Core Viewpoint - Xiwang Food reported a decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in the company's financial performance [1] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 3.507 billion, a year-on-year decrease of 8.04% [1] - The net profit attributable to shareholders was 2.2219 million, reflecting a significant year-on-year decrease of 96.45% [1] - In the third quarter, the company recorded a revenue of 1.389 billion, which represents a year-on-year increase of 7.05% [1] - The net profit for the third quarter was 20.7922 million, showing a year-on-year decrease of 5.22% [1]

Company Overview - Xiwang Food (SZ 000639) announced on October 24 that its 12th meeting of the 14th board of directors was held, discussing the proposal to change the accounting firm [1] - For the first half of 2025, Xiwang Food's revenue composition was 100% from food processing [1] - As of the report date, Xiwang Food's market capitalization was 3.5 billion yuan [1] Industry Insights - In 2023, China's innovative pharmaceuticals have generated $80 billion in overseas licensing deals [1] - The secondary market for biomedicine is experiencing a boom, while the primary market is facing challenges in fundraising [1]

西王食品股份有限公司 第十四届董事会第十二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述 或重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 1、董事会会议通知于2025年10月13日分别以专人送达、电子通 讯、传真等方式向全体董事、高级管理人员进行了送达通知。 2、董事会会议于2025年10月24日在公司二楼会议室以现场结合 通讯表决方式召开。 3、应出席会议董事7名，实到董事7名。 4、会议由董事长王辉先生主持，公司高管人员列席了会议。 5、本次董事会会议的召开符合有关法律、行政法规、部门规章、 规范性文件和《公司章程》的规定。 二、董事会会议审议情况 证券代码：000639 证券简称：西王食品 公告编号：2025-027 （一）审议通过了《公司2025年第三季度报告》 表决结果：7 票同意，0 票反对，0 票弃权。 西王食品股份有限公司董事会 （二）审议通过了《关于更换会计师事务所的议案》 2025 年 10 月 24 日 表决结果：7 票同意，0 票反对，0 票弃权。 1 （三）审议通过了《关于召开2025年第二次临时股东大会的议 ...

Core Viewpoint - Xiwang Food reported a revenue of 1.389 billion yuan for Q3 2025, marking a year-on-year increase of 7.05%, while the net profit attributable to shareholders decreased by 5.22% to 20.7922 million yuan [1] Financial Performance - For the first three quarters, the company achieved a revenue of 3.507 billion yuan, reflecting a year-on-year decline of 8.04% [1] - The net profit attributable to shareholders for the first three quarters was 2.2219 million yuan, showing a significant year-on-year decrease of 96.45% [1]

证券代码：000639 证券简称：西王食品 公告编号：2025-029 西王食品股份有限公司 关于更换会计师事务所的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、基本信息 机构名称：北京中名国成会计师事务所（特殊普通合伙） 1、拟聘任的会计师事务所名称：北京中名国成会计师事务所（特 殊普通合伙）（以下简称"北京中名国成"）。 2、原聘任的会计师事务所名称：中兴财光华会计师事务所（特 殊普通合伙）（以下简称"中兴财"）。 3、变更原因及前任会计师的异议情况：综合考虑公司业务发展 情况和整体审计的需要，结合市场情况，公司拟聘任北京中名国成会 计师事务所（特殊普通合伙）为公司 2025 年度财务报告及内部控制 审计机构。公司就变更会计师事务所相关事项与原聘任会计师事务所 进行了充分沟通，双方均已确认就本次变更会计师事务所事项无异议。 4、公司董事会及董事会审计委员会对本次变更会计师事务所事 项无异议。 5、本次变更会计师事务所符合财政部、国务院国资委、证监会 印发的《国有企业、上市公司选聘会计师事务所管理办法》（财会〔2023〕 4 号）的规 ...

证券代码：000639 证券简称：西王食品 公告编号：2025-030 西王食品股份有限公司 关于召开 2025 年第二次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 西王食品股份有限公司（以下简称"公司"）第十四届董事会第 十二次会议审议通过《关于召开 2025 年第二次临时股东大会的议案》， 公司拟于 2025 年 11 月 11 日召开 2025 年第二次临时股东大会，具体 情况如下： 一、召开会议的基本情况 （五）会议的召开方式 本次股东大会将采用现场投票和网络投票相结合的表决方式召 开。公司将通过深圳证券交易所交易系统和互联网投票系统向公司股 东提供网络投票形式的投票平台，公司股东可以在网络投票时间内通 过上述系统行使表决权。 （一）股东大会届次：2025 年第二次临时股东大会 （二）股东大会召集人：公司第十四届董事会 （三）会议召开的合法、合规性：公司第十四届董事会第十二次 会议审议通过了《关于召开 2025 年第二次临时股东大会的议案》，召 集程序符合有关法律、行政法规、部门规章、其他规范性文件及《公 司章程》的有关规定。 ...

Revenue and Profit - The company's revenue for Q3 2025 was CNY 1,388,722,338.74, representing a 7.05% increase year-over-year, while the year-to-date revenue decreased by 8.04% to CNY 3,507,216,263.20[5] - Net profit attributable to shareholders for Q3 2025 was CNY 20,792,176.95, down 5.22% year-over-year, and year-to-date net profit decreased significantly by 96.45% to CNY 2,221,913.99[5] - The net profit excluding non-recurring items for Q3 2025 was CNY 27,574,455.33, an increase of 24.94% year-over-year, while year-to-date it decreased by 90.48% to CNY 7,121,014.61[5] - Total operating revenue for the current period was ¥3,507,216,263.20, a decrease of 8.0% compared to ¥3,813,846,352.46 in the previous period[20] - Net profit for the current period was a loss of ¥4,484,372.76, compared to a profit of ¥52,324,356.00 in the previous period, representing a significant decline[21] - The total comprehensive income for the current period was a loss of ¥20,213,853.26, compared to a gain of ¥31,110,504.88 in the previous period[23] - Basic and diluted earnings per share for the current period were both ¥0.0021, down from ¥0.0580 in the previous period[23] Assets and Liabilities - The company's total assets at the end of Q3 2025 were CNY 6,076,920,952.23, a decrease of 1.39% compared to the end of the previous year[5] - Current assets totaled CNY 2,931,630,148.29, down from CNY 2,950,488,656.93[16] - Total current liabilities were CNY 2,305,991,275.41, slightly down from CNY 2,357,472,463.35[17] - Non-current liabilities totaled CNY 442,632,246.59, a decrease from CNY 456,843,458.55[17] - The total liabilities decreased from ¥2,814,315,921.90 to ¥2,748,623,522.00, a reduction of approximately 2.3%[18] - Total equity attributable to shareholders of the parent company was ¥2,904,106,971.10, slightly down from ¥2,914,468,641.51 in the previous period[18] Cash Flow - Cash flow from operating activities for the year-to-date period decreased by 18.61% to CNY 161,413,699.98[5] - Cash inflow from operating activities was ¥3,768,343,140.29, compared to ¥4,098,065,249.42 in the previous period, indicating a decrease of 8.0%[24] - Cash paid for goods and services was ¥2,891,241,906.16, down from ¥3,155,542,691.08 in the previous period, reflecting a reduction of 8.4%[24] - The net cash flow from operating activities was $161.41 million, a decrease of 18.6% compared to $198.31 million in the previous period[25] - Cash outflow from investing activities totaled $296.02 million, down from $376.51 million, resulting in a net cash flow from investing activities of -$6.94 million, compared to $188.52 million previously[25] - Cash inflow from financing activities was $724.10 million, a decrease from $909.59 million, leading to a net cash flow from financing activities of -$165.17 million, compared to -$111.70 million in the prior period[25] - The total cash and cash equivalents at the end of the period were $453.28 million, down from $571.02 million[26] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 46,937, with the largest shareholder, Xiwang Group Co., Ltd., holding 18.72% of the shares[10] Other Financial Metrics - The weighted average return on equity for Q3 2025 was 0.72%, a slight increase of 0.07% compared to the previous year[5] - The company reported a significant increase of 510% in trading financial assets, reaching CNY 10,914,315.41, primarily due to receiving customer stocks to offset accounts receivable[8] - Accounts receivable increased by 58% to CNY 345,062,628.40, mainly due to increased receivables from Iovate[8] - The company experienced an 84% decrease in other income, totaling CNY 1,262,581.98, primarily due to changes in VAT policies[9] - Cash and cash equivalents decreased to CNY 1,786,310,816.91 from CNY 1,812,282,230.25[15] - Inventory decreased to CNY 583,779,351.99 from CNY 707,206,296.07, reflecting a decline of about 17.5%[16] - Short-term borrowings increased to CNY 1,037,267,242.41 from CNY 1,012,567,600.00, marking an increase of approximately 2.4%[17] - The company has filed for restructuring for its subsidiaries in the U.S. and Canada to protect shareholder interests[13] - The company’s board approved the restructuring plans during the 14th board meeting and the first extraordinary shareholders' meeting of 2025[13] Auditing and Adjustments - The third quarter financial report was unaudited, indicating potential adjustments in future reports[27]

西王食品公告，第三季度营收为13.89亿元，同比增长7.05%；净利润为2079.22万元，下降5.22%。前三 季度营收为35.07亿元，同比下降8.04%；净利润为222.19万元，同比下降96.45%。 ...

Market Overview - On October 23, the food processing sector rose by 0.05% compared to the previous trading day, with *ST Chuntian leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - The following stocks in the food processing sector showed notable performance: - *ST Chuntian (600381) closed at 5.58, up 2.39% with a trading volume of 146,300 shares and a turnover of 80.837 million yuan [1] - Huifa Food (603536) closed at 11.14, up 1.74% with a trading volume of 104,700 shares and a turnover of 116 million yuan [1] - Kemei Food (002661) closed at 9.68, up 1.36% with a trading volume of 33,000 shares and a turnover of 31.6787 million yuan [1] - Other notable stocks include Jiyuan Group (603262), Weizhi Xiang (605089), and Xiwang Food (000639) with respective gains [1] Capital Flow - The food processing sector experienced a net outflow of 98.805 million yuan from institutional investors, while retail investors saw a net inflow of 105 million yuan [2] - The following stocks had significant capital flow: - Xiwang Food (000639) had a net inflow of 19.6873 million yuan from institutional investors, but a net outflow from retail investors [3] - Jiyuan Group (603262) also saw a net inflow from institutional investors, while retail investors had a slight outflow [3] - Other stocks like Jinzi Ham (002515) and Sanyuan Food (002216) showed mixed capital flows [3]

Core Viewpoint - The company is focusing on its core business of corn oil while expanding its product offerings to include various healthy oils such as canola oil and sunflower oil, aiming to establish a diversified product matrix [1]. Group 1 - The company is reinforcing its leading position in the corn oil market [1]. - The company is accelerating the expansion into multiple healthy oil varieties [1].