Group 1 - The core focus of the company is to improve its pig farming operations and reduce costs to compete with leading peers in the industry [1][6] - The company aims to lower its pig farming cost to below 13 yuan per kilogram, with a target for excellent operations to reach below 12 yuan per kilogram by the end of the year [6][8] - The company has a significant pig output scale of over 15 million heads, which highlights the importance of cost reduction for improving operational performance [6][10] Group 2 - The company’s pig farming gross margin is currently at 9.97%, which is significantly lower than its competitors, such as Muyuan Foods and Wens Foodstuffs, whose margins are around 19.21% and 20.3% respectively [2][3] - The company has implemented measures to enhance management of fattening pig farms and improve genetic traits to address long-term issues [3][4] - The company’s revenue sources are primarily from feed business (over 66%) and pig farming (around 30%), with the latter being highly sensitive to price fluctuations [8][9] Group 3 - The company has undergone a leadership change, with a new president appointed to focus on strategic adjustments and long-term growth [7] - The company’s profitability has been significantly affected by the volatility of pig prices, with gross margins swinging from 38.5% in high-price periods to -21.2% during downturns [8][9] - The company expects improved profitability in its pig farming segment this year due to the cessation of previous operational shutdowns and enhancements in disease prevention measures [10]

6月18日，养猪龙头新希望（000876.SZ，股价9.42元，市值426.34亿元）的年度股东大会在成都举行。 每经编辑｜杨夏 而在年度股东大会召开的两个月前，新希望刚完成了新一届董事换届，陶玉岭成为新总裁。这次，以总裁陶玉岭、财务总监史涵、董秘赵亮为代表的新希望 高管围绕盈利修复、数字化养猪实践及海外业务拓展等核心议题，向参会的股东和媒体一一回应。 公司高管表示，新希望已熬过猪周期低谷以来的最困难阶段，未来业务会聚焦饲料和养猪。陶玉岭坦言，公司的养猪成本与一些优秀的企业仍有差距，还需 要在育种、数字化等方面下功夫。但他同时强调，不要神化数字化养猪，数字化手段需服务于降本本质，而非盲目追求技术噱头。与此同时，新希望将"出 海"作为第三增长极，计划3~5年新增海外饲料产能300~400万吨，瞄准海外市场高利润空间与竞争格局优势，试图打开规模与利润的新想象空间。 谈盈利：最困难的阶段已经过去 6月18日，新希望的年度股东大会在成都举行。今年的会议室比去年的略小，但投资者参与热情不减，整个会议室坐得满满当当。 今年4月3日，新希望董事会完成了换届，时隔5年迎来新总裁陶玉岭。陶玉岭是资深"养猪人"。他曾任公司京津冀 ...

"过去一年，在全员努力下，我们基本算走出了低谷期，总体情况向好。"新希望董事、总裁陶玉岭表示，就目前的产业布局看，未来三五年里，还是会以生 猪和饲料双轮驱动，依托旗下饲料产业BU、海外BU、猪产业事业群三大业务单元，共同驱动业务增长。 r and the first 71-0 67 1737 K 910 HD 548 191 名字 r � ly （股东大会现场，来源：新希望供图） 尽管生猪价格在去年短暂的回升后又处于低迷状态，但头部企业仍不乏关注，叠加新希望（000876.SZ）战略调整成效显著，今年Q1盈利大增，其6月18日 召开的2024年年度股东大会依然吸引诸多投资者、机构和媒体参加。股东大会现场，交流气氛活跃，提问多聚焦公司战略、目标、成本和出海。 Victory 2009 47.51 2018 1.1 4 24 creat 如是所言，随着猪周期的弱化，国内生猪养殖行业不可避免地要进入到长期微利状态，在此趋势下，成本控制能力就成为猪企之间的"胜负手"，降本增效的 比拼已然白热化。 梳理来看，牧原股份（002714.SZ）5月生猪养殖成本降至12.2元/KG左右，并称努力实现今年制定的12元/KG的成本 ...

对于国内饲料业务，新希望的目标是实现"稳健发展"。陶玉岭坦言，国内饲料业务在前两年面临较多挑 战、增长乏力，未来五年要恢复竞争力、实现稳健增长，经营导向方面将更加强调"提规模、提效率， 调结构"。 2024年，新希望销售生猪1652万头，位居国内上市公司第三。在猪价仍然呈现小幅波动态势的背景下， 降成本是每家生猪养殖企业都在积极推进的重点工作。 新希望是否有信心将成本优化至行业第一梯队、未来的降本工作还有哪些突破点？对于投资者的上述提 问，史涵表示，新希望近年来的降本工作成效显著。从2024年全年来看，公司内排名前25%的优秀场线 养殖成本为13.6元/公斤，今年第一季度，该数据已降至12.5元/公斤，新希望有信心在今年年底实现优 秀场线的养殖成本突破到12元/公斤以内。目前来看，公司的养殖成本呈现逐月持续优化态势。 新希望董秘赵亮向《证券日报》记者表示："我们将专注于降成本，努力在行业周期中获得均衡稳定的 利润，无论未来猪价波动形势如何，新希望将立足于自身，练好内功，做好自身的生产经营工作。" 本报记者 舒娅疆 "2024年，新希望走过了极为不平凡的一年，从董事会、经营团队再到全体员工，大家都付出了艰苦的 ...

Core Viewpoint - New Hope has shown significant recovery in its financial performance in 2024, with a strategic focus on improving management and operational efficiency in its core businesses of feed and pig farming [3][4][6]. Financial Performance - In 2024, New Hope reported revenue of 103.06 billion yuan, a decrease of 27.27% year-on-year, while net profit reached 474 million yuan, an increase of 90.05% [3]. - The company achieved a turnaround in Q1 2025, with revenue of 24.42 billion yuan, a year-on-year increase of 2.13%, and net profit of 444.5 million yuan, compared to a loss of 1.93 billion yuan in the same period last year [3][6]. Pig Farming Segment - New Hope's pig farming segment saw an increase in production, with 16.52 million pigs sold in 2024, ranking third among domestic listed companies [4]. - The average PSY (pigs weaned per sow per year) remained above 25, indicating industry-leading performance [4]. - The average pig price for 2024 increased by approximately 10% compared to 2023, despite a "V-shaped" price trend throughout the year [4][5]. Cost Management and Efficiency - The company has focused on cost reduction and improved production metrics, achieving a decrease in total production costs by 1.8 yuan, bringing it below 13 yuan/kg for the first time [6]. - New Hope's pig farming segment achieved profitability in the last three quarters of 2024, despite fluctuating pig prices [5][6]. Feed Business - In 2024, New Hope's total feed sales reached 25.96 million tons, accounting for 8.2% of the national total, although this represented a slight decline from 2023 due to reduced livestock numbers [7]. - The domestic feed industry faced challenges, with total production declining by 2.1% to 315 million tons in 2024, marking the first decrease in three years [7]. International Expansion - New Hope has been actively expanding its overseas feed business, achieving sales of 5.25 million tons in 2024, with a target of 6 million tons for the current year [8]. - The company has over 20 years of experience in international markets and plans to continue focusing on high-margin products in overseas regions [9].

证券代码：000876 证券简称：新希望 公告编号：2025-55 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 2024年年度股东大会决议公告 会议主持人：公司董事兼总裁陶玉岭先生 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。 特别提示： 1．本次股东大会未出现否决议案的情形。 2．本次股东大会不涉及变更前次股东大会已通过的决议。 一、会议召开和出席情况 1．会议召开情况 召开时间：现场会议召开时间为 2025 年 6 月 18 日（星期三）下 午 14:00；通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 6 月 18 日上午 9:15—9:25、9:30—11:30，下午 13:00—15:00； 通过互联网投票系统（http://wltp.cninfo.com.cn）投票的具体时 间为：2025 年 6 月 18 日 9:15-15:00。 会议召开地点：成都市锦江区新希望中鼎国际 1 号楼 A 座 2 楼会 议室 会议召开方式：现场表决与网络投票相结合的方式 会议召集人：公司董事会 1 公 ...

法律意见书 北京中伦（成都）律师事务所 关于新希望六和股份有限公司 2024 年年度股东大会的 法律意见书 致：新希望六和股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股 东会规则》"）、《深圳证券交易所上市公司股东大会网络投票实施细则》及《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》等法 律、法规及规范性文件及《新希望六和股份有限公司章程》（以下简称"《公司章 程》"）的规定，北京中伦（成都）律师事务所（以下简称"中伦"或"本所"） 接受新希望六和股份有限公司（以下简称"公司"）的委托，指派本所律师见证 了公司 2024 年年度股东大会（以下简称"本次股东大会"）并对本次股东大会 的相关事项出具本法律意见书。 为出具本法律意见书，中伦律师审查了以下文件： 在本法律意见书中，中伦律师仅对本次股东大会的召集、召开程序、出席会 议人员资格、召集人资格及会议表决程序、表决结果是否符合《公司法》等法律、 1. 《公司章程》； 2. 《关于召开 2024 年年度股东大会的通知》； ...

行政去产能增强行业盈利能力，减少二次育肥将有效降低猪价波动幅度。 新的周期中，更应关注个股自身的盈利能力和分红比例，而不是短期的 价格波动。 当前环境下，应重点关注个股的成本竞争力。牧原股份和温氏股份成本 最低且投均市值较低。根据不同假设下的分红率测算，牧原和温氏股息 率可观。 新希望收购派思通猪场预计增厚市值，并带来饲料用量增加。新希望整 体市值空间可达到 55-60 亿元，相对于当前仍有增长潜力，是生猪板块 中最具推荐价值的一只股票。 本轮生猪政策调控手段及其影响是什么？ 本轮生猪政策调控手段包括去产能、降体重、禁二次育肥等具体措施。这些措 施已通过发改委和农业部会议信息披露非常清晰。目标是稳住 CPI 并保持猪价 在合理范围内，例如阶段性可以忍受低于 14 元，但不能长期低于 13.5 元每公 斤。目前行业成本较低，自繁自养成本约为 13.1 至 13.2 元每公斤，因此短期 跌破 13.5 元可能，但长期不可能。这意味着通过亏损去产能路径不成立，只 能依靠行政手段。此外，政府已经开始约谈前十大企业要求减少能繁母猪，并 定下调减 100 万头母猪的 KPI，这些任务将逐步落实到各个省份及具体养殖场。 生 ...

Group 1 - The core point of the announcement is the completion of the exchange of convertible bonds issued by New Hope Investment Group, resulting in a change in shareholding structure [1][2][7] - New Hope Investment Group issued a total of 500 million RMB in convertible bonds with a maturity of 3 years and a coupon rate of 0.60% [2] - The exchange period for the bonds is from May 14, 2024, to November 9, 2026 [2] Group 2 - As of April 9, 2025, a total of 8,405,834 shares were exchanged, reducing New Hope Investment Group's shareholding from 80.68% to 79.70% [3] - From April 10 to April 17, 2025, an additional 6,553,462 shares were exchanged, further reducing the shareholding to 78.94% [4] - By June 13, 2025, the total number of shares exchanged reached 36,115,471, accounting for 4.20% of the company's total share capital [7] Group 3 - New Hope Investment Group plans to apply for the release of stock pledges related to the convertible bonds, involving 28,564,529 shares, which is 3.32% of the total share capital [8] - The changes in shareholding do not trigger a mandatory bid and comply with relevant regulations [9] - The exchange of shares does not affect the control of the company or its governance structure [9]

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 trend of reduced weight in pig slaughtering driven by policy guidance, with a short-term bearish outlook on pig prices but a long-term bullish perspective as the industry undergoes capacity reduction [3][24]. - The average prices for piglets, live pigs, and pork in May 2025 were 38.19 CNY/kg, 14.78 CNY/kg, and 25.49 CNY/kg, respectively, showing month-on-month declines of 2.43%, 1.52%, and 1.12% [17][20]. - The report emphasizes the importance of cost control in pig farming, with leading companies like Muyuan Foods and Wens Foodstuffs achieving production costs as low as 12-12.5 CNY/kg, which positions them favorably for profitability [44][45]. Summary by Sections Industry Supply and Demand - In May, pig prices peaked and then declined, with the national average price for slaughtered pigs dropping to 14.12 CNY/kg by June 12 [17][20]. - The supply side indicates a slight increase in the breeding sow inventory in the second half of 2024, leading to sufficient pig supply despite lower feed costs [20][27]. - Demand has weakened due to policy tightening and declining pig prices, resulting in reduced enthusiasm for secondary fattening [20][24]. Price Trends and Market Dynamics - The report notes that the average sales prices for major companies in May showed slight declines, with Muyuan Foods at 14.52 CNY/kg and Wens Foods at 14.68 CNY/kg, reflecting a downward trend in market prices [32][37]. - The report anticipates that after the current supply pressure is alleviated, pig prices may rebound in the second half of the year during peak seasons [24][27]. Production Capacity and Cost Analysis - The report indicates that the breeding sow inventory was 40.38 million heads in April, with a slight month-on-month decrease, while some data sources show a small increase in May [27][31]. - The report suggests that the tightening of secondary fattening policies will lead to a short-term decrease in supply but will ultimately benefit the market's stability in the long run [24][31]. - The report recommends focusing on leading companies with cost advantages, such as Muyuan Foods, Wens Foods, and others, as they are expected to recover valuations and maintain profitability [3][31].