Core Insights - The feed sector experienced a slight decline of 0.17% on October 24, with Tianma Technology leading the losses [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Feed Sector Performance - Zhongchong Co., Ltd. (002891) saw a closing price of 54.36, with an increase of 3.74% and a trading volume of 96,700 shares, amounting to a transaction value of 526 million yuan [1] - Other notable performers included Boen Group (001366) with a closing price of 13.03, up 0.77%, and Petty Co., Ltd. (300673) at 17.42, up 0.40% [1] - Tianma Technology (603668) led the declines with a closing price of 13.50, down 4.66%, and a trading volume of 222,500 shares, resulting in a transaction value of 309 million yuan [2] Capital Flow Analysis - The feed sector experienced a net outflow of 154 million yuan from institutional investors, while retail investors saw a net inflow of 97.74 million yuan [2] - The capital flow for individual stocks showed that Zhongchong Co., Ltd. had a net inflow of 12.28 million yuan from institutional investors, while it faced a net outflow of 36.39 million yuan from retail investors [3] - Other stocks like He Feng Co., Ltd. (60360a) and Boen Group (001366) also showed mixed capital flows, with varying degrees of net inflows and outflows from different investor categories [3]

Investment Rating - Industry Rating: Outperform the Market (maintained rating) [1] Core Viewpoints - The report highlights the ongoing challenges in the poultry industry due to the rising incidence of highly pathogenic avian influenza (HPAI), particularly in Europe, which has seen a significant increase in reported cases [4][5] - The report suggests that the heightened risk level for avian influenza in France may indicate an earlier onset of the flu season, impacting poultry farming practices and potentially leading to increased biosecurity measures [5] - There is a notable decline in the domestic breeding stock imports, with a 29.1% year-on-year decrease in the first nine months of 2025, primarily due to the suspension of imports from the US and New Zealand [6] Summary by Sections Industry Overview - The poultry industry is currently facing a critical period with the global outbreak of HPAI, which has resulted in 1,374 new cases reported globally, marking a 61.5% increase year-on-year [4] - The report emphasizes the need for close monitoring of overseas breeding stock imports and the structural changes in breeding practices as a response to the avian influenza threat [6] Market Trends - The report indicates that the poultry market is experiencing fluctuations, with a focus on the implications of avian influenza on supply chains and pricing strategies [6] - The report recommends paying attention to the emergence of domestic breeding opportunities and the importance of securing alternative breeding resources [6] Investment Recommendations - The report recommends focusing on companies that are well-positioned to adapt to the changing landscape, specifically highlighting Shengnong Development as a key player, while also suggesting to monitor Yisheng Livestock, Minhe Livestock, Hefeng Livestock, and Xiantan Livestock for potential investment opportunities [6]

Core Viewpoint - The feed sector experienced a decline of 2.45% on October 22, with Guai Bao Pet Food leading the drop. The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1]. Summary by Category Market Performance - The feed sector's overall performance was negative, with a notable decline in key stocks, particularly Guai Bao Pet Food, which fell by 3.98% [2]. - The trading volume and turnover for Guai Bao Pet Food reached 34,900 shares and 301 million yuan, respectively [2]. Individual Stock Performance - Key stocks in the feed sector showed varied performance: - Baiyang Co. (002696) increased by 1.96% to close at 6.75 yuan [1]. - Zhenghong Technology (000702) rose by 0.83% to 7.29 yuan [1]. - Other stocks like Da Bei Nong (002385) and He Feng Co. (603609) saw minor declines of 0.49% and 0.50%, respectively [1]. Capital Flow - The feed sector saw a net outflow of 151 million yuan from institutional investors, while retail investors contributed a net inflow of 1.42 billion yuan [2]. - Guai Bao Pet Food had a net outflow of 23.62 million yuan from institutional investors, indicating a significant shift in capital dynamics [3].

Core Viewpoint - He Feng Co., Ltd. shows a stable performance in stock trading and financing activities, with significant growth in revenue and net profit in the first half of 2025, indicating potential investment opportunities in the company [1][2]. Group 1: Stock Performance and Financing - On October 20, He Feng's stock rose by 0.13%, with a trading volume of 36.57 million yuan [1]. - The financing buy-in amount for He Feng on the same day was 3.91 million yuan, while the financing repayment was 3.50 million yuan, resulting in a net financing buy of 0.42 million yuan [1]. - As of October 20, the total balance of margin trading for He Feng was 140 million yuan, with the financing balance accounting for 1.92% of the circulating market value, indicating a high level compared to the past year [1]. Group 2: Business Overview - He Feng Co., Ltd. was established on March 27, 2003, and listed on August 8, 2014, with its main business involving feed and feed raw material trading, poultry, and pig farming, as well as animal pharmaceuticals and pet medical services [1]. - The revenue composition of He Feng includes poultry industry (38.68%), feed products (35.89%), feed raw materials (13.84%), pig industry (9.47%), and others (2.12%) [1]. Group 3: Financial Performance - For the first half of 2025, He Feng achieved an operating income of 17.41 billion yuan, representing a year-on-year growth of 16.27% [2]. - The net profit attributable to the parent company was 233 million yuan, showing a remarkable year-on-year increase of 784.44% [2]. Group 4: Shareholder Information - As of June 30, 2025, the number of shareholders for He Feng was 21,600, a decrease of 6.86% from the previous period [2]. - The average circulating shares per person increased by 6.55% to 42,164 shares [2]. - The total cash dividends distributed by He Feng since its A-share listing amounted to 1.007 billion yuan, with 158 million yuan distributed in the last three years [3].

Investment Rating - Maintain "Add" rating for the agricultural sector [5] Core Views - The first pet Double Eleven sales report has been released, indicating potential catalysts for the sector [1][12] - The trend of domestic substitution and premiumization in the pet food market remains strong, with most top brands being domestic [2][13] - The current valuation of pig farming is relatively low, with opportunities in low-cost pig farming companies [3][15] - The poultry market shows mixed signals, with white feather chicken prices declining while yellow feather chicken prices are increasing [15][30] - The commercialization of genetically modified varieties is expected to enhance growth potential in the agricultural sector [15] Summary by Sections Pet Industry - The top ten brands in the pet food sector are predominantly domestic, with high-end brands like Xianlang and Fregate leading the sales [2][13] - The Double Eleven event is ongoing, with expectations for new product launches and sales data to be closely monitored [14] Pig Farming - The national price for lean pigs is 10.98 yuan/kg, down 3.6% from last week [3][16] - The average wholesale price of pork is 18.03 yuan/kg, down 2.4% [16][24] - Self-breeding pig farming shows a loss of 244.7 yuan per head, indicating a decrease in profitability [20][21] Poultry Farming - The price of white feather chickens is 6.87 yuan/kg, down 0.1%, while chicken product prices average 8.6 yuan/kg, down 0.6% [15][34] - The price of meat chicken chicks has increased by 2.2% to 3.29 yuan each [15][30] - Yellow feather chicken prices have shown a 1.9% increase, suggesting seasonal price elasticity opportunities [15][40] Agricultural Products - The approval of genetically modified varieties is set to enter commercial sales, with potential for growth in the sector [15] - The fluctuation in agricultural product prices is expected to continue, with leading feed companies likely to replace smaller competitors [15][49] Commodity Prices - Domestic corn prices have decreased by 2.0% to 2263.14 yuan/ton [50] - Soybean meal prices have dropped by 0.7% to 2993.43 yuan/ton [68] - The price of imported fish meal has decreased by 3.7% to 13067.39 yuan/ton [80]

Group 1 - The company provided guarantees for its subsidiaries' financing and raw material procurement, with a total guarantee amount of 150 million yuan for raw material purchases and various amounts for financing [3][4][9] - As of September 30, 2025, the total guarantee balance provided by the company and its subsidiaries was 2.344 billion yuan, accounting for 35.02% of the company's audited net assets as of December 31, 2024 [9] - The board of directors approved the guarantee arrangements, confirming that the subsidiaries are under the company's control and that the risks are manageable [7][8] Group 2 - The company has a total guarantee limit of 5.6 billion yuan for the year 2025, which includes 3.25 billion yuan for financing and 2 billion yuan for raw material procurement [5] - The guarantees are intended to support the operational needs and cash flow of the subsidiaries, aligning with the company's overall development strategy [7][8] - No overdue guarantees were reported as of the end of September 2025 [9]

Group 1 - The company He Feng Co., Ltd. announced that as of September 30, 2025, the total external guarantees provided by the company and its subsidiaries amount to approximately 2.344 billion yuan, which represents 35.02% of the audited net assets as of December 31, 2024 [1] - The breakdown of guarantees includes approximately 1.633 billion yuan provided to subsidiaries, accounting for 24.39% of the audited net assets; 492 million yuan provided by subsidiaries to other subsidiaries, representing 7.34%; and 220 million yuan provided by subsidiaries to joint ventures and farmers, which is 3.28% of the audited net assets [1] - For the year 2024, the revenue composition of He Feng Co., Ltd. is as follows: grain and feed processing 38.44%, poultry industry 34.84%, raw material trading 15.36%, pig industry 10.19%, and related industries 1.02% [1] Group 2 - The current market capitalization of He Feng Co., Ltd. is 7.3 billion yuan [2]

| 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2025-105 | | --- | --- | --- | | 债券代码：113647 | 债券简称：禾丰转债 | | 关于控股股东及其一致行动人权益变动触及 1%刻度 的提示性公告 禾丰食品股份有限公司 控股股东金卫东及其一致行动人邵彩梅、王凤久、常州禾力创业投资合伙 企业（有限合伙）保证向本公司提供的信息真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一 致。 重要内容提示： | 权益变动方向 | 比例增加□ | 比例减少☑ | | --- | --- | --- | | 权益变动前合计比例 | 31.74% | | | 权益变动后合计比例 | 30.95% | | | 本次变动是否违反已作出的承诺、意向、计划 | 是□ | 否☑ | | 是否触发强制要约收购义务 | 是□ | 否☑ | 一、信息披露义务人及其一致行动人的基本信息 1.身份类别 | | ☑控股股东/实际控制人及其一致行动人 | | --- | --- | | 投资者及其一致行动人的身份 | □其他 5% ...

| 证券代码：603609 | 证券简称：禾丰股份 | 公告编号：2025-104 | | --- | --- | --- | | 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9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 | 37,845.18 | 万元 | | | 是否在前期预计额度内 | ☑是 | □否 | | | 本次担保是否有反担保 | □是 | ☑否 | | 担保对象二 | 被担保人名称 | | 凌源禾丰牧业有限责任公司 | | | 本次担保金额 | 4,000.00 | 万元 | | | 实际为其提供的担保余额 | 2,400.00 | 万元 | | | 是否在前期预计额度内 | ☑是 | □ ...

Market Overview - The feed sector experienced a decline of 1.02% on October 14, with Zhongchong Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Individual Stock Performance - Baiyang Co., Ltd. saw a significant increase of 9.97%, closing at 6.84, with a trading volume of 164,800 shares and a turnover of 110 million [1] - Other notable performers included Lude Environment (+3.39%), Tiankang Biological (+1.19%), and Tangrenshen (+0.42%) [1] - Zhongchong Co., Ltd. reported a decline of 5.82%, closing at 53.38, with a trading volume of 141,600 shares and a turnover of 760 million [2] - Aonong Biological and Tianma Technology also experienced declines of 2.18% and 1.75%, respectively [2] Capital Flow Analysis - The feed sector saw a net outflow of 183 million from main funds, while retail investors contributed a net inflow of 185 million [2] - The capital flow for individual stocks showed that Baiyang Co., Ltd. had a net inflow of 36.87 million from main funds, while Tiankang Biological had a net inflow of 15.21 million [3] - Conversely, Zhongchong Co., Ltd. experienced a significant net outflow of 76 million from main funds [3]