Core Views - The breeding sector is experiencing improved supply-demand dynamics due to intensified policy regulation, with measures from the National Development and Reform Commission (NDRC) aimed at optimizing pig production capacity, which is expected to enhance CPI targets and stabilize pig prices [4][50] - The beef industry is undergoing significant supply reduction, with a deep cycle anticipated as the number of breeding cows declines sharply, leading to lower beef supply starting in the second half of 2025 [6][88] - Smart agriculture is benefiting from ongoing policy incentives and increased funding, with water conservancy investments projected to reach 1.4 trillion yuan in 2024, marking a 12.8% year-on-year increase [6][50] Breeding Sector - The breeding industry is seeing a favorable supply-demand balance, with policies aimed at controlling production capacity and improving profitability for leading companies such as Muyuan Foods and Wens Foodstuffs [4][50] - The profitability of self-breeding operations is stable, while external pig purchases show fluctuating profits, indicating a need for careful management of breeding strategies [20][25] - The average weight of pigs being slaughtered has decreased, which is expected to reduce supply pressure and potentially increase pig prices in the coming months [41][42] Beef Industry - The domestic beef supply is expected to decrease significantly due to a reduction in breeding cow numbers, with the industry mirroring the pre-2019 pig cycle in terms of supply adjustments [6][88] - The beef market is characterized by a long adjustment period from breeding to market, typically requiring 2-3 years, which complicates supply management [70] Smart Agriculture - The smart agriculture sector is poised for growth driven by government policies and funding, with a focus on modernizing irrigation systems and enhancing water management practices [6][50] - The market for smart agriculture is projected to expand significantly, with the government aiming to establish 13 million acres of efficient water-saving irrigation [6] Animal Health - The veterinary drug sector is experiencing a structural shift due to the implementation of new GMP standards, which are raising industry entry barriers and promoting consolidation among leading firms [51][66] - The veterinary raw material drug prices are entering a recovery phase after a prolonged downturn, with demand expected to rise as breeding profitability improves [53][66] Investment Recommendations - Key investment targets include Muyuan Foods, Wens Foodstuffs, and Jiusan Foods in the breeding sector, as well as Deyu Water Saving and Ruipu Biological in the smart agriculture and animal health sectors, respectively [4][66][67]

Group 1 - The core viewpoint of the news is the performance of the CSI Land Reform Agricultural Theme Index, which has shown significant growth over the past month, three months, and year-to-date [1] - The CSI Land Reform Agricultural Theme Index has increased by 8.68% in the last month, 7.69% in the last three months, and 3.61% year-to-date [1] - The index reflects the overall performance of listed companies benefiting from agricultural land reform, including sectors such as agricultural land transfer, urban industrial land utilization, agricultural machinery, and water-saving irrigation [1] Group 2 - The top ten weighted companies in the CSI Land Reform Agricultural Theme Index include Shibei Gaoxin (9.87%), Luoniushan (8.15%), Jinyu Group (8.07%), and others [1] - The index's holdings are primarily concentrated in the Shenzhen Stock Exchange (59.62%) and the Shanghai Stock Exchange (40.38%) [1] - The industry composition of the index shows that consumer goods account for 37.68%, materials for 22.47%, and industrials for 22.16% [2] Group 3 - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [2]

Summary of Key Points Core Viewpoint - The announcement details the interest payment for the convertible bonds issued by Dayu Water-saving Group Co., Ltd., highlighting the interest rate, payment schedule, and tax implications for bondholders [1][2][4]. Group 1: Convertible Bond Details - The interest for every 10 units of "Dayu Convertible Bonds" (face value of 1,000 yuan) is set at 25.00 yuan (including tax) with a coupon rate of 2.50% [1][2]. - The interest payment period is from July 28, 2024, to July 27, 2025, marking the fifth year of interest payments for the bonds issued on July 28, 2020 [1][2][4]. Group 2: Payment and Taxation - The bondholders will receive the interest payment within five trading days after the interest payment date, with the tax on interest income being the responsibility of the bondholders [2][4]. - The applicable tax rate for individual bondholders is 20% on the interest income, which will be withheld by the payment agency [4][5]. Group 3: Registration and Payment Process - The bondholders eligible for the interest payment are those registered with China Securities Depository and Clearing Corporation Limited by the close of trading on July 25, 2025 [4]. - The company will entrust China Securities Depository and Clearing Corporation Limited to handle the interest payment process [4].

证券代码：300021 证券简称：大禹节水 公告编号：2025－102 债券代码：123063 债券简称：大禹转债 大禹节水集团股份有限公司 关于大禹转债 2025 年付息的公告 本公司及其董事会全体成员保证信息披露内容真实、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： 1、"大禹转债"（债券代码：123063）将于2025年7月28日支付第五年利息， 每10张"大禹转债"（面值1,000元）利息为25.00元（含税）。 2、债权登记日：2025年7月25日（星期五）； 3、除息日：2025年7月28日（星期一）； 4、付息日：2025年7月28日（星期一）； 5、本次付息期间及票面利率：计息期间为2024年7月28日至2025年7月27日， 票面利率为2.50%。 6、"大禹转债"本次付息的债权登记日为2025年7月25日，截至2025年7月 25日下午深圳证券交易所收市后，在中国证券登记结算有限责任公司深圳分公司 （以下简称"中国结算深圳分公司"）登记在册的"大禹转债"持有人享有本次 派发的利息，在2025年7月25日前（含当日）申请转换成公司股票的可转换公司 债券，公司不再向其持有人支 ...

Core Viewpoint - The legal opinion from Shanghai Huiye (Lanzhou) Law Firm confirms that the convening and procedures of Dayu Water-saving Group Co., Ltd.'s fourth extraordinary general meeting of shareholders in 2025 comply with relevant laws and regulations [1][3][5]. Group 1: Meeting Procedures - The notice for the extraordinary general meeting was published on June 26, 2025, on the designated information disclosure website, and the board of directors made a resolution to convene the meeting [2][3]. - The meeting was scheduled for July 11, 2025, at 14:00, and the notice was issued 15 days in advance, which is in accordance with legal requirements [3][4]. Group 2: Attendance Qualifications - The meeting was attended by all ordinary shareholders registered with the China Securities Depository and Clearing Corporation Limited, as well as directors, senior management, and the appointed lawyers [4][5]. - A total of 390,493,551 shares were represented at the meeting, accounting for 43.5465% of the total voting shares [5]. Group 3: Agenda and Voting Procedures - The meeting reviewed two main proposals related to equity transfer and associated transactions, with no new proposals introduced [5][6]. - Voting was conducted both on-site and via the Shenzhen Stock Exchange's online voting system, with specific time frames established for the voting process [6][7]. Group 4: Voting Results - The voting results indicated that the proposals were approved, with detailed counts showing the support from shareholders [8]. - The legal opinion concludes that the resolutions passed during the meeting are valid and comply with the relevant laws and the company's articles of association [8].

证券代码：300021 证券简称：大禹节水 公告编号：2025-101 债券代码：123063 债券简称：大禹转债 大禹节水集团股份有限公司 2025 年第四次临时股东会决议公告 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： 1.本次股东会无增加、变更、否决提案的情况； 2.本次股东会未涉及变更前次股东会决议的情形； 3.本次股东会以现场投票和网络投票相结合的方式召开。 一、会议召开和出席情况 大禹节水集团股份有限公司（以下简称"公司"）2025年第四次临时股东 会现场会议于2025年07月11日（星期五）14：00在甘肃省酒泉市解放路290号本 公司会议室召开，网络投票时间2025年07月11日9:15起至2025年07月11日15:00 止。本次股东会由公司董事会召集，董事长王浩宇先生主持，公司董事、高级 管理人员及见证律师等相关人士出席了本次会议。会议的召集、召开与表决程 序符合《公司法》《上市公司股东会规则》《深圳证券交易所创业板股票上市 规则》和《公司章程》等法律、行政法规、部门规章及规范性文件的规定。 通过现场和网络投票的股东272人 ...

上海市汇业（兰州）律师事务所 法律意见 兰汇意字（2025）第 060 号 中国·甘肃 上海市汇业(兰州)律师事务所 甘肃省兰州市天水北路 828 号良志·兰州之窗 13 层 邮编：730000 1 上海市汇业（兰州）律师事务所 关于大禹节水集团股份有限公司 二〇二五年第四次临时股东会的 法律意见 上海市汇业（兰州）律师事务所 法律意见 二〇二五年第四次临时股东会的 法律意见 兰汇意字（2025）第 060 号 致：大禹节水集团股份有限公司 上海市汇业（兰州）律师事务所（以下简称"本所"）受大禹节 水集团股份有限公司（以下简称"贵公司"、"大禹节水"）的委托， 就贵公司二〇二五年第四次临时股东会（以下简称"本次临时股东会"） 召开的有关事宜，根据《中华人民共和国公司法》（以下简称《公司 法》）、《上市公司股东会规则》（以下简称《股东会规则》）、《大 禹节水集团股份有限公司章程》（以下简称《公司章程》）的有关规 定，就大禹节水本次临时股东会的召集程序，出席会议人员资格，召 集人的资格，表决程序和表决结果等有关事宜出具本《法律意见》。 本《法律意见》仅供大禹节水本次临时股东会之目的使用，不得 被任何人用于其他任何 ...

证券代码：300021 证券简称：大禹节水 公告编号：2025－100 债券代码：123063 债券简称：大禹转债 大禹节水集团股份有限公司 关于对外担保进展公告 本公司及其董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、 担保情况概述 大禹节水集团股份有限公司（以下简称"公司"）分别于2025年04月21日、 2025年05月13日召开了第六届董事会第三十八次会议和2024年年度股东大会，审 议通过了《关于公司2025年度对外担保额度预计的议案》，同意公司在2025年度 为下属公司的融资提供担保额度总计不超过人民币32.70亿元，担保方式包括但 不限于保证、质押、抵押；担保期限以实际签署的担保协议为准。公司可以根据 实际情况，在上述额度范围内，在符合要求的担保对象之间进行担保额度的调剂。 担保额度的调剂不跨越资产负债率超过70%的标准进行调剂。 近日，公司与中国光大银行股份有限公司天津分行（以下简称"光大银行天 津分行"）签订《最高额保证合同》，为子公司大禹节水（天津）有限公司（以 下简称"天津大禹"）在光大银行天津分行授信提供连带责任保证担保，担保金 额 3, ...

| 证券代码：300021 | 证券简称：大禹节水 | 公告编号：2025－099 | | --- | --- | --- | | 债券代码：123063 | 债券简称：大禹转债 | | 大禹节水集团股份有限公司 关于 2025 年第二季度可转换公司债券转股情况公告 本公司及其董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 重要内容提示： 1、大禹转债（债券代码：123063）转股期限为 2021 年 2 月 3 日至 2026 年 7 月 27 日，最新转股价格为 3.66 元/股。 2、2025 年第二季度，共有 1,732,169 张"大禹转债"完成转股（票面金额 共计 173,216,900 元人民币），合计转为 46,688,684 股"大禹节水"股票（股 票代码：300021）。 3、截至 2025 年第二季度末，公司剩余可转换公司债券为 4,609,602 张，剩 余票面总金额为人民币 460,960,200 元。 根据《深圳证券交易所创业板股票上市规则》和《深圳证券交易所可转换公 司债券业务实施细则》的有关规定，大禹节水集团股份有限公司（以下简称"公 司 ...

大禹节水集团股份有限公司相关 债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【500】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经授权 ...