Core Viewpoint - Shenzhen Agricultural Products Group Co., Ltd. is planning to issue A-shares to specific investors to raise funds for its projects, including the expansion of its agricultural product wholesale markets, while highlighting various operational risks and market competition challenges [1][2][3]. Group 1: Company Overview - The company is engaged in the development, construction, operation, and management of agricultural product wholesale markets, with a focus on market management services [18]. - As of December 31, 2024, the total share capital of the company is 1,696,964,131 shares, with a controlling shareholder, Shenzhen Agricultural and Food Investment Holding Group Co., Ltd., holding 34.00% of the shares [18][19]. Group 2: Fundraising Plan - The company plans to raise a maximum of 1,964.14 million yuan through this issuance, with the funds allocated to the Guangming Haijixing Phase II project, Changsha Haijixing Phase II project, and to supplement working capital and repay bank loans [10]. - The issuance has been approved by the company's board and requires further approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [7][12]. Group 3: Market Competition Risks - The company faces significant competition from traditional agricultural wholesale markets and emerging business models such as fresh e-commerce, which accounted for 8.75% of the total transaction volume in 2022 [3][4]. - The increasing market concentration and competition among agricultural wholesale markets may adversely affect the company's operations if local market conditions fluctuate [2][3]. Group 4: Operational Risks - The company highlights several operational risks, including the risk of over-competition in local markets, the challenges of developing new wholesale markets, and the potential for impairment of loans made to associated companies [4][5]. - The company also faces risks related to the depreciation of fixed assets and the amortization of intangible assets, which may impact profitability if the expected returns from new projects are not realized [5][6].

6月10日，由广州市商务局主办的2025广州时尚消费品外资沙龙举行。这是继3月举办生物医药与健康外 资沙龙后，广州为外资企业搭建的又一政企深度交流平台。 据了解，广州现有超5万家外资企业在穗长期布局和扎根发展，其中世界500强企业投资企业达362家。 数据显示，今年1-4月，广州与时尚消费品相关的批发和零售业实际使用外资达4.1亿元，同比激增 50.4%。 广州市商务局供图。 作为粤港澳大湾区核心引擎，广州吸引全球人流、物流、资金流、信息流集聚，年均净流入人口超50 万，实时管理人口峰值突破2800万。当前，广州拥有370万经营主体、2万亿内外贸市场、6万亿批发零 售业销售额，已形成"买全球、卖全球"的商业网络。广州已构建起"离境退税+即买即退+市内免税"的全 维度免退税消费促进体系，珠江新城即将开业的市内免税店更将成为消费回流的超级入口。 广州市商务局有关负责人表示，广州时尚产业的未来，不在于简单的规模扩张，而在于全球资源配置能 力的提升。下一步，广州市商务局将紧紧围绕广州"12218"现代化产业体系，每季度至少举行一次外资 企业对接沙龙，后续继续聚焦餐饮、人工智能、智能装备与机器人等主题进行面对面交流。同 ...

作 者丨胡慧茵 编 辑丨黄剑 从去年秋季至今，日本的"米荒危机"还在持续。 据央视新闻报道，当地时间6月9日，日本首相石破茂在国会参议院决算委员会会议上表示， 将通过为大米稳定供应问题而设立的阁僚会议，对日本大米价格突然高涨的原因进行彻底调 查。 上千人排队抢购 据央视新闻6月9日晚报道，日本政府为平抑米价投放的新一批储备米日前在北海道、鹿儿岛 县和福冈县等地开始限量发售， 多地超市门前排起千人长龙，一些消费者为买米彻夜排队。 图 / 央视新闻 日本媒体9日报道，北海道部分零售商当天开始发售政府储备米，排队顾客之多引发热议。 在 札幌市一家米店，上千人排队数小时，1000袋储备米迅速被抢购一空。 这批米产于2022年， 被日本媒体称为"老陈米"，每袋5公斤， 售价为2150日元（约合107元人民币） ，约为市场零 售价的一半。 日本南部鹿儿岛县8日开始发售政府储备米。在首府鹿儿岛市一家超市，还没开门营业， 就有 约1200名顾客在店外排起长龙，有的顾客甚至凌晨1时就已到店门口排队。 根据限购政策，每 户家庭仅可购买一袋储备米。 为购买政府储备米大排长龙的情况也发生在福冈县、广岛县和长崎县等地。这是日本政府今 ...

研 究 专 题 定增双周报 2025 年 06 月 09 日 新增数量维持高位，解禁收益均为正 ——定增市场双周报 2025.05.26-2025.06.08 本期投资提示： 新 股 发 行 证 券 研 究 报 告 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 研究支持 朱敏 A0230524050004 zhumin@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 - ⚫ 新增项目维持高位，存量项目环比增加。截至 2025 年 6 月 9 日，上两周（5 月 26 日至 6 月 8 日）新增 21 宗定增项目（其中竞价 11 宗），环比持平；终止 11 宗（其中竞价 5 宗）， 环比增加 1 宗；发审委通过 10 宗（其 ...

21世纪经济报道记者胡慧茵广州报道 从去年秋季至今，日本的"米荒危机"还在持续。 据央视新闻报道，当地时间6月9日，日本首相石破茂在国会参议院决算委员会会议上表示，将通过为大 米稳定供应问题而设立的阁僚会议，对日本大米价格突然高涨的原因进行彻底调查。 面对流通渠道的变革，日本传统米店显得竞争力不足。而2024年夏季至今的日本"米荒"，更让传统米店 的供应链"短板"暴露无遗。央视财经报道称，由于进不到大米，叠加进货成本持续上涨，越来越多的小 型传统米店难以留住顾客。 为了缓解大米供应紧张并抑制米价，5月24日，日本农林水产大臣小泉进次郎表示，政府计划直接将储 备米卖给零售商，而非像之前一样拍卖给中间商。政府将绕过那些阻碍政府控制价格的拍卖机制，与零 售商"直接签合同"。张玉来称，此举使传统米店的生存状况进一步恶化，"日本政府将储备米直接卖给 终端零售商，既包括网购的乐天，以及永旺等大超市和7-11和全家等便利店，绕过了农协主导的批发销 售体系，传统米店依然是'无米可卖'。" 一边是日本大米价格不断飙升，另一边，日本政府持续增加市场的大米流通量。据新华社报道，日本政 府近期为平抑高涨米价，向市场投放多批储备米，剩 ...

宏观月报 / 2025.06.07 ■ 证券研究报告 陈兴 分析师 SAC 证书编号: S0160523030002 chenxing@ctsec.com 马乐怡 联系人 maly@ctsec.com 相关报告 1. 《就业不断下修 -- 4 月美国非农数 2025-05-03 据解读》 2. 《就业暂时回暖 -- 3月美国非农数 据解读》 2025-04-05 3. 《就业市场广泛降温 -- 2月美国非 农数据解读》 2025-03-08 4. 《就业下修，薪资强劲——1月美国 非农数据解读》 2025-02-08 5. 《零售支撑就业改善 -- 2024 年 12 月美国非农数据解读》 2025-01-11 夜心观点 就业前值再下修,劳动参与率下降。5月新增非农就业人数下降至 13.9万 * 人,同时 3 月和 4 月合计下修 9.5 万人。今年以来,新增非农就业人数持续下 调,或意味着当前就业水平存在一定程度的高估。分行业来看,新增就业主要 来源从政府转向服务业。5月服务业新增就业较上月提升,政府裁员影响仍在 持续显现,联邦政府就业自1月以来已减少 5.9万人。而制造业更容易受到关 税政策的影响,新增就 ...

Group 1 - The company intends to reappoint the accounting firm Shanghai Shanhui Certified Public Accountants (Special General Partnership) for the 2025 fiscal year [1][9] - The proposed audit fees are estimated at 1.2 million yuan, with 900,000 yuan for financial audit and 300,000 yuan for internal control audit [8][9] - The audit committee has evaluated the firm's professional competence, investor protection capability, independence, and integrity, concluding that the firm performed well in the 2024 annual report audit [9][10] Group 2 - As of the end of 2024, the accounting firm has 112 partners and 553 registered accountants, with an audited total revenue of 683 million yuan, including 479 million yuan from audit services [2] - The firm has audited 72 listed companies in 2024, with a total fee of 81 million yuan, and has experience in various industries including mining, manufacturing, and retail [2] - The firm has no civil liability in the past three years related to its professional conduct [4] Group 3 - The proposed signing partner, Shi Jianchun, has 30 years of experience in securities-related services, while the signing accountant, Feng Zhen, has been with the firm since 2014 [6] - The quality control reviewer, Zhang Jie, has 16 years of experience in securities services and has not held any other positions [6][7] - All key personnel have not faced any criminal or administrative penalties in the last three years [5][7] Group 4 - The company will hold its 2024 annual shareholders' meeting on June 30, 2025, with both on-site and online voting options available [12][13] - The meeting will discuss various proposals, including the reappointment of the accounting firm and the revision of the company's articles of association [12][15] - Shareholders must register for the meeting in advance, with specific procedures outlined for participation [19][20]

活动现场为境外旅客购物离境退税商店授牌。自贸区长沙片区雨花区块供图 据悉，本次采购月活动展销了非洲市场需求旺盛的商品，为非洲客商及全球采购商提供"一站式"高效采 购体验。离境退税"即买即退"政策在批发型市场的落地，将进一步开发挖掘国际客商的商贸潜力，带动 客流转订单流、外贸流，为外向型经济增长注入新动能，助力加速打造国际消费中心城市。 活动现场，高桥大市场首批17家商店正式获得长沙市税务局授予的境外旅客购物离境退税商店服务资 格。此项创新政策，彻底颠覆了传统离境退税模式，境外旅客在高桥大市场购物后，无需经历漫长等 待，可于离境前集中退付，现场即时获得退税款。退税周期从"月级"压缩至"分钟级"，享受真正的"即 买即退"服务，既缩短资金回流周期，也创造"退税即消费"的二次消费场景，有望进一步释放消费潜 力。 随着海外知名度攀升，长沙每年吸引大量国际游客，湖南高桥大市场作为全国第二大综合型批发市场， 叠加中非经贸深度合作先行区承载区，依托自贸区长沙片区雨花区块、中非经贸博览会常设展馆的平台 优势，每年吸引大量非洲客商开展自发性商贸采购，是非洲客商入长必打卡扫货的"网红市场"。 中新网长沙6月6日电(向一鹏 李清晗) ...

Core Insights - The core issue for small and medium-sized enterprises (SMEs) is how to allocate their financing effectively, impacting their future survival and development [1][3]. Financing and Fund Allocation - According to the "2024 China SME Financing Development Report," SMEs primarily use funds for daily operations, with operational expenses accounting for approximately 93% of total funding [4][6]. - SMEs face high operational cost pressures due to their smaller scale and limited financial reserves, leading to a "short, small, frequent, and urgent" financing demand [6][9]. - The report indicates that SMEs prioritize maintaining daily operations over expanding production, market development, and product innovation, which limits their competitiveness [9][12]. Industry-Specific Insights - Different industries exhibit varying focuses on "developmental investments." For instance, the wholesale and retail sectors have the highest operational expense ratios, with wholesale reaching 97.26%, a year-on-year increase of 0.44% [13][14]. - In terms of R&D spending, the software and information technology services sector leads with an 8.73% allocation, despite a year-on-year decline of 10.55% [15]. - The non-metallic mineral products industry has the highest marketing expenditure ratio at 5.72%, showing a significant year-on-year increase of 54.59% [15]. Challenges and Recommendations - SMEs face significant survival pressure in a competitive market, primarily allocating funds to daily operations, which restricts resources for R&D and marketing, hindering their ability to innovate and grow [17]. - To ensure survival while investing in future growth areas like technology innovation and market expansion, SMEs need to adopt new operational strategies, explore digital solutions, and diversify financing channels [17].

Core Viewpoint - The company is preparing for its 2024 Annual General Meeting, focusing on sustainable development, operational efficiency, and brand enhancement while addressing market challenges and opportunities in the retail and laundry industries [1][3][13]. Group 1: Meeting Preparation and Agenda - The 2024 Annual General Meeting is scheduled for June 13, 2025, at the Shanghai Palais de Chine Hotel [3]. - The agenda includes discussions on the board and supervisory committee reports, financial statements, profit distribution plans, and the election of new board members [1][3][4]. Group 2: Financial Performance - As of December 31, 2024, the company's total assets reached CNY 1,666,106,408.11, a 4.72% increase from the previous year [8][24]. - The net profit attributable to shareholders for 2024 was CNY 42,031,556.46, reflecting a 32.43% decrease compared to the previous year [23][24]. Group 3: Business Operations and Strategies - The company emphasizes brand building and operational efficiency, with subsidiaries implementing upgrades and new product launches to meet consumer demands [4][5]. - The laundry subsidiary has enhanced its production capabilities through automation and digital management systems, while the beverage subsidiary has improved cost control and supply chain management [5][6]. Group 4: Industry Trends and Challenges - The retail industry is experiencing a dual trend of market growth supported by economic recovery and challenges from evolving consumer behaviors and competition from e-commerce [13][14]. - The laundry industry is expected to continue its steady growth, with increasing competition and a focus on sustainable practices and consumer health awareness [14][15]. Group 5: Future Development Plans - The company aims to enhance its operational capabilities and competitive strength by focusing on stable operations, risk control, and innovation [15][16]. - Plans include leveraging the upcoming centennial celebration of the laundry brand to boost brand influence and market presence [16][17].