1. Report Industry Investment Rating No relevant information provided. 2. Core Views - For soybean meal, the upside space is limited, with pressure at the 3200 price level for the m2601 contract. Abroad, the US government shutdown persists, lacking data guidance, and the market focuses on Sino-US policy agreements and the return of US soybean orders. Domestically, near - term soybean and soybean meal supplies are relatively sufficient, but the supply pressure is expected to ease. The cost - end support for soybean meal is strong, and attention should be paid to Sino - US tariff policies and the growth of South American soybeans [3]. - For rapeseed meal, the upside space is limited, with pressure at the 2500 price level for the RM601 contract. Globally, the 2025/26 rapeseed supply - demand pattern is loose, suppressing the price. Domestically, the anti - dumping preliminary ruling on Canadian rapeseed restricts imports, and downstream aquaculture is in the off - season. The supply is expected to tighten, but demand is also weak. In the long - term, the global supply - demand situation will suppress the price, and in the short - term, it will stabilize with the rebound of soybean meal. Attention should be paid to inventory reduction and Sino - Canadian trade relations [3]. - For different participants: Traders with inventory can hedge against price drops by short - selling a small proportion; those seeking to build inventory can hedge on the futures or options market to prevent sudden price increases. Feed mills can also take similar hedging measures [3]. 3. Summary by Directory 3.1 US Soybean Supply and Demand - The market expects a downward adjustment in US soybean yield in the upcoming USDA report, which may tighten the fundamentals and support the price. The price has been oscillating at a high level between 1100 - 1160 cents/bu. Analysts' average estimate of the 2025/26 yield is 32.85 bu/acre, a decrease from the September estimate. The export and ending inventory are expected to be adjusted downward. The current US soybean has a cost advantage over Brazilian soybeans, but there is still pressure on further price increases without large - scale purchases from China [16][17]. - As of the week ending November 7, 2025, the US soybean crushing profit was $2.02/bu, a 6.40% week - on - week decrease and a 35.87% year - on - year decrease. As of November 6, the US soybean export inspection volume was 1.0886 million tons, in line with expectations. The cumulative export inspection volume since the beginning of the crop year was 8.89 million tons, lower than the previous year [18]. 3.2 South American Soybean Supply and Demand - Brazilian soybean sowing is more than half - completed, but the progress is behind last year due to local rainfall. The sowing in Argentina has started. China's procurement supports the Brazilian soybean premium, which remains oscillating. It is necessary to pay attention to future weather conditions and China's procurement [26][27]. - As of November 8, the Brazilian soybean sowing rate was 38.4%, lower than last year's 66.1% and the five - year average of 57%. Anec expects Brazilian soybean exports in November to reach 4.26 million tons and soybean meal exports to reach 2.47 million tons [27]. 3.3 Rapeseed Supply and Demand - The international rapeseed price has stabilized and rebounded due to Canada's biofuel production incentive plan and the rebound of oilseed soybean prices. The 2025/26 global rapeseed production is expected to increase by 5.23 million tons, with an increase in consumption demand of 2.06%. The trade volume may decline due to trade policies, and the inventory and stock - to - use ratio are increasing [52][53]. - As of November 2, Canadian rapeseed exports increased by 21.2% week - on - week to 188,400 tons. The cumulative exports from August 1 to November 2 were 1.4233 million tons, a 54.1% decrease from the previous year. The commercial inventory was 1.3187 million tons [53]. 3.4 Domestic Meal Supply and Demand - The soybean meal futures continued to oscillate. Although the Sino - US trade policy has changed, the cost of US soybeans is still higher, and the near - term supply is loose, suppressing the upward space. However, the overall import cost increase provides strong support for the price [63][64]. - In October 2025, China imported 3.932 million tons of soybeans, a decrease of 3.387 million tons from September and a 17.25% increase from October 2024. The cumulative import from January to October was 95.682 million tons, a 6.39% increase year - on - year [64]. - As of November 7, the actual soybean crushing volume of 125 domestic oil mills was 1.8057 million tons, with an operating rate of 49.67%. It is expected to reach 2.1579 million tons and 59.36% in the 46th week (November 8 - 14) [86]. - The rapeseed crushing in coastal areas has basically stopped, with a crushing volume of 0 tons and an operating rate of 0% this week and next week [87]. - As of November 7, the soybean inventory of 125 domestic oil mills was 7.6195 million tons, a 7.20% increase from last week and a 35.97% increase year - on - year. The rapeseed inventory was 0 tons, and the rapeseed meal inventory continued to decline [101]. - As of November 13, the total soybean meal transaction was 606,340 tons, a week - on - week increase of 221,100 tons. The daily average transaction was 172,700 tons, a 43.35% increase. The total soybean meal pick - up was 900,000 tons, a week - on - week decrease of 20,500 tons [119]. 3.5 Basis and Spread - The coastal soybean meal spot price ranged from 3010 - 3050 yuan/ton this week, with mixed price changes compared to last week. The national weekly average price was 3080 yuan/ton, a decrease from the previous week. The average basis in coastal markets was between - 21 and - 61 yuan/ton, with mixed changes compared to the previous week. As of November 14, the basis of the January soybean meal contract in Rizhao was - 33 yuan/ton, and that of the January rapeseed meal contract in Dongguan was 128 yuan/ton [137].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - For soybean meal, the upside space is limited, with resistance at the 3200 price level for the m2601 contract. Abroad, the US government shutdown continues, and the market focuses on the return of US soybean orders due to the implementation of China - US policy agreements. Domestically, the supply of near - month soybeans and soybean meal is expected to be relatively sufficient, but the supply pressure will weaken as imports decline. The cost of imports supports the price of soybean meal. [3] - For rapeseed meal, the upside space is limited, with resistance at the 2500 price level for the RM601 contract. Globally, the rapeseed supply - demand pattern in the 2025/26 year is loose, suppressing the price of rapeseed. In China, the anti - dumping preliminary ruling on Canadian rapeseed restricts imports, and the downstream aquaculture is in the off - season. The price difference between soybean meal and rapeseed meal is low, which is not conducive to the substitution of rapeseed meal. [3] 3. Summary According to the Directory 3.1 Foreign Supply and Demand 3.1.1 US Soybean Supply and Demand - The USDA report is expected to show a potential downward adjustment in US soybean yield in the 2025/26 year, which may reduce the ending inventory. The price of US soybeans has been oscillating at a high level, ranging from 1100 - 1160 cents per bushel. The export demand and domestic crushing demand need to be further observed. The current cost of US soybeans is higher than that of Brazilian soybeans, and the upward pressure on prices remains. [16][17] 3.1.2 South American Soybean Supply and Demand - Brazilian soybean sowing is more than half - completed, and Argentine sowing has started. The sowing progress in Brazil is behind last year due to local precipitation, but it is expected to continue to advance. The Chinese procurement supports the Brazilian soybean premium to oscillate. The market will gradually focus on the weather in South America in the next two months. [26][27] 3.1.3 Rapeseed Supply and Demand - In the 2025/26 year, the global rapeseed production is expected to increase by 5.23 million tons, with an increase of 6.11%. The consumption demand increases by 2.06%. The international rapeseed trade volume is expected to decline due to trade policies. The global rapeseed inventory and inventory - to - consumption ratio continue to increase. The export of Canadian rapeseed is affected by China - Canada trade policies. [53] 3.2 CFTC Positions - The report provides data on CBOT soybean and soybean meal non - commercial long and short positions, total positions, and non - commercial net long positions and their proportions, which can reflect the market sentiment and expectations of investors. [42][44][46] 3.3 Domestic Supply and Demand 3.3.1 Domestic Import Situation - In October 2025, China imported 3.932 million tons of soybeans, a decrease of 3.387 million tons from September. From January to October 2025, the cumulative import of soybeans was 95.682 million tons, a year - on - year increase of 6.39%. The supply of soybean meal in the near - term is loose, which restricts the upward space of prices. However, the increase in import costs supports the price of soybean meal. [64] 3.3.2 Soybean and Rapeseed Pressing - Operating Rate - As of the week of November 7, the actual soybean crushing volume of 125 domestic oil mills was 1.8057 million tons, with an operating rate of 49.67%. It is expected to increase to 2.1579 million tons and 59.36% respectively in the 46th week. The rapeseed pressing in coastal areas has basically stagnated. [86] 3.3.3 Import Cost and Pressing Profit - The import cost of soybeans has increased, mainly due to the significant increase in CBOT soybean prices. The import cost of rapeseed from Canada and the pressing profit are also provided in the report. [93][100] 3.3.4 Inventory - As of the week of November 7, the soybean inventory of 125 domestic oil mills increased by 511,600 tons to 7.6195 million tons, a year - on - year increase of 35.97%. The soybean meal inventory decreased, and the unexecuted contracts increased. The rapeseed inventory was 0 tons, and the rapeseed meal inventory continued to decline. [101] 3.3.5 Downstream Demand - As of November 13, the total trading volume of soybean meal in China was 606,340 tons, a week - on - week increase. The trading volume in the spot and forward - basis markets has improved. The total提货 volume of soybean meal decreased slightly. The downstream aquaculture is in the off - season, and the livestock and poultry breeding profit situation is also provided in the report. [119] 3.3.6 Basis and Spread - The report provides data on the basis of soybean meal and rapeseed meal, including the basis of different contracts and regions, as well as the spread between different contracts. [13][115]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Corn futures closed higher in a volatile manner this week. The price of the main 2601 contract was 2185 yuan/ton, up 36 yuan/ton from last week. In the short - term, it is recommended to wait and see. The supply pressure of US corn is high, but the upcoming USDA report may lower the yield per acre, and the rise of US soybeans and wheat provides external support. In China, due to weather conditions, farmers' reluctance to sell has increased, and the market supply has decreased, leading to a slight increase in enterprise purchase prices [6]. - Corn starch futures also closed higher in a narrow - range volatile manner. The price of the main 2601 contract was 2505 yuan/ton, up 43 yuan/ton from last week. In the short - term, it is recommended to wait and see. The supply pressure has increased due to sufficient raw material supply and rising industry operating rates, but the demand is good, and the inventory has decreased slightly [8]. 3. Summary by Directory 3.1. Weekly Summary 3.1.1. Corn - **Market Review**: The main 2601 contract of corn futures closed higher in a volatile manner, with a price of 2185 yuan/ton, up 36 yuan/ton from last week [6]. - **Outlook**: US corn harvest is almost finished, with high short - term supply pressure. The USDA report may lower the yield per acre, and the rise of US soybeans and wheat supports the price. In China, cold weather in the Northeast and North China has increased farmers' reluctance to sell, reducing the market supply and increasing enterprise purchase prices. It is recommended to wait and see in the short - term [6]. 3.1.2. Corn Starch - **Market Review**: The main 2601 contract of corn starch futures closed higher in a narrow - range volatile manner, with a price of 2505 yuan/ton, up 43 yuan/ton from last week [8]. - **Outlook**: With the increase in new - season corn supply, the industry operating rate has risen, increasing supply pressure. However, the demand is good, and the inventory has decreased slightly. It is recommended to wait and see in the short - term [8]. 3.2. Futures and Spot Market 3.2.1. Futures Price and Position - Corn futures' 1 - month contract closed higher in a volatile manner, with a total position of 947302 lots, down 29717 lots from last week. Corn starch futures' 1 - month contract also closed higher, with a total position of 237935 lots, up 11853 lots from last week [13]. - The net short position of the top 20 in corn futures increased, while that of corn starch futures decreased slightly [19]. 3.2.2. Futures Warehouse Receipts - The registered warehouse receipts of yellow corn were 69337, and those of corn starch were 12453 [25]. 3.2.3. Spot Price and Basis - As of November 13, 2025, the average spot price of corn was 2259.8 yuan/ton, and the basis between the active 1 - month contract and the spot average price was +75 yuan/ton [30]. - The spot price of corn starch in Jilin was 2600 yuan/ton, and in Shandong was 2750 yuan/ton, remaining relatively stable this week. The basis between the 1 - month contract and the Jilin Changchun spot price was 95 yuan/ton [34]. 3.2.4. Inter - monthly Spread - The 1 - 3 spread of corn futures was - 12 yuan/ton, at a relatively low level in the same period. The 1 - 3 spread of corn starch futures was +5 yuan/ton, at a medium level in the same period [40]. 3.2.5. Futures Spread - The spread between the 1 - month contract of starch and corn was 320 yuan/ton. As of Thursday this week, the spread between Shandong corn and corn starch was 500 yuan/ton, down 24 yuan/ton from last week [49]. 3.2.6. Substitute Spread - As of November 13, 2025, the average spot price of wheat was 2484.5 yuan/ton, and that of corn was 2259.8 yuan/ton, with a wheat - corn spread of 224.7 yuan/ton. In the 46th week of 2025, the average spread between cassava starch and corn starch was 440 yuan/ton, widening by 118 yuan/ton from last week [54]. 3.3. Industrial Chain 3.3.1. Corn - **Supply**: As of November 7, 2025, the domestic trade corn inventory in Guangdong Port was 45.4 tons, up 2.90 tons from last week, and the foreign trade inventory was 41.2 tons, up 9.50 tons. The corn inventory in the four northern ports was 107.1 tons, up 5.0 tons week - on - week, and the shipping volume was 58.2 tons, down 13.40 tons week - on - week [44]. - The total corn sales progress was 24% as of November 13, 2025, up 2% from November 6 and 1% year - on - year [56]. - In September 2025, China's corn imports were 56562.26 tons, down 81.93% year - on - year and up 20404.55 tons month - on - month [60]. - As of November 13, the average inventory of feed enterprises was 25.61 days, up 0.73 days from last week, a 2.93% week - on - week increase and a 12.11% year - on - year decrease [64]. - **Demand**: At the end of the third quarter, the national pig inventory was 43680 million, a 2.3% year - on - year increase and a 2.9% quarter - on - quarter increase. The inventory of breeding sows was 4035 million, a 0.7% year - on - year decrease and a 0.2% quarter - on - quarter decrease [68]. - As of November 7, 2025, the self - breeding and self - raising pig breeding profit was - 89.21 yuan/head, and the profit of purchasing piglets for breeding was - 175.54 yuan/head [72]. - As of November 13, 2025, the corn starch processing profit in Jilin was 38 yuan/ton, and the corn alcohol processing profit in Henan was - 300 yuan/ton, in Jilin was - 569 yuan/ton, and in Heilongjiang was - 267 yuan/ton [77]. 3.3.2. Corn Starch - **Supply**: As of November 12, 2025, the corn inventory of 96 major corn processing enterprises in 12 regions was 273.5 tons, a 2.15% decrease [81]. - From November 6 to 12, 2025, the national corn processing volume was 63.19 tons, up 0.53 tons from last week; the corn starch output was 32.84 tons, up 0.37 tons; the operating rate was 63.48%, up 0.72%. As of November 12, the national corn starch inventory was 113.3 tons, down 0.50 tons from last week, a 0.44% week - on - week decrease, a 0.44% month - on - month increase, and a 27.59% year - on - year increase [85]. 3.4. Option Market Analysis As of November 14, the implied volatility of the corn main 2601 contract was 7.96%, down 0.55% from last week's 8.51%. The implied volatility fluctuated and declined this week, being at a relatively low level compared to the 20 - day, 40 - day, and 60 - day historical volatility [88].

Core Viewpoint - The article highlights the upcoming 2025 Greater Bay Area Agricultural Products Trade Fair and Specialty Products Expo, showcasing the unique agricultural products from the five cities of Eastern Guangdong, aiming to tap into the trillion-dollar consumption market of the Bay Area [12][13]. Group 1: Agricultural Products and Industry Development - The five cities of Eastern Guangdong (Shantou, Shanwei, Chaozhou, Jieyang, Meizhou) are known for their unique geographical features and rich agricultural products, including the famous Meizhou pomelo and Chaozhou Phoenix tea [15][19][30]. - Meizhou has become the largest pomelo production area in Guangdong, with a planting area of 650,000 mu and an annual output accounting for 20% of the national total, generating an industry value exceeding 8.9 billion yuan [20][26][27]. - Chaozhou's Phoenix tea has been recognized as a national specialty product, with an annual output value exceeding 1.8 billion yuan and a planting area of 117,600 mu [30]. - The bamboo shoots from Jieyang are also notable, with a planting area of 52,300 mu and an annual output value surpassing 1.5 billion yuan [33]. Group 2: Industry Upgrading and Technological Innovation - The Shantou city has developed a complete industrial chain for the "Lion Head Goose," with an annual output exceeding 8 million geese and a total industry value of over 4.5 billion yuan [37]. - The traditional food products from the Hakka culture, such as Hakka salt-baked chicken and pickled vegetables, are experiencing industrial upgrades through standardized production [64]. - The integration of technology in traditional fisheries is evident, with the establishment of breeding bases and smart farming platforms in Shantou and Shanwei, enhancing productivity and sustainability [56][57]. Group 3: Market Expansion and Brand Development - The upcoming trade fair is expected to facilitate the transition of local products from "regional specialties" to "industry landmarks," providing a platform for technological empowerment, brand building, and industry chain extension [68][69]. - The event will attract over 1,000 core buyers and feature a "supply-demand matching area" to enhance market penetration and brand influence for Eastern Guangdong agricultural products [73]. - The fair has already achieved significant exposure, with over 10 million interactions and connections to a media matrix of over 100 million users, indicating strong market interest [71].

1. Report Industry Investment Ratings - Apple: Neutral to bullish [4] - Red dates: Neutral [8] 2. Core Views of the Report - Apple: The price of apples futures continued to rise. The出库 of late - Fuji apples in the western region has started, with active transactions in Gansu and Shaanxi. The price of high - quality apples is expected to remain stable and firm in the short term, while the price of ordinary goods will remain stable. The stocking volume is lower than the same period last year, and attention should be paid to the stocking progress and出库 situation [3][4]. - Red dates: The price of red dates futures declined. The acquisition progress in Aksu and Alar has accelerated, and the price of new goods in the Hebei market is weakening. The inventory pressure is large, and the supply - demand contradiction has not been substantially alleviated. The actual consumption situation during the peak season will be the focus [7]. 3. Summary by Relevant Catalogs Apple Market News and Important Data - Futures: The closing price of the Apple 2601 contract was 9,504 yuan/ton, up 297 yuan/ton or 3.23% from the previous day [1]. - Spot: The price of 80 first - and second - grade late - Fuji in Shandong Qixia was 3.75 yuan/jin, unchanged from the previous day; the price of over 70 semi - commercial late - Fuji in Shaanxi Luochuan was 4.15 yuan/jin, unchanged from the previous day [1]. Recent Market Information - The出库 work of late - Fuji in the western region has started. In Gansu, merchants purchase goods as needed; in Shaanxi Xianyang, some merchants are actively purchasing farmers' goods. The quality of ground - traded goods in Shandong has slightly declined, and the price is slightly weak. The stocking work is entering the later stage, and the price of high - quality goods is expected to remain stable and firm, while ordinary goods will remain stable [2]. Market Analysis - The price of apple futures continued to rise. The出库 of late - Fuji in the west has started, and the price of high - quality goods is expected to be stable and firm, while ordinary goods will remain stable. The stocking work is in the later stage, and the stocking volume is lower than last year. The trading atmosphere in the sales area is still weak, and attention should be paid to the stocking and出库 progress [3]. Strategy - Neutral to bullish. Although the supply of late - Fuji has increased, the commercial rate this year is low, and merchants are cautious about ordering ordinary goods. The stocking volume is lower than last year [4]. Red Dates Market News and Important Data - Futures: The closing price of the Red Dates 2601 contract was 9,195 yuan/ton, down 170 yuan/ton or 1.82% from the previous day [5]. - Spot: The price of first - grade grey jujubes in Hebei was 8.90 yuan/kg, down 0.10 yuan/kg from the previous day [5]. Recent Market Information - The acquisition progress in Aksu and Alar has accelerated, and the price has slightly decreased. Merchants select suitable goods. The price in the Hebei market is weakening, and the price in the Guangdong market is stable. The price of spot goods is expected to be stable in the short term [6]. Market Analysis - The price of red dates futures declined. The acquisition progress in the production area has accelerated, and the price in the Hebei market is weakening. The inventory pressure is large, and the supply - demand contradiction has not been alleviated. The actual consumption during the peak season will be the focus [7]. Strategy - Neutral. The decline of red dates futures is obvious, and market gaming has increased. The new - season red dates in the main production areas have not been fully harvested. Attention should be paid to the acquisition price, fruit quality, and consumption during the peak season [8].

Core Viewpoint - The upcoming 2025 Greater Bay Area Agricultural Products Trade Fair and Specialty Products Expo, scheduled for December 12-14 in Guangzhou, aims to showcase the unique agricultural products of the Pearl River Delta, highlighting their industrial value and development potential [16][95]. Group 1: Geographic Indications and Agricultural Products - As of June this year, Guangdong has approved 229 geographic indication products, ranking among the top in the country [10][13]. - Ten products, including the Xinhui dried tangerine peel, have been included in the "China-EU Geographic Indication Product Mutual Recognition and Protection List," enhancing the international profile of Guangdong's agricultural products [14][15]. - The trade fair will serve as a significant platform for showcasing these products and their unique industrial values [15][95]. Group 2: Urban Agriculture Development - Guangzhou and Shenzhen, with a combined population of nearly 37 million, are reshaping the agricultural value chain through industrialization and information technology [21][22]. - In 2024, the planting area for lychee in Zengcheng is expected to reach 200,000 mu, with a total output of approximately 50,000 tons [22]. - The trade fair will provide an important showcase for urban agricultural development [25]. Group 3: Industry Innovations and Market Expansion - The Guangdong region is seeing significant growth in its agricultural sectors, with the Xinhui dried tangerine peel industry alone generating a total output value of 26.018 billion yuan [51]. - The trade fair is viewed as a crucial opportunity for connecting with international markets [54]. - The integration of technology, culture, and health into the agricultural sector is expected to enhance the competitiveness of geographic indication products [90][92]. Group 4: Future Development and Strategic Opportunities - The construction of the Guangdong-Hong Kong-Macao Greater Bay Area presents unprecedented strategic opportunities for the geographic indication agricultural products of the Pearl River Delta [86]. - The trade fair is anticipated to elevate the brand influence and market competitiveness of these products [87]. - The future development of these products will focus on "value reconstruction," transforming them into a complex industry IP that integrates technology and global trade [90][92].

Core Insights - The article highlights how Jingning County in Zhejiang has transformed its ecological resources into economic benefits through high-altitude agriculture and innovative practices, creating a multi-million dollar industry from its natural assets [1][5][11]. Group 1: Agricultural Development - Jingning County leverages its unique "altitude economy" to produce high-quality agricultural products such as highland vegetables, Huiming tea, and medicinal herbs, connecting rural and urban markets [1][5]. - The "Jingning 600" brand has been established to promote high-quality agricultural products from areas above 600 meters, significantly increasing farmers' incomes and attracting external investments [5][11]. - The county has implemented an order-based agricultural model, enhancing product standardization and market competitiveness, which has led to increased commercialization of agricultural products [2][5]. Group 2: Tea Industry - Huiming tea, a traditional product from the region, has seen a revival through modern branding and marketing strategies, with the planting area reaching 80,000 acres and an output value exceeding 970 million yuan by 2025 [10][12]. - Innovative tea products are being developed, integrating traditional tea with modern flavors, appealing to younger consumers and expanding market reach [9][10]. Group 3: Medicinal Herb Industry - The medicinal herb sector in Jingning is projected to grow significantly, with an expected planting area of 96,000 acres and an annual output of 6,500 tons by 2025, contributing to a total industry value of 450 million yuan [11][12]. - The integration of traditional practices with modern technology in the cultivation of medicinal herbs is enhancing product value and market recognition [11][12]. Group 4: Economic Impact - The transformation of ecological resources into economic benefits is creating new business opportunities, such as eco-tourism and agritourism, with local investments in hospitality and related services [5][11]. - The overall strategy of combining agriculture, tourism, and traditional industries is fostering a sustainable economic model that supports rural revitalization and community prosperity [1][11].

Group 1 - Guangdong's foreign trade import and export reached 7.8 trillion yuan in the first ten months of this year, an increase of 3.7% compared to the same period last year, accounting for 20.9% of the national total [6][8][9] - Exports amounted to 4.98 trillion yuan, growing by 1.7%, while imports were 2.82 trillion yuan, increasing by 7.5% [9] Group 2 - The Guangdong Seed Expo showcased over 570 new varieties, creating a demonstration field for the entire industry chain, with impressive growth in various crops [12][14] - The "Digital Fish Doctor" service station in Baiyun District aims to address the frequent outbreaks of diseases in aquaculture, providing essential support to farmers [22][24] Group 3 - The Chinese Food Industry Association conducted research in Xinhui to explore the development of the Chenpi industry, focusing on high-quality development in the health sector [26][30][31]

Financial Data and Key Metrics Changes - Consolidated adjusted EBITDA for Q3 2025 reached $115 million, with year-to-date EBITDA at $206 million [3][6] - Gross sales totaled $323 million in Q3, reflecting a 29% year-over-year decline due to lower volumes and prices [6] - Year-to-date sales stood at $1 billion, with adjusted EBITDA at $206 million, indicating lower consolidated results primarily due to lower global prices and higher costs in USD terms [6][11] Business Line Data and Key Metrics Changes - In the sugar, ethanol, and energy business, crushing volume was 4% lower year-over-year, but a new quarterly record of 4.9 million tons was achieved, representing a 20% year-over-year increase [7][8] - The farming business saw a 13% year-over-year increase in total production, attributed to higher planted area and record productivity in rice operations [7] - Adjusted EBITDA for the farming business totaled $1 million in Q3, with year-to-date EBITDA at $19 million, impacted by lower international prices and higher costs [12][13] Market Data and Key Metrics Changes - In Brazil, the company achieved a record quarterly crushing volume and produced 40% more ethanol than the previous year [3] - In Argentina and Uruguay, the price-cost scenario remains challenging, leading to adjustments in crop mix and leased area [3][4] Company Strategy and Development Direction - The company is focusing on efficiency and being the lowest-cost producer to navigate the challenging market environment [5] - A strategic shift towards maximizing ethanol production was made due to better margins compared to sugar, with an ethanol mix of 58% compared to 45% the previous year [8] - The acquisition of a 50% stake in ProFertil, the largest producer of granular urea in South America, is expected to diversify operations and reduce result volatility [4][15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the tough year but emphasized the need to remain focused on efficiency [5] - The company expects crushing volumes to improve in 2025-2026, with a potential increase of 5%-6% due to better yields and conditions [24] - Cost reductions of 15%-20% are anticipated for the upcoming year, driven by higher yields and efficiencies [24] Other Important Information - Net debt increased by 35% year-over-year to $872 million, with a net leverage ratio of 2.8 times [16] - The shareholder distribution program for 2025 amounted to $45 million, including $10 million in share repurchases and $35 million in cash dividends [17] Q&A Session Summary Question: Future crushing volumes and CAPEX expectations - Management indicated that crushing volumes could see growth in 2025-2026, with CAPEX being revised downwards due to compressed EBITDA margins [20][22] Question: Actions to reduce leverage and crop area reduction rationale - Management explained that reducing leased area is aimed at lowering costs and focusing on high productivity farms, with expectations for improved EBITDA next year [27][29] Question: Financing details for ProFertil acquisition and dividend expectations - The acquisition is fully financed at competitive rates, and while it is too early to provide specific dividend guidance for 2026, management remains optimistic about future cash flows [38][40]

Core Viewpoint - The collaboration between Xincheng Agricultural Development Group and Jiajiayue Group aims to establish a comprehensive traceability system for agricultural products, enhancing food safety from production to market [2][3][4]. Group 1: Collaboration Details - The signing ceremony in Weihai marks the launch of a public brand for "Xincheng Vegetables," allowing retail enterprises to use the brand for the first time [2]. - A regional cooperation agreement was signed between market supervision departments of Weihai and Liaocheng to promote a full-chain traceability system for edible agricultural products [2][3]. Group 2: Innovative Practices - The core innovation of the collaboration is the "order planting + full traceability" model, where Jiajiayue Group will issue precise planting orders based on market demand, and Xincheng Agricultural Development Group will organize production accordingly [3][4]. - The entire production process will rely on the "Shandong Food Chain" traceability system, ensuring real-time recording of key information throughout the vegetable lifecycle [3][4]. Group 3: Agricultural Background - Xincheng County, known as "China's Vegetable Capital," has over 1 million acres of vegetable planting area and an annual output of 5 million tons [4]. - The county has implemented a "43311" agricultural product quality safety supervision system, laying a solid foundation for source supervision cooperation [4]. Group 4: Market Impact - The collaboration is expected to expand sales channels and enhance brand value for Xincheng vegetables, promoting rural revitalization [4][5]. - Jiajiayue Group's extensive retail network will help bring high-quality Xincheng vegetables to a broader market, boosting consumer confidence in food safety [5]. Group 5: Future Plans - The first batch of "Xincheng Vegetables," including cherry tomatoes and cucumbers, has already entered Jiajiayue supermarkets, with plans to gradually expand the range of directly supplied products [5]. - The innovative model is set to be promoted throughout the province, providing a replicable path for agricultural product quality safety supervision [5].