Core Viewpoint - Xuerong Bio (300511.SZ) reported a significant decline in revenue and incurred net losses in the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company's operating revenue for the first three quarters was 1.325 billion yuan, representing a year-on-year decrease of 19.26% [1] - The net loss attributable to shareholders of the listed company was 62.3484 million yuan [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, was 85.1896 million yuan [1] - The basic loss per share was 0.11 yuan [1]

Financial Performance - The company's revenue for the third quarter was ¥534,255,898.88, a decrease of 6.30% compared to the same period last year, and a year-to-date revenue of ¥1,324,930,751.78, down 19.26% year-on-year[6]. - Net profit attributable to shareholders was ¥40,203,669.22, an increase of 298.87% year-on-year, while the year-to-date net profit was a loss of ¥62,348,351.93, improving by 61.94% compared to the previous year[6]. - The basic and diluted earnings per share for the quarter were both ¥0.07, reflecting a 275.00% increase year-on-year, while the year-to-date figure was a loss of ¥0.11, improving by 66.67%[6]. - The company reported a net loss of CNY 527,101,204.31, compared to a loss of CNY 464,752,852.38 in the previous period[25]. - The company reported a net loss of ¥56,207,159.98 for the current period, compared to a net loss of ¥155,325,617.05 in the previous period, indicating an improvement[28]. - The company’s total comprehensive income for the current period was -¥55,442,212.74, compared to -¥154,937,680.21 in the previous period, indicating a reduction in losses[28]. - Basic and diluted earnings per share were both reported at -¥0.11, an improvement from -¥0.33 in the previous period[28]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,601,440,662.94, a decrease of 6.57% from the end of the previous year[6]. - Total liabilities decreased to CNY 2,252,631,308.40 from CNY 3,031,232,610.38, a decline of 25.7%[25]. - The company's equity attributable to shareholders increased by 55.22% to ¥1,456,940,504.02 compared to the end of the previous year[6]. - The company's equity attributable to shareholders increased to CNY 1,456,940,504.02 from CNY 938,628,711.97, an increase of 55.3%[25]. - Non-current assets decreased to CNY 3,056,209,472.11 from CNY 3,308,246,402.94, a decline of 7.6%[24]. Cash Flow - Cash flow from operating activities for the year-to-date was ¥248,156,943.68, an increase of 5.83%[6]. - Cash flow from operating activities generated a net cash inflow of ¥248,156,943.68, compared to ¥234,487,961.21 in the previous period, showing a slight increase[29]. - The company experienced a significant decrease in cash flow from investing activities, with a net outflow of -¥42,832,187.28, compared to -¥287,305,326.58 in the previous period[30]. - Cash flow from financing activities resulted in a net outflow of -¥250,337,152.32, a decrease from a net inflow of ¥57,610,655.52 in the previous period[30]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 28,647[15]. - The largest shareholder, Yang Yongping, holds 17.16% of shares, totaling 107,606,850 shares[15]. - Zhejiang Yinwan Private Fund Management Co., Ltd. holds 2.99% of shares, totaling 18,734,600 shares[15]. - The total number of restricted shares held by Yang Yongping is 80,705,137, which remains unchanged due to executive lock-up regulations[18]. - The company has a total of 80,792,999 restricted shares at the end of the reporting period, with 20,925 shares newly restricted[18]. - The company has not disclosed any changes in the top 10 shareholders due to margin trading activities[16]. Control Change and Agreements - The company has signed a framework agreement for control change with Shanghai Wanzihong Intelligent Technology Co., Ltd., involving share transfer and voting rights delegation[20]. - The agreement for share transfer has received confirmation from the Shenzhen Stock Exchange, but the completion of the transaction remains uncertain[21]. - The company is in the process of finalizing the transfer of control, which may impact future financing and governance[21]. Operational Metrics - Total operating revenue for the current period is CNY 1,324,930,751.78, a decrease of 19.2% compared to CNY 1,641,052,971.34 in the previous period[26]. - Total operating costs for the current period amount to CNY 1,403,701,115.19, down 22.6% from CNY 1,812,691,932.39 in the previous period[26]. - The company's cash and cash equivalents decreased to CNY 104,968,184.35 from CNY 167,953,803.72, representing a decline of 37.5%[23]. - Accounts receivable increased to CNY 36,326,690.57 from CNY 31,390,843.09, reflecting a growth of 15.5%[23]. - Inventory rose to CNY 373,450,732.37 from CNY 325,337,429.69, indicating an increase of 14.8%[23]. - Short-term borrowings decreased significantly to CNY 320,338,213.13 from CNY 967,853,695.34, a reduction of 66.9%[24]. - The company did not report any net profit from subsidiaries prior to consolidation, indicating no contribution from merged entities[28]. - The company's operating profit was reported at -¥53,581,230.12, an improvement from -¥155,204,345.16 in the previous period[28].

Market Overview - The planting industry sector rose by 0.33% on October 14, with Qiu Le Seed Industry leading the gains [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Stock Performance - Qiu Le Seed Industry (code: 920087) closed at 18.10, up 6.16% with a trading volume of 169,200 shares and a transaction value of 294 million [1] - Other notable performers include: - Shen Nong Seed Industry (code: 681000E) at 4.81, up 2.78% with a volume of 2.06 million shares [1] - Zhongxing Fungi Industry (code: 002772) at 10.47, up 2.05% with a volume of 325,800 shares [1] - Dunhuang Seed Industry (code: 600354) at 6.56, up 2.02% with a volume of 496,000 shares [1] Capital Flow - The planting industry sector experienced a net outflow of 54.07 million from main funds, while retail funds saw a net inflow of 8.37 million [2] - The main funds' net inflow and outflow for specific stocks include: - Shen Nong Seed Industry: net inflow of 37.01 million [3] - Dunhuang Seed Industry: net inflow of 17.90 million [3] - Zhongxing Fungi Industry: net inflow of 17.41 million [3]

Group 1 - The core viewpoint of the news is that Xue Rong Biological has experienced a decline in stock price despite a significant increase in its stock value year-to-date, indicating potential volatility in the market [1][2] - As of October 14, Xue Rong Biological's stock price was 6.58 CNY per share, with a market capitalization of 4.126 billion CNY and a trading volume of 236 million CNY [1] - The company has seen a year-to-date stock price increase of 89.63%, with a 9.30% increase over the last five trading days [1] Group 2 - Xue Rong Biological operates in the agricultural sector, specifically in the cultivation and sale of edible mushrooms, with a revenue composition of 73.31% from enoki mushrooms and 22.27% from king oyster mushrooms [1][2] - As of June 30, the number of shareholders decreased by 14.57% to 30,200, while the average circulating shares per person increased by 28.64% to 17,119 shares [2] - For the first half of 2025, the company reported a revenue of 791 million CNY, a year-on-year decrease of 26.17%, and a net profit loss of 103 million CNY, which represents a year-on-year increase of 28.58% [2] Group 3 - Since its A-share listing, Xue Rong Biological has distributed a total of 236 million CNY in dividends, with no dividends paid in the last three years [3]

Group 1 - Lingyi Technology (002600) is approaching the deadline for the conversion of "Lingyi Convertible Bonds," with only half a trading day left as of the announcement date. After the market closes on October 14, unconverted bonds will be forcibly redeemed at a price of 100.181 CNY per bond, potentially leading to losses for investors [1] - Xuerong Biological (300511) is also nearing the deadline for the conversion of "Xuerong Convertible Bonds," with only half a trading day remaining. After the market closes on October 14, unconverted bonds will be forcibly redeemed at a price of 100.93 CNY per bond. There is a significant price difference between the redemption price and the market price prior to the conversion deadline, highlighting the need for bondholders to convert in time to avoid potential losses [1]

Group 1 - Lingyi Technology: As of the announcement, there is only half a trading day left until the "Lingyi Convertible Bond" stops conversion and is redeemed. After the market closes on October 14, any unconverted "Lingyi Convertible Bonds" will be forcibly redeemed at a price of 100.181 CNY per bond. Investors may face losses if forced redemption occurs [1] - Xuerong Biological: As of the announcement, there is only half a trading day left until the "Xuerong Convertible Bond" stops conversion. After the market closes on October 14, any unconverted "Xuerong Convertible Bonds" will be forcibly redeemed at a price of 100.93 CNY per bond. Due to the significant difference between the redemption price and the market price before the stop of trading and conversion, it is particularly advised for "Xuerong Convertible Bond" holders to convert within the deadline. Failure to do so may result in losses [1]

| 证券代码：300511 | 证券简称：雪榕生物 | 公告编号：2025-114 | | --- | --- | --- | | 债券代码：123056 | 债券简称：雪榕转债 | | 上海雪榕生物科技股份有限公司 关于雪榕转债即将停止转股 暨赎回前最后半个交易日的重要提示性公告 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。 重要内容提示： 1、最后转股日：2025 年 10 月 14 日 截至本公告披露时，距离"雪榕转债"停止转股仅剩半个交易日（即 2025 年 10 月 14 日下午交易时段）。2025 年 10 月 14 日收市后，仍未转股的"雪榕 转债"，将按照 100.93 元/张的价格强制赎回，因本次"雪榕转债"赎回价格与 其停止交易和停止转股前的市场价格存在较大差异，特别提醒"雪榕转债"持有 人注意在限期内转股，如果投资者未及时转股，可能面临损失，敬请投资者注意 投资风险。 2、投资者若转股，需开通创业板交易权限，若投资者不符合创业板股票适 当性管理要求的，不能将所持"雪榕转债"转换为股票，特提醒投资者关注不能 转股的风险。 3、特别提醒投资 ...

Core Insights - The agriculture sector saw a rise of 0.65% on October 13, with Qiu Le Seed Industry leading the gains [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Sector Performance - Qiu Le Seed Industry (code: 920087) closed at 17.05, up 5.64% with a trading volume of 204,900 shares and a transaction value of 377 million [1] - Other notable gainers included: - Shen Nong Seed Industry (code: 300189) at 4.68, up 4.93%, with a trading volume of 2.159 million shares and a transaction value of 1.042 billion [1] - Wanxiang Deno (code: 600371) at 9.45, up 3.62%, with a trading volume of 364,700 shares and a transaction value of 356 million [1] Fund Flow Analysis - The agriculture sector experienced a net outflow of 2.0653 million from institutional investors, while retail investors saw a net outflow of 55.7436 million [2] - Conversely, speculative funds recorded a net inflow of 57.8089 million [2] Individual Stock Fund Flow - North China Agricultural (code: 600598) had a net inflow of 58.2983 million from institutional investors, but a net outflow of 67.3320 million from retail investors [3] - Snow Rong Biological (code: 300511) saw a net inflow of 38.0955 million from institutional investors, with a net outflow of 19.9775 million from retail investors [3] - Su Kan Agricultural Development (code: 601952) had a net inflow of 27.7753 million from institutional investors, while retail investors experienced a net outflow of 14.2399 million [3]

| 证券代码：300511 | 证券简称：雪榕生物 | 公告编号：2025-113 | | --- | --- | --- | | 债券代码：123056 | 债券简称：雪榕转债 | | 上海雪榕生物科技股份有限公司 关于雪榕转债即将停止转股 暨赎回前最后一个交易日的重要提示性公告 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。 重要内容提示： 1、最后转股日：2025 年 10 月 14 日 2025 年 10 月 14 日为"雪榕转债"最后一个转股日，当日收市前，持有"雪 榕转债"的投资者仍可进行转股；2025 年 10 月 14 日收市后，仍未转股的"雪 榕转债"，将按照 100.93 元/张的价格强制赎回，特别提醒"雪榕转债"持有人 注意在限期内转股，如果投资者未及时转股，可能面临损失，敬请投资者注意投 资风险。 截至 2025 年 10 月 13 日收市后，距离"雪榕转债"停止转股日（2025 年 10 月 15 日）仅剩下最后 1 个交易日。 2、投资者若转股，需开通创业板交易权限，若投资者不符合创业板股票适 当性管理要求的，不能将所持"雪榕转债" ...

证券代码：300511 证券简称：雪榕生物 公告编号：2025-112 债券代码：123056 债券简称：雪榕转债 上海雪榕生物科技股份有限公司 关于控股股东及其一致行动人持股比例 变动触及1%的整数倍的提示性公告 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、本次权益变动基本情况 1 | 2.本次权益变动情况 | | | | | | | --- | --- | --- | --- | --- | --- | | 股份种类 | | 减持股数 | | 变动比例 | | | （A 股、B | 股等） | （股） | | （%） | | | 杨勇萍（A | 股） | 0 | | 被动稀释 | 0.9514 | | 银万华奕 | 号（A 股） 1 | 0 | | 被动稀释 | 0.1656 | | 合 | 计 | 0 | | 1.1170 | | | 本次权益变动方式 | | 通过证券交易所的集中交易 通过证券交易所的大宗交易 | | □ □ | | | | | 其他 | | √（被动稀释） | | | 来源 | 本次增持股份的资金 | 自有资金 其他金融机构借 ...