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]

Core Viewpoint - The company has undergone significant changes in its financial performance, with a notable increase in revenue and a substantial turnaround in net profit, driven by improvements in various business segments and strategic operational adjustments [2][6][7]. Financial Performance - The company reported a revenue of 17.407 billion yuan for the first half of 2025, representing a year-on-year increase of 16.27% [2]. - The net profit attributable to shareholders reached 233 million yuan, marking a significant turnaround from losses in the previous year, with a year-on-year increase of 784.44% [6][7]. - The net cash flow from operating activities was -512 million yuan, indicating a substantial increase in cash outflow compared to the previous year [15]. Business Segments - The main business segments include feed and feed raw material trading, poultry, and pig farming, with no major changes in the core business structure [4][6]. - The feed raw material trading segment achieved a net profit of 62 million yuan, contributing positively to the overall profitability [8][12]. - The pig farming segment saw a significant increase in output, with 840,000 pigs sold, a 42.37% increase year-on-year, leading to improved profitability [13]. Operational Adjustments - The company has optimized its procurement strategies, enhancing its ability to capitalize on market opportunities and improve profit margins [9][10]. - Sales structure improvements have been made by expanding customer bases and enhancing sales quality, which has positively impacted overall revenue [10][11]. Investment Income - The company reported investment income of 104 million yuan, an increase of 77 million yuan compared to the previous year, primarily due to significant profit growth from associated companies [14]. Cash Flow and Borrowing - The company experienced a significant increase in short-term borrowings, rising by 239.51% to 1.925 billion yuan, primarily due to business expansion and acquisitions [38]. - The increase in cash outflow from operating activities was attributed to rapid business growth and changes in procurement and sales credit policies [15][40]. Inventory Management - The company's inventory reached 4.414 billion yuan, a year-on-year increase of 61.21%, largely due to acquisitions in the poultry business [42].

容诚会计师事务所 (特殊普通合伙) 关于禾丰食品股份有限公司 2025 年半年度报告的信息披露监管问询函中 有关问题的回复 容诚会计师事务所 (特殊普通合伙) 中国 ·北京 容诚 禾丰食品股份有限公司 间询函回复 关于禾丰食品股份有限公司 2025 年半年度报告的信息披露监管问询函中 有关问题的回复 上海证券交易所: 贵所于近日出具的《关于禾丰食品股份有限公司 2025 年半年度报告的信 息披露监管问询函》（上证公函《2025】1319 号）（以下简称"《问询函》"） 已收悉。容诚会计师事务所(特殊普通合伙)(以下简称"年审会计师")作 为禾丰食品股份有限公司(以下简称"禾丰股份"或"公司")2024 年度年审会 计师,本着勤勉尽责、诚实信用的原则,针对问询函涉及年审会计师的相关 问题回复如下,请审核。 问题二:关于货币资金及短期借款 半年度报告显示,报告期末公司货币资金 13.98亿元,短期借款 19.25 亿元, 报告期内利息费用 1.02 亿元,利息收入 686.17 万元,货币资金半年度收益率 0.49%; 2024年年度报告显示,公司货币资金 17.94 亿元,短期借款 5.67 亿元, 利息费用 ...

| 证券代码：603609 | 证券简称：禾丰股份 公告编号：2025-099 | | --- | --- | | 债券代码：113647 | 债券简称：禾丰转债 | 禾丰食品股份有限公司 核算及具体依据，会计处理是否符合《企业会计准则第 14 号——收入》的相关规 定。 【公司回复】： 一、按饲料、原料贸易、肉禽、生猪细分行业类别的报告期营业收入、营业 成本、毛利率、净利润、报告期末总资产、净资产、员工人数及同比变动情况 关于上海证券交易所对公司 2025 年半年度报告信息披 露监管问询函的回复公告 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。 禾丰食品股份有限公司（以下简称"公司"）于近日收到上海证券交易所出 具的《关于禾丰食品股份有限公司 2025 年半年度报告的信息披露监管问询函》（上 证公函【2025】1319 号）（以下简称"《问询函》"），公司收到《问询函》后 高度重视，积极组织相关各方针对《问询函》中涉及的问题进行逐项研讨、核查 与分析，现就《问询函》相关事项回复如下： 【问题 1】关于主营业务及业绩。公司主 ...

变更后电子邮箱：hf@wellhopefood.com 除上述变更外，公司办公地址、联系电话等其他联系方式保持不变。变更后 的电子邮箱自本公告披露之日起正式启用，原邮箱地址同步停用，敬请广大投资 者注意。由此给投资者带来的不便，敬请谅解。 特此公告。 | 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2025-100 | | --- | --- | --- | | 债券代码：113647 | 债券简称：禾丰转债 | | 禾丰食品股份有限公司 关于变更公司电子邮箱的公告 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。 禾丰食品股份有限公司（以下简称"公司"）根据实际工作需要，对公司电 子邮箱进行变更，具体情况如下： 变更前电子邮箱：hfmy@wellhope.co 禾丰食品股份有限公司董事会 2025 年 9 月 30 日 1 ...

Group 1 - The oil service engineering sector increased by 0.69% on September 26, with Junyou Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] - Key stocks in the oil service engineering sector showed varied performance, with Junyou Co., Ltd. closing at 8.06, up 3.73%, and Tongyuan Petroleum closing at 5.49, up 3.00% [1] Group 2 - The oil service engineering sector saw a net inflow of 74.01 million yuan from institutional investors, while retail investors experienced a net outflow of 100 million yuan [2] - The stock performance of various companies indicated mixed investor sentiment, with Tongyuan Petroleum receiving a net inflow of 37.81 million yuan from institutional investors [3] - Junyou Co., Ltd. had a net inflow of 31.08 million yuan from institutional investors, but also saw a net outflow of 19.58 million yuan from retail investors [3]

Core Viewpoint - The company is expected to trigger the price adjustment clause for its convertible bonds due to the stock price falling below a certain threshold, which may lead to a board meeting to decide on the adjustment [2][9]. Group 1: Convertible Bond Issuance Overview - The company issued 15 million convertible bonds with a total value of 1.5 billion yuan, with a maturity of 6 years and a tiered interest rate starting from 0.3% in the first year to 2.0% in the sixth year [3]. - The initial conversion price was set at 10.22 yuan per share, which has been adjusted to 10.09 yuan per share following various corporate actions [3][4]. Group 2: Price Adjustment Clause and Trigger Conditions - The price adjustment clause allows for a downward revision of the conversion price if the stock price remains below 85% of the current conversion price for a specified number of trading days [5][6]. - The company has already experienced 10 trading days where the stock price closed below 8.58 yuan, which is 85% of the current conversion price, indicating a potential trigger for the adjustment [9]. Group 3: Previous Decisions and Future Implications - The company previously decided not to adjust the conversion price during a specific period, but if the conditions are met again after this period, the board will consider a new adjustment [8]. - If the adjustment conditions are triggered, the company will hold a board meeting to decide on the adjustment and will disclose the decision promptly [9].

Core Points - He Feng Co., Ltd. announced that from September 3, 2025, to September 25, 2025, its stock price has closed below 85% of the current conversion price (10.09 CNY/share), which is 8.58 CNY/share for 10 trading days [2] - If the stock price continues to meet the conditions for 5 out of the next 20 trading days, it will trigger the conversion price adjustment clause for "He Feng Convertible Bonds" [2] - The company will hold a board meeting on the day the adjustment conditions are triggered to decide whether to adjust the conversion price and will fulfill its information disclosure obligations in a timely manner [2]

重要内容提示： 自 2025 年 9 月 3 日至 2025 年 9 月 25 日，禾丰食品股份有限公司（以下 简称"公司"）股票已有 10 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），若未来 20 个交易日内有 5 个交易日公司股票收盘价继 续满足相关条件，将触发"禾丰转债"的转股价格修正条款。公司将于触发修正 条件当日召开董事会审议决定是否修正转股价格，并及时履行信息披露义务。 一、可转债发行上市概况 | 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2025-098 | | --- | --- | --- | | 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"预计满足转股价格修正条件 的提示性公告 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。 经中国证券监督管理委员会证监许可[2022]662 号文核准，公司于 2022 年 4 月 22 日公开发行了 1,500 万张可转换公司债券，每张面值 100 元，发 ...