Investment Rating - Maintain "Add" rating for the agricultural sector [5] Core Views - The first pet Double Eleven sales report has been released, indicating potential catalysts for the sector [1][12] - The trend of domestic substitution and premiumization in the pet food market remains strong, with most top brands being domestic [2][13] - The current valuation of pig farming is relatively low, with opportunities in low-cost pig farming companies [3][15] - The poultry market shows mixed signals, with white feather chicken prices declining while yellow feather chicken prices are increasing [15][30] - The commercialization of genetically modified varieties is expected to enhance growth potential in the agricultural sector [15] Summary by Sections Pet Industry - The top ten brands in the pet food sector are predominantly domestic, with high-end brands like Xianlang and Fregate leading the sales [2][13] - The Double Eleven event is ongoing, with expectations for new product launches and sales data to be closely monitored [14] Pig Farming - The national price for lean pigs is 10.98 yuan/kg, down 3.6% from last week [3][16] - The average wholesale price of pork is 18.03 yuan/kg, down 2.4% [16][24] - Self-breeding pig farming shows a loss of 244.7 yuan per head, indicating a decrease in profitability [20][21] Poultry Farming - The price of white feather chickens is 6.87 yuan/kg, down 0.1%, while chicken product prices average 8.6 yuan/kg, down 0.6% [15][34] - The price of meat chicken chicks has increased by 2.2% to 3.29 yuan each [15][30] - Yellow feather chicken prices have shown a 1.9% increase, suggesting seasonal price elasticity opportunities [15][40] Agricultural Products - The approval of genetically modified varieties is set to enter commercial sales, with potential for growth in the sector [15] - The fluctuation in agricultural product prices is expected to continue, with leading feed companies likely to replace smaller competitors [15][49] Commodity Prices - Domestic corn prices have decreased by 2.0% to 2263.14 yuan/ton [50] - Soybean meal prices have dropped by 0.7% to 2993.43 yuan/ton [68] - The price of imported fish meal has decreased by 3.7% to 13067.39 yuan/ton [80]

Group 1 - The company provided guarantees for its subsidiaries' financing and raw material procurement, with a total guarantee amount of 150 million yuan for raw material purchases and various amounts for financing [3][4][9] - As of September 30, 2025, the total guarantee balance provided by the company and its subsidiaries was 2.344 billion yuan, accounting for 35.02% of the company's audited net assets as of December 31, 2024 [9] - The board of directors approved the guarantee arrangements, confirming that the subsidiaries are under the company's control and that the risks are manageable [7][8] Group 2 - The company has a total guarantee limit of 5.6 billion yuan for the year 2025, which includes 3.25 billion yuan for financing and 2 billion yuan for raw material procurement [5] - The guarantees are intended to support the operational needs and cash flow of the subsidiaries, aligning with the company's overall development strategy [7][8] - No overdue guarantees were reported as of the end of September 2025 [9]

Group 1 - The company He Feng Co., Ltd. announced that as of September 30, 2025, the total external guarantees provided by the company and its subsidiaries amount to approximately 2.344 billion yuan, which represents 35.02% of the audited net assets as of December 31, 2024 [1] - The breakdown of guarantees includes approximately 1.633 billion yuan provided to subsidiaries, accounting for 24.39% of the audited net assets; 492 million yuan provided by subsidiaries to other subsidiaries, representing 7.34%; and 220 million yuan provided by subsidiaries to joint ventures and farmers, which is 3.28% of the audited net assets [1] - For the year 2024, the revenue composition of He Feng Co., Ltd. is as follows: grain and feed processing 38.44%, poultry industry 34.84%, raw material trading 15.36%, pig industry 10.19%, and related industries 1.02% [1] Group 2 - The current market capitalization of He Feng Co., Ltd. is 7.3 billion yuan [2]

| 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2025-105 | | --- | --- | --- | | 债券代码：113647 | 债券简称：禾丰转债 | | 关于控股股东及其一致行动人权益变动触及 1%刻度 的提示性公告 禾丰食品股份有限公司 控股股东金卫东及其一致行动人邵彩梅、王凤久、常州禾力创业投资合伙 企业（有限合伙）保证向本公司提供的信息真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一 致。 重要内容提示： | 权益变动方向 | 比例增加□ | 比例减少☑ | | --- | --- | --- | | 权益变动前合计比例 | 31.74% | | | 权益变动后合计比例 | 30.95% | | | 本次变动是否违反已作出的承诺、意向、计划 | 是□ | 否☑ | | 是否触发强制要约收购义务 | 是□ | 否☑ | 一、信息披露义务人及其一致行动人的基本信息 1.身份类别 | | ☑控股股东/实际控制人及其一致行动人 | | --- | --- | | 投资者及其一致行动人的身份 | □其他 5% ...

| 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2025-104 | | --- | --- | --- | | 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9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： 担保对象及基本情况 | 担保对象一 | 被担保人名称 | | 辽宁爱普特贸易有限公司 | | --- | --- | --- | --- | | | 本次担保金额 | 30,000.00 | 万元 | | | 实际为其提供的担保余额 | 37,845.18 | 万元 | | | 是否在前期预计额度内 | ☑是 | □否 | | | 本次担保是否有反担保 | □是 | ☑否 | | 担保对象二 | 被担保人名称 | | 凌源禾丰牧业有限责任公司 | | | 本次担保金额 | 4,000.00 | 万元 | | | 实际为其提供的担保余额 | 2,400.00 | 万元 | | | 是否在前期预计额度内 | ☑是 | □ ...

Market Overview - The feed sector experienced a decline of 1.02% on October 14, with Zhongchong Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Individual Stock Performance - Baiyang Co., Ltd. saw a significant increase of 9.97%, closing at 6.84, with a trading volume of 164,800 shares and a turnover of 110 million [1] - Other notable performers included Lude Environment (+3.39%), Tiankang Biological (+1.19%), and Tangrenshen (+0.42%) [1] - Zhongchong Co., Ltd. reported a decline of 5.82%, closing at 53.38, with a trading volume of 141,600 shares and a turnover of 760 million [2] - Aonong Biological and Tianma Technology also experienced declines of 2.18% and 1.75%, respectively [2] Capital Flow Analysis - The feed sector saw a net outflow of 183 million from main funds, while retail investors contributed a net inflow of 185 million [2] - The capital flow for individual stocks showed that Baiyang Co., Ltd. had a net inflow of 36.87 million from main funds, while Tiankang Biological had a net inflow of 15.21 million [3] - Conversely, Zhongchong Co., Ltd. experienced a significant net outflow of 76 million from main funds [3]

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]

Core Viewpoint - He Feng Co., Ltd. announced that as of September 30, 2025, the company has repurchased a total of 17.303064 million shares, representing 1.90% of its current total share capital [1] Group 1 - The company did not conduct any share buybacks in September 2025 [1] - The total number of shares repurchased through centralized bidding transactions amounts to 17.303064 million [1] - The repurchased shares account for 1.90% of the company's total share capital [1]