| 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2025-115 | | --- | --- | --- | | 债券代码：113647 | 债券简称：禾丰转债 | | 禾丰食品股份有限公司 关于召开2025年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025年11月21日（星期五）10:00-11:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于2025年11月14日（星期五）至11月20日（星期四）16:00前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 hf@wellhopefood.com进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 禾丰食品股份有限公司（以下简称"公司"）已于2025年10月 ...

禾丰食品股份有限公司 2025 年第四次临时股东大会 会议材料 二〇二五年十一月 中国·沈阳 1 / 12 禾丰食品股份有限公司 2025 年第四次临时股东大会会议材料 目 录 | 禾丰食品股份有限公司 2025 年第四次临时股东大会会议议程 | | 3 | | --- | --- | --- | | 议案一：关于取消监事会、减少注册资本并修订《公司章程》的议案 | | 4 | | 议案二：关于修订《股东会议事规则》的议案 | | 5 | | 议案三：关于修订《董事会议事规则》的议案 | | 6 | | 议案四：关于修订《独立董事工作细则》的议案 | | 7 | | 议案五：关于修订《关联交易管理制度》的议案 | | 8 | | 议案六：关于修订《对外担保管理制度》的议案 | | 9 | | 议案七：关于修订《募集资金管理办法》的议案 | | 10 | | 议案八：关于在 2025 年度担保额度内增加被担保对象的议案 | | 11 | | 议案九：关于回购注销 2024 年员工持股计划部分股票的议案 | | 12 | 2 / 12 禾丰食品股份有限公司 2025 年第四次临时股东大会会议材料 禾丰食品股份有限 ...

Market Overview - The feed sector increased by 0.67% on October 31, with Tianma Technology leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Individual Stock Performance - Tianma Technology (603668) closed at 14.23, up 3.27% with a trading volume of 239,900 shares and a turnover of 339 million yuan [1] - Other notable gainers include: - Lude Environment (688156) at 19.92, up 3.11% [1] - Bangji Technology (603151) at 25.74, up 2.92% [1] - Lusi Co., Ltd. (920419) at 18.50, up 2.89% [1] - Baiyang Co., Ltd. (002696) at 6.93, up 1.76% [1] Capital Flow Analysis - The feed sector saw a net inflow of 2.7495 million yuan from institutional investors, while retail investors experienced a net outflow of 68.2743 million yuan [2] - The main capital inflow was observed in: - Haida Group (002311) with a net inflow of 25.3688 million yuan from institutional investors [3] - Tiankang Biological (002100) with a net inflow of 17.8393 million yuan from institutional investors [3] Summary of Trading Data - The trading data for the feed sector includes: - Major stocks with significant trading volumes and turnover, such as: - Aonong Biological (603363) with a turnover of 216 million yuan [2] - Zhongchong Co., Ltd. (002891) with a turnover of 267 million yuan [2] - The overall sentiment in the feed sector appears mixed, with some stocks gaining while others faced declines [2][3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 28.073 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 16.92%. However, the net profit attributable to shareholders was 129 million yuan, a decrease of 55.34% year-on-year, primarily due to asset impairment provisions totaling 175 million yuan [4][5] - The company has adjusted its profit forecast for 2025-2027, expecting net profits of 131 million yuan, 685 million yuan, and 733 million yuan respectively, with corresponding EPS of 0.14, 0.75, and 0.80 yuan [4][5] - The current stock price corresponds to a PE ratio of 53.4 for 2025, 10.2 for 2026, and 9.6 for 2027, indicating a potential for growth [4][5] Summary by Sections Feed Business - The company's feed sales volume reached 1.26 million tons in Q1-Q3 2025, a year-on-year increase of 16%. The sales of pig feed, poultry feed, and ruminant feed increased by 13%, 18%, and 22% respectively. The total feed sales volume for 2025 is expected to exceed 4.5 million tons, up 15% year-on-year [5] - The net profit per ton for the feed business improved consistently, with figures of 70, 73, and 78 yuan for Q1, Q2, and Q3 respectively [5] Poultry and Swine Business - In the poultry segment, the company processed 720 million chickens in Q1-Q3 2025, with an expected total of 960 million for the year. The loss per chicken in Q3 was 0.2 yuan, which is better than the industry average [6] - In the swine segment, the company sold 1.26 million fattened pigs and 170,000 piglets in Q1-Q3 2025, with an expected total of 2 million pigs for the year. The cost per kilogram in Q3 was 14.2 yuan, with self-breeding costs at 13 yuan per kilogram [6] Financial Summary and Valuation Metrics - For 2025, the company expects revenues of 38.629 billion yuan, with a year-on-year growth of 18.7%. The net profit is projected at 131 million yuan, reflecting a significant decrease from the previous year [7] - The gross margin is expected to be 4.8% in 2025, with a net margin of 0.3% [7] - The company’s return on equity (ROE) is projected to be 1.6% in 2025, improving to 7.5% by 2026 and 2027 [7]

Core Viewpoint - He Feng Co., Ltd. is a leading agricultural and animal husbandry enterprise in China, with a diversified business model covering feed, poultry, and pig industries, showcasing integrated advantages along the industrial chain [1] Group 1: Business Performance - In Q3 2025, He Feng's revenue reached 28.073 billion yuan, ranking first in the industry, significantly higher than the industry average of 9.706 billion yuan and the median of 5.242 billion yuan [2] - The main business composition includes poultry industry at 6.733 billion yuan (38.68%), feed products at 6.248 billion yuan (35.89%), feed raw materials at 2.408 billion yuan (13.84%), pig industry at 1.649 billion yuan (9.47%), and others at 369 million yuan (2.12%) [2] - The net profit for the same period was 96.38 million yuan, ranking fifth in the industry, below the industry average of 108 million yuan and above the median of 43.21 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, He Feng's debt-to-asset ratio was 56.83%, higher than the previous year's 50.00% and above the industry average of 54.11% [3] - The gross profit margin for Q3 2025 was 5.78%, lower than the previous year's 6.36% and below the industry average of 9.94% [3] Group 3: Management and Shareholder Information - The chairman, Jin Weidong, received a salary of 820,000 yuan in 2024, an increase of 50,000 yuan from 2023 [4] - The total number of A-share shareholders increased by 4.18% to 22,500 as of September 30, 2025, while the average number of shares held per shareholder decreased by 4.01% to 40,500 [5] Group 4: Market Outlook and Growth - He Feng's feed sales increased by 16% year-on-year, with a total of 2.1 million tons sold in H1 2025 [5] - The pig industry saw a significant increase in output, with 840,000 pigs sold, representing a 44.8% year-on-year growth [5] - The company is expected to maintain steady growth due to integrated industrial chain collaboration, with projected net profits of 559 million yuan, 748 million yuan, and 812 million yuan for 2025 to 2027 [6]

Group 1 - The core point of the article is that He Feng Co., Ltd. announced the results of its 14th board meeting, which included discussions on adjusting the expected daily related transactions for 2025 [1] - The company's revenue composition for the year 2024 is as follows: grain and feed processing accounts for 38.44%, poultry industry for 34.84%, raw material trading for 15.36%, pig industry for 10.19%, and related industries for 1.02% [1] - As of the report, He Feng Co., Ltd. has a market capitalization of 7.4 billion yuan [1]

Core Insights - He Feng Co., Ltd. (603609.SH) reported a total operating revenue of 28.073 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 16.92% [1] - The net profit attributable to shareholders of the parent company was 129 million yuan, showing a year-on-year decline of 55.34% [1] - The basic earnings per share were 0.15 yuan [1]

禾丰食品股份有限公司 期货管理制度 禾丰食品股份有限公司 期货管理制度 （2025 年 10 月修订） 第一章 宗旨 第一条 为防范和规避市场价格波动风险，充分发挥期货及其衍生品套保功 能，规范禾丰食品股份有限公司（以下简称"公司"）期货及其衍生品（以下统 称"期货"）套保业务的决策管理流程，根据公司内部制度建设的总体要求和相 关法律法规，特制定期货套保的风险控制制度。公司各类期货套保业务都适用 本制度的规定。 第二条 本管理制度适用于禾丰食品股份有限公司及所有分子公司。 1 / 3 禾丰食品股份有限公司 期货管理制度 第二章 期货管理责任人 第三条 公司成立期货套保决策小组（以下简称"决策小组"），由公司总 裁和采购副总裁组成，决策小组负责套保业务的监督管理、具体决策以及风险 控制等。 第四条 期货指令下达人负责期货操作指令的下达和监督指令的执行情况。 期货交易员负责按照指令进行期货操作，并按照要求汇报交易情况。 第五条 期货风控负责人负责对期货持仓情况进行统一监控和风险预警提示 以及后续的风险处置工作。 第六条 公司财务中心负责期货出、入金及期货账户的核算工作。 第三章 期货业务审批权限与管理原则 第七条 ...

第一条 为规范禾丰食品股份有限公司（以下简称"公司"）选聘（含续聘、 改聘，下同）会计师事务所的行为，切实维护股东利益，提高审计工作和财务 信息质量，根据《中华人民共和国公司法》《中华人民共和国证券法》《国有企 业、上市公司选聘会计师事务所管理办法》等法律法规、规范性文件及《公司 章程》的相关规定，结合公司实际情况，制定本制度。 第二条 本制度所称选聘会计师事务所，是指公司根据相关法律法规要求， 聘任会计师事务所对公司财务会计报告发表审计意见、出具审计报告的行为。 公司选聘会计师事务所从事其他法定审计业务的，可参照本制度执行。 第三条 公司选聘会计师事务所应经董事会审计委员会审核后，报经董事会 和股东会审议。公司不得在董事会、股东会审议前聘请会计师事务所开展审计 业务。 禾丰食品股份有限公司 会计师事务所选聘制度 禾丰食品股份有限公司 会计师事务所选聘制度 （2025 年 10 月修订） 第一章 总则 （二）具有固定的工作场所、健全的组织机构和完善的内部管理和控制制 度； （三）熟悉国家有关财务会计方面的法律、法规、规章和政策； （四）具有完成审计任务和确保审计质量的注册会计师； （五）认真执行有关财务审计的 ...

禾丰食品股份有限公司 募集资金管理办法 禾丰食品股份有限公司 第一条 为了规范禾丰食品股份有限公司（以下简称"公司"）募集资金的管理， 提高募集资金使用效率，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司募集资金监管规则》《上海证券交易所股票上市规则》《上海证券交易所上市公 司自律监管指引第 1 号—规范运作》等相关法律、法规及规范性文件以及《禾丰食品 股份有限公司章程》（以下简称《公司章程》）的规定，结合公司实际情况，特制定本 办法。 第二条 本办法所称募集资金是公司通过发行股票或者其他具有股权性质的证券， 向投资者募集并用于特定用途的资金，但不包括公司为实施股权激励计划募集的资金。 本办法所称超募资金是指实际募集资金净额超过计划募集资金金额的部分。 第三条 公司对募集资金的管理应遵循专户存储、规范使用、如实披露、严格管理 的原则。 第四条 公司董事会应当持续关注募集资金存放、管理和使用情况，有效防范投资 风险，提高募集资金使用效益。公司的董事和高级管理人员应当勤勉尽责，确保公司 募集资金安全，不得操控公司擅自或者变相改变募集资金用途。 第五条 公司控股股东、实际控制人及其他关联方不得占用 ...