Group 1 - The core point of the article is that Lihua Co., Ltd. (SZ 300761) held its fourth board meeting on October 27, 2025, to review the proposal for the third quarter report of 2025 [1] - For the year 2024, the revenue composition of Lihua Co., Ltd. is 100% from the breeding industry [1] - As of the report date, the market capitalization of Lihua Co., Ltd. is 18.5 billion yuan [1]

Summary of the Conference Call for Lihua Co., Ltd. Industry Overview - The conference call primarily discusses the performance of Lihua Co., Ltd. in the poultry and pork sectors, particularly focusing on the yellow feather chicken and pork production segments. Key Points and Arguments Financial Performance - In Q3 2025, Lihua Co., Ltd. achieved a profit of approximately 1.38 billion yuan, with a cumulative profit of 2.87 billion yuan for the first three quarters. However, the overall performance was only marginally profitable due to significant losses in July and June, resulting in a net profit of about 10 to 20 million yuan for the quarter [2][3][14]. - The yellow feather chicken segment experienced a U-shaped recovery, with severe losses in July, returning to breakeven in August, and achieving better profitability in September [3]. Cost and Pricing Dynamics - The production cost for yellow feather chickens increased due to rising feed prices, averaging close to 5.7 yuan per chicken in Q3. It is expected that the feed-to-meat ratio will decline in Q4, but costs are unlikely to return to the lower levels seen in the first half of the year [2][4]. - Pork production costs have been decreasing, reaching 12.61 yuan per kilogram in September, with expectations to drop further to around 6.6 yuan per kilogram by December [2][4]. Asset Impairment - The company recorded a total impairment of approximately 40 million yuan in Q3, with two-thirds attributed to leasing assets and the remainder related to yellow feather chicken and goose assets [2][5]. Production Capacity and Sales Strategy - The company has an ice-fresh chicken production capacity of 150 million chickens, with a sales target of 100 million chickens for the year. Plans to enhance product quality, expand brand market presence, and improve processing and packaging are in place to increase profit margins [2][6]. - The company aims to reduce the complete cost of live pigs to around 12 yuan per kilogram by improving production metrics such as farrowing rates and PSY (Pigs Sold per Year) [2][7]. Market Outlook - The outlook for Q4 2025 and H1 2026 indicates that while pork prices are expected to remain stable, the supply of chicken may be affected if pork prices do not rise significantly. The likelihood of a repeat of the severe price drops experienced in the previous summer is considered low [4]. Government Subsidies and Farmer Engagement - Increased government subsidies are anticipated in 2025, potentially disbursed earlier than usual. The fee for farmers raising chickens is currently between 3.2 to 3.3 yuan per chicken, with a growth rate of about 8% to 10% in the number of farmers compared to the previous year [2][15]. Market Dynamics - The low prices of yellow feather chickens in June and July led to some small and medium-sized farms exiting the market. However, the overall growth in larger enterprises has mitigated the impact of these exits [2][16]. Additional Important Information - The company has been cautious in its financial assessments, leading to impairment provisions even when certain products show profitability. This reflects a conservative approach to managing financial risks [9][10]. - The slaughtering segment reported a profit of around 2 to 3 million yuan in Q3, with a slaughter volume of approximately 25 million chickens [12]. This summary encapsulates the critical insights from the conference call, highlighting the financial performance, cost dynamics, production strategies, and market outlook for Lihua Co., Ltd.

Core Insights - Lihua Co., Ltd. (300761.SZ) reported a revenue of 13.493 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 6.38% [1] - The net profit attributable to shareholders of the listed company was 287 million yuan, showing a significant year-on-year decrease of 75.27% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 292 million yuan, down 74.36% year-on-year [1] - The basic earnings per share stood at 0.3452 yuan [1]

Core Insights - The company reported Q3 2025 revenue of 5.14 billion yuan, representing a year-on-year increase of 5.35% while net profit decreased by 76.40% [1] - For the first three quarters, the company achieved revenue of 13.493 billion yuan, a year-on-year growth of 6.38%, but net profit fell by 75.27% [1] Financial Performance - Q3 2025 revenue: 5.14 billion yuan, up 5.35% year-on-year [1] - Q3 2025 net profit: 138 million yuan, down 76.40% year-on-year [1] - First three quarters revenue: 13.493 billion yuan, up 6.38% year-on-year [1] - First three quarters net profit: 287 million yuan, down 75.27% year-on-year [1]

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]