Core Viewpoint - New Hope has achieved a significant turnaround in its financial performance, with a projected net profit of over 430 million yuan in Q1 2025, compared to a loss of over 1.9 billion yuan in the same period last year, primarily due to cost reduction and improved operational efficiency [1][3][4]. Financial Performance - In Q1 2025, New Hope expects a net profit of 430 million to 500 million yuan, marking an increase of 2.364 billion to 2.434 billion yuan year-on-year, representing a growth of 122.23% to 125.85% [3]. - For the year 2024, New Hope reported a net profit of 474 million yuan, a year-on-year increase of over 90%, despite a revenue decline of approximately 38.64 billion yuan, or 27.27% [5][6]. Cost Management - The company has successfully reduced breeding costs, achieving a double decrease in both year-on-year and month-on-month comparisons, which has significantly contributed to its improved profitability [2][4][9]. - The cost of weaned piglets has dropped to 263 yuan per head, with a PSY (pigs per sow per year) of 25.1 and a survival rate of 93% during the fattening phase [9]. Business Segments - New Hope's feed business remains a core competency, with a total feed sales volume of 25.96 million tons in 2024, including 5.25 million tons in overseas markets, maintaining a leading position in the industry [2][9]. - The company has been focusing on its core business by divesting from poultry and food processing segments, which has led to a significant drop in revenue but improved profitability [5][6]. Strategic Initiatives - New Hope is actively investing in technology and automation, with plans to raise 3.8 billion yuan for biosecurity and digital upgrades in pig farming, as well as establishing robotics companies to enhance production efficiency [10].

Meeting Overview - The first extraordinary general meeting of shareholders for 2025 was held on April 3, 2025, with both on-site and online voting options available [1][2] - A total of 1,440 shareholders attended, representing 2,534,737,626 shares, which is 56.0047% of the total voting shares [2] Shareholder Voting Results - The proposal to repurchase and cancel part of the restricted stock was approved with 99.9427% of the votes in favor, totaling 2,533,285,015 shares [4] - The proposal to terminate the 2022 restricted stock incentive plan was approved with 99.9310% of the votes in favor, totaling 2,532,989,815 shares [8] - The proposal to repurchase and cancel part of the restricted stock from the 2022 incentive plan was approved with 99.9337% of the votes in favor, totaling 2,533,058,315 shares [12] - The election of the tenth supervisory board representatives was approved with 99.7788% of the votes in favor, totaling 2,529,131,817 shares [16] Board of Directors Election - Liu Chang was elected as the non-independent director of the tenth board with 2,520,251,229 shares in favor [18] - Zhang Minggui was elected as the non-independent director of the tenth board with 2,521,753,430 shares in favor [18] - Tao Yuling was elected as the non-independent director of the tenth board with 2,521,396,356 shares in favor [20] - Yang Fang was elected as the non-independent director of the tenth board with 2,521,387,208 shares in favor [20] Legal Opinions and Compliance - The legal opinions provided by Beijing Zhonglun (Chengdu) Law Firm confirmed that the meeting and voting procedures complied with relevant laws and regulations [25] - The decisions made during the meeting were deemed legal and effective [25] Capital Reduction Announcement - The company announced a capital reduction due to the repurchase and cancellation of a total of 18.7402 million shares, resulting in a decrease in total shares from 4,525,940,237 to 4,507,200,037 [29] - The registered capital will decrease from 4,545,777,038 yuan to 4,527,036,838 yuan following the share cancellation [29] Debt Notification - The company notified creditors of their rights to request debt repayment or guarantees within specified timeframes following the capital reduction announcement [30][31]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The report highlights that the recent increase in tariffs imposed by the US on Chinese imports, along with China's retaliatory measures, is expected to positively impact domestic agricultural product prices, particularly pork prices [5][15] - The average price of live pigs in China as of April 6, 2025, is 14.60 yuan/kg, showing a week-on-week increase of 0.05 yuan/kg, indicating a gradual upward trend in pork prices supported by improved demand and reduced supply pressure [6][18] - The report recommends actively allocating investments in the pig farming sector due to its defensive attributes amid macroeconomic shocks and the strengthening investment logic [6][28] Summary by Sections Weekly Observation - The US has imposed a 34% tariff on Chinese imports, leading to a cumulative tariff rate of 54% on Chinese goods, which is expected to benefit domestic agricultural prices [5][15] - The report notes that the dependency of key agricultural products on imports from the US is significant, with soybeans and beef having high foreign dependency rates of 81.49% and 25.22%, respectively [16][17] Weekly Market Performance - The agricultural index outperformed the market by 1.79 percentage points, with the agricultural index rising by 1.51% during the week [32][34] - Key stocks such as Huisheng Biological and Jinhai Biological saw significant gains, with increases of 39.96% and 18.80%, respectively [32][36] Price Tracking - As of April 4, 2025, the average price of live pigs is 14.60 yuan/kg, with a slight increase from the previous week, while the price of piglets has risen to 37.08 yuan/kg [39][40] - The report indicates that the price of beef has also increased, reaching 66.38 yuan/kg, reflecting a positive trend in meat prices [43][46] Recommendations - The report suggests focusing on the pig farming sector, with specific recommendations for companies such as Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [7][28] - In the feed sector, companies like Haida Group and New Hope are recommended due to their potential benefits from the recovery in livestock and poultry production [28]

Group 1 - The agricultural landscape in Wenzhou, Zhejiang has shifted from traditional rice farming to diversified specialty agriculture, maximizing the use of limited arable land [1] - In the town of Daanxi, Leqing City, farmers are currently harvesting a bountiful crop of broccoli, which is being prepared for transport to neighboring Taizhou [2] - A new agricultural model "vegetable-rice-rice" was introduced in 2019 to utilize winter fallow land, allowing for improved soil fertility through the use of broccoli byproducts [3] Group 2 - In Rui'an City, the local government is focusing on beekeeping, supported by a high forest coverage rate of 78%, which provides an excellent environment for honey production [4] - A beekeeping project is planned for the second half of 2024, involving the establishment of a professional cooperative with 63 low-income families to enhance local honey production [5] - The Rui'an Supply and Marketing Cooperative has implemented a guaranteed purchase channel to ensure effective integration of the honey production supply chain [5]

Core Viewpoint - New Hope Liuhe Group reported a significant decline in total revenue for 2024, primarily due to the divestment of its poultry and food processing segments, while achieving substantial growth in profits driven by improved pig farming conditions and cost management [1][2]. Financial Performance - Total revenue for 2024 was 103.06 billion yuan, a decrease of 27.27% year-on-year [1] - Operating profit reached 999.8 million yuan, an increase of 232.21% year-on-year [1] - Total profit amounted to 481 million yuan, up 170.58% year-on-year [1] - Net profit attributable to shareholders was 474 million yuan, reflecting a 90.05% increase year-on-year [1] - Net profit after deducting non-recurring items was 616 million yuan, a growth of 113.37% year-on-year [1] - Basic earnings per share were 0.09 yuan, up 125% year-on-year [1] - Return on equity was 1.73%, an increase of 1.02 percentage points year-on-year [1] Strategic Actions - In late 2023, New Hope divested its poultry and food processing segments, continuing its "streamlining" efforts into 2024 [2] - The company is focusing on its core businesses of feed, pig farming, and slaughtering to drive high-quality development [2] - New Hope has made several equity transfer announcements, including the sale of stakes in various subsidiaries for a total of approximately 9.09 billion yuan [2] Business Operations - In the feed business, New Hope achieved total feed sales of 25.96 million tons in 2024, with external sales of 21.21 million tons [3] - The company maintained a leading position in the domestic market, with significant external sales in poultry feed (14.72 million tons) and pig feed (4.22 million tons) [3] - In pig farming, New Hope reported a total of 16.52 million pigs sold and 2.78 million pigs slaughtered in 2024 [4] - The company improved production management, reducing the cost of weaned piglets to 263 yuan per head and achieving a survival rate of 93% during the fattening phase [4] Future Outlook - New Hope forecasts a net profit attributable to shareholders of 430 million to 500 million yuan for Q1 2025, compared to a loss of 1.934 billion yuan in the same period last year [5] - The expected basic earnings per share for Q1 2025 is between 0.09 yuan and 0.11 yuan [5]

Group 1 - New Hope's board of directors has undergone a significant change, with a new president appointed after five years, marking a pivotal moment for the company [1][2] - The new president, Tao Yuling, is a seasoned professional in the pig farming industry, having held various leadership roles within the company [2] - The previous president, Zhang Minggui, will continue to serve as a board member and vice chairman of New Hope Group [2] Group 2 - Chairwoman Liu Chang expressed gratitude for the previous board's contributions and highlighted the company's recovery from a challenging period [4][6] - In 2024, New Hope reported a net profit of 474 million yuan, a 90.05% increase year-on-year, and projected a first-quarter net profit of 430 to 500 million yuan, representing over 120% growth [5][6] - The company has improved its pig farming production metrics and reduced breeding costs, while also achieving growth in its feed business [5][6] Group 3 - Liu Chang emphasized the importance of adapting to changes in management and maintaining a long-term perspective in business operations [2][5] - The company has implemented effective disease prevention measures, resulting in a significant reduction in disease occurrences in its own farms [6] - New Hope aims to enhance its operational capabilities to stabilize profits and manage the natural fluctuations of the industry [7]

证券代码：000876 证券简称：新希望 公告编号：2025-27 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 关于回购注销限制性股票减少注册资本 暨通知债权人的公告 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。 一、通知债权人的原因 新希望六和股份有限公司（以下简称"公司"）于 2025 年 4 月 3 日召开了 2025 年第一次临时股东大会，会议审议通过了《关于回 购注销部分限制性股票的议案》及《关于回购注销 2022 年限制性股 票激励计划部分限制性股票的议案》。详见公司于 2025 年 4 月 4 日 刊登在《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《2025 年第一次临时股东大会决议公告》。 根据公司《2022 年限制性股票激励计划》（以下简称"本次激 励计划"）的相关规定，鉴于《关于回购注销部分限制性股票的议案》 中，需回购注销限制性股票合计 51 万股；《关于回购注销 2022 年限 制性股票激励计划部分限制性股票的议案》中，需回购注销限制性股 票合计 1,823.0 ...

证券代码：000876 证券简称：新希望 公告编号：2025-26 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 2025年第一次临时股东大会决议公告 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。 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 4 月 3 日（星期四）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 4 月 3 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 4 月 3 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 通过现场和网络投票的中小股东1,437人，代 ...

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 2025 年第一次临时股东大会（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： 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 2025 年第一次临时股东大会的 法律意见书 致：新希望六和股份有限公司 本次股东大会于 2025 年 4 月 3 日下午 14：00 采用现场表决和网络投票相结 合的方式召开。本次股东大会现场会议于 2025 年 4 月 3 日下午 14：00 在成都市 锦江区新希望中鼎国际 ...

证券代码：000876 证券简称：新希望 公告编号：2025-29 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 一次会议通知于 2025 年 4 月 3 日以电子邮件方式通知了全体监事。 第十届监事会第一次会议于 2025 年 4 月 3 日在成都市锦江区新希望 中鼎国际 1 号楼公司会议室召开，本次会议以现场表决方式召开，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 本次会议专项审议并通过了"关于选举第十届监事会监事会主席 的议案" 根据《公司法》、公司《章程》等规定，会议选举徐志刚先生为 公司第十届监事会监事会主席，任期三年，自公司第十届监事会第一 次会议审议通过之日起至第十届监事会届满之日止（简历见附件）。 表决结果：3 票赞成，0 票反对，0 票弃 ...