Core Viewpoint - He Feng Co., Ltd. is facing significant financial challenges despite recent revenue growth, with increasing debt levels and declining asset quality due to market pressures in the livestock and feed sectors [1][2][3][4][6][7]. Group 1: Shareholder Actions - The controlling shareholder's action person, Wang Fengjiu, reduced holdings by 6 million shares, decreasing the combined shareholding of the controlling shareholder and action persons from 32.40% to 31.74% [1]. - According to the reduction plan, Wang Fengjiu and Shao Caimei plan to reduce a total of 2.19% of shares, with potential further reductions of 1.53% [2]. Group 2: Financial Performance - In the first half of 2024, He Feng Co., Ltd. reported a revenue increase of 16.27% to 17.407 billion yuan, with a net profit of 233 million yuan, marking a return to profitability [2][6]. - However, the company’s asset-liability ratio increased by 6.81 percentage points year-on-year to 56.38%, with short-term interest-bearing liabilities rising by 116% to 2.505 billion yuan and long-term interest-bearing liabilities increasing by 17.73% to 3.512 billion yuan [2][4]. Group 3: Operational Challenges - The company experienced a net cash outflow of 512 million yuan from operating activities in the first half of 2024, primarily due to increased payments for goods and services [4]. - He Feng Co., Ltd. has seen significant growth in accounts receivable (1.275 billion yuan, up 42.75%), inventory (4.414 billion yuan, up 57.14%), and accounts payable (2.382 billion yuan, up 46.17%) [3]. Group 4: Market Conditions - The livestock and feed sectors are under pressure due to low prices for pork and poultry, with the price of white feather chickens dropping to historical lows [6][7]. - The white feather chicken industry is facing overcapacity, with slaughtering capacity utilization below 75%, leading to increased fixed cost pressures [7]. - The pig farming sector is also experiencing declining prices, with the price dropping from over 20 yuan per kilogram to around 13 yuan, putting further pressure on profitability [7]. Group 5: Strategic Moves - He Feng Co., Ltd. has been expanding aggressively, acquiring stakes in 13 companies for 354 million yuan, but many of these companies are currently unprofitable [3][6]. - The company’s feed business contributed 38% of revenue, while the meat poultry segment contributed 35%, indicating a reliance on these sectors for income [6].

Core Insights - He Feng Co., Ltd. (禾丰股份) reported a net financing purchase of 1.87 million yuan on September 22, 2025, with a total financing balance of 140 million yuan, marking a cumulative net purchase of 3.61 million yuan over the last three trading days [1][4]. Financing Activity Summary - On September 22, 2025, the net financing purchase was 1.87 million yuan, with a financing balance of 140 million yuan, representing 1.88% of the circulating market value [2]. - The previous trading days showed varying net financing purchases: 236,100 yuan on September 19, 2025, and 3.35 million yuan on September 18, 2025, while there was a net repayment of 228,700 yuan on September 17, 2025 [2]. - The total financing balance remained stable at around 140 million yuan, with a slight increase of 0.01% on September 22, 2025 [4]. Margin Trading Summary - On September 22, 2025, there were 3,400 shares sold short, with a net short sale of 900 shares, resulting in a remaining short position of 50,800 shares [3]. - The margin trading balance was reported at 412,500 yuan on September 22, 2025, with fluctuations in the short selling activity over the previous days [3]. Additional Information - Margin trading, also known as securities credit trading, involves investors borrowing funds to purchase securities or borrowing securities to sell them [5].

Group 1 - The core announcement is regarding the results of the "He Feng Convertible Bond" repurchase option, which took place from September 12 to September 18, 2025 [2][3] - The repurchase price for the "He Feng Convertible Bond" was set at 100.59 yuan per bond, including current interest and tax [2][3] - A total of 40 bonds were effectively repurchased, amounting to 4,023.60 yuan, which will be disbursed on September 23, 2025 [3][6] Group 2 - The repurchase will not have a significant impact on the company's cash flow, asset status, or share capital [3] - Unrepurchased "He Feng Convertible Bonds" will continue to be traded on the Shanghai Stock Exchange [4]

| 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2025-097 | | --- | --- | --- | | 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"禾丰转债"可选择回售结果的公告 （一）本次回售的结果 "禾丰转债"的回售申报期为 2025 年 9 月 12 日至 2025 年 9 月 18 日，回售 价格为 100.59 元/张（含当期利息、含税）。 根据中国证券登记结算有限责任公司上海分公司提供的数据，本次"禾丰转 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： 一、本次可转债回售的公告情况 禾丰食品股份有限公司（以下简称"公司"）于 2025 年 9 月 5 日披露了《禾 丰股份关于"禾丰转债"可选择回售的公告》（公告编号：2025-089），并分别于 2025 年 9 月 9 日、2025 年 9 月 12 日、2025 年 9 月 17 日披露了"禾丰转债"可选 择回售的提示性公告（公告编号分别为 2025-090、2025-094、2 ...

Market Overview - The feed sector increased by 0.29% on September 19, with Tianma Technology leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Key Performers in the Feed Sector - Tianma Technology (603668) closed at 15.20, up 4.83% with a trading volume of 321,600 shares and a turnover of 486 million yuan [1] - Jin Xin Nong (002548) closed at 5.22, up 4.19% with a trading volume of 1,024,900 shares and a turnover of 521 million yuan [1] - Tian Kang Biological (002100) closed at 7.68, up 1.86% with a trading volume of 563,400 shares and a turnover of 427 million yuan [1] Capital Flow Analysis - The feed sector experienced a net outflow of 80.65 million yuan from institutional investors, while retail investors saw a net inflow of 5.61 million yuan [2] - The main capital inflow was observed in Jin Xin Nong, with a net inflow of 55.77 million yuan from institutional investors [3] - Hai Da Group (002311) had a net inflow of 18.08 million yuan from institutional investors, indicating positive sentiment [3]

Group 1 - The core event involves He Feng Co., which executed a block trade of 1 million shares on September 17, with a transaction value of 7.81 million yuan, accounting for 13.35% of the total trading volume for that day [1] - The transaction price was 7.81 yuan per share, representing an 8.76% discount compared to the market closing price of 8.56 yuan [1]

Market Overview - The feed sector experienced a decline of 1.48% on September 17, with Bangji Technology leading the drop [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Individual Stock Performance - Aonong Biological (603363) saw a closing price of 6.02, with an increase of 4.15% and a trading volume of 1.568 million shares, totaling a transaction value of 927 million yuan [1] - Guibao Pet (301498) closed at 96.05, up 2.60%, with a trading volume of 36,400 shares and a transaction value of 351 million yuan [1] - Zhongchong Co. (002891) closed at 56.39, up 1.46%, with a trading volume of 98,500 shares and a transaction value of 559 million yuan [1] - Bangji Technology (603151) closed at 28.21, down 8.32%, with a trading volume of 63,000 shares and a transaction value of 182 million yuan [2] - Haida Group (002311) closed at 64.40, down 3.01%, with a trading volume of 111,600 shares and a transaction value of 720 million yuan [2] Capital Flow Analysis - The feed sector saw a net outflow of 65.0615 million yuan from institutional investors, while retail investors experienced a net inflow of 24.4814 million yuan [2] - Aonong Biological had a net inflow of 29.917 million yuan from institutional investors, but a net outflow of 25.9353 million yuan from retail investors [3] - Zhongchong Co. had a net inflow of 27.7889 million yuan from institutional investors, with a net outflow of 27.0733 million yuan from retail investors [3]

Core Viewpoint - He Feng Co., Ltd. announced that convertible bondholders can choose to sell their "He Feng Convertible Bonds" at a price of 100.59 yuan per bond, including current interest, which may lead to potential losses for bondholders due to the market price being higher than the repurchase price [2] Summary by Relevant Sections - Convertible Bond Details - The repurchase price for the "He Feng Convertible Bonds" is set at 100.59 yuan per bond [2] - The announcement was made on the evening of September 16 [2] - Market Context - As of the last trading day before the announcement, the closing price of "He Feng Convertible Bonds" was higher than the repurchase price [2] - This situation indicates that bondholders choosing to sell may incur losses [2]

| 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2025-096 | | --- | --- | --- | | 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"禾丰转债"可选择回售的第三次提示性公告 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： 若公司本次发行的可转换公司债券募集资金投资项目的实施情况与公司在募 集说明书中的承诺情况相比出现重大变化，根据中国证监会的相关规定被视作改 变募集资金用途或被中国证监会认定为改变募集资金用途的，可转换公司债券持 有人享有一次以面值加上当期应计利息的价格向公司回售其持有的部分或者全部 本次可转债的权利。在上述情形下，本次可转债持有人可以在公司公告后的回售 申报期内进行回售，该次回售申报期内不实施回售的，自动丧失该回售权。 当期应计利息的计算公式为：IA=B×i×t/365，其中： （一）附加回售条款 1 回售价格：100.59 元/张（含当期利息） 回售期：2025 年 9 月 12 日-2025 年 9 月 18 ...

Core Viewpoint - He Feng Co., Ltd. announced that shareholder Wang Fengjiu has completed the early release of share pledges, indicating a positive development in the company's shareholder structure [2] Summary by Relevant Sections - **Shareholder Actions** - Wang Fengjiu released 8,350,000 shares from pledge, which accounts for 19.90% of his total holdings and 0.92% of the company's total share capital [2] - **Current Pledge Status** - After this release, Wang Fengjiu has no pledged shares remaining in the company [2]