Investment Rating - The industry investment rating is maintained as "Increase" for the agricultural sector [6] Core Viewpoints - The agricultural sector outperformed the market by 1.01 percentage points during the week of June 30 to July 4, 2025, with a weekly increase of 2.55% [15][17] - The pig farming sector is highlighted as a key investment opportunity due to the recovery of breeding profits and the ongoing rise in pig prices [4][2] - The report emphasizes the importance of cost control for listed pig farming companies to navigate the pig cycle effectively [4] Summary by Sections Market Review - The agricultural sector index closed at 2,729.26, ranking 7th among 31 first-level industries in terms of weekly performance [15][17] - The fishery sector showed the best performance with a 5.13% increase, followed by breeding, agricultural product processing, feed, and planting sectors with respective increases of 3.12%, 2.96%, 2.30%, and 1.63% [17][19] Industry Dynamics - Pig prices continued to rise, with the national average price reaching 15.35 yuan/kg, a week-on-week increase of 4.28% [2] - Self-breeding profits increased to 119.72 yuan/head, while external piglet breeding profits improved to -26.26 yuan/head [2] - In the poultry sector, chicken prices remained under pressure due to high inventory levels, with broiler chick prices dropping to 1.36 yuan/chick, a 20% decrease week-on-week [2] Agricultural Products - Prices for wheat, corn, and soybean meal showed a week-on-week increase, with wheat averaging 2,451.06 yuan/ton (up 0.19%), corn at 2,367.14 yuan/ton (up 0.61%), and soybean meal at 2,928.00 yuan/ton (up 0.76%) [3][34] Investment Recommendations - The report suggests focusing on the pig farming sector, particularly companies with strong cost control such as Muyuan Foods, Wens Foodstuff Group, and others [4] - In the poultry sector, it recommends looking at integrated industry leaders like Shennong Development and Lihua Stock for yellow feathered chickens [4] - For feed, it highlights industry leaders like Haida Group and regional leaders like Hefeng Stock as beneficiaries of the recovery in livestock demand [4] - The report also emphasizes the importance of food security, recommending companies like Suqian Agricultural Development and Beidahuang [4]

Investment Rating - The report maintains an "Increase" rating for the agricultural sector [5] Core Views - The report emphasizes the need to combat "involutionary" competition and optimize pig production capacity, as highlighted in the recent meeting of the Central Financial Committee [1][17] - The overall pig farming industry is currently profitable, with self-breeding and self-raising models showing increased profits [18][23] - The poultry sector is experiencing price declines, particularly in broiler chickens and chicken seedlings, indicating a potential for price recovery in the future [19][36] Summary by Sections Agricultural Data Tracking - The national average price for lean meat pigs is 14.82 CNY/kg, up 3.9% from last week, while the average wholesale price for pork is 20.58 CNY/kg, up 1.7% [21][22] - The average weight of pigs for slaughter has decreased to 90.05 kg, down 0.6% week-on-week [26] - The price of 15 kg piglets has decreased to 36.77 CNY/kg, down 1% from last week [29] Pig Farming - The average profit for self-breeding pigs is 119.72 CNY/head, an increase of 69.48 CNY/head from last week, while the profit for purchased piglets is -26.26 CNY/head, an increase of 105.45 CNY/head [23][24] - The report suggests monitoring the impact of recent policy changes on pig prices and inventory behavior [18] Poultry Farming - The average price for broiler chickens is 6.75 CNY/kg, down 3.7% from last week, and the average price for chicken products is 8.45 CNY/kg, down 1.2% [36] - The price for broiler chicks has dropped to 1.36 CNY/chick, down 20% from last week [31] Crop and Agricultural Products - The approval of genetically modified varieties is expected to lead to commercial sales, with potential growth opportunities for industry companies [19] Livestock Support - The report notes increased price volatility in agricultural products, with leading feed companies likely to replace smaller competitors due to their advantages in procurement and scale [19]

Summary of Key Points Core Viewpoint - The announcement details the conversion results of the convertible bonds issued by Wellhope Foods Co., Ltd., highlighting the low conversion rate and the remaining unconverted bonds as of June 30, 2025 [1][4]. Group 1: Convertible Bond Issuance Overview - Wellhope Foods issued 15 million convertible bonds with a total value of 1.5 billion yuan, each with a face value of 100 yuan, approved by the China Securities Regulatory Commission on April 22, 2022 [1][2]. - The bonds have a maturity period of 6 years, from April 22, 2022, to April 21, 2028, with a tiered interest rate starting at 0.3% in the first year and increasing to 2.0% in the sixth year [1][2]. Group 2: Conversion Details - As of June 30, 2025, only 29,000 yuan worth of bonds were converted, resulting in 2,859 shares, which is 0.35% of the total shares before conversion [4]. - The total amount of unconverted bonds as of June 30, 2025, is 1,466,971,000 yuan, representing 97.80% of the total issued bonds [1][4]. Group 3: Adjustments to Conversion Price - The initial conversion price was set at 10.22 yuan per share, which has been adjusted multiple times due to stock repurchases and profit distributions, with the latest adjustment bringing it down to 10.09 yuan per share effective June 10, 2025 [2][3].

Core Viewpoint - The company, Hefeng Food Co., Ltd., has announced a share repurchase plan aimed at enhancing shareholder value and supporting the conversion of convertible bonds, with a total repurchase amount expected to be between 100 million to 200 million RMB [1][2]. Summary by Sections Share Repurchase Plan - The share repurchase plan was first disclosed on October 30, 2024, proposed by the board of directors [1]. - The implementation period for the repurchase is set for 12 months following board approval [1]. - The expected repurchase amount ranges from 100 million to 200 million RMB [1]. - The repurchase will be used for the conversion of the company's convertible bonds [1]. Progress of Share Repurchase - As of June 30, 2025, the company has repurchased a total of 17,303,064 shares, accounting for 1.90% of the total share capital [1][2]. - The total amount spent on repurchases so far is 145.4592 million RMB, with an average repurchase price ranging from 7.31 RMB to 9.16 RMB per share [1][2]. - The highest price paid for shares during the repurchase was 8.50 RMB, while the lowest was 8.45 RMB, with a total payment of 3.0564 million RMB for the most recent transaction [2]. Compliance and Future Actions - The company will adhere to relevant regulations and guidelines regarding share repurchases and will make decisions based on market conditions [2]. - The company commits to timely information disclosure regarding the progress of the share repurchase [2].

| 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2025-066 | | --- | --- | --- | | 债券代码：113647 | 债券简称：禾丰转债 | | 公司于 2025 年 3 月 19 日披露了《禾丰股份股东减持股份计划公告》（公告编 号：2025-026），王仲涛先生计划通过大宗交易、集中竞价交易等方式减持公司股 份不超过 11,656,000 股，减持期间为自 2025 年 4 月 11 日至 2025 年 7 月 10 日。 截至 2025 年 7 月 2 日，王仲涛先生通过大宗交易、集中竞价方式减持公司股份 11,656,000 股，占公司总股本的 1.2774%。王仲涛先生本次减持计划已实施完毕。 上述减持主体无一致行动人。 禾丰食品股份有限公司 股东减持股份结果公告 本公司董事会、全体董事及相关股东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： 大股东持股的基本情况 本次减持计划实施前，禾丰食品股份有限公司（以下简称"公司"）股东王 仲涛先生持有公司股票 46,625,229 股，占 ...

| 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2025-065 | | --- | --- | --- | | 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： | 回购方案首次披露日 | 2024/10/30，由董事会提议 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 10,000万元~20,000万元 | | 回购用途 | □减少注册资本 □用于员工持股计划或股权激励 | | | √用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 1,730.3064万股 | | 累计已回购股数占总股本比例 | 1.90% | | 累计已回购金额 | 14,545.92万元 | | 实际回购价格区间 | 7.31元/股~9.16元/股 | 本次回购符合法律法规的有关规定和公司回购股份方案的要求。 一、 ...

| 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2025-064 | | --- | --- | --- | | 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： ● 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 6 月 30 日，累计共有 33,029,000 元"禾丰转债"转换为公司股份，因转股形成的股份数量为 3,219,111 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 6 月 30 日，尚未转股的"禾丰转债" 金额为 1,466,971,000 元，占"禾丰转债"发行总额的 97.80%。 一、可转债发行上市概况 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 限公司 ...

证券代码:603609 债券代码:113647 证券简称:禾丰股份 债券简称:禾丰转债 禾丰食品股份有限公司 可转换公司债券受托管理事务报告 (2024年度) 债券受托管理人: 国银河证券股份有 A GALAXY SECURITIES COMPAN (北京市丰台区西营街 8 号院 1 号楼 7 至 18层 101) 二〇二五年六月 l 1/32 重要声明 中国银河证券股份有限公司(以下简称"中国银河证券")编制本报告的内 容及信息来源于禾丰食品股份有限公司（以下简称"禾丰股份""公司"或"发 行人"）对外公布的公开信息披露文件及禾丰股份向中国银河证券提供的资料。 中国银河证券按照《公司债券发行与交易管理办法》《公司债券受托管理人执 业行为准则》等相关规定及与禾丰股份签订的《禾丰食品股份有限公司与中国银 河证券股份有限公司签订的禾丰食品股份有限公司可转换公司债券受托管理协议》 (以下简称"《受托管理协议》")的约定编制本报告。 本报告不构成对投资者进行或不进行某项行为的推荐意见,投资者应对相关 事宜做出独立判断,而不应将本报告中的任何内容据以作为中国银河证券所作的 承诺或声明。请投资者独立征询专业机构意见,在任 ...

关于更换持续督导保荐代表人的公告 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"禾丰股份"或"公司"）于近日收到中国 银河证券股份有限公司（以下简称"银河证券"）出具的《关于更换禾丰食品股份 有限公司 2022 年度公开发行可转换公司债券项目保荐代表人的函》。银河证券作为 禾丰股份公开发行可转换公司债券的保荐机构，原指定保荐代表人高寒女士和乔娜 女士履行持续督导职责。现乔娜女士因个人原因，不再担任公司可转债项目持续督 导保荐代表人。为保证持续督导工作有序进行，银河证券委派靳红雅女士（简历详 见附件）接替乔娜女士担任禾丰股份持续督导期间的保荐代表人，继续履行持续督 导职责。本次变更不影响银河证券对公司的持续督导工作。本次变更后，公司可转 债项目持续督导的保荐代表人为高寒女士和靳红雅女士。 根据相关规定，公司公开发行可转换公司债券的持续督导期已于 2023 年 12 月 31 日届满。截至目前，公司公开发行可转债的募集资金尚未使用完毕，银河证券及 保荐代表人将继续履行相关持续督导义务。 | 证券代 ...

Core Viewpoint - The tracking rating results for He Feng Food Co., Ltd. indicate that the company's credit rating remains stable at "AA" for both the entity and its convertible bonds, with no changes from the previous rating [1][2]. Group 1: Rating Results - Previous rating results showed an entity credit rating of "AA" and a credit rating of "AA" for "He Feng Convertible Bonds," with a stable outlook [1]. - The current tracking rating results maintain the entity credit rating at "AA" and the credit rating for "He Feng Convertible Bonds" at "AA," with a stable outlook [1]. - The rating agency, United Credit Rating Co., Ltd., conducted a comprehensive analysis of the company's operational status and industry conditions before issuing the tracking rating report on June 25, 2025 [1]. Group 2: Regulatory Compliance - The company commissioned United Credit Rating Co., Ltd. to perform the 2025 tracking credit rating in accordance with relevant regulations, including the "Measures for the Administration of Securities Issuance by Listed Companies" and the "Measures for the Administration of Company Bonds Issuance and Trading" [1]. - The tracking rating report is available on the Shanghai Stock Exchange website for further details [2].