Core Viewpoint - The company announces the maturity and redemption details of its convertible bonds, "Hope Convertible Bonds," including the last trading day, conversion period, and redemption price. Group 1: Bond Issuance and Trading Information - The company issued 40 million convertible bonds with a total value of 400 million yuan, each with a face value of 100 yuan, approved by the China Securities Regulatory Commission [3][25][27] - The bonds were listed on the Shenzhen Stock Exchange on February 4, 2020, and the conversion period started on July 9, 2020, lasting until January 2, 2026 [3][25][27] Group 2: Redemption and Payment Details - The redemption price for unconverted bonds will be 106 yuan per bond, including the last interest payment, to be paid within five trading days after maturity [4][28][31] - The payment date for the redemption amount is set for January 5, 2026 [9][31] Group 3: Trading Suspension and Conversion Period - The last trading day for the bonds is December 26, 2025, and trading will be suspended starting December 29, 2025 [6][19][29] - Holders can still convert their bonds into company stock at a conversion price of 10.59 yuan per share from December 29 to December 31, 2025 [7][19][29] Group 4: Important Dates - Key dates include the maturity date on January 2, 2026, the registration date for redemption on December 31, 2025, and the delisting date on January 5, 2026 [6][19][33]

Group 1 - The core point of the announcement is that the controlling shareholder, New Hope Group, has completed the early repurchase of part of the non-publicly issued exchangeable bonds, "23 Hope E1," amounting to 2,180,000 bonds, with a remaining face value of 4.53 billion yuan [2][3][4] Group 2 - New Hope Group issued 6.5 billion yuan of exchangeable bonds on March 22, 2023, with a term of 3 years, and the underlying stock being New Hope A-shares [2][3] - The repurchase period for the bonds was from November 12 to November 14, 2025, and the bonds were fully redeemed on November 28, 2025 [3] - The company will continue to monitor the related matters of the controlling shareholder and fulfill its information disclosure obligations as required by law [3][4] Group 3 - The company is collaborating with the Central Enterprise Rural Industry Investment Fund and the Underdeveloped Areas Industry Development Fund to establish a joint venture named New Six Chuang Yi Rural Development Co., Ltd., with a total registered capital of 2.87 billion yuan [5][7] - The company will contribute 2.1 billion yuan, representing 73.17% of the joint venture, while the Central Enterprise Fund and the Underdeveloped Fund will contribute 700 million yuan and 70 million yuan, respectively [7] - The joint venture will acquire 100% equity of certain subsidiaries and establish 16 new subsidiaries focused on pig farming in key support areas, without increasing the overall pig production capacity [7][8] Group 4 - The transaction has received approval from the relevant authorities and is moving towards the signing and execution phase [8] - The management has been authorized to actively promote the joint investment and monitor the payment progress from the counterparties [8]

| 证券代码：000876 | 证券简称：新希望 | 公告编号：2025-119 | | --- | --- | --- | | 债券代码：127015,127049 | 债券简称：希望转债，希望转 | 2 | 新希望六和股份有限公司 关于"希望转债"到期兑付暨摘牌的第一次提示性公告 （更正后） 2、可转债兑付登记日：2025 年 12 月 31 日 3、兑付本息金额：106 元人民币/张（含税及最后一期利息） 4、兑付资金发放日：2026 年 1 月 5 日 5、可转债摘牌日：2026 年 1 月 5 日 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。 重要内容提示： 1、可转债到期日：2026 年 1 月 2 日 6、可转债最后交易日：2025 年 12 月 26 日 7、可转债停止交易日：2025 年 12 月 29 日 8、可转债最后转股日：2025 年 12 月 31 日 9、在停止交易后、转股期结束前（即自 2025 年 12 月 29 日至 2025 年 12 月 31 日），"希望转债"持有人仍可以依据约定的条件将"希望转债"转换为公 司股票。 ...

及对第一次、第二次提示性公告相关日期的更正说明 关于"希望转债"到期兑付暨摘牌的第三次提示性公告 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。 重要内容提示： | 证券代码：000876 | 证券简称：新希望 | 公告编号：2025-118 | | --- | --- | --- | | 债券代码：127015,127049 | 债券简称：希望转债，希望转 2 | | 由于工作人员对相关规则理解有误，使公司《关于"希望转债"到期兑付 暨摘牌的第一次提示性公告》（公告编号：2025-114）、《关于"希望转债"到期 兑付暨摘牌的第二次提示性公告》（公告编号：2025-115）中相关日期出现错误。 相关日期应以本次提示性公告为准，特此说明。 新希望六和股份有限公司 5、可转债摘牌日：2026 年 1 月 5 日 6、可转债最后交易日：2025 年 12 月 26 日 7、可转债停止交易日：2025 年 12 月 29 日 8、可转债最后转股日：2025 年 12 月 31 日 9、在停止交易后、转股期结束前（即自 2025 年 12 月 29 日至 2025 年 ...

| 证券代码：000876 | 证券简称：新希望 | 公告编号：2025-120 | | --- | --- | --- | | 债券代码：127015,127049 | 债券简称：希望转债，希望转 | 2 | 新希望六和股份有限公司 关于"希望转债"到期兑付暨摘牌的第二次提示性公告 （更正后） 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。 重要内容提示： 1、可转债到期日：2026 年 1 月 2 日 8、可转债最后转股日：2025 年 12 月 31 日 9、在停止交易后、转股期结束前（即自 2025 年 12 月 29 日至 2025 年 12 月 31 日），"希望转债"持有人仍可以依据约定的条件将"希望转债"转换为公 司股票。 2、可转债兑付登记日：2025 年 12 月 31 日 3、兑付本息金额：106 元人民币/张（含税及最后一期利息） 4、兑付资金发放日：2026 年 1 月 5 日 5、可转债摘牌日：2026 年 1 月 5 日 6、可转债最后交易日：2025 年 12 月 26 日 7、可转债停止交易日：2025 年 12 月 29 日 ...

（第一期）部分购回的公告 证券代码：000876 证券简称：新希望 公告编号：2025-116 债券代码：127015、127049 债券简称：希望转债、希望转2 新希望六和股份有限公司 关于控股股东完成非公开发行2023年可交换公司债券 新希望六和股份有限公司（以下简称"公司"）控股股东新希望 集团有限公司（以下简称"新希望集团"）于2023年3月22日面向专 业投资者非公开发行65亿元可交换公司债券（以下简称"本期可交 债"），债券简称"23希望E1"，债券代码"117205.SZ"，发行规 模65亿元人民币，本期可交债期限为3年，标的股票为新希望A股股票。 公司于近日收到新希望集团的通知，新希望集团已完成提前购 回部分"23希望E1"的工作。 新希望集团于2025年11月7日、11月10日、11月11日通过深圳证 券交易所发布了关于"23希望E1"的购回实施公告，购回申报期为 2025年11月12日至2025年11月14日。购回申报期结束以后，新希望 集团收到购回有效申报的债券合计2,180,000.00张。新希望集团于 2025年11月28日兑付了"23希望E1"全部购回有效申报的债券 本公司控股股东 ...

| 证券代码：000876 | 证券简称：新希望 | 公告编号：2025-117 | | --- | --- | --- | | 债券代码：127015,127049 | 债券简称：希望转债，希望转2 | | 新希望六和股份有限公司 关于与央企基金和欠发达基金联合对外投资的进展公告 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。 1 新设孙公司的议案》。具体内容详见公司于2025年11月7日在《中国 证券报》《证券时报》《上海证券报》《证券日报》和巨潮资讯网 披露的《关于与央企基金和欠发达基金共同设立合资公司并由其购 买和新设孙公司的公告》（公告编号：2025-112）。 二、交易进展情况及后续安排 目前，本次交易事项已经通过交易对手方有权审议机构审批通 过，即将进入签约执行阶段。公司董事会授权管理层继续积极推进 联合对外投资的相关工作及与交易对手方签署《合作函》等项目配 套文件。公司后续也将密切关注交易对手方缴款进度，按协议约定 督促完成相关事宜。 三、风险提示 本次交易能否顺利实施存在一定不确定性，公司将根据相关事 项进展情况，严格按照有关法律法规的规定和 ...

1、可转债到期日和兑付登记日：2026 年 1 月 5 日 2、兑付本息金额：106 元人民币/张（含税及最后一期利息） 3、兑付资金发放日：2026 年 1 月 6 日 4、可转债摘牌日：2026 年 1 月 6 日 | 证券代码：000876 | 证券简称：新希望 | 公告编号：2025-115 | | --- | --- | --- | | 债券代码：127015,127049 | 债券简称：希望转债，希望转 2 | | 新希望六和股份有限公司 关于"希望转债"到期兑付暨摘牌的第二次提示性公告 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。 重要内容提示： 5、可转债最后交易日：2025 年 12 月 29 日 6、可转债停止交易日：2025 年 12 月 30 日 7、可转债最后转股日：2026 年 1 月 5 日 8、在停止交易后、转股期结束前（即自 2025 年 12 月 30 日至 2026 年 1 月 5 日），"希望转债"持有人仍可以依据约定的条件将"希望转债"转换为公司股 票。 新希望六和股份有限公司（以下简称 "公司"）根据《深圳证券 交 ...

Summary of Earnings Estimates for China Commodities Industry Overview - The report focuses on the **China commodities** sector, specifically covering various sub-sectors including steel, coal, cement, aluminum, copper, gold, EV metals, paper, and agriculture. Key Points in Earnings Estimates Revisions - **General Update**: Earnings estimates for China commodities have been refreshed to reflect mark-to-market price changes for Q3 2025 and the current quarter. Target price changes range from -5% to +5%, with investment ratings remaining unchanged. The changes are not viewed as material, and the overall investment thesis remains intact [1][2]. Steel Sector - **Baosteel and Maanshan-H/A**: Earnings estimates cut by 3% to 5%. Loss estimates for Angang-H/A increased by 4% for 2025E [9]. Coal Sector - **Shenhua-H/A, Yankuang-H/A, Chinacoal-H/A**: Earnings estimates updated by -3% to +5% for 2025-27E based on recent coal price trends. Chinacoal-H/A target price adjusted to HK$6.5 from HK$6.4, maintaining a Sell rating [9]. Cement Sector - **CNBM, WCC, BBMG-H/A, Conch-H/A, CRBMT**: Earnings estimates updated by -5% to +3% for 2025-27E, reflecting recent unit gross profit trends [9]. Aluminum Sector - **Chalco-H/A and Hongqiao**: Earnings estimates adjusted by -5% to +5% for 2025-27E based on mark-to-market aluminum and alumina prices. Hongqiao target price fine-tuned to HK$20.0 from HK$19.6, maintaining a Neutral rating [9]. Base Metals (Copper and Gold) - **Zijin-H/A, JXC-H/A, CMOC-H/A, MMG, Zhaojin**: Earnings estimates updated by -5% to +5% for 2025-27E to reflect mark-to-market prices of copper and other metals [9]. EV Metals - **Huayou and GEM**: Earnings estimates adjusted by -3% to +5% for 2025-27E based on mark-to-market nickel/cobalt prices and cathode spreads. Huayou's target price fine-tuned to Rmb32.6 from Rmb32.4, maintaining a Sell rating [9]. Paper Sector - **ND Paper and Sun Paper**: Earnings estimates updated by 0% to 2% for 2025-27E to reflect mark-to-market paper prices [10]. Agriculture Sector - **Hog and Feed Coverage**: Earnings estimates revised by -5% to +3% for companies like Wens, New Hope, Haid, and Dabeinong, incorporating mark-to-market hog and feed prices. For animal health and conventional seeds, estimates revised by -5% to -2% [10][13]. Target Price Methodologies and Risks - **Cement Companies**: Target prices based on historical P/B vs. ROE correlations. Key risks include weaker-than-expected construction demand and slower unauthorized cement capacity exit [14]. - **Base Metals**: Target prices based on historical P/B vs. ROE correlations. Key risks include lower commodity prices and operational risks [14]. Additional Insights - The report emphasizes the importance of considering these estimates as part of a broader investment decision-making process, highlighting potential conflicts of interest due to Goldman Sachs' business relationships with covered companies [3]. This summary encapsulates the key updates and insights from the earnings estimates for the China commodities sector, providing a comprehensive overview of the changes and their implications for investors.

Core Points - The company announces the maturity and redemption details of its convertible bonds, "Hope Convertible Bonds," which will mature on January 5, 2026, with a redemption amount of 106 RMB per bond, including tax and the last interest payment [2][4][7]. Group 1: Bond Issuance and Trading Information - The company issued 40 million convertible bonds with a face value of 100 RMB each, totaling 4 billion RMB, which began trading on the Shenzhen Stock Exchange on February 4, 2020 [2][3]. - The last trading day for the "Hope Convertible Bonds" will be December 29, 2025, and trading will cease on December 30, 2025 [5][7]. Group 2: Conversion and Redemption Details - The conversion period for the bonds started on July 9, 2020, and will end on January 5, 2026, allowing bondholders to convert their bonds into company stock at a conversion price of 10.59 RMB per share [3][5]. - The company will redeem any unconverted bonds at a price of 106% of the face value within five trading days after the maturity date [4][6]. Group 3: Payment and Registration Information - The payment of the redemption amount will be made on January 6, 2026, to all registered bondholders as of the close of trading on January 5, 2026 [7][8]. - The bonds will be delisted from the Shenzhen Stock Exchange on January 6, 2026 [7].