, which may impact its capital structure [22]

| 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2026-009 | | --- | --- | --- | | 债券代码：113647 | 债券简称：禾丰转债 | | 禾丰食品股份有限公司 2026年2月为子公司提供担保情况的公告 注：实际为其提供的担保余额为截至 2026 年 2 月 28 日公司及下属子公司为其提供的担 保余额数据。 累计担保情况 | 对外担保逾期的累计金额（万元） | 0.00 | | --- | --- | | 截至2月28日上市公司及其控股子公 | 218,164.40 | | 司对外担保余额（万元） | | | 对外担保余额占上市公司最近一期经 | 32.59 | | 审计净资产的比例（%） | | | | □对外担保总额超过最近一期经审计净 | | | 资产 100% | | | □担保金额超过上市公司最近一期经审 | | 特别风险提示 | 计净资产 50% | | | □对合并报表外单位担保金额达到或超 | | | 过最近一期经审计净资产 30%的情况下 | | | 70%的单位提供担保 ☑对资产负债率超过 | 1 一、担保情况概述 本公司董事会及全体董事保 ...

Group 1 - The core viewpoint of the news is that He Feng Co., Ltd. has shown mixed financial performance, with a significant increase in revenue but a notable decrease in net profit [2][3]. - As of February 25, He Feng's stock price increased by 0.14%, with a trading volume of 27.44 million yuan, and a net financing buy of -624,400 yuan [1]. - The financing balance of He Feng is 164 million yuan, accounting for 2.47% of its market capitalization, indicating a high level compared to the past year [1]. Group 2 - As of September 30, the number of shareholders of He Feng increased by 4.18% to 22,500, while the average circulating shares per person decreased by 4.01% to 40,474 shares [2]. - For the period from January to September 2025, He Feng achieved an operating income of 28.073 billion yuan, representing a year-on-year growth of 16.92%, but the net profit attributable to shareholders decreased by 55.34% to 129 million yuan [2]. - He Feng has distributed a total of 1.007 billion yuan in dividends since its A-share listing, with 158 million yuan distributed in the last three years [3].

Group 1 - The core point of the article is that He Feng Co., Ltd. has provided guarantees for its subsidiaries, amounting to 2.521 billion yuan, which represents 37.66% of the net assets as of the end of 2024, with no overdue guarantees reported [1] Group 2 - In the recent stock performance, He Feng Co., Ltd. experienced a slight decline of 0.27% over the past week, with a closing price of 7.38 yuan on February 11, 2026, and a trading volume of 19.85 million yuan [2] - The stock is currently fluctuating around the 20-day moving average of 7.36 yuan, with resistance at 7.49 yuan and support at 7.23 yuan [2] Group 3 - The latest financial report indicates a significant decline in net profit by 55.34% year-on-year for the third quarter of 2025, with a forecasted annual net profit decrease of 79%-86% due to falling prices of live pigs and poultry [3] Group 4 - The most recent institutional viewpoint from Guotai Junan Securities on December 17, 2025, suggests that the company's performance may improve in 2026 as industry prices recover [4]

Core Viewpoint - The Ministry of Industry and Information Technology of China has announced the 2025 list of national consumer brands, featuring 276 brands, including 12 from Liaoning province, with three brands from Shenyang, namely He Feng, Tao Li, and Dongsoft Medical, covering the food and pharmaceutical industries [1] Group 1 - The "China Consumer Brand" initiative aims to establish a consumer brand system led by enterprise and regional brands, promoting high-quality development in the consumer goods industry [1] - The selected brands are recognized for their independent innovation, high quality, and good reputation [1]

Core Viewpoint - The announcement details the guarantee situation provided by He Feng Food Co., Ltd. for its subsidiaries, emphasizing the company's commitment to support its subsidiaries' financing and procurement needs while ensuring compliance with approved limits and internal decision-making processes [1][4][8]. Group 1: Guarantee Details - As of January 31, 2026, the total guarantee balance provided by the company and its subsidiaries amounts to RMB 252,128.01 million, which represents 37.66% of the company's audited net assets as of December 31, 2024 [10]. - The company has provided guarantees for its subsidiaries' financing, with specific amounts being RMB 2,000.00 million for Daqing Hefeng Animal Husbandry Co., Ltd. and RMB 1,000.00 million for Hainan Hefeng Animal Husbandry Co., Ltd. Additionally, a guarantee of RMB 62,534.78 million was provided for raw material procurement by Dalian Heyuan Animal Husbandry Co., Ltd. [3][10]. Group 2: Internal Decision-Making Process - The company held several board meetings and shareholder meetings in 2025 to approve the guarantee limits and the specific subsidiaries to be guaranteed, ensuring that all decisions were made in accordance with corporate governance practices [5][9]. - The approved guarantee limits include a total of RMB 560,000 million for various purposes, including financing and procurement, with specific allocations for different types of guarantees [6]. Group 3: Necessity and Reasonableness of Guarantees - The guarantees provided are deemed necessary and reasonable as they have been approved by the board and shareholders, and the company has a thorough understanding of the financial health and creditworthiness of the subsidiaries involved [8][9]. - The guarantees are intended to facilitate the operational needs and cash flow of the subsidiaries, aligning with the overall development strategy of the company [8].

Group 1 - The company He Feng Co., Ltd. announced that as of January 31, 2026, the total external guarantees provided by the company and its subsidiaries amount to approximately 2.521 billion yuan, which represents 37.66% of the audited net assets as of December 31, 2024 [1] - Among the total guarantees, the company has provided guarantees of approximately 1.971 billion yuan to its subsidiaries, accounting for 29.43% of the audited net assets as of December 31, 2024 [1] - The guarantees provided by subsidiaries to other subsidiaries amount to approximately 382 million yuan, representing 5.71% of the audited net assets as of December 31, 2024 [1] Group 2 - Guarantees provided by subsidiaries to associated companies and farmers total approximately 169 million yuan, which is 2.52% of the audited net assets as of December 31, 2024 [1]