湖南湘佳牧业股份有限公司 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 15 号——可转换公司债券》的有关规定，湖南湘佳牧业股份有限公司（以 下简称"公司"）现将 2025 年第二季度可转换公司债券（以下简称"可转债"） 转股及公司股份变动的情况公告如下： | 证券代码：002982 | 证券简称：湘佳股份 | 公告编号：2025-041 | | --- | --- | --- | | 债券代码：127060 | 债券简称：湘佳转债 | | 关于 2025 年第二季度可转债转股情况的公告 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。 特别提示： | 股票代码：002982 | | | | | 股票简称：湘佳股份 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券代码：127060 | | | | | 债券简称：湘佳转债 | | | | | | 转股价格：21.13 | 元/股 | | | | | | | | | | 转股时间：2 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The industry is entering a consumption off-season, leading to potential short-term pressure on chicken prices [5][15] - The supply of breeding chickens remains sufficient, with high inventory levels in the market [15][16] - The impact of avian influenza is mixed, with Brazil declaring an end to its outbreak while the U.S. continues to face challenges [16][19] Summary by Sections 1. Consumption Trends - White feather chicken prices remained stable in May 2025, with an average selling price of 7.41 yuan/kg, showing a slight decrease of 0.01 yuan/kg month-on-month [15] - Yellow feather chicken prices weakened due to reduced holiday demand, with an average price of 10.63 yuan/kg in May, down 4.06% month-on-month [28] - Egg prices are expected to decline further in June due to weak terminal consumption and high supply pressure, with the wholesale price of eggs at 5.94 yuan/kg, down 15.14% month-on-month [35][36] 2. Breeding Chicken Sales and Prices - In May, the sales volume of white feather chicken chicks was 429 million, an increase of 0.16 million from the previous month [16] - The sales volume of yellow feather chicken chicks reached 6.57 million sets, up 10.98% month-on-month [28] - The average price of white feather chicken chicks was 3.07 yuan/chick, reflecting a month-on-month increase of 0.18 yuan/chick [39] 3. Financial Performance of Key Companies - Yisheng shares reported a sales volume of 56.61 million chicks in May, with a revenue of 174 million yuan, reflecting a month-on-month increase of 23.05% [39][41] - Minhe shares saw a sales volume of 25.33 million chicks, with a revenue of 71 million yuan, up 4.10% month-on-month [43][45] - Xiaming shares experienced a decrease in sales volume to 23.25 million chicks, with a revenue of 101 million yuan, down 8.40% month-on-month [46] 4. Price Trends in Chicken Meat - The average price of white feather chicken meat decreased by 1.80% month-on-month, with sales revenue of 423 million yuan in May [47] - The average price of yellow feather chicken meat also saw a decline, with sales revenue of 249.5 million yuan [56][58] - The overall trend indicates a downward pressure on chicken meat prices due to seasonal factors and supply dynamics [5][15][28]

| 121 | | --- | | 113 | | < | | 诚 | | 月長 | | 9 | 湖南湘佳牧业股份有限公司 2025 年跟踪评级报告 www.lhratings.com 1 联合〔2025〕3944 号 联合资信评估股份有限公司通过对湖南湘佳牧业股份有限公司 主体及其相关债券的信用状况进行跟踪分析和评估，确定维持湖南 湘佳牧业股份有限公司主体长期信用等级为 A+，维持"湘佳转债" 信用等级为 A+，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 三、本报告引用的资料主要由该公司或第三方相关主体提供，联合资 信履行了必要的尽职调查义务，但对引用资料的真实性、准确性和完整性 不作任何保证。联合资信合理采信其他专业机构出具的专业意见，但联合 资信不对专业机构出具的专业意见承担任何责任。 四、本次跟踪评级结果自本报告出具之日起至相应债券到期兑付日有 效；根据跟踪评级的结论，在有效期内评级结果有可能发生变化。联合资 信保留对评级结果予以调整、更新、终止与撤销的权利。 五、本报告所含评级结论和相关分析不构成任何投资或财务建议，并 且不应当被视为购买、出售或持有任何金融产品的推荐意见或保证 ...

Core Viewpoint - Hunan Xiangjia Animal Husbandry Co., Ltd. maintains a long-term credit rating of A+ for its main entity and the "Xiangjia Convertible Bond," with a stable outlook, reflecting its competitive advantages in the poultry supply chain and improved financial performance in 2024 [1][3][4]. Company Overview - The company operates as a comprehensive poultry supply chain provider, covering breeding, slaughtering, and sales, with a competitive edge in processing and cold chain logistics [3][5]. - As of the end of 2024, the company reported total assets of 41.67 billion yuan and equity of 18.07 billion yuan, with a total revenue of 42.04 billion yuan and a profit of 1.11 billion yuan [9][10]. Financial Performance - In 2024, the company achieved a revenue growth of 8.06% year-on-year, driven by a 16.22% increase in ice-fresh product sales, benefiting from expanded supermarket sales channels [5][20]. - The company turned a profit in 2024, with a total profit of 1.11 billion yuan, compared to a loss of 1.41 billion yuan in the previous year [4][21]. Debt and Capital Expenditure - The company's total debt increased by 14.99% by the end of 2024, influenced by significant capital expenditures for ongoing projects, leading to a heavier debt burden [6][10]. - As of March 2025, the company has ongoing projects requiring an additional investment of 413 million yuan, indicating potential financial pressure [6][10]. Industry Analysis - The poultry industry is experiencing fluctuations in demand and prices, with the average price of chicken feed decreasing by 11.05% in 2024, impacting overall production costs [14][16]. - The market for yellow-feathered chickens is expected to grow, driven by consumer demand for high-quality, healthy food, despite ongoing challenges such as feed cost volatility and food safety issues [16][17]. Competitive Position - The company has established a robust marketing system for ice-fresh poultry products, with a sales network covering 30 provinces and major clients including large supermarket chains [5][17]. - The industry is consolidating, with larger companies like Xiangjia gaining market share, as smaller producers exit or join cooperative systems [15][16].

| 证券代码：002982 | 证券简称：湘佳股份 | 公告编号：2025-040 | | --- | --- | --- | | 债券代码：127060 | 债券简称：湘佳转债 | | 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。 一、2025 年 5 月份活禽销售情况 湖南湘佳牧业股份有限公司（以下简称"公司"）2025 年 5 月份销售活禽 413.53 万只，销售收入 7,286.27 万元，销售均价 9.06 元/公斤，环比变动分别 为-6.79%、-9.71%、-2.15%，同比变动分别为 27.07%、-3.07%、-22.11%。 注：若存在尾差，属四舍五入原因所致。 湖南湘佳牧业股份有限公司 2025 年 5 月份活禽销售情况简报 特此公告。 湖南湘佳牧业股份有限公司董事会 2025 年 6 月 7 日 月份 活禽销量（万只） 销售收入（万元） 活禽销售均价 （元/公斤） 当月 当年累计 当月 当年累计 2024 年 5 月 325.43 1,640.47 7,517.41 35,959.30 11.64 2024 年 6 月 450.36 ...

Group 1 - The company Xiangjia Co., Ltd. (002982) reported a significant decline in live poultry sales in May 2025, with 4.1353 million birds sold, representing a year-on-year decrease of 27.07% and a month-on-month decrease of 6.79% [1] - The sales revenue for May 2025 was 72.8627 million yuan, which is a year-on-year decrease of 3.07% and a month-on-month decrease of 9.71% [1] - The average selling price of live poultry was 9.06 yuan per kilogram, showing a year-on-year decline of 22.11% and a month-on-month decline of 2.15% [1] Group 2 - Cumulatively, the company sold 20.1763 million live poultry in 2025, generating a total sales revenue of 379 million yuan [1]

Core Insights - The poultry sector has seen a rise of 1.94%, ranking second among concept sectors, with 17 stocks increasing in value, including major gainers like Juxing Agriculture and Xiangjia Shares, which hit the daily limit [1][2] Sector Performance - The poultry concept sector recorded a net inflow of 346 million yuan, with 11 stocks experiencing net inflows, and 8 stocks seeing inflows exceeding 10 million yuan [2] - Juxing Agriculture led the net inflow with 240 million yuan, followed by Xiangjia Shares and New Hope with net inflows of 77.97 million yuan and 38.08 million yuan respectively [2][3] Stock Performance - Juxing Agriculture had a daily increase of 10.02% with a turnover rate of 9.89% and a net inflow ratio of 21.93% [3] - Xiangjia Shares also performed well with a 10.01% increase and a net inflow ratio of 15.94% [3] - Other notable performers included Huadong Shares with a 5.10% increase and a net inflow ratio of 7.57% [3] Decliners - The stocks that experienced the largest declines included Tianma Technology, Yike Food, and Jinlongyu, with decreases of 2.95%, 1.15%, and 0.98% respectively [1][4]

Core Insights - The pork concept sector has seen a rise of 2.39%, leading among concept sectors, with 28 stocks increasing in value, including major gains from companies like Juxing Agriculture and Xiangjia Co., which hit the daily limit [1][2] Group 1: Stock Performance - Juxing Agriculture, Xiangjia Co., and Dayu Biology are among the top gainers, with respective increases of 10.02%, 10.01%, and 7.49% [3][4] - The top decliners include Kemin Foods, Delisi, and Tianyu Biology, with decreases of 0.50%, 0.44%, and 0.14% respectively [1][4] Group 2: Capital Flow - The pork concept sector attracted a net inflow of 609 million yuan, with 21 stocks receiving net inflows, and 5 stocks exceeding 30 million yuan in net inflow [2][3] - Juxing Agriculture led the net inflow with 240 million yuan, followed by Muyuan Foods and Xiangjia Co. with 143 million yuan and 77.97 million yuan respectively [2][3] Group 3: Capital Inflow Ratios - Juxing Agriculture, Xiangjia Co., and Zhengbang Technology have the highest net inflow ratios at 21.93%, 15.94%, and 12.93% respectively [3][4] - The overall performance of the pork concept stocks indicates strong investor interest and capital movement within the sector [2][3]

Group 1 - The company, Hunan Xiangjia Animal Husbandry Co., Ltd., issued convertible bonds totaling 640,000 units at a face value of 100 RMB each, raising a total of 640 million RMB, with net proceeds of 630.46 million RMB after deducting fees [1][14] - The bonds have a maturity period of six years, from April 19, 2022, to April 18, 2028, with an annual interest rate that increases from 0.2% in the first year to 2.0% in the sixth year [1][2] - The initial conversion price was set at 42.56 RMB per share, which has been adjusted to 21.13 RMB per share due to various corporate actions [2][20] Group 2 - In 2024, the company achieved a revenue of 4.204 billion RMB, representing an 8.06% increase year-on-year, while net profit was reported at 980.97 million RMB, a significant increase of 166.66% [12][13] - The company sold 89.82 million live poultry, a 1.60% increase from the previous year, but the revenue from live poultry sales decreased by 10.20% to 924 million RMB [12][13] - The sales of chilled poultry products reached 110,431.70 tons, marking a 16.22% increase, with revenue from chilled products amounting to 2.562 billion RMB, a 14.89% increase [12][13] Group 3 - The company has ongoing projects for a standardized breeding base for quality chickens and a breeding base for pigs, with total investments exceeding the raised funds, requiring self-financing for the excess [11][15] - The company has faced delays in project completions due to adverse weather conditions and industry downturns, extending project timelines to December 2025 [11][15] - The company has not provided guarantees for the convertible bonds, which may increase repayment risks if significant negative events occur [15]

证券代码：002982 证券简称：湘佳股份 债券代码：127060 债券简称：湘佳转债 湖南湘佳牧业股份有限公司 公开发行可转换公司债券 临时受托管理事务报告 债券受托管理人 二〇二五年五月 重要声明 民生证券股份有限公司（以下简称"民生证券"）编制本报告的内容及信息 来源于湘佳牧业股份有限公司（以下简称"湘佳股份"、"公司"或"发行人"） 对外公布的公开信息披露文件及发行人向民生证券提供的资料。 民生证券按照《公司债券发行与交易管理办法》《公司债券受托管理人执业 行为准则》《可转换公司债券管理办法》等相关规定及与湘佳股份签订的《受托 管理协议》的约定编制本报告。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为民生证券所作的承诺 或声明。请投资者独立征询专业机构意见，在任何情况下，投资者不能将本报告 作为投资行为依据。 民生证券提请投资者及时关注发行人的信息披露文件，并已督促发行人及时 履行信息披露义务。 一、核准文件及核准规模 本次公开发行可转换公司债券经公司第三届董事会第二十八次会议审议通 过，并经公司 2021 年第一次临时股东大 ...