（文章来源：证券日报） 证券日报网讯华统股份11月6日在互动平台回答投资者提问时表示，公司股价受宏观经济形势、市场情 绪等众多因素影响，具有不确定性。截至目前，公司无应披露未披露的信息。后续如有相关计划，公司 将严格按照相关规定及时履行信息披露义务。 ...

Core Insights - The food processing sector experienced a slight increase of 0.09% on November 5, with Hai Xin Food leading the gains [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Food Processing Sector Performance - Hai Xin Food (002702) closed at 5.12, with a rise of 3.85% and a trading volume of 615,300 shares, amounting to a transaction value of 315 million yuan [1] - Other notable performers included: - Gai Shi Food (920826) at 14.12, up 3.67% [1] - Xian Le Health (300791) at 24.44, up 2.82% [1] - Hui Fa Food (603536) at 12.32, up 2.75% with a significant trading volume of 397,100 shares, totaling 500 million yuan [1] Capital Flow Analysis - The food processing sector saw a net inflow of 39.12 million yuan from institutional investors, while retail investors experienced a net outflow of 89.80 million yuan [2] - Key stocks with significant capital flow included: - Hui Fa Food with a net inflow of 38.84 million yuan from institutional investors [3] - Hai Xin Food with a net inflow of 25.80 million yuan from institutional investors [3] - Ba Bi Food (605338) with a net inflow of 13.00 million yuan from institutional investors [3]

Core Insights - The stock price of Huadong Co., Ltd. increased by 2.03% on November 4, reaching 11.07 CNY per share, with a total market capitalization of 8.912 billion CNY [1] - The company has experienced a year-to-date stock price decline of 12.21%, but a slight increase of 1.56% over the past 20 days [1] - For the first nine months of 2025, Huadong Co. reported a revenue of 6.088 billion CNY, a year-on-year decrease of 6.13%, while net profit attributable to shareholders increased by 32.93% to 71.016 million CNY [2] Financial Performance - The company’s main revenue sources include fresh pork (94.51%), fresh poultry (2.42%), and other products [1] - Cumulative cash dividends since the A-share listing amount to 85.166 million CNY, with 16.549 million CNY distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 4.94% to 33,300, while the average number of circulating shares per shareholder increased by 33.14% to 18,897 shares [2] - Major shareholders include招商产业精选股票A and银华农业产业股票发起式A, with changes in their holdings noted [3]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The industry is experiencing a downward trend in pig prices, leading to a de-stocking cycle in pig farming. The profitability of the agriculture sector has turned negative due to a significant drop in pig prices, with Q3 2025 profits down by 58.8% year-on-year [5][14] - The overall revenue for the agriculture sector in Q1-Q3 2025 reached 872.718 billion yuan, a year-on-year increase of 6.44%, while the net profit attributable to shareholders was 35.477 billion yuan, up 10.63% year-on-year [5][14] - The average price of pigs in Q3 2025 was 13.81 yuan/kg, down 28.89% year-on-year, with the lowest price of 10.84 yuan/kg recorded on October 13, 2025 [5][14] Summary by Sections Q3 2025 Observations - The agriculture sector's profit has decreased significantly due to unexpected declines in pig prices, leading to a negative profit margin for the sector [5][14] - The sales gross margin for the industry in Q1-Q3 2025 was 11.79%, a slight increase of 0.12 percentage points year-on-year, while the net profit margin was 4.21%, up 0.21 percentage points year-on-year [6][17] Profitability and Cost Management - The industry is focusing on cost reduction and efficiency improvement, with the expense ratio for Q1-Q3 2025 at 6.64%, down 0.58 percentage points year-on-year [6][17] - In Q3 2025, the sales gross margin fell to 10.71%, a decrease of 4.68 percentage points year-on-year, and the net profit margin dropped to 3.13%, down 4.71 percentage points year-on-year [6][17] Market Performance - The agriculture index outperformed the market by 1.88 percentage points during the week of October 27-31, 2025, with the agriculture index rising by 1.99% [26][28] - Key stocks such as Zhongxing Junye, Weilan Biotechnology, and Luoniushan led the gains in the agriculture sector, with increases of 19.60%, 13.23%, and 9.08% respectively [26][31] Price Tracking - As of October 31, 2025, the average price of pigs was 12.49 yuan/kg, an increase of 0.67 yuan/kg from the previous week, while the average price of piglets was 18.13 yuan/kg, up 0.47 yuan/kg [37][38] - The average price of beef was 66.30 yuan/kg, reflecting a slight increase of 0.09 yuan/kg from the previous week [38]

（编辑 任世碧） 证券日报网讯 10月31日晚间，华统股份发布公告称，公司以零对价受让华统集团有限公司持有的黄山 供赢华统股权投资合伙企业（有限合伙）（简称"供赢基金"）30%的财产份额（对应认缴出资人民币 30，000万元，未实缴出资）。基金规模为100，000万元，其中公司作为有限合伙人拟以自有或自筹资 金认缴30，000万元，认缴出资占比为30%。公司已与各相关方签署了《黄山供赢华统股权投资合伙企 业（有限合伙）私募基金份额转让协议》《黄山供赢华统股权投资合伙企业（有限合伙）合伙协议》。 近日，公司收到基金管理人通知，供赢基金已在中国证券投资基金业协会完成了备案手续，并取得了 《证券公司私募投资基金备案证明》。 ...

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、对外投资概述 为进一步优化资本结构、提升资金运作效率及效益，公司以零对价受让华统 集团有限公司持有的黄山供赢华统股权投资合伙企业（有限合伙）（以下简称"供 赢基金"）30%的财产份额（对应认缴出资人民币 30,000 万元，未实缴出资）。基 金规模为 100,000 万元，其中公司作为有限合伙人拟以自有或自筹资金认缴 30,000 万元，认缴出资占比为 30%。公司已与各相关方签署了《黄山供赢华统股 权投资合伙企业(有限合伙)私募基金份额转让协议》、《黄山供赢华统股权投资合 伙企业（有限合伙）合伙协议》。具体内容详见公司于 2025 年 6 月 3 日、2025 年 6 月 6 日在巨潮资讯网（www.cninfo.com.cn）、《证券时报》、《证券日报》及《中 国证券报》上披露的《关于公司拟受让股权投资基金 30%份额暨关联交易的公告》、 《关于与专业投资机构共同投资的公告》、《关于与专业投资机构共同投资的进展 公告》。 2025 年 6 月 26 日，供赢基金完成了上述合伙份额转让的工商变更登记，具 体 ...

Investment Rating - The report assigns a neutral investment rating for the company, indicating that the stock is expected to perform within a range of -10% to 10% relative to the market index over the next six months [12][13]. Core Insights - The company is experiencing short-term pressure on performance, but cost reduction and structural optimization are expected to drive long-term resilience [1]. - The company reported a revenue of 60.88 billion yuan for the first three quarters of 2025, a year-on-year decrease of 6.13%, while the net profit attributable to the parent company was 0.71 billion yuan, an increase of 32.93% [7]. - The company aims to reduce breeding costs to below 14 yuan per kilogram by the end of the year, with a target of 13 yuan per kilogram [7]. - The slaughtering segment is showing steady growth, contributing stable profits, with a national expansion strategy in place [7]. Financial Summary - Revenue projections for the company are as follows: 9,092 million yuan in 2024, 8,687 million yuan in 2025 (a decrease of 4.46%), 9,543 million yuan in 2026 (an increase of 9.86%), and 12,753 million yuan in 2027 (an increase of 33.64%) [2][9]. - The net profit attributable to the parent company is projected to be 73 million yuan in 2024, 77 million yuan in 2025, 318 million yuan in 2026, and 551 million yuan in 2027, reflecting significant growth rates [2][9]. - Earnings per share (EPS) are expected to be 0.12 yuan in 2024, 0.10 yuan in 2025, 0.40 yuan in 2026, and 0.68 yuan in 2027 [2][9]. Business Segments - The slaughtering and meat processing business is projected to see revenue growth of 0% in 2025, 5% in 2026, and 35% in 2027, with a price decrease of 5% in 2025 followed by a 5% increase in 2026 [8][9]. - The livestock breeding segment is expected to maintain stable development, with revenue projected to be 234.46 million yuan in 2024, increasing gradually to 271.42 million yuan by 2027 [9]. - Other business segments are also expected to show stable growth, with revenue increasing from 173.06 million yuan in 2024 to 230.34 million yuan in 2027 [9].

Key Highlights - Cambridge Technology currently does not produce chips containing CPO technology [1] - TCL Technology plans to invest 29.5 billion yuan in the construction of an 8.6-generation printed OLED production line [1] - Huakang Clean has won the bid for a "medical service construction project" [1] - Aotewei intends to acquire an 8.99% stake in its subsidiary Songci Electromechanical [1] - Shanghai Yizhong plans to repurchase shares worth 30 million to 35 million yuan [1] - Huaton Co. reported a pig sales revenue of 338 million yuan in August [1] - Tianma Technology has accumulated approximately 11,921.59 tons of eel out of the pool from January to August [1] - Mars Man's controlling shareholder plans to reduce holdings by no more than 2.94% [1] - Zhiwei Intelligent's actual controller plans to reduce holdings by no more than 2.9749% [1] - Donglin Investment plans to reduce holdings in Jin'an Guoji by no more than 2.878% [1] - Zhonglun New Materials intends to issue convertible bonds not exceeding 1.068 billion yuan [1] - Tuojing Technology plans to raise no more than 4.6 billion yuan through a private placement [1] Investment Projects - TCL Technology (000100.SZ) plans to invest 29.5 billion yuan in the construction of an 8.6-generation printed OLED production line [1] - Guangdong Jianke (301632.SZ) intends to invest in the implementation of the second phase of the Guangdong Jianke·Zhongshan Smart Gathering Project [1] - Nanfeng Co. (300004.SZ) plans to invest 50 million yuan in fixed assets for a 3D printing service project [1] Contracts and Acquisitions - Huakang Clean (301235.SZ) has won the bid for a "medical service construction project" [1] - Aotewei (688516.SH) intends to acquire an 8.99% stake in its subsidiary Songci Electromechanical [1] - Tianhua New Energy (300390.SZ) plans to acquire a 75% stake in Suzhou Tianhua Times [1] Share Buybacks - Chuangyuan Co. (300703.SZ) plans to repurchase 1.55% to 2.05% of its shares [2] - Yishitong (688733.SH) intends to repurchase shares worth 30 million to 55 million yuan [2] - Shanghai Yizhong (688091.SH) plans to repurchase shares worth 30 million to 35 million yuan [2] Operational Data - Huaton Co. (002840.SZ) reported a pig sales revenue of 338 million yuan in August [2] - Tianma Technology (603668.SH) has accumulated approximately 11,921.59 tons of eel out of the pool from January to August [2] Shareholding Changes - Sudda Co. (001277.SZ) plans to reduce holdings by no more than 3% [2] - Mars Man (300894.SZ) plans to reduce holdings by no more than 2.94% [2] - Zhiwei Intelligent (001339.SZ) plans to reduce holdings by no more than 2.9749% [2] - Jin'an Guoji (002636.SZ) plans to reduce holdings by no more than 2.878% [2] Other Financial Activities - China Merchants Shekou (001979.SZ) plans to issue preferred shares to raise no more than 8.2 billion yuan for real estate project construction [2] - Zhonglun New Materials (301565.SZ) intends to issue convertible bonds not exceeding 1.068 billion yuan [2] - Keli'er (002892.SZ) plans to raise no more than 1.006 billion yuan through a private placement [2] - Tuojing Technology (688072.SH) plans to raise no more than 4.6 billion yuan through a private placement [2]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a slight loss in Q3 2025 due to low pig prices and a small decline in the number of pigs sold [3][4] - Revenue for Q1 to Q3 2025 was 608.8 million yuan, a year-on-year decrease of 6.13%, while net profit attributable to shareholders was 7.1 million yuan, an increase of 32.93% year-on-year [2][6] - The average selling price of pigs decreased significantly in Q3 2025, impacting revenue and profit [3] Summary by Sections Financial Performance - For Q3 2025, the company achieved revenue of 184.4 million yuan and a net loss of 0.5 million yuan, representing a year-on-year decline of 20.52% and 102.99% respectively [2][6] - The company's pig business generated revenue of 322.8 million yuan for Q1 to Q3 2025, down 10.64% year-on-year, with a total of 1.8741 million pigs sold, a decrease of 3.80% year-on-year [3] Profitability Metrics - The gross margin for Q1 to Q3 2025 was 7.02%, while for Q3 2025 it was 6.44%, showing a year-on-year decrease of 4.18 percentage points [4] - The decline in gross margin in Q3 was attributed to the drop in pig prices outpacing the decrease in costs [4] Future Outlook - The company expects to see a recovery in pig sales volume as it has reduced the proportion of piglets sold and is focusing on improving fattening capacity utilization [3][4] - Profit forecasts for 2025 to 2027 are adjusted to 123 million yuan, 325 million yuan, and 558 million yuan respectively, with corresponding PE ratios of 73.1, 27.7, and 16.1 [4][5]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][19][22] Core Views - The company's performance in Q3 2025 was impacted by a decline in pig prices, leading to a drop in profitability. However, the overall profit for the first three quarters of 2025 showed a year-on-year increase, with revenue down by 6.13% to 6.088 billion yuan and net profit attributable to shareholders up by 32.93% to 71 million yuan [1][6] - The company has a strong capital structure, with cash reserves of 1.338 billion yuan and trading financial assets of 400 million yuan as of Q3 2025. A recent private placement raised approximately 1.582 billion yuan, significantly improving the capital structure and reducing the debt ratio from 72.36% at the end of 2024 to 60.40% [2][3] - The company possesses three core advantages: a unique regional advantage in Zhejiang, a latecomer advantage in the pig farming industry, and a strong financial position supported by diverse funding sources [3][19] Summary by Sections Financial Performance - In Q3 2025, the company sold 603,000 pigs, with an estimated net profit per pig of 30-40 yuan. The overall revenue for Q3 was down 20.52% year-on-year, and the net profit turned to a loss of 50,000 yuan [1][6] - The gross margin for Q1-Q3 2025 increased by 1.01 percentage points to 7.02%, while the net margin rose by 0.31 percentage points to 1.18%. The financial expense ratio decreased by 0.55 percentage points to 1.91% due to reduced interest expenses [8][14] Financial Forecasts - Revenue projections for 2025-2027 are 11.610 billion yuan, 14.176 billion yuan, and 17.005 billion yuan, respectively, with corresponding net profits of 112 million yuan, 99 million yuan, and 73 million yuan [4][20] - The company is expected to maintain a price-to-earnings (PE) ratio of 78, 88, and 120 for the years 2025, 2026, and 2027, respectively [19][20] Market Position - The company is recognized as a rare agricultural asset in the pig farming sector in Zhejiang, benefiting from higher average prices compared to the national average during favorable market conditions [3][19] - The company is actively expanding its product development and marketing channels, including online sales through platforms like Tmall, JD.com, WeChat, and Douyin [1][3]