Core Viewpoint - The company, Hefeng Food Co., Ltd., has announced its provision of guarantees for its subsidiaries' financing and raw material procurement as of December 31, 2025, which is within the approved limits by the board and shareholders [1][3][6]. Group 1: Guarantee Details - The company provided guarantees for its subsidiaries' financing, with specific amounts detailed in millions of RMB [3]. - The total maximum guarantee amount for raw material procurement is 26,500 million RMB, specifically for subsidiaries like Dalian Heyuan Animal Husbandry Co., Ltd. [3]. - As of December 31, 2025, the actual guarantee balances for various subsidiaries are 4,131.98 million RMB, 1,000.00 million RMB, and 49,248.82 million RMB for different entities [3][8]. Group 2: Approval Process - The company held multiple board meetings and shareholder meetings throughout 2025 to approve the guarantee limits and the specific subsidiaries involved [4][7]. - The total guarantee amount approved is up to 560,000 million RMB, with specific allocations for financing and procurement [4]. Group 3: Financial Overview - As of December 31, 2025, the total external guarantee balance is 214,838.24 million RMB, which is 32.09% of the company's audited net assets as of December 31, 2024 [8]. - The breakdown of guarantees includes 151,514.51 million RMB for controlling subsidiaries and 45,417.36 million RMB for other subsidiaries [8].

Group 1 - The company, He Feng Co., announced that as of December 31, 2025, the total external guarantees provided by the company and its subsidiaries amount to approximately 2.148 billion yuan, which represents 32.09% of the audited net assets as of December 31, 2024 [1] - The guarantees provided by the company to its controlling subsidiaries total approximately 1.515 billion yuan, accounting for 22.63% of the audited net assets as of December 31, 2024 [1] - The guarantees provided by the controlling subsidiaries to other controlling subsidiaries amount to approximately 454 million yuan, representing 6.78% of the audited net assets as of December 31, 2024 [1] Group 2 - The guarantees provided by the controlling subsidiaries to joint ventures and farmers total approximately 179 million yuan, which is 2.67% of the audited net assets as of December 31, 2024 [1]

| 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2026-002 | | --- | --- | --- | | 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12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： 担保对象及基本情况 | 担保对象一 | 被担保人名称 | | 辽宁爱普特贸易有限公司 | | --- | --- | --- | --- | | | 本次担保金额 | 30,000.00 | 万元 | | | 实际为其提供的担保余额 | 4,131.98 | 万元 | | | 是否在前期预计额度内 | □否 ☑是 | | | | 本次担保是否有反担保 | □是 ☑否 | | | 担保对象二 | 被担保人名称 | | 海南禾丰牧业有限公司 | | | 本次担保金额 | 1,000.00 | 万元 | | | 实际为其提供的担保余额 | 1,000.00 | 万元 | | | 是否在前期预计额度内 | □否 ☑是 | ...

Core Insights - The fried chicken industry in China is experiencing significant growth, with the market size expected to reach 94 billion yuan in 2024, representing a year-on-year increase of 17.5% [1][10] - The rise in health consciousness among consumers is prompting brands to innovate cooking methods and optimize ingredient ratios, leading to the introduction of healthier products [1][10] Industry Overview - Fried chicken is defined as a food product made from chicken that is processed and deep-fried, characterized by a crispy exterior and tender interior [2] - It can be categorized based on bone presence, flavor profiles, and regional styles, including American, Korean, Japanese, and Chinese fried chicken [2][3] Development History - The evolution of the fried chicken industry in China has transitioned from being a niche product to a mainstream leisure food, with a focus on profitability and brand recognition since 2023 [4] - The industry is witnessing a shift towards health, digitalization, and supply chain collaboration, with leading brands enhancing upstream integration and central kitchen development [4][6] Policy Environment - The Chinese government has implemented various policies to support the development of the restaurant industry, including guidelines for food safety and quality control [6] - Regulations have been established to ensure the safety of chicken production, processing, and distribution, promoting a more standardized and high-quality industry [6] Industry Chain - The upstream of the fried chicken industry includes suppliers of chicken, flour, starch, and seasonings, while the midstream consists of production and brand operators [6][7] - The downstream encompasses various sales channels, including restaurants, retail, and e-commerce platforms, catering to consumer preferences for convenience [6] Consumer Insights - The majority of fried chicken consumers in China are female (52.1%), with over 70% aged between 18-35 years, indicating a strong preference for personalized and convenient dining experiences [8][9] - Afternoon tea is the most popular consumption scenario, followed by late-night snacks and meals, with a significant portion of consumers purchasing fried chicken weekly [8][9] Competitive Landscape - The fried chicken market is highly fragmented, with approximately 9.88 million related enterprises as of November 2025, indicating intense competition [10][11] - Notable brands include Zhengxin Chicken, Linyu Fried Chicken, and various others, with Zhengxin Chicken ranked as the top brand in a recent survey [10][11] Future Trends - The industry is expected to focus on value-driven operations rather than mere expansion, with leading brands optimizing store models and enhancing customer engagement [14] - There will be a shift towards deep innovation in Chinese flavors, with local tastes becoming a central theme in product development [14] - Health-conscious trends will drive brands to adopt new cooking technologies and healthier ingredients, moving away from high-fat perceptions [15] - Supply chain collaboration and digital transformation will become essential, with leading brands establishing strong ties with suppliers and enhancing logistics efficiency [16]

Core Viewpoint - The announcement details the conversion results of the convertible bonds issued by Wellhope Foods Co., Ltd., highlighting the amount converted into shares and the remaining unconverted bonds. Group 1: Convertible Bond Issuance Overview - Wellhope Foods Co., Ltd. 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 [3] - The bonds have a maturity of six years, from April 22, 2022, to April 21, 2028, with a tiered interest rate starting at 0.3% in the first year and reaching 2.0% in the sixth year [3] Group 2: Conversion and Remaining Bonds - As of December 31, 2025, a total of 33,134,000 yuan of the convertible bonds have been converted into 3,229,516 shares, representing 0.35% of the company's total shares before conversion [2][6] - The amount of unconverted convertible bonds as of December 31, 2025, stands at 1,466,862,000 yuan, which is 97.79% of the total issuance [2][6] Group 3: Conversion Price Adjustments - 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 [4]

● 未转股可转债情况：截至 2025 年 12 月 31 日，尚未转股的"禾丰转债" 金额为 1,466,862,000 元，占"禾丰转债"发行总额的 97.79%。 一、可转债发行上市概况 1、"禾丰转债"发行上市情况 | 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2026-001 | | --- | --- | --- | | 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： ● 累计转股情况：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 12 月 31 日，累计共 有 33,134,000 元"禾丰转债"转换为公司股份，因转股形成的股份数量为 3,229,516 股，占可转债转股前公司已发行股份总额的 0.35%。 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 ...

Market Overview - The feed sector experienced a decline of 1.08% on December 31, with TianKang Biological leading the drop [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Individual Stock Performance - JinXinNong (002548) saw a significant increase of 9.95%, closing at 6.08, with a trading volume of 816,900 shares and a transaction value of 479 million [1] - TianKang Biological (002100) declined by 3.03%, closing at 7.37, with a trading volume of 337,500 shares and a transaction value of 250 million [2] - Other notable performers include ZhiYang Co. (002696) with a 1.00% increase, and Boen Group (001366) with a 0.91% increase [1] Capital Flow Analysis - The feed sector experienced a net outflow of 75.87 million from institutional investors, while retail investors saw a net inflow of 22.40 million [2] - JinXinNong had a net inflow of 64.54 million from institutional investors, but a net outflow of 36.08 million from retail investors [3] - TianMa Technology (603668) had a net inflow of 11.83 million from institutional investors, while retail investors experienced a net outflow of 13.32 million [3]

Group 1 - The meeting organized by the Shenyang Municipal Spiritual Civilization Construction Office focused on the promotion of the creation of national civilized units, awarding the seventh national civilized unit title, and deploying the eighth national civilized unit creation work [1][2] - Four representatives from national civilized units, including the Shenyang Hunnan District Government Service Center and He Feng Food Co., Ltd., were awarded and shared their experiences [1] - The new evaluation method for the creation of national civilized units for 2025 was explained, outlining the standards and assessment requirements for the next phase of work [2] Group 2 - The emphasis was placed on a people-centered approach in the creation of civilized units, promoting collaboration between national civilized unit nominees and new era civilization practice centers [2] - The need to avoid a superficial approach to the creation of civilized units was highlighted, urging integration of creation standards into development plans and daily operations [2] - The initiative aims to enhance social benefits and development momentum, contributing to the overall improvement of civilization creation levels in Shenyang [2]

Group 1 - The feed sector experienced a rise of 2.34% on December 25, with Hai Da Group leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] - Hai Da Group's stock price increased by 4.13% to 54.65, with a trading volume of 117,900 shares and a transaction value of 636 million yuan [1] Group 2 - The feed sector saw a net outflow of 12.67 million yuan from institutional investors, while retail investors experienced a net outflow of 6.63 million yuan [2] - The top gainers in the feed sector included Tianma Technology, which rose by 3.34% to 16.40, and Chao Guo Ao Quan, which increased by 3.07% to 7.73 [1][2] - The overall trading activity in the feed sector indicated a mixed sentiment, with some stocks experiencing significant inflows from retail investors while others faced outflows [3]

Group 1: Livestock Industry - The pig industry is currently in a phase of deep losses, with supply contraction expected to continue into the first half of 2026, leading to a significant reduction in production capacity. The average pig price for 2025 is projected to be below the cost line, with quarterly estimates of 15.5 CNY/kg, 13.5 CNY/kg, 16.4 CNY/kg, and 17.7 CNY/kg, resulting in an annual average of approximately 13.4 CNY/kg [11][25][26] - The white chicken market is experiencing a cautious outlook, with a projected supply growth of less than 5% for 2026. The decline in the sales of commodity broiler chicks indicates a more conservative price expectation within the industry [30][35] - The yellow chicken sector remains stable, with production capacity not significantly affected. The prices are expected to follow trends in other protein sources, with a focus on seasonal price increases [39] - The beef market is anticipated to see a price increase due to a clear reduction in both domestic and international supply. The wholesale price of beef has been rising, reaching 66.21 CNY/kg in December, reflecting a year-on-year increase of 9.1% [42][70] Group 2: Agricultural Inputs and Other Sectors - The feed industry is showing signs of recovery, with a 6.6% year-on-year increase in feed production for the first three quarters of 2025, indicating improved demand from the livestock sector [71][76] - The edible mushroom sector is witnessing a rebound, particularly with the reversal of the predicament faced by enoki mushrooms and the potential growth of new products like Cordyceps [3][80] - The pet industry continues to thrive, with a notable trend towards high-end domestic products, as evidenced by the performance of brands like Guibao Pet and Zhongchong Co. [4][63] - The natural sweetener market is expected to grow as consumer awareness of sugar reduction increases, with companies like Bailong Chuangyuan and Baolingbao positioned to benefit from this trend [4][71]