Core Viewpoint - New Hope Investment Group is planning to transfer control of Feima International after holding it for three and a half years, with a state-owned company in Zhangzhou interested in taking over [1][2]. Group 1: Control Change - On June 23, Feima International announced that it received a notice from its indirect controlling shareholder, New Hope Investment Group, regarding an investment intention agreement with several parties, including a state-owned enterprise [2][3]. - The investment plan includes transferring 532 million unrestricted shares (approximately 20% of total shares) to the investment party or transferring all shares of a subsidiary, New Zengding, to the investment party [2][3]. Group 2: Performance Commitment - Feima International's main business includes "supply chain services + environmental new energy." After restructuring in 2021, New Zengding became the controlling shareholder, holding approximately 29.9% of Feima International's shares [4]. - As of March 31, 2025, New Zengding still holds about 796 million shares, representing 29.9% of the total shares [4]. - New Zengding committed to a net profit of no less than 570 million yuan for the years 2022, 2023, and 2024, but the actual net profit achieved was only about 133 million yuan, triggering a compensation obligation [4][5]. Group 3: Shareholder Meeting Outcomes - A proposal regarding the performance commitment was not approved at the annual shareholder meeting held on May 22, with 55.91% of votes against it [5][6]. - As of June 23, Feima International's stock price was 2.43 yuan per share, with a market capitalization of 6.47 billion yuan, and it reached a limit-up on June 24, closing at 2.67 yuan per share [6].

Core Viewpoint - The company has returned to profitability in the first quarter after three years, focusing on its core businesses of feed and pig farming, and is optimistic about its overall development [1] Cost Reduction Efforts - The company is continuously optimizing pig farming costs, aiming for a cost of 12.5 yuan/kg by Q1 2025 and 12 yuan/kg by the end of 2024 for its top 25% production lines [1] - The company is shifting its focus from merely raising pigs to improving pig quality through genetic enhancements and has increased investments in breeding systems [1][2] Quality and Market Strategy - The company is exploring a full industry chain development model, establishing a meat quality laboratory to analyze consumer demand and optimize breeding and feeding strategies accordingly [2] - The company remains cautious about future pig prices, emphasizing cost management to maintain stable profits regardless of market fluctuations [2] Technological Advancements - The company is actively exploring the application of AI and digital technologies in pig farming to enhance efficiency and reduce costs [3] - Various digital tools, such as autonomous robots and handheld weight estimation devices, are being implemented to improve operational efficiency [3][4] International Feed Business Expansion - The feed business is a key growth driver, with overseas feed operations expected to become a significant growth segment, targeting a net profit of 9.7 billion yuan in 2024 [5] - The company plans to increase overseas feed production capacity by 3-4 million tons over the next 3-5 years, focusing on high-margin products and expanding in key international markets [5]

Core Viewpoint - New Hope has successfully navigated through the most challenging phase of the pig cycle and is now focusing on feed and pig farming as its core business areas, demonstrating strong profitability amid industry adjustments [1][3]. Financial Performance - In 2024, New Hope reported operating 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% year-on-year. The non-recurring net profit was 614 million yuan, up 113.33% year-on-year, indicating significant profit improvement through cost control and optimization of non-recurring gains [1]. - The Q1 2025 report showed operating revenue of 24.42 billion yuan, a year-on-year increase of 2.13%, with a net profit of 445 million yuan [1]. Business Strategy - The company aims to reduce pig farming costs to below 13 yuan per kilogram, with current operational costs around 13 yuan per kilogram, while also planning to expand overseas feed production capacity by 3 to 4 million tons over the next 3 to 5 years [3][4]. - New Hope is focusing on enhancing its overseas feed business, which is expected to become a significant growth driver, leveraging faster cash flow and higher profit margins compared to domestic operations [4]. Technological Advancements - The application of AI models in the livestock industry is accelerating research and development, with innovations such as portable weight estimation devices that achieve over 98% accuracy in predicting pig weights [5][6]. - New Hope has developed various innovative applications in breeding, including genetic evaluation systems and automated selection systems, which align Chinese breeding practices with global standards [7]. Market Outlook - The company is optimistic about the future of pig prices, noting that improved disease control capabilities in the industry may lead to different price trends compared to the past three years [4].

证券代码：000876 证券简称：新希望 公告编号：2025-56 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 2025 年度第二期科技创新债券（乡村振兴） 发行结果的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 新希望六和股份有限公司(以下简称"公司") 于2024年9月26 日召开2024年第二次临时股东大会，审议通过了《关于发行超短期融 资券的议案》，同意公司向中国银行间市场交易商协会（以下简称"交 易商协会"）申请注册发行人民币20亿元（含20亿元）的超短期融资 券。根据交易商协会签发的《接受注册通知书》（中市协注【2024】 SCP391号），交易商协会同意接受公司超短期融资券注册，注册额度 自交易商协会发出《接受注册通知书》之日起2年内有效。具体内容 详见2024年9月27日刊载于《中国证券报》《证券日报》《上海证券 报》《证券时报》和巨潮资讯网（www.cninfo.com.cn）的公司《2024 年第二次临时股东大会决议公告》（公告编号：2024-86）和2024年 12月25日刊载 ...

Core Insights - The article highlights the significant role of Donghai Rural Commercial Bank in supporting local blueberry farmer Li Dongsheng, enabling him to overcome financial challenges and achieve a successful harvest [1][2]. Group 1: Financial Support - Donghai Rural Commercial Bank provided Li Dongsheng with a loan of 100,000 yuan, which was crucial for expanding his blueberry cultivation and upgrading irrigation facilities [1]. - The bank's customer manager assessed Li's operational status and needs, facilitating a quick and efficient loan approval process [1]. Group 2: Agricultural Impact - With the financial support, Li was able to introduce disease-resistant and higher-yield blueberry varieties, install an efficient drip irrigation system, and purchase sufficient organic fertilizers, enhancing both the quantity and quality of the harvest [1]. - The improved blueberry quality, characterized by uniform size, deep blue color, and higher sweetness, has attracted numerous buyers, indicating a strong market outlook [2]. Group 3: Future Plans - Donghai Rural Commercial Bank plans to continue promoting and optimizing its "Sunshine Finance" and other inclusive financial products, aiming to enhance service quality and support more rural entrepreneurs and small agricultural entities [2].

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].