广农糖业作为广西目前唯一地方国有上市糖企，始终将规范运作与市场信任视为发展的基石。多年来持续提升信息披露质量，严格执行信息披露规则，确保 各类公告的及时性、准确性和完整性，以高度透明赢得市场尊重。在投资者关系方面，公司积极搭建沟通桥梁，通过多元化渠道与方式耐心倾听、细致解 答，有效传递公司价值，增强投资者的理解与信任。同时，公司不断优化治理结构，推动各项制度落实，为公司长期稳健发展提供坚实的制度保障。 未来，广农糖业将继续完善公司治理、强化投资者服务，以持续规范的运作和真诚透明的沟通，推动公司实现高质量发展。（王秋香） 编辑：穆皓 7日，由上海证券报·中国证券网主办的"2025上证（巢湖）上市公司高质量发展大会"举行。凭借在规范信息披露、搭建多维度投资者沟通渠道、优化公司结 构治理等方面的扎实工作，广农糖业董事会秘书滕正朋荣获2025"上证鹰·金质量——精锐董秘奖"。 据悉，本次"上证鹰·金质量奖"评选聚焦在高质量发展上勇于担当的市场经营主体，表彰业绩突出的上市公司与管理者，进一步助力中国资本市场高质量发 展。"精锐董秘奖"不仅是对滕正朋及其证券团队工作的认可，更是资本市场对广农糖业在践行社会责任、恪守规范运 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The market sugar sources are diverse, the spot price is weakening, and the market will remain weak in the future. Attention should be paid to demand changes. The focus of the market has shifted to the pressure on prices brought by the increase in production in the Northern Hemisphere. The reduction of the sugarcane purchase price in Thailand has put pressure on the international raw sugar market. In the domestic market, although the import quota for this year is almost used up, the import cost continues to decrease, and domestic sugar producers are worried that low - priced processed sugar next year will seize the market share. There is competition in the market due to the accelerated sugar - cane pressing in Guangxi [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the futures main contract for sugar is 5328 yuan/ton, a decrease of 15 yuan; the main contract position is 241501 hands, a decrease of 18964 hands; the number of warehouse receipts is 396, an increase of 215; the net long position of the top 20 futures holders is - 56723 hands, an increase of 1625 hands; the effective warehouse receipt forecast is 1705, unchanged [2]. 现货市场 - The import processing estimated price of Brazilian sugar within the quota is 4017 yuan/ton, a decrease of 67 yuan; that of Thai sugar is 4065 yuan/ton, a decrease of 67 yuan. The import estimated price of Brazilian sugar outside the quota (50% tariff) is 5087 yuan/ton, a decrease of 88 yuan; that of Thai sugar is 5151 yuan/ton, a decrease of 87 yuan. The spot prices in Yunnan Kunming, Guangxi Nanning, and Guangxi Liuzhou are 5340 yuan/ton (down 5 yuan), 5370 yuan/ton (down 40 yuan), and 5460 yuan/ton (down 25 yuan) respectively [2]. Upstream Situation - The national sugar - crop sowing area is 1480 thousand hectares, an increase of 60 thousand hectares; the sowing area of sugar - cane in Guangxi is 840.33 thousand hectares, an increase of 5.24 thousand hectares [2]. Industry Situation - The cumulative national sugar production is 1116.21 million tons, an increase of 5.49 million tons; the cumulative sales of cane sugar in Guangxi is 8.94 million tons, a decrease of 593.35 million tons; the cumulative production of cane sugar in Yunnan is 4.48 million tons, a decrease of 237.4 million tons; the total sugar exports from Brazil are 330.2 million tons, a decrease of 90.3 million tons. The monthly sugar import volume is 75 million tons, an increase of 20 million tons, and the cumulative import volume is 390 million tons, an increase of 74 million tons [2]. Downstream Situation - The monthly production of refined sugar is 88.3 million tons, an increase of 34.39 million tons; the monthly production of soft drinks is 1096.2 million tons, a decrease of 495.5 million tons [2]. Option Market - The implied volatility of at - the - money call options for sugar is 10.01%, an increase of 1.39%; that of at - the - money put options is 10%, an increase of 1.38%. The 20 - day historical volatility is 7.1%, an increase of 0.01%; the 60 - day historical volatility is 7.02%, unchanged [2]. Industry News - As of November 4, 2025, the non - commercial net short position in raw sugar futures was 195528 hands, an increase of 28109 hands from the previous week. The long position was 165775 hands, an increase of 1384 hands, and the short position was 361303 hands, an increase of 29493 hands. The most actively traded March raw sugar futures on the ICE fell 0.15 cents or 1.0% to settle at 14.67 cents per pound due to concerns about supply from major producing countries [2]. Sugar - Cane Pressing Situation - As of now, in the 25/26 sugar - pressing season, 56 sugar mills in Guangxi have started pressing, 11 less than the same period last year, with a daily sugar - cane pressing capacity of 42.5 million tons, 11.25 million tons less than the same period last year. 10 more sugar mills are expected to start pressing this week. 12 sugar mills in Yunnan have started pressing, 6 more than the same period last year [2].

Core Viewpoint - The report highlights the growth in China's sugar production, indicating a significant increase in output and market dynamics within the sugar industry from 2025 to 2032 [1] Industry Summary - According to the National Bureau of Statistics, China's refined sugar production reached 883,000 tons in October 2025, marking a year-on-year increase of 36.1% [1] - From January to October 2025, the cumulative refined sugar production in China was 11.399 million tons, reflecting a cumulative growth of 7.8% [1] - The report from Zhiyan Consulting provides an analysis of the competitive landscape and development trends in the Chinese sugar industry from 2026 to 2032 [1] Company Summary - Listed companies in the sugar industry include Huazi Industrial (600191), Yuegui Co., Ltd. (000833), Guannong Co., Ltd. (600251), COFCO Sugar Industry (600737), Jinhui Industrial (002597), Guangnong Sugar Industry (000911), and Hainan Yedao (600238) [1]

Sugar Market - Brazil exported 817,500 tons of sugar in the first week of December, with a daily average export of 163,500 tons, representing a 21% increase compared to the daily average of 134,900 tons in December of the previous year [2][6] - The total export volume for December of the previous year was 2,833,700 tons [2][6] - Current spot prices for sugar in Guangxi range from 5,390 to 5,490 CNY/ton, while in Yunnan, prices are between 5,320 and 5,360 CNY/ton, indicating stability in the production areas [2][6] - Mainstream processing sugar prices are between 5,700 and 5,900 CNY/ton, with some prices down by 30 CNY/ton [2][6] - Raw sugar prices fell to a short-term low due to concerns over oversupply, while domestic spot prices show signs of stabilizing, with the market currently in a state of fluctuation [2][6] Cotton Market - ICE cotton rose by 0.3% to close at 63.87 cents per pound, while CF601 increased by 0.04% to 13,740 CNY/ton [3][7] - The main contract positions decreased by 11,985 contracts to 477,100 contracts, and the cotton 3128B spot price index was 14,570 CNY/ton, down 10 CNY/ton from the previous day [3][7] - The upcoming Federal Reserve meeting in December is expected to result in a 25 basis point rate cut, with attention on officials' comments regarding future rate paths [3][7] - Domestic cotton prices have been fluctuating, and recent data indicates that November's monthly consumption remained relatively high, although the second half of November saw lower consumption compared to the first half, indicating a weakening upward drive for cotton prices [3][7] - The market outlook suggests a mixed scenario with various influencing factors, and while short-term trends may remain volatile, there is potential for a shift in supply-demand dynamics that could strengthen fundamental support for cotton prices in the medium to long term [3][7]

Core Viewpoint - Despite a slight upward trend in New York raw sugar futures prices since November, domestic sugar prices in China are underperforming, with market sentiment leaning towards pessimism regarding future trends [1][4] Group 1: Domestic Sugar Market Conditions - The domestic sugar market is experiencing a phase of supply easing as sugar factories in southern production areas accelerate their operations for the 2025/2026 crushing season, leading to cautious purchasing behavior from traders and food and beverage companies [1][2] - As of mid-November 2025, all old sugar stocks in Guangxi have been cleared, with 74 sugar factories expected to operate, maintaining the same level as the previous season [2] - The total planting area for sugarcane in Guangxi is projected to reach approximately 12.34 million acres, the highest level in nearly a decade, driven by government subsidies and stable cane prices [2][3] Group 2: Production and Yield Estimates - The average sugarcane yield in Guangxi is expected to recover to around 4.5 tons per acre, with total sugarcane crushing volume estimated between 55.35 million and 56 million tons for the 2025/2026 season [3] - The sugar production in Guangxi is projected to be between 6.8 million and 7 million tons, an increase of 340,000 to 540,000 tons compared to the previous season [3] - The sugar production rate in Guangxi has decreased to 9.29%, down 1.63 percentage points year-on-year, with a total sugar output of 13.39 million tons reported by the end of November 2025, a decrease of 37.85 thousand tons year-on-year [3] Group 3: National Sugar Production Outlook - The China Sugar Association anticipates that national sugar production will continue to rise to around 11.7 million tons for the 2025/2026 season, following three consecutive seasons of recovery [4] - However, challenges remain, including high import volumes of sugar solutions and premixed powders, which threaten the domestic sugar industry, as well as pressure on sugar farmers to increase production without corresponding income growth [4] - In October 2025, sugar imports increased by 20.93 thousand tons year-on-year to 746.2 thousand tons, with a cumulative import of 3.9016 million tons from January to October, reflecting a year-on-year increase of 13.69% [4] Group 4: Global Sugar Market Trends - Globally, the main topic is increased production, particularly in India, where significant increases in sugarcane crushing and production are expected, leading to a more relaxed supply situation and limited upward pressure on sugar prices [5]

Core Viewpoint - Despite a slight upward trend in New York raw sugar futures prices since November, domestic sugar prices in China are underperforming, with market sentiment leaning towards pessimism regarding future trends [1] Group 1: Domestic Sugar Market Conditions - The domestic sugar market is experiencing a phase of supply easing as sugar factories in southern production areas accelerate their operations for the 2025/2026 crushing season, leading to cautious purchasing behavior from traders and food and beverage companies [1][2] - As of mid-November 2025, all old sugar stocks in Guangxi have been cleared, with 74 sugar factories expected to operate, maintaining the same level as the previous season [2] - The total planting area for sugarcane in Guangxi is projected to reach approximately 12.34 million acres, the highest level in nearly a decade, driven by government subsidies and stable cane prices [2] Group 2: Production and Yield Estimates - The average sugarcane yield in Guangxi is expected to recover to around 4.5 tons per acre, with total sugarcane crushing volume estimated between 55.35 million to 56 million tons, leading to a sugar production estimate of 6.8 million to 7 million tons, an increase of 340,000 to 540,000 tons compared to the previous season [3] - The sugar production rate in Guangxi is estimated to be between 12.3% and 12.5%, with a reported production of 133,900 tons by the end of November 2025, a decrease of 37,850 tons year-on-year [3] Group 3: National Sugar Production Outlook - The China Sugar Association anticipates that national sugar production for the 2025/2026 season will rebound to around 11.7 million tons, continuing a trend of recovery over the past three seasons [4] - However, challenges remain, including high import volumes of sugar solutions and premixed powders, which threaten the domestic sugar industry, as well as pressure on sugar farmers to increase production without corresponding income growth [4] Group 4: Global Sugar Market Trends - Globally, the main topic is increased production, particularly in India, where significant increases in sugarcane crushing and production are expected, leading to a more relaxed supply situation and limited upward pressure on sugar prices [5]

Core Points - The Guangxi Agricultural Investment Sugar Industry Group has officially commenced the 2025/2026 sugar production season with multiple sugar enterprises starting operations, aiming for a strong performance in the new season [1][5] - The companies are focusing on high-quality production and efficiency, with various measures in place to ensure a successful start to the season [3][4] Group 1: Production Initiatives - The Daqiao Sugar Company was one of the first to start production, achieving the output of first-grade white sugar within 24 hours, 16 hours earlier than the previous season [1] - The Mingyang Sugar Company also reported a successful start, producing first-grade white sugar within 24 hours of operation, with stable quality and quantity [1] - The Lingli Sugar Company produced first-grade white sugar 22 hours after starting operations, emphasizing quality control and efficiency in production processes [3] Group 2: Performance and Capacity - The Dongjiang Sugar Company reported significant improvements in key indicators, producing first-grade white sugar 26 hours after starting, with a focus on cost reduction and profit maximization [4] - The Boxuan Company invested over 60 million yuan in technological upgrades, enhancing core crushing capacity to a historical high of 13,000 tons per day, while optimizing production processes [4] - The Boqing Company achieved a sugarcane processing volume of 216,000 tons and a sugar output of over 23,100 tons, with a first-grade product rate of 100% [4] Group 3: Future Outlook - The Guangxi Agricultural Investment Sugar Industry Group plans to strengthen scientific scheduling and ensure safe and efficient production, aiming for dual improvements in product quality and production efficiency [5]

Report Information - Report Title: Sugar Daily Report [1] - Date: December 9, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Industry Investment Rating - Not provided Core Viewpoints - The New York raw sugar futures fluctuated downward on Friday, with the main March contract closing down 0.40% to 14.82 cents per pound. The London ICE white sugar futures' main March contract closed down 0.05% to $425.60 per ton. The market is stimulated by the decline in Brazil's sugar - making ratio and early harvest, and the dry weather in central - southern Brazil supports sugar prices, while the increasing supply in the Northern Hemisphere suppresses sugar prices [7]. - The main contract of Zhengzhou sugar rebounded yesterday. The 01 contract closed at 5,337 yuan per ton, up 18 yuan or 0.34%, with a reduction of 27,587 positions. The domestic new sugar price has been lowered. In the fundamental aspect, the number of sugar mills in the south starting production is increasing, the market lacks confidence, and the new sugar price is falling. The short - sellers of the main SR601 contract have completed position transfer or hedging. The large discount of the 01 contract and only 1,671 warehouse receipts are unfavorable to short - sellers, and there may be a market to repair the basis with a space of about 100 yuan [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: SR601 closed at 5,337 yuan per ton, up 18 yuan or 0.34%, with a position reduction of 27,587. SR605 closed at 5,244 yuan per ton, down 2 yuan or 0.04%, with a position increase of 14,181. The US sugar 03 contract closed at 14.82 cents per pound, down 0.06 cents or 0.40%, with a position reduction of 2,516. The US sugar 05 contract closed at 14.41 cents per pound, down 0.01 cents or 0.07%, with a position reduction of 342 [7]. 2. Industry News - **Brazil**: In November, Brazil exported about 3.3023 million tons of sugar, a year - on - year decrease of 2.48%. From April 2025 to November 2025 in the 2025/26 sugar - crushing season, Brazil had cumulatively exported 25.2591 million tons of sugar, a year - on - year decrease of 4.91% [9]. - **India**: The average production cost of sugar in India has risen to 41.72 rupees per kilogram. The industry calls for an increase in the minimum selling price of sugar. From the start of the 2025 - 26 sugar - crushing season to November 30, 2025, the sugar production reached 4.108 million tons, compared with 2.876 million tons in the same period last year. The number of sugar mills in operation increased to 428, compared with 376 in the same period last year [9]. - **Yunnan**: As of December 8, 2025, 16 sugar mills in Yunnan had started production in the 2025/26 sugar - crushing season, 6 more than the same period last year. The planned design capacity of the operating sugar mills was 59,900 tons per day, an increase of 23,500 tons per day compared with the same period last year [9]. - **Guangxi**: As of December 6 - 7, 2025, 56 sugar mills in Guangxi had started production in the 2025/26 sugar - crushing season, 11 fewer than the same period last year. The daily sugar - cane crushing capacity was 425,000 tons, a decrease of 112,500 tons compared with the same period last year [9]. 3. Data Overview - **Futures Trading Data**: The table shows the trading volume, position changes of the top 20 members in the main contract of Zhengzhou sugar futures, including details such as the trading volume, long - position volume, and short - position volume of each member and their changes [22].

Core Insights - International sugar prices rebounded in November, with ICE raw sugar futures closing at 15.21 cents per pound, a monthly increase of 5.48% [1] - Domestic sugar prices in China declined due to supply pressures, with Zhengzhou white sugar futures closing at 5400 yuan per ton, a monthly decrease of 1.51% [1] - The global sugar market is expected to have a supply gap of only 231,000 tons for the 2025/2026 season, indicating a near balance between supply and demand [2] Group 1: International Market Dynamics - The increase in global sugar production is primarily driven by India, Thailand, and Pakistan, with total production expected to reach 180.59 million tons, an increase of 5.42 million tons from the previous season [2] - Global sugar consumption is projected to rise to 180.82 million tons, with Asia and Africa being the main growth drivers over the next decade [2] - The USDA and Datagro predict a potential global sugar surplus ranging from 1 million to 4.2 million tons for the 2025/2026 season, reflecting uncertainty in future supply chains [2] Group 2: Brazil's Sugar Production - Brazil's sugar production for the 2025/2026 season is expected to increase by 300,000 to 700,000 tons, aligning with market expectations of 40 to 41 million tons [3] - As of mid-November, Brazil's cumulative sugar production reached 39.18 million tons, a year-on-year increase of 2.09% [3][4] - Despite a decrease in sugarcane crushing volume, the increase in the sugar extraction rate (ATR) has helped maintain production levels [4] Group 3: India's Sugar Sector - India's sugar production is projected to increase significantly, with the government raising the minimum sugarcane purchase price to 3,550 rupees per ton, a 4.41% increase [5] - The Indian Sugar Mills Association (ISMA) estimates a net sugar production of 30.95 million tons for the 2025/2026 season, an 18.54% increase from the previous season [6] - The Indian government has allowed the export of 1.5 million tons of sugar for the 2025/2026 season, with calls for additional export quotas due to high production levels [6] Group 4: Thailand's Recovery - Thailand's sugar production is expected to recover significantly, with total sugar production projected between 10.5 million to 11 million tons for the 2025/2026 season, an increase from the previous season [7] - The official start of the sugarcane crushing season is set for December 1, with favorable weather conditions anticipated to boost production [7] Group 5: China's Sugar Market - China's sugar production for the 2025/2026 season is expected to reach 11.7 million tons, a year-on-year increase of approximately 540,000 tons [8] - Domestic sugar prices are under pressure from both increased local production and high import levels, leading to a potentially oversupplied market [8][9] - As of late November, the number of sugar factories operating in Guangxi has decreased, reflecting challenges faced by producers amid low prices [9] Group 6: Future Outlook - The market is expected to transition from expectations to reality, with key factors being the actual implementation of India's ethanol policy and the final production levels in the Northern Hemisphere [13] - The domestic sugar market is likely to experience continued pressure from new sugar supply and imports, with prices fluctuating around the production cost level [13] - A potential rebound in sugar prices may depend on seasonal consumption increases and stronger international sugar prices [13]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The SR2501 contract is less than one month away from the delivery month. Last week, the 01 - 03 spread was basically stable with a slight premium. The strong performance of 01 is due to the fact that the current price of new sugar is generally higher than that of old sugar and higher than the futures price, leading to the need for spot - futures convergence under the condition of the futures price being at a discount. However, the huge supply pressure poses a great challenge to both the spot and futures markets, making it difficult to achieve convergence through a rebound. The SR2603 and SR2605 contracts currently show a structure where the near - term contracts are at a discount, mainly because the 25/26 sugar - making season is expected to have an increased production. The discount of the far - term contracts is widening. In the long run, the 03 contract faces pressure during the off - season of consumption and the peak of inventory, not less than the 01 contract, while the 05 contract will be impacted by imported sugar. Therefore, the pattern of the far - term discount is difficult to break, and the spread may widen further [5] 3. Summary by Relevant Catalogs Market Information Domestic Market - The spot price in Nanning is 5450 yuan/ton, and in Kunming, it is 5340 - 5420 yuan/ton [3] - China imported 750,000 tons of sugar in October, a year - on - year increase of 210,000 tons [3] - As of December 1st, 39 sugar mills in Guangxi have started production, 22 less than the same period last year. The daily crushing capacity is 309,500 tons/day, a year - on - year decrease of 187,500 tons/day [3] International Market - According to ISMA data, India had produced 4.1 million tons of sugar as of the end of November, higher than 2.88 million tons last year [4] - Brazil exported 3.3023 million tons of sugar in November, a year - on - year decrease of 2.59% [4] - ISMA estimates that India's sugar production in the 25/26 sugar - making season will be 34.35 million tons (including ethanol), with 3.4 million tons used for ethanol [4] - India has signed contracts to export 100,000 tons of sugar, and the shipment will be delivered before mid - January, and the transportation has started. The weakening of the rupee may promote more trade [4] - The market expects that the sugarcane crushing volume in the central - southern region of Brazil in the first half of November increased by 14.9% to 18.85 million tons, and sugar production increased by 18.9% year - on - year to 1.075 million tons [4] - India has opened an export quota of 1.5 million tons, lower than the market's expectation of 2 million tons. Due to the current domestic sugar price in India being higher than the overseas price, the possibility of exports is low at present [4] - As of November 19th, 147 sugar mills in Maharashtra, India, have started production, crushing 11.277 million tons of sugarcane and producing 868,100 quintals of sugar, with an average sugar recovery rate of 7.4%. In the same period last year, only 91 mills were in operation, crushing 1.35 million tons of sugarcane, with a sugar recovery rate of 4.2% [4] Sugar Futures Weekly Prices and Spreads | Contract | Closing Price on 2025 - 12 - 08 | Change Rate | Spread | Closing Price on 2025 - 12 - 08 | Change | | --- | --- | --- | --- | --- | --- | | SR01 | 5337 | 0.64% | SR01 - 05 | 70 | 0 | | SR03 | 5281 | 0.3% | SR05 - 09 | - 20 | 0 | | SR05 | 5244 | 0.21% | SR09 - 01 | - 50 | 0 | | SR07 | 5257 | 0.25% | SR01 - 03 | 38 | 0 | | SR09 | 5262 | 0.17% | SR03 - 05 | 32 | 0 | | SR11 | 5263 | 0.29% | SR05 - 07 | - 11 | 0 | | SB | 14.82 | 0% | SR07 - 09 | - 9 | 0 | | W | 425.7 | 0% | SR09 - 11 | 5 | 0 | | | | | SR11 - 01 | - 55 | 0 | [6] Sugar Spot Weekly Prices and Spreads | Location | Price on 2025 - 12 - 08 | Change | Spread | Price | Change | | --- | --- | --- | --- | --- | --- | | Nanning | 5360 | - 80 | Nanning - Liuzhou | 10 | 0 | | Liuzhou | 5350 | - 80 | Nanning - Kunming | 20 | 10 | | Kunming | 5320 | - 110 | Nanning - Zhanjiang | 60 | 10 | | Zhanjiang | 5300 | - 100 | Nanning - Rizhao | - 290 | 60 | | Rizhao | 5650 | - 150 | Nanning - Urumqi | 260 | 60 | | Urumqi | 5100 | - 150 | Kunming - Rizhao | - 310 | 50 | [7] Sugar Weekly Basis | Location - Contract | Basis on 2025 - 12 - 08 | Change | Location - Contract | Basis on 2025 - 12 - 08 | Change | | --- | --- | --- | --- | --- | --- | | Nanning - SR01 | 107 | 42 | Kunming - SR01 | 67 | 47 | | Nanning - SR03 | 145 | 38 | Kunming - SR03 | 105 | 43 | | Nanning - SR05 | 177 | 40 | Kunming - SR05 | 137 | 45 | | Nanning - SR07 | 166 | 37 | Kunming - SR07 | 126 | 42 | | Nanning - SR09 | 157 | 32 | Kunming - SR09 | 117 | 37 | | Nanning - SR11 | 162 | 34 | Kunming - SR11 | 122 | 39 | [8][10] Sugar Weekly Import Price Changes | Import Source | Quota - in Price on 2025 - 12 - 05 | Weekly Change | Quota - out Price | Weekly Change | | --- | --- | --- | --- | --- | | Brazil | 4079 | - 93 | 5168 | - 121 | | Rizhao - Brazil | 1556 | - 72 | 462 | - 49 | | Liuzhou - Brazil | 1240 | 4 | 151 | 32 | | Zhengzhou Sugar - Brazil | 1224 | - 4 | 135 | 24 | | Thailand | 4127 | - 91 | 5231 | - 118 | | Rizhao - Thailand | 1507 | - 75 | 399 | - 52 | | Liuzhou - Thailand | 1192 | 2 | 88 | 29 | | Zhengzhou Sugar - Thailand | 1176 | - 6 | 72 | 21 | [11]