Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report indicates that the pig price is expected to gradually rise due to government storage initiatives, with the average pig price as of August 22, 2025, being 13.73 yuan/kg, showing a week-on-week increase of 0.04 yuan/kg but a year-on-year decrease of 6.51% [3][13] - The pet food export market is experiencing high growth, with July 2025 exports amounting to 130 million USD, a month-on-month increase of 13.35% [4][25] - The report highlights a positive outlook for the pig farming sector, driven by both fundamental and policy factors, with recommendations for specific companies in the sector [5][26] Weekly Observations - The report notes that the storage of frozen pork by the government is set to begin on August 25, 2025, with a total of 10,000 tons to be stored [38] - The average pig-to-grain price ratio has fallen below 6:1, prompting government intervention to stabilize the market [13][41] - The agricultural index outperformed the market by 0.23 percentage points during the week of August 18-22, 2025, with a 3.72% increase [30][33] Price Tracking - As of August 22, 2025, the average price of live pigs was 13.73 yuan/kg, with a slight decrease of 0.03 yuan/kg from the previous week [43][44] - The average price of piglets was 27.78 yuan/kg, down 1.09 yuan/kg week-on-week [43][44] - The report also tracks the prices of other agricultural products, noting fluctuations in beef, chicken, and feed prices [42][54] Recommendations - The report recommends several companies for investment, including Muyuan Foods, Wens Foodstuff Group, and others in the pig farming sector, as well as companies in the feed sector like Haida Group and New Hope [5][26][28] - In the pet food sector, companies such as Guibao Pet and Petty are highlighted as strong investment opportunities due to the rising domestic market [5][29]

Core Viewpoint - The company, Wellhope Foods Co., Ltd., is set to hold a half-year performance briefing on September 25, 2025, to discuss its operational results and financial status for the first half of 2025, allowing investors to engage in Q&A sessions [2][3][4]. Group 1: Performance Briefing Details - The performance briefing will take place on September 25, 2025, from 10:00 to 11:00 AM [5]. - The event will be held at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [4][5]. - Investors can submit questions from September 18 to September 24, 2025, through the Roadshow Center website or via the company's email [6][2]. Group 2: Employee Stock Ownership Plan - The first lock-up period of the 2024 Employee Stock Ownership Plan (ESOP) expired on August 22, 2025, but the unlocking conditions were not met due to the company's failure to achieve the performance targets [7][9]. - The performance target for the first unlocking period required a net profit of no less than 600 million yuan after deducting non-recurring gains and losses for the year 2024 [9]. - The company will adhere to strict trading restrictions for the ESOP, including prohibitions on trading during specific periods surrounding financial report announcements and significant events [10].

证券代码：603609 证券简称：禾丰股份 公告编号：2025-085 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 2024 年员工持股计划第一个锁定期届满暨解锁 条件未成就的提示性公告 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。 禾丰食品股份有限公司（以下简称"公司"）2024 年员工持股计划（以下 简称"本员工持股计划"）第一个锁定期已于 2025 年 8 月 22 日届满，鉴于公司 本员工持股计划第一个解锁期解锁条件未成就，根据中国证监会《关于上市公司 实施员工持股计划试点的指导意见》以及《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》等相关规定，现将有关事项公告如下： 一、本员工持股计划的基本情况 四次会议，并于 2024 年 5 月 23 日召开 2024 年第二次临时股东大会，审议通过 《关于 <公司 ensp="ensp" 年员工持股计划="年员工持股计划" 草案="草案"> 及其摘要的议案》《关于 < 公司 ensp="ensp"> 年员工持股计划管理办法>的议案》 ...

| 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2025-084 | | --- | --- | --- | | 债券代码：113647 | 债券简称：禾丰转债 | | 债券代码：113647 债券简称：禾丰转债 禾丰食品股份有限公司 关于召开2025年半年度业绩说明会的公告 （一）会议召开时间：2025年9月25日（星期四）10:00-11:00 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： 会议召开时间：2025年9月25日（星期四）10:00-11:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于2025年9月18日（星期四）至9月24日（星期三）16:00前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 hfmy@wellhope.co进行提问。公司将在说 ...

| 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2025-085 | | --- | --- | --- | | 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 2024 年员工持股计划第一个锁定期届满暨解锁 条件未成就的提示性公告 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。 禾丰食品股份有限公司（以下简称"公司"）2024 年员工持股计划（以下 简称"本员工持股计划"）第一个锁定期已于 2025 年 8 月 22 日届满，鉴于公司 2024 年度业绩未达到本员工持股计划第一个解锁期公司层面的业绩考核指标， 本员工持股计划第一个解锁期解锁条件未成就，根据中国证监会《关于上市公司 实施员工持股计划试点的指导意见》以及《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》等相关规定，现将有关事项公告如下： 一、本员工持股计划的基本情况 1、2024 年 5 月 8 日，公司召开第八届董事会第四次会议和第八届监事会第 四次会议，并于 2024 年 5 月 23 日召开 ...

Core Insights - As of August 22, 1258 companies have released their semi-annual reports for 2025, with 751 reporting a year-on-year increase in net profit, while 507 reported a decline [1] - Among the companies, 790 reported a year-on-year increase in operating revenue, while 468 reported a decrease [1] - Notably, 600 companies experienced simultaneous growth in both net profit and operating revenue, while 317 companies saw declines in both metrics [1] - A total of 174 companies reported a doubling of their performance, with Xinte Electric showing the highest increase at 49775.01% [1] Company Performance Summary - Xinte Electric (301120) reported earnings per share of 0.0100, with a net profit of 532.87 million and a year-on-year increase of 49775.01%, alongside operating revenue of 19265.03 million, up 16.10% [1] - Fujilai (301258) achieved a net profit of 4307.66 million, marking a year-on-year increase of 12430.96%, with operating revenue of 22390.97 million, up 3.36% [1] - Taiji Stock (300046) reported a net profit of 3972.84 million, with a year-on-year increase of 3789.41%, and operating revenue of 17878.78 million, up 4.18% [1] - Other notable performers include Shijia Optoelectronics (688313) with a net profit increase of 1712.00% and operating revenue growth of 121.12% [1] Additional Company Insights - Companies like Digital Vision (300079) and Wisdom Technology (688636) also reported significant increases in net profit and operating revenue, with year-on-year increases of 2747.64% and 2147.93%, respectively [1] - The report highlights a diverse range of industries, with companies such as Hanyu Pharmaceutical (300199) and Muyuan Foods (002714) also showing strong performance metrics [1][2]

证券之星消息，8月21日，禾丰股份（603609）融资买入1284.38万元，融资偿还1176.76万元，融资净买 入107.62万元，融资余额1.25亿元，近3个交易日已连续净买入累计520.66万元。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-08-21 | 107.62万 | 1.25亿 | 1.53% | | 2025-08-20 | 204.12万 | 1.24亿 | 1.53% | | 2025-08-19 | 208.92万 | 1.22亿 | 1.51% | | 2025-08-18 | 1157.28万 | 1.20亿 | 1.49% | | 2025-08-15 | 546.87万 | 1.08亿 | 1.34% | | 交易日 | 两融余额(元) | 余额变动(元) | 变动幅度 | | --- | --- | --- | --- | | 2025-08-21 | 1.26亿 | 103.17万 | 0.83% | | 2025-08-20 | 1.25亿 | 211.76万 | 1.72 ...

序号代码名称最新价涨跌幅主力净流入主力净占比1002100天康生物6.61.072467.41万元9.41%2600975新 五丰6.470.621664.68万元5.92%3603717天域生物8.552.271509.48万元9.71%4002840华统股份 10.750.191368.62万元10.32%5002311海大集团60.220.871161.37万元3.17%6000735罗 牛 山6.440.94684.38 万元3.36%7002157正邦科技2.91.05649.50万元1.74%8300761立华股份19.711.86572.66万元1.67%9002385 大北农4.220.72526.59万元0.92%10603609禾丰股份8.940.68479.32万元6.42% 来源：金融界 8月21日，猪肉概念上涨0.75%，今日主力资金流出1.97亿元，概念股28只上涨，6只下跌。 主力资金净流出居前的分别为牧原股份（1.99亿元）、顺鑫农业（2979.91万元）、新希望（1936.05万 元）、得利斯（1393.17万元）、京基智农（974.31万元）。 ...

Group 1 - The core viewpoint of the report is that He Feng Co., Ltd. (603609.SH) is rated as a "buy" due to its strong performance across various business segments [2] Group 2 - Feed business: The product and customer structure continues to optimize, leading to significant sales growth in the three major feed categories [2] - Poultry business: Continuous improvement in production performance and upgraded sales channels are driving profit enhancement [2] - Swine business: The scale of hog output continues to expand, and cost reduction and efficiency improvements are aiding profit growth [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady growth in feed sales and improved cost management, leading to a recovery in breeding profits. The revenue for H1 2025 reached 17.407 billion yuan, a year-on-year increase of 16.27%, with a net profit of 233 million yuan, marking a return to profitability. The growth is attributed to increased sales in feed, poultry, and pig farming, alongside lower prices for key feed ingredients like soybean meal and corn, which helped reduce breeding costs [4][5] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 17.407 billion yuan, up 16.27% year-on-year. The net profit attributable to shareholders was 233 million yuan, a significant turnaround from losses in the previous year. Q2 2025 saw revenue of 9.699 billion yuan, a 25.17% increase year-on-year, with a net profit of 151 million yuan, reflecting a 68.23% growth [4][8] Feed Business - The company’s feed sales reached 2.1 million tons in H1 2025, a 15.70% increase year-on-year. The breakdown includes pig feed at 740,000 tons (up 23.54%), poultry feed at 940,000 tons (up 12.17%), and ruminant feed at 370,000 tons (up 15.99%). The company has effectively linked its pig feed and breeding operations, with bulk pig feed sales increasing by 34% [5] Poultry Business - The company raised 380 million white feather broilers in H1 2025, with an average weight of 2.9-3 kg and a survival rate of 96-97%. The slaughter volume for white feather broilers reached 460 million, a 9.52% increase year-on-year, with a target of 960 million for the year. The sales of chicken parts in high-value channels increased by 2.3 percentage points year-on-year, and the production of processed and cooked products rose by 40% [6] Pig Farming Business - The company had a breeding stock of 58,000 sows as of H1 2025, with 47,000 being productive sows. The company slaughtered 840,000 pigs in H1 2025, with 740,000 being fattened pigs. The expected slaughter volume for 2025 is projected to reach 1.8-2 million pigs, indicating potential for profit expansion [7] Financial Projections - The company forecasts net profits of 559 million yuan, 748 million yuan, and 812 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.61, 0.82, and 0.89 yuan. The current stock price corresponds to P/E ratios of 14.5, 10.8, and 10.0 for the next three years [4][8]