Group 1: Report Summary - The price of Zhengzhou Sugar 2601 contract rose slightly this week, with a weekly increase of about 0.68% [5][17] - In the first half of October 2025, the sugar cane crushing and sugar production progress in the central - southern region of Brazil slowed down significantly. As of October 16, the cumulative sugar production in the 25/26 sugar season increased by 0.89% year - on - year [5] - In the domestic market, the forecasted arrival of out - of - quota raw sugar in October is expected to decrease month - on - month. Due to news about syrups and premixes, there is support at the lower level, but the loose supply - demand situation still pressures the sugar market. In the short term, sugar prices will mainly operate at a low level [5] - It is recommended to wait and see for the Zhengzhou Sugar 2601 contract in the short term [5] - Future factors to watch include domestic production and sales, and new - season production forecasts [6] Group 2: Futures and Spot Market International Market - The international raw sugar spot price this week was 14.1 cents per pound, down 0.62 cents per pound from last week [15] Domestic Futures Market - The price of Zhengzhou Sugar 2601 contract rose slightly this week, with a weekly increase of about 0.68% [5][17] - The net position of the top 20 in the Zhengzhou sugar futures this week was - 57,848 lots, and the Zhengzhou sugar warehouse receipts were 7,530 [23] - The price difference between the 1 - 5 contracts of Zhengzhou sugar futures this week was + 70 yuan/ton, and the basis of spot - Zhengzhou sugar was + 257 yuan/ton [28] Domestic Spot Market - As of October 31, the sugar price in Liuzhou, Guangxi was 5,760 yuan/ton, in Nanning, Guangxi was 5,740 yuan/ton, and in Kunming, Yunnan was 5,710 yuan/ton [34] - This week, the estimated profit of Brazilian sugar within the quota was 1,790 yuan/ton, up 176 yuan/ton from last week; the estimated profit outside the quota was 509 yuan/ton, up 270 yuan/ton from last week. The estimated profit of Thai sugar within the quota was 1,512 yuan/ton, up 206 yuan/ton from last week; the estimated profit outside the quota was 432 yuan/ton, up 267 yuan/ton from last week [40] Group 3: Industry Chain Supply Side - As of the end of September 2025, the national sugar production in the 2024/25 sugar - making season was 11.1621 million tons, an increase of 1.1989 million tons or 12.03% year - on - year [44][56] - As of August 2025, the domestic sugar industrial inventory was 1.1623 million tons, a month - on - month decrease of 450,000 tons or 27.91%, and a year - on - year increase of 60,100 tons or 5.45% [47] - In September 2025, China's sugar imports were 550,000 tons, a year - on - year increase of 27.78% and a month - on - month decrease of 280,000 tons. From January to September 2025, the cumulative sugar imports were 3.16 million tons, a year - on - year increase of 7.89% [51] Demand Side - As of the end of September 2025, sugar mills in the 2024/25 sugar - making season had all stopped crushing [56] - In September 2025, China's monthly production of refined sugar was 539,100 tons, a year - on - year increase of 35.4%. The monthly production of soft drinks was 15.9167 million tons, a year - on - year decrease of 1.9% [60] Group 4: Option and Stock - Futures Correlation Market Option Market - This week's implied volatility of at - the - money options in the sugar option market is presented in the relevant chart [62] Stock Market - The price - earnings ratio of Nanning Sugar Industry is presented in the relevant chart [67]

证券代码：000911 证券简称：广农糖业 公告编号：2025-082 广西农投糖业集团股份有限公司 关于为控股子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别风险提示： 截至本公告日，广西农投糖业集团股份有限公司（以下简称公司） 及控股子公司对外担保总额已超过公司 2024 年 12 月 31 日经审计归母净 资产 100%，敬请投资者关注担保风险。 一、担保情况概述 公司分别于 2024 年 11 月 29 日、2024 年 12 月 16 日召开公司第八 届董事会 2024 年第三次临时会议和公司 2024 年第六次临时股东大会， 审议通过了《关于 2025 年度对控股子公司担保额度预计的议案》，同意 公司 2025年度为控股子公司提供担保额度总计不超过人民币 353,300万 元(含存量），担保范围包括但不限于申请综合授信、借款、承兑汇票或 开展其他日常经营业务等。担保主债务起始日在公司股东大会审议通过 之日起一年内，担保的主债务期限不超过 2026 年 12 月 31 日，担保期限 为主债务到期日后三年。实际担保金额及担 ...

Core Viewpoint - Guangnong Sugar Industry, established in 1999 and listed on the Shenzhen Stock Exchange, is a state-owned enterprise in Guangxi focusing on the production and sales of refined sugar, benefiting from a full industry chain advantage [1] Financial Performance - As of Q3 2025, Guangnong Sugar's revenue reached 1.744 billion yuan, ranking 6th in the industry, significantly lower than the top player COFCO Sugar's 20.305 billion yuan and second-ranked COFCO Technology's 13.262 billion yuan, and below the industry average of 4.316 billion yuan, but slightly above the median of 1.63 billion yuan [2] - The company's net profit for the same period was -7.6407 million yuan, ranking 11th in the industry, far below COFCO Sugar's 828 million yuan and Morning Light Bio's 311 million yuan, as well as below the industry average of 114 million yuan and median of 64.236 million yuan [2] Financial Ratios - As of Q3 2025, Guangnong Sugar's debt-to-asset ratio was 93.59%, a decrease from 95.54% year-on-year, but still significantly higher than the industry average of 36.70% [3] - The gross profit margin for the same period was 12.59%, an increase from 11.71% year-on-year, yet still below the industry average of 13.16% [3] Management Compensation - The total compensation for General Manager Liu Ning was 499,800 yuan in 2024, an increase of 21,000 yuan from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.10% to 34,100, while the average number of circulating A-shares held per household increased by 1.12% to 11,700 [5]

Core Points - The company reported a significant increase in net profit attributable to shareholders, rising by 83.92% year-on-year, primarily due to a substantial reduction in financial expenses and an increase in the reversal of bad debt provisions [5] - However, the net cash flow from operating activities decreased by 133.86% year-on-year, mainly due to a decline in sales volume of refined sugar and an 8.83% decrease in the selling price, leading to reduced revenue and sales collections [5] - The company plans to issue shares to specific targets as part of its development strategy, which has been approved by the board and shareholders [9][10] Financial Data Summary - The company's cash and cash equivalents decreased by 69.61% from the beginning of the year, primarily due to the repayment of bank loans [5] - Prepayments increased by 95.50% from the beginning of the year, mainly due to an increase in advance payments for agricultural materials [5] - Inventory decreased by 33.31% from the beginning of the year, attributed to increased sales of refined sugar [6] - Accounts payable decreased by 61.48% from the beginning of the year, as payments for sugarcane were completed at the end of the 2024/2025 sugar production season [6] - Long-term borrowings decreased by 49.72% from the beginning of the year, mainly due to a reduction in bank loans [6] - Financial expenses decreased by 38.33% year-on-year, primarily due to a reduction in interest-bearing liabilities and lower borrowing rates [7] - Credit impairment losses decreased by 133.15% year-on-year, mainly due to the reversal of bad debt provisions for accounts receivable [8] Shareholder Information - The company’s major shareholder, Guangnong Group, released 50,005,900 shares from pledge, accounting for 12.49% of the total share capital [13] - The company’s actual controller remains Guangxi State-owned Assets Supervision and Administration Commission, even after the transfer of 33% equity held by Guangnong Group to Guangxi Guokong Capital Operation Group [14] Audit and Compliance - The company has renewed its contract with the accounting firm, Crowe Horwath, for the 2025 financial year, ensuring compliance with auditing standards [18][29] - The third-quarter financial report was not audited, indicating a need for careful monitoring of financial practices [16] Upcoming Events - The company will hold its fourth extraordinary general meeting of 2025 on November 14, 2025, to discuss various proposals, including the increase of daily related transactions with its controlling shareholder [34][58]

Group 1 - The core point of the article is that Guangnong Sugar Industry (000911.SZ) reported a decline in revenue and a net loss for the first three quarters of 2025 [1] Group 2 - The company achieved an operating income of 1.744 billion yuan, representing a year-on-year decrease of 18.81% [1] - The net loss attributable to shareholders of the listed company was 4.3921 million yuan [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 18.035 million yuan [1]

Core Viewpoint - Guangnong Sugar Industry (000911.SZ) reported a significant decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in the company's financial performance [1] Financial Performance - The company achieved an operating revenue of 1.744 billion yuan, representing a year-on-year decrease of 18.81% [1] - The net profit attributable to shareholders of the listed company was -4.3921 million yuan, indicating a loss [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -18.035 million yuan [1] - The basic earnings per share were -0.011 yuan [1]

证券代码：000911 证券简称：广农糖业 公告编号：2025-080 （一）日常关联交易概述 公司于2024年11月29日召开第八届董事会2024年第三次临时会议、 2024 年 12 月 16 日召开的 2024 年第六次临时股东大会，审议通过了《关 于与控股股东广西农村投资集团有限公司 2025 年度日常关联交易预计的 议案》；于 2025 年 4 月 24 日召开第八届董事会第九次会议、2025 年 5 月 16 日召开的 2024 年年度股东大会，审议通过了《关于增加与控股股东 广西农村投资集团有限公司 2025 年度日常关联交易预计的议案》。公司 及控股子公司预计 2025 年度将与广农集团及其控制的企业等发生采购原 料或产品、销售商品、资产租赁、接受劳务、提供劳务、借入财务资助款 等日常关联交易总额为 47,635.80 万元（具体内容详见公司于 2024 年 11 1 广西农投糖业集团股份有限公司 关于增加与控股股东广西农村投资集团有限公司 2025 年度日常关联交易预计的公告 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、误导性陈述或重大遗漏。 重要提示： 广西农 ...

证券代码：000911 证券简称：广农糖业 公告编号：2025-079 广西农投糖业集团股份有限公司 关于续聘会计师事务所的公告 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、误导性陈述或重大遗漏。 （1）机构名称：致同会计师事务所（特殊普通合伙） （2）成立日期：2011 年 12 月 22 日 （3）组织形式：特殊普通合伙 （4）注册地址：北京市朝阳区建国门外大街 22 号赛特广场 5 层 （5）首席合伙人：李惠琦 （6）人员信息：致同事务所截至 2024 年末，从业人员近六千人，其 中合伙人 239 名；注册会计师 1,359 名，签署过证券服务业务审计报告的 注册会计师超过 400 人。 广西农投糖业集团股份有限公司（以下简称公司）于 2025 年 10 月 29 日召开的第八届董事会第十一次会议审议通过了《关于公司续聘会计师事 务所的议案》，同意公司续聘致同会计师事务所（特殊普通合伙）（以下 简称致同事务所）担任公司 2025 年度财务报表及内部控制审计服务机构。 现将有关事项说明如下： 一、续聘会计师事务所的基本情况 （一）机构信息 1.基本信息 （二）项目信息 （7） ...

证券代码：000911 证券简称：广农糖业 公告编号：2025-081 广西农投糖业集团股份有限公司 关于召开 2025 年第四次临时股东会的通知 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。 一、召开会议的基本情况 1.股东会届次：2025 年第四次临时股东会 2.股东会的召集人：董事会 3.本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易 所股票上市规则》《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、行政法规、部门规章、规范性文件及《公司章程》 的有关规定。 4.会议时间： （1）现场会议时间：2025 年 11 月 14 日 15:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间 为 2025 年 11 月 14 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券 交易所互联网投票系统投票的具体时间为 2025 年 11 月 14 日 9:15 至 15:00 的任意时间。 5.会议的召开方式：现场表决与网络投票相结合。 8.会议地点：广西南宁市青秀 ...

证券代码：000911 证券简称：广农糖业 公告编号：2025-077 广西农投糖业集团股份有限公司 第八届董事会第十一次会议决议公告 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、误导性陈述或重大遗漏。 一、董事会会议召开情况 1.会议通知的时间和方式：会议通知已于 2025 年 10 月 17 日通过书 面送达、邮件等方式通知各位董事。 2.召开会议的时间：2025 年 10 月 29 日上午 9:00。 会议召开的地点：公司总部会议室。 会议召开的方式：现场召开。 3.会议应出席董事 8 人，实际出席的董事 7 人，其中董事苏麟先生 因公务原因请假并授权委托梁戈夫先生行使表决权。 1 4.会议主持人：董事长罗应平先生。 列席人员：高级管理人员 4 人。 5.本次会议的召开符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 1.《公司 2025 年第三季度报告》 同意公司编制的《2025 年第三季度报告》。 详情请参阅同日刊登于《证券时报》《证券日报》《中国证券报》 《上海证券报》和巨潮资讯网的《公司 2025 年第三季度报告》。 表决结果：同意 8 票，弃权 0 ...