Core Viewpoint - The "Village Chief Class" for rural revitalization aims to enhance the capabilities of rural leaders and improve governance through a combination of financial investment and skill development [1][2][3] Group 1: Program Overview - The fifth session of the "Village Chief Class" was officially launched in Beijing, co-hosted by several organizations including China Postal Savings Bank and New Hope Group [1] - The program has been running for five years, with over 4,000 village officials applying and more than 500 participants trained [2] - The initiative is recognized as an excellent case in the national "Ten Thousand Enterprises Helping Ten Thousand Villages" program [3] Group 2: Educational Philosophy and Structure - The program emphasizes an open and pragmatic educational philosophy, aiming to create a platform for rural managers to learn and exchange ideas [2] - It integrates resources from various sectors, including government, industry, academia, and research, to enhance the training scale and depth [2] - The curriculum includes practical training materials covering agriculture, livestock, and e-commerce operations [1] Group 3: Continuous Improvement and Innovation - The "Village Chief Class" is evolving by incorporating feedback from past participants and best practices from other training programs [3] - The program is transitioning from short-term training to long-term empowerment, creating a closed loop of training, practice, and capacity building [3] - New initiatives like the "Seed Plan" are being implemented to further enhance the effectiveness of the training [3]

特此公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 新希望六和股份有限公司（以下简称 "公司"）于 2024 年 11 月 7日召开第九届董事会第三十八次会议和第九届监事会第二十五次会 议，会议分别审议通过了《关于使用部分闲置募集资金临时补充流动 资金的议案》，决定将闲置募集资金中的不超过人民币 39,600.00 万 元临时用于补充公司流动资金，使用期限自董事会审议通过之日起不 超过 12 个月。具体情况详见公司 2024 年 11 月 8 日在《中国证券报》 《证券日报》《证券时报》《上海证券报》和巨潮资讯网上刊登的《关 于使用部分闲置募集资金临时补充流动资金的公告》。 在使用期间内，公司实际使用闲置募集资金 39,600.00 万元人民 币临时补充流动资金。截至 2025 年 11 月 3 日，公司已将上述用于临 时补充流动资金的募集资金全部归还至募集资金专户，并将上述募集 资金的归还情况通知了保荐机构及保荐代表人。 | 证券代码：000876 | 证券简称：新希望 | 公告编号：2025-108 | | --- | --- | --- | | 债 ...

Core Viewpoint - New Hope Liuhe Co., Ltd. continues to struggle in its traditional business, showing insufficient recovery from the financial downturn experienced in 2021, despite reporting a significant increase in net profit for the first half of 2023 [2][4]. Financial Performance - For the first three quarters of 2023, the company achieved a revenue of 80.50 billion yuan, a year-on-year increase of 4.27%, while the net profit attributable to shareholders was 760 million yuan, a substantial increase of 395.89% [2][3]. - In the third quarter alone, revenue was 28.88 billion yuan, up 4.51% year-on-year, but net profit dropped to 512.55 thousand yuan, a staggering decline of 99.63% [2][3]. - The company reported a basic and diluted earnings per share of 0.00 yuan for the third quarter, reflecting a 100% decrease compared to the previous year [3]. Debt and Financial Health - The asset-liability ratio decreased to 69.49% in the third quarter of 2025, down 1.36 percentage points from the previous year, but still significantly higher than the industry average of 57.82% [5][6]. - The company has faced a continuous rise in its asset-liability ratio, which reached 74.03% in the first quarter of 2024, up from 58% in 2020 [5]. Strategic Challenges - New Hope's recovery in 2023 is attributed to both industry cycle recovery and operational improvements, including the divestment of eight subsidiaries and associated companies, which generated approximately 1 billion yuan in cash [6]. - The company’s strategic focus on "feed + pig industry" and overseas expansion has yet to translate into clear growth metrics, leading to market skepticism regarding the sustainability of its profitability [8][9]. Market Sentiment - The stock price of New Hope has fluctuated between 9.56 and 10.58 yuan since the second half of 2023, indicating market doubts about the sustainability of its performance improvements [8]. - The dynamic PE ratio stands at approximately 43.23 times, significantly higher than the industry average of 18.56 times, suggesting that the market may be overvaluing the company relative to its peers [8]. Industry Context - The agricultural sector, particularly in pig farming, has faced significant challenges, including a downturn in pig prices since 2021, which has severely impacted New Hope's financial performance [4][9]. - The company must navigate the pressures of rising costs in the feed industry, which constitutes about 68.72% of its revenue, and concerns over consumer demand affecting pork prices [8][9].

Core Insights - The threshold for entering the top 100 enterprises in Sichuan has significantly increased from 39.54 billion yuan in 2020 to 82.40 billion yuan in 2025, indicating a robust growth in the province's economy [3][4] - The number of billion-dollar enterprises in Sichuan has doubled from 4 in 2021 to 8 in 2025, highlighting the emergence of strong players in the energy, agriculture, and manufacturing sectors [3][4] - New entrants in the hundred-billion level enterprises are primarily from emerging industries such as renewable energy, smart manufacturing, and finance, reflecting a shift in the economic landscape [3][4] Group A: Billion-Dollar Enterprises - The eight billion-dollar enterprises in Sichuan include Tongwei Co., Ltd., Yibin Wuliangye Group Co., Ltd., Sichuan Changhong Electric Co., Ltd., and others, contributing significantly to employment and industrial stability [3] - Tongwei Co., Ltd. has achieved remarkable growth, with revenues increasing from under 100 billion yuan in 2021 to over 240 billion yuan in 2025, driven by the global photovoltaic industry's expansion [3][4] - The emergence of new players like Xiya Group, which focuses on non-ferrous metals, showcases the dynamic nature of the Sichuan economy [3] Group B: Hundred-Billion Enterprises - Over 70% of the hundred-billion enterprises are new entrants, indicating a strong middle force in the economy, with significant contributions from sectors like new energy and artificial intelligence [3][4] - Companies like Yibin Meijie Communication Technology Co., Ltd. and Sichuan Highview Solar Technology Co., Ltd. have made their debut in the rankings, reflecting the growth of the smart terminal and photovoltaic industries [3][4] - The rise of companies in the new energy and AI sectors demonstrates a proactive approach to industry transformation and differentiation [3] Group C: Market Dynamics - Traditional industries are facing challenges, with companies like Sichuan Blu-ray Development Co., Ltd. dropping out of the rankings due to the downturn in the real estate sector [4] - The construction and food and beverage industries are also experiencing volatility, with several companies failing to meet the entry threshold for the top 100 list [4] - The lithium industry has seen significant fluctuations, with companies like Chengdu Bamo Technology Co., Ltd. and Sichuan Yahua Industrial Group Co., Ltd. exiting the rankings due to market oversupply [4] Group D: Regional Distribution - The majority of the top 100 enterprises are concentrated in Chengdu, which reflects the city's dominant economic position in Sichuan [4] - Other cities like Mianyang and Luzhou are also seeing growth in their number of top enterprises, but the overall regional development remains uneven [4] - The state-owned enterprises dominate the rankings, comprising over 70% of the top 100, while private enterprises, though fewer, are showing strong market vitality and operational efficiency [4]

Report's Investment Rating for the Industry - No information about the industry investment rating is provided in the report. Core Viewpoints of the Report - The report regularly tracks the latest information on private exchangeable bond (private EB) projects from public channels, including basic elements such as issuance scale, underlying stocks, and main underwriters, while noting that issuance terms may change and advising to consult the final prospectus and relevant lead underwriters for issuance progress [1]. Summary by Related Catalog New Project Information Last Week - The private exchangeable bond project of Yingfeng Group Co., Ltd. in 2025 was approved by the exchange, with a proposed issuance scale of 1 billion yuan (down from the previous scale), underlying stocks being Yingfeng Environment/Baina Qiancheng (000967.SZ/300291.SZ), and main underwriters being Shen港 Securities, CICC, and Huafu Securities (CICC and Huafu were newly added compared to before), updated on October 30, 2025 [1]. - The private exchangeable bond project of Guangdong Guangxin Holdings Group Co., Ltd. in 2025 was approved by the exchange, with a proposed issuance scale of 3 billion yuan, underlying stocks being Shengyi Technology/Xinghu Technology (600183.SH/600866.SH), and the main underwriter being CITIC Securities, updated on October 30, 2025 [1]. - The private exchangeable bond project of Fujian State - owned Assets Management Co., Ltd. in 2025 was approved by the exchange, with a proposed issuance scale of 200 million yuan, the underlying stock being Fuguang Co., Ltd. (688010.SH), and the main underwriter being Guoxin Securities, updated on October 29, 2025 [1]. - The private technology - innovation exchangeable bond project of Chongqing Xiaokang Holdings Co., Ltd. in 2025 was approved by the exchange, with a proposed issuance scale of 3 billion yuan, the underlying stock being Seres (601127.SH), and the main underwriter being Hongta Securities, updated on October 28, 2025 [1]. - The private technology - innovation exchangeable bond project of New Hope Group Co., Ltd. in 2025 received feedback from the exchange, with a proposed issuance scale of 4.5 billion yuan, the underlying stock being New Hope (000876.SZ), and the main underwriter being CICC, updated on October 31, 2025 [1]. - The private technology - innovation exchangeable bond project of Sichuan Jiuzhou Investment Holdings Group Co., Ltd. in 2025 received feedback from the exchange, with a proposed issuance scale of 1 billion yuan, the underlying stock being Sichuan Jiuzhou (000801.SZ), and the main underwriter being CITIC Securities, updated on October 28, 2025 [1]. - The private exchangeable bond project of Haixia Innovation Internet Co., Ltd. in 2025 was accepted by the exchange, with a proposed issuance scale of 300 million yuan, the underlying stock being Fengzhushou (301382.SZ), and the main underwriter being Dongguan Securities, updated on October 31, 2025 [1]. Overall Project Status (Table 1) - There are multiple private exchangeable bond projects in different statuses (approved, received feedback, accepted), including details such as bond names, main underwriters, issuance scales, underlying stocks, project statuses, and update dates [3].

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The industry is experiencing a downward trend in pig prices, leading to a de-stocking cycle in pig farming. The profitability of the agriculture sector has turned negative due to a significant drop in pig prices, with Q3 2025 profits down by 58.8% year-on-year [5][14] - The overall revenue for the agriculture sector in Q1-Q3 2025 reached 872.718 billion yuan, a year-on-year increase of 6.44%, while the net profit attributable to shareholders was 35.477 billion yuan, up 10.63% year-on-year [5][14] - The average price of pigs in Q3 2025 was 13.81 yuan/kg, down 28.89% year-on-year, with the lowest price of 10.84 yuan/kg recorded on October 13, 2025 [5][14] Summary by Sections Q3 2025 Observations - The agriculture sector's profit has decreased significantly due to unexpected declines in pig prices, leading to a negative profit margin for the sector [5][14] - The sales gross margin for the industry in Q1-Q3 2025 was 11.79%, a slight increase of 0.12 percentage points year-on-year, while the net profit margin was 4.21%, up 0.21 percentage points year-on-year [6][17] Profitability and Cost Management - The industry is focusing on cost reduction and efficiency improvement, with the expense ratio for Q1-Q3 2025 at 6.64%, down 0.58 percentage points year-on-year [6][17] - In Q3 2025, the sales gross margin fell to 10.71%, a decrease of 4.68 percentage points year-on-year, and the net profit margin dropped to 3.13%, down 4.71 percentage points year-on-year [6][17] Market Performance - The agriculture index outperformed the market by 1.88 percentage points during the week of October 27-31, 2025, with the agriculture index rising by 1.99% [26][28] - Key stocks such as Zhongxing Junye, Weilan Biotechnology, and Luoniushan led the gains in the agriculture sector, with increases of 19.60%, 13.23%, and 9.08% respectively [26][31] Price Tracking - As of October 31, 2025, the average price of pigs was 12.49 yuan/kg, an increase of 0.67 yuan/kg from the previous week, while the average price of piglets was 18.13 yuan/kg, up 0.47 yuan/kg [37][38] - The average price of beef was 66.30 yuan/kg, reflecting a slight increase of 0.09 yuan/kg from the previous week [38]

Core Insights - New Hope reported a nearly fourfold increase in net profit for the first three quarters of the year, but a significant decline in Q3 net profit [2] - The company achieved a revenue of 80.504 billion yuan, a year-on-year increase of 4.27%, with a net profit attributable to shareholders of 760 million yuan, up 395.89% [2] - In Q3, revenue was 28.879 billion yuan, a 4.51% increase year-on-year, but net profit dropped to 5.1255 million yuan, a 99.63% decline [2] Revenue and Profit Analysis - The substantial growth in net profit for the first three quarters was primarily due to higher sales prices of live pigs compared to the previous year, improved breeding costs, reduced losses in the pig industry, and increased profits from the feed business [2] - The feed business significantly contributed to the profit growth, with a reported net profit of 600 million yuan in the first half of the year, averaging 100 million yuan per month [2] International Operations - The company’s overseas feed business has been performing well, with over 3 million tons sold in the first half of the year, an 18% year-on-year increase [2] - The average profit from overseas feed exceeded 180 yuan per ton, with poultry feed averaging nearly 140 yuan per ton and pig feed over 300 yuan per ton, significantly higher than domestic profits [2] - New Hope plans to add 3 to 4 million tons of overseas production capacity in the next 3-5 years [2] Q3 Performance and Market Conditions - In Q3, the company sold 4.0345 million live pigs, a nearly 10% year-on-year increase, but the sales price fell sharply, reaching a year-low of 12.89 yuan per kilogram in September, down 5.92 yuan per kilogram from the previous year [3] - Q3 sales revenue from live pigs was 5.27 billion yuan [3] Future Outlook - The pig industry is expected to accelerate capacity reduction due to ongoing losses and policies aimed at reducing breeding sows and controlling weight [3] - Despite the anticipated industry changes, the short-term supply-demand imbalance is unlikely to be resolved quickly, and cost reduction remains crucial for companies to navigate the cycle [3] - New Hope has successfully reduced costs, achieving a target of 13 yuan per kilogram ahead of schedule, with September costs for normal operations dropping to the low 12 yuan range [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 80.504 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 4.27%, and a net profit attributable to shareholders of 760 million yuan, a significant year-on-year increase of 395.89% [6] - The report indicates a steady increase in feed sales and improved operational performance, with a focus on cost reduction and efficiency in pig farming [6][7] - The company has adjusted its profit forecasts for 2025 downwards while increasing forecasts for 2026 and 2027, expecting net profits of 100 million yuan, 1.619 billion yuan, and 3.164 billion yuan for 2025, 2026, and 2027 respectively [6] Financial Performance Summary - For Q3 2025, the company achieved a revenue of 28.879 billion yuan, a year-on-year increase of 4.51%, but a net profit of 5 million yuan, a year-on-year decrease of 99.63% [6] - The company’s total feed sales reached 7.93 million tons in Q3 2025, a year-on-year increase of 17%, with overseas sales growing by 27% [7] - The company’s pig farming segment maintained stable output with 12.48 million pigs sold in Q1-Q3 2025, a slight year-on-year increase of 0.51% [8] Financial Metrics - The company’s total market capitalization is 43.81 billion yuan, with a current stock price of 9.73 yuan [1] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.02 yuan, 0.36 yuan, and 0.70 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 440.1, 27.1, and 13.8 [6][9] - The company’s asset-liability ratio as of September 2025 is 69.49%, a decrease of 1.36 percentage points year-on-year [7]

Group 1: Company Performance - New Hope achieved operating revenue of 80.504 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 4.27% [1] - The net profit attributable to shareholders reached 760 million yuan, a significant increase of 395.89% year-on-year [1] - The substantial rise in net profit is attributed to higher sales prices of live pigs, continuous improvement in breeding costs, reduced losses in the pig industry, and increased profits from the feed business [1] Group 2: Industry Overview - The overall operating conditions of pig farming enterprises remained stable in the first three quarters of the year, with most companies in the A-share pig farming sector reporting net profit [1] - However, over half of the companies in the industry experienced a year-on-year decline in net profit due to price fluctuations [1] Group 3: Future Trends - Short-term pig prices are expected to remain slightly volatile, with the national average price fluctuating between 11.7 yuan/kg and 12.5 yuan/kg [2] - Demand for heavier pigs is anticipated to increase due to seasonal factors and procurement needs from slaughter enterprises [2] - Large-scale pig farming enterprises are expected to better cope with market fluctuations and maintain profitability due to their scale, technological, and management advantages [2] Group 4: Cost Control Measures - New Hope's future cost reduction efforts will focus on three main areas: enhancing disease prevention in autumn and winter, promoting genetic improvement, and optimizing production management [2] - The company aims to transition from simply raising good pigs to raising high-quality pigs, with future improvements relying on collaboration with leading enterprises and research institutions [2]

Core Insights - The aquaculture sector experienced a 1.0% increase on October 31, with Tianyu Biological leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Aquaculture Sector Performance - Tianyu Biological (603717) closed at 9.16, up 4.93% with a trading volume of 254,000 shares and a transaction value of 234 million [1] - Huaying Agriculture (002321) closed at 2.90, up 4.69% with a trading volume of 654,900 shares and a transaction value of 188 million [1] - Other notable performers include *ST Tianshan (300313) up 3.34%, Luoniushan (000735) up 2.37%, and Xiaoming Co. (300967) up 1.65% [1] Capital Flow Analysis - The aquaculture sector saw a net inflow of 290 million from institutional investors, while retail investors experienced a net outflow of 190 million [2] - Major stocks like Muyuan Foods (002714) had a net inflow of 203 million, while Wens Foodstuffs (300498) had a net inflow of 61 million [3] - The overall trend indicates a shift in capital, with institutional investors showing confidence in the sector while retail investors are withdrawing [2][3]