Core Viewpoint - The company is currently not applying synthetic biology technology for the development of water buffalo milk-related products, and it is still in the research phase regarding the feasibility and cost-effectiveness of using microbial protein raw materials in biological fermentation for water buffalo feed [1]. Group 1 - The company has received inquiries about expanding synthetic biology technology into dairy product research and production [1]. - The company is evaluating the application of synthetic biology technology in the production of microbial protein for water buffalo feed, but this is still in the scientific research stage [1].

新京报贝壳财经讯 9月26日晚间，有投资者询问皇氏集团是否会考虑利用集团在乳业、文旅等板块的资 源，与短剧业务进行联动，打造创新的商业模式。对此，皇氏集团回应，公司积极推动乳业与其他业务 板块的资源整合和业务协同，充分利用大数据、新媒体、新渠道，在产品、客户等各项资源上的共享优 势，实现产品推广及与消费者的良好互动，为公司主业的发展赋能。 校对 赵琳 编辑 林子 ...

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。 特别风险提示： 证券代码：002329 证券简称：皇氏集团 公告编号：2025–058 皇氏集团股份有限公司 关于对外担保的进展公告 公司及控股子公司对外担保总额已超过最近一期经审计净资产的 100%，公 司及控股子公司对外担保余额已超过最近一期经审计净资产的 50%，本次担保含 公司对资产负债率超过 70%的子公司提供担保，请投资者注意担保风险。 一、担保情况概述 皇氏集团股份有限公司（以下简称"公司"）于 2025 年 5 月 21 日、2025 年 7 月 15 日召开了 2024 年度股东大会、2025 年第二次临时股东大会，分别审 议通过了《关于 2025 年度担保额度预计的议案》及《关于新增 2025 年度预计担 保额度的议案》，预计 2025 年度公司拟为子公司（含子公司之间）、子公司为 公司等主体提供担保的额度合计为不超过人民币 375,816.00 万元，该担保额度可 循环使用，最终实际担保总额不超过审批的担保额度，其中：为资产负债率大于 或等于 70%的子公司提供担保额度不超过 68,900. ...

Company Overview - Huangshi Group is located in Nanning, Guangxi Zhuang Autonomous Region, established on May 31, 2001, and listed on January 6, 2010. The main business involves the production, processing, and sales of dairy products and cultural media [2] - The revenue composition includes: ambient milk 45.21%, low-temperature milk 39.57%, other main products 4.96%, cloud communication 4.88%, call center outsourcing services 2.44%, and others 2.17% [2] Financial Performance - For the first half of 2025, Huangshi Group achieved operating revenue of 905 million yuan, a year-on-year decrease of 13.07%. The net profit attributable to the parent company was -5.77 million yuan, a year-on-year decrease of 549.66% [2] - As of June 30, 2025, the number of shareholders was 62,800, a decrease of 16.34% from the previous period, with an average of 10,357 circulating shares per person, an increase of 17.96% [2] Stock Performance - On September 10, Huangshi Group's stock price increased by 2.09%, reaching 3.90 yuan per share, with a trading volume of 126 million yuan and a turnover rate of 5.00%. The total market capitalization is 3.246 billion yuan [1] - Year-to-date, the stock price has risen by 7.44%, with a 6.56% increase over the last five trading days, a 3.17% increase over the last 20 days, and a 13.37% increase over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on July 18, where the net buying on that day was -70.01 million yuan [1] Shareholder and Dividend Information - Since its A-share listing, Huangshi Group has distributed a total of 187 million yuan in dividends, with no dividends paid in the last three years [3] - As of June 30, 2025, Tianhong Zhongzheng Food and Beverage ETF (159736) has exited the top ten circulating shareholders list [3]

Group 1 - The core viewpoint of the news highlights a decline in China's dairy product production, with a reported decrease of 3.6% year-on-year in July 2025, resulting in a total production of 221,000 tons [1] - From January to July 2025, the cumulative production of dairy products in China reached 16.592 million tons, reflecting a decrease of 1% compared to the previous year [1] Group 2 - The companies mentioned in the news include Yili Group (600887), Bright Dairy (600597), San Yuan (600429), New Dairy (002946), Huangshi Group (002329), Yantang Dairy (002732), Zhuangyuan Pasture (002910), and Pinwo Foods (300892) [1] - The report referenced is the "2025-2031 China Dairy Product Industry Market Operation Status and Investment Prospect Trend Report" published by Zhiyan Consulting [1]

Core Insights - The perovskite battery concept has seen a significant increase of 5.67%, ranking fourth among concept sectors, with 54 stocks rising, including notable gainers like Xian Dao Intelligent and Li Yuan Heng, which hit the 20% limit up [1][2] Market Performance - The perovskite battery sector attracted a net inflow of 4.305 billion yuan, with 43 stocks receiving net inflows, and 8 stocks exceeding 100 million yuan in net inflows. Leading the inflow was Xian Dao Intelligent with 1.968 billion yuan [2][3] - Other notable stocks with significant net inflows include Longi Green Energy (0.408 billion yuan), Tongwei Co. (0.356 billion yuan), and Huagong Technology (0.353 billion yuan) [2] Stock Performance - Top performers in the perovskite battery sector included: - Xian Dao Intelligent: +20.01% with a turnover rate of 19.94% and a net inflow of 1.968 billion yuan [3] - Li Yuan Heng: +20.00% with a net inflow rate of 8.64% [4] - Mingyang Smart Energy: +9.97% with a net inflow rate of 18.04% [5] - Stocks with the highest net inflow ratios included Xizi Clean Energy (22.02%), Mingyang Smart Energy (18.04%), and Yaopi Glass (15.13%) [3][5] Decliners - The stocks with the largest declines included China Nuclear Power (-0.46%), Huangshi Group (-0.26%), and Lushan New Materials (-0.08%) [1][6]

Core Viewpoint - The dairy sector in the A-share market is experiencing a notable upward trend, with several stocks showing significant gains despite broader market conditions [1]. Group 1: Stock Performance - Pinwo Food (品渥食品) increased by approximately 8.88%, with a total market capitalization of 3.885 billion [2]. - Junyao Health (均瑶健康) rose by 7.28%, reaching a market value of 5.488 billion [2]. - Knight Dairy (骑士乳业) saw a gain of 6.65%, with a market cap of 2.348 billion [2]. - Panda Dairy (熊猫乳品) grew by 5.21%, valued at 3.607 billion [2]. - Beiyinmei (贝因美) increased by 4.64%, with a market capitalization of 7.550 billion [2]. - Maiqu'er (麦趣尔) rose by 4.19%, valued at 1.646 billion [2]. - Western Pastoral (西部牧业) increased by 3.89%, with a market cap of 2.481 billion [2]. - Zhuangyuan Pastoral (庄园牧场) saw a rise of 3.81%, valued at 1.916 billion [2]. - Huangshi Group (皇氏集团) increased by 3.55%, with a market capitalization of 3.155 billion [2]. - Sunshine Dairy (阳光乳业) rose by 3.00% [1]. Group 2: Year-to-Date Performance - Pinwo Food has a year-to-date increase of 21.72% [2]. - Junyao Health has risen by 46.75% year-to-date [2]. - Knight Dairy shows a year-to-date increase of 59.97% [2]. - Beiyinmei has a year-to-date increase of 66.03% [2]. - Maiqu'er has risen by 20.69% year-to-date [2]. - Western Pastoral has a year-to-date increase of 33.71% [2]. - Zhuangyuan Pastoral shows a year-to-date increase of 30.15% [2]. - Huangshi Group has a year-to-date increase of 4.41% [2].

Core Viewpoint - The A-share market continues to rise, leading to a prosperous season for brokerage firms, with significant growth in their performance driven by proprietary trading income [2][3]. Group 1: Brokerage Performance - In the first half of the year, 42 listed brokerages achieved a total operating income of 251.87 billion yuan and a net profit of 104.02 billion yuan, representing year-on-year growth of 11.37% and 65.08% respectively [2]. - Proprietary trading contributed significantly to the performance, with total proprietary income reaching 112.35 billion yuan, a year-on-year increase of 53.53%, accounting for over 40% of total income [3][4]. - Among the brokerages, CITIC Securities was the only firm with proprietary income exceeding 10 billion yuan, totaling 19.05 billion yuan, contributing approximately 57% to its total revenue [3]. Group 2: Top Holdings and Stock Preferences - As of the end of June, the top three stocks held by brokerages were Jiangsu Bank, Yong'an Futures, and CITIC Construction Investment, with holdings of 923 million shares, 439 million shares, and 383 million shares respectively [9]. - The market value of these holdings was over 10 billion yuan for Jiangsu Bank alone, indicating strong interest from brokerages in non-bank financials, electronics, and biomedicine sectors [2][9]. - In the second quarter, brokerages significantly increased their positions in stocks like Sichuan Chengyu and Hongchuang Holdings, with notable increases in shareholdings [11]. Group 3: Changes in Holdings - Brokerages reduced their holdings in several stocks, including Huangshi Group and Shanghai Mechanical, with significant decreases in share quantities [12][16]. - The reduction in holdings was particularly pronounced for Huangshi Group, where Oriental Securities cut its stake by over 34% due to regulatory issues [15]. - Other stocks that saw substantial reductions included New Steel and Yingfang Micro, with brokerages decreasing their holdings by over 2 million shares in the second quarter [16].

Core Viewpoint - The A-share market has shown strong performance, leading to significant revenue and profit growth for listed securities firms in the first half of the year, primarily driven by proprietary trading income. Group 1: Financial Performance - In the first half of the year, 42 listed securities firms achieved a total operating income of 251.87 billion yuan and a net profit of 104.02 billion yuan, representing year-on-year growth of 11.37% and 65.08% respectively [1] - Proprietary trading contributed significantly, with total proprietary income reaching 112.35 billion yuan, a year-on-year increase of 53.53%, accounting for over 40% of total revenue [1][2] - Among these firms, CITIC Securities was the only one to exceed 10 billion yuan in proprietary income, achieving 19.05 billion yuan, which constituted approximately 57% of its total revenue [2] Group 2: Major Shareholdings - As of the end of June, the top three heavily held stocks by securities firms were Jiangsu Bank, Yong'an Futures, and CITIC Construction Investment, with holdings of 923 million shares, 439 million shares, and 383 million shares respectively [5] - The market value of these holdings was approximately 11.03 billion yuan for Jiangsu Bank, 6.51 billion yuan for Yong'an Futures, and 9.21 billion yuan for CITIC Construction Investment [5] - Other notable stocks included Sinopec, Shanghai Laishi, and Yuheng Pharmaceutical, with significant holdings by various securities firms [5] Group 3: Changes in Holdings - In the second quarter, securities firms significantly increased their positions in stocks such as Sichuan Chengyu, Hongchuang Holdings, and Yuntianhua, with increases of 9.89 million shares, 5.76 million shares, and 5 million shares respectively [6] - Conversely, stocks like Huangshi Group, Shanghai Mechanical, and Northeast Securities saw substantial reductions in holdings, with Huangshi Group experiencing a decrease of over 14 million shares [7][8] - Regulatory issues led to a sharp decline in holdings for certain stocks, with securities firms reducing their positions in Huangshi Group following investigations and penalties [8][9]

Core Insights - The A-share market continues to rise, leading to a prosperous season for brokerage firms, with 42 listed brokerages achieving a total operating income of 251.87 billion yuan and a net profit of 104.02 billion yuan in the first half of the year, representing year-on-year growth of 11.37% and 65.08% respectively [1] - The significant increase in brokerage performance is largely attributed to proprietary trading, which generated a total income of 112.35 billion yuan, a year-on-year increase of over 50%, accounting for more than 40% of total income [1][2] - Among the brokerages, CITIC Securities stands out as the only firm with proprietary income exceeding 10 billion yuan, reaching 19.05 billion yuan, contributing approximately 57% to its total revenue [2] Brokerage Performance - In the first half of the year, 25 out of 42 listed brokerages reported proprietary income exceeding 1 billion yuan, accounting for nearly 60% of the total [2] - Notable performers include Changjiang Securities, which saw a staggering year-on-year increase of 668.35% in proprietary income, and Guolian Minsheng and Huaxi Securities with increases of 458.78% and 245.07% respectively [2] Stock Holdings - As of the end of June, the top three stocks held by brokerages were Jiangsu Bank, Yong'an Futures, and CITIC Construction Investment, with holdings of 923 million shares, 43.9 million shares, and 38.3 million shares respectively, translating to market values of 11.03 billion yuan, 6.51 billion yuan, and 9.21 billion yuan [4] - Brokerages have shown a preference for sectors such as non-bank financials, electronics, and biomedicine in their proprietary trading [1] Changes in Holdings - In the second quarter, significant increases in holdings were observed in stocks like Sichuan Chengyu, Hongchuang Holdings, and Yuntianhua, with increases of 9.89 million shares, 5.76 million shares, and 5 million shares respectively [6] - Conversely, stocks such as Huangshi Group, Shanghai Mechanical, and Northeast Securities experienced substantial reductions in holdings, with the largest decrease being 14 million shares for Huangshi Group [8][11] Regulatory Impact - Some stocks faced significant reductions in holdings due to regulatory penalties, with brokerages exiting positions in companies like Huangshi Group, which was under investigation for information disclosure violations [10][11]