内容概况：农产品加工业是农业产业提质增效的最大空间，是统筹脱贫攻坚和乡村振兴的重要抓手，是 农业产业效益提升的重要途径。近年来，随着脱贫攻坚战取得全面胜利，贫困地区的交通条件、招商引 资、产业建设、民生保障等都发生了巨大变化。目前我国已经进入全面推进乡村振兴阶段，产业振兴是 乡村振兴的重要一环，乡村产业中农产品加工业是体量最大、产业关联度最高的产业。数据显示，2024 年全国规模以上农产品加工企业营业收入超18万亿元。农产品加工业的蓬勃发展，将成为推动乡村产业 振兴、促进农民增收致富的重要引擎，为乡村振兴战略的深入实施注入持久动力。 相关上市企业：苏垦农发（601952）、星光农机（603789）、敦煌种业（600354）、隆平高科 （000998）、梅安森（300275）、芭田股份（002170）、新洋丰（000902）、新希望（000876）、登海 种业（002041）、牧原股份（002714）等。 相关企业：浙江天顺控股集团有限公司、运鸿集团股份有限公司等。 关键词：乡村振兴战略、返乡入乡、国家农村产业融合发展示范园批准创建数量、国家现代农业产业 园、国家级农业产业强镇批准创建数量、规模以上农产品加工业 ...

Core Viewpoint - The overall performance of A-share listed companies in 2024 remains stable, with a majority reporting profits despite a slight decline in total revenue and net profit compared to the previous year [1][2]. Group 1: Financial Performance - As of April 29, 2024, 75.49% of A-share companies reported profits, with 3961 out of 5274 companies achieving profitability [1]. - Total revenue for A-share companies reached 69.77 trillion yuan, a decrease of 0.35% year-on-year, while net profit was 5.23 trillion yuan, down 0.81% from the previous year [1]. - Approximately 2986 companies reported revenue growth, accounting for 57% of those that disclosed annual reports, with 215 companies experiencing revenue increases exceeding 50% [1][2]. Group 2: Industry Performance - In 2024, 13 out of 31 primary industries saw year-on-year revenue growth, with non-bank financials, automotive, and electronics leading the way with growth rates of 16.06%, 13.15%, and 9.32% respectively [3]. - The agriculture, forestry, animal husbandry, and fishery sector saw significant profit increases, with companies like Muyuan Foods and Wens Foodstuffs turning losses into profits, reporting net profits of 178.81 billion yuan and 92.30 billion yuan respectively [3]. Group 3: Research and Development Investment - A-share companies increased their R&D investments, totaling 1.55 trillion yuan in 2024, a 1.6% increase year-on-year [4]. - BYD led in R&D spending with 531.95 billion yuan, marking a 34.42% increase from the previous year [4]. Group 4: Top Companies - The top three companies by revenue in 2024 were Sinopec with 30,745.62 billion yuan, PetroChina with 29,379.81 billion yuan, and China State Construction with 21,871.48 billion yuan [2]. - The banking and insurance sectors dominated profitability, with the top ten companies by net profit including four major state-owned banks, led by Industrial and Commercial Bank of China at 365.86 billion yuan [2].

证券代码：000876 证券简称：新希望 公告编号：2025-45 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 第十届监事会第三次会议决议公告 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、监事会会议召开情况 新希望六和股份有限公司（以下简称"公司"）第十届监事会第 三次会议通知于 2025 年 4 月 26 日以电子邮件方式通知了全体监事。 第十届监事会第三次会议于 2025 年 4 月 28 日以通讯表决方式召开， 本次会议应参加表决监事 3 人，实际表决监事 3 人。本次会议的召开 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。 二、监事会会议审议情况 本次会议由监事以传真方式会签，审议通过了如下议案： （一）审议通过了公司"2025 年第一季度报告" 表决结果：3 票赞成，0 票反对，0 票弃权。 公司监事会认为董事会编制和审议的公司 2025 年第一季度报告 的程序符合法律、行政法规及中国证监会的规定，报告内容真实、准 确、完整地反映了上市公司的实际情况， ...

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 三次会议通知于 2025 年 4 月 26 日以电子邮件方式通知了全体董事。 第十届董事会第三次会议于 2025 年 4 月 28 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。 二、董事会会议审议情况 本次会议由董事以传真方式会签，审议并通过了如下议案： （一）审议通过了"2025 年第一季度报告" 证券代码：000876 证券简称：新希望 公告编号：2025-44 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 第十届董事会第三次会议决议公告 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。 规范运作》等法律法规，结合公司实际情况，对《公司章程》进行修 订。 本次修订主要涉及完善总则、法定代表人、股份发行等规定；完 善股东、股东会相关制度；完善董事、董事会及专门委员会的要求； 明确可以按照规定使 ...

新希望六和股份有限公司 章 程 1 目 录 第五章 董事会 第六章 高级管理人员 2 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东会 第一节 股东的一般规定 第二节 控股股东和实际控制人 第三节 股东会的一般规定 第四节 股东会的召集 第五节 股东会的提案与通知 第六节 股东会的召开 第七节 股东会的表决和决议 第一节 董事的一般规定 第二节 董事会 第三节 独立董事 第四节 董事会专门委员会 第七章 监事会 第二节 公告 3 第一节 监事的一般规定 第二节 监事会 第八章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第九章 通知与公告 第一节 通知 第十章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十一章 修改章程 第十二章 附则 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和 行为，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》）和其他 ...

智通财经4月29日电，新希望(000876.SZ)发布2025年第一季度报告，实现营业收入244.17亿元，同比增 长2.13%；归属于上市公司股东的净利润为4446.88万元，同比扭亏。 新希望：一季度净利润4446.88万元 同比扭亏 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 24.42 billion, an increase of 2.13% compared to CNY 23.91 billion in the same period last year[5]. - Net profit attributable to shareholders was CNY 444.69 million, a significant increase of 122.99% from a loss of CNY 1.93 billion in the previous year[5]. - The net cash flow from operating activities reached CNY 966.67 million, representing a remarkable increase of 633.20% compared to CNY 131.84 million in the same period last year[5]. - Basic and diluted earnings per share improved to CNY 0.09, up 120.93% from a loss of CNY 0.43 per share in the previous year[5]. - The weighted average return on equity increased to 1.64%, up 10.27 percentage points from -8.63% in the same period last year[5]. - Total operating revenue for the current period reached ¥24,417,096,879.71, an increase from ¥23,908,453,072.71 in the previous period, reflecting a growth of approximately 2.12%[17]. - Net profit for the current period was ¥505,543,244.48, a significant recovery from a net loss of ¥2,360,959,435.11 in the previous period[18]. - The company reported an operating profit of ¥659,454,173.24, compared to an operating loss of ¥2,225,280,270.81 in the previous period[18]. - The total comprehensive income attributable to the parent company was CNY 224,910,225.75, compared to a loss of CNY 2,068,345,080.62 in the previous period[19]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 117.94 billion, a slight increase of 0.03% from CNY 117.91 billion at the end of the previous year[5]. - Total assets amounted to ¥117,943,565,394.65, slightly up from ¥117,913,645,385.32[16]. - Total liabilities increased to ¥81,674,860,181.71 from ¥81,368,210,423.30, indicating a rise of approximately 0.38%[16]. - The company's equity attributable to shareholders rose to ¥25,730,226,442.35 from ¥25,657,330,263.70, showing a growth of about 0.28%[16]. Cash Flow - The net cash flow from operating activities was CNY 966,674,184.89, an increase from CNY 131,843,313.43 in the previous period[20]. - Cash inflow from operating activities totaled CNY 24,625,416,447.86, down from CNY 25,008,289,843.02 in the previous period[20]. - The net cash flow from investing activities was -CNY 390,338,743.28, an improvement from -CNY 1,023,396,257.15 in the previous period[21]. - The net cash flow from financing activities was -CNY 636,501,819.41, compared to a positive cash flow of CNY 988,614,403.95 in the previous period[21]. - The total cash and cash equivalents at the end of the period were CNY 7,210,603,023.29, down from CNY 8,689,734,369.49 at the end of the previous period[21]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 221,296[10]. - The company has a significant shareholder structure, with the largest shareholder, Nanfang Hope Industry Co., Ltd., holding 1,328,957,185 shares, representing a substantial portion of the equity[11]. - The company has not reported any significant changes in its financing or securities lending activities among its top shareholders[11]. Management and Governance - The company has appointed Liu Chang as the chairman of the board for a term of three years, indicating a stable leadership structure moving forward[13]. - The board of directors has established several committees, including a strategic development committee, which will focus on long-term growth strategies[13]. - The company is preparing for its 2025 annual general meeting, which will include the election of new board members and committee members, ensuring governance continuity[12]. Market and Product Development - The company is actively engaging in market expansion and product development, although specific new products or technologies were not detailed in the call[12]. - The company plans to focus on market expansion and new product development in the upcoming quarters to sustain growth momentum[18].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 10.77 RMB [7][8]. Core Views - The company achieved a revenue of 103.06 billion RMB in 2024, a year-on-year decrease of 27.27%, while the net profit attributable to shareholders increased by 90.05% to 474 million RMB [1][2]. - The focus on core business operations has led to significant operational optimization, with expectations for continued cost reduction and improved financial stability [1][3]. - The company’s pig farming business has shown a substantial reduction in losses due to rising pig prices and cost optimization, while the feed business remains a stable profit contributor [2][3]. Summary by Sections Financial Performance - In 2024, the feed segment generated 68.7 billion RMB in revenue, down 15% year-on-year, while the pig farming segment saw a revenue increase of 43% to 30.4 billion RMB [2]. - The average weaning cost per pig decreased by 90 RMB to 290 RMB, and the average survival rate for fattening pigs improved to 92% [3]. Profit Forecast and Valuation - The report adjusts the profit forecast for 2025 and 2026, predicting net profits of 1.35 billion RMB and 440 million RMB respectively, with a new forecast for 2027 introduced [4]. - The target price of 10.77 RMB corresponds to a price-to-book ratio of 1.89 for 2025, reflecting the company's improving financial condition and operational metrics [4][8].

Core Viewpoint - Myopia among adolescents has become a global public health issue, with over 50% prevalence in China, necessitating new intervention methods beyond existing treatments like low-concentration atropine eye drops [1][2]. Group 1: Current Challenges in Myopia Prevention - Low-concentration atropine effectively delays myopia progression by approximately 60% but only controls axial length growth by about 30%, indicating a significant limitation [2]. - The dual effects of atropine include measurement bias due to its dilation effect and a compensatory response that may lead to pathological elongation of the eyeball [2]. Group 2: Discovery of Crocetin - A groundbreaking study from Japan identified Crocetin as a potent activator of EGR-1, a key transcription factor in regulating cell proliferation and differentiation, which may intervene in myopia progression [3]. - In a mouse model, Crocetin significantly reduced axial length growth compared to the control group [5]. Group 3: Clinical Trials and Efficacy - A clinical study involving 67 children aged 6-12 showed that daily oral administration of 7.5mg Crocetin for six months resulted in a significant increase in choroidal thickness compared to the control group [8][10]. - The increase in choroidal thickness is crucial as it improves retinal metabolic conditions and inhibits scleral hypoxic expansion [10]. Group 4: Mechanisms of Action - Crocetin's effects may be attributed to multiple pathways, including EGR-1 activation, antioxidant stress response, and improved choroidal blood flow [11][13]. - Both spherical equivalent refraction and axial length measurements showed significant improvement in the Crocetin group compared to controls [12]. Group 5: Advantages and Future Prospects - Crocetin offers several advantages over traditional drugs, including its natural origin, safety for long-term use, and multi-target action addressing both axial length and refractive error [14]. - Ongoing multi-center clinical trials in China aim to validate the efficacy of different doses of Crocetin for children, with potential complementary use alongside low-concentration atropine [14]. - The development of precise drug delivery systems, such as nano-sustained release eye drops, may position Crocetin as a key player in altering the course of myopia [15].

Core Insights - The article discusses the structure and dynamics of the feed industry in China, highlighting the upstream raw materials, midstream production, and downstream demand from farming and aquaculture sectors [1][4][6]. Industry Chain Overview - The feed industry chain consists of three segments: upstream raw materials (energy, protein, and microbial sources), midstream feed product development and production (including pig, poultry, ruminant, and aquaculture feeds), and downstream demand primarily from farmers and aquaculture enterprises [1]. - Recent government initiatives aim to reduce reliance on imported corn and soybean meal, leading to a gradual establishment of domestic raw material sources and improved stability [1]. - Midstream companies are enhancing innovation capabilities and accelerating new product development, with increasing vertical integration between midstream and upstream/downstream sectors [1]. - Rising meat consumption levels in China are expected to boost the scale of downstream aquaculture and livestock farming [1]. Regional Distribution - Upstream raw material suppliers are mainly located in Inner Mongolia, Guangdong, Fujian, and Beijing, while feed production companies are concentrated in Guangdong and Sichuan [6]. - The majority of downstream aquaculture companies are found in Guangdong, Jiangsu, and Henan provinces [6]. Company Developments - Major feed companies in China, such as New Hope, Haida Group, and Tongwei, have reported feed revenues exceeding 30 billion yuan, with some companies like Dabeinong and Jingji Zhino achieving gross margins above 11% [9]. - Haida Group and New Hope have high feed production and sales volumes, each exceeding 20 million tons [9]. - Investment activities in 2023 include establishing subsidiaries, new projects, and increasing capital in existing subsidiaries by leading feed companies [10].