新希望六和股份有限公司（以下简称"公司"）第十届董事会第 六次会议通知于 2025 年 9 月 3 日以电子邮件方式通知了全体董事。 第十届董事会第六次会议于 2025 年 9 月 4 日以通讯表决方式召开。 本次会议应参加表决董事 9 人，实际表决董事 9 人，会议的召开及表 决程序符合有关法律、行政法规、部门规章、规范性文件和公司《章 程》的规定，所作决议合法有效。 | 证券代码：000876 | 证券简称：新希望 | | 公告编号：2025-92 | | --- | --- | --- | --- | | 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 第十届董事会第六次会议决议公告 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。 一、董事会会议召开情况 序 号 项目名称 扣除各项发行费用 后拟投入募集资金 额（万元） 累计使用募集资金 金额（万元）（含可 置换自筹资金金 额） 1 朔州年出栏 70 万头生猪养殖项目 92,000.00 88,212.85 2 甘肃新希望平岘村养殖一场项目 2 ...

Group 1 - The core viewpoint of the article highlights the challenges faced by China's pig farming industry, particularly the decline in profitability since 2020 due to overcapacity and low prices, with most companies reporting losses in 2023 except for Zhengbang Technology [2] - The overall profitability of the industry is expected to improve in 2024, with net profits of companies likely to turn positive [2] - The cost of raising pigs has been decreasing, with the cost per pig dropping from 2,971 yuan in March 2021 to 2,123 yuan in April 2025, indicating effective cost control measures [4] Group 2 - The entry of competitors into China's pig farming industry occurred primarily between 1990 and 2000, with major players like Wens Foodstuffs entering the market around 1993 and Muyuan Foods entering around 2000 [5] - The competitive landscape of the pig farming industry is characterized by a large number of players and low market concentration, leading to intense competition [9] - The bargaining power of suppliers, such as feed and breeding stock suppliers, is relatively low, while the consumer bargaining power in the pork market is also weak, making the market highly competitive [9]

Investment Rating - The investment rating for the agriculture sector is "Positive" (maintained) [1] Core Insights - The agriculture sector's profit growth in H1 2025 is driven by the recovery of the breeding chain, with a significant increase in both revenue and net profit compared to the previous year [3][15] - The overall revenue for the agriculture sector reached 569.91 billion yuan, representing a year-on-year growth of 9.28%, while the net profit attributable to shareholders increased by 193.46% to 25.794 billion yuan [15][12] - The recovery in breeding profitability is attributed to a rapid decline in pig farming costs and an increase in the output of leading listed pig companies [15][4] Summary by Sections Overall Industry Performance - The agriculture sector's revenue and profit both showed year-on-year growth in H1 2025, with a revenue of 569.91 billion yuan and a net profit of 25.794 billion yuan [15][12] - The sector's gross profit margin improved to 12.49%, up by 5.52 percentage points year-on-year, and the net profit margin reached 4.00%, an increase of 5.24 percentage points [15][16] Subsector Analysis - The breeding chain's profitability has recovered, with all subsectors except for fisheries showing revenue growth. Key growth rates include animal health (+24.85%), pet food (+24.25%), livestock farming (+14.92%), and feed (+11.60%) [4][22] - The pig farming sector achieved a revenue of 226.618 billion yuan, a year-on-year increase of 16.96%, with net profit soaring by 1234.37% to 16.601 billion yuan [5][24] - Poultry farming saw revenues of 24.942 billion yuan, up 5.15%, and net profits increased by 70.70% to 1.178 billion yuan despite low chicken prices [41][42] - The feed sector reported revenues of 95.147 billion yuan, a growth of 11.25%, with net profits rising by 61.26% to 3.144 billion yuan [6][52] - The animal health sector's revenue reached 6.398 billion yuan, growing by 20.54%, with net profits increasing by 34.08% to 740 million yuan [61][66] - The seed sector faced challenges, with revenues declining by 10.60% to 5.122 billion yuan and net profits dropping significantly [72][73] Profitability Metrics - The overall gross margin for the agriculture sector improved, with the breeding sector's gross margin at 13.33%, net margin at 5.63%, and ROE at 5.56% [29][30] - The poultry sector's gross margin was 12.61%, with net margin at 2.99% and ROE at 3.36%, reflecting improvements in profitability metrics [42][47] - The feed sector's average gross margin was 10.09%, with net margin at 1.98% and ROE at 3.59%, indicating a positive trend in profitability [52][58] - The animal health sector's average gross margin was 53.49%, with net margin at 15.88% and ROE at 2.60%, showing strong profitability [66][67]

Core Points - The company has decided to use up to RMB 110 million of idle raised funds to temporarily supplement its working capital, with a usage period not exceeding 12 months from the board's approval date [1] - As of September 2, 2025, the company has fully returned the temporarily used raised funds to the designated account and notified the sponsor institution and representative [2] Group 1 - The board of directors and the supervisory board approved the proposal to use idle raised funds for working capital [1] - The announcement regarding the use of idle raised funds was published in multiple financial newspapers and platforms [1] - The company has ensured the accuracy and completeness of the information disclosed [1] Group 2 - The total amount of idle raised funds used for temporary working capital was RMB 110 million [2] - The funds were returned to the designated account within the specified timeframe [2] - The company has communicated the return of funds to the relevant parties [2]

Investment Rating - The report maintains an investment rating of "Buy-A" for Hai Da Group and "Buy-B" for Sheng Nong Development, with several other companies rated as "Increase-A" or "Increase-B" [3][4][5]. Core Insights - The agricultural sector has shown a market performance with the CSI 300 index increasing by 2.71% and the agricultural sector rising by 2.02% during the week of August 25 to August 31 [2][20]. - The report highlights a recovery cycle in the feed industry and marginal improvements in livestock farming, suggesting potential growth opportunities [4][5]. - The report indicates that the current market sentiment may be overly pessimistic regarding the impact of rising pig production capacity on profitability, while it overlooks the positive effects of declining raw material costs and potential macro demand recovery in 2025 [5][6]. Summary by Sections Swine Farming - As of August 29, the average prices for external three yuan pigs in Sichuan, Guangdong, and Henan were 13.25, 14.84, and 13.73 yuan/kg, reflecting a week-on-week change of -2.21%, -3.57%, and 0.00% respectively [3][28]. - The average pork price was 19.94 yuan/kg, down 0.80% from the previous week, while the average wholesale price for piglets remained stable at 26.00 yuan/kg [3][28]. - The self-breeding profit was 32.24 yuan/head, while the profit from purchasing piglets was -148.41 yuan/head [3][28]. Poultry Farming - As of August 29, the weekly price for white feather broilers was 7.33 yuan/kg, remaining unchanged from the previous week, while the price for broiler chicks increased by 0.84% to 3.61 yuan/chick [3][43]. - The profit from broiler farming was reported at 1.37 yuan/chick, and the egg price was 7.24 yuan/kg, down 0.82% [3][43]. Feed Processing - In July 2025, the total industrial feed production in China was 28.31 million tons, reflecting a month-on-month increase of 2.3% and a year-on-year increase of 5.5% [50]. - The report notes a significant decline in the factory prices of feed products, with the proportion of corn in compound feed at 33.1% and soybean meal at 14.1% [50]. Aquaculture - As of August 29, the prices for sea cucumbers, shrimp, and bass were stable at 90.00 yuan/kg, 320.00 yuan/kg, and 50.00 yuan/kg respectively [57]. - For freshwater products, the price of grass carp was 16.73 yuan/kg, up 0.54%, while the prices for crucian carp and carp showed slight fluctuations [57]. Crop and Grain Processing - As of August 29, the spot price for soybeans was 4005.79 yuan/ton, with corn and wheat prices at 2364.71 yuan/ton and 2428.89 yuan/ton respectively, showing slight declines [65]. - The report indicates that the prices for various mushroom products remained stable during the same period [65].

Financial Performance - The company's revenue for the first half of 2025 reached 51.6 billion CNY, a year-on-year increase of 4% [2] - The net profit attributable to shareholders was 5.7 billion CNY, showing a turnaround with a growth of 19.7% compared to the previous year [2] - The feed business generated a net profit of 6 billion CNY, with a total sales volume of 1.3 million tons, reflecting a year-on-year growth of 13% [2][3] Feed Business Strategy - The company aims to expand its scale by targeting key customers and optimizing product offerings, with customized feed sales to major clients increasing by over 20% [4] - To mitigate trade war impacts, the company is enhancing external procurement and optimizing raw material sourcing, achieving a 96% usage rate of its online sourcing system in the first half of 2025 [4] - The overseas feed capacity has exceeded 7 million tons, with plans to add 3-4 million tons in the next 3-5 years, and overseas sales grew by 18% in the first half of 2025 [5] Swine Business Highlights - The company reported a 60% reduction in ASF incidence in the first half of 2025, with significant improvements in production metrics [6] - Average piglets per litter increased to 11.2, and the average PSY (pigs weaned per sow) improved to 25.4, both showing enhancements from 2024 [6][8] - The average cost of production dropped to 13.1 CNY/kg, with some regions achieving costs below 12 CNY/kg [8] Stock Issuance and Regulatory Compliance - The non-public stock issuance project is progressing well, with major issues resolved, and the company plans to submit updated materials to the exchange soon [9] - The company is actively participating in national capacity regulation discussions, believing these policies will support long-term industry health [10] Future Outlook and Cost Management - The company aims to maintain a stable breeding stock of 760,000 sows and plans to keep annual slaughter volumes between 16-17 million heads [11] - Cost reduction strategies include enhancing disease control, optimizing breeding management, and improving production efficiency, with expectations for further cost reductions by year-end [14] - The company anticipates stable pork prices in the medium to long term, with limited downward pressure [15] International Operations and Profitability - The average profit per ton of overseas feed is over 180 CNY, significantly higher than domestic profits [18] - The company is focusing on expanding in regions with stable political and economic environments, prioritizing markets with high potential for growth [18]

| 证券代码：000876 | 证券简称：新希望 | 公告编号：2025-91 | | --- | --- | --- | | 债券代码：127015,127049 债券简称：希望转债，希望转 | | 2 | 关于归还临时补充流动资金的募集资金的公告 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 9 月 5 日召开第九届董事会第三十三次会议和第九届监事会第二十二次会 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》，决定使用不超过人民币 11,000.00 万元闲置募集资金 临时补充流动资金，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 9 月 6 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 11,000.00 万元人民 币临时补充流动资金。截至 2025 年 9 月 2 日，公司已将上述用于临 时补充流动 ...

Core Insights - The event themed "Get on the field! This moment is fresh" successfully leveraged the ongoing global sports trend to resonate with the city of Chengdu and promote New Hope Dairy's 24-hour fresh milk brand [1][10] - The marketing strategy integrated sports events with the brand's "fresh" concept, creating a complete loop from scene engagement to emotional resonance and brand positioning [3][10] Group 1: Marketing Strategy - The brand effectively utilized international sports events to deepen the integration of the "fresh" concept into both sports and urban life, achieving over 100 million total exposure and 21.42 million reads on the Weibo topic Fresh24HoursInChengdu [3][5] - The marketing campaign was structured in three phases: online recruitment of participants, on-site engagement at major venues and shopping districts, and emotional connection through interactive experiences in cultural hotspots [3][5][10] Group 2: Online and Offline Integration - The brand employed a multi-platform approach to enhance user engagement, including online recruitment and social media interactions, resulting in over 50 million exposures on platforms like Xiaohongshu and 33.8 million total views on short videos [5][8] - Offline activities included interactive family events and product sampling, which effectively increased family participation and showcased the brand's commitment to freshness and quality [5][8] Group 3: Immersive Experience - The event utilized Chengdu's unique blend of fast-paced and slow-living culture to create an immersive narrative around the "fresh" concept, linking sports venues with local cultural landmarks [7][10] - The brand collaborated with local influencers to create relatable content, further bridging the gap between the brand and consumers through culturally relevant communication [8][10] Group 4: Brand Positioning - The campaign not only aimed at summer marketing but also sought to establish emotional connections with diverse consumer identities, reinforcing the association between dairy products and health, nutrition, and freshness [10] - Future strategies will focus on deepening value resonance and expanding communication pathways, particularly in the family market segment, to enhance brand trust and drive growth [10]

Core Viewpoint - New Hope's strong performance in the first half of 2025 is attributed to the synergy across its feed, pig farming, and overseas operations, achieving a revenue of 51.6 billion yuan and a net profit turnaround with a year-on-year increase of 162% [1][2]. Feed and Pig Farming Performance - In the first half of 2025, New Hope reported a revenue of 51.625 billion yuan, a year-on-year increase of 4.13%, and a net profit of 755 million yuan, marking a significant turnaround [2]. - The feed business saw a total sales volume of 13.93 million tons, up 13% year-on-year, with export feed sales reaching 11.48 million tons, an increase of 16% [2]. - The company emphasized a growth in customized feed and contract feed sales by over 20% in the domestic market, entering a new growth phase [2]. Pig Farming Operations - New Hope sold a total of 844.94 thousand pigs, including 205.66 thousand piglets and 639.28 thousand fattened pigs, generating a revenue of 10.801 billion yuan from pig farming [4]. - The company reported a 60% reduction in the incidence of major pig diseases compared to the previous year, stabilizing production and optimizing various production metrics [4]. - Key performance indicators included an average litter size of 11.2 piglets, a PSY of 25.4, and an average weaning cost of approximately 260 yuan per pig, reflecting improvements in efficiency [4]. Breeding Technology and Cost Reduction - New Hope focuses on breeding as a key driver for cost reduction in pig farming, enhancing genetic traits and achieving a daily weight gain of over 1,000 grams in terminal boars [5]. - The company has improved the average litter size to 11.9 piglets through purebred replacements in the breeding line [5]. Technological Innovations - New Hope has made advancements in genomic breeding technology and AI breeding systems, including the development of an AI assistant for pig farming [7]. - The company has patented an "AI weight estimation" solution to enhance breeding efficiency [7]. Collaborative Development Model - New Hope emphasizes a "company + farmer" model for shared development, utilizing digital and intelligent technologies to lower costs and enhance supply chain fairness [8]. - The company has implemented a unified auction system for all types of pigs, improving service quality and market transparency [8]. Industry Recognition and Achievements - New Hope, in collaboration with Sichuan Agricultural University, received the Sichuan Provincial Science and Technology Progress Award for its project on pig intestinal microbiome management [11]. - The project aims to address challenges in the pig farming industry, such as low health levels and high disease rates, through targeted nutritional management [11][12].

Core Viewpoint - New Hope has reported a turnaround in its financial performance for the first half of 2025, achieving profitability with a net profit of 755 million yuan, compared to a loss in the previous year [2][3]. Financial Performance - The company achieved a revenue of 51.625 billion yuan in the first half of 2025, representing a year-on-year growth of 4.13% [2]. - The feed sales volume reached 13.93 million tons, up 13% year-on-year, with export feed sales of 11.48 million tons, increasing by 16% [2]. - The pig farming segment generated a revenue of 14.369 billion yuan, with 2.0566 million piglets and 6.3928 million fattened pigs sold [3]. Cost Management - New Hope's total cost for fattening pigs is currently 13.1 yuan per kilogram, with some regions achieving costs below 12 yuan per kilogram [4]. - The company aims to further reduce costs by improving genetic traits of breeding pigs and enhancing internal management to narrow the cost gap with top-performing farms [4][6]. Strategic Initiatives - New Hope is collaborating with Topigs Norsvin, a leading global pig breeding company, to enhance its breeding stock [5]. - The company plans to maintain its breeding sow capacity at 760,000 heads, focusing on improving the quality of its breeding stock rather than increasing quantity [6]. Industry Outlook - The company believes that current policies in the pig farming industry will positively impact long-term development, with expectations of rising pig prices as measures are implemented [6]. - New Hope is actively optimizing its self-breeding operations and managing its fattening costs while adhering to national capacity control policies [6].