Group 1 - The controlling shareholder, New Hope Group, completed the early repurchase of part of the 2023 convertible bonds issued on March 22, 2023, with a total issuance size of 6.5 billion RMB [1][2] - The bonds, referred to as "23 Hope E1," have a maturity of 3 years and are backed by New Hope's A-share stock [1] - The repurchase announcement was made on April 30, 2025, with the repurchase period set from May 6 to May 8, 2025, during which 190,000 bonds were effectively repurchased [2] Group 2 - The total face value of the repurchased bonds amounted to 19 million RMB, which includes the principal and interest [2] - Following the repurchase, the remaining face value of the "23 Hope E1" bonds will be managed by New Hope Group, which will also apply for the cancellation of the corresponding trust registration with the China Securities Depository and Clearing Corporation [2] - The company will continue to monitor the related matters of the controlling shareholder and fulfill its information disclosure obligations as required by law [2]

本公司控股股东新希望集团有限公司保证向本公司提供的信息内容真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证信息披露的内容与信息披露义务人提供的信 息一致。 新希望六和股份有限公司（以下简称"公司"）控股股东新希望 集团有限公司（以下简称"新希望集团"）于2023年3月22日面向专 业投资者非公开发行65亿元可交换公司债券（以下简称"本期可交 债"），债券简称"23希望E1"，债券代码"117205.SZ"，发行规 模65亿元人民币，本期可交债期限为3年，标的股票为新希望A股股 票。 新希望六和股份有限公司 关于控股股东完成非公开发行2023年可交换公司债券 （第一期）部分购回的公告 证券代码：000876 证券简称：新希望 公告编号：2025-50 债券代码：127015、127049 债券简称：希望转债、希望转2 董 事 会 二○二五年五月十七日 公司将持续关注控股股东新希望集团"23希望E1"的相关事宜， 并将根据相关法律法规及时履行信息披露义务。 特此公告。 新希望六和股份有限公司 公司于近日收到新希望集团的通知，新希望集团已完成提前购 回部分"23希望E1"的工作。 ...

Investment Rating - The report maintains a "Positive" outlook on the Agriculture, Forestry, Animal Husbandry, and Fishery industry [2] Core Insights - The overall revenue of the industry remains stable, with significant improvement in the profitability of the breeding chain. In 2024, the SW Agriculture, Forestry, Animal Husbandry, and Fishery industry achieved total operating revenue of CNY 12,411.05 billion, a year-on-year decline of 1.67%. The net profit attributable to shareholders was CNY 479.85 billion, marking a turnaround from losses in 2023. In Q1 2025, the industry achieved total operating revenue of CNY 2,907.39 billion, a year-on-year increase of 8.09%, with net profit attributable to shareholders reaching CNY 133.35 billion, a significant increase compared to the same period last year [4][17][22]. Summary by Sections 1. Agriculture, Forestry, Animal Husbandry, and Fishery Industry - The industry shows overall stable revenue with a significant improvement in profitability. The operating revenue for 2024 was CNY 12,411.05 billion, down 1.67% year-on-year, while the net profit was CNY 479.85 billion, indicating a recovery from losses in 2023. In Q1 2025, the revenue increased by 8.09% year-on-year to CNY 2,907.39 billion, with net profit rising significantly [4][17][22]. 2. Swine Industry - The profitability of the swine industry has improved significantly, with major companies like Muyuan Foods, Wens Foodstuff Group, and New Hope Liuhe reporting revenue growth of 24.43%, 16.64%, and -27.27% respectively in 2024. The net profit for these companies increased by 519.42%, 244.46%, and 90.50% respectively. In Q1 2025, the top five swine companies saw substantial net profit growth, with Shen Nong Group leading at 6510.85% [30][45]. 3. Animal Health - The animal health sector faced significant pressure, with many companies experiencing revenue declines in 2024. However, Q1 2025 showed signs of recovery, particularly in the chemical drug segment, driven by a rebound in prices of veterinary raw materials. The top three companies in revenue growth for Q1 2025 were Huisheng Biological, Jinhai Biological, and Ruipu Biological, with increases of 20.42%, 7.58%, and 5.97% respectively [49][50]. 4. Feed Industry - The feed industry experienced a decline in total production in 2024, with a 2.10% drop year-on-year. However, revenue began to recover in Q1 2025, with leading companies like Bangji Technology and Haida Group showing significant growth. The average gross profit per ton for major feed companies also improved, with Haida Group achieving a gross profit margin of 12.66% in Q1 2025 [62][65][68]. 5. Poultry Industry - The poultry sector showed varied performance across different categories. In 2024, the top three companies in revenue growth were Xiaoming Co., Lihua Co., and Xiangjia Co., with increases of 16.83%, 15.44%, and 8.06% respectively. The profitability of the poultry industry improved significantly, with Lihua Co. leading in net profit growth at 447.72% [76][78].

Group 1 - The core idea emphasizes the importance of building a complete industrial ecosystem that includes both core enterprises and supporting companies to attract more businesses to local areas [1][2] - The example of Chengdu's Xinjing District showcases how leading companies like New Hope have created a complete industrial chain, attracting numerous agricultural and food enterprises, which reduces operational costs and fosters collaboration and innovation [1][2] - The establishment of a "school-enterprise marriage" initiative aims to enhance research and development support for local industries, focusing on common technological challenges in the health food sector and promoting the transformation of research outcomes into industrial applications [3] Group 2 - The implementation of the "Private Economy Promotion Law" on May 20 is seen as a significant boost for private enterprises, providing them with confidence to overcome challenges and adapt to new market conditions [4] - The law is expected to enhance the status of the private economy and its relationship with the overall Chinese economy, promoting healthy development within the sector [4] - The private economy in Xinjing is projected to account for 66.3% of the local GDP by 2024, with a contribution of 94.4% to GDP and 75.6% to tax revenue, highlighting the sector's critical role in the local economy [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - In April 2025, the national average selling price of live pigs was 14.80 yuan/kg, with a month-on-month increase of 1.33% and a year-on-year decrease of 1.95% [6][18] - The supply gap in May is expected to lead to a further increase in the price center of live pigs, driven by limited increases in supply and improving demand [6][18] - The average weight of pigs sold is expected to gradually decline, but the narrowing price difference between different grades of pigs will have limited pressure on prices [7][22] Summary by Sections Industry Overview - April saw a non-seasonal increase in pig prices, with expectations for further price increases in May due to supply constraints and improving demand [6][18] - The average price of live pigs in April was 14.80 yuan/kg, with a month-on-month increase of 1.33% [6][18] - The slaughter volume in April was 4.213 million heads, a month-on-month decrease of 4.54% but a year-on-year increase of 6.76% [6][18] Supply and Demand Dynamics - The supply of pigs is expected to be limited in May due to previous culling and disease impacts, while demand for pork is showing marginal improvement [6][18] - The planned output for May is expected to increase by 1.98% compared to actual output in April [6][18] Profitability and Market Performance - The average profit for self-bred pigs in April was 69.44 yuan/head, a month-on-month increase of 63.63% [8][26] - The number of breeding sows in April increased by 0.96% month-on-month [8][26] - The price of 15kg piglets reached 630 yuan/head, indicating a high price level during the replenishment season [8][26] Company Performance - In April, 12 listed pig farming companies collectively sold 16.2368 million pigs, a year-on-year increase of 37.22% [9][28] - Major companies such as Muyuan Foods and Wens Foodstuffs reported significant year-on-year increases in sales volume [9][28] - The average selling prices varied among companies, with some experiencing increases while others saw declines [9][35]

Core Viewpoint - Huachuan County has innovatively developed a unique model for rural revitalization, achieving significant results in agricultural efficiency, farmer income increase, and coordinated rural development [1][2] Group 1: Technological Empowerment - Wanbao Village has established a modern agricultural production system, including a 150-acre vegetable base with greenhouses and a controlled atmosphere storage facility [1] - The village employs innovative planting techniques that allow crops to be harvested 20 days earlier, creating a staggered planting schedule [1] - The integration of water and fertilizer technology has led to the successful cultivation of unique varieties, ensuring efficient supply from farm to table [1] Group 2: Model Innovation - The village has implemented a collaborative mechanism that integrates scattered farmland, promoting a model of collective infrastructure management and family farm operations [2] - This model has transformed farmers into "industrial workers," generating multiple income streams, with an average annual income increase of over 40,000 yuan per household [2] - The ecological approach adopted in the vegetable base has reduced pesticide usage by 60%, enhancing both ecological farming and soil improvement [2] Group 3: Future Development Plans - Huachuan County plans to continue the construction of smart greenhouses and develop agricultural tourism and research projects [2] - The village aims to create regional public brands for its products, enhancing market competitiveness and ensuring a stable supply of vegetables to urban areas [2] - The successful experience of Wanbao Village serves as a model for other rural areas, promoting industrial growth, ecological beauty, and farmer prosperity [2]

Core Viewpoint - The company is focusing on high-quality development by restructuring its business segments, particularly in feed production, pig farming, and slaughtering, while also expanding its overseas market presence [2][3]. Group 1: Business Strategy - From 2024, the company will focus on feed production and pig farming after transferring control of its white feather poultry and food processing segments [2]. - The strategic goals for the feed industry include "steady growth" and restoring competitive advantage, with a focus on enhancing scale, strengthening professionalism, and activating teams [2]. - The overseas strategy aims for "breakthrough growth," concentrating on core markets and expanding production capacity through various methods such as new construction and acquisitions [2]. Group 2: Financial Performance - In Q1 2025, the company achieved a net profit of 450 million yuan, a 123% increase year-on-year, marking its first quarterly profit in three years [3][4]. - The feed business saw both volume and profit growth, while the pig farming segment also turned profitable due to improved cost management and stable pig prices [3]. Group 3: Cost Management - The current cost of pig farming is 12.9 yuan per kilogram, with plans to further reduce costs through better management practices [7]. - The company acknowledges historical burdens affecting profitability but is focused on improving production management and reducing operational costs [4][10]. Group 4: Market Outlook - The company anticipates a gradual increase in supply due to a slow recovery in the breeding sow population, but does not expect significant oversupply due to cautious expansion plans among competitors [7]. - Demand is expected to improve gradually, influenced by macroeconomic conditions and government policies [7]. Group 5: Sustainability and Innovation - The company has made significant strides in sustainable development, focusing on human capital, governance, product responsibility, and ecological farming [5]. - There is a strong emphasis on integrating artificial intelligence in production management to enhance efficiency and reduce costs [44][48]. Group 6: Shareholder Engagement - The company is considering share buyback policies in response to stock price performance and will disclose any plans as required [3]. - The stock price has shown a 6.9% increase year-to-date, despite a 1.54% drop on the day of the earnings call, which is considered within a reasonable range [13][17].

Group 1 - The company, New Hope (000876), reported that the complete cost of raising fat pigs has decreased to 12.9 yuan/kg as of April [1] - The company anticipates a further reduction of a few cents by the end of this year, with potential for greater decreases in the long term due to breakthroughs in breeding [1] - The company expects a slight increase in scale this year compared to last year [1]

Group 1 - The Chengdu Xinjin District held a conference to promote high-quality development of the private economy, attended by nearly 500 guests and industry experts [2] - Liu Yonghao, Chairman of New Hope Group, shared insights on how the company is enhancing agricultural modernization and improving farmers' livelihoods [2] - The conference introduced the "Five Jin" spirit for private entrepreneurs in Xinjin, emphasizing values such as innovation, resilience, and collaboration [2] Group 2 - A "school-enterprise marriage" initiative was launched, focusing on technology innovation in the health food industry and promoting collaboration between academia and industry [3] - A total investment exceeding 10 billion was signed during the project signing ceremony, involving 16 companies including China Resources Beverage and Zhiqi Food [3] - The rapid development of Minfu Shifeng since its establishment in Xinjin in 2021 highlights the efficient government services that support business growth [3] Group 3 - In 2024, the private economy in Xinjin is projected to account for 66.3% of GDP, ranking first in Chengdu, with a contribution of 94.4% to GDP and 75.6% to tax revenue [4] - Xinjin is expected to add 36 national high-tech enterprises and over 100 collaborative projects between schools and enterprises in 2024 [4] - Key industries such as green food, renewable energy, and rail transit are entering the "100 billion" club, indicating significant economic growth [4]

Core Viewpoint - New Hope Liuhe Co., Ltd. has completed the investment projects funded by the proceeds from its non-public stock issuance in September 2020 and public convertible bond issuance in November 2021, reaching the predetermined usable status and meeting the completion conditions [1][5]. Fundraising Overview - In September 2020, the company issued 177,147,918 shares at a price of RMB 22.58 per share, raising a total of approximately RMB 3.999 billion, with a net amount of approximately RMB 3.995 billion after deducting issuance costs [1][2]. - In November 2021, the company issued RMB 815 million in convertible bonds, with a net amount of approximately RMB 813 million after deducting issuance costs [3]. Fund Management - The company has established special accounts for the proceeds from both the non-public stock issuance and the public convertible bond issuance, ensuring that all funds are stored in these accounts and are subject to a tripartite supervision agreement with the sponsoring institution and the bank [4]. Project Completion Status - All investment projects funded by the proceeds from the September 2020 stock issuance and the November 2021 convertible bond issuance have been completed and reached the predetermined usable status, with no remaining funds [5].