湖南湘佳牧业股份有限公司（以下简称"公司"）2025 年 7 月份销售活禽 370.73 万只，销售收入 5,079.06 万元，销售均价 7.85 元/公斤，环比变动分别 为-13.74%、-25.50%、-2.20%，同比变动分别为-11.97%、-42.74%、-26.30%。 注：若存在尾差，属四舍五入原因所致。 | 证券代码：002982 | 证券简称：湘佳股份 | 公告编号：2025-044 | | --- | --- | --- | | 债券代码：127060 | 债券简称：湘佳转债 | | 一、2025 年 7 月份活禽销售情况 湖南湘佳牧业股份有限公司 2025 年 7 月份活禽销售情况简报 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。 三、原因说明 2025 年 7 月份公司活禽销售收入同比下降较多，主要是 2025 年 7 月活禽市 场低迷导致销售单价较低以及销量有所下降综合所致。 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 7 月 421.15 2,511.98 ...

Group 1 - Companies are transforming their production lines into educational resources, integrating industrial knowledge with hands-on learning experiences [1][2] - SANY Heavy Industry is showcasing its "Lighthouse Factory" in Changsha, allowing students to engage with advanced manufacturing processes and technologies like VR simulations [1][2] - Hunan Hualian Ceramics is creating a unique educational ecosystem by combining traditional craftsmanship with modern design, enabling students to experience and participate in ceramic production [1][2] Group 2 - Hunan Xiangjia Livestock is implementing a full-chain educational approach, demonstrating modern agricultural practices from farm to table, including smart incubation and AI sorting technologies [2][3] - The company reports a significant improvement in hatch rates from 60% to over 95% due to smart incubation systems, and AI sorting can process up to 8 tons of fruit per hour compared to 2,000 pounds manually [3] - The integration of industry and education by these companies serves as a model for fulfilling corporate social responsibility while enhancing educational outcomes, aligning with national policies on industry-education integration [3]

Market Overview - The aquaculture sector increased by 0.1% on July 30, with Yisheng Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3615.72, up 0.17%, while the Shenzhen Component Index closed at 11203.03, down 0.77% [1] Stock Performance - Yisheng Co., Ltd. (002458) closed at 9.01, up 2.04% with a trading volume of 232,600 shares and a turnover of 209 million yuan [1] - Minhe Livestock (002234) closed at 8.84, up 1.73% with a trading volume of 79,600 shares [1] - Lihua Co., Ltd. (300761) closed at 19.54, up 1.24% with a trading volume of 113,500 shares [1] - Other notable stocks include Yike Food (301116) at 11.49 (+0.97%) and Fucheng Co., Ltd. (600965) at 5.26 (+0.77%) [1] Capital Flow - The aquaculture sector experienced a net outflow of 395 million yuan from institutional investors, while retail investors saw a net inflow of 323 million yuan [2] - Speculative funds had a net inflow of 71.99 million yuan [2] Individual Stock Capital Flow - Zhengbang Technology (002157) had a net inflow of 12.77 million yuan from institutional investors, while it faced a net outflow of 16.21 million yuan from speculative funds [3] - Shennong Group (605296) saw a net inflow of 8.35 million yuan from institutional investors but a net outflow of 8.33 million yuan from retail investors [3] - Other stocks like Minhe Livestock (002234) and Yisheng Co., Ltd. (002458) experienced net outflows from institutional and speculative funds [3]

[Current Period Performance Forecast](index=1&type=section&id=Item%201.%20Current%20Period%20Performance%20Forecast) The company anticipates a 13.32% to 21.41% increase in H1 2025 revenue, alongside a significant decline in net profit, with non-recurring net profit turning to a loss Key Financial Performance Indicators | Item | Current Period | Prior Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of Listed Company** | **Profit: 5.5 million CNY - 6.5 million CNY** | Profit: 14.60 million CNY | | | Year-over-year decrease: 62.33%-55.48% | | | **Net Profit After Deducting Non-Recurring Gains and Losses** | **Loss: 6.0 million CNY - 5.0 million CNY** | Profit: 14.64 million CNY | | | Year-over-year decrease: 141.00%-134.16% | | | **Basic Earnings Per Share (CNY/share)** | Profit: 0.0284 - 0.0336 | Profit: 0.10 | | **Operating Revenue (billion CNY)** | **2.10 - 2.25** | 1.85 | | | Year-over-year growth: 13.32%-21.41% | | [Communication with Accounting Firm](index=1&type=section&id=Item%202.%20Communication%20with%20Accounting%20Firm) The financial data presented in this performance forecast are preliminary estimates and remain unaudited by an accounting firm - The financial data related to this performance forecast have **not been audited** by an accounting firm[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=Item%203.%20Explanation%20of%20Performance%20Changes) The significant decline in H1 2025 performance is primarily due to persistently low live poultry sales prices in a sluggish market, despite revenue growth - The primary reason for the performance decline is the **sluggish live poultry market** during the reporting period, resulting in **lower live poultry sales prices**[5](index=5&type=chunk) - From January to June 2025, the company achieved a **13.32%-21.41% year-over-year operating revenue growth**, but experienced a **significant profit decline**, indicating a challenge of **increasing revenue without increasing profit**[5](index=5&type=chunk) [Other Relevant Information](index=1&type=section&id=Item%204.%20Other%20Relevant%20Information) This performance forecast is a preliminary estimate subject to uncertainty, with final financial data to be disclosed in the 2025 semi-annual report, and investors are advised to consider investment risks - This performance forecast is a **preliminary estimate** by the company's finance department, and the specific financial data will be subject to the **2025 semi-annual report**[7](index=7&type=chunk) - The company advises investors to make **cautious decisions** and be aware of **investment risks**[7](index=7&type=chunk)

Group 1 - The core viewpoint indicates that meat product prices are under pressure, leading to declining sales for breeding companies in June [1][2] - Wens Foodstuff reported sales of 104 million meat chickens in June, generating revenue of 2.288 billion yuan, with a chicken sales average price of 10.29 yuan/kg, showing month-on-month declines of 3.40%, 8.30%, and 4.28% respectively [1] - In June, Wens Foodstuff sold 3.0073 million pigs, with a revenue of 4.92 billion yuan and an average price of 14.39 yuan/kg, reflecting month-on-month changes of -4.69%, -7.57%, and -1.98% [1] Group 2 - New Hope reported sales of 1.33 million pigs in June, with a revenue of 1.871 billion yuan and an average price of 14.18 yuan/kg, showing month-on-month declines of 0.29%, 5.12%, and 2.81% respectively [1] - Juxing Agriculture announced sales of 419,900 pigs in June, with a revenue of 742 million yuan, and a 3.4% decrease in average price, while sales volume increased by 28% [2] - Xiangjia reported sales of 4.298 million live poultry in June, generating revenue of 68.1782 million yuan, with a significant decline in sales price due to market sluggishness [2] Group 3 - The industry is experiencing a seasonal consumption lull, with pig prices maintaining a fluctuating trend, and expectations for better performance in the second half of the year [2][3] - The report suggests that the supply of pigs will see limited growth by 2025, and high-quality pig enterprises may still achieve considerable profits [3] - The industry is currently operating at a marginal profit, with large pig enterprises focusing on increasing capacity utilization to reduce breeding costs [3]

| 证券代码：002982 | 证券简称：湘佳股份 | 公告编号：2025-042 | | --- | --- | --- | | 债券代码：127060 | 债券简称：湘佳转债 | | 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 6 月 450.36 2,090.83 9,973.28 45,932.58 10.87 2024 年 7 月 421.15 2,511.98 8,870.50 54,803.08 10.65 2024 年 8 月 379.25 2,891.23 8,248.55 63,051.63 11.19 2024 年 9 月 386.97 3,278.20 8,370.10 71,421.73 11.04 2024 年 10 月 433.98 3,712.18 9,635.74 81,057.47 10.97 2024 年 11 月 385.06 4,097.24 8,200.65 89,258.12 10.54 2024 年 12 月 430.69 4,527.93 8,679.85 97,937.97 9.60 2 ...

Group 1 - The company Xiangjia Co., Ltd. (002982) reported a total of 4.298 million live poultry sold in June 2025, representing a year-on-year decrease of 4.56% and a month-on-month increase of 3.93% [1] - The sales revenue for the same period was 68.1782 million yuan, showing a year-on-year decline of 31.64% and a month-on-month decrease of 6.43% [1] - The average selling price was 8.03 yuan per kilogram, which reflects a year-on-year drop of 26.16% and a month-on-month decline of 11.45% [1]

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 ...