[Summary of Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company anticipates a significant turnaround to profitability in H1 2025, with net profit attributable to owners of the parent company projected between RMB 190 million and RMB 260 million Estimated Financial Performance for H1 2025 | Indicator | Estimated Amount (RMB million) | | :--- | :--- | | **Net Profit Attributable to Owners of Parent Company** | 190.00 to 260.00 | | **Net Profit Attributable to Owners of Parent Company After Deducting Non-recurring Gains and Losses** | 115.00 to 185.00 | - The company explicitly states that this performance forecast has not been audited by a certified public accountant[5](index=5&type=chunk) [Comparison with Prior Period Performance](index=1&type=section&id=II.%20Prior%20Period%20Operating%20Performance%20and%20Financial%20Position) In contrast to the current period's profitability, the company reported a net loss attributable to owners of the parent company of RMB 34.05 million in the same period of 2024 H1 2024 Financial Performance | Indicator | H1 2024 Data (RMB) | | :--- | :--- | | **Net Profit Attributable to Owners of Parent Company** | -34.05 million | | **Net Profit Attributable to Owners of Parent Company After Deducting Non-recurring Gains and Losses** | -32.33 million | | **Earnings Per Share** | -0.04 | [Analysis of Performance Change Reasons](index=2&type=section&id=III.%20Primary%20Reasons%20for%20Turning%20Loss%20into%20Profit%20in%20Current%20Period) The turnaround to profitability is primarily driven by increased sales volumes across core business segments and reduced raw material costs - Sales growth in the company's three main businesses: During the reporting period, sales of **feed, poultry, and live pigs** all achieved year-over-year growth[8](index=8&type=chunk) - Decrease in major raw material costs: Prices of major feed raw materials such as **soybean meal and corn** remained low, leading to a year-over-year decrease in live pig and poultry breeding costs[8](index=8&type=chunk) [Risk Warning and Other Notes](index=2&type=section&id=IV.%20Risk%20Warning) The company confirms no significant uncertainties affecting the forecast's accuracy, but reminds investors that the disclosed data is preliminary and subject to the final semi-annual report - The company states that there are no significant uncertainties affecting the accuracy of this performance forecast[9](index=9&type=chunk) - The final financial data will be subject to the company's officially disclosed **2025 semi-annual report**, reminding investors to be aware of investment risks[10](index=10&type=chunk)

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of the parent company between 190 million and 260 million yuan for the first half of 2025, marking a turnaround from losses in the same period last year [1] Financial Performance - The expected net profit excluding non-recurring gains and losses for the first half of 2025 is projected to be between 115 million and 185 million yuan [1] - The company has experienced year-on-year growth in sales of feed, poultry, and pigs during the reporting period [1] Cost and Pricing Factors - Major feed raw material prices, such as soybean meal and corn, are operating at low levels, contributing to improved profitability [1] - The costs associated with pig and poultry farming have decreased year-on-year, further enhancing the company's overall operational efficiency [1]

Summary of Key Points Core Viewpoint - The company has provided guarantees for its subsidiaries to secure financing, with the total guarantee amounting to 217,346.28 million yuan as of June 30, 2025, which represents 32.46% of the company's audited net assets as of December 31, 2024 [4]. Group 1: Guarantee Details - The company has provided a guarantee of 20,000 million yuan to Liaoning Aipute Trading Co., Ltd., with an actual guarantee balance of 25,514.79 million yuan [1][3]. - A guarantee of 1,000 million yuan has been provided to Baicheng Hefeng Animal Husbandry Co., Ltd., with an actual guarantee balance of 1,770.00 million yuan [1][3]. - The company has also guaranteed 19,600 million yuan for Taian Jiuguhe Agricultural Development Co., Ltd., with an actual guarantee balance of 12,200.00 million yuan [1][3]. Group 2: Approval and Decision-Making Process - The guarantees were approved during the company's board meeting on March 14, 2025, and the second extraordinary general meeting of shareholders on March 31, 2025 [3][4]. - The approved guarantee limit is set to not exceed the total amount of 217,346.28 million yuan for the financing of subsidiaries [4]. Group 3: Financial Health and Risk Management - The company has confirmed that all guaranteed entities are subsidiaries and have good credit status, ensuring that the risks associated with these guarantees are manageable [4]. - There are no overdue guarantees reported, indicating a stable financial position regarding these commitments [4].

| 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2025-067 | | --- | --- | --- | | 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6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： 累计担保情况 | 对外担保逾期的累计金额（万元） | 0.00 | | --- | --- | | 截至 6 月 30 日上市公司及其控股 子公司对外担保余额（万元） | 217,346.28 | | 对外担保余额占上市公司最近一 期经审计净资产的比例（%） | 32.46 | | 产 特别风险提示 | □对外担保总额超过最近一期经审计净资 100% □担保金额超过上市公司最近一期经审计 | | | 净资产 50% | | | □对合并报表外单位担保金额达到或超过 | | | 最近一期经审计净资产 30%的情况下 | | | ☑对资产负债率超过 70%的单位提供担保 | 一、担保情况概述 （一）担保的基本情况 1、为 ...

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、 ...