1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Viewpoint - The corn market is in a stage of oscillating downward, and the later price center is expected to decline. Due to high yields, imported corn supplements the market supply, and the overall supply is sufficient. The price difference between corn and wheat remains in the substitutable range, with wheat being widely used as a substitute for corn. Alongside the substitution of millet and other grains, these factors suppress the corn price. The planting area of new crops is high, and the expected yield per unit is good, so the new crop yield is still expected to be abundant. The lowest planting cost of the new crop on the futures market is about 2,000 yuan/ton, and the cost center continues to shift downward. Under multiple negative factors, it is expected that c2509 will oscillate downward, and the later price center is expected to shift downward [7]. 3. Summary by Directory Domestic Corn Supply - **Supply**: The domestic corn price continues to oscillate weakly, and the growth of new - season corn is good. The current main variable is the weather during the growth period, especially rainfall. The NDVI data shows that the growth of corn in Northeast China is significantly better than in previous years, while in North China, although affected by extreme weather, the growth is still around the annual average. Overall, the expected yield per unit of corn in the main production areas is good [9][10]. - **Import**: The scale of corn imports has significantly decreased. In June 2025, the total corn import volume was 156,400 tons, a year - on - year decrease of 82.99% and a month - on - month decrease of 3.21 tons. From January to June 2025, the total corn import volume was 785,300 tons, a year - on - year decrease of 92.88%. The USDA estimates that China's corn imports in the 2024/25 season will be 4 million tons, lower than 23.41 million tons in the 2023/24 season [17][19][20]. - **Substitutes**: Feed enterprises are purchasing wheat to replace corn, and the substitution pressure of imported substitutes is decreasing. The price difference between corn and wheat in North China is near parity, and wheat has a high cost - effectiveness, exerting great pressure on the feed - use substitution of corn. In June 2025, the import volume of barley decreased by 23.83% year - on - year, and the import volume of sorghum decreased by 32.71% year - on - year [29][30]. Demand - **Feed and Livestock Farming**: The feed demand in the livestock farming industry is rigid, but the breeding profit is average. In June 2025, the national industrial feed production was 27.67 million tons, a month - on - month decrease of 0.1% and a year - on - year increase of 6.6%. The inventory of breeding sows, the parent - stock of white - feather broilers, and the hatching volume of laying - hen chicks are all at high levels, indicating a rigid feed demand. However, the breeding profit of self - breeding and self - raising pigs is at a low level, the profit of broiler breeding is seasonally rising, and the profit of laying - hen breeding has deteriorated [34][35][36]. - **Deep - processing**: The operating rate of corn starch enterprises in Heilongjiang has increased significantly, but the deep - processing production profit is severely in the red. The operating rate of major corn starch enterprises nationwide has rebounded to a neutral level, with Shandong and Heilongjiang showing relatively high rates. The corn starch production has also increased, but the downstream提货量 is low, and the production profit is severely in the red. The consumption of corn by corn alcohol enterprises has slowed down, and the operating rate has reached a new low [55][56]. Inventory - **Corn Trade and Inventory**: The inventory of trade channels and downstream users is gradually decreasing, and the starch inventory is significantly high. As of August 8, the inventory of the four northern ports continued to decline, and the domestic trade inventory of southern ports fluctuated downward. The inventory of feed enterprises continued to decrease, and the inventory of deep - processing enterprises decreased seasonally. The starch inventory of major starch enterprises continued to reach a new high in the past eight years [83][84][85]. Basis and Spread - **Basis**: The report provides the basis data of corn 01, 05, 09 contracts at Jinzhou Port and the basis data of starch 01, 05, 09 contracts in Jilin area on August 14, 2025 [117][119][121]. - **Spread**: The report provides the spread data of corn 5 - 9, 9 - 1, and the spread data of starch 1 - 5, 5 - 9, 9 - 1, as well as the spread data between corn and starch 01, 05, 09 contracts [127][128][129]. Corn Warehouse Receipt Quantity - As of August 14, 2025, the corn warehouse receipt quantity was 222,298 hands, and the corn starch warehouse receipt quantity was 25,000 hands [140]. Industrial Chain Operation Suggestions - **Traders**: For procurement management, build inventory and seek to buy corn at low prices. Use a 100% hedging ratio, buy the c2509 - C - 2400 option at an entry price of 8. For inventory management, sell corn at high prices and use a 100% hedging ratio, short the c2509 contract at an entry price of 2300 [4]. - **Downstream Enterprises**: For procurement management, when in need of corn raw materials and worried about price increases, use a 100% hedging ratio, buy the c2509 - C - 2400 option. For inventory management, when the raw material inventory is high and worried about price drops, use a 100% hedging ratio, short the c2509 contract at an entry price of 2300 [4].

证券代码：603182 证券简称：嘉华股份 公告编号：2025-019 山东嘉华生物科技股份有限公司 2025 年半年度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号行业信息披露：第十四 号——食品制造》的相关要求，山东嘉华生物科技股份有限公司（以下简称"公 司"）现将 2025 年半年度主要经营数据公告如下： | | | 单位：万元 | | --- | --- | --- | | 项目 | 金额 | 比例（%） | | 大豆蛋白 | 39,554.66 | 58.23 | | 大豆油 | 14,944.04 | 22.00 | | 大豆膳食纤维 | 4,158.90 | 6.12 | | 低温食用豆粕 | 2,426.80 | 3.57 | | 蒸汽 | 3,115.44 | 4.59 | | 电力 | 1,666.80 | 2.45 | | 副产品 | 2,067.26 | 3.04 | | 合计 | 67,933.90 | 100.00 | 一、按产品 ...

8月19日，中国上市公司协会相关负责人在2025中国(郑州)国际期货论坛上表示，随着我国期货和衍生 品市场的深入发展，风险管理工具的供给速度加快，产品和服务体系不断健全，在帮助企业规避风险、 促进产业保供稳价和转型升级方面发挥着重要作用。尤其在当前内外部经济形势日益严峻复杂、大宗商 品价格大幅波动的背景下，上市公司利用期货和衍生品管理风险的广度和深度不断增强。据统计，2025 年1月—7月，全市场公告开展期货和衍生品业务的实体上市公司已达1114家，其中超八成(902家)涉足 外汇套保，约三分之一(364家)开展商品期货套保业务，有15%(162家)同时开展商品期货和外汇衍生品 业务。 该负责人表示，上市公司利用衍生品管理风险逐渐呈现出一些新趋势新特征。从行业来看，制造业上市 公司是套保的主力军，行业主要覆盖化工、农产品加工等领域，为企业实现产业升级、加速海外布局提 供有利条件。从工具应用来看，以应对汇率、利率、大宗商品价格波动风险为主，逐渐延展到全面管理 金融资产价格波动带来的风险。从理念和效果来看，上市公司主动避险的意识越来越强，风险管理的系 统化、精细化、全球化趋势日益明显。 ...

Group 1 - Xinjiang is promoting the integration of agriculture, culture, tourism, and commerce to enhance local economic development [1] - The introduction of new agricultural varieties and deep processing initiatives is optimizing the agricultural structure in the Kashgar region [1] - The collaboration between various provinces and Xinjiang is driving rural revitalization and creating new economic opportunities [1] Group 2 - The introduction of asparagus cultivation in Akto County is a significant development, with local farmers learning advanced planting techniques [5][6] - A 10-year land transfer contract has been established, ensuring a steady income for local farmers and collective benefits [6] - The employment model at the asparagus base is providing around 250 job opportunities, enhancing local income levels [7] Group 3 - The development of high-end agricultural products is being prioritized, with initiatives to enhance the processing of local fruits [11] - The establishment of the "Yuejia New Mei Industry Park" is facilitating cold storage and direct shipping of products, significantly reducing logistics costs [11] - Future plans include expanding the industry chain and improving product quality to meet market demands [12] Group 4 - The integration of cultural tourism is being emphasized, with initiatives to attract visitors to local agricultural sites [16] - The "Fig Industry + Cultural Tourism" model is being developed in Atushi City, aiming to create a vibrant rural economy [16][17] - Local farmers are experiencing significant income increases due to tourism and agricultural initiatives, with some reporting monthly earnings rising from 2,000 to 8,000 yuan [17] Group 5 - The establishment of the "Lujingqing" edible fungus ecological technology demonstration park is promoting agricultural diversification and tourism [21] - The park is designed to provide educational experiences and job opportunities for local residents, fostering community engagement [21] - The integration of agricultural production with tourism is seen as a promising avenue for economic development in the region [22]

Group 1: Import and Export Statistics - In the first seven months of the year, the total import and export value of private enterprises in Shanghai reached 982.38 billion RMB, a year-on-year increase of 25.5% [1] - Exports amounted to 535.7 billion RMB, reflecting a year-on-year growth of 27% [1] - Imports totaled 446.68 billion RMB, with a year-on-year increase of 23.6% [1] Group 2: Policy Support and Impact - A series of customs policies, including AEO certification, have facilitated faster customs clearance and supported the upgrade of processing trade models [1] - The AEO certification allows companies like Shanghai Yiyuan Communication Technology Co., Ltd. to enjoy customs benefits such as reduced inspections and expedited clearance, shortening customs clearance time by approximately 2 days [1] - Shanghai Hailiang Copper Industry Co., Ltd. has seen a year-on-year increase of 76.32% in import and export value, aided by a tailored "policy service package" from Shanghai Fengxian Customs [1] Group 3: Specific Company Performance - Shanghai Yongda Fungi Co., Ltd. has successfully expanded its overseas market with various mushroom products, achieving a year-on-year export volume growth of 16.3% in the first seven months [2] - The establishment of a "green channel" by Shanghai Wusong Customs has optimized customs procedures for fresh agricultural products, significantly reducing the time for issuing plant quarantine certificates [2]

格隆汇8月19日丨嘉华股份(603182.SH)公布半年度报告，今年上半年度，公司实现营业收入6.81亿元， 较上年同期减少12.86%，主要原因系受原材料价格影响，产品销售价格同比有所降低，导致销售收入 减少所致；实现归属于上市公司股东的净利润6,229.12万元，较上年同期增长7.79%；实现归属于上市 公司股东的扣除非经常性损益的净利润6,176.13万元，较上年同期增长9.34%。拟向全体股东每股派发 现金红利0.30元。 ...

人民财讯8月19日电，嘉华股份（603182）8月19日晚间披露2025年半年报，公司上半年实现营业收入 6.81亿元，同比下降12.86%；归母净利润为6229.12万元，同比增长7.79%。基本每股收益0.38元。公司 拟向全体股东每股派发现金红利0.3元(含税)。报告期内，营收同比下降主要原因系受原材料价格影响， 产品销售价格同比有所降低，导致销售收入减少所致。 ...

Core Viewpoint - The "Ru Tan Hui Nong Loan" from Shandong Agricultural Guarantee Company has significantly boosted the garlic processing industry in Danjiedian Town, Dongping County, transforming a small workshop into a leading enterprise in the region [1] Group 1: Financial Support and Growth - The local garlic processing client initially faced financial difficulties, which were alleviated by the timely support from Shandong Agricultural Guarantee Company through the "Ru Tan Hui Nong Loan" [1] - The funding enabled the client to expand production scale, upgrade processing equipment, and improve product quality, leading to a transition from a small workshop to a large-scale operation [1] Group 2: Employment and Community Impact - The enterprise has actively employed local villagers, providing them with stable income sources and opportunities to learn new skills [1] - The growth of the enterprise has also stimulated the local garlic planting industry, creating a positive industrial chain [1] Group 3: Contribution to Rural Revitalization - The company has become a vital force in rural revitalization, continuously creating more development opportunities for villagers and contributing positively to the prosperity of the rural economy [1] - The "Ru Tan Hui Nong Loan" is likened to a nurturing force that supports entrepreneurial dreams and paints a beautiful picture for rural revitalization [1]

Core Viewpoint - The article highlights the significant advancements in the barley industry in Tibet, particularly focusing on the development of highland barley products and the integration of technology in cultivation and processing, which has led to increased income for local farmers and the establishment of a robust industry chain. Group 1: Industry Development - Tibet has established 224 intangible cultural heritage workshops to boost income for impoverished communities through the "workshop + farmer" model [1] - The highland barley industry is transitioning from traditional processing to deep processing, with new products like barley bread, dumplings, noodles, and popcorn being developed [11][13] - The total area for barley cultivation in Tibet has reached 2.3 million acres, with an annual production of 888,000 tons [27] Group 2: Technological Integration - A new barley grain production line is set to launch in September 2024, increasing the flour yield from below 60% to over 70% [7] - Digital management techniques are being implemented in barley cultivation, including the use of drones for fertilization, which significantly increases efficiency [19][22] - A blockchain traceability system has been introduced, providing each barley seed with a unique "digital ID" to ensure the safety of genetic resources and enhance brand value [24] Group 3: Economic Impact - The deep processing industry for barley is projected to achieve a total output value of over 170 million yuan, with a year-on-year growth of 21% [13] - The collaboration between enterprises, cooperatives, and farmers has resulted in barley raw material orders of 7,000 tons, with expectations to reach 15,000 tons by 2025 [13]

Group 1 - The agricultural processing sector increased by 1.24% on August 19, with Yichang Mohu leading the gains [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] - Key stocks in the agricultural processing sector showed significant gains, with Yichang Mohu rising by 5.23% and closing at 40.47 [1] Group 2 - Major stocks that declined included Zhongliang Technology, which fell by 2.04% to 6.25, and Guangnong Sugar Industry, down 1.36% to 7.96 [2] - The agricultural processing sector experienced a net outflow of 460 million yuan from institutional investors, while retail investors saw a net inflow of 507 million yuan [2][3] - The stock with the highest net inflow from retail investors was Yichang Mohu, with a net inflow of 1390.69 million yuan [3]