格隆汇11月3日丨晓鸣股份(300967.SZ)公布，截至2025年10月31日，公司通过回购专用证券账户以集中 竞价交易方式累计回购股份数量为1,893,500股，占公司总股本的1.0095%，成交的最低价格为11.23元/ 股，成交的最高价格为19.18元/股，支付的总金额为人民币21,963,277.00元（不含交易费用）。上述回 购符合公司回购方案及相关法律法规的要求。 ...

关于回购公司股份的进展公告 证券代码：300967 证券简称：晓鸣股份 公告编号：2025-161 宁夏晓鸣农牧股份有限公司 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。 宁夏晓鸣农牧股份有限公司（以下简称"公司"）于 2024 年 12 月 20 日召 开第五届董事会第十七次会议、第五届监事会第七次会议，于 2025 年 1 月 10 日召开 2025 年第一次临时股东大会逐项审议通过《关于回购公司股份方案的议 案》，公司将使用自有资金和/或自筹资金通过二级市场以集中竞价交易方式回 购部分公司已在境内发行上市的人民币普通股（A 股）股票，用于实施员工持股 计划或股权激励计划。 本次回购总金额不低于人民币 2,000.00 万元（含）且不超过人民币 4,000.00 万元（含），回购股份的价格不超过 19.74 元/股。具体回购数量以回购期限届 满时实际回购的股份数量为准。本次回购股份的实施期限自公司股东大会审议通 过回购方案之日起 12 个月内。具体内容详见公司 2024 年 12 月 20 日、2025 年 1 月 13 日在巨潮资讯网（http://w ...

Core Insights - The aquaculture sector experienced a 1.0% increase on October 31, with Tianyu Biological leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Aquaculture Sector Performance - Tianyu Biological (603717) closed at 9.16, up 4.93% with a trading volume of 254,000 shares and a transaction value of 234 million [1] - Huaying Agriculture (002321) closed at 2.90, up 4.69% with a trading volume of 654,900 shares and a transaction value of 188 million [1] - Other notable performers include *ST Tianshan (300313) up 3.34%, Luoniushan (000735) up 2.37%, and Xiaoming Co. (300967) up 1.65% [1] Capital Flow Analysis - The aquaculture sector saw a net inflow of 290 million from institutional investors, while retail investors experienced a net outflow of 190 million [2] - Major stocks like Muyuan Foods (002714) had a net inflow of 203 million, while Wens Foodstuffs (300498) had a net inflow of 61 million [3] - The overall trend indicates a shift in capital, with institutional investors showing confidence in the sector while retail investors are withdrawing [2][3]

Core Points - The aquaculture sector experienced a decline of 1.31% on October 30, with Tianyu Biology leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Yisheng Co. (002458) closed at 9.03, up 0.33% with a trading volume of 97,800 shares and a turnover of 88.43 million yuan [1] - Xiantan Co. (002746) closed at 6.31, up 0.32% with a trading volume of 154,800 shares and a turnover of 97.81 million yuan [1] - Tianyu Biology (603717) closed at 8.73, down 3.64% with a trading volume of 155,200 shares and a turnover of 137 million yuan [2] - Huaying Agriculture (002321) closed at 2.77, down 3.15% with a trading volume of 424,400 shares and a turnover of 119 million yuan [2] Capital Flow - The aquaculture sector saw a net outflow of 188 million yuan from institutional investors, while retail investors had a net inflow of 141 million yuan [2] - The main capital inflow and outflow for specific stocks included: - Jingji Zhinnong (000048) had a net inflow of 19.99 million yuan from main capital [3] - Wens Foodstuff Group (300498) had a net inflow of 7.96 million yuan from main capital [3] - Yisheng Co. (002458) had a net inflow of 3.79 million yuan from main capital [3]

Core Viewpoint - The company has been increasing its export frequency and market share in Mongolia, which is its primary overseas market, despite the global rise in avian influenza cases [1] Group 1: Company Operations - The company is closely monitoring the global animal disease prevention situation due to the onset of the avian influenza high season [1] - Currently, the avian influenza events have not adversely affected the company's production and operations [1]

Group 1 - The agricultural, animal husbandry, and fishery sector experienced a market-wide pullback, with the only agricultural ETF (159275) closing down by 0.7% [1] - Key stocks in the sector, including animal health, broiler farming, and agricultural product processing, saw significant declines, with Bio-Stock dropping by 4.06% and several others falling over 2% [3] - The overall trend in pig prices remains downward, with current prices for fat pigs nearing 11 yuan/kg and weaned piglets dropping to around 150 yuan/head, indicating a phase of comprehensive losses in the industry [3] Group 2 - The agricultural sector's valuation is currently at a relatively low level, suggesting a good time for investment, with the agricultural ETF's index price-to-book ratio at 2.57, positioned at the 30.08 percentile over the past decade [3] - Guosen Securities is optimistic about the reversal of the livestock cycle by 2025, highlighting the potential for domestic beef and raw milk markets to rise [4] - The industry is expected to undergo a quality improvement and efficiency enhancement trend, with outdated capacities gradually being eliminated, leading to an increase in market share for financially stable producers [4] Group 3 - The agricultural ETF (159275) tracks the CSI Agricultural Index, with major holdings including leading companies in the sector, and approximately 40% exposure to pig-related stocks [5] - The index covers a wide range of industries within the agricultural sector, providing a comprehensive opportunity to capture the recovery of the entire agricultural value chain [5] - The ETF is the first and only one tracking the CSI Agricultural Index, which was established on December 31, 2004, and published on December 12, 2016 [8]

证券代码：300967 证券简称：晓鸣股份 公告编号：2025-160 信永中和作为公司 2025 年度财务报表的审计服务机构，原指派司建军先生、 赵小刚先生作为签字注册会计师。鉴于原签字会计师司建军先生、赵小刚先生工 作调整原因，为了按时完成公司 2025 年度财务报表审计工作，更好地配合公司 2025 年度信息披露工作，经信永中和安排，指派注册会计师梁建勋先生、朱银 玲女士接替司建军先生、赵小刚先生完成公司 2025 年度财务报表审计的相关工 作，变更后签字会计师为梁建勋先生、朱银玲女士，其中梁建勋先生为信永中和 会计师事务所（特殊普通合伙）合伙人，朱银玲女士为审计业务经理。 二、本次新任签字会计师的简历及诚信和独立性情况 宁夏晓鸣农牧股份有限公司 1.基本信息 关于变更审计机构签字会计师的公告 项目合伙人梁建勋先生于 2009 年开始在信永中和会计师事务所(特殊普通 合伙)工作至今，2000 年开始从事上市公司审计工作，2002 年获得中国注册会计 师资质,2009 年开始在信永中和执业。 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。 宁夏晓鸣农牧股份 ...

Summary of Xiaoming Co. Conference Call Company Overview - **Company**: Xiaoming Co. - **Industry**: Poultry and Egg Production Key Points and Arguments Financial Performance - Xiaoming Co. reported a loss of 1.65 million yuan in Q3 2025, primarily due to falling egg prices, weak seasonal demand, and increased R&D expenses related to digital upgrades like Max and ERP systems [2][4][3] - For the first three quarters of 2025, the company achieved a net profit of 183 million yuan, a significant turnaround from previous losses, driven by tight supply conditions due to overseas avian influenza affecting breeding imports [3][4] Market Conditions - The egg market is experiencing oversupply, with the number of laying hens exceeding average levels by 5% to 8%, leading to unfavorable pricing conditions [5][6] - The demand for eggs has not met expectations, particularly during the Mid-Autumn Festival and National Day holidays, resulting in a lackluster consumption pattern [6][9] Strategic Adjustments - Xiaoming Co. has adjusted its strategy to maintain a monthly sales volume of over 20 million chicks to sustain market share, anticipating a market recovery in the second half of 2026 [2][7] - The company is committed to green development and digital transformation to enhance operational efficiency and competitiveness [7] Future Market Outlook - Short-term expectations indicate a slight increase in egg demand in Q4 2025, particularly in December due to pre-holiday stocking, but overall consumption remains weak [9][10] - Long-term projections suggest that the interruption of breeding imports will create a supply gap, supporting market prices in the coming years [8][10] Cost and Pricing Dynamics - The cost of chick production in September 2025 was approximately 3.4 yuan, influenced by increased management and R&D costs [19] - Current orders for commercial chicks are concentrated in early December, with prices for different types of chicks ranging from 3.0 to 3.8 yuan [16] Production and Capacity - Xiaoming Co. has introduced over 41,000 grandparent stock this year, with a total of about 50,000 sets of grandparent stock currently held [12] - The company plans to establish a fully automated hatchery to improve efficiency and reduce labor costs [14] Youth Chicken Business - The youth chicken sales target for 2025 is 5 million, with current monthly sales around 400,000, although a decline is expected in September and October [17][18] - The company aims for significant growth in the youth chicken segment, targeting 1 million sales in 2026 and 2 million in 2027 [18] Competitive Landscape - Xiaoming Co. aims to maintain a market share of 30% in China, with plans for future overseas expansion once domestic cash flow stabilizes [22] Challenges and Risks - The poultry industry faces challenges from rising feed costs and competition from alternative protein sources, which may pressure egg prices [10][11] - The ongoing impact of avian influenza on breeding imports poses a risk to future production capacity [14][15] Additional Important Insights - The company is focusing on enhancing the value of by-products and exploring new product lines, such as frozen chicken and specialty products, to mitigate losses during downturns [20] - The current scale of poultry farming affects production costs, with medium-sized farms being the most cost-effective [11]

Core Insights - Xiaoming Co., Ltd. reported a significant increase in revenue and profitability for the first three quarters of 2025, achieving total revenue of 1.024 billion yuan, a year-on-year growth of 58.98%, and a net profit of 183 million yuan, compared to a loss of 8.54 million yuan in the same period last year [1][2] Financial Performance - The overall gross margin for the first three quarters reached 28.26%, with a year-on-year increase of 193.42%, while the net profit margin was 17.88%, up 1448.57% year-on-year [1] - The company's non-recurring net profit was 176 million yuan, reflecting a year-on-year growth of 925.04%, indicating strong profitability in core operations [1] - Earnings per share increased to 0.98 yuan, a substantial rise of 2283.15% year-on-year, showcasing enhanced value creation for shareholders [1] - The weighted average return on equity was 21.35%, up 22.51 percentage points year-on-year, indicating high capital return efficiency [1] - Net cash flow from operating activities was 246 million yuan, a year-on-year increase of 64.59%, reflecting good profit quality and smooth capital turnover [1] Asset Structure - As of the end of Q3 2025, the company's interest-bearing debt was 565 million yuan, down 20.48% from 711 million yuan in the same period last year, indicating reduced debt pressure [2] Quarterly Performance - In Q3 2025, the company reported a slight decline in performance, with total revenue of 272 million yuan, a year-on-year increase of 6.4%, and a net profit attributable to shareholders of -1.66 million yuan, down from a profit of 20.63 million yuan in the same quarter last year [2] - The decline in Q3 performance was attributed to the overall supply-demand structure in the poultry farming industry, with cautious expectations from farming units leading to adjustments in stocking pace and a reasonable correction in chick prices [2] - Sales data showed that from July to September, the company sold 63.14 million chickens, a decrease of 11% from the previous quarter, with average sales prices dropping from over 4.2 yuan per chicken in July to 3.06 yuan in September [2] Market Response - Despite the short-term adjustments in Q3, the company reported stable sales volumes in September, with revenue fluctuations primarily influenced by seasonal factors in the industry [2] - The company's stock price has performed strongly, with a cumulative increase of over 70% this year [3]

Core Insights - The aquaculture sector experienced a slight decline of 0.08% on October 24, with Xiaoming Co. leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Aquaculture Sector Performance - Yisheng Co. (002458) saw a closing price of 8.85, with an increase of 2.67% and a trading volume of 150,400 shares, totaling a transaction value of 134 million yuan [1] - Shengnong Development (002299) closed at 16.28, up 1.12%, with a trading volume of 136,800 shares and a transaction value of 222 million yuan [1] - Other notable performances include: - ST Tianshan (300313) at 8.43, up 0.60% [1] - Jinjidun Agricultural (000048) at 17.03, up 0.53% [1] - Muyuan Foods (002714) at 48.86, up 0.31% [1] - Xiaoming Co. (300967) led the decline with a closing price of 21.20, down 3.02% [2] Capital Flow Analysis - The aquaculture sector saw a net outflow of 153 million yuan from institutional investors, while retail investors contributed a net inflow of 11.67 million yuan [2] - Notable capital flows include: - Luoniushan (000735) with a net inflow of 5.14 million yuan from institutional investors [3] - Yike Foods (301116) with a net outflow of 1.90 million yuan from institutional investors [3] - Yisheng Co. (002458) experienced a net outflow of 2.22 million yuan from institutional investors [3]