证券代码：000876 证券简称：新希望 公告编号：2025-74 债券代码：127015,127049 债券简称：希望转债，希望转 2 2．本次权益分派方案披露至实施期间，公司可转债进行了转股， 同时办理了2022年限制性股票激励计划回购注销事项，回购注销了 2,337.22万限制性股票，导致公司股本总额减少23,369,384股。 按照分配总额不变的原则，公司2024年年度权益分派方案调整为： 以公司现有总股本4,502,570,853股为基数，向全体股东每10股派发 新希望六和股份有限公司 2024年年度分红派息实施公告 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。 新希望六和股份有限公司（以下简称"公司"）2024年年度权益 分派方案已获2025年6月18日召开的2024年年度股东大会审议通过， 现将权益分派事宜公告如下： 现金红利0.241245元（保留小数点后六位数，最后一位直接截取，不 四舍五入；含税），分红总额108,622,270.54元（含税）；本次不送红 股，不进行资本公积转增股本。 3．本次实施的权益分派方案与公司股东大会审议通过的权 ...

证券代码：000876 证券简称：新希望 公告编号：2025-75 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 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。 特别提示： 1、"希望转债"转股价格：调整前为 10.61 元/股，调整后为 10.59 元/股 2、"希望转 2"转股价格：调整前为 10.61 元/股，调整后为 10.59 元/股 3、转股价格调整起始日期：2025 年 7 月 25 日 一、关于"希望转债"、"希望转 2"转股价格调整的相关规定 新希望六和股份有限公司（以下简称"公司"、"上市公司"）于 2020 年 1 月 3 日公开发行了 40,000,000 张可转换公司债券（债券简 称：希望转债，债券代码：127015）、于 2021 年 11 月 2 日公开发行 了 81,500,000 张可转换公司债券（债券简称：希望转 2，债券代码： 127049）。根据《公开发行 A 股可转换公司债券募集说明书》发行条 款以及中国证监会关于可转换债券发行的有关规定，在可转债发行之 后，若公司发生派 ...

Core Viewpoint - The Chinese pig feed industry is experiencing a decline in production, with a projected output of 14,391.3 million tons in 2024, representing a year-on-year decrease of 3.9% [2]. Group 1: Production and Market Share - The share of pig feed in the overall industrial feed production has remained significant, with an expected share of 45.68% in 2024, maintaining above 40% since 2014 [3]. - The top ten provinces in pig feed production account for 66.3% of the national output, with Guangxi leading at 1,548.2 million tons, followed by Guangdong and Anhui [4]. Group 2: Industry Trends - The pig feed industry in China is highly competitive and fragmented, with an ongoing trend of consolidation among smaller producers. Larger companies with technological advantages are expected to dominate the market [7]. - The push for environmentally friendly and antibiotic-free feed is becoming mainstream, driven by government policies such as green agriculture and antibiotic-free farming [7][9]. - By 2025, it is anticipated that antibiotic-free feed will constitute around 40% of the pig feed market, presenting new investment opportunities [9]. - The concentration of the pig feed market is expected to increase, with the top ten companies projected to hold over 50% market share by 2030 [9].

Core Viewpoint - New Hope has appointed Li Tiantian, also known as "Tuo Bu Hua," as a new independent director, highlighting the company's focus on management experience and leadership in its strategic direction [1][2][4]. Group 1: Appointment of New Independent Director - New Hope announced the election of Li Tiantian as an independent director during a board meeting on July 13, 2023, pending approval at the upcoming shareholders' meeting [2]. - Li Tiantian, aged 46, has over 20 years of professional experience in enterprise management and is currently the director and general manager of Beijing Siwei Zhaowu Information Technology Co., Ltd., the parent company of the "Dede" app [2][4]. - Li Tiantian has a notable history with New Hope's chairman Liu Chang, having collaborated on an advertising consulting company in their youth, which emphasizes her longstanding relationship with the company [3]. Group 2: Management Experience and Company Performance - New Hope has emphasized the importance of management in its recent communications, indicating a strategic focus on improving management practices to enhance competitiveness in the market [5]. - The company expects to report a net profit attributable to shareholders of between 680 million to 780 million yuan for the first half of the year, a significant turnaround from a net loss of 1.217 billion yuan in the same period last year [4]. - Improvements in disease prevention management, technical indicators, and organizational efficiency in the breeding business have contributed to a reduction in breeding costs, both year-on-year and month-on-month [4].

Core Viewpoint - New Hope has returned to profitability in the first half of 2025 after four years of losses, with projected net profits between 680 million and 780 million yuan, marking a significant turnaround from a loss of 1.217 billion yuan in the same period last year [1][2] Group 1: Financial Performance - The company expects a net profit of 680 million to 780 million yuan for the first half of 2025, a growth of approximately 155.85% to 164.07% compared to a loss of 1.217 billion yuan in the previous year [2] - The projected non-recurring net profit is estimated to be between 627 million and 727 million yuan, a significant increase from a loss of 1.316 billion yuan in the same period last year, reflecting a growth of about 147.63% to 155.23% [2] - In the first half of 2025, New Hope sold 8.4493 million pigs, a slight decrease of 239,300 pigs compared to the previous year, generating sales revenue of 12.053 billion yuan, down from 13.048 billion yuan [3] Group 2: Business Operations - The improvement in profitability is attributed to enhanced production management and biosecurity measures in the pig farming sector, leading to reduced costs despite lower pig prices [2][3] - The company has achieved a significant reduction in breeding costs, with the top 25% of farms reducing costs to 13.6 yuan per kilogram in 2024 and aiming for 12.5 yuan per kilogram in the first quarter of 2025 [3] - New Hope's feed business, which has been a core operation for over 40 years, achieved a total sales volume of 25.96 million tons in 2024, accounting for 8.2% of the national total production [4][6] Group 3: International Expansion - New Hope is accelerating its overseas feed business expansion, targeting a sales volume of 6 million tons in 2025, with plans to potentially increase production capacity by 3 to 4 million tons in the next 3 to 5 years [5][6] - The company has established a clear market presence in overseas regions, including Indonesia, Vietnam, and Egypt, and is focusing on expanding its footprint in these markets [6] - New Hope has initiated an employee stock ownership plan aimed at core employees involved in overseas operations, indicating a commitment to international growth [6]

Core Viewpoint - New Hope is expected to report a net profit of 680 million to 780 million yuan for the first half of 2025, a significant recovery from a loss of 1.217 billion yuan in the same period last year [1][2]. Group 1: Financial Performance - The company has improved its production management and epidemic prevention measures in pig farming, leading to a turnaround in profitability despite a year-on-year decline in average pig prices [1]. - The feed business has also shown continuous optimization, achieving both volume and profit growth in the first half of the year [1]. Group 2: Strategic Focus - The chairman of New Hope emphasized a focus on quality and efficiency rather than blind capacity expansion in the pig industry, aligning with national policies to stabilize pig production capacity [1]. - The company aims to enhance its overseas business as a new growth driver, targeting an additional 3 to 4 million tons of overseas feed production capacity over the next 3 to 5 years [1]. Group 3: Industry Context - Since 2021, the pig farming industry has faced challenges such as African swine fever and cyclical fluctuations, leading to New Hope's first loss [2]. - With the stabilization of pig prices last year, New Hope has returned to profitability and plans to focus on breeding and digitalization to continue reducing costs and increasing efficiency [2].

Investment Ratings - The report provides investment ratings for several companies in the agriculture sector, with "Buy-A" for Haida Group (002311.SZ), "Buy-B" for Shennong Development (002299.SZ) and Wens Foodstuff Group (300498.SZ), and "Hold-A" for Guai Bao Pet (301498.SZ) and Zhongchong Co., Ltd. (002891.SZ) [2] Core Insights - The agriculture sector has shown resilience, with the agricultural index outperforming the broader market, indicating potential investment opportunities [3][4] - The report highlights the cyclical nature of the pig farming industry, emphasizing that the current downturn may not necessarily lead to prolonged losses due to potential recovery in raw material costs and macro demand in 2025 [5][6] - Haida Group is identified as a key investment opportunity due to its strong fundamentals and potential growth in overseas feed business [4][5] Industry Performance - The agriculture sector's performance for the week of July 7-13 shows a 1.09% increase, with top-performing sub-industries including fruit and vegetable processing, meat chicken farming, and feed production [3][22] - The average price of live pigs in key provinces has decreased, with prices in Sichuan, Guangdong, and Henan at 14.35, 16.39, and 14.78 CNY/kg respectively, reflecting a decline of 3.37%, 6.56%, and 2.31% week-on-week [4][31] - The average pork price has slightly increased to 20.60 CNY/kg, while the average wholesale price of piglets has decreased to 26.00 CNY/kg, indicating mixed trends in the market [4][31] Company-Specific Analysis - Haida Group is expected to benefit from a recovery in the feed industry as raw material prices stabilize and the breeding sector improves [4][5] - Wens Foodstuff Group, Shennong Group, and Juxing Agriculture are recommended for their potential to outperform market expectations as the pig farming industry enters a profitability cycle [5] - Guai Bao Pet and Zhongchong Co., Ltd. are highlighted for their strong brand positioning and growth potential in the pet food market, particularly in 2025 [6]

三十年闽地情，澳牛以品质打造"好"口碑 创立于1995年的澳牛乳业，是中国乳业发展史上一个重要的开拓者。它不仅是将纯净优质的澳大利亚牛奶引入国内市场的先锋，还率先采用利乐无菌砖包 装，通过先进的无菌技术和密封技术，一举打破了当时国内牛奶包装以玻璃瓶、简易塑料袋为主的局限，开创了中国市场牛奶无菌包装规模化销售的先河。 三十载光阴，品质始终是澳牛乳业立足福建市场的根基。从万里挑一的澳洲优质奶源牧场，到遵循国际标准的生产工艺流程，澳牛乳业对纯净、营养与安全 的极致专注，为消费者带来了纯正、香浓的牛奶。延续品牌经典，采用优质进口奶源和先进UHT工艺的澳牛纯牛奶系列，已成为福建几代消费者心中的品 质象征，口感醇厚且营养丰富；24小时巴氏鲜奶，通过严格把控生产时效和完善的冷链保障，将新鲜口感和活性营养快速送达，成功塑造了"福州鲜奶第一 品牌"的形象；搭配活润、初心低温酸奶等产品，澳牛乳业持续为福建消费者提供着"新鲜、营养、活力"的高品质选择。 在极具福建特色的古厝建筑展台前，一场别具风情的茶饮雅集正在上演。与会人员品尝着采用生牛乳+真茶底的风味茶饮乳饮料，感受着地道闽味。茉莉奶 白口味乳饮料采用横县重瓣茉莉、窖制淬香，入 ...

Group 1 - CITIC Construction Investment expects a net profit of 4.43 billion to 4.57 billion yuan for the first half of 2025, representing a year-on-year increase of 55%-60% [1] - New Hope anticipates a net profit of 680 million to 780 million yuan for the first half of 2025, recovering from a loss of 1.217 billion yuan in the same period last year [2] - Foton Motor forecasts a net profit of approximately 777 million yuan for the first half of 2025, marking an increase of about 87.5% year-on-year [7] Group 2 - North New Road and Bridge expects a net loss of 70 million to 85 million yuan for the first half of 2025 [2] - Nanwei Co. anticipates a net loss of 12 million to 16 million yuan for the first half of 2025 [3] - Hanhua Technology projects a net loss of 45 million to 60 million yuan for the first half of 2025, widening the loss by 11.42%-18.10% compared to the previous year [6] Group 3 - Songlin Technology expects a net profit of 90 million to 95 million yuan for the first half of 2025, a decrease of 57.06%-59.32% year-on-year [4] - Fuchun Environmental Protection anticipates a net profit of 178 million to 207 million yuan for the first half of 2025, representing a year-on-year increase of 80%-110% [18] - Ansteel Group forecasts a net loss of 1.144 billion yuan for the first half of 2025, a reduction in loss of approximately 57.46% compared to the previous year [20][22] Group 4 - China Wuyi expects a net loss of 80 million to 104 million yuan for the first half of 2025, a significant decline compared to the previous year [28] - Meikailong anticipates a net loss of 1.59 billion to 1.92 billion yuan for the first half of 2025 [26] - Aijian Group projects a net profit of 140 million yuan for the first half of 2025, a decrease of 33.26% year-on-year [27]

Group 1 - The company expects a net profit of 680 million to 780 million yuan for the current reporting period, a significant turnaround from a loss of 1.217 billion yuan in the same period last year, representing a growth of 155.85% to 164.07% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 627 million to 727 million yuan, compared to a loss of 1.316 billion yuan in the previous year, indicating a growth of 147.63% to 155.23% [1] - Basic earnings per share are expected to be between 0.14 yuan to 0.16 yuan, a recovery from a loss of 0.28 yuan per share in the prior year [1] Group 2 - The company has improved its pig farming operations by completing multiple biosecurity upgrades and enhancing production management, leading to a reduction in breeding costs despite a year-on-year decline in average pig prices [1] - The feed business has also been optimized, achieving both volume and profit growth in the first half of the year [1]