Core Viewpoint - The company is expected to trigger the condition for a downward adjustment of the convertible bond conversion price due to its stock closing price being below 85% of the current conversion price for 10 trading days from August 11, 2025 to September 3, 2025 [2][16]. Group 1: Convertible Bond Basic Information - The company issued 10 million convertible bonds with a total value of 1 billion RMB on March 25, 2021, with a face value of 100 RMB each [3]. - The convertible bonds were listed on the Shenzhen Stock Exchange on April 23, 2021, under the name "洋丰转债" and code "127031" [4]. - The conversion period for the bonds is from October 8, 2021, to March 24, 2027 [5]. Group 2: Conversion Price Adjustment History - The initial conversion price was set at 20.13 RMB per share, which was adjusted to 19.94 RMB per share on May 11, 2021, following a profit distribution [7]. - The conversion price was further adjusted to 17.76 RMB per share on December 21, 2021, and then to 17.57 RMB per share on May 17, 2022, after subsequent profit distributions [8][9]. - The latest adjustment brought the conversion price to 17.38 RMB per share on May 23, 2023, and it will be adjusted to 17.69 RMB per share effective January 3, 2024, following a capital reduction [11][12]. Group 3: Downward Adjustment Conditions - The company has the right to propose a downward adjustment of the conversion price if the stock price is below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [14]. - If the downward adjustment condition is triggered, the company will disclose the decision and the new conversion price in accordance with relevant regulations [17]. - The next potential adjustment period will begin on August 11, 2025, and if the stock price remains below 14.53 RMB (85% of 17.09 RMB), the adjustment condition will be met [16].

Group 1 - The core viewpoint of the article is that the Baokang Zhuyangu Phosphate Mine project is currently under normal construction, with funding sourced from the company's own and self-raised funds [2] - The company encourages investors to pay attention to its periodic reports and related announcements for future progress updates on the project [2]

Core Viewpoint - The article emphasizes the critical role of agriculture in national strength, highlighting the importance of high-quality fertilizers in ensuring food security and agricultural development in China. New Yangfeng Agricultural Technology Co., Ltd. is presented as a model for domestic fertilizer production, focusing on quality and innovation in its operations [1][2]. Group 1: Company Commitment to Quality - New Yangfeng has established a strict commitment to quality, with a founding principle of never producing substandard fertilizers, which has guided the company through market challenges since its inception in 1988 [2][4]. - The company has transformed from a small local factory to a leading player in the national phosphate and compound fertilizer industry, achieving annual sales of over 4.3 million tons of compound fertilizers and receiving numerous quality awards [2][3]. Group 2: Quality Control Measures - New Yangfeng implements a rigorous testing system, conducting inspections every four hours at production sites and every eight hours at the testing center, ensuring that only compliant products are shipped [3][4]. - The company has established a three-tiered quality assurance system involving self-inspection, specialized inspection, and mutual inspection among production bases [3]. Group 3: Production Standards and Innovations - New Yangfeng has set high internal standards for fertilizer granule size, maintaining a range of 2.00-4.00mm, which exceeds national standards, to enhance user experience and facilitate mechanized application [6][7]. - The company continuously optimizes production processes to address common industry issues such as clumping and powdering, utilizing advanced cooling technology to reduce clumping during packaging [7][8]. Group 4: Automation and Digital Transformation - The company has integrated automation into its production lines, allowing for precise control over critical parameters such as nutrient distribution, moisture content, and granule size, significantly improving product quality [8][9]. - New Yangfeng is actively pursuing digital upgrades to enhance production stability and ensure consistent product quality across all batches [10]. Group 5: Contribution to Agriculture - By maintaining high standards and a commitment to quality, New Yangfeng supports the agricultural sector's growth and contributes to China's food security, positioning itself as a benchmark for quality in the fertilizer industry [10].

| 证券代码：000902 | 证券简称：新洋丰 | 编号：2025-046 | | --- | --- | --- | | 债券代码：127031 | 债券简称：洋丰转债 | | 新洋丰农业科技股份有限公司 关于预计触发可转债转股价格向下修正条件的提示性公告 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、 误导性陈述或者重大遗漏。 特别提示： 5.本次触发转股价格修正条件的期间从 2025 年 8 月 11 日起，截至 2025 年 9 月 3 日，公司股票已有 10 个交易日的收盘价格低于当期转股价格的 85%，预计可能触发"洋 丰转债"转股价格向下修正条件。若触发转股价格修正条件，公司将按照《深圳证券交 易所上市公司自律监管指引第 15 号——可转换公司债券》及《募集说明书》的相关规 定及时履行审议程序和信息披露义务。 （一）可转债发行情况 经中国证券监督管理委员会"证监许可[2021]20号"文核准，新洋丰农业科技股份 有限公司（以下简称"公司"）于2021年3月25日公开发行了10,000,000张可转换公司 债券，每张面值100元，发行总额10.00亿元。本次公开发行的可 ...

Core Viewpoint - The apple futures sector experienced a decline of 0.41% on August 28, with Changcheng Electric leading the drop, while the Shanghai Composite Index rose by 1.14% and the Shenzhen Component Index increased by 2.25% [1] Group 1: Market Performance - The closing price for the apple futures sector stocks showed mixed results, with notable declines in Changcheng Electric by 5.09% and Honghui Fruits and Vegetables by 3.63% [1] - The trading volume for the apple futures sector was significant, with An Deli recording a volume of 16,700 and a transaction value of 83.63 million yuan [1] Group 2: Capital Flow - The apple futures sector saw a net outflow of 124 million yuan from main funds, while retail investors contributed a net inflow of 128 million yuan [1] - Detailed capital flow data indicated that ST Langyuan had a main fund net outflow of 7.92 million yuan, while retail investors contributed a net inflow of 4.97 million yuan [2]

Core Insights - The article discusses the growth forecast for China's phosphate rock industry, highlighting a significant increase in production from 2020 to 2025 [1] Industry Summary - According to the National Bureau of Statistics, China's phosphate rock production (calculated as P2O5 content of 30%) is projected to reach 12.21 million tons by June 2025, representing a year-on-year growth of 21.3% [1] - For the first half of 2025, the cumulative production of phosphate rock is expected to be 58.544 million tons, with a cumulative growth rate of 15% [1] - The report by Zhiyan Consulting outlines competitive strategies and future development potential for the phosphate rock industry in China from 2025 to 2031 [1] Company Summary - Listed companies in the phosphate industry include Xingfa Group (600141), Hubei Yihua (000422), Yuntianhua (600096), Chuanfa Longmang (002312), Xinyangfeng (000902), and Yuntu Holdings (002539) [1]

Core Viewpoint - The apple futures sector experienced a slight increase of 0.67% on August 26, with Xinyangfeng leading the gains, while the Shanghai Composite Index fell by 0.39% and the Shenzhen Component Index rose by 0.26% [1] Group 1: Market Performance - The closing price for Xinyangfeng was 15.28, with a rise of 1.87% and a trading volume of 259,800 shares, amounting to a transaction value of 396 million yuan [1] - ST Langyuan closed at 5.93, up 1.19%, with a trading volume of 68,700 shares and a transaction value of 40.63 million yuan [1] - Changcheng Electric closed at 11.22, increasing by 0.63%, with a trading volume of 214,100 shares and a transaction value of 240 million yuan [1] - Guotou Zhonglu closed at 23.63, up 0.60%, with a trading volume of 123,100 shares and a transaction value of 288 million yuan [1] - Andeli closed at 51.57, with a slight increase of 0.10%, trading 21,500 shares for a value of 112 million yuan [1] - Honghui Fruit and Vegetable closed at 9.16, down 1.82%, with a trading volume of 226,000 shares and a transaction value of 208 million yuan [1] Group 2: Fund Flow Analysis - The apple futures sector saw a net outflow of 101 million yuan from main funds, while retail funds experienced a net inflow of 70.34 million yuan [1] - ST Langyuan had a main fund net outflow of 1.296 million yuan, with retail funds net inflow of 705,500 yuan [2] - Guotou Zhonglu experienced a main fund net outflow of 4.0656 million yuan, while retail funds saw a net inflow of 6.7819 million yuan [2] - Changcheng Electric had a main fund net outflow of 8.4861 million yuan, with retail funds net inflow of 10.3552 million yuan [2] - Andeli faced a main fund net outflow of 8.8520 million yuan, while retail funds had a net inflow of 13.4562 million yuan [2] - Xinyangfeng reported a main fund net outflow of 26.9647 million yuan, with retail funds net inflow of 486,800 yuan [2] - Honghui Fruit and Vegetable had a significant main fund net outflow of 51.3715 million yuan, while retail funds saw a net inflow of 39.5257 million yuan [2]

Core Viewpoint - The article emphasizes the importance of agricultural development in strengthening the nation, highlighting the role of fertilizers in enhancing food production and quality, with New Yangfeng as a leading example in the fertilizer industry [1]. Group 1: Investment and R&D - New Yangfeng's R&D investment increased to 240 million yuan in 2024, a 50% growth from 160 million yuan in 2023 [2]. - Over the past decade, the company has cumulatively invested more than 900 million yuan in R&D, reflecting a clear commitment to innovation [2]. Group 2: Infrastructure and Strategic Framework - A new R&D building is under construction in Jingmen, Hubei, expected to be operational by the end of the year, designed to enhance the company's innovation capabilities [4]. - The company has established a strategic framework called "One Institute and Four Research Institutes," focusing on various fields including new fertilizers and green agriculture [4][5]. Group 3: Innovation and Product Development - The New Fertilizer and Green Agriculture Research Institute has developed a mature and efficient innovation pathway, focusing on both domestic and international agricultural technology trends [9]. - The company has created a comprehensive validation system for its products, ensuring effective transition from laboratory to market [12]. Group 4: Technological Advancements - New Yangfeng has developed several innovative technologies, such as DCR dual-control technology, which enhances nutrient absorption and reduces nutrient loss [13][15]. - The company has participated in multiple national-level research projects, contributing to the development of specialized fertilizers for various crops [15][17]. Group 5: Future Directions - The research institute aims to continue exploring the relationships between soil, fertilizers, crops, and the environment, focusing on developing region-specific fertilizers [17]. - The goal is to create tailored nutrient solutions for different crops, addressing specific agricultural challenges effectively [17].

Core Insights - New Yangfeng Agricultural Technology Co., Ltd. reported a revenue of 9.398 billion yuan for the first half of 2025, marking an 11.63% year-on-year increase, and a net profit of 951 million yuan, up 28.98% year-on-year, despite challenging market conditions in the agricultural input sector [1] - The company has transitioned from a supply-demand imbalance to a surplus in the agricultural input market, maintaining steady growth as a leading player in China's phosphate and compound fertilizer industry [1] Group 1: Innovation and Product Development - New Yangfeng is focusing on the emerging "agricultural input retail" model, which integrates various agricultural products to meet farmers' demand for quality and cost-effective solutions [1][2] - The company has developed a series of innovative fertilizers using its proprietary DCR dual-control technology, enhancing nutrient absorption and reducing nutrient loss, which has received positive feedback from farmers [2] - Collaborations with research institutions have led to the creation of specialized fertilizers that improve crop yield and quality while addressing safety concerns, resulting in high demand from both farmers and distributors [2] Group 2: Customized Solutions and Services - New Yangfeng customizes nutrition plans for different crops, addressing specific planting challenges with targeted solutions [3] - The company invests over 40 million yuan annually to maintain a professional agricultural service team, enhancing service delivery from distributors to end-users [3] - In 2024, New Yangfeng conducted over 11,000 technical training sessions, reaching 61,000 participants, and established numerous demonstration fields to promote effective agricultural practices [3] Group 3: Digital Transformation and Efficiency - The company's digital transformation platform supports precise production and service delivery, ensuring consistent quality in fertilizer production [4] - New Yangfeng has developed a satellite remote sensing service app that integrates agricultural big data and AI, providing real-time crop monitoring and decision-making support for farmers [5] - Demonstration projects in Shandong Province have shown significant yield increases of 16% to 18% through the application of smart agricultural decision systems, contributing to national food production goals [5]

Investment Rating - Industry rating: Outperform the market (maintained rating) [9] Core Insights - The pet industry is experiencing significant growth, with the Asia Pet Expo showcasing over 2,600 exhibitors and 20,000 brands, indicating a thriving market driven by globalization and innovation [2][13] - China's pet food exports have shown continuous growth, with 201,000 tons exported from January to July 2025, reflecting a year-on-year increase of 6.64% [14] - The pig farming sector is facing challenges, with the average pig price at 13.82 yuan/kg, a decrease of 3.63% from the previous week, and the average weight of pigs reaching a historical high [15][16] - The dairy sector is poised for a recovery, with the original milk price expected to rebound as production capacity decreases after a prolonged period of losses [17][18] - The poultry sector is focusing on breeding gaps, with a significant decline in the import of breeding chickens due to avian influenza concerns, which may impact future supply [19][20] - The planting sector emphasizes food security and the importance of biotechnology, with a focus on high-yield and resilient crop varieties [25] - The feed sector is recommended for investment, particularly in companies like Haida Group, which is expected to benefit from market recovery and increased market share [26] Summary by Sections Pet Sector - The Asia Pet Expo has reached a record scale of 310,000 square meters, highlighting the industry's vitality and innovation potential [2][13] - Pet food exports from China have increased, with a total of 201,000 tons exported in the first seven months of 2025, showing a year-on-year growth of 6.64% [14] - Recommended companies include pet food brands like Guibao Pet, Zhongchong Co., and Petty Co. [14] Pig Sector - The average pig price is currently at 13.82 yuan/kg, with a year-to-date low in profitability for pig farming [15][16] - The average weight of pigs is at a historical high, indicating supply pressures [15] - Recommended companies include leading pig farming firms such as Wens Foodstuffs Group and Muyuan Foods [16] Dairy Sector - Yuran Dairy reported stable performance with a revenue of 10.3 billion yuan, showing a year-on-year growth of 2.3% [17] - The dairy industry is expected to see a recovery as production capacity decreases [18] - Recommended companies include Yuran Dairy and China Shengmu Organic Milk [18] Poultry Sector - The poultry sector is facing challenges with breeding imports, particularly for white chickens, due to avian influenza [19][20] - Recommended companies include Shennong Development and Yisheng Livestock [20] Planting Sector - The focus is on food security and biotechnology, with an emphasis on high-yield and resilient crop varieties [25] - Recommended companies include Longping High-Tech and Dabeinong Technology Group [25] Feed Sector - Haida Group is highlighted as a key investment opportunity due to its increasing market share and performance [26] - The animal health sector is also recommended, particularly companies like Kexin Biological [27]