Core Viewpoint - The legal opinion letter from Grandall Law Firm confirms that Shanghai Xuerong Biotechnology Co., Ltd. has met the necessary legal requirements for the early redemption of its convertible bonds, known as "Xuerong Convertible Bonds" [4][14]. Group 1: Company Background and Bond Issuance - The company issued a total of 585 million yuan in convertible bonds, which were approved by the China Securities Regulatory Commission (CSRC) and listed on the Shenzhen Stock Exchange on July 24, 2020 [9][10]. - The bonds have a term of six years and were issued under the approval number CSRC License [2020] 634 [9]. Group 2: Redemption Conditions - The company has the right to redeem the bonds if the stock price exceeds 120% of the conversion price for at least 15 trading days within a 30-day period or if the remaining balance of the bonds is less than 30 million yuan [10][13]. - The conversion price has been adjusted multiple times, with the latest adjustment setting it at 4.10 yuan per share, effective from August 26, 2024 [12]. Group 3: Approval and Compliance - The board of directors approved the early redemption of the bonds on September 3, 2025, based on the stock price performance and market conditions [13][14]. - The company is required to fulfill its information disclosure obligations as per the relevant regulations following the redemption [14].

Core Viewpoint - The controlling shareholder of Xuerong Biological, Mr. Yang Yongping, along with his concerted party Zhejiang Yinwan Private Fund Management Co., Ltd., has seen their shareholding ratio decrease from 21.1404% to 20.8842% due to the conversion of convertible bonds, which led to an increase in the company's total share capital, resulting in passive dilution of their shareholding [1] Summary by Relevant Sections - Shareholding Change - The shareholding ratio of the controlling shareholder and concerted parties decreased from 21.1404% to 20.8842% [1] - This change is attributed to the conversion of convertible bonds, which increased the total share capital of the company [1] - Impact on Shareholders - The equity change does not involve any reduction in shares held by the controlling shareholder and concerted parties [1]

| 证券代码：300511 | 证券简称：雪榕生物 | 公告编号：2025-085 | | --- | --- | --- | | 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%刻度的提示性公告 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 本次权益变动前，上海雪榕生物科技股份有限公司（以下简称"公司"）控股股 东杨勇萍先生及其一致行动人浙江银万私募基金管理有限公司-银万华奕1号私募证 券投资基金（以下简称"银万华奕1号"）合计持有公司股份126,341,450股，占公司股 份总数的21.1404%。因公司可转债转股，公司总股本增加，导致杨勇萍先生及其一 致行动人持股比例被动稀释。截至2025年9月2日，杨勇萍先生及其一致行动人持股 数量未发生变化，持股比例由上述的21.1404%下降为20.8842%。 本次权益变动不涉及控股股东及其一致行动人减持公司股份。现将具体情况公 告如下： | 1.基本情况 | | | | | | | | | | | | ...

| 证券代码：300511 | 证券简称：雪榕生物 | 公告编号：2025-084 | | --- | --- | --- | | 债券代码：123056 | 债券简称：雪榕转债 | | 关于提前赎回雪榕转债的公告 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： 1、"雪榕转债"赎回价格：100.93 元/张（含当期应计利息，当期年利率为 3.00%，且当期利息含税），扣税后的赎回价格以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"）核准的价格为准。 2、赎回条件满足日：2025 年 9 月 3 日 3、停止交易日：2025 年 10 月 10 日 4、赎回登记日：2025 年 10 月 14 日 5、赎回日：2025 年 10 月 15 日 6、停止转股日：2025 年 10 月 15 日 7、赎回资金到账日（到达中国结算账户）：2025 年 10 月 20 日 上海雪榕生物科技股份有限公司 8、投资者赎回款到账日：2025 年 10 月 22 日 9、赎回类别：全部赎回 10、最后一个交易日（2025 年 10 月 9 日）可转 ...

国浩律师（上海）事务所 上海雪榕生物科技股份有限公司 可转换公司债券提前赎回的 法律意见书 上海市静安区山西北路 99 号苏河湾中心 25-28 楼 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China 电话/Tel: +86 21 5234 1668 传真/Fax: +86 21 5234 1670 网址/Website: http://www.grandall.com.cn 二〇二五年九月 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于上海雪榕生物科技股份有限公司 可转换公司债券提前赎回的 关于 法律意见书 致：上海雪榕生物科技股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受上海雪榕生物科技股份 有限公司（以下简称"雪榕生物"或"公司"）委托，根据《中华人民共和国公 司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《可转换公司债券管理办法》（以下简称"《管理办法》"）、《深圳证券交易所上市 公司自律监管指引第 15 ...

| 证券代码：300511 | 证券简称：雪榕生物 | 公告编号：2025-083 | | --- | --- | --- | | 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 第五届董事会第三十二次会议决议公告 本公司及出席本次董事会的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 1、本次董事会由董事长杨勇萍先生召集，会议通知于 2025 年 8 月 27 日以 电子邮件等通讯方式发出。 2、本次董事会于 2025 年 9 月 3 日在上海雪榕生物科技股份有限公司（以下 简称"公司"）会议室召开，采取现场和通讯相结合的方式进行表决。 3、本次会议应出席董事 7 人，实际出席董事 7 人。 4、本次董事会由董事长杨勇萍先生主持，公司监事、高级管理人员列席了 本次董事会。 5、本次董事会会议的召集、召开和表决程序符合《公司法》等法律、法规 及《公司章程》的有关规定，合法有效。 二、董事会会议审议情况 1、审议通过《关于提前赎回"雪榕转债"的议案》 经审议，董事会认为：自2025年8月14日至2025年9月 ...

Market Overview - The planting industry sector experienced a decline of 1.92% on September 3, with Kangnong Seed Industry leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Kangnong Seed Industry (837403) closed at 26.42, down 10.74% with a trading volume of 93,300 shares and a transaction value of 271 million yuan [1] - Qiule Seed Industry (831087) closed at 17.00, down 6.54% with a trading volume of 95,500 shares and a transaction value of 169 million yuan [1] - Shennong Seed Industry (300189) closed at 4.81, down 4.94% with a trading volume of 1.614 million shares and a transaction value of 800 million yuan [1] - Other notable declines include: - Quanyin High-Tech (300087) down 3.75% - Xuecheng Biological (300511) down 3.51% [1] Capital Flow Analysis - The planting industry sector saw a net outflow of 378 million yuan from institutional investors, while retail investors contributed a net inflow of 208 million yuan [1] - The following stocks had significant capital flows: - Honghui Fruits and Vegetables (603336) saw a net inflow of 9.33 million yuan from institutional investors [2] - New Agricultural Development (600359) had a net inflow of 289.78 million yuan from institutional investors [2] - Wanxiang Denong (600371) experienced a net outflow of 297.60 million yuan from institutional investors but a net inflow of 285.48 million yuan from retail investors [2]

Market Overview - The planting industry sector declined by 0.69% on September 2, with Nopson leading the decline [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Individual Stock Performance - Kangnong Agricultural (837403) saw a significant increase of 6.59%, closing at 29.60 with a trading volume of 86,500 shares and a turnover of 251 million yuan [1] - Nopson (002215) experienced a decline of 2.93%, closing at 11.93 with a trading volume of 394,200 shares and a turnover of 471 million yuan [2] - Other notable performers include Shennong Agricultural (681000E) with a 1.20% increase, and Huagu Biological (300970) remaining flat at 9.33 [1][2] Capital Flow Analysis - The planting industry sector experienced a net outflow of 108 million yuan from institutional investors, while retail investors saw a net inflow of 112 million yuan [2] - The capital flow for individual stocks indicates that Shennong Agricultural had a significant net outflow of 68.06 million yuan from institutional investors [3] - In contrast, Huagu Biological had a net inflow of 22.29 million yuan from retail investors, indicating a mixed sentiment among different investor types [3]

Core Viewpoint - Xuerong Biological (300511) reported a decline in total revenue and a negative net profit for the first half of 2025, but showed improvements in profitability metrics such as gross margin and net margin [1] Financial Performance - Total revenue for the first half of 2025 was 791 million yuan, a decrease of 26.17% year-on-year [1] - Net profit attributable to shareholders was -103 million yuan, an increase of 28.58% year-on-year [1] - In Q2 2025, total revenue was 350 million yuan, down 25.04% year-on-year [1] - Q2 2025 net profit attributable to shareholders was -110 million yuan, an increase of 26.23% year-on-year [1] Profitability Metrics - Gross margin increased by 207.28% year-on-year to 1.24% [1] - Net margin improved by 3.91% year-on-year to -12.3% [1] - Total selling, administrative, and financial expenses amounted to 113 million yuan, accounting for 14.3% of revenue, an increase of 9.08% year-on-year [1] Cash Flow and Debt - Cash flow per share was 0.23 yuan, an increase of 67.62% year-on-year [1] - The company had 764.12 million yuan in cash, a decrease of 80.35% year-on-year [1] - Interest-bearing liabilities decreased by 42.44% year-on-year to 1.533 billion yuan [1] Historical Performance - The company's historical median ROIC since listing is 8.22%, with the worst year being 2024 at -15.67% [3] - The company has reported losses in 4 out of 8 annual reports since its listing [3] - The cash flow situation is concerning, with cash to current liabilities ratio at only 6.26% [3] - The interest-bearing debt ratio has reached 41.57% [3]

Group 1 - The core point of the article is that Xuerong Biotechnology (SZ 300511) held its 31st meeting of the 5th Board of Directors on August 26, 2025, to review the semi-annual report and its summary for 2025 [1] - For the year 2024, Xuerong Biotechnology's revenue composition shows that the edible mushroom industry accounts for 98.62%, while other businesses contribute 1.38% [1] Group 2 - The pet industry is experiencing significant growth, with a market size of 300 billion yuan, leading to a surge in stock prices for related listed companies [1]