招商证券股份有限公司 关于新希望六和股份有限公司 使用部分闲置募集资金临时补充流动资金的核查意见 二、募集资金投资项目情况 公司本次非公开发行股票募集资金总额扣除发行费用后将投资于生猪养殖 项目、补充流动资金。截至 2025 年 6 月 30 日，公司募集资金使用情况如下： | | | 扣除各项发行费 | 累计使用募集资 | | --- | --- | --- | --- | | 序 | 项目名称 | 用后拟投入募集 | 金金额（万元） | | 号 | | 资金额（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 | | 24,000.00 21,702.37 | | 3 | 甘肃新希望平岘村养殖二场项目 | | 24,000.00 23,304.92 | 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为新希 望六和股份有限公司（以下简称"新希望"或"公司"）持续督导的保荐机构， 根据《证券发行上市保荐业务管理办法》、《深圳证券交易所股票上市 ...

| | | 新希望六和股份有限公司 关于使用部分闲置募集资金临时补充流动资金的公告 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"）第十届董事会 第六次会议、第十届监事会第六次会议于 2025 年 9 月 4 日以通讯表 决的方式分别审议通过了《关于使用部分闲置募集资金临时补充流动 资金的议案》，同意公司使用不超过人民币 11,000.00 万元闲置募集 资金临时补充流动资金，使用期限自公司董事会审议通过之日起不超 过 12 个月。具体情况如下： 一、募集资金基本情况 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。截至目前，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。截至 2025 年 9 月 2 日，公司募集 资金专户余额为 11,814.36 万元（含利息和手续费）。 详情请见公司于 2025 年 9 月 3 日刊载于《中国证券报》《证券 日报》《证券时报》《上海证券报》和巨潮资讯网上的《关 ...

新希望六和股份有限公司监事会 关于使用部分闲置募集资金临时补充流动资金的 公司使用部分闲置募集资金临时补充流动资金，有利于降低公司 财务费用，提高募集资金的使用效率，符合公司发展的需要，未违反 相关法律、法规和公司《章程》的规定，不存在改变或变相改变募集 资金投向和损害股东利益的情况。因此，同意本次继续使用部分闲置 募集资金临时补充流动资金，总额不超过人民币 11,000.00 万元，使 用期限自公司董事会审议通过之日起不超过 12 个月，监事会将监督 公司该部分募集资金的使用情况和归还情况。 庞允东__________________ （以下无正文） （本页无正文，仅为《监事会关于使用部分闲置募集资金临时补充流 动资金的审核意见》之签字页） 新希望六和股份有限公司 监 事 会 监事签名： 徐志刚__________________ 审核意见 段培林__________________ 按照《证券法》、《上市公司治理准则》、《深圳证券交易所上市公 司自律监管指引第 1 号——主板上市公司规范运作》等相关法律、法 规及规范性文件的要求，新希望六和股份有限公司（以下简称"公司"） 监事会及全体成员在认真审阅了《关 ...

证券代码：000876 证券简称：新希望 公告编号：2025-93 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 第十届监事会第六次会议决议公告 本公司及监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、审议通过了公司"关于使用部分闲置募集资金临时补充流动 资金的议案" 表决结果：3 票同意，0 票反对，0 票弃权。 公司监事会认为：公司使用部分闲置募集资金临时补充流动资金， 有利于降低公司财务费用，提高募集资金的使用效率，符合公司发展 的需要，未违反相关法律、法规和公司《章程》的规定，不存在改变 或变相改变募集资金投向和损害股东利益的情况。因此，同意本次继 1 续使用部分闲置募集资金临时补充流动资金，总额不超过人民币 11,000.00 万元，使用期限自公司董事会审议通过之日起不超过 12 个月，监事会将监督公司该部分募集资金的使用情况和归还情况。 具体内容详见公司于 2025 年 9 月 5 日刊载于《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） 的《关于使 ...

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]