| 证券代码：002982 | 证券简称：湘佳股份 | 公告编号：2026-001 | | --- | --- | --- | | 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 关于 2025 年第四季度可转债转股情况的公告 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：2022 | 年 | 10 | 月 | 25 | 日至 | 2028 | 年 | 4 | 月 | 18 | 日 | 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 年第四季度可转换公司 ...

Core Viewpoint - The yellow feather chicken market in 2025 experienced a "roller coaster" with significant losses in the first half, followed by a rapid recovery in prices after August, leading to a potential balance between profit and loss for the year [1][2]. Group 1: Market Performance - The market faced a downturn in the first half of 2025, with prices hitting a low of 11.8 yuan/kg in July, and companies like Wen's Foodstuffs (温氏股份) reported a sales average of 10.29 yuan/kg in June, a 24.78% year-on-year decline [1][2]. - August marked a turning point, with prices increasing by over 20% month-on-month, allowing profitability to return, with profits of 3-4 yuan per chicken reported [2]. Group 2: Industry Dynamics - The industry is witnessing a polarization trend, with small farmers exiting the market while leading companies continue to grow rapidly. For instance, Wen's Foodstuffs and other listed companies reported significant increases in chicken sales, with Wen's selling 1.194 billion chickens, a year-on-year growth of 8.55% [3]. - The concentration of the industry is expected to increase, with leading companies projected to maintain a growth rate of around 10% in 2026, driven by cost advantages and a "company + farmer" model [3]. Group 3: Future Outlook - The industry is anticipated to shift from "cyclical speculation" to "value growth," with a focus on fresh and processed products as key growth areas. Price recovery is expected to be moderate, supported by supply adjustments and steady demand [3].

Core Viewpoint - Xiangjia Co., Ltd. announced a delay in some fundraising projects due to a prolonged downturn in the breeding industry, which has affected project progress and profitability [1][2]. Group 1: Project Delays and Financial Impact - The company plans to postpone the completion dates of three projects from December 31, 2025, to December 31, 2026, due to macroeconomic factors and changes in project implementation [2]. - Completed projects have not met expected profitability, with significant losses reported: the 13.5 million chicken breeding base project incurred a net loss of 0.93 million yuan, and the pig breeding base project reported a net profit of only 0.33 million yuan [3]. - The company has invested 4.48 billion yuan of the 6.4 billion yuan raised through convertible bonds, leaving a balance of 1.91 billion yuan [2]. Group 2: Financial Performance and Market Conditions - In the first three quarters of the year, the company's revenue increased by 9.63% to 3.272 billion yuan, but net profit plummeted by 74.89% to 22.348 million yuan due to low poultry prices [4]. - The average price of chicken in November was 6.95 yuan per kilogram, leading to losses of 0.14 yuan per chicken [4]. - The company's gross margin has decreased significantly, with the second quarter gross margin at 10.48%, down 5.57 percentage points year-on-year, and the third quarter gross margin at 16.26%, down 6.12 percentage points [5]. Group 3: Expansion and Debt Levels - Xiangjia Co., Ltd. has expanded its fixed assets from 1.151 billion yuan in 2021 to 2.369 billion yuan, a 106% increase, while interest-bearing debt rose from 0.571 billion yuan to 1.551 billion yuan [6]. - Despite revenue growth of nearly 40% from 2021 to 2024, net profit has fluctuated significantly, with a loss of 14.7 million yuan in 2023 [6]. - The company's financial expenses reached 50.359 million yuan, a 26% increase, while depreciation costs have also hit record highs [6]. Group 4: Cost Structure and Cash Flow - Xiangjia Co., Ltd. has a high expense ratio compared to peers, with a sales expense ratio of 9.37%, the highest among eight listed poultry companies [7]. - The company's cash and short-term debt ratio is only 0.94, indicating potential liquidity issues [7]. - The net operating cash flow has significantly decreased, raising concerns about the company's financial stability following its aggressive expansion [7].

Group 1 - The aquaculture sector increased by 1.58% on December 29, with Jingji Zhino leading the gains [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] - Key stocks in the aquaculture sector showed varied performance, with Jingji Zhino rising by 10.01% to a closing price of 16.27 [1] Group 2 - The main funds in the aquaculture sector saw a net inflow of 90.42 million yuan, while retail funds had a net inflow of 10.91 million yuan [2] - Major stocks like Muyuan Foods and Wen's Foodstuffs experienced significant net outflows from retail investors [3] - Jingji Zhino had a net inflow of 67.42 million yuan from main funds, indicating strong institutional interest [3]

Core Viewpoint - The company is focusing on a full industry chain layout in the poultry industry to ensure the quality of fresh and cooked food ingredients meets the demands of mid-to-high-end channels and consumers [1] Group 1 - The company is currently constructing several pig and chicken farms [1] - The company's pigeon industry is part of the listed company [1]

（文章来源：证券日报） 证券日报网讯 12月26日，湘佳股份发布公告称，公司第五届董事会第二十次会议同意，将不超过1亿元 可转债闲置募集资金暂时补充流动资金，期限自董事会通过之日起不超过12个月，预计可节省财务费用 300万元；截至2025年12月20日，募集资金账户余额19，060.18万元，尚未到期余额18，875.90万元。 ...

每经AI快讯，湘佳股份（SZ 002982，收盘价：13.9元）12月26日晚间发布公告称，公司第五届第二十 次董事会会议于2025年12月26日以现场投票和通讯表决相结合的方式召开。会议审议了《关于变更部分 募投项目实施地点和实施主体及部分募投项目延期的议案》等文件。 2025年1至6月份，湘佳股份的营业收入构成为：养殖业占比100.0%。 截至发稿，湘佳股份市值为28亿元。 每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 （记者 贾运可） ...

| 证券代码：002982 | 证券简称：湘佳股份 | 公告编号：2025-076 | | --- | --- | --- | | 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 关于变更部分募投项目实施地点和实施主体及部分 募投项目延期的公告 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。 湖南湘佳牧业股份有限公司（以下简称"公司"）于 2025 年 12 月 26 日召 开第五届董事会第二十次会议，审议通过了《关于变更部分募投项目实施地点和 实施主体及部分募投项目延期的议案》，现将具体情况公告如下： 一、本次募集资金情况 （一）募集资金基本情况 经中国证券监督管理委员会《关于核准湖南湘佳牧业股份有限公司公开发行 可转换公司债券的批复》(证监许可〔2021〕1814 号)核准，公司公开发行可转 换公司债券 640.00 万张，每张面值为人民币 100.00 元，按面值发行，发行总额 为人民币 64,000.00 万元，扣除承销保荐费及其他发行费用（不含增值税）后， 公司本次发行募集资金的净额为 63,046.35 万元。天健 ...

湖南湘佳牧业股份有限公司（以下简称"公司"）第五届董事会第二十次会 议于 2025 年 12 月 26 日以现场投票和通讯表决相结合的方式召开，会议通知已 于 2025 年 12 月 21 日以电子邮件、电话方式通知全体董事。本次会议由公司董 事长喻自文先生召集并主持，会议应出席的董事 9 人，实际出席的董事 9 人，公 司部分高级管理人员列席。本次会议的通知、召集和召开符合《中华人民共和国 公司法》等有关法律、行政法规、其他规范性文件及《湖南湘佳牧业股份有限公 司章程》的有关规定，合法有效。 二、董事会会议审议情况 | 证券代码：002982 | 证券简称：湘佳股份 | 公告编号：2025-074 | | --- | --- | --- | | 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 第五届董事会第二十次会议决议的公告 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。 一、董事会会议召开情况 三、备查文件 （一）审议通过《关于使用部分可转债闲置募集资金暂时补充流动资金的 议案》 《湖南湘佳牧业股份有限公司第五届董事会第 ...

| 证券代码：002982 | 证券简称：湘佳股份 | 公告编号：2025-075 | | --- | --- | --- | | 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 关于使用部分可转债闲置募集资金暂时补充流动资 金的公告 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。 湖南湘佳牧业股份有限公司（以下简称"公司"）于 2025 年 12 月 26 日召 开了第五届董事会第二十次会议，审议通过了《关于使用部分可转债闲置募集资 金暂时补充流动资金的议案》，同意公司使用募集资金不超过 1 亿元暂时补充流 动资金，使用期限自本次董事会通过之日起不超过 12 个月。公司将随时根据募 集资金投资项目的进展及资金需求情况及时归还至募集资金专用账户。 2025 年 12 月 19 日，公司已将前次暂时用于补充流动资金的 1.5 亿元募集 资金全部归还并存入公司募集资金专用账户，公司前次暂时用于补充流动资金的 闲置募集资金已归还完毕，使用期限未超过 12 个月。 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 ...