Group 1 - The core point of the article is that He Feng Co., Ltd. (603609.SH) announced significant share reductions by its major shareholders, which may impact the company's stock performance [1] Group 2 - The controlling shareholder's concerted action, Mr. Wang Fengjiu, reduced his holdings by 5.99 million shares through block trading from September 17 to September 30, 2025 [1] - Ms. Shao Caimei sold 1.2132 million shares through centralized bidding from October 13 to October 14, 2025 [1] - The combined shareholding of the controlling shareholder Jin Weidong and his concerted actors decreased from 31.74% to 30.95%, marking a change that touches the 1% threshold [1]

Investment Rating - The industry investment rating is maintained as "Increase" [4] Core Viewpoints - After the double holiday, pig prices have rapidly declined to below 12 yuan/kg, with self-breeding and self-raising profitability dropping to -152.15 yuan/head, a decrease of 47.2 yuan/head from the previous week. The pressure from high supply is expected to continue to weigh on pig prices, leading to increased market pessimism and a potential for further price declines. However, there is an expectation for a mid-to-long-term price reversal driven by policy and proactive production cuts [1][15][19] - The average selling price of lean pigs nationwide is 11.39 yuan/kg, down 6.1% from last week. The current valuation remains relatively low, suggesting investment opportunities in low-cost pig farming companies such as Muyuan Foods, Wens Foodstuff Group, and others [2][16] - In poultry farming, the price of white feather chickens is 6.88 yuan/kg, down 0.1% from last week, while the average price of chicken products remains stable at 8.65 yuan/kg. The price of meat chicken chicks has increased by 0.6% to 3.22 yuan each. There are expectations for a price rebound in the chicken market [2][16][34] Summary by Sections Livestock - The average weight of pigs sold is 128.48 kg, showing a 0.5% increase from the low point in early August. Feed prices have also increased, indicating a gradual rise in pig inventory since July [1][15] - The profitability of self-breeding and self-raising pigs is -152.15 yuan/head, while the profitability of purchased piglets is -301.04 yuan/head, indicating significant losses in the sector [19][20] Poultry - The price of yellow feather chickens has seen a week-on-week increase of 1.9%, with the current price at 14.18 yuan/kg. This suggests seasonal price elasticity opportunities [2][16][40] - The profitability of parent breeding chickens is 0.47 yuan/head, while the profitability of meat chickens is -2.23 yuan/head, reflecting challenges in the poultry sector [38][44] Agricultural Products - The approval of genetically modified varieties is expected to lead to commercial sales, with potential growth for industry companies as prices and profit distribution become clearer [2][16] Feed and Vaccines - The volatility in agricultural product prices is increasing, and leading feed companies are expected to replace smaller competitors due to their advantages in procurement and scale [2][16]

Group 1 - The company decided not to adjust the conversion price of "He Feng Convertible Bonds" despite triggering the downward adjustment clause due to stock prices falling below 85% of the current conversion price [2][9] - The board's decision was made during the 13th meeting of the 8th board on October 10, 2025, with a unanimous vote of 9 in favor and no opposition [9] - The company will not adjust the conversion price for the next six months, and any future triggers will be evaluated at that time [9] Group 2 - "He Feng Convertible Bonds" were issued on April 22, 2022, with a total amount of 1.5 million bonds, each with a face value of 100 yuan, totaling 1.5 billion yuan [3][12] - The bonds have a six-year term, with a coupon rate that increases from 0.3% in the first year to 2.0% in the sixth year [3][12] - The initial conversion price was set at 10.22 yuan per share, which has been adjusted to 10.09 yuan due to various factors including stock repurchases and profit distributions [4][14] Group 3 - As of September 30, 2025, a total of 33,133,000 yuan of "He Feng Convertible Bonds" have been converted into shares, resulting in 3,229,417 shares, which is 0.35% of the total shares before conversion [11][16] - The remaining unconverted bonds amount to 1,466,863,000 yuan, representing 97.79% of the total issuance [11][17]

证券日报网讯10月10日晚间，禾丰股份（603609）发布公告称，2025年9月份，公司未进行回购。截至 2025年9月30日，公司通过集中竞价交易方式已累计回购股份1，730.3064万股，占公司目前总股本的比 例为1.90%。 ...

禾丰食品股份有限公司 | 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2025-103 | | --- | --- | --- | | 债券代码：113647 | 债券简称：禾丰转债 | | 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： 2025 年 9 月，公司未进行回购。截至 2025 年 9 月 30 日，公司通过集中竞价 交易方式已累计回购股份 1,730.3064 万股，占公司目前总股本的比例为 1.90%， 购买的最高价为 9.16 元/股、最低价为 7.31 元/股，已支付的总金额为 14,545.92 万元（不含交易费用）。 一、回购股份的基本情况 禾丰食品股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召开第八 届董事会第八次会议，审议通过了《关于 2024 年第二次以集中竞价交易方式回购 公司股份方案的议案》，同意公司使用自有资金及自筹资金以集中竞价交易方式回 购公司股份用于转换公司可转债，回购资金总额不超过人民币 2.00 亿元 ...

● 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 2025 年 9 月 30 日，累计共 有 33,133,000 元"禾丰转债"转换为公司股份，因转股形成的股份数量为 3,229,417 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 2025 年 9 月 30 日，尚未转股的"禾丰转债" 金额为 1,466,863,000 元，占"禾丰转债"发行总额的 97.79%。 | 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2025-102 | | --- | --- | --- | | 债券代码：113647 | 债券简称：禾丰转债 | | 一、可转债发行上市概况 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： 1、"禾丰转债"发行上市情况 经中国证券监督管理委员会证监许可[2022]662 号文核准，禾丰食品股份有 ...

禾丰食品股份有限公司 关于不向下修正"禾丰转债"转股价格的公告 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: 自 2025 年 9 月 3 日至 2025 年 10 月 10 日，公司股票在连续 30 个交易日 中有 15 个交易日的收盘价低于当期转股价格（10.09 元/股）的 85%（即 8.58 元 /股），已触发"禾丰转债"的转股价格向下修正条款。 经第八届董事会第十三次会议决议，公司董事会决定本次不向下修正"禾 丰转债"的转股价格；并且在未来 6 个月内（即自 2025 年 10 月 11 日至 2026 年 4 月 10 日），如再次触发"禾丰转债"转股价格向下修正条款，亦不下修转股价 格。在此期间之后（下一触发转股价格修正条款的期间从 2026 年 4 月 11 日起重 新起算），如再次触发转股价格向下修正条款，届时公司董事会将按规定召开会 议决定是否向下修正转股价格。 | 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2025-101 | | --- | --- | --- | ...

Core Viewpoint - He Feng Co., Ltd. experienced a slight decline in stock price, closing at 7.98 yuan, with a notable large transaction occurring on September 30, involving 2.99 million shares valued at approximately 21.62 million yuan, indicating a negative premium rate of -9.40% [1] Group 1: Stock Performance - On September 30, He Feng Co., Ltd. closed down by 0.62% at a price of 7.98 yuan [1] - The stock has seen a cumulative decline of 0.87% over the last five trading days [1] Group 2: Large Transactions - A significant large transaction occurred, with the first trade priced at 7.23 yuan for 2.99 million shares, totaling 21.62 million yuan [1] - In the last three months, the stock has recorded five large transactions, with a total transaction value of 90.91 million yuan [1] Group 3: Capital Flow - The net inflow of main funds for the stock amounted to 108,800 yuan [1]

Group 1 - The core point of the news is that He Feng Co., Ltd. executed a block trade of 2.99 million shares on September 30, with a transaction value of 21.6177 million yuan, accounting for 38.48% of the total transaction volume for that day [1] - The transaction price was 7.23 yuan, which represents a discount of 9.4% compared to the market closing price of 7.98 yuan on the same day [1]

Core Viewpoint - The Shanghai Stock Exchange has issued an inquiry letter to He Feng Co., Ltd. regarding the financial data in its 2025 semi-annual report, focusing on the mismatch between cash funds and interest income, as well as the significant increase in short-term borrowings [1] Financial Data Summary - As of the end of the reporting period, He Feng Co. held cash funds of 1.398 billion yuan, while the interest income for the same period was only 6.8617 million yuan, resulting in a semi-annual yield of just 0.49% [1] - The balance of short-term borrowings surged to 1.925 billion yuan, representing a substantial increase of 239.51% compared to the end of 2024 [1] Company Response Summary - He Feng Co. explained that its cash management primarily utilizes agreed deposits and current deposits, with funds distributed across 208 subsidiaries to ensure daily operations [2] - The average cash balance for the first half of 2025 was approximately 1.261 billion yuan, with an average interest rate of 0.53%, which the company stated aligns with market interest rate trends [2] - The sharp increase in short-term borrowings was attributed to two main factors: the acquisition of 13 poultry business subsidiaries in April 2025, contributing 745 million yuan in short-term borrowings, and a significant rise in working capital needs due to business expansion, particularly a 748 million yuan increase in inventory [2] - The company noted that the new borrowings primarily consist of debts with interest rates below 3%, indicating that financing costs are within a reasonable range and the borrowing growth aligns with actual business expansion needs [2] - He Feng Co. acknowledged a net cash outflow of 512 million yuan from operating activities, worsening by 992% year-on-year, mainly due to differences in purchase and sales settlement models and cash flow pressures from acquisitions [2]