证券代码：300999 证券简称：金龙鱼 公告编号：2025-051 益海嘉里金龙鱼食品集团股份有限公司 关于召开2025年第一次临时股东大会的提示性公告 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。 益海嘉里金龙鱼食品集团股份有限公司（以下简称"公司"）第三届董事会 第八次会议决定于 2025 年 12 月 19 日（星期五）召开 2025 年第一次临时股东大 会（以下简称"本次股东大会"），会议通知已于 2025 年 11 月 28 日在巨潮资讯 网（www.cninfo.com.cn）披露。现发布本次股东大会的提示性公告，具体内容如 下： 一、召开会议的基本情况 1、股东大会届次：2025 年第一次临时股东大会 2、会议召集人：董事会 3、会议召开的合法、合规性：公司第三届董事会第八次会议审议通过《关 于召开 2025 年第一次临时股东大会的议案》。本次股东大会的召集、召开符合有 关法律、行政法规、部门规章、规范性文件和《公司章程》等相关规定。 4、会议召开时间 （1）现场会议召开时间：2025 年 12 月 19 日（星期五）下午 15:00 （2） ...

Core Viewpoint - The company Jinlongyu, once valued at nearly 800 billion yuan, is currently facing significant challenges including declining performance, a trust crisis, and difficulties in strategic transformation [1][8]. Financial Performance - As of December 2025, Jinlongyu's stock price has plummeted by 78.08% from its peak, resulting in a market value loss exceeding 600 billion yuan [1][8]. - In 2024, the company's net profit attributable to shareholders fell by 12.14% to 2.502 billion yuan, while the net profit excluding non-recurring items dropped by 26.42% to 972 million yuan [1][8]. - The company's operating revenue for 2024 was 238.866 billion yuan, a decrease of 5.03%, marking two consecutive years of decline [1][8]. - Financial derivatives contributed significantly to profits, with 1.787 billion yuan from derivative operations accounting for 71.42% of net profit [1][8]. Market Dynamics - In the second quarter of 2025, Jinlongyu reported an operating revenue of 56.603 billion yuan, a quarter-on-quarter decrease of 4.19%, and a net profit of 0.774 billion yuan, down 21.11% [2][9]. - The company's raw material costs constitute 89.30% of operating costs, heavily influenced by international market prices, which are subject to geopolitical and exchange rate fluctuations [2][9]. Operational Efficiency - The company's production capacity utilization rates are low, with oilseed crushing at 47.35%, oil refining at 45.19%, and oil filling at 31.78% [3][10]. - Six out of ten fundraising projects have been delayed, including significant projects in Qingdao and Kunming, pushing completion dates to 2027 [3][10]. Trust Issues - Jinlongyu's public image has been damaged by legal issues, including a court ruling against its subsidiary for contract fraud, resulting in a compensation of 1.881 billion yuan, which is nearly 80% of its 2024 net profit [4][11]. - Consumer trust has declined, with 465 distributors exiting and online negative ratings rising to 7.3% [4][11]. Strategic Transformation - The company is attempting to diversify its product offerings, with its sesame oil achieving a market share of 29.1%, but this segment alone cannot offset overall revenue declines [5][12]. - Jinlongyu is exploring new business areas such as plant-based meat and central kitchens, but market feedback has been cautious due to low consumer awareness and acceptance [5][12]. Future Outlook - The challenges faced by Jinlongyu reflect structural changes in the consumer industry, where demand for staple goods remains stable but growth potential is limited [7][13]. - To overcome these challenges, the company needs to enhance supply chain resilience, innovate products, and rebuild consumer trust, particularly in food safety [7][13].

Investment Rating - The report maintains a positive outlook on leading agricultural companies, suggesting investment opportunities in the sector [5]. Core Insights - The agricultural sector has shown resilience, with the industry index outperforming the broader market by 0.4 percentage points during the week of December 8-12, 2025 [13]. - The report highlights significant growth in the pet food segment, with online sales increasing by 27.9% year-on-year during October and November 2025, driven by new consumer brands [34][36]. - The livestock industry is facing challenges, with a 5.5% decrease in the number of pigs marketed in November compared to the previous month, raising concerns about animal disease outbreaks [30]. Summary by Sections Industry Dynamics - The agricultural sector index increased by 0.3%, outperforming the market [13]. - Key stocks such as Zhengbang Technology, Biological Shares, and Luoniushan saw significant gains of 19%, 17%, and 14% respectively [18]. Livestock Industry - In November, the number of pigs marketed decreased by 5.5% month-on-month, with a year-on-year increase of 16.7% [30]. - Prices for live pigs increased by 2.1% week-on-week, while the average weight of marketed pigs decreased by 0.2% [30]. - The utilization rate of fattening barns in 17 provinces dropped by 6.5 percentage points [30]. Poultry Industry - Prices for chicken chicks and broilers increased by 1.4% and 0.8% respectively, amid ongoing global avian influenza outbreaks [37][38]. - The price of chicken products rose by 0.6%, driven by supply constraints and increased export orders [37]. Pet Food Industry - Online sales of pet food reached 8.45 billion yuan, with significant growth from brands like Maifudi and Fresh Lang, which saw increases of 36% and 112.6% respectively [34]. - Chewy reported a 30.9% increase in EBITDA, with active customer numbers growing by 4.9% [35]. Feed Industry - Feed raw material prices showed mixed trends, with soybean meal prices increasing by 1.5% while corn prices slightly decreased [41]. - The price of South American white shrimp increased by 4.3% week-on-week [41]. Animal Health - The veterinary drug price index decreased by 0.2%, with a year-on-year increase of 2.4% [43]. - Merck's imported pet antibiotics were launched on JD Health, marking a significant development in the pet healthcare sector [43].

（文章来源：证券日报） 证券日报网讯 12月10日，金龙鱼在互动平台回答投资者提问时表示，关于兰世立先生相关不实言论， 公司已在官网发表了澄清声明，具体情况可详见公司声明。公司会持续关注并视其侵权情况，采取法律 手段维护公司合法权益。 ...

Group 1 - The core point of the announcement is that Golden Dragon Fish plans to continue and expand its hedging business in foreign exchange and commodities for the year 2026, with a maximum contract value of 304 billion RMB for any trading day and 7.9 billion RMB for commodity options [1][2] - The hedging plan is seen as a critical strategy for the company to lock in procurement costs, stabilize sales profits, and mitigate inventory depreciation, indicating the essential role of hedging in the company's operations [1][2] - The hedging amount for 2026 is estimated to represent 6% of the annual trading volume of the main futures contracts for domestic soybean oil, palm oil, and rapeseed oil, positioning the company among the top tier of global enterprises [1] Group 2 - The 2026 hedging plan not only increases the overall scale but also optimizes the structure of tools used, aiming to reduce the impact of market price fluctuations on production costs and product pricing [2] - The company is transitioning from a focus on capacity competition to risk management competition within the grain and oil processing industry, indicating a strategic upgrade in its hedging capabilities [2] - The expansion of options trading by Golden Dragon Fish is expected to encourage exchanges to introduce more options for palm oil, peanuts, and rapeseed oil, creating a positive feedback loop between the leading company, exchanges, and downstream businesses [2]

Core Insights - The article highlights the successful entry of Chinese brand Jinlongyu's rice oil into the global high-end consumer market, particularly its recent placement on Costco's shelves in the U.S., showcasing the brand's international recognition and quality standards [1][2]. Group 1: International Market Recognition - Jinlongyu's rice oil, known as Guweiduo, has gained global consumer favor due to its unique nutritional value and health benefits, successfully entering the Japanese market in 2018 and North America in 2019, becoming the first Chinese cooking oil brand in the region [2]. - By the end of 2024, Guweiduo rice oil will be available in over 200 Costco stores across the U.S., reflecting the brand's high standards and international acceptance [2]. - Jinlongyu's products are now exported to 24 countries and regions, with the number of SKUs in overseas markets increasing from 63 in 2020 to 250 in 2023, indicating growing international influence [2]. Group 2: Global Supply Chain Strategy - Jinlongyu has established localized operational teams in key markets such as the U.S., Japan, and Europe to better understand consumer habits and regulatory requirements, marking a strategic shift from export trade to global operations [3]. Group 3: International Standards and Quality Assurance - The core of Jinlongyu's globalization strategy is a comprehensive international standard system, with 89 factories certified by AIB, the gold standard in food safety management in the U.S., ensuring top-tier quality management [4]. - Jinlongyu has set up 38 CNAS laboratories across China, with testing results recognized by the ILAC-MRA international mutual recognition agreement, allowing for seamless operation in over 100 countries [4]. - The company has made significant technological advancements in controlling harmful substances during oil refining, maintaining levels below EU standards, thus positioning itself among the world's leaders in safety indicators [4]. Group 4: Industry Leadership and Standard Setting - As a leading industry player in China, Jinlongyu not only adheres to standards but also participates in the formulation and revision of numerous national and industry standards, with several production bases involved in this process [5]. Group 5: Unique Competitive Advantage - Jinlongyu is the only Chinese grain and oil brand to serve both the Summer and Winter Olympics, establishing a unique competitive advantage through its adherence to Olympic standards [6][7]. - The company has built a comprehensive quality control system that meets international standards, enhancing its credibility and consumer trust [7]. - Jinlongyu's development path illustrates the globalization strategy of Chinese grain and oil brands, emphasizing quality, technological innovation, and industry leadership [7].

Core Viewpoint - Company Jinlongyu is embroiled in a 5 billion contract fraud case, raising several questions regarding its intermediary storage business and its awareness of the fraudulent nature of related trades and financing [1] Group 1: Financial Performance - In the first three quarters of the year, Jinlongyu achieved a revenue of 184.27 billion yuan, a year-on-year increase of 5.02%, and a net profit attributable to shareholders of 2.749 billion yuan, a significant year-on-year increase of 92.06% [3] - In the third quarter alone, the company reported a revenue of 68.588 billion yuan, up 3.96% year-on-year, and a net profit of 999 million yuan, which surged by 196.96% year-on-year [3] Group 2: Legal Issues - The legal troubles began when the subsidiary Yihai (Guangzhou) Grain and Oil Industry Co., Ltd. received a lawsuit related to its role as an intermediary storage provider between Anhui Huawen International Trade Co., Ltd. and Yunnan Huijia Import and Export Co., Ltd. from 2008 to 2014 [4][5] - The court ruled that Yihai was guilty of contract fraud and must pay 1.881 billion yuan in compensation, along with a fine of 1 million yuan [6][7] - The compensation amount represents over 68% of the company's net profit for the first three quarters, indicating a significant potential impact on its financial health [7] Group 3: Business Risks - The intermediary storage business has previously faced legal disputes, suggesting a pattern of operational risks that may not have been adequately assessed [8][11] - The company has been involved in multiple lawsuits related to its storage operations, raising concerns about the quality of internal controls and risk management [11][12] - The intermediary business generated only 1.631 billion yuan in other income in 2023, which is minimal compared to the company's total revenue exceeding 200 billion yuan, yet the potential liabilities from lawsuits could consume a large portion of its profits [12] Group 4: Financing Trade Concerns - There are allegations that the company may have been complicit in financing trade practices, which involve disguising loans as trade transactions [13][14] - The court's findings suggest that employees of Yihai facilitated fraudulent activities, raising questions about the company's awareness and involvement in these financing schemes [14][15] - Jinlongyu has defended itself by claiming it acted within reasonable diligence and was unaware of any fraudulent activities, asserting that its internal controls were strictly followed [15]

Group 1 - A new company, Yihai Kerry (Lanzhou) International Trade Co., Ltd., has been established with a registered capital of 20 million yuan [1] - The business scope of the new company includes grain and oil storage services, import and export of goods, and production, sales, processing, transportation, and storage of agricultural products [1] - The company is wholly owned by Jinlongyu (300999) [1]

Core Viewpoint - The article emphasizes the importance of agricultural processing in transforming China from an agricultural power to an agricultural strong nation, highlighting the need for value-added processing in the agricultural sector [1] Group 1: Agricultural Processing and Value Addition - China's agricultural processing output value to total agricultural output value ratio is approximately 2.5:1, while developed agricultural countries can reach 4:1, indicating a significant gap that needs to be addressed [1] - The "rice circular economy model" pioneered by Jinlongyu serves as a practical example for deep processing of agricultural products, enhancing the value chain from rice to various by-products [1][4] - Jinlongyu's "6-step fresh rice precision control technology" revolutionizes traditional rice processing, ensuring quality and maximizing resource utilization [1][2] Group 2: Innovations in Rice Processing - The "fresh harvesting" technique allows for rice to be harvested at 90% maturity, reducing field losses by approximately 5% and increasing the yield by 1%-4%, which could save around 235,000 tons of rice annually [2] - The "fresh storage" and "fresh milling" processes preserve the nutritional value and taste of rice, ensuring consumers receive high-quality products [2] - Rice bran, previously considered waste, is now transformed into rice oil, which could produce about 230,000 tons annually, significantly enhancing domestic oil supply and reducing reliance on imported soybeans [2][3] Group 3: Broader Implications for the Industry - The circular economy model is not just a corporate practice but has become a standardized model that can be replicated across the industry, promoting a shift from extensive to intensive processing [4] - The innovation in processing is reshaping traditional agricultural development, focusing on quality improvement and value extraction while ensuring production stability [5] - Jinlongyu's order agriculture model connects upstream farmers with downstream distributors, creating a complete industrial chain that enhances the value of crops and increases farmers' income [5] Group 4: Future Prospects for Agricultural Transformation - The transition from an agricultural power to a strong agricultural nation involves deep value extraction and optimization of the benefit chain, with Jinlongyu's model serving as a guiding light for the industry [6] - As more companies adopt similar practices, the ratio of agricultural processing output to total agricultural output is expected to rise significantly, strengthening the foundation of agricultural power in China [6]

Core Viewpoint - The recent controversies surrounding the company, including involvement in a contract fraud case and removal from the MSCI China Index, have led to a significant decline in its stock price and market capitalization. Group 1: Stock Performance and Market Impact - The company's stock price has dropped over 12% from November 13 to November 26, resulting in a total market value loss of approximately 22.2 billion [5] - As of December 1, 2025, the company's total market capitalization stands at 161.1 billion, a decrease of about 62.5 billion from its historical peak of 786.1 billion in January 2021 [6] Group 2: Legal Issues and Company Response - The contract fraud case dates back to a tripartite cooperation from 2008 to 2014, where the company's subsidiary was found guilty of being an accomplice in fraud, leading to a penalty of 1 million and a compensation responsibility of 1.881 billion [4] - The company has publicly stated its intention to appeal the court's decision and has held an investor briefing to clarify its position, asserting that it did not participate in the fraud [4][5] Group 3: Business Operations and Financial Performance - The company reported a revenue of 184.27 billion for the first three quarters of 2025, reflecting a year-on-year growth of 5.02%, with a net profit of 2.749 billion, up 92.06% [11] - The company's business segments include kitchen foods and feed raw materials, with significant growth in both revenue and profit in the third quarter of 2025 [12][11] - Despite being a market leader in revenue, the company operates on thin profit margins, with a long-term sales gross margin around 5% and a net margin of approximately 1.1% [15][14] Group 4: Company Background and Expansion - The company is part of a larger conglomerate, with its ultimate controlling entity being Wilmar International, which reported revenues of 479.6 billion in 2024 [16] - The company has been expanding its business footprint, including a recent investment in Shandong Luhua Group, acquiring a 10.95% stake, indicating a strategy of resource integration within the industry [20]