Group 1 - The company Zhejiang Huatong Meat Products Co., Ltd. has signed a supplementary agreement for the three-party supervision of raised funds, ensuring the transparency and proper use of the funds [1][4] - The company raised a total of RMB 922.76 million through a non-public offering of 13.22 million shares at a price of RMB 6.98 per share, with a net amount of RMB 916.57 million after deducting issuance costs [2][3] - The company has decided to change the use of part of the raised funds, reallocating RMB 78.72 million to permanently supplement its working capital instead of the originally planned meat processing project [3][4] Group 2 - The supplementary agreement involves three parties: Zhejiang Huatong Meat Products Co., Ltd., Industrial Bank Co., Ltd. Yiwu Branch, and China Merchants Securities Co., Ltd. [4][5] - The agreement allows the company to open an online banking function for the special account, requiring verification of fund usage before any disbursement [5] - The management fee charged by the bank for this agreement is zero, indicating a cost-effective arrangement for the company [5]

证券代码：002840 证券简称：华统股份 公告编号：2025-105 浙江华统肉制品股份有限公司 补流资金存放于公司在兴业银行股份有限公司义乌分行开立的募集资金专 户，并签订了募集资金三方监管协议，账号为 356010100100687102，截至 2025 年 8 月 31 日专户余额为 8,522.17 万元（含尚未支付的设备购置和安装费用及其 他费用共计 650.00 万元）。同时，鉴于补流资金付款频次较高，为满足公司日常 使用需求，拟对前述专户开通网银支付功能，协议各方就原协议相关事宜进行补 充约定，于近日签订了《募集资金三方监管协议之补充协议》。 三、《募集资金三方监管协议之补充协议》主要内容 （一）《募集资金三方监管协议之补充协议》签署主体 甲方：浙江华统肉制品股份有限公司 一、募集资金基本情况 经中国证券监督管理委员会《关于核准浙江华统肉制品股份有限公司非公开 发行股票的批复》（证监许可〔2022〕1036 号）核准，浙江华统肉制品股份有限 公司（以下简称"公司"）采用向特定对象非公开发行股票方式，向特定对象非 公开发行股份人民币普通股（A 股）股票 13,220 万股，发行价格为每股 6.9 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The logic of breeding sow reduction is strengthening, and beef and milk are expected to achieve upward linkage in 2026. As of September 26, 2025, the average price of live pigs in China is 12.50 yuan/kg, with a week-on-week decrease of 0.20 yuan/kg and a year-on-year decrease of 5.51% [11][16] - The investment logic for live pigs is marginally improving, driven by both fundamental and policy factors. The price of live pigs is expected to rise in the second half of 2025 due to strong support from previous breeding sow reductions and winter piglet losses [29][32] Summary by Sections Weekly Observation - The logic of breeding sow reduction is strengthening, and beef and milk are expected to achieve upward linkage in 2026. The average price of live pigs is 12.50 yuan/kg, with a week-on-week decrease of 0.20 yuan/kg and a year-on-year decrease of 5.51% [11][16] - The average price of beef is 66.27 yuan/kg, with a month-on-month increase of 2.10% and a year-on-year increase of 7.74% [23] Weekly Market Performance (September 22-26) - The agricultural index underperformed the market by 2.18 percentage points, with the Shanghai Composite Index rising by 0.21% and the agricultural index falling by 1.97% [34][36] - Leading stocks include ST Jinggu (+15.68%), Huaying Agriculture (+5.76%), and Biological Shares (+3.78%) [34][40] Price Tracking (September 22-26) - The average price of live pigs is 12.45 yuan/kg, down 1.81% from the previous week. The average price of piglets is 21.29 yuan/kg, down 4.87% [46] - The average price of beef is 65.90 yuan/kg, with a week-on-week increase of 0.30 yuan/kg [54] Recommendations - Recommended stocks in the pig sector include Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [20][29] - In the feed sector, recommended stocks include Haida Group and New Hope [29] - In the pet food sector, recommended stocks include Guibao Pet, Zhongchong Shares, and Petty Shares [32]

Summary of Key Points Core Viewpoint - Zhejiang Huatong Meat Products Co., Ltd. has provided a guarantee for its subsidiary, Xianju Huatong Breeding Co., Ltd., amounting to RMB 20 million, which exceeds 100% of the company's latest audited net assets, indicating a significant guarantee risk for investors [1][6]. Group 1: Guarantee Overview - The company signed a maximum guarantee contract with China Minsheng Bank on September 23, 2025, to provide joint liability guarantee for the subsidiary's credit contract, with a maximum principal amount of RMB 20 million [1][5]. - The guarantee period lasts for three years from the debt performance deadline, covering principal, interest, penalties, and costs related to enforcing the guarantee rights [5][6]. Group 2: Guarantee Approval Process - The company held board meetings on December 16, 2024, and January 2, 2025, to approve the provision of guarantees for subsidiary financing, with a total guarantee limit of up to RMB 990 million for 2025 [2][6]. - The approved guarantee includes a limit of RMB 20 million for subsidiaries with a debt-to-asset ratio below 70% and RMB 790 million for those above [2][6]. Group 3: Subsidiary Information - Xianju Huatong Breeding Co., Ltd. was established on July 10, 2017, with a registered capital of RMB 130 million, and operates in breeding and transportation of livestock [3][4]. Group 4: Financial Position and Risks - As of the announcement date, the company has a total approved external guarantee amount of RMB 461.225 million, with an actual guarantee balance of RMB 316.525 million, which is 130.19% of the company's audited net assets as of December 31, 2024 [6][7]. - There are no overdue guarantees or other external guarantees outside the consolidated financial statements [7].

证券代码：002840 证券简称：华统股份 公告编号：2025-104 浙江华统肉制品股份有限公司 关于对外担保的进展公告 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。 特别提示： 浙江华统肉制品股份有限公司（以下简称"公司"）实际对外担保余额为 316,525 万元，超过最近一期经审计净资产的 100%，敬请投资者充分关注担保风 险。 一、担保情况概述 （一）担保基本情况 公司与中国民生银行股份有限公司台州分行于 2025 年 9 月 23 日在台州签订 了《最高额保证合同》，同意为公司控股孙公司仙居华统种猪有限公司（以下简 称"仙居种猪"）签订的编号为公授信字第 ZHHT25000129345 号的《综合授信 合同》及该合同项下发生的具体业务合同、用款申请书及借款凭证等债权凭证或 电子数据共同构成的主合同提供连带责任保证担保。最高债权本金为人民币 2,000 万元，主债权的发生期间为 2025 年 9 月 23 日至 2026 年 9 月 22 日。保证 期间为债务履行期限届满日起三年。保证范围为主债权本金/垫款/付款及其利息、 罚息、复利、违约金、损害 ...

Core Viewpoint - The company emphasizes the importance of automation in its production processes and is actively integrating various automated systems to enhance its pig farming operations [1] Group 1: Automation and Technology Integration - The company is introducing automated systems such as automated ventilation and control systems, automated feeding systems, and automated manure scraping systems [1] - The pig farming business is gradually transitioning towards smart, information-based, and digital development [1] Group 2: Future Plans and Efficiency - The company plans to continuously improve its level of intelligent applications and optimize personnel training programs [1] - The goal is to enhance personnel efficiency, reduce costs, and improve profitability [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The investment logic for the pig industry continues to strengthen due to dual catalysts from policies and diseases, with a recommendation for long-term positioning despite current price lows [3][5] - The pet food export volume continues to grow year-on-year, indicating a sustained positive trend in the pet food market [4][28] Summary by Sections Weekly Observation - The pig price is running at a low level, with the national average price at 12.71 yuan/kg as of September 21, 2025, down 0.50 yuan/kg week-on-week and down 5.73 yuan/kg year-on-year [3][13] - The average weight of pigs sold is 128.45 kg, showing a slight increase week-on-week and year-on-year [3][13] - The pig industry is expected to see a strong execution of policies aimed at capacity reduction, which will enhance the expectations for substantial capacity reduction [3][13] Weekly Viewpoint - The investment logic for the pig industry is marginally improving, with a recommendation for companies such as Muyuan Foods, Wens Foodstuff Group, and others [5][24] - The domestic feed market is benefiting from the post-cycle of poultry and livestock, with strong overseas demand supporting prices [5][25] - The pet food sector is experiencing a rise in domestic brands due to consumption upgrades and tariff barriers [5][28] Market Performance (September 15-19) - The agricultural index underperformed the market by 1.40 percentage points, with the agricultural index down 2.70% [6][29] - Leading stocks included Shennong Biotechnology (+9.36%), Xuelong Biotechnology (+7.64%), and Tianma Technology (+3.90%) [6][29] Price Tracking (September 15-19) - The average price of pigs was 12.68 yuan/kg, down 0.66 yuan/kg from the previous week [7][37] - The average price of piglets was 22.38 yuan/kg, down 1.57 yuan/kg week-on-week [7][37] - The average price of beef was 65.60 yuan/kg, showing a slight increase [44][37] Key News (September 15-19) - Notification regarding the central reserve frozen pork storage auction scheduled for September 23, 2025, with 15,000 tons available for auction [35]

Core Viewpoint - The stock of Huadong Co., Ltd. has experienced a decline of 2.04% on September 18, with a current price of 11.50 yuan per share and a market capitalization of 9.258 billion yuan, indicating a challenging market environment for the company [1] Financial Performance - For the first half of 2025, Huadong Co., Ltd. achieved a revenue of 4.244 billion yuan, representing a year-on-year growth of 1.89%, while the net profit attributable to shareholders increased significantly by 163.98% to 76.1731 million yuan [2] - Cumulatively, the company has distributed a total of 85.1666 million yuan in dividends since its A-share listing, with 16.5486 million yuan distributed over the past three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders of Huadong Co., Ltd. increased to 35,100, with an average of 14,193 circulating shares per person, a decrease of 2.10% from the previous period [2] - The top ten circulating shareholders include notable funds such as招商产业精选股票A and招商瑞利灵活配置混合(LOF)A, with some shareholders reducing their holdings [3]

Group 1 - The poultry concept index rose by 1.80%, ranking fifth among concept sectors, with 19 stocks increasing in value, led by Tiankang Biological, Lihua Shares, and Huaton Shares, which rose by 8.20%, 7.25%, and 4.88% respectively [1] - The poultry sector saw a net inflow of 236 million yuan, with 15 stocks receiving net inflows, and 5 stocks exceeding 10 million yuan in net inflow, with Wens Foodstuffs leading at 186 million yuan [2][3] - The top net inflow ratios were recorded by Wens Foodstuffs at 9.12%, Huaying Agriculture at 5.31%, and Juxing Agriculture at 4.96% [3] Group 2 - The poultry sector's performance was notable, with a significant number of stocks showing positive movement, while some stocks like Huaying Agriculture and Shuanghui Development experienced declines of 1.03% and 0.51% respectively [1][2] - The trading volume and turnover rates for leading stocks in the poultry sector indicate strong investor interest, with Wens Foodstuffs having a turnover rate of 1.73% and Tiankang Biological at 10.72% [3][4] - The overall market sentiment for the poultry sector appears positive, as indicated by the net inflow of funds and the performance of key stocks [2][3]

Core Insights - The food processing sector experienced a 0.49% increase on September 15, with Delisi leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Food Processing Sector Performance - Delisi (002330) saw a closing price of 5.45, with a significant increase of 10.10% and a trading volume of 377,200 shares, amounting to a transaction value of 206 million yuan [1] - Longda Meishi (002726) closed at 6.13, up 5.69%, with a trading volume of 1,211,600 shares and a transaction value of 741 million yuan [1] - Huifa Food (603536) closed at 11.40, up 5.56%, with a trading volume of 467,800 shares and a transaction value of 542 million yuan [1] - Other notable performers include Weizhi Xiang (605089) with a 4.93% increase, and Huatong Co. (002840) with a 4.88% increase [1] Capital Flow Analysis - The food processing sector saw a net inflow of 258 million yuan from institutional investors, while retail investors experienced a net outflow of 216 million yuan [2] - The main capital inflow was observed in Huifa Food, with a net inflow of 93.15 million yuan, representing 17.17% of the total [3] - Delisi had a net inflow of 45.21 million yuan, accounting for 21.99% of its trading volume, despite a net outflow from retail investors [3]