广西农投糖业集团股份有限公司 2025 年第三季度报告 证券代码：000911 证券简称：广农糖业 公告编号：2025-078 广西农投糖业集团股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员） 声明：保证季度报告中财务信息的真实、准确、完整。 3.第三季度财务会计报告是否经过审计： □是 否 1 广西农投糖业集团股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同 | 年初至报告 | 期末比上年 | | --- | --- | --- | --- | --- | | | | 期增减 | 年初至报告期末 | 同期增减 | | 营业收入（元） | 399,618,210.21 | 19.3 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - This week, the price of the Zhengzhou Sugar 2601 contract rose slightly with a weekly increase of about 0.63%. The estimated surplus of global sugar in the new season has been mostly revised upwards. The sugar production in Thailand and India has recovered, which has a key impact on the supply side. India will resume sugar exports in the 2025/26 season, with a preliminary market expectation of 2 million tons. In the domestic market, 26 sugar mills in Mongolia and Xinjiang have all started production in the 2025/26 season, with a total expected output of about 1.4 million tons. In the short term, the supply of northern beet sugar will gradually increase. In September 2025, China's sugar imports were 550,000 tons, a decrease of about 280,000 tons from the previous month and an increase of 35.8% year-on-year. From January to September 2025, China's cumulative sugar imports were 3.16 million tons, an increase of 270,000 tons or 9.4% year-on-year. The progress of imported sugar significantly accelerated in the third quarter. According to the forecast of the Market Early - Warning Expert Committee of the Ministry of Agriculture and Rural Affairs, China's total imports this year will exceed 5 million tons. Coupled with the opening of the window for out - of - quota imported sugar, the pressure of future import volume is still obvious. The downstream demand is in a seasonal decline, and it is expected that the demand for refined sugar and beverages will decrease in the future. However, the cost support for the futures price is gradually emerging, and the price is expected to fluctuate. It is recommended to wait and see for the Zhengzhou Sugar 2601 contract in the short term [5] 3. Summary by Directory 3.1 Week - to - Week Key Points Summary - **Market Review**: This week, the price of the Zhengzhou Sugar 2601 contract rose slightly with a weekly increase of about 0.63% [5] - **Market Outlook**: The estimated surplus of global sugar in the new season has been mostly revised upwards. India will resume sugar exports in the 2025/26 season, with an expected 2 million tons. In the domestic market, 26 sugar mills in Mongolia and Xinjiang have started production, with an expected output of 1.4 million tons. In September 2025, China's sugar imports were 550,000 tons, a decrease of 280,000 tons from the previous month and an increase of 35.8% year - on - year. From January to September 2025, cumulative imports were 3.16 million tons, an increase of 9.4% year - on - year. The annual import volume is expected to exceed 5 million tons. Downstream demand is in a seasonal decline, but the cost support for the futures price is emerging, and the price is expected to fluctuate [5] - **Trading Strategy**: It is recommended to wait and see for the Zhengzhou Sugar 2601 contract in the short term [5] - **Future Focus**: Domestic production and sales, and new - season output forecast [6] 3.2 Futures and Spot Market - **US Sugar Market**: The price of the US Sugar March contract fell this week, with a weekly decline of about 1.87% [10] - **International Raw Sugar Spot Price**: This week, the international raw sugar spot price was 15.88 cents per pound, a decrease of 0.53 cents per pound from last week [17] - **Zhengzhou Sugar Futures**: The price of the Zhengzhou Sugar 2601 contract rose slightly this week, with a weekly increase of about 0.63%. The net position of the top 20 in Zhengzhou sugar futures was - 78,827 lots, and the number of Zhengzhou sugar warehouse receipts was 8,185. The price difference between the 1 - 5 contracts of Zhengzhou sugar futures was + 48 yuan/ton, and the spot - Zhengzhou sugar basis was + 304 yuan/ton [19][26][30] - **Spot Market**: As of October 24, the price of sugar in Liuzhou, Guangxi was 5,780 yuan/ton, in Nanning, Guangxi was 5,750 yuan/ton, and in Kunming, Yunnan was 5,730 yuan/ton. The estimated in - quota profit of Brazilian sugar was 1,624 yuan/ton, an increase of 134 yuan/ton from last week; the estimated out - of - quota profit was 251 yuan/ton, an increase of 152 yuan/ton from last week. The estimated in - quota profit of Thai sugar was 1,310 yuan/ton, an increase of 65 yuan/ton from last week; the estimated out - of - quota profit was 177 yuan/ton, an increase of 105 yuan/ton from last week [36][42] 3.3 Industry Chain Situation - **Supply Side - Production Increase**: 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. As of August 2025, the domestic sugar industrial inventory was 1.1623 million tons, a decrease of 27.91% from the previous month and an increase of 5.45% year - on - year. 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, cumulative imports were 3.16 million tons, a year - on - year increase of 7.89% [45][48][52] - **Demand Side - General Sales Rate**: As of the end of September 2025, the 2024/25 sugar - making season ended. The national sugar production was 11.1621 million tons, an increase of 12.03% year - on - year. In September 2025, China's monthly refined sugar production was 539,100 tons, a year - on - year increase of 35.4%, and the monthly soft drink production was 15.9167 million tons, a year - on - year decrease of 1.9% [57][61] 3.4 Options and Stock - Futures Related Market - **Options Market**: The implied volatility of at - the - money options for sugar this week is presented in the chart [62] - **Stock Market - Nanning Sugar Industry**: The price - to - earnings ratio chart of Nanning Sugar Industry is presented [66]

证券之星消息，10月22日农产品加工板块较上一交易日上涨0.02%，双塔食品领涨。当日上证指数报收 于3913.76，下跌0.07%。深证成指报收于12996.61，下跌0.62%。农产品加工板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002481 | 双塔食品 | 6.39 | 9.98% | 49.16万 | 3.11亿 | | 603231 | 索宝蛋白 | 20.16 | 6.33% | 18.91万 | 3.86亿 | | 000911 | 广农糖业 | 7.81 | 3.86% | 29.83万 | 2.35亿 | | 003030 | 祖名股份 | 19.70 | 2.18% | 1 2.89万 | 5709.11万 | | 605198 | 安德利 | 47.00 | 2.06% | 1.45万 | 6731.72万 | | 603182 | 喜卖股份 | 14.56 | 0.83% | 4.56万 | 6671.11万 | | 920371 | 欧福蛋 ...

Core Viewpoint - The Guangxi Agricultural Investment Sugar Industry Group's Lingli Sugar Company is leveraging the sugarcane industry to promote ethnic unity and community development, creating a positive cycle of income growth for farmers and efficiency for the company [1][2]. Group 1: Industry Empowerment - The company has organized technical personnel to provide on-site training and policy briefings to stimulate enthusiasm among farmers for sugarcane cultivation, leading to a beneficial development pattern of increased farmer income and company efficiency [1]. - A bilingual agricultural training program has been initiated to address language barriers faced by ethnic minority farmers, enhancing their understanding of high-yield and drought-resistant sugarcane varieties [1]. - The transformation of the Baima immigrant settlement into a renowned "sugarcane village" exemplifies the sugarcane industry's role in rural revitalization, with annual sugarcane production nearing 2,000 tons and average annual income exceeding 10,000 yuan per person [1]. Group 2: Organizational Support - The company has established a three-tiered mechanism for ethnic unity work, ensuring that initiatives are effectively communicated and implemented at all levels of the organization [4]. - The integration of ethnic unity principles into every aspect of corporate governance is evident, with partnerships formed with local party organizations to support community development [4]. - The company's leadership actively participates in community support activities, demonstrating commitment to assisting farmers during challenging conditions, such as drought [4].

Core Viewpoint - Guangnong Sugar Industry (000911) emphasizes the importance of market value management, which is integrated into the evaluation system of the company and its controlling shareholder [1] Group 1: Company Overview - Guangnong Sugar Industry is a publicly listed company controlled by local state-owned assets [1] - The company faces challenges in development due to historical burdens, leading to a gap between actual performance and development goals [1] Group 2: Strategic Initiatives - The company has implemented a "6+1" strategy aimed at addressing various issues it encounters [1]

证券日报网讯 10月16日晚间，广农糖业发布公告称，公司不存在逾期担保、涉及诉讼的担保及因担保 被判决败诉而应承担损失的情况。 （文章来源：证券日报） ...

证券代码：000911 证券简称：广农糖业 公告编号：2025-076 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 Insights - The agricultural processing sector saw a 0.8% increase on October 15, with Zunming Co. leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Agricultural Processing Sector Performance - Zunming Co. (003030) closed at 19.54, up 5.51% with a trading volume of 38,800 lots and a transaction value of 74.5 million yuan [1] - Guangnong Sugar Industry (000911) closed at 7.68, up 4.77% with a trading volume of 236,200 lots and a transaction value of 183 million yuan [1] - Yongshuntai (001338) closed at 11.98, up 4.63% with a trading volume of 269,200 lots and a transaction value of 324 million yuan [1] - Other notable performers include Guotou Zhonglu (600962) at 21.99 (+3.82%), Baolingbao (002286) at 9.97 (+3.10%), and Suobao Protein (603231) at 19.05 (+1.65%) [1] Capital Flow Analysis - The agricultural processing sector experienced a net inflow of 23.09 million yuan from main funds, while retail funds saw a net outflow of 23.04 million yuan [2] - Main funds showed significant inflows in Yongshuntai (6.01 million yuan) and Guangnong Sugar Industry (2.88 million yuan) [3] - Retail investors had notable outflows in Yongshuntai (-40.62 million yuan) and Guangnong Sugar Industry (-24.46 million yuan) [3]

Group 1 - The stock price of Guangnong Sugar Industry (000911) closed at 7.33 yuan on October 14, 2025, with an increase of 0.69% and a turnover rate of 1.32% [1] - The trading volume was 52,900 shares, with a total transaction amount of 38.768 million yuan [1] Group 2 - The company is currently progressing with its private placement project, and will fulfill information disclosure obligations as per regulatory requirements [2] - On October 14, the net inflow of main funds was 2.9395 million yuan, indicating a positive short-term attitude from major investors towards the stock [2] - Retail investors experienced a net outflow of 585,500 yuan, while speculative funds saw a net outflow of 2.354 million yuan [2]

证券日报网讯广农糖业（000911）10月10日在互动平台回答投资者提问时表示，截至9月30日公司股东 人数为3.41万户。 ...