| 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2025-069 | | --- | --- | --- | | 债券代码：113647 | 债券简称：禾丰转债 | | 禾丰食品股份有限公司 关于股份回购进展公告 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： | 回购方案首次披露日 | 2024/10/30，由董事会提议 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 10,000万元~20,000万元 | | 回购用途 | □减少注册资本 □用于员工持股计划或股权激励 | | | √用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 1,730.3064万股 | | 累计已回购股数占总股本比例 | 1.90% | | 累计已回购金额 | 14,545.92万元 | | 实际回购价格区间 | 7.31元/股~9.16元/股 | 2024 年 11 月 22 日,公司以集中竞价交易方式实施了 ...

| 序号 | 股东名称 | 持股比例: | | 认缴出资额(万元): 认缴出资日期:首次持股日期:关联产品/机构 | | | --- | --- | --- | --- | --- | --- | | | 禾丰食品股份有限公司 禾丰股份(603609.SH) | 35.00% | 350 | 2025-07-30 | 乐丰股份 | | 2 | 雅坊新格丰农业科技有限公司 | 35.00% | 350 | 2025-07-30 | | | 3 | 浦坊合广源动物保健有限公司 | 30.00% | 300 | 2025-07-30 | | 企查查APP显示，近日，山东铭翔生物科技有限公司成立，注册资本1000万元，经营范围包含：生物质 能技术服务；农林牧渔业废弃物综合利用；细胞技术研发和应用等。企查查股权穿透显示，该公司由禾 丰股份（603609）等共同持股。 | © 北章章 全国企业信用酒 | 山东铭网生物科技有限公司 | | ○ 项一下 | ■应用 · | 企业中心 [ 自 | | | --- | --- | --- | --- | --- | --- | --- | | 基本信息 12 | 法律诉讼 知识产 ...

Core Insights - The concentrated feed industry in China is experiencing a decline in production, with a projected output of 12.94 million tons in 2024, representing an 8.8% year-on-year decrease, primarily due to reduced demand from the livestock sector and rising raw material costs [1][11][19] - The average prices of concentrated feed are also on a downward trend, with specific prices for fattening pig feed at 5 CNY/kg (down 4.4%), layer chicken feed at 3.54 CNY/kg (down 4.4%), and broiler feed at 4.13 CNY/kg (down 5.5%) in the first half of 2025 [13][19] Industry Overview - Concentrated feed, also known as protein supplement feed, is a processed feed with moisture content below 12%, providing essential nutrients like proteins, minerals, and vitamins, and is characterized by high nutritional density and energy content [1][3] - The industry is currently in an adjustment phase, influenced by a decrease in livestock farming demand and increased raw material prices, leading to a shift towards mixed feed [1][11] Industry Policies - The Chinese government has introduced several policies to promote the development of the concentrated feed industry, including initiatives for healthy farming practices and the comprehensive utilization of agricultural by-products [5][6][22] - Key policies include the promotion of low-protein diets and support for the exploration and efficient use of new feed resources [6][22] Industry Chain - The concentrated feed industry chain consists of upstream raw materials (corn, sorghum, fish meal, etc.), midstream production processes, and downstream applications in livestock farming [7][11] Competitive Landscape - Large feed companies dominate the market due to their advantages in brand, scale, and technology, while small and medium enterprises face challenges in technology and market share [15][19] - Major players in the industry include New Hope Liuhe, Haida Group, and Beijing Dabeinong Technology Group [15][19] Development Trends - The industry is expected to see advancements in technology and product innovation, with a focus on personalized and high-end market demands [21] - There is a push for green development in response to stricter environmental regulations, encouraging companies to reduce pollution and improve resource efficiency [22] - The internationalization of the concentrated feed industry is accelerating, with opportunities for growth in export markets driven by initiatives like the Belt and Road [24]

Market Overview - The feed sector experienced a decline of 1.07% on July 29, with Lude Environment leading the drop [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Individual Stock Performance - Lude Environment (688156) closed at 20.02, down 2.58% with a trading volume of 34,800 shares and a transaction value of 69.87 million [1] - Other notable declines include: - Lusi Co. (832419) down 2.18% to 21.56 - Zhongchong Co. (002891) down 1.95% to 54.19 - Bangji Technology (603151) down 1.86% to 24.78 [1] Capital Flow Analysis - The feed sector saw a net outflow of 201 million from institutional investors, while retail investors contributed a net inflow of 96.49 million [1] - Specific stock capital flows include: - Jin Xin Nong (002548) with a net inflow of 10.17 million from institutional investors [2] - He Feng Co. (603609) with a net inflow of 5.69 million from institutional investors [2] - Petty Co. (300673) experienced a net outflow of 54,400 from institutional investors [2]

Investment Rating - The industry investment rating is "Recommended" with an expectation that the industry index will exceed the benchmark index by more than 5% in the next 3-6 months [3][52]. Core Viewpoints - The report indicates that the prices of broilers and chicks have remained stable, with profits in the breeding sector showing some recovery. However, there are significant losses in the broiler farming and hatching sectors [1][43]. - The report emphasizes the importance of monitoring the recovery of poultry consumption in the context of economic recovery, as well as the impact of external factors such as avian influenza on supply chains [46]. Summary by Sections Industry Basic Data - The industry consists of 101 listed companies with a total market value of 1,395.44 billion and a circulating market value of 1,070.09 billion [3]. Price Trends - In June, the average price of broilers was 7.18 yuan/kg, down 0.07% year-on-year and down 3% month-on-month. The average price of chicken products was 8,687.5 yuan/ton, down 6% year-on-year and down 2% month-on-month [11][8]. - The average price of chicks in June was 2.29 yuan/chick, a decrease of 21% month-on-month and 4% year-on-year [8][11]. Production Capacity - As of June 2025, the average stock of parent stock was 23.17 million sets, an increase of 8.5% year-on-year but a decrease of 2.8% month-on-month. The average stock of backup parent stock was 15.57 million sets, down 1.9% year-on-year and up 3.8% month-on-month [34][27]. Sales Performance - In June, the sales revenue of Yisheng Co. for parent and commercial chicks was 1.29 billion, down 13.58% year-on-year and down 25.54% month-on-month. The sales volume was 0.61 billion, up 17.68% year-on-year but down 7.26% month-on-month [14]. - The sales revenue of Shengnong Development for chicken was 11.64 billion, up 4.30% year-on-year and up 1.04% month-on-month, with a sales volume of 12.32 million, up 3.18% year-on-year [14]. Investment Recommendations - The report suggests focusing on companies such as Shengnong Development, Yisheng Co., and Hefeng Co. due to their potential for profit improvement and valuation recovery in the context of expected consumption recovery [46].

农林牧渔 2025 年 07 月 20 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2024-07 2024-11 2025-03 农林牧渔 沪深300 相关研究报告 《7 月 USDA 农产品报告下调全球玉 米、水稻、小麦产量，上调大豆产量 —行业点评报告》-2025.7.15 《生猪龙头 2025Q2 利润高增，犊牛 价格持续上行牛周期景气有支撑—行 业周报》-2025.7.13 《供给收缩与宏观催化共振，2025Q3 猪 价 存 在 强 支 撑 — 行 业 周 报 》- 2025.7.6 10 短期供给增加致猪价下滑，震荡消化后中枢或抬升 ——行业周报 | 陈雪丽（分析师） | 王高展（分析师） | 朱本伦（联系人） | | --- | --- | --- | | chenxueli@kysec.cn | wanggaozhan@kysec.cn | zhubenlun@kysec.cn | | 证书编号：S0790520030001 | 证书编号：S0790525070003 | 证书编号：S0790124060020 | 周观察：短期供给 ...

Group 1 - The company forecasts a net profit of between 190 million yuan and 260 million yuan for the first half of 2025, indicating a turnaround from a loss in the previous year [1][2] - The expected net profit attributable to the parent company, excluding non-recurring gains and losses, is projected to be between 115 million yuan and 185 million yuan [1][2] - In the same period last year, the company reported a net loss of 34.05 million yuan and a net loss of 32.33 million yuan after excluding non-recurring gains and losses [1][2] Group 2 - The main reasons for the turnaround include increased sales in feed, poultry, and hogs, along with lower prices for key feed raw materials such as soybean meal and corn, and a decrease in breeding costs for hogs and poultry [2]

[Summary of Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company anticipates a significant turnaround to profitability in H1 2025, with net profit attributable to owners of the parent company projected between RMB 190 million and RMB 260 million Estimated Financial Performance for H1 2025 | Indicator | Estimated Amount (RMB million) | | :--- | :--- | | **Net Profit Attributable to Owners of Parent Company** | 190.00 to 260.00 | | **Net Profit Attributable to Owners of Parent Company After Deducting Non-recurring Gains and Losses** | 115.00 to 185.00 | - The company explicitly states that this performance forecast has not been audited by a certified public accountant[5](index=5&type=chunk) [Comparison with Prior Period Performance](index=1&type=section&id=II.%20Prior%20Period%20Operating%20Performance%20and%20Financial%20Position) In contrast to the current period's profitability, the company reported a net loss attributable to owners of the parent company of RMB 34.05 million in the same period of 2024 H1 2024 Financial Performance | Indicator | H1 2024 Data (RMB) | | :--- | :--- | | **Net Profit Attributable to Owners of Parent Company** | -34.05 million | | **Net Profit Attributable to Owners of Parent Company After Deducting Non-recurring Gains and Losses** | -32.33 million | | **Earnings Per Share** | -0.04 | [Analysis of Performance Change Reasons](index=2&type=section&id=III.%20Primary%20Reasons%20for%20Turning%20Loss%20into%20Profit%20in%20Current%20Period) The turnaround to profitability is primarily driven by increased sales volumes across core business segments and reduced raw material costs - Sales growth in the company's three main businesses: During the reporting period, sales of **feed, poultry, and live pigs** all achieved year-over-year growth[8](index=8&type=chunk) - Decrease in major raw material costs: Prices of major feed raw materials such as **soybean meal and corn** remained low, leading to a year-over-year decrease in live pig and poultry breeding costs[8](index=8&type=chunk) [Risk Warning and Other Notes](index=2&type=section&id=IV.%20Risk%20Warning) The company confirms no significant uncertainties affecting the forecast's accuracy, but reminds investors that the disclosed data is preliminary and subject to the final semi-annual report - The company states that there are no significant uncertainties affecting the accuracy of this performance forecast[9](index=9&type=chunk) - The final financial data will be subject to the company's officially disclosed **2025 semi-annual report**, reminding investors to be aware of investment risks[10](index=10&type=chunk)

Summary of Key Points Core Viewpoint - The company has provided guarantees for its subsidiaries to secure financing, with the total guarantee amounting to 217,346.28 million yuan as of June 30, 2025, which represents 32.46% of the company's audited net assets as of December 31, 2024 [4]. Group 1: Guarantee Details - The company has provided a guarantee of 20,000 million yuan to Liaoning Aipute Trading Co., Ltd., with an actual guarantee balance of 25,514.79 million yuan [1][3]. - A guarantee of 1,000 million yuan has been provided to Baicheng Hefeng Animal Husbandry Co., Ltd., with an actual guarantee balance of 1,770.00 million yuan [1][3]. - The company has also guaranteed 19,600 million yuan for Taian Jiuguhe Agricultural Development Co., Ltd., with an actual guarantee balance of 12,200.00 million yuan [1][3]. Group 2: Approval and Decision-Making Process - The guarantees were approved during the company's board meeting on March 14, 2025, and the second extraordinary general meeting of shareholders on March 31, 2025 [3][4]. - The approved guarantee limit is set to not exceed the total amount of 217,346.28 million yuan for the financing of subsidiaries [4]. Group 3: Financial Health and Risk Management - The company has confirmed that all guaranteed entities are subsidiaries and have good credit status, ensuring that the risks associated with these guarantees are manageable [4]. - There are no overdue guarantees reported, indicating a stable financial position regarding these commitments [4].

| 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2025-067 | | --- | --- | --- | | 债券代码：113647 | 债券简称：禾丰转债 | | 禾丰食品股份有限公司 2025年6月为子公司提供担保情况的公告 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： 累计担保情况 | 对外担保逾期的累计金额（万元） | 0.00 | | --- | --- | | 截至 6 月 30 日上市公司及其控股 子公司对外担保余额（万元） | 217,346.28 | | 对外担保余额占上市公司最近一 期经审计净资产的比例（%） | 32.46 | | 产 特别风险提示 | □对外担保总额超过最近一期经审计净资 100% □担保金额超过上市公司最近一期经审计 | | | 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 | | | ☑对资产负债率超过 70%的单位提供担保 | 一、担保情况概述 （一）担保的基本情况 1、为 ...