Summary of Huadong Co., Ltd. Conference Call Company Overview - **Company**: Huadong Co., Ltd. - **Year**: 2025 - **Target**: 3 million pigs to be slaughtered in 2025, contingent on regulatory policy implementation [2][5] Key Financial Metrics - **Cost per kg**: - Current: 13.7 CNY/kg, expected to drop to 13 CNY/kg by year-end [2][3][6] - Environmental costs in Zhejiang: ~1 CNY/kg [6] - Costs in Jiangxi: 12.8 CNY/kg, with plans to expand to 1.5 million pigs over three years [2][6] - **Debt Ratio**: - Current: ~60%, expected to decrease to 55%-60% by the end of 2025 [3][4] - Long-term goal: below 50% [4][18] - **Cash Flow**: Positive cash flow from operations, with ample cash reserves post-acquisition [4][17] Cost Reduction Strategies - **Factors for Cost Reduction**: - Decreased environmental costs and depreciation expenses due to new facilities [2][6] - Financial expenses reduced by at least 50 million CNY this year, equating to less than 20 CNY per pig [7][8] - **Production Cost Breakdown**: - Self-raising costs: 12.8 CNY/kg, higher than the 12.8 CNY/kg for the cooperative model [13][14] - Future cost reduction potential: 0.5 CNY/kg in the cooperative model and 0.7 CNY/kg in self-raising [14] Production and Market Strategy - **Production Goals**: - Slaughter volume target: close to 10 million pigs in three years, primarily through partnerships with government or state-owned enterprises [4][27] - **Market Position**: - Strong market presence in Zhejiang with over 50% market share in slaughtering [22] - Focus on maintaining a cautious approach towards brand building in the food sector due to current market conditions [29] Regulatory Environment - **Impact of Regulations**: - Current regulatory policies have not fully manifested; ongoing observation of policy developments is necessary [30] - The ban on secondary fattening has not significantly impacted pig prices, which are currently stable [16][28] Future Outlook - **Pig Price Trends**: - Prices are expected to remain stable, with a low likelihood of falling below 12 CNY/kg [28] - **Expansion Plans**: - Plans to expand into Jiangxi and other regions, with a focus on cooperative farming models [24][27] Additional Insights - **Disease Control**: - Blue ear disease control measures are in early stages but are manageable [10][11] - **Farmer Engagement**: - The company is actively recruiting experienced farmers for future growth [25] This summary encapsulates the key points from the conference call, highlighting the company's operational strategies, financial metrics, and market outlook.

Core Viewpoint - Zhejiang Huatong Meat Products Co., Ltd. has approved the use of idle fundraising funds for cash management, allowing up to RMB 400 million to be invested in high-security, liquid financial products for a period not exceeding 12 months [1][2]. Group 1: Cash Management Details - The company has decided to use part of the idle fundraising funds for cash management, with a maximum amount of RMB 400 million [1][2]. - The cash management products will be purchased within the approved limits and will not affect the company's normal operations [3][4]. - The investment products will have a maximum duration of 12 months and can be rolled over within the approved limits [2][3]. Group 2: Approval Process - The decision was made during the 21st meeting of the 5th Board of Directors and the 17th meeting of the 5th Supervisory Board on May 30, 2025 [1][2]. - The independent directors and the sponsor institution have expressed their agreement with the decision [2]. Group 3: Impact on the Company - The use of idle funds for cash management is expected to enhance the efficiency of fund utilization and generate additional returns for the company and its shareholders [4]. - The company has not engaged in cash management with idle funds in the past twelve months, except for the current instance [4].

证券代码：002840 证券简称：华统股份 公告编号：2025-082 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： 1、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 333,915 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。 2、本次担保对象浙江华昇饲料科技有限公司最近一期的资产负债率高于 70%，敬请广大投资者注意投资风险。 一、担保情况概述 三、被担保对象基本情况 （一）担保基本情况 浙江华统肉制品股份有限公司（以下简称"公司"）与交通银行股份有限公 司义乌分行于 2025 年 6 月 18 日签订了《保证合同》，同意为公司全资子公司浙 江华昇饲料科技有限公司（以下简称"华昇饲料"）在 2025 年 6 月 17 日至 2028 年 6 月 17 日期间与交通银行股份有限公司义乌分行签订的全部主合同提供最高 额连带责任保证担保。担保的最高主债权本金余额为人民币 1,000 万元。保证期 间根据主合同约定的各笔主债务的债务履行期限分别计算 ...

证券代码：002840 证券简称：华统股份 公告编号：2025-083 浙江华统肉制品股份有限公司 2025 年第三次临时股东大会决议公告 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： 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 6 月 18 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所互联网投票 系统投票的具体时间为：2025 年 6 月 18 日上午 9:15 至 2025 年 6 月 18 日下午 15:00 期间的任意时间。 2、会议地点：浙江省义乌市北苑街道西城路 198 号公司会议室。 3、会议方式：本次股东大会采取现场投票和网络投票相结合的方式召开。 1、本次股东大会无否决议案的情况； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）召开情况 1、会议召开时间： （1）现场会议召开时间为：2025 年 6 月 18 日（星期三）下午 14:30； （2）网络投票时间为：2025 年 6 月 18 日。 4、会议召集人：公司 ...

国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关于 浙江华统肉制品股份有限公司 2025 年第三次临时股东大会的 法律意见书 本所律师仅对本次股东大会表决程序及表决结果的合法有效性发表意见，不对会 议所审议的议案内容和该等议案中所表述的事实或数据的真实性和准确性发表 意见。 本法律意见书仅用于为公司本次股东大会见证之目的，不得用于其他任何目 的或用途。本所同意，公司将本法律意见书作为公司本次股东大会的公告材料， 随其他需公告的信息一起向公众披露，并依法对本所在其中发表的法律意见承担 法律责任。 本所律师根据现行有效的中国法律、法规及中国证监会相关规章、规范性文 件要求，按照律师行业公认的业务标准、道德规范和勤勉尽责精神，出具本法律 意见书如下： 一、关于本次股东大会的召集、召开程序 （一）本次股东大会的召集 致：浙江华统肉制品股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受浙江华统肉制品股份有 限公司（以下简称"公司"）的委托，指派律师出席公司 2025 年第三次临时股东 大会（以下简称"本次股东大会"），并依据《中华人民共和国公司法》（以下简 称"《公司法》"）、《中华人民共和国证 ...

证券代码：002840 证券简称：华统股份 公告编号：2025-081 近日,公司使用部分暂时闲置募集资金在授权范围内购买了相关现金管理产 品,具体情况如下: 二、审批程序 浙江华统肉制品股份有限公司 关于使用部分暂时闲置募集资金用于现金管理的进展公告 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。 浙江华统肉制品股份有限公司（以下简称"公司"）于 2025 年 5 月 30 日召 开第五届董事会第二十一次会议、第五届监事会第十七次会议分别审议通过了 《关于使用部分暂时闲置募集资金用于现金管理的议案》，同意公司(含下属全资 子公司)在不影响正常经营的情况下，使用不超过人民币 40,000.00 万元的闲置募 集资金购买安全性高、流动性好的理财产品，使用期限不超过 12 个月，在上述 额度及决议有效期内，可循环滚动使用，闲置募集资金现金管理到期后将及时归 还至募集资金专户。具体内容详见公司于 2025 年 6 月 3 日在巨潮资讯网 （www.cninfo.com.cn）上披露的《关于使用部分暂时闲置募集资金用于现金管理 的公告》。 序号 受托方 产品名称 产品 ...

证券代码：002840 证券简称：华统股份 公告编号：2025-080 浙江华统肉制品股份有限公司 近日，浙江华统肉制品股份有限公司（以下简称"公司"）接到公司控股股 东华统集团有限公司（以下简称"华统集团"）通知，获悉其已将其持有的 1,000 万股公司无限售条件流通股进行了质押，并办理了相关质押手续，具体情况如下： （一）股东股份质押基本情况 1、本次股份质押基本情况 | 集团 | 是 10,000,000 5.08% 1.24% 否 | 华统 | 致行动人 | 名称 量（股） 股份比例 股本比例 东及其一 售股 | 股东 本次质押数 占其所持 占公司总 第一大股 为限 | 是否为控 股股东或 是否 | | --- | --- | --- | --- | --- | --- | --- | | | 否 | | | 押 | 补充质 | 是否为 | | 日 | 6 月 | 2025 | | 始日 | 质押起 | | | | 13 | 年 | | | | | | 押为止 | 解除质 | 质权人 | | 期日 | 质押到 | | | 乌支行 | 公司金华义 | 中国光大银 行股份有限 | | | 质权人 | | ...

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The report indicates that after a rapid increase in pig slaughtering, pig prices have stabilized, with expectations of limited downward pressure in the short term. The overall supply of pigs is entering a contraction phase, leading to an upward trend in pig prices in Q3 2025 [4][13] - The Consumer Price Index (CPI) has shown a decline for four consecutive months, which may exert pressure on the CPI target for 2025. The report anticipates that policy measures will be implemented to support pig prices and mitigate their negative impact on CPI [5][21] - The investment logic for the pig industry is improving, with recommendations for companies such as Muyuan Foods, Wens Foodstuff Group, and others. The pet food sector is also highlighted for its growth potential, driven by domestic brands [6][33] Summary by Sections Weekly Observation - The average price of pigs in China as of June 13, 2025, is 14.02 yuan/kg, showing a week-on-week decrease of 0.05 yuan/kg and a year-on-year decrease of 4.73 yuan/kg. The report notes that the price has stabilized after a period of accelerated slaughtering [4][13] - The report discusses the impact of weather conditions, such as the "Bailu" typhoon and the rainy season in southern China, which have affected pig transportation and provided short-term support for prices [4][13] Market Performance - The agricultural sector outperformed the broader market by 1.87 percentage points during the week of June 9-13, 2025, with the agricultural index rising by 1.62% while the Shanghai Composite Index fell by 0.25% [6][36] - The pet food sector led the gains, with individual stocks such as Yuanfei Pet (+12.41%), Xiaoming Co. (+7.33%), and Shennong Group (+6.64%) showing significant increases [6][36] Price Tracking - As of June 13, 2025, the average price of pigs is 14.02 yuan/kg, with a decrease of 0.28% from the previous week. The average price of piglets is 32.89 yuan/kg, down 4.69% week-on-week [49][60] - The report also notes that corn and soybean meal prices have increased, with corn futures settling at 2370.00 yuan/ton, up 1.46% week-on-week, and soybean meal futures at 3048.00 yuan/ton, up 1.91% [60][64]

证券代码：002840 证券简称：华统股份 公告编号：2025-079 浙江华统肉制品股份有限公司 2025 年 5 月畜禽销售情况简报 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。 浙江华统肉制品股份有限公司（以下简称"公司"）部分全资及控股子公司 经营范围包括畜禽养殖业务，现公司就每月畜禽销售情况进行披露，具体内容如 下： 一、2025 年 5 月份销售情况 1、生猪销售情况 2025年5月份，公司生猪销售数量200,131头（其中仔猪销售0头），环比变动 -3.89%，同比变动-26.51%。 2025年5月份，公司生猪销售收入36,092.26万元，环比变动-3.86%，同比变动 -25.08%。 2025年5月份，商品猪销售均价14.50元/公斤，比2025年4月份下降2.03%。 2、鸡销售情况 2025年5月份鸡销售数量91.90万只，环比变动18.10%，同比变动-39.84%。 2025年5月份鸡销售收入1,499.29万元，环比变动25.32%，同比变动-8.26%。 2025年5月份鸡销售数量同比变动主要原因为鸡出栏量减少所致。 上述销 ...

Company Overview - Zhejiang Huatong Meat Products Co., Ltd. specializes in feed processing, poultry farming, slaughtering, and deep processing of meat products, with main products including fresh pork, fresh poultry, and Jinhua ham [2] - The company has received multiple awards, including the "Gold Award" at the Zhejiang Agricultural Expo in 2011 and the "National Science and Technology Progress Second Prize" in 2019 [2] Financial Performance - For Q1 2025, the company reported revenue of 2.079 billion yuan, a year-on-year increase of 4.15%, and a net profit of 342.042 million yuan, reflecting a significant year-on-year growth of 121.74% [2] - The sales gross margin for the same period was 7.90% [2] Market Position - As of June 10, the company's stock closed at 10.57 yuan, down 1.58%, with a rolling PE ratio of 32.17 times and a total market capitalization of 8.51 billion yuan [1] - In comparison to the food and beverage industry, which has an average PE ratio of 42.57 times and a median of 32.74 times, the company ranks 69th in terms of PE ratio [1][3] Capital Flow - On June 10, the company experienced a net outflow of 16.8752 million yuan in principal funds, with a total outflow of 65.1476 million yuan over the past five days [1]