| 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2025-054 | | --- | --- | --- | | 债券代码：113647 | 债券简称：禾丰转债 | | 禾丰食品股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 16 日 (二)股东大会召开的地点：辽宁省沈阳市沈北新区辉山大街 169 号禾丰股份 综合办公大楼 7 楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 96 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 447,417,822 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 52.4606 | | 份总数的比例（%） | | 注：有权出席本次股东大会并投票的公司股份总数为 852,863,296 股 ...

Investment Rating - The report assigns an "Outperform" rating to the company for the first time [7]. Core Viewpoints - The company is a high-quality enterprise with an integrated feed, breeding, and slaughter industry chain, having deep roots in the livestock industry for nearly thirty years [1][15]. - The company is expected to see steady growth in market share, with projected net profits of 4.35 billion, 4.78 billion, and 4.65 billion yuan for 2025-2027 [3][30]. Company Overview - The company has three core business segments: feed, poultry industry, and pig breeding. In 2024, it achieved feed sales of 3.96 million tons, with a national market share of 1.3% and revenue of 12.509 billion yuan, accounting for 39% of total revenue [1][15]. - The poultry business has a slaughter capacity exceeding 1.1 billion birds annually, with a revenue of 11.34 billion yuan in 2024, representing 35% of total revenue [1][15]. - The pig breeding segment is expected to have a total output of 1.4 million pigs in 2024, generating revenue of 3.318 billion yuan, which accounts for 10% of total revenue [1][15]. Industry Analysis - The feed industry is expected to benefit from the recovery of livestock inventory, with a projected increase in pig and poultry feed sales in 2025 [2][46]. - The poultry industry is seeing a trend of vertical integration, with a positive outlook for consumption growth in the medium to long term [2][46]. - The pig industry is focusing on low-cost, high-quality enterprises, with significant market share growth potential for quality companies [2][46]. Company Highlights - The company has a significant geographical advantage and a comprehensive development of the feed, breeding, and slaughter industry chain [3][15]. - The feed business has a well-established product matrix and is steadily expanding production capacity [3][15]. - The poultry industry has a complete supply chain, with strong upstream and downstream collaboration, benefiting from rich local feed resources and a mature market sales system [3][15]. - The pig breeding business is expanding through a light-asset model, focusing on "controlling scale and improving quality," effectively collaborating with the feed segment [3][15]. Profit Forecast and Valuation - The company is one of the leading large-scale feed, poultry, and pig breeding and slaughter processing enterprises in China, with a projected reasonable valuation range of 9.60 to 10.36 yuan per share, indicating a premium of approximately 13-22% relative to the current price [3][30].

● 担保金额及已实际为其提供的担保余额：公司本次为鞍山市九股河食品 有限责任公司、鞍山丰盛食品有限公司、葫芦岛九股河食品有限公司、锦州九丰 食品有限公司、锦州鑫丰食品有限公司向金融机构融资提供最高担保金额均为人 民币 10,000 万元，为北京三元禾丰牧业有限公司等 106 家公司下属子公司采购 原料提供最高担保金额为人民币 72,000 万元。截至 2025 年 4 月 30 日，公司已 实际为鞍山市九股河食品有限责任公司、鞍山丰盛食品有限公司、葫芦岛九股河 食品有限公司、锦州九丰食品有限公司、锦州鑫丰食品有限公司向金融机构融资 提供的担保余额分别为人民币 3,000 万元、5,000 万元、6,000 万元、0 万元、0 万元，已实际为北京三元禾丰牧业有限公司等 106 家禾丰下属子公司采购原料提 供的担保余额为人民币 12,429.46 万元； 一、担保情况概述 禾丰食品股份有限公司（以下简称"公司"或"禾丰股份"）于 2025 年 3 月 14 日召开第八届董事会第十次会议、于 2025 年 3 月 31 日召开 2025 年第二次 临时股东大会审议通过了《关于 2025 年度担保额度预计的议案》，同 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The pet sector continues to show high prosperity, driven by domestic substitution and consumption upgrades, leading to a dual increase in volume and price [1][2] - The industry is transitioning from "scale expansion" to "value creation," with leading companies shifting from "manufacturing" to "intelligent manufacturing" through formula innovation and precise demand capture [2][17] - The domestic pet food market remains strong, with a significant increase in sales and exports, indicating robust growth potential for domestic brands [2][17] Summary by Sections Pet Sector - The fifth TOPS Pet Expo in Shanghai showcased over 1,200 exhibitors and 8,000+ brands, reflecting strong growth momentum in the pet industry, with a 43% year-on-year increase in attendance [1][16] - Trends in pet food are shifting towards precision nutrition, with a focus on age-specific feeding and high-end production techniques [1][16] - Key recommended companies in the pet food sector include Guibao Pet, Zhongchong Co., Petty Co., and Lusi Co., with additional recommendations for pet medical and product companies [2][17] Swine Sector - As of May 10, the average price of live pigs was 14.90 yuan/kg, showing a slight decline, with production capacity continuing to grow [3][18] - The industry is facing a potential downturn in profitability due to weak demand and seasonal price declines [3][19] - Recommended companies include leading players such as Wens Foodstuffs and Muyuan Foods, with a focus on core assets [19] Poultry Sector - The white chicken segment is facing uncertainties in breeding imports, with a significant decline in the number of breeding stock updated [20][21] - The yellow chicken segment is expected to benefit from improved consumer demand, with stable prices observed [23] - Recommended companies include Shengnong Development and Lihua Co. for white chicken, and Wens Foodstuffs for yellow chicken [22][23] Planting Sector - The government emphasizes agricultural technology innovation and self-sufficiency in food security, with a focus on biological breeding [25][26] - Recommended companies in the seed sector include Longping High-Tech and Dabeinong, with additional focus on agricultural water-saving technologies [25][26] Feed and Animal Health Sector - Hai Da Group is highlighted for its market share growth and consistent performance in the feed sector [27] - The animal health sector is seeing new opportunities in pet health products, with recommended companies including KQ Bio and Zhongmu Co. [28]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - Short-term consumption weakness has led to a slight decline in pig prices, but high prices for piglets and sows indicate optimistic expectations for the future [4][6] - The pig farming sector shows low valuation opportunities, while the pet sector continues to strengthen the logic of domestic brand rise [7][25] - The overall agricultural index underperformed the market by 0.93 percentage points during the week [29] Summary by Sections Weekly Observation - After the May Day holiday, consumer support was insufficient, leading to a slight decline in national pig prices. As of May 9, the average selling price of live pigs was 14.79 yuan/kg, down 0.02 yuan/kg week-on-week, a decrease of 0.14% [4][15] - The average daily slaughter volume of sample enterprises was 148,800 pigs, a decrease of 780 pigs from the previous week [4][15] Weekly Viewpoint - The pig sector shows low valuation opportunities, with the supply side not yet recovering to the levels of the same period in 2023. The demand side is supported by macro policies driving consumption recovery [25] - Recommended stocks include Muyuan Foods, Wens Foodstuff Group, Juxing Agriculture, Huadong Food, and Tiankang Biological [7][25] Market Performance (May 5-9) - The agricultural index rose by 0.99%, underperforming the market by 0.93 percentage points, with the fishery sector leading the gains [29][32] - Notable stock performances included *ST Jiawo (+13.47%), Guotou Zhonglu (+12.05%), and Xuelong Biological (+11.04%) [29][35] Price Tracking (May 5-9) - As of May 9, the national average price for live pigs was 14.82 yuan/kg, down 0.02 yuan/kg from the previous week. The average price for piglets was 36.87 yuan/kg, also down 0.01 yuan/kg [41] - The average profit for self-bred pigs was 84.33 yuan/head, a decrease of 0.72 yuan/head week-on-week [41] Key News (May 5-9) - Seven departments jointly issued an implementation opinion to enhance the overall effectiveness of the agricultural science and technology innovation system [36]

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" ...