| 证券代码：000876 | 证券简称：新希望 | 公告编号：2025-104 | | --- | --- | --- | | 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 第十届董事会第七次会议决议公告 （一）审议通过了"2025 年第三季度报告" 表决结果：9 票同意，0 票反对，0 票弃权。 本议案已经公司第十届董事会审计委员会 2025 年第四次例会审 议通过。 公司《2025 年第三季度报告》刊登于 2025 年 10 月 31 日的《中 国证券报》《证券日报》《证券时报》《上海证券报》和巨潮资讯网 （www.cninfo.com.cn）。 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。 一、董事会会议召开情况 新希望六和股份有限公司（以下简称"公司"）第十届董事会第 七次会议通知于 2025 年 10 月 26 日以电子邮件方式通知了全体董事。 第十届董事会第七次会议于 2025年10月29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 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥28,879,052,022.92, representing a year-on-year increase of 4.51%[5] - The net profit attributable to shareholders decreased by 99.63% to ¥5,125,510.15, while the net profit after deducting non-recurring gains and losses dropped by 98.80% to ¥16,303,638.71[5] - The company experienced a 395.89% increase in net profit attributable to shareholders year-to-date, amounting to ¥759,989,438.98, driven by improved pig sales prices and reduced breeding costs[8] - Net profit for the current period was ¥980.70 million, a significant increase compared to ¥33.42 million in the previous period, representing a growth of 2845.5%[19] - The profit attributable to shareholders of the parent company was ¥759.99 million, compared to ¥153.26 million in the previous period, marking an increase of 394.4%[19] - Total comprehensive income amounted to ¥632,851,780.28, compared to a loss of ¥178,565,035.08 in the previous period[20] Assets and Liabilities - The total assets at the end of the reporting period were ¥116,870,684,279.36, a decrease of 0.88% compared to the end of the previous year[5] - The company's total assets decreased to ¥116.87 billion from ¥117.91 billion, a decline of 0.88%[16] - Total liabilities slightly decreased to ¥81.22 billion from ¥81.37 billion, a reduction of 0.18%[16] - The equity attributable to shareholders of the parent company increased to ¥25.76 billion from ¥25.66 billion, a growth of 0.39%[16] Cash Flow - The cash flow from operating activities for the year-to-date period was ¥7,835,356,904.17, reflecting a decrease of 5.30%[5] - Operating cash flow generated was ¥7,835,356,904.17, down from ¥8,274,120,273.82 in the previous period[21] - Cash inflow from operating activities totaled ¥80,334,519,410.14, compared to ¥78,762,589,376.34 last year, reflecting a growth of approximately 2%[21] - Cash outflow from investing activities was ¥1,951,571,951.08, significantly lower than ¥5,792,771,580.25 in the previous period[22] - Net cash flow from financing activities showed a negative balance of ¥7,682,770,190.73, compared to a negative ¥6,410,316,325.16 last year[22] - The ending balance of cash and cash equivalents decreased to ¥6,087,080,583.24 from ¥8,472,734,258.16 in the previous period[22] - The company reported a net cash outflow of ¥1,183,524,823.64 for the period, compared to a smaller outflow of ¥183,246,950.15 in the previous period[22] Shareholder Information - The total number of common shareholders at the end of the reporting period is 192,580[9] - The largest shareholder, Southern Hope Industrial Co., Ltd., holds 29.52% of shares, totaling 1,328,957,185 shares[9] - A cash dividend of 0.241245 RMB per 10 shares will be distributed, totaling 108,622,270.54 RMB (including tax) based on a total share capital of 4,502,570,853 shares[11] Investments and Expenses - The company recorded a 32.79% increase in net cash flow from investing activities, totaling ¥63,961.44 million, primarily due to the impact of payments to related parties[8] - Research and development expenses decreased to ¥143.74 million from ¥181.27 million, a reduction of 20.69%[18] - The company reported an investment income of ¥1.08 billion, down from ¥1.42 billion, a decrease of 24.1%[19] Other Financial Metrics - The weighted average return on equity decreased by 5.70 percentage points to -0.06% for the current period[5] - The company's basic and diluted earnings per share for the current period were both ¥0.00, reflecting a 100% decrease compared to the previous year[5] - Basic and diluted earnings per share increased to ¥0.15 from ¥0.02 year-over-year[20] - The conversion price for the company's convertible bonds was adjusted to 10.59 RMB per share on July 25, 2025[12] Audit and Reporting - The company did not conduct an audit for the third quarter financial report[23]

Core Viewpoint - The company has released its third-quarter financial report for 2025, highlighting significant changes in financial metrics and operational performance, with a focus on increased net profit and cash flow from operations. Financial Data Summary - The company confirmed that there are no adjustments or restatements needed for previous accounting data [4] - The financial report for the third quarter was not audited [3][10] - Major changes in the balance sheet include an increase in cash reserves for future debt repayment, an increase in trading financial assets due to the purchase of negotiable large certificates of deposit, and an increase in accounts receivable from bank acceptance bills [6] - The profit and loss statement showed an increase in investment income from joint ventures and a rise in fair value gains from financial assets [7] - The net profit increased due to growth in sales scale and improved profitability, particularly in the low-temperature product category [7] Cash Flow Analysis - The net increase in cash and cash equivalents was attributed to increases in net cash flows from operating, investing, and financing activities, with specific increases of 70.24 million yuan from operating activities, 90.44 million yuan from investing activities, and 43.90 million yuan from financing activities [8] Shareholder Information - The company reported no changes in the top ten shareholders or any significant changes in shareholding due to lending or borrowing of shares [9] Board and Supervisory Meetings - The third board meeting was held on October 28, 2025, with all members present, and the third supervisory meeting was also conducted on the same day, confirming the accuracy and completeness of the financial report [11][15][12][16]

Core Insights - The seventh Chushang Conference opened on October 29, gathering over a thousand Chushang business leaders and representatives to discuss development and sign 18 key projects worth a total of 33.13 billion yuan, injecting strong momentum into Hubei's high-quality development [1][2] Group 1: Investment and Economic Development - The total investment amount from Chushang projects signed since the establishment of the Chushang United Association in 2013 has exceeded 2.1 trillion yuan, highlighting the significant role of Chushang in supporting hometown development [1] - During the conference, a total of 57 cooperative projects were reached across various cities, amounting to 67.6 billion yuan, showcasing the ongoing investment interest in Hubei [2] - Prior promotional activities in regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macau Greater Bay Area, and Chengdu-Chongqing area resulted in 150 signed projects worth 131.21 billion yuan, reflecting a trend of "industry returning, capital flowing back, projects reinvesting, headquarters relocating, and talent returning" [2] Group 2: Industry Focus and Future Outlook - The signed projects cover diverse sectors including optoelectronic information, new energy, energy conservation and environmental protection, health, high-end equipment, biomedicine, and big data, indicating a broad industrial focus [2] - The conference featured five thematic activities aimed at promoting technological innovation, green low-carbon development, internationalization, youth engagement, and showcasing quality products, emphasizing the multifaceted approach to development [2] - Chushang has entered a new era of development characterized by the growth of new technology, manufacturing, and consumption enterprises, with leaders expressing confidence in the future strength of Chushang [1]

Core Insights - China's poverty alleviation experience is being promoted as a model for rural development in the Asia-Pacific region, aiming for more inclusive and equitable globalization [1] Group 1: Poverty Alleviation Techniques - The "Happy Grass" initiative in Papua New Guinea illustrates the successful application of mushroom cultivation technology, which has transformed local agricultural practices and contributed to poverty alleviation [2][3] - The introduction of mushroom cultivation using grass has led to significant agricultural outputs, including 853 tons per hectare of giant grass and 11.3 tons per hectare of drought-resistant rice [2] Group 2: Capacity Building and Governance - The "Village Head Class" program in Indonesia aims to enhance local governance by training village leaders in rural development practices, with over 100 village heads participating since its inception [4][5] - The program emphasizes sharing knowledge and successful practices in areas such as rural governance, industry development, and environmental protection, tailored to local conditions [5] Group 3: Regional Economic Integration - China's support for regional economic integration includes infrastructure projects that reduce logistics costs for rural areas, facilitating access to larger markets for agricultural products [6] - Trade initiatives, such as reducing tariffs on agricultural imports from Asia-Pacific countries, have directly benefited local farmers, as seen in the case of Vietnamese durian exports to China [6] Group 4: Sustainable Development Model - The essence of China's poverty alleviation strategy lies in a "people-centered" approach, focusing on sustainable development through infrastructure and industry development tailored to local needs [7] - The collaborative efforts in the Asia-Pacific region are creating a new landscape for rural development, contributing to a shared prosperity framework [7]

Core Insights - The aquaculture sector experienced a slight increase of 0.07% on October 29, with Luo Niushan leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Aquaculture Sector Performance - Luo Niushan (000735) closed at 7.17, with a rise of 4.98% and a trading volume of 686,700 shares [1] - Yisheng Co. (002458) closed at 9.00, up 1.12%, with a trading volume of 119,500 shares [1] - Xiantan Co. (002746) closed at 6.29, up 0.96%, with a trading volume of 164,100 shares [1] - Shengnong Development (002299) closed at 16.91, up 0.96%, with a trading volume of 105,700 shares [1] - New Hope (000876) closed at 9.78, up 0.31%, with a trading volume of 225,700 shares [1] - Wens Foodstuff Group (300498) closed at 18.28, up 0.27%, with a trading volume of 383,700 shares [1] - Muyuan Foods (002714) closed at 50.40, down 0.04%, with a trading volume of 216,600 shares [1] Capital Flow Analysis - The aquaculture sector saw a net outflow of 70.05 million yuan from institutional investors, while retail investors had a net inflow of 89.02 million yuan [2] - The main capital inflow was observed in Luo Niushan, with a net inflow of 72.65 million yuan, despite a net outflow from retail and speculative investors [3] - Other companies like Xiantan Co. and Zhengbang Technology experienced mixed capital flows, with some seeing net outflows from institutional and speculative investors [3]

Core Points - The 7th Chushang Conference will be held in Wuhan, Hubei from October 28 to 30, 2025, with the theme "Chushang Moving Forward Together to Build a New Support Point" [1] - Liu Yonghao, President of the Sichuan Chamber of Commerce, highlighted the significant investments made in Hubei over the past five years, exceeding 100 billion yuan, with New Hope Group committing 20 billion yuan [3] - Chushang's total investment in Hubei over the past decade has surpassed 2.1 trillion yuan, showcasing the scale of investment and the emergence of prominent entrepreneurs from Hubei [3] - The Sichuan Chamber of Commerce has over 1,000 enterprises investing in Hubei, contributing to job creation for 500,000 people [3] - Liu Yonghao emphasized the importance of collaboration between Sichuan and Hubei in areas such as rural revitalization, urban construction, and technological investment [4] - Hubei's development potential is recognized due to its strategic location, educational resources, industrial clusters, and supportive policies [4] - New Hope Group has been deeply involved in Hubei for over 24 years, focusing on agriculture, food, and urban construction [4] - Liu Yonghao expressed commitment to continue promoting collaboration between Sichuan and Hubei for high-quality development [4]

Investment Rating - The industry investment rating is "Positive" for the agricultural, forestry, animal husbandry, and fishery sector, indicating an expectation of performance exceeding the market benchmark by over 5% in the next 6 months [6]. Core Insights - The report highlights a continuous decline in pig prices, with significant downward trends observed in September 2025. The average prices for piglets, live pigs, and pork were 30.06 CNY/kg, 13.81 CNY/kg, and 24.50 CNY/kg respectively, showing month-on-month changes of -10.62%, -3.79%, and -1.92% [16][19]. - The supply side indicates an increase in pig slaughtering due to cooler weather, leading to higher market supply and pressure on prices. However, demand was slightly boosted by holiday preparations, although overall consumption remained cautious [19][24]. - The report anticipates that the ongoing policy adjustments and the current low price environment will accelerate the reduction of production capacity, with a potential price rebound expected in the second half of 2026 [30][24]. Summary by Sections Industry Supply and Demand Performance - The average price of live pigs has dropped to 10.90 CNY/kg as of October 20, 2025, following a consistent decline post the National Day holiday [16][19]. - The supply of pigs has increased due to higher slaughtering rates and larger weights, while demand has been limited by slow inventory turnover of frozen products [19][24]. Capacity Change Trends - As of the end of September 2025, the number of breeding sows was reported at 40.35 million, a slight decrease of 0.07% from the previous month, indicating a trend of capacity reduction in the industry [24][30]. - The report notes that the average profitability for self-bred pigs is -185.68 CNY per head, with external pig purchases resulting in a loss of -289.07 CNY per head, highlighting the increasing financial strain on producers [30][24]. Future Market Cycle Predictions - The report emphasizes that capacity regulation driven by policy will remain a central theme in the near future, with expectations for the elimination of outdated production capacity and improved profitability for leading firms [30][24]. - The industry valuation has shown some recovery but remains below historical averages, suggesting a safety margin for investments in leading companies such as Muyuan Foods and others [30][24].

Core Insights - The 2025 Sichuan Top 100 Enterprises list highlights significant trends and changes in the province's corporate landscape, with a focus on the emergence of new leaders and the performance of established companies [1][3]. Group 1: Top Enterprises - The number of billion-dollar enterprises in Sichuan has increased from 4 in 2021 to 8 in 2025, indicating robust growth among leading companies [1][3]. - The top five companies by revenue are: 1. Tongwei Group Co., Ltd. - 24,137,998 million CNY 2. Sichuan Yibin Wuliangye Group Co., Ltd. - 19,529,677 million CNY 3. Sichuan Changhong Electric Holding Group Co., Ltd. - 15,267,474 million CNY 4. Sichuan Energy Development Group Co., Ltd. - 11,745,767.72 million CNY 5. Qiya Group Co., Ltd. - 11,035,872.53 million CNY [4][5]. - Qiya Group made its debut in the top rankings, showcasing rapid growth and a diverse industrial portfolio [3][5]. Group 2: Industry Trends - In 2025, billion-dollar enterprises accounted for 32.63% of total revenue, serving as a stabilizing force in the complex economic environment [3]. - New entrants in the hundred-million revenue category reflect a shift towards emerging industries such as renewable energy, smart manufacturing, and finance [11][13]. - The list features over ten new hundred-million revenue companies, indicating a dynamic shift in industry focus and growth potential [11][13]. Group 3: Regional Distribution - Chengdu remains the dominant city, with 64 enterprises listed in 2025, although there is a notable increase in companies from Mianyang and Luzhou [22][26]. - The concentration of top enterprises in Chengdu highlights regional economic disparities, prompting calls for differentiated development strategies across cities [26][28]. Group 4: Ownership Structure - State-owned enterprises dominate the list, comprising over 70% of the top companies, while private enterprises, though fewer, show strong market vitality with revenues exceeding 10 billion CNY [28]. - The shift towards high-quality development in the private sector emphasizes the need for efficiency and innovation [28].

Core Insights - Liu Yonghao, President of the Sichuan Chamber of Commerce and Chairman of New Hope Group, praised Hubei's business environment, highlighting its emphasis on supporting entrepreneurs and fostering successful business leaders like Chen Dongsheng and Lei Jun [1] - The 7th Chushang Conference showcased high standards, significant themes, and prominent figures, indicating Hubei's growing attractiveness as an investment destination for entrepreneurs [1] - New Hope Group has made substantial investments in Hubei, exceeding 20 billion yuan, across various sectors including agriculture, food, technology, and urban construction [1] Investment and Economic Development - Liu Yonghao has actively promoted investment in Hubei, bringing fellow entrepreneurs for exploration and collaboration [1] - The strategic cooperation framework agreement signed in 2021 between the Sichuan Chamber of Commerce and the Chushang United Association aims to support the healthy growth of enterprises and promote economic development between the two regions [1] - There are tens of thousands of Sichuan enterprises operating in Hubei, reflecting a strong economic interconnection between the two provinces [1]