Group 1 - The company, Wens Foodstuff Group Co., Ltd., issued convertible bonds totaling 92,970,000 units at a price of 100 RMB each, raising a total of 9.297 billion RMB, with net proceeds after fees amounting to 9.222 billion RMB [1][18] - The funds raised will be allocated to various projects, including pig farming, chicken farming, and working capital, with a total planned investment of approximately 1.168 billion RMB [7][18] - The company has received a credit rating of AAA for both its corporate entity and the convertible bonds, indicating a stable outlook [10] Group 2 - For the fiscal year 2024, the company reported total revenue of approximately 10.492 billion RMB, a 16.68% increase from 2023, with a net profit of approximately 923 million RMB, marking a significant recovery from a loss in the previous year [11][17] - The increase in revenue is primarily attributed to a rise in sales of pork and chicken, with pork sales revenue increasing by 33.71% year-on-year [11][12] - The company has improved its financial health, with total assets of approximately 9.386 billion RMB and a decrease in the debt-to-asset ratio to 53.14% from 61.41% [11][17] Group 3 - The company has implemented various operational strategies to enhance efficiency, including cost reduction measures and improved production management, leading to a significant increase in production metrics [12][14] - The company has focused on disease prevention and management in livestock, achieving notable improvements in key production indicators [13][14] - The company is also exploring new market opportunities, including the establishment of a culinary promotion center for traditional chicken dishes, aiming to expand its market reach [14][16]

立华股份(300761.SZ)公告称，公司实际控制人程立力及其一致行动人奔腾牧业计划自本公告披露之日 起15个交易日后的3个月内，以集中竞价或大宗交易方式合计减持公司股份不超过2512万股（占公司总 股本比例为3.00%）。减持原因包括偿还股权质押贷款及利息，以及落实对公司管理人员及技术骨干的 激励措施。减持价格区间将根据减持时的二级市场价格及交易方式确定。 ...

Core Viewpoint - The article highlights the development of six major billion-dollar industry clusters in Xinxing, Guangdong, showcasing the region's unique agricultural and industrial products, particularly focusing on the "fragrance" associated with its local specialties and cultural heritage [10][105]. Industry Overview - Xinxing is home to six billion-dollar industry clusters, including the fragrant Xinxing scented lychee, traditional preserved fruits, handmade rice noodles, smart manufacturing, and pre-prepared dishes, all contributing to the region's economic growth [10][105]. - The lychee industry has a planting area of 25,000 acres, accounting for over 47% of the county's lychee production, with an annual output value of 500 million yuan [23][26]. Agricultural Products - The Xinxing scented lychee, known for its small seeds and thick, juicy flesh, is a geographical indication product with a rich history dating back to the Tang Dynasty [18][21]. - The preserved fruit industry, particularly the Xinxing preserved plums, is a key player, with a target to exceed 10 billion yuan in output value over the next five years [42]. - The traditional rice noodle industry, with an annual production of 18,000 tons and a value exceeding 100 million yuan, has maintained its core competitiveness by focusing on local flavors [55]. Technological Advancements - The smart livestock farming sector in Xinxing has established a national modern agricultural industrial park, focusing on efficient and environmentally friendly breeding practices, with an annual output of 730,000 pigs and 162 million poultry [66]. - The pre-prepared dishes industry is rapidly growing, with an expected output value of 1.53 billion yuan by 2024, driven by a 20% annual growth rate [75]. Industrial Strength - Xinxing is recognized as the largest county-level stainless steel kitchenware export base in China, with 110 enterprises and an annual export value nearing 400 million USD [90]. - The region's stainless steel kitchenware holds a 45% market share in Europe, demonstrating its significant global presence [91]. Cultural and Tourism Integration - Xinxing's rich cultural heritage, particularly its Zen Buddhist roots, attracts millions of tourists annually, contributing to its ranking as one of the top counties in China for tourism strength [100][101]. - The integration of agriculture, culture, and tourism is emphasized through events like the Lychee Festival and Zen Culture Festival, enhancing the region's appeal [102][104].

Core Viewpoint - The collaboration between Ma Gong Goose and Guangdong Lychee represents a significant innovation in culinary branding, merging two iconic products to create a new food experience and cultural symbol [4][8][28]. Group 1: Product and Market Overview - The "Goose and Lychee" event will be launched on June 26, 2025, at the Guangzhou 289 Art Park, showcasing the culinary potential of this unique combination [5][6]. - Ma Gong Goose is recognized as the top among Guangdong's four famous geese, with a breeding base of 300 farms and an annual output value exceeding 5.6 billion yuan [15][12]. - Guangdong Lychee, a renowned fruit since the Tang Dynasty, is expected to reach a production volume of approximately 1.6 million tons by 2025, featuring various popular varieties [17][16]. Group 2: Cultural and Culinary Innovation - The combination of Ma Gong Goose and Lychee not only enhances flavor profiles but also reflects a modern interpretation of traditional Chinese culinary culture [24][25]. - The innovative pairing of rich roasted goose with juicy lychee offers a refreshing balance, showcasing the potential for new culinary experiences [23][24]. Group 3: Industry Development and Future Prospects - The collaboration addresses challenges faced by both the goose and lychee industries, enhancing product value and extending the supply chain [30][31]. - The "Goose and Lychee" initiative aims to create a comprehensive development model that integrates agriculture, culinary arts, and tourism, positioning it as a prominent culinary brand for Jiangmen Kaiping and Guangdong [34][35]. - This initiative represents a broader trend of integrating agricultural production with cultural and tourism experiences, fostering brand value and industry growth [36][37].

登录新浪财经APP 搜索【信披】查看更多考评等级 进展公告 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。 江苏立华食品集团股份有限公司（以下简称公司）于2025年4月21日召开第四届董事会第五次会议，审 议通过《关于委托理财额度预计的议案》：为提高资金使用效率、增加股东回报，在保证日常经营运作 资金需求、有效控制投资风险的情况下，公司及子公司拟使用自有资金进行委托理财，预计总额度不超 过人民币30亿元。在上述额度范围内，资金可以滚动使用，但在期限内任一时点的交易金额（含前述投 资的收益进行再投资的相关金额）不应超过总额度。使用期限自第四届董事会第五次会议审议通过之日 起至2025年年度股东会止。 江苏立华食品集团股份有限公司 关于使用自有资金进行委托理财的 截至2025年4月2日前发生的委托理财事项已经披露，根据《深圳证券交易所创业板股票上市规则》的规 定，相关金额不再纳入累计计算范围。自2025年4月3日起至本公告日止，公司使用闲置自有资金进行委 托理财的发生额已累计达到人民币98,400万元。根据《深圳证券交易所创业板股票上市规则》的相关规 定，以上委托 ...

Core Viewpoint - The credit rating agency maintains the long-term credit rating of He Feng Food Co., Ltd. at AA, with a stable outlook, indicating strong competitive advantages in scale, brand, and technology [1][3]. Company Overview - He Feng Food Co., Ltd. operates in the agricultural and animal husbandry industry, primarily engaged in feed and feed raw material trading, poultry business, and pig farming [8][17]. - The company has a total asset of 154.46 billion yuan and equity of 76.91 billion yuan as of March 2025 [8][17]. Financial Performance - In 2024, the company achieved a total revenue of 325.45 billion yuan, with a profit of 3.94 billion yuan, marking a turnaround from a loss in the previous year [8][17]. - The company reported a significant increase in gross profit margin due to a decrease in costs, leading to an overall profit in 2024 [3][5]. - As of March 2025, the company’s cash assets totaled 13.24 billion yuan, with a current ratio of 152.66% [6][8]. Debt and Credit Rating - The company’s debt structure shows a slight increase in long-term debt, but overall debt pressure remains manageable [3][5]. - The rating agency has noted that the company’s debt repayment capacity indicators are performing well, with a debt-to-EBITDA ratio of 3.55 times as of March 2025 [6][8]. Market Position and Competitive Advantage - He Feng Food maintains a leading position in the Northeast region of China’s agricultural industry, with strong brand recognition and technological capabilities [5][17]. - The company has been recognized as a key agricultural enterprise and has received multiple awards for its technological advancements [17]. Recent Developments - The company has acquired stakes in 13 subsidiaries to enhance its poultry business, which will be consolidated into its financial statements starting April 2025 [3][19]. - The actual controller's shareholding has decreased to 32.16% following the retirement of some shareholders, but the company remains under stable control [3][19]. Industry Analysis - The feed industry is experiencing fluctuations in raw material prices, with a focus on cost control and efficiency improvements [14][15]. - The overall market for livestock and poultry is recovering, with expectations of stable raw material costs and a slight increase in supply [14][15].

Core Points - The China Securities Index (CSI) Huaxia AH Economic Growth Index reported a value of 6611.27 points, showing a monthly increase of 0.34%, a quarterly decrease of 3.58%, and a year-to-date increase of 6.87% [1] Group 1: Index Composition - The CSI Huaxia AH Economic Growth Index selects financially sound growth-leading companies from both mainland and Hong Kong markets to reflect the performance of companies benefiting from economic structural changes [1] - The index is based on a starting point of 1000.0 points as of December 31, 2004 [1] Group 2: Top Holdings - The top ten holdings of the index include Tencent Holdings (9.74%), Alibaba-W (9.69%), Meituan-W (4.05%), Yum China (3.36%), Jiangsu Bank (3.31%), Muyuan Foods (2.39%), Wens Foodstuff Group (2.31%), Jitu Express-W (2.17%), China Telecom (2.0%), and Kingsoft (1.98%) [1] Group 3: Market Distribution - The market distribution of the index holdings shows that the Hong Kong Stock Exchange accounts for 52.26%, the Shanghai Stock Exchange for 31.63%, the Shenzhen Stock Exchange for 16.12%, and the Beijing Stock Exchange for 0.00% [1] Group 4: Industry Breakdown - The industry composition of the index includes Consumer Discretionary (20.41%), Industrials (19.36%), Communication Services (16.20%), Information Technology (11.50%), Financials (8.89%), Consumer Staples (8.56%), Materials (5.81%), Health Care (4.67%), Utilities (1.76%), Energy (1.67%), and Real Estate (1.18%) [2] Group 5: Sample Adjustment - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are adjusted in accordance with sample changes, and temporary adjustments may occur under special circumstances [2]

Macro Economic Overview - Industrial production remains resilient, with overall industrial activity at a historically high level despite weak construction demand and fluctuating automotive and home appliance sales [3][4]. - Recent data indicates that construction starts are low, with cement shipments at historical lows, while industrial production remains strong, particularly in the chemical sector [3]. - The demand side shows weakness in construction, with lower apparent demand for rebar and building materials compared to historical levels [3]. Agricultural Sector - The poultry market is entering a seasonal downturn, leading to potential short-term pressure on chicken prices. In May, the average price for white feather broilers was 7.41 yuan/kg, with a slight decrease from the previous month [7][8]. - The inventory levels for breeding chickens are relatively high, indicating sufficient supply despite the pressure on prices [7]. - Egg prices are expected to decline further in June due to weak terminal demand and high supply pressure, with the average wholesale price for eggs dropping significantly [8][9]. Semiconductor Industry - The domestic high-end semiconductor packaging leader, Shenghe Jingwei, has entered the guidance acceptance phase for its IPO, focusing on advanced packaging materials [13][14]. - The global semiconductor packaging materials market is projected to grow, with a current domestic localization rate of around 15% for semiconductor materials [15]. - Key materials for advanced packaging are being closely monitored, with several domestic companies positioned to benefit from the localization of these materials [15][16][17]. Chemical Industry - The solid-state battery industry is experiencing accelerated industrialization, supported by favorable policies and advancements in high-performance materials [20][21]. - The demand for solid-state batteries is increasing, with several companies making significant progress in material production and technology [22][23]. - The industry is expected to reach a commercialization inflection point by 2030, with ongoing developments in production capabilities and material costs [21][22]. Consumer Services Sector - The 618 shopping festival showed strong performance in instant retail, with significant growth in sales for tea and coffee brands, indicating a recovery in consumer spending [25][26]. - The beauty and personal care sector also saw stable growth during the 618 period, with major e-commerce platforms reporting substantial sales figures [27]. - The overall consumer services index has underperformed the broader market, highlighting competitive pressures within the sector [28]. Pharmaceutical Industry - Zhongsheng Pharmaceutical is focusing on traditional Chinese medicine while innovating in drug development, with a robust pipeline expected to drive future growth [33][34]. - The company has established a sustainable business model that integrates innovative drugs with traditional Chinese medicine, positioning itself well in the market [34]. - The projected net profits for Zhongsheng Pharmaceutical are expected to grow steadily from 3.08 billion yuan in 2025 to 3.92 billion yuan by 2027 [33][34].

农林牧渔 分析师：张蔓梓 登记编码：S0730522110001 zhangmz@ccnew.com 13681931564 畜禽价格低迷，宠物食品 618 消费表 现亮眼 ——农林牧渔行业月报 证券研究报告-行业月报 强于大市(维持) 盈利预测和投资评级 | 公司简称 | 24EPS 25EPS | | 25PE | 评级 | | --- | --- | --- | --- | --- | | 牧原股份 | 3.30 | 3.76 | 10.26 | 增持 | | 普莱柯 | 0.27 | 0.52 | 26.60 | 增持 | | 秋乐种业 | 0.31 | 0.33 | 58.86 | 增持 | | 乖宝宠物 | 1.56 | 2.03 | 48.59 | 增持 | | 中宠股份 | 1.34 | 1.48 | 36.11 | 增持 | | 佩蒂股份 | 0.75 | 0.91 | 15.46 | 增持 | 农林牧渔相对沪深 300 指数表现 资料来源：Wind，中原证券研究所 -15% -10% -4% 1% 6% 12% 17% 22% 2024.06 2024.10 2025.02 2025.06 ...

Investment Rating - The industry is rated as "Buy" [5] Core Views - The pet economy continues to show high growth, with over 400 pet brands achieving sales growth of over 100% during the "618" shopping festival. The number of pet transaction users increased by 32%, and new pet owners grew by 39% [1] - The pig price has risen, with the average price for live pigs at 14.22 yuan/kg, a week-on-week increase of 1.43%. The average price for piglets is 31.85 yuan/kg, down 3.16% week-on-week [2][24] - The prices of corn, soybean meal, and wheat have increased, with corn averaging 2417.06 yuan/ton (up 0.47%), soybean meal at 3015.14 yuan/ton (up 1.59%), and wheat at 2441.67 yuan/ton (up 0.46%) [3][47] Summary by Sections Pet Industry - The pet food sector is experiencing growth and price increases, with domestic brands gaining recognition and leading companies continuing to grow. Recommended companies include Guibao Pet, Zhongchong Co., and Petty Co. [4][74] Pig Farming Sector - The pig farming sector is entering a destocking phase, with the industry capacity cycle having bottomed out. The recent policy-driven destocking is expected to realign the supply-demand relationship, leading to a long-term profit uptrend post-destocking. Recommended companies include Juxing Agriculture, Shennong Group, Muyuan Foods, and Wens Foodstuffs [4][70] Feed and Planting Chain - The planting chain is showing positive fundamentals with an upward trend in grain prices. Recommended companies include Suqian Agricultural Development, Beidahuang, Hainan Rubber, Qiule Seed Industry, Longping High-Tech, and Denghai Seed Industry [4][70] Poultry Sector - The white feather broiler price is 7.12 yuan/kg, down 2.06% week-on-week, while chick prices have dropped significantly due to weak demand and high temperatures affecting restocking [34][34]