Core Viewpoint - The credit rating agency maintains the long-term credit rating of He Feng Food Co., Ltd. at AA, with a stable outlook, indicating strong competitive advantages in scale, brand, and technology [1][3]. Company Overview - He Feng Food Co., Ltd. operates in the agricultural and animal husbandry industry, primarily engaged in feed and feed raw material trading, poultry business, and pig farming [8][17]. - The company has a total asset of 154.46 billion yuan and equity of 76.91 billion yuan as of March 2025 [8][17]. Financial Performance - In 2024, the company achieved a total revenue of 325.45 billion yuan, with a profit of 3.94 billion yuan, marking a turnaround from a loss in the previous year [8][17]. - The company reported a significant increase in gross profit margin due to a decrease in costs, leading to an overall profit in 2024 [3][5]. - As of March 2025, the company’s cash assets totaled 13.24 billion yuan, with a current ratio of 152.66% [6][8]. Debt and Credit Rating - The company’s debt structure shows a slight increase in long-term debt, but overall debt pressure remains manageable [3][5]. - The rating agency has noted that the company’s debt repayment capacity indicators are performing well, with a debt-to-EBITDA ratio of 3.55 times as of March 2025 [6][8]. Market Position and Competitive Advantage - He Feng Food maintains a leading position in the Northeast region of China’s agricultural industry, with strong brand recognition and technological capabilities [5][17]. - The company has been recognized as a key agricultural enterprise and has received multiple awards for its technological advancements [17]. Recent Developments - The company has acquired stakes in 13 subsidiaries to enhance its poultry business, which will be consolidated into its financial statements starting April 2025 [3][19]. - The actual controller's shareholding has decreased to 32.16% following the retirement of some shareholders, but the company remains under stable control [3][19]. Industry Analysis - The feed industry is experiencing fluctuations in raw material prices, with a focus on cost control and efficiency improvements [14][15]. - The overall market for livestock and poultry is recovering, with expectations of stable raw material costs and a slight increase in supply [14][15].

| 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2025-062 | | --- | --- | --- | | 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2025年跟踪评级结果的公告 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： 前次评级结果：主体信用等级为"AA"，"禾丰转债"的信用等级为"AA"， 评级展望为"稳定"。 本次跟踪评级结果：主体信用等级为"AA"，"禾丰转债"的信用等级 为"AA"，评级展望为"稳定"。 根据《上市公司证券发行管理办法》《公司债券发行与交易管理办法》《上 海证券交易所公司债券上市规则》等相关规定，禾丰食品股份有限公司（以下简 称"公司"）委托信用评级机构联合资信评估股份有限公司（以下简称"联合资 信"）对公司 2022 年公开发行可转换公司债券（以下简称"禾丰转债"）进行 了 2025 年跟踪信用评级。 公司前次主体信用等级为"AA"，"禾丰转债"的信用等级为"AA"，评级 展望为"稳定"。评级机构为联 ...

| H | | --- | | 11 | | 121 | | i 贝 | | k | | - દિવેન WX | | | | ੜੇ | www.lhratings.com 1 禾丰食品股份有限公司 公开发行可转换公司债券 2025 年跟踪评级报告 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 联合〔2025〕5230 号 联合资信评估股份有限公司通过对禾丰食品股份有限公司主体 及其相关债券的信用状况进行跟踪分析和评估，确定维持禾丰食品 股份有限公司主体长期信用等级为 AA，维持"禾丰转债"信用等级 为 AA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月二十五日 二、本报告系联合资信接受禾丰食品 ...

Investment Rating - The industry investment rating is "Recommended" with an expectation that the industry index will outperform the benchmark index by more than 5% in the next 3-6 months [3][48]. Core Viewpoints - The report indicates that the supply of white feather broilers is sufficient, while the demand side remains weak, impacting chicken product prices and industry profitability. The expectation is for a recovery in chicken consumption in 2025, driven by domestic demand expansion [6][42]. - The report highlights a cautious replenishment in the breeding sector, with a slight increase in the price of broiler chickens and stable prices for chicks. The average price of white feather chicks is 2.88 yuan per chick, with a month-on-month increase of 0.38% but a year-on-year decrease of 8% [8][11]. Summary by Sections Market Overview - In May, the price of broiler chickens slightly increased, while chick prices remained stable. The overall survival rate in breeding is low, leading to a contraction in effective market supply. Terminal consumption continues to be weak, keeping prices low [8][11]. - The average price of white feather broilers in May was 7.41 yuan/kg, down 4% year-on-year and 0.074% month-on-month [11]. Production Capacity - As of May 2025, the average stock of parent stock was 23.83 million sets, an increase of 7.4% year-on-year and 2.1% month-on-month. The average stock of backup parent stock was 15 million sets, down 2.4% year-on-year but up 1.5% month-on-month [29][36]. - The report notes that the average stock of grandparent stock was 1.48 million sets, up 20.9% year-on-year and 2.8% month-on-month [28][31]. Financial Performance - The report indicates that the profitability of the chick sector has improved, while the losses in broiler farming have significantly reduced. In May, the loss in broiler farming was 0.07 yuan per chicken, a substantial reduction compared to previous periods [36][37]. - The profitability of hatcheries was reported at 0.26 yuan per chick, showing a significant increase month-on-month [36][37]. Investment Recommendations - The report suggests focusing on companies such as Shengnong Development, Yisheng Shares, and Hefeng Shares, as they are expected to benefit from the anticipated recovery in chicken consumption and improvements in profitability [42].

禾丰食品股份有限公司 简式权益变动报告书 上市公司名称：禾丰食品股份有限公司 股票上市地点：上海证券交易所 股票简称：禾丰股份 股票代码：603609 信息披露义务人： | 姓名或名称 | 住所 | 通信地址 | | --- | --- | --- | | 王仲涛 | 沈阳市大东区*** | 辽宁省沈阳市沈北新区辉山大街 169 号 | 股份变动性质：股份减少 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露了信息披露义务人在禾丰食品股份有限公司拥有权益的股份 变动情况。 四、截至本报告书签署之日，除本报告书披露的信息外，信息披露义务人没 有通过任何其他方式增加或减少在禾丰食品股份有限公司拥有权益的股份。 五、本次权益变动是根据本报告书所载明的资料进行的。除本报告书披露的 信息外，信息披露义务人没有委托或者授权其他任何人提供未在本报告书列载的 信息和对本报告书做出任何解释或者说明。 六、信息披露义务人承诺本报告书不存在虚假记载、误导性陈述或重大遗漏， 并 ...

禾丰食品股份有限公司 简式权益变动报告书 上市公司名称：禾丰食品股份有限公司 股票上市地点：上海证券交易所 股票简称：禾丰股份 股票代码：603609 信息披露义务人： 姓名或名称 住所 通信地址 王仲涛 沈阳市大东区*** 辽宁省沈阳市沈北新区辉山大街 169 号 股份变动性质：股份减少 签署日期：2025 年 6 月 10 日 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则 第15号——权益变动报告书》等相关的法律、法规和规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露了信息披露义务人在禾丰食品股份有限公司拥有权益的股份 变动情况。 四、截至本报告书签署之日，除本报告书披露的信息外，信息披露义务人没 有通过任何其他方式增加或减少在禾丰食品股份有限公司拥有权益的股份。 五、本次权益变动是根据本报告书所载明的资料进行的。除本报告书披露的 ...

简式权益变动报告书 上市公司名称：禾丰食品股份有限公司 股票上市地点：上海证券交易所 股票简称：禾丰股份 禾丰食品股份有限公司 股票代码：603609 信息披露义务人： | 姓名或名称 | 住所 | 通信地址 | | --- | --- | --- | | 王仲涛 | 沈阳市大东区*** | 辽宁省沈阳市沈北新区辉山大街 169 号 | 股份变动性质：股份减少 签署日期：2025 年 6 月 10 日 1 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则 第15号——权益变动报告书》等相关的法律、法规和规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露了信息披露义务人在禾丰食品股份有限公司拥有权益的股份 变动情况。 四、截至本报告书签署之日，除本报告书披露的信息外，信息披露义务人没 有通过任何其他方式增加或减少在禾丰食品股 ...

Investment Rating - The industry investment rating is maintained as "Increase" for the agricultural sector [6] Core Viewpoints - The agricultural sector outperformed the market by 0.03 percentage points during the week of June 3-6, 2025, with the index closing at 2,682.22, reflecting a weekly increase of 0.91% [1][15] - The pig farming sector is experiencing a downward trend in prices, with the average price of pigs at 14.05 yuan/kg, a week-on-week decrease of 2.43% and a year-on-year decrease of 23.89% [2] - The poultry sector is seeing stable chick prices but weak adjustments in meat chicken prices due to high inventory levels in downstream slaughtering [2] - In the agricultural products segment, wheat and soybean meal prices are weak, while japonica rice prices have increased [3] Summary by Sections 1. Market Review - The agricultural sector index rose by 0.91% and ranked 20th among 31 sectors [1][15] - The fishery sector showed the best performance with a 1.34% increase, followed by planting, feed, agricultural product processing, and breeding sectors [1][17] 2. Industry Key Data 2.1 Pig Farming - The average price of pigs is 14.05 yuan/kg, down 2.43% week-on-week and down 23.89% year-on-year [2] - Self-breeding profits are at 33.83 yuan/head, a decrease of 1.82 yuan/head week-on-week, while profits from purchased piglets are at -120.80 yuan/head, down 36.43% week-on-week [2] 2.2 Poultry - The average price of meat chicken chicks is 2.84 yuan/chick, down 1.05% week-on-week, and the price of white feather meat chickens is 7.32 yuan/kg, down 0.68% week-on-week [2] 2.3 Agricultural Products - The average price of wheat is 2,433.61 yuan/ton, down 0.82% week-on-week; japonica rice is at 2,876.00 yuan/ton, up 0.42% week-on-week; and soybean meal is at 2,940.00 yuan/ton, down 0.54% week-on-week [3] 3. Investment Recommendations - The report suggests focusing on the aquaculture feed industry due to the upcoming sales peak in summer and rising prices of certain fish species [4] - In pig farming, companies with strong cost control or clear cost reduction paths are recommended, including Muyuan Foods, Wens Foodstuff Group, and others [4] - For poultry, attention is drawn to integrated industry leaders like Shengnong Development and Lihua Stock for their stable expansion and cost advantages [4] - In the feed sector, companies like Haida Group and Hefeng Stock are highlighted for benefiting from the recovery in livestock inventory [4] - For agricultural products, companies like Suqian Agricultural Development and Beidahuang are recommended for their focus on food security [4]

Overview - The demand for spicy chicken feet (泡椒凤爪) is increasing due to rising national income levels, with a projected demand of 337,900 tons and a market size of 23.45 billion yuan in 2024, averaging 69.40 yuan per kilogram [1][10] - The Z generation is becoming the main consumer group, showing strong demand for snacks and emphasizing taste, packaging, and consumption experience [1][10] Market Policy - Recent policies have imposed stricter requirements on the production process, hygiene standards, and additive usage for spicy chicken feet, including guidelines for traditional food production and food safety management [3][5] Industry Chain - The upstream of the spicy chicken feet industry includes raw chicken feet, seasonings, food additives, and packaging materials, while the midstream focuses on production, and the downstream involves various sales channels such as supermarkets, convenience stores, and e-commerce platforms [6] Consumer Demographics - The consumer base is broad, with over 70% of young consumers aged 15-35, particularly those aged 25-35 (46.25%) and 15-24 (33.14%), favoring spicy chicken feet as a snack for various occasions [8] Competitive Landscape - The spicy chicken feet market is highly fragmented with many small to medium-sized enterprises, where over 70% of related companies have registered capital under 1 million yuan, and less than 10% have over 50 million yuan [15] Key Companies - Youyou Food Co., Ltd. generated a total revenue of 1.182 billion yuan in 2024, with spicy chicken feet accounting for 785 million yuan, or 66.4% of total revenue [17] - Chongqing Qishuang Industrial Group Co., Ltd. focuses on the research, production, and sales of various snack foods, including spicy chicken feet [19] Development Trends - Future trends indicate a shift towards healthier options, including low-salt, low-sugar, and functional products with added collagen, as well as a diversification of flavors beyond traditional spicy varieties [21]

Summary of Key Points Core Viewpoint - The company has approved a total guarantee amount of up to RMB 4.35 billion for its subsidiaries to facilitate financing and procurement of raw materials, ensuring operational continuity and financial stability [1][4]. Group 1: Guarantee Overview - The company has provided a maximum guarantee amount of RMB 200 million for Liaoning Aipute Trading Co., Ltd. and RMB 262.4698 million for Beijing Sanyuan Hefeng Animal Husbandry Co., Ltd. and its 106 subsidiaries for raw material procurement [1][3]. - The total guarantee limit approved by the board and shareholders is RMB 4.35 billion, with RMB 2.85 billion allocated for financing and RMB 1.5 billion for procurement [1][4]. Group 2: Guarantee Progress - As of May 31, 2025, the actual guarantee provided for Liaoning Aipute Trading Co., Ltd. is RMB 26.24698 million, and for Beijing Sanyuan Hefeng Animal Husbandry Co., Ltd. and its subsidiaries, it is within the approved limits [3][4]. - The maximum debt guarantee amount for the subsidiaries is RMB 10.175 million [2][3]. Group 3: Necessity and Reasonableness of Guarantees - The guarantees have been approved by the board and shareholders, and the company has a thorough understanding of the financial health and creditworthiness of the subsidiaries, indicating manageable risk [4]. - The guarantees are essential for the operational needs and cash flow of the subsidiaries, aligning with the company's overall development strategy [4]. Group 4: External Guarantee Status - As of May 31, 2025, the total external guarantee balance is RMB 2.1252623 billion, representing 31.74% of the company's audited net assets as of December 31, 2024 [4]. - There are no overdue guarantees reported [4].