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].

Group 1 - Several listed companies in the pig farming industry reported their sales data for May, with New Hope selling 1.3339 million pigs, a month-on-month decrease of 16.42% and a year-on-year decrease of 2.41%, while Wens Foodstuff Group sold 3.1554 million pigs, with a month-on-month decrease of 0.64% and a year-on-year increase of 32.64% [1] - The average selling price of pigs for New Hope was 14.59 yuan/kg, down 0.75% month-on-month and down 5.38% year-on-year, while Wens Foodstuff Group's average price was 14.68 yuan/kg, down 1.61% month-on-month and down 7.26% year-on-year [1] - Despite the decline in sales, the pig farming sector has been profitable for 12 consecutive months, and price fluctuations in the industry are expected to remain moderate, allowing leading companies to maintain profitability [1][2] Group 2 - As temperatures rise, pork consumption is weak, and the growth rate of pigs slows down, leading to a decrease in both supply and demand, which keeps pig prices stable [2] - The profit from piglet sales has been substantial in the first five months of the year, and there is a slow reduction in pig farming capacity, with the market still having ample supply [2] - The cost of feed has significantly decreased compared to 2023, contributing to sustained profitability in pig farming since April 2024, although profits have noticeably shrunk since May [2][3] Group 3 - The high inventory of breeding sows continues to lead to an oversupply of pigs, keeping prices low and significantly compressing farmers' profits, making cost control essential for survival and growth [3] - Large farming groups benefit from economies of scale, having stronger bargaining power in feed procurement, while small farmers face disadvantages due to limited scale and resources [3] - Analysts suggest that pig prices are unlikely to fluctuate significantly this year, and the industry's profitability will be a key focus, with cost differences being the most effective indicator of companies' profitability [3] Group 4 - New Hope aims to "repair growth" and enhance profitability by focusing on flexible operations, continuous cost reduction, and improving labor efficiency [4] - Wens Foodstuff Group noted a shift in the industry from capital expansion to cost competition, indicating a transition from short-term to long-term competitive strategies [4]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The report indicates that after a rapid increase in pig slaughtering, pig prices have stabilized, with expectations of limited downward pressure in the short term. The overall supply of pigs is entering a contraction phase, leading to an upward trend in pig prices in Q3 2025 [4][13] - The Consumer Price Index (CPI) has shown a decline for four consecutive months, which may exert pressure on the CPI target for 2025. The report anticipates that policy measures will be implemented to support pig prices and mitigate their negative impact on CPI [5][21] - The investment logic for the pig industry is improving, with recommendations for companies such as Muyuan Foods, Wens Foodstuff Group, and others. The pet food sector is also highlighted for its growth potential, driven by domestic brands [6][33] Summary by Sections Weekly Observation - The average price of pigs in China as of June 13, 2025, is 14.02 yuan/kg, showing a week-on-week decrease of 0.05 yuan/kg and a year-on-year decrease of 4.73 yuan/kg. The report notes that the price has stabilized after a period of accelerated slaughtering [4][13] - The report discusses the impact of weather conditions, such as the "Bailu" typhoon and the rainy season in southern China, which have affected pig transportation and provided short-term support for prices [4][13] Market Performance - The agricultural sector outperformed the broader market by 1.87 percentage points during the week of June 9-13, 2025, with the agricultural index rising by 1.62% while the Shanghai Composite Index fell by 0.25% [6][36] - The pet food sector led the gains, with individual stocks such as Yuanfei Pet (+12.41%), Xiaoming Co. (+7.33%), and Shennong Group (+6.64%) showing significant increases [6][36] Price Tracking - As of June 13, 2025, the average price of pigs is 14.02 yuan/kg, with a decrease of 0.28% from the previous week. The average price of piglets is 32.89 yuan/kg, down 4.69% week-on-week [49][60] - The report also notes that corn and soybean meal prices have increased, with corn futures settling at 2370.00 yuan/ton, up 1.46% week-on-week, and soybean meal futures at 3048.00 yuan/ton, up 1.91% [60][64]

Core Insights - The article highlights the busy agricultural season in Shandong, particularly focusing on the wheat harvest and subsequent corn planting, showcasing advancements in agricultural technology and practices [1][2][4]. Group 1: Wheat Harvesting - In Wenshang County, the wheat harvesting area is approximately 756,000 mu, an increase of 2,000 mu from the previous year [2]. - Over 1,000 combine harvesters were mobilized for the wheat harvest, which began on June 9 and was nearly completed by June 13 [2]. - The use of advanced harvesting machinery has improved efficiency, with new models reducing grain loss to under 1% [4]. Group 2: Agricultural Technology and Practices - The implementation of modern agricultural techniques such as wide-row precision sowing and deep plowing has been promoted to enhance wheat yields [2]. - A cooperative in Huadian Town has managed over 30,000 mu of land since its establishment in May 2023, demonstrating the benefits of agricultural socialization services [4][5]. - The introduction of new irrigation technologies, such as drip irrigation, has significantly improved the utilization of saline-alkali land, with wheat yields exceeding 650 kg per mu in demonstration fields [5]. Group 3: Future Prospects - The agricultural sector is optimistic about future yields, with investments in new machinery and technology expected to support increased productivity [5]. - The ongoing efforts in agricultural modernization and socialized services are anticipated to create greater opportunities for farmers and enhance overall agricultural output [5].

Core Viewpoint - New Hope Dairy is focusing on high-quality growth through product innovation and a user-centered approach, showcasing its product matrix and strategies at the 2025 Investor Conference amidst a complex market environment in 2024 [1] Group 1: Product Strategy - New Hope Dairy has established a "fresh strategy" since 2010, recognizing the potential of low-temperature dairy products, and has successfully launched the 24-hour fresh milk series, which saw a sales revenue increase of over 15% year-on-year in 2024 [3] - The company is expanding its core categories to include fresh milk, yogurt, and specialty beverages, achieving double-digit growth in new product revenue for four consecutive years [5] - New Hope Dairy's yogurt brands, "Chuxin" and "Huirun," have also experienced double-digit growth, showcasing strong product innovation capabilities [3][5] Group 2: Market Engagement - The company is enhancing its market penetration through immersive product experiences, such as the 24-hour fresh milk experience at the investor conference, and operates over 500 fresh milk stores nationwide [6] - New Hope Dairy is tapping into health-conscious consumer trends with products like "Chuxin" yogurt and "Huirun" yogurt, which cater to sugar reduction and weight management needs [8] Group 3: Cultural Integration - The company is leveraging cultural elements to appeal to the Z generation, integrating traditional crafts into its branding, exemplified by the "Today Fresh Milk" exhibit that combines heritage culture with modern branding [10] Group 4: Market Positioning - New Hope Dairy is addressing the dual demand for high-end and cost-effective products in the Chinese market by creating a comprehensive product portfolio that spans all consumer segments [12] - The company’s subsidiary, Asahi VIP, is targeting the high-end market with organic A2 milk, emphasizing sustainable farming practices and emotional branding [14] Group 5: Overall Strategy - New Hope Dairy is committed to building brand strength through quality products, innovative marketing, and a focus on fresh values, aiming to enhance consumer experiences and meet market opportunities [16]

证券代码：000876 证券简称：新希望 公告编号：2025-54 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 关于召开 2024 年年度股东大会的提示性公告 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。 新希望六和股份有限公司（以下简称"公司"）董事会根据公司 《章程》及相关法律、法规规定于 2025 年 4 月 24 日召开第十届董事 会第二次会议，审议通过了《关于召开 2024 年年度股东大会的议案》， 决定于 2025 年 6 月 18 日召开公司 2024 年年度股东大会。具体内容 请见公司于 2025 年 4 月 26 日、2025 年 6 月 10 日在《中国证券报》 《证券日报》《证券时报》《上海证券报》和巨潮资讯网 （www.cninfo.com.cn）上刊登的《关于召开 2024 年年度股东大会的 通知》《关于 2024 年年度股东大会增加临时提案暨股东大会补充通知 的公告》。现将本次会议的有关事项提示如下： 一、召开会议的基本情况 1．本次股东大会为公司2024年年度股东大会。 2．会议 ...