| 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2024-030 | | --- | --- | --- | | 债券代码：113647 | 债券简称：禾丰转债 | | 禾丰食品股份有限公司 关于董事会秘书取得任职培训证明 并正式履职的公告 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。 禾丰食品股份有限公司董事会 禾丰食品股份有限公司（以下简称"公司"）于 2024 年 2 月 1 日召开第八 届董事会第一次会议，审议通过了《关于聘任公司高级管理人员的议案》，同意 聘任陈宇先生担任公司财务总监、董事会秘书。 2024 年 4 月 3 日 由于陈宇先生在上述会议召开时尚未取得董事会秘书任职培训证明，董事会 指定暂由财务总监陈宇先生代行公司董事会秘书职责，陈宇先生董事会秘书的任 职将于其取得上海证券交易所颁发的董事会秘书任职证明后正式生效，任期至公 司第八届董事会任期届满时止。具体内容详见公司在上海证券交易所网站 （www.sse.com.cn）披露的《禾丰股份关于完成董事会、监事会换届选举暨聘任 高级管理人员 ...

Investment Rating - The investment rating for the company is maintained as "Buy" [1][20]. Core Views - The report indicates that feed sales are steadily increasing, contributing to profits, and the upward cycle of pig and chicken markets is expected to improve profitability [1][20]. - The company has adjusted its profit forecasts for 2024-2025 and introduced a forecast for 2026, expecting net profits of 926 million, 1.246 billion, and 939 million yuan for 2024-2026 respectively, with corresponding EPS of 1.01, 1.36, and 1.02 yuan [20]. Financial Performance Summary - In 2023, the company achieved revenue of 35.97 billion yuan, a year-on-year increase of 9.63%, but reported a net loss of 457 million yuan, a year-on-year decrease of 189.13% [20][21]. - The feed business saw external sales of 4.3052 million tons in 2023, up 7.88% year-on-year, with a net profit of 90 yuan per ton [2][21]. - The meat poultry business generated revenue of 11.212 billion yuan in 2023, a year-on-year increase of 20.77%, but incurred a net loss of 320 million yuan [2][21]. Sales and Production Insights - The company plans to increase the proportion of large customers in the feed business, aiming for a total feed sales growth of over 10% year-on-year in 2024 [2][21]. - The slaughter capacity for white feather chickens exceeded 1.1 billion birds in 2023, with a slaughter volume of 810 million birds, expected to rise to 860 million in 2024 [2][21]. Financial Projections - The projected operating revenue for 2024 is 37.521 billion yuan, with a year-on-year growth of 4.3% [3]. - The projected net profit for 2024 is expected to be 926 million yuan, with an EPS of 1.01 yuan, and a PE ratio of 7.2 times [20][3].

| 证券代码：603609 | 证券简称：禾丰股份 公告编号：2024-029 | | --- | --- | | 债券代码：113647 | 债券简称：禾丰转债 | 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： ● 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 2024 年 3 月 31 日，累计共有 32,992,000 元"禾丰转债"转换为公司股份，因转股形成的股份数量为 3,215,467 股，占可转债转股前公司已发行股份总额的 0.35%。 ● 未转股可转债情况：截至 2024 年 3 月 31 日，尚未转股的"禾丰转债" 金额为 1,467,008,000 元，占"禾丰转债"发行总额的 97.80%。 一、可转债发行上市概况 1、"禾丰转债"发行上市情况 经中国证券监督管理委员会证监许可[2022]662 号文核准，禾丰食品股份有 限公司（以下简称"公司"）于 2022 年 4 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company reported a revenue of 35.97 billion yuan in 2023, representing a year-on-year increase of 9.63%. However, the net profit attributable to shareholders was -0.46 billion yuan, a significant decline from a profit of 0.51 billion yuan in the previous year [1][3]. - The decline in performance is attributed to low downstream breeding industry sentiment, slower-than-expected recovery in consumer demand, investment losses, and asset impairment provisions [1]. - The company's feed sales increased by nearly 8% year-on-year, with notable growth in poultry feed. The feed business generated revenue of 16.47 billion yuan, up 5.29% year-on-year, with a gross margin of 8.42% [1][3]. - The poultry segment saw a revenue increase of 20.77% year-on-year, while the pig farming segment's revenue rose by 25.19% year-on-year, despite a decline in gross margin [1][3]. Financial Summary - The company forecasts revenues of 39.19 billion yuan, 43.40 billion yuan, and 48.39 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 8.96%, 10.73%, and 11.49% [3]. - The net profit attributable to shareholders is projected to recover to 0.48 billion yuan in 2024, 0.99 billion yuan in 2025, and 1.32 billion yuan in 2026, with corresponding EPS of 0.53 yuan, 1.08 yuan, and 1.43 yuan [3][11]. - The report indicates a PE ratio of 14 for 2024, 7 for 2025, and 5 for 2026, reflecting a potential improvement in profitability [11].

Financial Performance - The company's operating revenue for 2023 reached approximately CNY 35.97 billion, representing a year-on-year increase of 9.63% compared to CNY 32.81 billion in 2022[21]. - The net profit attributable to shareholders of the listed company for 2023 was a loss of approximately CNY 457 million, a decrease of 189.13% from a profit of CNY 512.8 million in 2022[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of approximately CNY 503 million, down 196.95% from a profit of CNY 518.9 million in the previous year[21]. - The cash flow from operating activities for 2023 was approximately CNY 956 million, an increase of 387.17% compared to CNY 196 million in 2022[21]. - Total assets at the end of 2023 were approximately CNY 14.94 billion, a decrease of 3.18% from CNY 15.43 billion at the end of 2022[21]. - The company's net assets attributable to shareholders at the end of 2023 were approximately CNY 6.66 billion, down 7.97% from CNY 7.24 billion at the end of 2022[21]. - The company will not distribute profits or increase capital reserves due to a negative net profit for the year, as per the company's profit distribution plan[5]. - Operating costs rose to CNY 34.54 billion, reflecting a 12.00% year-on-year increase[89]. - The net profit attributable to shareholders was CNY -4.57 billion, a decrease of 189.13% compared to the previous year[88]. - The net profit after deducting non-recurring gains and losses was CNY -5.03 billion, down 196.95% year-on-year[88]. Operational Highlights - The company's feed sales volume reached 4.3052 million tons, a year-on-year increase of 7.88%[31]. - The sales volume of premix feed increased by 23.54% year-on-year, while concentrated feed decreased by 1.41%[31]. - The sales volume of large-scale customers' bulk feed increased by over 30% year-on-year[35]. - The company has implemented a business model transformation focusing on both channel advantages and direct sales to large-scale farms[35]. - The company's white feather broiler business expanded its slaughter capacity to over 1.1 billion birds annually, with a year-on-year increase of 13% in slaughtered white feather broilers to 810 million birds[38]. - The average feed-to-meat ratio improved to 1.55, while the European index rose to 415, indicating enhanced breeding and production efficiency[39]. - The company’s processed food segment achieved a year-on-year growth of 19%, with a total production and sales of 32,000 tons of processed and cooked products[40]. - The company’s pig farming segment reported a total of 1.16 million pigs slaughtered, including 910,000 fattening pigs, 210,000 piglets, and 40,000 breeding pigs[42]. - The company emphasized a strategy of "controlling scale and adjusting structure" in its pig farming business to optimize asset quality and reduce financial leverage[43]. Market and Industry Challenges - The feed industry faced significant challenges in 2023 due to fluctuating raw material prices and low demand, leading to increased competition and reduced profit margins[47]. - The overall market competition is intensifying, with market share gradually concentrating among leading enterprises due to the dual pressures of industry losses and fluctuating raw material prices[49]. - The average price of pork remained low, leading to a supply-demand imbalance, with the overall pork market showing signs of weakness throughout 2023[54]. - The number of breeding sows remained high, with a 3.8% year-on-year increase in pig slaughter volume and a 4.6% increase in pork production[53]. Strategic Initiatives - The company emphasizes the importance of long-term development planning and financial stability in its future strategies[5]. - The company has strengthened operational management and cost reduction efforts in response to market challenges[34]. - The company is working towards becoming the largest quality law system original breeding pig base in Northeast China, enhancing its breeding management and biosecurity measures[44]. - The company has established strategic partnerships with top raw material suppliers to mitigate risks from raw material price fluctuations[133]. - The company is focusing on vertical integration and resource consolidation within the livestock industry to enhance competitive advantages and risk management[121]. Research and Development - The company has accumulated 266 authorized patents, including 74 invention patents, and has received multiple national and provincial awards for technological advancement[82]. - The company has formed a comprehensive R&D team with hundreds of experts, focusing on feed, poultry, and pig industries, enhancing its technological capabilities[79]. - The company's R&D center is one of the few feed enterprises in China certified by CNAS, ensuring high-quality product testing recognized in 60 countries[81]. - The company is actively researching and developing low-cost substitutes for key raw materials to enhance procurement strategies[133]. Environmental Management - The company has implemented a complete self-monitoring plan for key pollutant discharge units to ensure compliance with national environmental standards[141]. - The company has established a monitoring system for wastewater quality, ensuring compliance with national standards[183]. - The company has invested in new technologies to improve wastewater treatment efficiency, aiming to reduce overall emissions[183]. - The company is committed to maintaining a pH level between 6.0 and 8.5 for wastewater discharge[183]. - The company has implemented a gas treatment system for wastewater treatment facilities, ensuring emissions comply with GB 13271-2014 standards for gas boilers[186]. Governance and Compliance - The company has a comprehensive governance structure with clear responsibilities and effective decision-making processes, ensuring compliance and transparency[144]. - The company has not faced any regulatory criticism or penalties for information disclosure violations since its listing in 2014, maintaining a high level of transparency[145]. - The company received an A-level rating for its information disclosure work for the 2022-2023 period, marking the sixth consecutive year of this achievement[145]. - The company has actively revised its articles of association and is preparing for the upcoming election of the board and supervisory committee[145]. Future Outlook - The company aims to achieve a sales volume increase of over 10% in its feed business for 2024[129]. - The target for the white feather broiler business in 2024 is to exceed a slaughter volume of 860 million birds[130]. - The company plans to sell between 1.2 to 1.4 million heads of pigs from its controlled subsidiaries in 2024[132]. - The company is focusing on cash flow management and project management to ensure business quality and growth in its feed business[126].

| 证券代码：603609 | 证券简称：禾丰股份 公告编号：2024-025 | | --- | --- | | 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2024年度担保额度预计的公告 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： ●被担保人全部为公司下属子公司，无关联担保。 ●公司及下属子公司为公司其他下属子公司提供最高担保金额为 335,239 万元。 ●公司将根据相关规定，视被担保人具体情况要求其提供相应的反担保。 不限于保证、抵押、质押等，相关担保事项以正式签署的担保协议为准。担保额 度有效期为自公司 2023 年年度股东大会审议通过之日起一年内。 具体担保额度预计如下： | 担保类型 | 被担保人类别 | 预计担保额度 （万元） | | --- | --- | --- | | 公司为下属子公司提供担保 | 资产负债率低于70%的下属子公司 | 142,900 | | | 资产负债率高于 70%的下属子公司 | 16,864 | | 下属子公司为其他下属子公 ...

| 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2024-019 | | --- | --- | --- | | 债券代码：113647 | 债券简称：禾丰转债 | | 禾丰食品股份有限公司 监事会认为：公司 2023 年年度报告编制和审议程序符合法律法规、《公司 章程》和公司内部管理制度的各项规定；年度报告的内容和格式符合中国证监会 和上海证券交易所的各项规定，年度报告全文及摘要内容真实、准确、完整地反 映了公司 2023 年年度经营成果和财务状况等事项；公司监事会目前未发现参与 公司 2023 年年度报告编制和审议的人员有违反保密规定的行为。 具体内容详见公司同日于上海证券交易所网站（www.sse.com.cn）披露的《禾 丰股份 2023 年年度报告》及《禾丰股份 2023 年年度报告摘要》。 表决结果：3票同意，0票反对，0票弃权。 三、审议通过《关于 2023 年度财务决算报告及 2024 年度财务预算报告的 议案》 第八届监事会第二次会议决议公告 本公司监事会及全体监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。 ...

| 证券代码：603609 | 证券简称：禾丰股份 公告编号：2024-024 | | --- | --- | | 债券代码：113647 | 债券简称：禾丰转债 | 禾丰食品股份有限公司董事会 2024 年 3 月 30 日 根据公司 2024 年度生产经营及投资活动计划的资金需求，为保证公司下属 公司生产经营等工作顺利进行，公司及下属子公司 2024 年度拟向金融机构申请 综合授信总额不超过人民币 63 亿元（最终以各家机构实际审批的授信额度为准）。 综合授信内容包括但不限于流动资金贷款、项目贷款、银行承兑汇票、保函、开 立信用证、融资租赁等综合授信业务。具体融资金额将视公司及下属子公司的实 际资金需求确定。上述综合授信额度的申请期限为自公司 2023 年年度股东大会 审议通过之日起 12 个月止，该授信额度在申请期限内可循环使用。 为提高工作效率，及时办理融资业务，同意授权公司董事长根据公司实际经 营情况的需要，在上述范围内办理审核并签署与金融机构的融资事项，由董事长 审核并签署相关融资合同文件即可，不再上报董事会进行签署，不再对单一银行 出具董事会融资决议。 禾丰食品股份有限公司 本议案尚需提交公司 ...

禾丰食品股份有限公司 2023 年度独立董事述职报告 （蒋彦） 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 本人蒋彦，1973 年出生，中国国籍，财政部财政科学研究所管理学博士， 注册会计师，注册资产评估师。2002 年至 2016 年就职于中国证监会发行监管 部。现任潍柴动力股份有限公司独立董事、禾丰股份独立董事。 （二）独立性情况说明 报告期内，本人未在公司担任除独立董事以外的任何职务，也未在公司主 要股东、实际控制人及其附属公司担任任何职务，与公司以及主要股东、实际 控制人之间不存在利害关系或其他可能妨碍本人进行独立客观判断的关系，不 存在影响独立董事独立性的情况，符合《上市公司独立董事管理办法》《上海证 券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号—规范 运作》等法律法规中对独立董事独立性的相关要求。 二、独立董事年度履职概况 （一）出席公司董事会和股东大会的情况 2023 年度，公司共召开 4 次董事会及 2 次股东大会，本人出席董事会和股 东大会的情况如下： | | 董事会 | | | | | 股东大会 | | --- | --- | --- | -- ...

禾丰食品股份有限公司 鉴证报告 苏亚鉴〔2024〕11 号 审计机构:苏亚金诚会计师事务所（特殊普通合伙） 地 址：江苏省南京市建邺区泰山路 159 号正太中心 14-16 层 邮 编: 210019 传 真: 025-83235046 话: 025-83235002 电 网 址: www.syjc.com 电子信箱: info@syjc.com 苏亚金诚会计师事务所( 赞 殊 苏 亚 鉴 〔2024〕11 号 关于天丰食品股份有限公司 2023 年度募集资金存放和使用情况的鉴证报告 禾丰食品股份有限公司全体股东: 我们接受委托,对后附的禾丰食品股份有限公司(以下简称禾丰股份)董事会编制 的《关于 2023 年度募集资金存放和使用情况的专项报告》(以下简称专项报告)进行了 鉴证。 按照中国证券监督管理委员会《上市公司监管指引第2号—上市公司募集资金管 理和使用的监管要求(2022 修订)》(证监会公告〔2022〕15 号)和上海证券交易所有 关规定的要求编制专项报告,保证其内容真实、准确、完整,不存在虚假记载、误导 性陈述或重大遗漏,并提供真实、合法、完整的相关资料是禾丰股份管理层的责任。 我们的责任是在执行 ...