证券代码：000895 证券简称：双汇发展 公告编号：2025-25 河南双汇投资发展股份有限公司 第九届董事会第九次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、 董事会会议召开情况 (一) 河南双汇投资发展股份有限公司（以下简称公司）于 2025 年 10 月 15 日以电子邮件和电话方式向公司全体董事发出召开第九届董事会第九次会议的 通知。 (二) 董事会会议于 2025 年 10 月 25 日在公司会议室以现场表决结合通讯表 决的方式召开。 (三) 董事会会议应到董事 8 人，实到董事 8 人。 (四) 董事会会议由董事长万宏伟先生主持，监事和高级管理人员列席会议。 (五) 董事会会议的召集、召开程序，表决程序及表决方式符合《中华人民 共和国公司法》等有关法律、行政法规、规范性文件和《河南双汇投资发展股份 有限公司章程》的规定。 二、 董事会会议审议情况 (一) 会议以 8 票同意、0 票反对、0 票弃权审议通过《公司 2025 年第三季 度报告》。 1 董事会审计委员会已对公司《2025 年第三季度报告》中的财务信息进行审 议，一 ...

Financial Performance - In Q3 2025, the company's total revenue reached CNY 16.11 billion, a decrease of 1.81% year-on-year[5] - The net profit attributable to shareholders was CNY 1.64 billion, an increase of 8.45% compared to the same period last year[5] - For the first nine months of 2025, total revenue was CNY 44.52 billion, up 1.19% year-on-year[5] - The net profit attributable to shareholders for the first nine months was CNY 3.96 billion, reflecting a growth of 4.05% year-on-year[5] - Total operating revenue for the period reached ¥44.65 billion, an increase from ¥44.11 billion in the previous period, representing a growth of approximately 1.23%[33] - Operating income was ¥44.52 billion, up from ¥43.99 billion, indicating a year-over-year increase of about 1.27%[33] - The company reported a net profit of ¥519.06 million for the period, compared to ¥518.73 million in the previous period, showing a marginal increase[27] - The net profit for the current period is CNY 4,002,462,833.02, an increase from CNY 3,857,780,731.00 in the previous period, representing a growth of approximately 3.74%[34] - Operating profit for the current period is CNY 5,187,293,251.05, compared to CNY 5,122,597,420.49 in the previous period, showing an increase of about 1.27%[34] - The company reported a total profit of CNY 5,190,641,788.51, compared to CNY 5,123,404,566.00 in the previous period, indicating a growth of about 1.31%[34] Assets and Liabilities - The company's total assets increased by 9.01% to CNY 40.64 billion compared to the end of the previous year[5] - The total assets of the company as of September 30, 2025, were ¥40.64 billion, up from ¥37.29 billion at the beginning of the year, marking an increase of approximately 6.34%[30] - Current liabilities increased to ¥19.65 billion from ¥14.62 billion, representing a growth of about 34.5%[31] - The company's cash and cash equivalents rose to ¥6.06 billion from ¥5.75 billion, an increase of approximately 5.5%[29] - Cash and cash equivalents decreased significantly by 96.81% to 10,474 million, reflecting increased investment expenditures[15] Cash Flow - Cash flow from operating activities for the year-to-date decreased by 13.27% to CNY 5.99 billion[5] - Net cash flow from operating activities decreased by 13.27% to 599,547 million, primarily due to large deposits maturing during the reporting period[15] - The net cash flow from operating activities is CNY 5,995,465,900.37, a decrease from CNY 6,912,997,807.76 in the previous period[38] - Investment activities resulted in a net cash outflow of CNY 5,679,073,203.65, worsening from a net outflow of CNY 2,105,489,247.80 in the previous period[38] - Cash inflow from investment activities increased by 40.03% to 1,269,553 million, attributed to the recovery of investments in large deposits and time deposits[15] - Cash outflow from investment activities rose by 64.48% to 1,837,461 million, mainly due to increased investments in large deposits and time deposits[15] - Net cash flow from financing activities improved, with a net inflow of -21,523 million, up from -153,127 million in the previous year[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 165,713, with the largest shareholder holding 70.33%[17] - The top ten shareholders collectively hold 73.73% of the shares, with Rotex Group Limited being the largest shareholder[17] Operational Metrics - The total external sales volume of meat products was 923,200 tons, representing a year-on-year growth of 9.97%[10] - Total operating costs amounted to ¥39.43 billion, compared to ¥38.93 billion in the prior period, reflecting an increase of approximately 1.28%[33] - The gross profit margin for the current period was approximately 11.5%, slightly down from the previous period's margin[33] - The company’s long-term investments increased to ¥282.60 million from ¥264.51 million, reflecting a growth of approximately 6.83%[30] Financial Ratios - The weighted average return on equity rose by 0.25 percentage points to 7.82%[5] - Basic and diluted earnings per share for the current period are both CNY 1.1426, up from CNY 1.0981 in the previous period, reflecting an increase of approximately 4.02%[35] - The company’s tax expenses decreased to CNY 1,188,178,955.49 from CNY 1,265,623,835.00 in the previous period, a reduction of approximately 6.09%[34] Related Party Transactions - Related party transactions for purchases totaled 422,887.21 million, with significant procurement from Rotex Group Limited[20] - Other income increased by 15.79% to 11,555 million compared to the previous year[15] - Financial expenses decreased by 39.56% to 6,593 million due to a decline in financing interest rates compared to the same period last year[15] - The company received CNY 12,488,653,367.47 from investment recoveries, significantly higher than CNY 8,903,010,242.11 in the previous period, marking an increase of about 40.00%[38]

Core Insights - The company, Wuhan Shuanghui, has seen a 30% increase in orders compared to the same period last year, with production lines operating at near full capacity [1] - The company is facing a labor shortage and is urgently recruiting 400 new employees to meet production demands [1] - The new production base in Wuhan is the largest sausage production facility for Shuanghui in the country, with a daily production capacity expected to exceed 170 tons [1] Production and Capacity - The new sausage production base covers an area of 15,000 square meters and currently has a daily output of 100 tons [1] - The facility is expected to produce a total of 10,000 tons of sausages by the end of the year, contributing an additional 200 million yuan in annual revenue once fully operational [1] Product Development - The company has introduced various new flavors of sausages, including cheese explosion, black pepper beef, and peppercorn, which are particularly popular among younger consumers [2] - The R&D team is planning to develop flavors tailored to regional preferences, such as spicy flavors for Central China and mild sweet flavors for Southern China [2]

Core Insights - Henan province, known for its large population, is emerging as a significant player in the new consumption landscape, particularly in the prepared food sector [1][2] - The province is home to over 4,000 companies related to prepared food, ranking first in the country for the number of such enterprises [2] - Henan's agricultural advantages contribute to its dominance in the prepared food industry, producing a substantial portion of China's staple foods [3][4] Industry Overview - Henan produces 25% of China's steamed buns, 33% of instant noodles, 50% of ham sausages, and 60% of dumplings, showcasing its agricultural strength [3] - The province is recognized as a major agricultural hub, with its grain output second only to Heilongjiang in 2024, and it consistently ranks first in wheat production [3] - The local market provides high-quality, low-cost raw materials, supported by a well-established food production and management system [3] Market Dynamics - The population density in Henan provides a robust market and labor force, while its strategic location enhances logistics and cold chain transportation capabilities [4] - Companies like Shuanghui have successfully entered the prepared food market, launching various products under their brands [3] - The combination of agricultural output and industrial development positions Henan as a key player in the prepared food sector, often referred to as "China's kitchen" [4]

Core Viewpoint - The article emphasizes that Henan province plays a crucial role in China's food industry, particularly in the prepared food sector, making it a significant contributor to the national dining table [4][10]. Group 1: Industry Overview - Henan is home to several popular new consumer brands, including Mixue Ice City and Pop Mart, which have emerged from the province [4]. - The province has a high concentration of food processing companies, with over 4,000 related enterprises, ranking first in the country [9]. - Major food brands from Henan include Sanquan Foods, Shuanghui Development, and Si Nian Foods, which dominate various segments of the prepared food market [6][7]. Group 2: Market Share and Production - Sanquan Foods holds a market share of 20% to 40% in the frozen food sector, with a sales scale of 7.434 billion yuan in 2023 [6]. - Shuanghui Development, a leader in meat products, reported a sales scale of 60.1 billion yuan, capturing 5% of the market [6]. - Henan produces a significant portion of China's staple foods, including 1/4 of the country's steamed buns, 1/3 of instant noodles, and 1/2 of ham sausages [10]. Group 3: Agricultural Advantages - As a major agricultural province, Henan is known as the "granary of the world," with its grain output second only to Heilongjiang in 2024 [10]. - The province's meat, egg, and milk production totals 13.37 million tons, ranking third nationally, with a leading position in pig farming [14]. - The availability of local raw materials, such as flour and pork, combined with a well-established food production and management system, supports the growth of the prepared food industry [14]. Group 4: Strategic Location - Henan's geographical position in the center of China, along with its developed transportation infrastructure, provides a logistical advantage for the food industry [14]. - The province's population offers a substantial market and labor force, further enhancing its role in the prepared food sector [14].

Core Viewpoint - The company has launched new flavors of shredded protein meat, specifically five-spice and spicy flavors, available in its cooked food stores, indicating a focus on product diversification to meet consumer demand [1] Product Development - The company plans to enhance product research and development based on market demand, aiming to enrich its product categories [1] - The introduction of diverse and differentiated products is intended to satisfy various consumer preferences [1]

Group 1 - The core viewpoint of the article is that Shuanghui Development (000895) has clarified its association with two joint ventures involved in the production and sales of soybean protein products [1] Group 2 - The joint ventures mentioned are Danisco Shuanghui Luhe Soybean Industry Co., Ltd. and Danisco Shuanghui Luhe Food Co., Ltd. [1] - These companies primarily focus on the production of liquid soybean concentrate protein and dry powder soybean isolate protein [1]

Core Viewpoint - The article discusses the performance and characteristics of the CSI 300 Dividend Low Volatility Index and its associated ETF, highlighting its recent market behavior, liquidity, and investment opportunities in the dividend sector amidst a changing economic landscape [1][2][3]. Group 1: Market Performance - As of October 23, 2025, the CSI 300 Dividend Low Volatility Index decreased by 0.05%, with mixed performance among constituent stocks [1]. - Postal Savings Bank led the gains with an increase of 3.32%, while Conch Cement experienced the largest decline [1]. - The CSI 300 Dividend Low Volatility ETF (515300) showed a trading turnover of 0.81% and a transaction volume of 39.5 million yuan [2]. Group 2: Fund Size and Inflows - The latest size of the CSI 300 Dividend Low Volatility ETF reached 4.873 billion yuan [2]. - Over the past five trading days, the ETF recorded net inflows on three occasions, totaling 163 million yuan [2]. Group 3: Historical Performance - As of October 22, 2025, the CSI 300 Dividend Low Volatility ETF's net value increased by 58.14% over the past five years, ranking in the top 8.52% among index equity funds [2]. - The ETF has achieved a maximum monthly return of 13.89% since inception, with the longest consecutive monthly gain being five months and an average monthly return of 3.57% during rising months [2]. Group 4: Sector Insights - Bank of China International noted a "seesaw" relationship between the dividend sector and the TMT sector, suggesting that the dividend sector may serve as a safe haven for funds during periods of weak market sentiment [2]. - Key sectors to focus on include banking, coal, electricity, and transportation, which are part of the dividend sector [2]. Group 5: High Dividend Stocks - As of September 30, 2025, the top ten weighted stocks in the CSI 300 Dividend Low Volatility Index accounted for 35.84% of the index, with China Shenhua and Shuanghui Development being the top two [3][5]. - The top ten stocks include Gree Electric, Sinopec, and China Mobile, among others, indicating a diverse range of industries represented [3][5].

Core Viewpoint - The news highlights the partnership between Shuanghui Development and DuPont in the food protein sector, specifically focusing on the production and sales of soybean protein products through their joint ventures [1]. Company Summary - Shuanghui Development acquired a 40% stake in the joint venture with DuPont for 18.02 million yuan in May 2020, which has allowed for centralized management of the equity [1]. - The joint ventures, namely Danisco Shuanghui Luoyang Soybean Industry Co., Ltd. and Danisco Shuanghui Luoyang Food Co., Ltd., are primarily engaged in the production and sales of liquid soybean concentrate protein and dry powder soybean isolate protein [1]. Industry Summary - The focus of the joint venture is on the food protein industry, particularly in the production of plant-based protein products, which aligns with the growing trend towards alternative protein sources in the food market [1].

Group 1 - The artificial meat sector has seen a significant surge, with stocks like Suobao Protein and Shuangta Food hitting their daily limits, and companies like Haoxiangni and Dongbao Biological also experiencing gains [1][2] - Beyond Meat, the first public company in the artificial meat space, saw its stock price soar by 146.26% in one day, with a cumulative increase of nearly 600% over three trading days [2][3][5] - The surge in Beyond Meat's stock is attributed to its announcement of expanding distribution with Walmart, which will offer new packaging for its products in over 2,000 stores [5][6] Group 2 - The global plant-based meat market was valued at approximately $13.6 billion in 2020 and is projected to reach $35 billion by 2027, with a compound annual growth rate (CAGR) of 14.4% from 2020 to 2027 [7] - Despite previous challenges in the artificial meat market, including taste and price issues, the sector is experiencing renewed interest, particularly in China, where the market is expected to capture a significant share of the global market [8][11] - Major traditional food companies are entering the plant-based meat space, including Shuangta Food, Shuanghui Development, and Jinzi Ham, indicating strong market potential [8][11][12] Group 3 - Companies like Xue Rong Biological and Dongbao Biological are actively developing plant-based meat products, enhancing their product diversity and market position [11][12] - Suobao Protein has a wide range of soybean protein products that are utilized in various food sectors, including meat products and traditional soybean products [12][13] - Jinzi Ham, a leader in the ham industry, has diversified its product line to include plant-based meat, showcasing the industry's shift towards alternative protein sources [13]