Market Overview - The Shanghai Composite Index is at 3757.36 points, with a decline of 1.47% and total A-share trading volume of 20349.66 billion yuan [1] - As of now, 73 A-shares have surpassed their annual line, with notable stocks showing significant deviation rates [1] Notable Stocks - Stocks with the highest deviation rates include: - Aibulu (301259) with a deviation rate of 8.09% and a price increase of 10.22% [1] - Gongxiao Daji (000564) with a deviation rate of 8.06% and a price increase of 8.56% [1] - Shenglong Co. (603178) with a deviation rate of 6.11% and a price increase of 10.02% [1] - Other stocks with lower deviation rates that have just crossed the annual line include: - Weiguang Biological, Changjiang Electric Power, and Yunnan Tourism [1] Deviation Rate Rankings - The top stocks by deviation rate on September 4 include: - Aibulu (301259): Latest price 47.35 yuan, annual line 43.81 yuan [1] - Gongxiao Daji (000564): Latest price 2.79 yuan, annual line 2.58 yuan [1] - Shenglong Co. (603178): Latest price 20.54 yuan, annual line 19.36 yuan [1] - Additional stocks with notable performance include: - Wufangzhai (603237) with a deviation rate of 4.78% [1] - Yuanzhu Co. (603886) with a deviation rate of 3.50% [1]

Group 1 - The company announced the cancellation of 5.05 million stock options due to the departure of 6 incentive targets and unmet performance targets for the first exercise period [1][2] - The total number of incentive targets has been adjusted from 176 to 170, and the number of stock options granted but not yet exercisable has been reduced from 19.60 million to 14.55 million [2] - The cancellation of stock options will not affect the company's total share capital or share structure, and it does not harm the interests of shareholders, especially minority shareholders [2] Group 2 - The company received notification that all shares held by its controlling shareholder, Hunan Keming Food Group Co., Ltd., have been released from judicial freeze [4][6] - The release of the freeze was due to a retrial judgment by the Hunan Provincial High People's Court, which annulled previous judgments and eliminated the need to pay transfer fees or penalties [6] - The release of the shares will not impact the company's normal operations [6]

Core Points - The company has approved the cancellation of 5.05 million stock options due to the departure of 6 incentive targets and unmet performance goals for the first exercise period [1][2] - The cancellation of stock options will not affect the company's total share capital or share structure, ensuring no harm to the interests of all shareholders, especially minority shareholders [2] - Following the adjustments, the number of incentive targets for the 2024 stock option plan has been reduced from 176 to 170, and the number of stock options granted but not yet exercisable has been adjusted from 19.6 million to 14.55 million [2]

Revenue and Sales Issues - Company reported a 10.85% year-on-year decline in revenue, primarily due to decreased market demand. To address this, the company plans to expand the application of buckwheat flour and whole wheat flour in its products and focus on high-end noodle products while actively exploring new channels such as wholesale and catering [1] Cost Control in Pig Farming - The company is implementing measures to reduce costs in its pig farming segment, including enhancing health management, optimizing feed, and investing in breeding management. Some top-performing farms have achieved production costs below 12 yuan/kg [2] Kazakhstan Project Progress - The company has invested in two enterprises in Kazakhstan to support production and sales for its Xinjiang factory. Due to international environmental impacts, the Xinjiang factory was previously shut down. As production capacity increases, the Kazakhstan enterprises will expand their grain storage and trading operations [3] Cash Flow and Procurement Strategy - The net cash flow from operating activities increased by 240.32%, mainly due to a reduction in wheat procurement volume and prices. The company plans to monitor wheat price trends and replenish stocks at lower price points to reduce procurement costs [4] Profit and Government Subsidies - The company's net profit attributable to shareholders decreased year-on-year, primarily due to lower revenue and increased promotional expenses. Although government subsidies have decreased, they do not affect the stability of the company's profits. The company aims to enhance its internal profitability through product development, quality improvement, and channel expansion [5] Pig Farming Profitability - In the first half of 2025, the company achieved a net profit of 100.32 million yuan, with the pig farming segment contributing a net profit of 6.07 million yuan [6] High-End Noodle Market Position - In the first half of 2025, revenue from high-margin products accounted for over 55% of total revenue, indicating a stable position in the high-end noodle market [7] Synergy Between Food and Pig Farming Segments - The company's subsidiary, Akesu Xingjiang Muge Food Co., aims to become a creator of high-quality pork products in China, but currently, the food business accounts for 78.53% of total operations. Specific plans for synergy between the two segments have not been disclosed [8] Convenience Food Business Planning - The company currently offers non-fried instant noodles and cooked wet noodles, with plans to introduce frozen noodle products in the future [9] Financial and Subsidiary Asset Adjustments - The company has increased short-term borrowings to 1.052 billion yuan and long-term borrowings to 886 million yuan, with a debt-to-asset ratio of approximately 56.4%. Measures will be taken to reduce leverage through cost reduction and improved accounts receivable collection. The company will adjust its strategy regarding subsidiaries based on business performance, which may involve integration or divestment of underperforming assets [10] New Product Market Performance - Recently launched products such as children's nutritional noodles and organic noodles generated nearly 10 million yuan in revenue during the reporting period. Losses from new businesses like rice processing and fresh noodles have decreased year-on-year, with plans to optimize product structure and market layout [11]

证券代码：002661 证券简称：克明食品 公告编号：2025-080 陈克明食品股份有限公司 关于部分股票期权注销完成的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 经中国证券登记结算有限责任公司深圳分公司审核确认，公司上述 505.00 万份股票期权注销事宜已于近日办理完毕。 公司本次注销股票期权事项符合《上市公司股权激励管理办法》《陈克明食 品股份有限公司 2024 年股票期权激励计划（草案）（2025 年修订稿）》等相关 规定。本次注销的股票期权尚未行权，注销后不会对公司总股本及股本结构造成 影响，不存在损害公司及全体股东特别是中小股东利益的情况。经上述调整，公 司 2024 年股票期权激励对象人数由 176 人调整为 170 人，激励对象已获授但尚 未满足行权条件的股票期权的数量由 1,960.00 万份调整为 1,455.00 万份。 特此公告。 陈克明食品股份有限公司 董事会 2025 年 9 月 4 日 陈克明食品股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召开第 七届董事会第四次会议审议通过了《关于注销 2024 ...

陈克明食品股份有限公司 关于控股股东股份解除司法冻结的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 陈克明食品股份有限公司（以下简称"公司"）于近日收到控股股东湖南克 明食品集团有限公司（以下简称"克明集团"）的通知，获悉克明集团所持有的 公司股份已全部解除冻结，具体情况如下： 一、股东股份解除冻结的基本情况 | 股东名称 | 是否为第一 大股东及其 | 本次解除冻 结股份数量 | 占其所持 | 占公司总 | 起始日 | | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 一致行动人 | （股） | 股份比例 | 股本比例 | | | | | | 湖南克明食品 | 是 | 4,370,342 | 10.04% | 1.31% | 2023 年 | 10 | 2025 年 9 | 湖南省华 容县人民 | | 集团有限公司 | | | | | 月 10 | 日 | 月 2 日 | 法院 | 二、股东股份累计冻结情况 证券代码：002661 证券简称：克明食品 ...

Group 1: Financial Performance - Revenue decreased by 10.85% year-on-year, attributed to a decline in market demand and specific company factors [2] - Net profit attributable to shareholders for the first half of 2025 was 100.32 million CNY, with the pig farming segment contributing 6.06 million CNY [6] - Operating cash flow net amount increased by 240.32%, mainly due to reduced wheat procurement volume and prices [4][5] Group 2: Cost Management - Key measures to reduce costs in the pig farming segment include optimizing feed nutrition, improving health management, and enhancing breeding management [3] - The company aims to lower breeding costs below 12 CNY/kg, with some farms already achieving this [7] Group 3: Market Strategy - The company is focusing on high-end noodle products, with over 55% of revenue coming from high-margin products in the first half of 2025 [6] - Plans to expand distribution channels include strengthening existing channels and penetrating new markets such as small stores and wholesale markets [3] Group 4: Product Development - The company is actively responding to health trends by expanding the use of buckwheat and whole wheat flour in products [2] - New product lines, including children's nutritional noodles and organic noodles, generated nearly 10 million CNY in revenue during the reporting period [8] Group 5: Investor Relations and Corporate Governance - The company plans to enhance shareholder value through cash dividends, share buybacks, and improved information disclosure [4] - The company maintains a debt ratio of approximately 56.4% and is focused on reducing leverage through cost management and improving cash flow [8]

Core Viewpoint - Kemin Food's 2025 semi-annual report indicates a decline in both revenue and net profit, with revenue down 10.85% year-on-year and net profit down 2.34% year-on-year [2][3]. Financial Performance - Revenue for the reporting period was 2.14 billion yuan, compared to 2.40 billion yuan in the same period last year, reflecting a decrease of 10.85% [3]. - Net profit attributable to shareholders was 100.32 million yuan, down from 102.73 million yuan, a decline of 2.34% [3]. - The net profit after deducting non-recurring gains and losses was 93.04 million yuan, a decrease of 3.92% from the previous year [3]. - The basic earnings per share increased slightly to 0.319 yuan from 0.315 yuan, a rise of 1.27% [3]. - The weighted average return on equity decreased to 3.87% from 4.16%, a drop of 0.29% [3]. Business Segments - Kemin Food operates in two main segments: food and pig farming, with the food segment focusing on the research, production, and sales of noodle and convenience food products [4]. - Despite the overall decline in performance, the decrease in net profit was less than that of revenue, attributed to lower raw material costs and improved cost control in the pig farming segment [4]. - The cost of wheat procurement per ton decreased, leading to a 4.35% increase in gross margin for the food segment [4]. Strategic Initiatives - To mitigate risks from raw material cost fluctuations, Kemin Food is implementing a multi-channel strategy for wheat procurement and maintaining a substantial wheat inventory [5]. - The company plans to continue monitoring wheat price trends and will replenish inventory during price dips to reduce procurement costs [5]. - The decline in revenue from main products like noodles and flour is primarily due to a decrease in sales volume driven by reduced market demand [5]. - Kemin Food aims to enhance product innovation and market competitiveness by focusing on high-end noodle products, expanding the use of buckwheat and whole wheat flour, and improving customer engagement through better product performance [5].

Core Insights - The company reported a total revenue of 2.138 billion yuan for the first half of 2025, a year-on-year decrease of 10.85% [1] - The net profit attributable to shareholders was 100 million yuan, down 2.34% year-on-year [1] - The gross profit margin increased by 19.69% to 21.97%, while the net profit margin rose by 18.44% to 5.03% [1] Financial Performance - Total revenue for Q2 2025 was 1.017 billion yuan, a decline of 7.68% year-on-year [1] - Q2 net profit attributable to shareholders was 14.53 million yuan, a significant drop of 73.04% [1] - The company’s operating cash flow per share increased by 251.25% to 0.93 yuan [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 308 million yuan, accounting for 14.4% of revenue, an increase of 23.08% year-on-year [1] - The company’s interest-bearing liabilities rose by 18.26% to 2.618 billion yuan [1] Return on Investment - The company's return on invested capital (ROIC) was 3.59% last year, indicating weak capital returns [3] - The median ROIC over the past decade was 5.92%, with a notably poor ROIC of -2.45% in 2023 [3] Business Model and Market Position - The company's performance is primarily driven by marketing efforts, necessitating a deeper analysis of the underlying factors [3] - The company has reported a total of 12 annual reports since its listing, with one year of losses, suggesting a need for further investigation into potential anomalies [3]

Core Viewpoint - The cross-industry acquisition strategy of Kemin Foods has led to significant financial burdens rather than growth, particularly due to its new pig farming business which has underperformed and negatively impacted overall performance [2][3][9] Financial Performance - In the first half of 2025, Kemin Foods reported a revenue of 2.138 billion yuan, a year-on-year decline of 10.85%, with a net profit of 100 million yuan, down 2.34% [2] - The second quarter of 2025 was particularly poor, with revenue of 1.017 billion yuan, a decrease of 7.68%, and a net profit of 14.53 million yuan, a staggering drop of 73.04% [2] - The pig farming segment generated 245 million yuan in revenue, an increase of 18.73%, but costs surged by 41.68%, leading to a significant drop in gross margin [3] - The core business of noodle products saw a revenue decline of 12.44% to 1.148 billion yuan, accounting for 53.70% of total revenue [4] Inventory and Debt Situation - Kemin Foods faced a substantial increase in inventory, with noodle stock rising by 94.78% to 13,529.55 tons, indicating poor sales [4] - The company's debt situation worsened, with a debt-to-asset ratio of 56.42% as of June 2025, up from 33.33% in 2021, reflecting increasing financial pressure [4] Dividend and Financial Strategy - Despite financial strain, Kemin Foods proposed a cash dividend of 156 million yuan, exceeding its net profit, raising concerns among investors [5] - The total amount for dividends and share buybacks reached 292 million yuan, representing 199.90% of net profit [5] Management and Leadership Challenges - The transition in leadership to Chen Hong has coincided with declining performance, yet executive compensation has increased significantly, raising investor concerns [8] - Chen Hong's salary rose to 699,300 yuan in 2024, a substantial increase from previous years, alongside similar raises for other executives [8] Industry Context - Kemin Foods' pig farming business struggles despite a generally profitable environment for 90% of pig farming companies in 2024, with its subsidiary reporting a loss of 94.7 million yuan [6] - The company’s pig sales in July 2025 showed a decline in both volume and revenue, indicating ongoing challenges in this segment [7] Future Outlook - Kemin Foods remains hopeful for a turnaround in its pig farming business, projecting a break-even point in 2025, contingent on market conditions and production costs [9] - The company emphasizes the need for better synergy between new and existing businesses, as well as management expertise, to avoid pitfalls in future cross-industry ventures [9]