Core Insights - A significant breakthrough in bioprinting has been achieved by an international research team led by Wake Forest University, which successfully 3D printed functional human islets using a new type of bioink, offering new hope for the treatment of Type 1 diabetes [1] Group 1 - The research demonstrates substantial clinical application potential for the treatment of Type 1 diabetes [1] - The results were first presented at the 2025 European Society of Organ Transplantation Congress, highlighting its importance in the field of regenerative medicine [1]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The supply contraction has reached a point where the average price of live pigs is expected to rise, with the national average price at 14.74 yuan/kg as of June 29, 2025, showing a week-on-week increase of 0.45 yuan/kg but a year-on-year decrease of 3.17% [4][13] - The profit of pig farming enterprises is expected to maintain high growth year-on-year in Q2 2025, driven by increased output, heavier average weights, and reduced costs [5][23] - The investment logic for the pig sector is improving due to supply contraction and macroeconomic catalysts, suggesting a positive allocation strategy [6][30] Summary by Sections Weekly Observation - In Q2 2025, the average price of live pigs is projected at 14.55 yuan/kg, a year-on-year decrease of 11.22%, while the cost of pig farming has decreased to 13.38 yuan/kg, a year-on-year decline of 2.92% [5][23] - The average weight of pigs at slaughter has increased to 128.99 kg/head, a year-on-year increase of 2.42%, with a projected year-on-year increase of 34.07% in the total output of 12 major listed pig companies [5][23] Weekly Market Performance - The agricultural index underperformed the broader market by 1.11 percentage points, with the Shanghai Composite Index rising by 1.91% and the agricultural index increasing by 0.80% [34][36] - The aquaculture sector led the gains, with notable increases in individual stocks such as Biological Shares (+9.83%) and Spring Snow Food (+9.82%) [34][38] Price Tracking - As of June 27, 2025, the national average price for live pigs was 14.72 yuan/kg, up 0.50 yuan/kg from the previous week, while the average price for piglets was 31.6 yuan/kg, down 0.25 yuan/kg [41][44] - The feed price ratio for pigs was recorded at 4.38:1, indicating the profitability dynamics in the sector [41] Recommendations - The report recommends actively allocating investments in leading pig companies such as Muyuan Foods, Wens Foodstuff Group, and others, as well as in the feed sector benefiting from strong overseas demand [6][30]

减持计划详情 新希望乳业控股股东Universal Dairy Limited（UDL）近日披露减持计划，拟在特定时间内减持不超过总 股本3%的股份，引发市场关注。 公告显示，截至公告披露日，UDL持有新希望乳业股份5.6亿股，占公司目前总股本的65.07%。此次计 划在自本公告披露之日（2025年6月30日）起15个交易日后的3个月内，即2025年7月21日至2025年10月 20日，以集中竞价或大宗交易的方式减持公司股份合计不超过2582.0305万股，即不超过公司总股本的 3%。 其中，拟以集中竞价方式减持公司股份不超过860.6768万股（占公司目前总股本比例1%），以大宗交 易方式减持公司股份不超过1721.3537万股（占公司目前总股本比例2%）。若此期间公司有送股、资本 公积转增股本、可转债转股等股本变动事项，减持股份数量将进行相应调整。减持价格将根据减持时的 二级市场价格及交易方式确定。 UDL表示，此次减持原因是企业资金需求，股份来源为公司首次公开发行股票并上市前已持有的公司 股份。 承诺履行情况良好 登录新浪财经APP 搜索【信披】查看更多考评等级 减持影响几何 虽然本次减持计划实施存在不 ...

Core Viewpoint - The stock price of Shenzhen Feima International Supply Chain Co., Ltd. (Feima International) experienced significant fluctuations due to a planned change in control, with a notable increase followed by a slight decline in the following days [1][4]. Stock Price Movement - On June 24, Feima International opened high and saw a price increase of 9.88%, closing at 2.67 CNY per share [1] - The stock continued to rise on June 25, reaching a peak of 2.8 CNY per share, marking a 60-day high, before closing at 2.7 CNY [1] - On June 26, the stock price fell to 2.64 CNY, a decrease of 2.22% from the previous day [1][3]. Control Change and Investment Agreement - Feima International received a notice from its indirect controlling shareholder, New Hope Investment Group, regarding an investment intention agreement with several parties, including Zhangzhou High-tech Zone Gaoxin Venture Capital Partnership [4]. - The agreement involves a potential transfer of shares and investment in Feima International, with Gaoxin Venture Capital aiming to acquire at least 66.89% of the shares in the target company [6]. Historical Context of Shareholding - New Hope Investment Group and Baijingli Technology hold significant stakes in the controlling entity, New Zengding, which previously acquired a 29.9% stake in Feima International in 2021 [4][9]. - New Zengding's entry was initially as a "firefighter" to stabilize Feima International, committing to provide financial support and meet performance targets [9]. Performance and Financial Obligations - New Zengding's performance commitments have not been met, with only 20% of the promised net profit achieved from 2022 to 2024, leading to a required cash compensation of 437 million CNY [9][10]. - The company's financial performance has deteriorated, with a 12.13% decline in revenue and a significant drop in net profit in the first quarter of the current year [9][10]. Upcoming Developments - The agreement's exclusivity period is set for one month from the signing date, indicating that developments regarding the share transfer and control change will be clarified soon [12].

证券代码：000876 证券简称：新希望 公告编号：2025-57 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（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。 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。 新希望集团于2025年6月3日通过深圳证券交易所发布了关于 "23希望E1"的购回实施公告，购回申报期为2025年6月6日至2025年 6月10日。购回申报期结束以后，新希望集团收到购回有效申报的 债券合计为9,249,300.00张。新希望集团于2025年6月25日兑付了"23 希望E1"全部购回有效申报的债券9,249,300.00张及其利息。本次购 回后，"23希望E1"剩余债券票面金额为4,830,570,000.00元，新希望 集团将按照原有约定进行兑付。 ...

新希望六和股份有限公司 公开发行可转换公司债券 2025 年跟踪评级报告 | 1 | | | | | --- | --- | --- | --- | | | 1 / | | | | | | | 1 1 | | | | | t 되는 2 | www.lhratings.com 1 联合〔2025〕4485 号 联合资信评估股份有限公司通过对新希望六和股份有限公司主 体及其相关债券的信用状况进行跟踪分析和评估，确定维持新希望 六和股份有限公司主体长期信用等级为 AAA，维持"希望转债"和 "希望转 2"信用等级为 AAA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受新希望六 ...

Core Viewpoint - The controlling stake of Feima International is set to be transferred from the current major shareholder, Xintou Group, to a local state-owned investment entity, indicating a significant shift in ownership and potential strategic realignment for the company [1][2]. Group 1: Ownership and Control Changes - Xintou Group is negotiating an investment agreement to transfer control of Feima International, with two potential methods: transferring 532 million unrestricted shares (20% of total shares) or transferring all shares of its subsidiary, Xinzheng Ding, to the investor [1]. - Post-transaction, the new controlling shareholder will be the investment entity, which is primarily controlled by the Finance Bureau of the Zhangzhou High-tech Industrial Development Zone [2]. Group 2: Financial Performance and Historical Context - Feima International has struggled financially since the entry of Xinzheng Ding, with revenues from 2021 to 2024 recorded at 266 million, 354 million, 356 million, and 239 million respectively, and net profits of 4.92 million, 88.35 million, 16.39 million, and 28.50 million [3]. - The company had a debt crisis in 2021, leading to Xinzheng Ding's intervention with a total of 250 million in financial support, resulting in a 29.9% ownership stake [3]. - Xinzheng Ding had committed to a net profit of at least 570 million for the years 2022-2024, but the actual cumulative net profit was only 133 million, falling short of the commitment [4]. Group 3: Market Reaction - Following the announcement of the potential ownership change, Feima International's stock price experienced volatility, ultimately closing at 2.67 yuan per share, with a total market capitalization of 7.105 billion [3].

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].