Xinyangfeng Agricultural(SZ:000902) GUOTAI HAITONG SECURITIES·2025-10-28 14:15Investment Rating - The report assigns an "Increase" rating for the industry [4]. Core Viewpoints - The report highlights the performance of New Yangfeng, which reported a third-quarter revenue of 4.077 billion yuan, a year-on-year increase of 3.25%, and a non-net profit of 415 million yuan, up 15.4% year-on-year. For the first three quarters, the total revenue reached 13.475 billion yuan, reflecting an 8.96% year-on-year growth, while the non-net profit totaled 1.326 billion yuan, marking a 23.87% increase year-on-year [4][5]. - The report emphasizes the focus on convertible bonds in the basic chemical sector, specifically mentioning the bonds of companies such as New Yangfeng, which are currently under observation [4][5]. Summary by Relevant Sections Convertible Bonds Performance - The report provides a review of the convertible bond market in the basic chemical sector, noting that the issued convertible bonds such as Montai Bond, Yanggu Bond, and Zhenhua Bond have seen increases of 23.45%, 10.26%, and 7.18% respectively, while Tongcheng Bond, Youcai Bond, and Shuiyang Bond have decreased by 8.42%, 6.43%, and 6.39% respectively [5][6]. - As of October 24, 2025, several companies, including Jiangshan Co., Shuangle Co., and Bailong Chuangyuan, have had their convertible bond proposals approved by shareholders [4][13][14]. Key Announcements - Important announcements include the impending cessation of trading for Enjie Bond, which will stop trading after October 23, 2025, and will be forcibly redeemed at a price of 101.44 yuan per bond if not converted by October 30, 2025 [4]. - The report also notes that Shennong Co. has triggered conditional redemption clauses for its bonds due to stock price performance exceeding 130% of the conversion price [4].