| 证券代码：300511 | 证券简称：雪榕生物 | 公告编号：2025-090 | | --- | --- | --- | | 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 关于提前赎回雪榕转债的第五次提示性公告 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。 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 9、赎回类别：全部赎回 10、最后一个交易日（2025 年 10 月 9 日）可转债简称：Z 榕转债 11、根据安排，截至 2025 年 10 月 14 日收市后仍未转股的"雪榕转债"将 被强制赎回，本次赎回完成后，"雪榕转债"将在深圳证券交易所（以下简称"深 交所"）摘牌。特提醒"雪榕转债"持有 ...

Group 1 - The core viewpoint is that the edible mushroom industry is experiencing a rational return of capacity due to severe losses from overcapacity, particularly in enoki mushrooms, prompting leading companies to actively reduce production [1][4][6] - In 2023, the total production of edible mushrooms in China reached 43.34 million tons, a year-on-year increase of 2.6%, with a total output value of 396.56 billion yuan, also up 2.0% year-on-year [2] - The factory production of edible mushrooms saw a significant increase, with a total output of 4.09 million tons in 2023, representing a year-on-year growth of 43.23% [2] Group 2 - The enoki mushroom sector is facing severe overcapacity, with leading companies like Xuerong Bio reducing their annual production capacity to 440,000 tons, a decrease of 4% year-on-year, and a capacity utilization rate dropping to 63.82% in Q1 2025, down 9 percentage points from 2024 [1][4] - The profitability of the button mushroom segment remains strong, with its gross margin staying above 30% in most years, despite a slight decline to below 30% from 2019 to 2022 [1][4] - The industry is witnessing a consolidation phase, with smaller companies exiting the market, allowing larger firms like Xuerong Bio and Zhongxing Mushroom to solidify their leading positions [3][4] Group 3 - The cultivation of Cordyceps sinensis is emerging as a new growth area, with companies like Zhongxing Mushroom and Xuerong Bio initiating factory cultivation projects, potentially leading to significant revenue and profit increases [5] - The industry is expected to see a reversal in performance for stable production varieties, while the initial phase of Cordyceps cultivation may open a second growth curve for edible mushroom companies [6]

Investment Rating - Maintain "Increase" rating for the industry [5] Core Viewpoints - The edible mushroom industry is expected to benefit from the "big food concept" and "big health" initiatives, with a projected increase in demand [21][10] - The industry is experiencing a rational return of production capacity, with leading companies actively reducing capacity to stabilize production [57][52] - The winter worm summer grass industry is in its early stages of industrialization, presenting new growth opportunities for leading edible mushroom companies [4][52] Summary by Sections Edible Mushroom Production - In 2023, the national edible mushroom production reached 43.342 million tons, a year-on-year increase of 2.6%, with a total output value of 396.56 billion yuan, up 2.0% year-on-year [10][21] - The factory-produced edible mushroom output reached 4.0916 million tons in 2023, a significant increase of 43.23% year-on-year [16][10] Market Restructuring - The number of factory-produced edible mushroom enterprises surged from 47 in 2006 to 788 in 2012, leading to overcapacity and declining profits, particularly in the golden needle mushroom sector [2][24] - The industry concentration ratio (CR5) has stabilized between 33% and 36% from 2020 to 2024, indicating a stable market structure [47][20] Traditional Products - The golden needle mushroom has faced severe overcapacity, prompting leading companies like Xue Rong Biological to reduce production capacity by 4% to an annualized capacity of 440,000 tons [3][57] - The white mushroom (Agaricus bisporus) has maintained stable production levels, with a daily output of 916.7 tons in 2023, showing a slight decline of 1.6% year-on-year [67][70] Winter Worm Summer Grass - The artificial cultivation of winter worm summer grass is emerging as a new growth area, with companies like Zhongxing Mushroom Industry and Xue Rong Biological initiating factory cultivation projects [4][52] - The projected annual revenue from a fully operational winter worm summer grass project is approximately 26.22 million yuan, with a profit margin of 24.8% [4][52] Investment Recommendations - The edible mushroom industry is entering a phase of rational capacity return, with leading companies expected to reverse performance in their core business segments [52][4] - The industrialization of winter worm summer grass may open a second growth curve for edible mushroom companies, with a focus on Zhongxing Mushroom Industry and Xue Rong Biological [52][4]

Group 1 - The core point of the article is that Xuerong Biological announced the mandatory redemption of its convertible bonds, "Xuerong Convertible Bonds," if not converted by October 14, 2025, after which the bonds will be delisted from the Shenzhen Stock Exchange [2] - Bondholders are advised to convert their bonds before the deadline to avoid forced redemption [2] - It is recommended that bondholders with pledged or frozen "Xuerong Convertible Bonds"解除质押 or freeze before the conversion deadline to prevent issues with redemption [2]

上海雪榕生物科技股份有限公司 关于提前赎回雪榕转债的第四次提示性公告 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。 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 | 证券代码：300511 | 证券简称：雪榕生物 | 公告编号：2025-089 | | --- | --- | --- | | 债券代码：123056 | 债券简称：雪榕转债 | | 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 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 ...

Group 1 - The company Xuerong Bio announced that the "Xuerong Convertible Bonds" will be forcibly redeemed after the market closes on October 14, 2025, if not converted into shares [2] - Following the redemption, the "Xuerong Convertible Bonds" will be delisted from the Shenzhen Stock Exchange [2] - Bondholders are advised to convert their bonds before the deadline and to resolve any pledges or freezes on their bonds to avoid being forced to redeem them [2] Group 2 - Investors must open a trading account for the ChiNext board to convert their "Xuerong Convertible Bonds" into stocks [2] - Those who do not meet the suitability management requirements for ChiNext stocks will not be able to convert their bonds, highlighting the risk of being unable to convert [2]

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 | 证券代码：300511 | 证券简称：雪榕生物 | 公告编号：2025-088 | | --- | --- | --- | | 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 关于提前赎回雪榕转债的第三次提示性公告 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。 4、赎回登记日：2025 年 10 月 14 日 5、赎回日：2025 年 10 月 15 日 9、赎回类别：全部赎回 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 8、投资者赎回款到账日：2025 年 10 月 22 日 10、最后一个交易日（2025 年 10 月 ...

Investment Rating - The report maintains an "Increase" rating for the agricultural sector [3] Core Views - The price of enoki mushrooms has strengthened, with the national average price reaching 5.99 CNY/kg in August 2025, up 1.01% year-on-year and 6.02% month-on-month. After a decline in the first half of the year, production cuts by leading companies are expected to reverse the industry's difficulties and lead to price recovery [10][11] - In pig farming, the national price for lean pigs is 13.68 CNY/kg, up 1% from the previous week. The report suggests focusing on leading companies with low-cost and high-growth potential, such as Muyuan Foods and Wens Foodstuff Group [11][13] - In poultry farming, the average price for white feather chickens is 7.17 CNY/kg, down 2.2% from the previous week. The report highlights the potential for price recovery in the future [11][27] - The approval of genetically modified varieties is expected to lead to commercial sales, with potential growth for industry companies [11] - The report notes that fluctuations in agricultural product prices are increasing, and leading feed companies may replace smaller ones due to their advantages in procurement and scale [11] Summary by Sections Agricultural Data Tracking - The national price for lean pigs is 13.68 CNY/kg, up 1% from last week, while the average wholesale price for pork is 19.84 CNY/kg, down 0.5% [13][20] - The average price for meat chicken chicks is 3.4 CNY each, down 5.8% from last week [24][27] - The average price for white feather chicken is 7.17 CNY/kg, down 2.2% from last week [27][28] Market Review - The agricultural sector underperformed the CSI 300 index by 0.5 percentage points, with a decline of 1.32% [7][8] - The enoki mushroom industry is expected to recover due to production cuts and seasonal demand increases [10][11]

Core Viewpoint - The company, Shanghai Xuerong Biological Technology Co., Ltd., has announced the early redemption of its convertible bonds, "Xuerong Convertible Bonds," due to the triggering of conditional redemption clauses based on stock price performance [1][2]. Group 1: Convertible Bond Redemption Announcement - The company will redeem "Xuerong Convertible Bonds" at a price of 100.93 CNY per bond, and after the redemption, the bonds will be delisted from the Shenzhen Stock Exchange [1][2]. - The redemption was triggered as the company's stock price closed at or above 120% of the bond's conversion price for at least 15 trading days within a 30-day period [2][7]. - The board of directors approved the early redemption at a meeting held on September 3, 2025, and authorized management to handle the related matters [2][8]. Group 2: Convertible Bond Details - The company issued 5,850,000 convertible bonds on June 24, 2020, with a total fundraising amount of 585 million CNY [2][3]. - The bonds were listed on the Shenzhen Stock Exchange on July 24, 2020, under the code "123056" [3]. - The conversion period for the bonds started on January 4, 2021, and will end on June 23, 2026 [3]. Group 3: Conversion Price Adjustments - The conversion price has undergone several adjustments, with the latest adjustment setting it at 4.10 CNY per share effective from August 26, 2024 [6][7]. - The bond's conversion price was previously adjusted from 11.09 CNY to 11.15 CNY on July 21, 2023, and further down to 11.03 CNY on March 21, 2022 [5][6]. Group 4: Redemption Process - The redemption will be executed for all bondholders registered with the China Securities Depository and Clearing Corporation as of October 14, 2025 [8][9]. - The redemption amount will be credited to the bondholders' accounts on October 22, 2025 [9]. - The company will publish the redemption results and delisting announcement in the media [9].

关于提前赎回雪榕转债的第二次提示性公告 4、赎回登记日：2025 年 10 月 14 日 | 证券代码：300511 | 证券简称：雪榕生物 | 公告编号：2025-087 | | --- | --- | --- | | 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 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 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 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 ...