Core Viewpoint - Ningxia Xiaoming Agricultural and Animal Husbandry Co., Ltd. has issued convertible bonds totaling RMB 329 million, approved by the China Securities Regulatory Commission, to fund its main business projects [2][3][6]. Group 1: Bond Issuance Overview - The bonds, named Xiaoming Convertible Bonds (code: 123189), were issued at a face value of RMB 100 each, with a total fundraising amount of RMB 329 million [2][3]. - The bonds will pay interest annually, with the first interest payment starting from the issuance date [4][5]. - The initial conversion price for the bonds is set at RMB 19.43 per share, based on the average trading price of the company's stock prior to the announcement [6][12]. Group 2: Fund Utilization - The net proceeds from the bond issuance will be used entirely for the company's main business-related investment projects, as approved by the shareholders [5][6]. - The specific projects funded by the bond proceeds include the Red Temple Fort Smart Agriculture Industry Demonstration Park [5][6]. Group 3: Corporate Governance Changes - The company plans to cancel its supervisory board, transferring its responsibilities to the audit committee of the board of directors, in line with the new Company Law [13][14]. - This change aims to enhance corporate governance and operational efficiency, and it has been approved by the company's board and supervisory board [13][14]. Group 4: Ongoing Monitoring and Management - Huaxi Securities, as the bond trustee, will continuously monitor significant matters affecting bondholders' rights and interests [2][14]. - The company has committed to ensuring the safety of the principal and interest payments of the bonds, with no adverse impact on its operational capabilities [13][14].

Summary of Key Points Core Viewpoint - On August 21, Xiaoming Co. executed a block trade of 600,000 shares at a transaction value of 11.88 million yuan, representing 2.79% of the total trading volume for the day, with a transaction price of 19.80 yuan, which is an 11.76% discount compared to the market closing price of 22.44 yuan [1]. Group 1: Transaction Details - The block trade involved a total of 600,000 shares of Xiaoming Co. at a price of 19.80 yuan per share [1]. - The total transaction value for the block trade was 11.88 million yuan [1]. - The transaction price represented an 11.76% discount from the market closing price of 22.44 yuan on the same day [1]. Group 2: Trading Volume and Participants - The block trade accounted for 2.79% of the total trading volume on that day [1]. - The trade was facilitated by various brokerage firms, including招商证券股份有限公司 and 广发证券股份有限公司, among others [2].

| 股票代码：300967 | 股票简称：晓鸣股份 | | --- | --- | | 债券代码：123189 | 债券简称：晓鸣转债 | 宁夏晓鸣农牧股份有限公司 向不特定对象发行可转换公司债券 第七次临时受托管理事务报告 （2025 年度） 债券受托管理人 二〇二五年八月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"） 《宁夏晓鸣农牧股份有限公司与华西证券股份有限公司关于 2022 年创业板向不 特定对象发行可转换公司债券之债券受托管理协议》（以下简称"《受托管理协 议》"）《宁夏晓鸣农牧股份有限公司创业板向不特定对象发行可转换公司债券 募集说明书》（以下简称"《募集说明书》"）等相关公开信息披露文件、第三 方中介机构出具的专业意见等，由本期债券受托管理人华西证券股份有限公司 （以下简称"华西证券"）编制。华西证券对本报告中所包含的从上述文件中引 述内容和信息未进行独立验证，也不就该等引述内容和信息的真实性、准确性和 完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为华 ...

Summary of Key Points Core Viewpoint - As of August 19, 2025, 663 companies have released their semi-annual reports, with 432 reporting a year-on-year increase in net profit, while 231 reported a decline. Additionally, 440 companies saw an increase in operating revenue, and 223 experienced a decrease. A total of 355 companies reported simultaneous growth in both net profit and operating revenue, while 146 companies saw declines in both metrics. Notably, 111 companies achieved a net profit growth rate exceeding 100%, with Zhimingda leading at an impressive 2147.93% increase [1]. Company Performance - Zhimingda (688636) reported earnings per share of 0.2284, with a net profit of 38.30 million and a year-on-year increase of 2147.93%. Its operating revenue reached 294.76 million, reflecting an 84.83% increase [1]. - Rongzhirixin (688768) achieved a net profit of 14.24 million, marking a 2063.42% increase, with operating revenue of 25.63 million, up 16.55% [1]. - Shijia Guangzi (688313) reported a net profit of 216.65 million, a 1712.00% increase, and operating revenue of 992.63 million, up 121.12% [1]. - Aorui De (600666) had a net profit of 6.14 million, a 1263.22% increase, with operating revenue of 21.94 million, up 10.12% [1]. - Huile B (900939) reported a net profit of 4.21 million, a 1222.72% increase, with operating revenue of 0.76 million, slightly down by 0.11% [1]. Revenue and Profit Trends - The overall trend indicates a significant number of companies are experiencing substantial growth in both net profit and operating revenue, with a notable concentration of high growth rates among specific firms [1][2]. - Companies like Nanjiguang (300940) and Hongjing Technology (301396) also reported impressive growth rates in net profit of 982.43% and 725.73%, respectively, indicating a robust performance across various sectors [1][2].

Core Viewpoint - Xiaoming Co., Ltd. reported significant growth in its financial performance for the first half of 2025, with total revenue reaching 752 million yuan, a year-on-year increase of 93.65%, and a net profit of 185 million yuan, up 733.34% compared to the previous year [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 752 million yuan, up from 388 million yuan in the same period of 2024, reflecting a growth rate of 93.65% [1][3]. - Net profit for the first half of 2025 was 185 million yuan, compared to a loss of 29.17 million yuan in the previous year, marking a substantial increase of 733.34% [1][3]. - Gross profit margin improved to 34.0%, a significant increase of 1262.03% year-on-year, while net profit margin reached 24.57%, up 427.06% [1][3]. - Total expenses (selling, administrative, and financial) amounted to 60.53 million yuan, accounting for 8.05% of revenue, a decrease of 35.81% compared to the previous year [1][3]. Cash Flow and Debt Management - Operating cash flow per share increased to 1.19 yuan, a rise of 276.22% year-on-year, indicating improved cash generation capabilities [1][9]. - The company reduced its interest-bearing liabilities to 592 million yuan, down 17.98% from the previous year [1][7]. Cost and Expense Analysis - Operating costs increased by 31.08%, primarily due to higher sales volumes [4]. - Selling expenses rose by 60.76%, attributed to increased sales volume and higher salaries [5]. - Administrative expenses increased by 53.66%, driven by higher salaries and costs related to meetings and brand development [6]. - Financial expenses decreased by 27.45%, due to reduced loans and lower interest rates [7]. Investment and R&D - Research and development expenses decreased by 28.54%, as some projects concluded, leading to reduced investment [8]. Industry Context - The company operates in a competitive environment characterized by price wars, which may pressure profit margins [12]. - The egg production industry in China remains fragmented, with a focus on brand development and quality assurance becoming increasingly important [12].

Core Viewpoint - Xiaoming Co., Ltd. has successfully turned around its financial performance in the first half of 2025, achieving significant revenue and profit growth compared to previous years [1][2] Financial Performance - In the first half of 2025, the company reported revenue of 752 million yuan, a year-on-year increase of 93.65% [1] - The net profit attributable to shareholders reached 185 million yuan, an increase of 214 million yuan compared to the same period last year, marking a historical high for the company [1] - The gross profit margin improved to 33.99%, while the net profit margin reached 24.57% [1] - The weighted average return on equity rose to 21.27%, an increase of 25.31 percentage points year-on-year [1] - The price of commodity chicks increased to 4.44 yuan per chick, a 45% year-on-year rise [1] Historical Context - The company experienced significant losses in 2023, with a net loss of 155 million yuan due to high feed costs, low downstream replenishment, and avian influenza outbreaks [1] - In 2024, the industry supply-demand dynamics improved, leading to a strong recovery with a net profit of 44.81 million yuan, marking a turnaround from losses [1] Cash Flow and Financial Health - As of the end of the first half of 2025, the company reported a net cash inflow from operating activities of 224 million yuan, a year-on-year increase of 272.39% [1] - The latest debt-to-asset ratio stood at 45.35%, a decrease of 10 percentage points compared to the same period last year [1] Shareholder Activity - During the company's performance surge, significant shareholders have been reducing their stakes, with major shareholder Xiamen Chentu Venture Capital and its affiliates selling 1.8566 million shares, amounting to approximately 37 million yuan [2] - Foreign institutional investors such as Morgan Stanley, UBS, and Goldman Sachs have exited the top ten shareholders list, while domestic index funds have entered [2] - This shift in shareholder composition reflects differing views on the industry's cyclical peak [2]

证券代码：300967 证券简称：晓鸣股份 公告编号：2025-142 宁夏晓鸣农牧股份有限公司 | 大宗交易 | | 444,000 | | 0.24 | | | --- | --- | --- | --- | --- | --- | | 集中竞价 | 交易 | 0 | | 0 | | | 谢诺投资 股 A | 大宗交易 | 0 | | 0 | | | 合 计 | | 1,856,700 | | 0.99 | | | | | 通过证券交易所的集中交易 协 | □ | 议 转 让 | □ | | | | 通过证券交易所的大宗交易 间接 |  | 方式 转让 | □ | | 本 次 权 益 变 动 方 | 式 ( 可 多 | 国有股行政划转或变更 | □ | 执行法院裁定 | □ | | 选) | | 取得上市公司发行的新股 | □ | 继 承 | □ | | | | 赠与 | □ | 表决权让渡 | □ | | | | 其他 | □ | (请注明) | | | 本次增持股份的资金来源 | | | | | | | (可多选) | | 不适用 | | | | | 3. | | 本次变动前后，投资者及其一致行动人 ...

Core Insights - In August 18, 2023, 18 companies released their semi-annual reports for 2025, with 10 companies reporting a year-on-year increase in net profit, while 8 companies experienced a decline [1] - 14 companies reported a year-on-year increase in operating revenue, whereas 4 companies saw a decrease [1] - Among the companies, 10 had both net profit and operating revenue growth, while 4 had declines in both metrics [1] - Notably, 4 companies experienced a doubling of their performance growth, with Shengnong Development showing the highest increase at 791.93% [1] Company Performance Summary - Shengnong Development (002299): - Earnings per share: 0.7382 - Net profit: 91,024.96 million - Net profit growth: 791.93% - Operating revenue: 885,640.52 million - Operating revenue growth: 0.22% [1] - Xiaoming Co., Ltd. (300967): - Earnings per share: 0.9928 - Net profit: 18,472.13 million - Net profit growth: 733.34% - Operating revenue: 75,181.40 million - Operating revenue growth: 93.65% [1] - Guangli Micro (301095): - Earnings per share: 0.0796 - Net profit: 1,568.42 million - Net profit growth: 518.42% - Operating revenue: 24,593.73 million - Operating revenue growth: 43.17% [1] - Sifangguang Electric (688665): - Earnings per share: 0.8400 - Net profit: 8,412.38 million - Net profit growth: 103.41% - Operating revenue: 50,790.40 million - Operating revenue growth: 49.36% [1] - Huayou Cobalt (603799): - Earnings per share: 1.6100 - Net profit: 271,093.61 million - Net profit growth: 62.26% - Operating revenue: 3,719,651.41 million - Operating revenue growth: 23.78% [1] - Other companies with declines in performance include: - Sanxia New Materials (600293): - Net profit: -2,699.30 million - Net profit decline: -182.33% - Operating revenue: 62,546.45 million - Operating revenue decline: -28.01% [1]

Core Viewpoint - The company reported significant growth in revenue and profit for the first half of 2025, driven by increased sales prices and quantities of chicken products, marking a turnaround from previous losses [1][2]. Financial Performance - The company achieved operating revenue of 751.814 million yuan, a year-on-year increase of 93.65% - Operating costs were 496.2152 million yuan, up 31.08% year-on-year - The gross profit margin was 34%, an increase of 31.5 percentage points year-on-year - The net profit attributable to shareholders was approximately 185 million yuan, compared to a loss in the same period last year [1]. Market Position - The company sold 154.2363 million chickens, a year-on-year increase of 64.71% - Revenue from chicken products was 660.7006 million yuan, up 131.14% year-on-year, accounting for 87.88% of total revenue - The domestic market share increased to approximately 25%, further solidifying the company's market position [2]. Sales and Pricing Strategy - The average selling price of chicken products was approximately 4.28 yuan per chicken, an increase of about 1.23 yuan per chicken, or 40.33% year-on-year - The increase in selling price contributed to a significant rise in sales gross margin, laying a solid foundation for profitability [2]. Industry Outlook - The third quarter is expected to be a peak season for egg demand, with factors such as summer tourism and upcoming holidays likely to boost consumption - The company anticipates an increase in breeding unit replenishment activity in the second half of 2025, with the egg-laying chicken farming market expected to be slightly stronger than the first half [3]. Ecosystem Development - The company is actively building a collaborative ecosystem for upstream and downstream development, addressing three major industry contradictions: cyclical fluctuations, efficiency gaps between large and small producers, and price negotiations between upstream and downstream entities [4]. - The company focuses on enhancing market service systems, implementing customer relationship management, and providing customized technical guidance to clients [5]. Strategic Initiatives - The company is pursuing long-term strategic cooperation in youth chicken business, non-cage egg sales, and premix feed production to extend its industry chain - The strategy aims to create a modern industrial system that is efficient, stable, and scalable, thereby reinforcing its leading position in the industry [5][6].

2025年8月18日，晓鸣股份(300967.SZ)发布2025年中报。 公司营业总收入为7.52亿元，较去年同报告期营业总收入增加3.64亿元，同比较去年同期上涨93.65%。归母净利润为1.85亿元，较去年同报告期归母净利润 增加2.14亿元，实现2年连续上涨。经营活动现金净流入为2.24亿元，较去年同报告期经营活动现金净流入增加1.64亿元，同比较去年同期上涨272.39%。 | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 魏晓明 | 42.6. | | 2 | 正大投资股份有限公司 | 12.0. | | 3 | 广州谢诺辰途股权投资管理有限公司-厦门辰途创业投资合伙企业(有限合伙) | 3.84 | | ব | 广州谢诺辰途股权投资管理有限公司-辰途第一产业股权投资基金 | 1.16 | | 5 | 北京大北农科技集团股份有限公司 | 0.70 | | 6 | 浙商银行股份有限公司-国泰中证畜牧养殖交易型开放式指数证券投资基金 | 0.57 | | 7 | 石玉盞 | 0.53 | | 8 | 杜建峰 | 0.53 | | g | 王学强 | 0.45 | ...