Core Viewpoint - The 2024 Annual General Meeting of He Feng Food Co., Ltd. will discuss various proposals, including the execution of related party transactions and the company's financial performance, highlighting a significant profit increase and strategic governance improvements [1][4][13]. Group 1: Company Performance - The company achieved a net profit of 342 million yuan in 2024, a year-on-year increase of 174.93%, marking a turnaround from a loss [4][13]. - The total revenue for 2024 was 32.55 billion yuan, a decrease of 9.52% compared to the previous year [13][14]. - The company's total assets at the end of the reporting period were 14.88 billion yuan, a slight decrease of 0.37% from the previous year [13][14]. Group 2: Governance and Management - The board of directors has been recognized for its effective governance, receiving an A-level rating for information disclosure for seven consecutive years [5]. - The company completed a board restructuring and appointed a new management team, enhancing governance and operational efficiency [5][9]. - The company executed two rounds of share repurchase plans, spending 287 million yuan to buy back 39.99 million shares, reflecting management's confidence in the company's value [5][9]. Group 3: Related Party Transactions - The company reported that its related party transactions in 2024 were necessary for normal operations, with pricing based on market rates, ensuring compliance with legal and regulatory standards [17][18]. - The total expected amount for related party transactions in 2025 is projected to be 159.4 million yuan, with various categories of transactions detailed [17][18]. Group 4: Future Outlook - The company aims to strengthen its feed business, enhance the meat poultry industry, and improve cash flow and risk management in the coming years [9][12].

禾丰食品股份有限公司 2024 年年度股东大会 会议材料 二〇二五年五月 中国·沈阳 1 / 19 禾丰食品股份有限公司 2024 年年度股东大会会议材料 目 录 | 禾丰食品股份有限公司 2024 | | 年年度股东大会会议议程 | | 3 | | --- | --- | --- | --- | --- | | 议案一：关于 | 2024 | 年度董事会工作报告的议案 | | 4 | | 议案二：关于 | 2024 | 年度监事会工作报告的议案 | | 9 | | 议案三：关于 | 2024 | 年年度报告及其摘要的议案 | | 13 | | 议案四：关于 | 2024 | 年度利润分配方案的议案 | | 14 | | 议案五：关于续聘公司 2025 | | 年度审计机构的议案 | | 15 | | 议案六：关于 | 2024 | 年度日常关联交易执行情况及 | 2025 年度日常关联交易预计的议案16 | | | 议案七：关于公司董事、监事 | | 2024 年度薪酬的议案 | | 18 | | 禾丰股份 2024 | | 年度独立董事述职报告（非表决事项） | | 19 | 2 / 19 禾丰食品股份有 ...

Core Insights - The Chinese feed industry has experienced significant fluctuations in investment and financing activities since 2015, with the highest financing amount reaching 3 billion yuan in 2022 and the most financing events occurring in 2024 with 7 instances [1][2]. Investment Scale - The investment scale in the feed industry is substantial, with the highest single financing amount recorded at 3 billion yuan in 2023, while the second-highest was 1.62 billion yuan in 2017 [2]. Development Stage - The feed industry is currently in a developmental phase, with financing amounts showing volatility. The largest single financing event in 2023 reached 3 billion yuan [2]. Financing Rounds - Financing rounds in the feed industry are primarily concentrated in angel rounds, A rounds, and strategic investments, with 14 angel rounds, 14 A rounds, and 10 strategic investment events recorded [5]. Regional Concentration - Investment activities in the feed industry are concentrated in Beijing, Guangdong, and Jiangsu, with Guangdong leading with 11 financing events, followed by Beijing and Jiangsu with 7 events each [6]. Investment Focus - The main focus of investments in the feed industry from 2021 to 2024 is on feed production, feed usage, and related construction [11]. Investor Composition - The primary investors in the feed industry are investment firms, with notable representatives including Zhongke Kexin and Jizhi Capital, while industrial investors include Guangfa Qianhe and Jinrui Biological [13]. Mergers and Acquisitions - The feed industry has seen horizontal mergers and acquisitions, with companies like Guangdong Feed focusing on acquiring to enhance product quality and output, while companies like Tangrenshen, Dabeinong, and New Hope are improving their supply chains through acquisitions [15][17].

Group 1: Corporate Changes - He Feng Food Co., Ltd. has completed the business registration change and obtained a new business license from the Shenyang Market Supervision Administration [1] - The company held board meetings on February 25, 2025, and a temporary shareholders' meeting on March 13, 2025, to approve amendments to the Articles of Association [1] Group 2: Acquisition Progress - The company is in the process of acquiring partial equity in several poultry-related companies, with a total base consideration of RMB 353.983 million [4] - As of the announcement date, the company has paid a total of RMB 304.9945 million for the equity transfer, with ongoing delivery work proceeding in an orderly manner [5] Group 3: Share Buyback - The company approved a share buyback plan on October 28, 2024, with a total buyback amount not exceeding RMB 200 million and a price cap of RMB 10.90 per share [10] - As of April 30, 2025, the company has repurchased a total of 15.256464 million shares, accounting for 1.67% of the total share capital, with a total expenditure of RMB 128.217 million [11]

| 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2025-051 | | --- | --- | --- | | 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 | 1,525.6464万股 | | 累计已回购股数占总股本比例 | 1.67% | | 累计已回购金额 | 12,821.70万元 | | 实际回购价格区间 | 7.31元/股~9.16元/股 | 一、回购股份的基本情况 禾丰食品股份有限公司（以下简称"公司" ...

| 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2025-050 | | --- | --- | --- | | 债券代码：113647 | 债券简称：禾丰转债 | | 禾丰食品股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 住所：辽宁省沈阳市沈北新区辉山大街 169 号 禾丰食品股份有限公司（以下简称"公司"）分别于 2025 年 2 月 25 日、2025 年 3 月 13 日召开第八届董事会第九次会议和 2025 年第一次临时股东大会，审议通 过了《关于修订＜公司章程＞的议案》。具体内容详见公司于上海证券交易所网站 （www.sse.com.cn）披露的《禾丰股份关于修订〈公司章程＞的公告》（公告编号： 2025-014）。 近日，公司已完成工商变更登记手续，取得了沈阳市市场监督管理局换发的《营 业执照》，相关登记信息如下： 统一社会信用代码：9121000074712989XU 类型：股份有限公司（外商投资、上市） 经营范围：饲料及饲料添加剂加工 ...

禾丰食品股份有限公司（以下简称"公司"）于 2025 年 2 月 25 日召开第八届 董事会第九次会议、于 2025 年 3 月 13 日召开 2025 年第一次临时股东大会，审议通 过了《关于收购肉禽业务参股公司部分股权暨取得其控制权的议案》，同意公司以 自有及自筹（如需）资金向金天明、马力、金鑫 3 名自然人购买其持有的鞍山市九 股河食品有限责任公司、鞍山丰盛食品有限公司、台安县九股河农业发展有限公司、 台安丰九牧业有限公司、葫芦岛九股河食品有限公司、葫芦岛九股河饲料有限公司、 葫芦岛九股河牧业有限公司、锦州九丰食品有限公司、锦州鑫丰食品有限公司、凌 海市九股河饲料有限责任公司、辽宁裕丰生物科技有限公司、鞍山安泰塑料制品有 限公司、鞍山九股河纸业包装有限公司 13 家公司（以下简称"标的公司"）部分股 权，公司与交易对手方签订《关于鞍山市九股河食品有限责任公司等十三家公司的 股权转让合同》（以下简称"《股权转让合同》"），本次交易的基础对价合计为 35,398.30 万元，并根据 2025 至 2029 年度标的公司的盈利情况设置了交易对价调 整 机 制 。 具 体 内 容 详 见 公 司 于 2025 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - In 2025Q1, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A-shares turned positive from negative, and the year-on-year revenue growth rate slightly turned negative. After excluding finance and petroleum & petrochemicals, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A non-financial and non-petroleum & petrochemicals also turned positive from negative, while the year-on-year revenue growth rate slightly declined. In terms of size style, the year-on-year growth rates of CSI 500 and CSI 1000 in the single quarter of 2025Q1 turned significantly positive from negative. In terms of major sectors, the growth rates of net profit attributable to the parent of the consumer and growth sectors led in 2025Q1, those of the cyclical and financial sectors slightly turned positive, and the negative growth rate of the stable sector significantly narrowed. In terms of industries, the performance growth rates of the midstream cyclical, some consumer, and growth industries generally improved, with agriculture, forestry, animal husbandry, and fishery, household appliances, automobiles, electronics, and non-banking maintaining high-speed growth [3][19][21]. - The average negative growth of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed, and the revenue growth rate declined. After excluding some extreme values, the average growth rate of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed from -42.76% in 2024Q4 to -2.23%, and the average growth rate of single-quarter revenue in 2025Q1 decreased from 8.51% in 2024Q4 to 5.36% [3][33]. - Some convertible bonds are recommended for investment. In the cyclical sector, it is recommended to overweight convertible bonds such as Guocheng, Huayou, and Guangda. In the consumer sector, it is recommended to overweight convertible bonds in agriculture, forestry, animal husbandry, and fishery, as well as Zhongchongzhuan 2, Xinruzhuan, and Baolong. In the growth sector, it is recommended to overweight convertible bonds such as Weice, Haopeng, Guoli, and Weil [3][7][13]. Summary by Relevant Catalogs 1. 2025Q1 Performance Growth Convertible Bond Recommendations - Among the existing 472 convertible bonds, 372 achieved profitability in the single quarter of 2025Q1. After excluding those with a balance of less than 300 million yuan and a remaining term of less than 1 year, 109 convertible bonds remain. Some convertible bonds are recommended for investment based on factors such as the sustainability of the company's high performance growth and the current price and conversion premium rate of the convertible bonds [6]. - **Cyclical Sector**: It is recommended to overweight convertible bonds with mineral resource advantages such as Guocheng and Huayou, Guangda with a positive business trend, Dongcai, Dinglong, Anji, and Zhengfan that benefit from the domestic substitution of semiconductor materials, Keli and Bo 23 that benefit from the accelerated development of the robot and AI industries, and Polai that benefits from the recovery of consumer demand and domestic substitution [7]. - **Consumer Sector**: It is recommended to overweight convertible bonds in agriculture, forestry, animal husbandry, and fishery, including Muyuan, Juxing, Wenshi, Xiwangzhuan 2, and Hefeng. Also recommended are Zhongchongzhuan 2, the leading pet food company, Xinruzhuan, the leading regional dairy company, and Baolong, an automobile parts manufacturer [13]. - **Growth Sector**: It is recommended to overweight Weice, the leading domestic third-party integrated circuit testing service provider, Haopeng, a consumer battery manufacturer, Guoli, an electronic vacuum device manufacturer, and Weil, the global CIS leader [15]. 2. All A: Technology and Domestic Demand Lead, Midstream Cycle Warms Up - **Overall A-share Performance**: In 2025Q1, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A-shares turned positive from negative, and the year-on-year revenue growth rate slightly turned negative. After excluding finance and petroleum & petrochemicals, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A non-financial and non-petroleum & petrochemicals also turned positive from negative, while the year-on-year revenue growth rate slightly declined [19]. - **Size Style Performance**: In 2025Q1, the year-on-year growth rates of CSI 500 and CSI 1000 in the single quarter turned significantly positive from negative, while the year-on-year growth rate of net profit attributable to the parent of SSE 50 slightly turned negative from positive [20]. - **Sector Performance**: In 2025Q1, the growth rates of net profit attributable to the parent of the consumer and growth sectors led, those of the cyclical and financial sectors slightly turned positive, and the negative growth rate of the stable sector significantly narrowed. The revenue growth rate of the growth sector led among all sectors [21][23]. - **Industry Performance**: In 2025Q1, the performance growth rates of the midstream cyclical, some consumer, and growth industries generally improved, with agriculture, forestry, animal husbandry, and fishery, household appliances, automobiles, electronics, and non-banking maintaining high-speed growth. In terms of ROE and other aspects, the ROE levels of most downstream cyclical and consumer sectors declined, the gross profit margins of the optional consumer sector generally declined, and the net profit margins of the midstream cyclical sector generally recovered. The top 30 sub-industries in terms of single-quarter profit growth rate in 2025Q1 were mainly concentrated in the electronics, computer, and media industries [25][28][32]. 3. Convertible Bonds: Narrowing Negative Profit Growth, Declining Revenue Growth Rate - As of May 5, 2025, the existing 472 convertible bonds covered 27 out of 30 CITIC first-level industries, and 92% of the underlying stocks of the convertible bonds had a market value of less than 3 billion yuan. In terms of size style, the issuers of convertible bonds were generally closer to small and medium-cap stocks [33]. - The average negative growth of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed, and the revenue growth rate declined. After excluding some extreme values, the average growth rate of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed from -42.76% in 2024Q4 to -2.23%, and the average growth rate of single-quarter revenue in 2025Q1 decreased from 8.51% in 2024Q4 to 5.36% [33].

Group 1: Swine Industry - The domestic supply and demand for pigs is expected to improve marginally by Q2 2025, with pig prices supported and entering a phase of gradual upward movement. External factors such as tariff-driven increases in feed raw material prices and higher costs for imported meat are also contributing positively to pig prices. The swine sector is highlighted as a defensive asset amid macroeconomic shocks, reinforcing investment logic. Recommended stocks include Wens Foodstuff Group, Muyuan Foods, and Juxing Agriculture [4][86]. - In 2024, China's pork production is projected to reach 56.75 million tons, accounting for 49% of global production, with consumption at 57.95 million tons, representing 50% of global consumption. This positions China as the world's largest pork producer and consumer [13][15]. - The average price of pork in 2024 is estimated at 16.8 yuan per kilogram, reflecting an increase of 11.8% year-on-year. The swine farming market size is expected to reach 1.5 trillion yuan, up 11.2% year-on-year [17][32]. Group 2: Poultry Industry - The demand for white chicken remains resilient despite uncertainties from U.S.-China tariff policies and avian influenza outbreaks. The consumption of white feather broilers is expected to improve marginally, with recommended stocks including San Nong Development and He Feng Co [5][94]. - In 2024, the total output of meat chickens in China is projected to reach 14.84 billion, with white feather broilers accounting for 60.85% of this figure. The output of white feather broilers is expected to increase by 2.2% year-on-year [99]. Group 3: Animal Health - The market for piglets and poultry chicks is stable, with a solid demand for poultry chicks supported by increasing poultry farming. The market for ruminant and pet vaccines is also expected to remain robust, with recommended stocks including Bio-Group, Kexin Biology, and Pulaike [6]. Group 4: Planting and Seeds - The focus on food security is emphasized, with companies involved in high-yield genetically modified soybeans likely to benefit from the ongoing U.S.-China trade tensions. The third batch of genetically modified corn varieties is expected to be approved for planting, which may increase the area under cultivation [7]. Group 5: Feed Industry - The recovery of the swine sector is expected to boost domestic demand for feed, while overseas markets present new growth opportunities. The demand for pig feed is anticipated to rebound as pig farming profitability improves and pig stocks gradually recover [8]. Group 6: Pet Industry - The upcoming shopping festivals are expected to drive demand for pet food, with domestic brands likely to gain market share due to increased tariffs on imported high-end products. Recommended stocks include Guibao Pet, Zhongchong Co, and Petty Co [6].

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The industry experienced a decline in revenue in 2024 but saw a significant increase in net profit, indicating improved profitability. The first quarter of 2025 showed a revenue growth of 6.79% year-on-year and a net profit increase of 795.07% [4][14] - The livestock sector, particularly poultry and pet food, demonstrated high growth rates in net profit, with poultry farming seeing a 1109.96% increase in 2024 and a 588.35% increase in Q1 2025 [5][20] - The report highlights the recovery of the pig cycle and the upward trend in pig prices, suggesting a favorable outlook for the livestock sector [6][24] Summary by Sections Weekly Observation - In 2024, the agriculture industry achieved a revenue of 11,498.20 billion yuan, a year-on-year decline of 3.68%, while net profit reached 466.39 billion yuan, an increase of 806.55%. In Q1 2025, revenue was 2,706.77 billion yuan, up 6.79%, and net profit was 133.13 billion yuan, up 795.07% [4][14] Weekly Viewpoint - The pig sector shows low valuation and potential for recovery, supported by consumption revival. Recommended stocks include Muyuan Foods, Wens Foodstuff, and others. The feed sector benefits from strong domestic and overseas demand [6][24] Market Performance - During the week of April 28 to May 2, the agriculture index underperformed the market by 0.08 percentage points, with the agriculture index down 0.56% [7][27] Price Tracking - As of May 2, the average price of live pigs was 14.84 yuan/kg, a slight decrease from the previous week. The average price of piglets was 36.88 yuan/kg, also down slightly [8][37]