Core Viewpoint - Lihua Co., Ltd. reported a revenue of 5.14 billion yuan for Q3 2025, marking a year-on-year increase of 5.35%, while net profit attributable to shareholders decreased by 76.40% to 138 million yuan [1] Financial Performance - For the first three quarters, the company achieved a revenue of 13.493 billion yuan, reflecting a year-on-year growth of 6.38% [1] - The net profit attributable to shareholders for the same period was 287 million yuan, showing a significant decline of 75.27% [1] - Basic earnings per share for Q3 were 0.1658 yuan, and for the first three quarters, it was 0.3452 yuan [1]

经与会董事认真审议，充分讨论，对以下议案进行了表决，形成决议如下： 1、审议通过《关于公司<2025 年第三季度报告>的议案》。 证券代码：300761 证券简称：立华股份 公告编号：2025-078 江苏立华食品集团股份有限公司 第四届董事会第八次会议决议的公告 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、董事会会议召开情况 江苏立华食品集团股份有限公司（以下简称公司）第四届董事会第八次会议 于 2025 年 10 月 24 日以电话、书面及邮件形式通知全体董事，于 2025 年 10 月 27 日 14:00 在公司会议室以现场结合通讯表决的方式召开。本次会议应出席董事 9 名，实际出席董事 9 名。公司高级管理人员列席了会议。会议由程立力先生主 持，本次会议出席人数、召开程序、议事内容均符合《中华人民共和国公司法》 （以下简称《公司法》）和《公司章程》的有关规定。 二、董事会会议审议情况 董事会认为《2025 年第三季度报告》真实反映了本报告期公司财务状况及 经营管理情况，所记载事项不存在虚假记载、误导性陈述或重大遗漏，所披露的 信息真实、准确、 ...

Financial Performance - The company's revenue for Q3 2025 reached ¥5,139,834,812.13, representing a 5.35% increase compared to the same period last year[5]. - Net profit attributable to shareholders decreased by 76.40% to ¥138,314,267.22, while the net profit after deducting non-recurring gains and losses fell by 75.70% to ¥145,153,466.59[5]. - Total revenue for the period reached ¥13,493,150,318.14, an increase of 6.4% compared to ¥12,683,822,047.95 in the previous period[20]. - Net profit for the current period is 273,989,650.52, a decrease of 76.4% compared to 1,157,824,683.36 in the previous period[21]. - Operating profit for the current period is 306,555,356.38, down from 1,170,264,360.90, reflecting a decline of 73.8%[21]. - Total comprehensive income for the current period is 274,607,234.53, down from 1,171,113,675.78 in the previous period, a decline of 76.6%[21]. Assets and Liabilities - The total assets at the end of the reporting period were ¥16,074,731,863.47, an increase of 9.19% from the end of the previous year[5]. - Total liabilities increased to ¥6,948,701,299.72 from ¥5,564,778,026.44, reflecting a rise of 24.8%[18]. - The company's equity attributable to shareholders decreased slightly to ¥9,017,667,326.88 from ¥9,060,276,661.35, a decline of 0.5%[19]. - Non-current assets totaled ¥11,058,749,215.95, up from ¥10,606,750,453.24, indicating a growth of 4.2%[18]. Cash Flow - Cash flow from operating activities showed a decline of 25.75% year-to-date, totaling ¥1,340,874,098.75[5]. - Cash flow from operating activities net amount is 1,340,874,098.75, a decrease of 25.7% from 1,805,789,012.33 in the previous period[22]. - Cash flow from investing activities net amount is -1,822,135,643.85, worsening from -1,546,089,282.08 in the previous period[23]. - Cash flow from financing activities net amount is 720,398,460.58, compared to -366,319,067.23 in the previous period, indicating a significant recovery[23]. - The cash and cash equivalents at the end of the period increased to 403,862,657.92 from 245,515,478.89, reflecting a positive cash position[23]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 15,959[13]. - The largest shareholder, Cheng Lili, holds 30.65% of shares, totaling 256,630,101 shares, with 60,350,000 shares pledged[13]. - The second-largest shareholder, Changzhou Benteeng Agricultural Technology Service Center, holds 17.57% of shares, totaling 147,111,500 shares, with 64,000,000 shares pledged[13]. - The company has a high concentration of ownership, with the top 10 shareholders holding significant stakes, including 6.27% by Changzhou Tianming Agricultural Technology Service Center[13]. - The company’s major shareholders have various pledges on their shares, indicating potential liquidity risks[13]. Research and Development - Research and development expenses increased by 32.96% to ¥100,469,844.94, primarily due to increased investment in breeding[11]. - Research and development expenses increased to ¥100,469,844.94 from ¥75,562,090.47, showing a growth of 32.9%[20]. Investment Income - The company reported a significant increase in investment income, which rose by 328.61% to ¥36,588,122.08, mainly from equity instrument investments[11]. - The company reported an investment income of ¥36,588,122.08, significantly higher than ¥8,536,391.72 in the previous period[20]. Inventory and Operating Costs - Total operating costs amounted to ¥13,123,389,623.86, up from ¥11,588,422,713.92, reflecting a growth of 13.3%[20]. - Inventory levels rose to ¥3,080,834,180.97, compared to ¥2,834,957,598.04, marking an increase of 8.7%[17]. Other Financial Metrics - The company's basic and diluted earnings per share both decreased by 76.59% to ¥0.1658[5]. - Basic and diluted earnings per share for the current period are both 0.3452, down from 1.4025 in the previous period, representing a decrease of 75.4%[22]. - The company reported a decrease in credit impairment losses to -890,193.10 from -7,103,693.13, showing an improvement in credit quality[21]. - The total number of restricted shares at the beginning of the period was 226,352,851, with 17,524,590 shares released and 429,750 shares added, resulting in 209,258,011 restricted shares at the end of the period[15]. - The company has a structured plan for the release of restricted shares, with executives' shares being released at a rate of 25% annually based on the previous year's holdings[15]. Market and Product Development - There is no indication of any new product launches or market expansion strategies mentioned in the extracted content[16].

Core Insights - The aquaculture sector experienced a 2.28% increase on October 27, with Shengnong Development leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Aquaculture Sector Performance - Shengnong Development (002299) closed at 16.97, up 4.24% with a trading volume of 239,800 shares and a transaction value of 403 million yuan [1] - Other notable performers included: - Bangxi Co., Ltd. (300967) at 22.05, up 4.01% [1] - Yisheng Co., Ltd. (002458) at 9.17, up 3.62% [1] - Lihua Co., Ltd. (300761) at 22.15, up 3.12% [1] - Muyu Co., Ltd. (002714) at 50.25, up 2.84% with a transaction value of 2.24 billion yuan [1] Capital Flow Analysis - The aquaculture sector saw a net inflow of 102 million yuan from institutional investors, while retail investors experienced a net outflow of 613.2 million yuan [2] - Key stocks with significant capital flow included: - Muyuan Foods (002714) with a net inflow of 234 million yuan from institutional investors [3] - Shennong Group (605296) with a net inflow of 22.49 million yuan [3] - Xinnong Co., Ltd. (000876) with a net inflow of 22.84 million yuan [3]

Core Insights - The aquaculture sector experienced a slight increase of 0.28% on October 23, with Xiaoming Co. leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Aquaculture Sector Performance - Xiaoming Co. (300967) closed at 21.86, up 2.82% with a trading volume of 105,300 shares and a transaction value of 230 million [1] - Tianyu Biological (603717) closed at 9.17, up 2.12% with a trading volume of 152,700 shares and a transaction value of 140 million [1] - Other notable performers include Xiangjia Co. (002982) up 1.76%, Minhe Co. (002234) up 1.73%, and Xinwufeng (600975) up 1.57% [1] Capital Flow Analysis - The aquaculture sector saw a net inflow of 25.81 million from institutional investors, while retail investors contributed a net inflow of 4.57 million [2] - Major stocks like Jingji Zhino (000048) experienced a significant net outflow of 29.90 million from speculative funds [3] - Muyu Co. (002714) had a net inflow of 43.02 million from institutional investors, but also saw a net outflow of 26.25 million from speculative funds [3]

Core Viewpoint - The actual controller of Lihua Co., Ltd. and its concerted parties plan to reduce their shareholding, which will not significantly impact the company's governance structure or control [1][2] Shareholding Reduction Plan - The actual controller Cheng Lili and his concerted party, Changzhou Pentium Animal Husbandry Technology Service Center, plan to reduce their holdings by up to 25,118,000 shares, accounting for 3.00% of the total share capital, within a specified period from July 22, 2025, to October 21, 2025 [1] - The total shares reduced amounted to 24,381,800, with a total cashing out of approximately 431,086,228 yuan [1] Shareholding Structure Before and After Reduction - Before the reduction, Cheng Lili held 270,130,501 shares (32.26% of total share capital), and Pentium Animal Husbandry held 157,500,000 shares (18.81% of total share capital) [2] - After the reduction, Cheng Lili holds 256,630,101 shares (30.65% of total share capital), and Pentium Animal Husbandry holds 146,618,600 shares (17.51% of total share capital) [2] Control and Governance Impact - The shareholding reduction will not lead to significant changes in the company's governance structure, equity structure, or future operations, nor will it result in a change of control [2]

Core Viewpoint - The actual controller of Lihua Co., Ltd. (300761.SZ), Cheng Lili, along with his concerted action partner, has completed a share reduction plan, resulting in a decrease in their combined shareholding percentage from 51.07% to 48.16% [1] Summary by Category Share Reduction Details - Cheng Lili reduced his holdings by a total of 13,500,400 shares, which represents 1.61% of the company's total share capital. This includes 13,350,000 shares sold through block trading at an average price of 15.81 yuan per share and 150,400 shares sold through centralized bidding at an average price of 19.56 yuan per share [1] - The concerted action partner, Changzhou Pentium Animal Husbandry Technology Service Center, reduced its holdings by 10,881,400 shares, accounting for 1.30% of the company's total share capital. This includes 8,111,400 shares sold through centralized bidding at an average price of 21.36 yuan per share and 2,770,000 shares sold through block trading at an average price of 15.82 yuan per share [1]

Core Viewpoint - The agricultural, animal husbandry, and fishery sector is experiencing a downturn, with the first agricultural ETF (159275) declining by 1.31% as of market close on October 22, 2023 [1] Industry Analysis - The pig farming industry is facing significant capacity pressure, leading to widespread losses. Current prices for fat and piglets have dropped to yearly lows, suggesting a potential further decline in prices. Historical trends indicate that when both prices are low, the industry may initiate market-driven capacity reduction, which could support long-term price increases for pigs [3] - Despite the current challenges, there is an expectation of increased pig supply in the fourth quarter due to rising slaughter volumes and accelerated weight gain as temperatures drop. This has led to a stronger demand for meat, with pig prices stabilizing at psychological levels, easing the pressure on the breeding sector [3] - The valuation of the agricultural sector remains relatively low, presenting a favorable investment opportunity. As of October 22, 2023, the agricultural ETF's index price-to-book ratio stands at 2.57, placing it in the 29.3 percentile over the past decade, highlighting its mid- to long-term investment value [3] Investment Direction - Analysts are optimistic about the pig farming sector due to policy and market forces driving capacity reduction, which is expected to enhance long-term performance [4] - The agricultural sector plays a crucial role in food security, economic development, ecological balance, and social welfare. The traditional farming industry is undergoing significant supply-side reforms, which are likely to benefit large-scale farming enterprises. The domestic market concentration is increasing, and companies that have expanded into overseas markets are expected to gain a competitive edge [5] - The current upward trend in grain prices and favorable conditions in the planting and seed sectors indicate significant investment opportunities in these areas [6] ETF Overview - The agricultural ETF (159275) tracks the CSI Agricultural Index, with major holdings including leading companies in livestock, feed, and planting sectors. The top ten holdings account for over 90% of the index, focusing on agricultural breeding, feed, and planting industries [6]

证券代码：300761 证券简称：立华股份 公告编号：2025-076 江苏立华食品集团股份有限公司 关于公司实际控制人及其一致行动人减持期限届满的公告 公司实际控制人程立力先生及其一致行动人常州市奔腾牧业技术服务中心 （有限合伙）保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 江苏立华食品集团股份有限公司（以下简称公司）于 2025 年 6 月 30 日披露 了《关于实际控制人及其一致行动人减持股份预披露公告》（公告编号：2025-050）， 实际控制人程立力先生及其一致行动人常州市奔腾牧业技术服务中心（有限合伙） （以下简称奔腾牧业）计划自前述公告披露之日起 15 个交易日后的 3 个月内（2025 年 7 月 22 日至 2025 年 10 月 21 日）以集中竞价方式或以大宗交易方式合计减持 公司股份不超过 25,118,000 股（占公司总股本比例为 3.00%）。 1 | | | 注 1：上表若出现总数与各分项数值之和尾数不符的情况，均为四舍五入原因所致。 注 2：上述股东减持股份来源为公司首次 ...

Core Insights - The aquaculture sector experienced a decline of 1.22% on October 22, with Shengnong Development leading the drop [1][2] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Aquaculture Sector Performance - The following companies showed notable performance: - Pangming Co., Ltd. (300967) closed at 21.26, up 1.67% with a trading volume of 55,600 shares and a transaction value of 117 million [1] - Shengnong Development (002299) closed at 16.16, down 4.15% with a trading volume of 276,600 shares and a transaction value of 449 million [2] - Wens Foodstuff Group (300498) closed at 18.09, down 1.15% with a trading volume of 410,500 shares and a transaction value of 750 million [2] Capital Flow Analysis - The aquaculture sector saw a net outflow of 388 million from institutional investors, while retail investors contributed a net inflow of 211 million [2] - Notable capital flows included: - Pangming Co., Ltd. had a net inflow of 6.53 million from institutional investors, while retail investors had a net outflow of 7.21 million [3] - Wens Foodstuff Group experienced a net outflow of 2.93 million from institutional investors, with a significant net inflow of 20.58 million from retail investors [3]