Core Viewpoint - The announcement details the release of a portion of shares pledged by the chairman of Shuangta Food, indicating a potential positive signal regarding the company's financial health and governance [1]. Group 1: Share Pledge Release - The chairman, Yang Junmin, has notified the company about the release of part of his pledged shares [1]. - Specific details regarding the release of the pledge and the total amount of shares involved were not disclosed in the announcement [1]. Group 2: Shareholder Pledge Situation - The announcement includes a summary of the cumulative pledge situation of the shareholders, although specific figures are not provided [1]. - The company has made available documents related to the stock pledge repurchase application and details from the China Securities Depository and Clearing Corporation [1].

Core Viewpoint - The company, Shuangta Food, announced the release of a portion of shares held by its chairman, Yang Junmin, indicating a potential shift in shareholder confidence and liquidity in the market [2] Group 1 - The company received notification from its chairman regarding the release of share pledges [2] - A total of 17,000,000 shares were released from pledge [2]

Core Viewpoint - The financial performance of Shuangta Food in Q3 2025 shows significant pressure, with a notable decline in revenue and a substantial net loss compared to the previous year [1][2]. Financial Performance Summary - In Q3 2025, Shuangta Food reported a revenue of 469 million yuan, a year-on-year decrease of 33.66% [1]. - The net profit attributable to shareholders was -19.92 million yuan, reflecting a year-on-year decline of 319.92% [1]. - For the first nine months of 2025, total revenue was 1.516 billion yuan, down 10.45% year-on-year, and net profit was 34.44 million yuan, a decrease of 45.27% [1]. External Factors Impacting Performance - The change in external trade environment significantly affected performance, particularly due to the EU's anti-dumping investigation into Chinese high-protein pea protein, a core product of the company [2]. - The company's overseas revenue contribution was substantial, with 483 million yuan from international markets in H1 2025, accounting for 46.11% of total revenue [2]. - The EU market share increased from 3.92% in 2024 to 6.48% in H1 2025, but the anti-dumping investigation poses uncertainty for future growth [2]. Internal Operational Challenges - Internal pressures also contributed to the decline in profitability, with asset impairment losses increasing by 40.42% due to rising starch inventory [3]. - Sales expenses rose by 36.19%, primarily due to increased costs associated with order meetings [3]. - Despite reductions in management and financial expenses, the growth in asset impairment and sales costs exerted pressure on net profit [3]. Strategic Responses - In response to current challenges, the company is intensifying its domestic market efforts, achieving a 15.63% increase in domestic sales revenue in H1 2025 [3]. - The company is also constructing a factory in Thailand to leverage Southeast Asia's advantages and mitigate trade barriers [3]. - A special task force has been established to address the EU anti-dumping investigation, including hiring professional legal teams [3]. Industry Context and Future Outlook - The performance of Shuangta Food reflects the common challenges faced by export-dependent plant protein companies in the current global trade environment [4]. - The transition from "export processing" to "domestic brand operation" will take time and may not immediately compensate for lost overseas revenue [4]. - The success of domestic market expansion and overseas capacity building will be crucial for the company to overcome current pressures and achieve stable growth in the long term [4].

Core Insights - The agricultural processing sector experienced a decline of 1.03% on October 24, with Shuangta Food leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Agricultural Processing Sector Performance - Zunming Co. saw a significant increase of 9.99% in its closing price at 22.14, with a trading volume of 43,700 shares and a transaction value of 95.55 million yuan [1] - ST Jiawo and ST Zhongji also reported gains of 3.90% and 1.80%, respectively [1] - In contrast, Shuangta Food's stock price fell by 6.87% to 5.83, with a trading volume of 978,300 shares and a transaction value of 580 million yuan [2] Capital Flow Analysis - The agricultural processing sector experienced a net outflow of 54.07 million yuan from main funds, while speculative funds saw a net inflow of 102 million yuan [2] - Retail investors contributed to a net outflow of 48.13 million yuan [2] Individual Stock Capital Flow - Deep Root Holdings had a main fund net outflow of 20.39 million yuan, with a speculative fund net inflow of 20.57 million yuan [3] - Zunming Co. recorded a main fund net inflow of 8.74 million yuan, while speculative funds saw a net outflow of 4.14 million yuan [3] - ST Jiawo had a main fund net inflow of 1.94 million yuan, with a speculative fund net outflow of 1.83 million yuan [3]

关于董事长部分股份解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 烟台双塔食品股份有限公司（以下简称"双塔食品"或"公司"）近日接到董 事长杨君敏先生通知，获悉其持有公司的部分股份办理了解除质押，具体事项如下： 一、本次解除质押基本情况 | | 是否为控 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 股股东或 | 本次解除 | 占其所 | 占公司 | 是否 | | | | | 股东名称 | 第一大股 | 质押股份 | 持股份 | 总股本 | 为限 | 起始日期 | 解除日期 | 质权人 | | | 东及其一 | 数量 | 比例 | 比例 | 售股 | | | | | | 致行动人 | | | | | | | | | 杨君敏 | 否 | 17,000,000 | 11.25% | 1.38% | 否 | 2023.6.20 | 2025.10.23 | 中国中金财 富证券有限 | | | | | | | | | | 公司 | 二、股东股份累计 ...

Core Viewpoint - The announcement from Shuangta Food indicates that Chairman Yang Junmin has released part of his pledged shares, which may reflect confidence in the company's future performance and financial stability [1] Summary by Relevant Sections Share Pledge Details - Yang Junmin has released 17 million shares from pledge, accounting for 11.25% of his total holdings and 1.38% of the company's total share capital [1] - The initial pledge date was June 20, 2023, and the release date is set for October 23, 2025 [1] - The pledge was made to China International Capital Corporation Wealth Securities Co., Ltd [1] Current Shareholding Status - Yang Junmin holds a total of 151 million shares, representing 12.25% of the company [1] - A total of 53 million shares are currently pledged, which is 35.06% of his holdings and 4.30% of the company's total share capital [1]

Core Insights - On October 23, Shuangta Food's stock fell by 2.03%, with a trading volume of 774 million yuan [1] - The company reported a financing buy-in amount of 91.29 million yuan and a net financing buy of 40.81 million yuan on the same day [1] - As of October 23, the total financing and securities lending balance for Shuangta Food was 314 million yuan, accounting for 4.06% of its market capitalization [1] Financing Summary - On October 23, Shuangta Food had a financing buy-in of 91.29 million yuan, with a current financing balance of 314 million yuan, which is above the 80th percentile of the past year [1] - The company had no shares repaid in securities lending on October 23, with 1,600 shares sold, amounting to 10,000 yuan at the closing price [1] - The securities lending balance was 173,400 yuan, also exceeding the 80th percentile of the past year [1] Company Performance - As of September 30, the number of shareholders for Shuangta Food was 51,400, a decrease of 15.05% from the previous period [2] - For the period from January to September 2025, the company achieved a revenue of 1.516 billion yuan, a year-on-year decrease of 10.45%, and a net profit attributable to shareholders of 34.44 million yuan, down 45.27% year-on-year [2] - Since its A-share listing, Shuangta Food has distributed a total of 385 million yuan in dividends, with 98.33 million yuan distributed over the past three years [2] Shareholding Structure - As of September 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder of Shuangta Food, holding 10.25 million shares, an increase of 2.67 million shares from the previous period [2]

Core Viewpoint - The company has released its third-quarter financial report, highlighting significant changes in various financial metrics and the appointment of a new executive [16][18]. Financial Data Summary - The company reported a decrease in prepaid accounts by 59.86% due to the arrival of previously paid materials [8] - Other receivables decreased by 54.18% as a result of the recovery of advance payments [8] - Inventory increased by 51.66% due to an increase in raw materials and finished goods [8] - Construction in progress rose by 102.82% due to ongoing investments in a new factory in Thailand [8] - Accounts payable decreased by 32.69% due to the payment of due amounts [8] - Long-term borrowings increased by 125.45% due to new loans for share repurchase [8] - Sales expenses increased by 36.19% primarily due to higher ordering event costs [8] - Management expenses decreased by 42.19% due to reduced share-based payment expenses [8] - Financial expenses decreased by 36.05% due to lower interest expenses [8] - Asset impairment losses increased by 40.42% due to higher provisions for inventory write-downs [8] Share Repurchase Plan - The company plans to repurchase shares using a special loan and its own funds, with a total amount between RMB 200 million and RMB 300 million [7] - The maximum repurchase price is set at RMB 7.93 per share after adjustments due to a rights issue [7] Executive Appointment - The company appointed Ms. Yang Chenxuan as the new Deputy General Manager, effective immediately [11][18] - Ms. Yang has relevant experience and qualifications, meeting the requirements set by the Company Law and stock exchange regulations [11][18] Asset Impairment Provision - The company has recognized an asset impairment provision of RMB 68.9884 million, representing 72.91% of the net profit attributable to shareholders for the previous fiscal year [26] - This provision is based on a careful assessment of inventory and is intended to reflect the company's asset value accurately [27]

Core Viewpoint - The company, Shuangta Food, announced a significant asset impairment related to its inventory, reflecting a cautious approach to accurately represent its financial condition and asset value [2]. Group 1: Financial Reporting - Shuangta Food conducted a thorough review and impairment testing of its inventory as of September 30, 2025, due to indications of asset impairment [2]. - The total amount of impairment provision recognized for the inventory is 68.9884 million yuan [2].

Core Viewpoint - The company has appointed a new executive, Yang Chenxuan, as the Deputy General Manager, effective immediately following the board's approval [2] Group 1 - The sixth board of directors' fifteenth meeting was held on October 23, 2025, where the appointment was approved [2] - The term of the newly appointed Deputy General Manager will last until the end of the current board's term [2]