Group 1 - The company expects a loss of 21 million to 25 million yuan for the current reporting period, compared to a loss of 41.78 million yuan in the same period last year, indicating a potential improvement of 40.16% to 49.74% [1] - The net profit attributable to shareholders is projected to be a loss of 44 million to 48 million yuan, while the loss after deducting non-recurring gains and losses is expected to be between 39.66 million yuan, reflecting a decline of 10.94% to 21.03% compared to the previous year [1] - The basic earnings per share are estimated to be a loss of 0.026 to 0.031 yuan per share, compared to a loss of 0.052 yuan per share in the previous year [1] Group 2 - The company has communicated that the performance forecast data is a preliminary estimate and has not been reviewed by the accounting firm [1] - The reduction in losses in the breeding business is attributed to cost-cutting measures, while feed sales volume increased by 44% year-on-year, contributing to an increase in domestic market share, although profitability in the feed business declined due to a decrease in gross margin [1] - The increase in non-recurring gains and losses compared to the previous year is mainly due to an increase in disposal gains from biological assets by approximately 9 million yuan and gains from futures business by approximately 11 million yuan [1]

1. Report Industry Investment Ratings - Oils and Fats: Oscillating with a bullish bias [4] - Protein Meal: Oscillating [4] - Corn and Starch: Oscillating [4] - Live Pigs: Oscillating with a bullish bias [5] - Natural Rubber: Oscillating [6] - Synthetic Rubber: Oscillating [9] - Cotton: Oscillating [10] - Sugar: Oscillating [11] - Pulp: Oscillating with a bearish bias [12] - Logs: Oscillating with a bearish bias [13] 2. Core Viewpoints of the Report - The report analyzes the market conditions of multiple agricultural products. In the short - term, the prices of live pigs and oils and fats may show a bullish trend, while protein meal, corn, and other products will oscillate. In the long - term, the supply of live pigs may face pressure, and the sugar market may decline due to expected supply increases [2][4][5]. 3. Summaries According to Relevant Catalogs 3.1 Market Views 3.1.1 Oils and Fats - Yesterday, the market oscillated and showed differentiation. The market should continue to monitor changes in the US biodiesel policy. Due to technical buying and optimistic demand expectations for soybean oil in the US biofuel industry, US soybeans rose on Wednesday, and domestic oils oscillated and showed differentiation yesterday, with palm oil being relatively strong. In the future, oils may continue to oscillate with a bullish bias, but the sustainability of the upward trend should be noted [4]. 3.1.2 Protein Meal - The price rose first and then fell, continuing to oscillate. Internationally, the US "Big and Beautiful" Act was passed, and US soybeans rebounded from the lower limit of the range. Domestically, soybean meal inventories continued to accumulate, and supply pressure may lead to a weakening of spot prices. In the long - term, protein meal may be supported by cost and oscillate in the short - term [4]. 3.1.3 Corn and Starch - The futures market remained weak, and the spot market stabilized. The current fundamentals of the corn market are affected by factors such as rainfall, changes in supply rhythm, and wheat substitution. The short - term trend is oscillating [4][5]. 3.1.4 Live Pigs - Affected by the expected supply - side reform in the industry, the live pig futures market rebounded. In the short - term, pig prices have temporarily changed from weak to strong, but in the long - term, there is still supply pressure [2][5]. 3.1.5 Natural Rubber - Rubber prices continued to fluctuate with commodities. The current fundamentals of natural rubber are relatively stable, with limited price changes, and the market is waiting for new variables [6][8]. 3.1.6 Synthetic Rubber - The weak raw materials dragged the market down. The current fundamentals of synthetic rubber are not significant, and the market mainly follows the fluctuations of natural rubber and overall commodities. The market may continue to decline, and attention should be paid to the previous low support [9]. 3.1.7 Cotton - Low inventory supports cotton prices. Although there are expectations of increased production in the new season, the current low inventory structure is expected to be beneficial to cotton prices, and the short - term price may be relatively resistant to decline [10]. 3.1.8 Sugar - The external market continued to weaken, and the domestic - foreign price difference widened. Domestically, there is an expectation of concentrated arrivals of imported sugar, and the sugar price is expected to be under pressure [11]. 3.1.9 Pulp - The futures market continued to rebound, but the spot market did not follow. The supply - demand situation of pulp is weak, and the futures market is expected to oscillate with a bearish bias [12]. 3.1.10 Logs - The fundamentals changed little, and the market oscillated. The log market is in a traditional off - season, and the medium - term supply - demand pattern is expected to be weak on both sides [13]. 3.2 Variety Data Monitoring - The report lists the data monitoring of multiple varieties, including the prices of live pigs, oils and fats, cotton, etc., but does not provide detailed analysis in this part [16][47][66][105][118][133][152]. 3.3 Rating Standards - The report provides rating standards such as "bullish", "oscillating with a bullish bias", "oscillating", "oscillating with a bearish bias", and "bearish", and the time period is the next 2 - 12 weeks [165].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The soybean meal market is expected to have high supply and high demand coexisting. The demand in the third quarter is expected to be better than that in the fourth quarter, and the price is unlikely to rise or fall significantly. The overall price of soybean meal this year is expected to be at a relatively low level with high inventory, and the price fluctuation may show a mild decline or slow increase. The real potential positive driving force may appear from December to January of the next year [19][22][36] - For the demand from October to January of the next year, due to policy uncertainties, enterprises have not made large - scale purchases yet. There are potential risks of tight cargo rights from December to January of the next year, which may push up the price of the M2601 soybean meal futures contract [6][25] Summary by Related Catalogs Broiler Industry Chain Profit - Chicken苗 prices have dropped rapidly, with large - scale enterprise chicken苗 prices falling below 2 yuan per piece at the end of June (about 3 yuan per piece at the end of May). The hatching link still has a small profit, while the slaughter link has a small loss. The deep - processing link of broiler food has the highest profit but poor sales volume. The frozen product sales are poor, and the inventory pressure is high. The 817 broiler breeding profit is not good [2] - Except for pig breeding, the profits of other sectors in the breeding link, such as poultry and aquaculture, are not good [13] Oil Mill Dynamics - Some oil mills have account - inventory situations and start to urge customers to pick up goods. The oil mill operating rate in Shandong is expected to be at a high level by mid - July or the end of July [3] - This year, the overall oil mill crushing profit is okay. Some small - scale crushing plants that were shut down before have resumed production. The sales progress of foreign - funded oil mills is similar to that of the same period last year, while the sales progress of private oil mills is relatively slow [16][29] Soybean Meal Usage and Addition Ratio - Currently, the daily soybean meal usage has increased month - on - month, mainly due to formula adjustment rather than feed sales growth. It is expected that the daily soybean meal usage in July will remain stable compared with June. If the formula remains unchanged in August and September, the usage is expected to continue to increase month - on - month, with the increase mainly coming from the growth of feed sales [4] - The current soybean meal addition ratios are: 6 - 8% in duck feed, 30% in broiler feed, and 8 - 10% in pig feed (this ratio was raised in mid - to late May). Without miscellaneous meal substitution in the short term, this high addition ratio is expected to be maintained until September - October. If wheat is used to replace corn, the impact on soybean meal demand is limited, with only about 1% reduction in usage [4] Inventory and Sales - It is expected that the soybean meal inventory pressure will increase significantly in mid - July. Feed mills, as buyers of the M2507 soybean meal futures contract warehouse receipts, are reluctant to take delivery because current feed enterprises prefer to use 46% protein soybean meal [5] - The sales progress of soybean meal contracts from July to September is about 80%, while the sales progress from October to January of the next year is only about 20% [12] - The soybean meal market currently shows a pattern of strong supply and demand. The sales of oil mills in July have basically been sold out, the sales progress from August to September is about 30%, and the sales progress from October to January of the next year is about 10% [22][32] Procurement - Enterprises generally dare not purchase US soybeans currently but still have time to observe subsequent policy trends. For the demand from October to January of the next year, due to policy uncertainties, enterprises have not made large - scale purchases yet [16][25] - The current purchase progress of Brazilian soybeans for the August shipment is 85%, 35% for the September shipment, and 20% for the October shipment. If US soybeans are not purchased, it is expected that the domestic supply from November to December can still be maintained [22]

Group 1 - The core viewpoint of the article highlights the current challenges and dynamics within the poultry and soybean meal industry, particularly focusing on price fluctuations and inventory pressures [1][4][30] - The price of chick seedlings has dropped significantly, falling below 2 yuan per chick by the end of June, compared to around 3 yuan at the end of May, indicating a rapid decline in the breeding sector [1] - The processing segment of poultry products is currently the most profitable, although sales are weak, leading to high inventory levels, especially in the Shandong region [1][10] Group 2 - The oil mills are experiencing inventory pressure, with some urging customers to pick up products to avoid storage issues, and the operating rate is expected to remain high in Shandong by mid to late July [2][44] - The daily usage of soybean meal has increased, primarily due to formula adjustments rather than an increase in feed sales, with expectations for stable usage in July compared to June [3][33] - The soybean meal inventory pressure is anticipated to rise significantly by mid-July, with feed factories reluctant to accept contracts due to a preference for higher protein content soybean meal [4][10] Group 3 - The procurement attitude for soybean meal for the period from October to January remains cautious due to policy uncertainties, with expectations that the basis may weaken compared to July [5][34] - The current soybean meal addition ratio in chicken feed has increased to 30%, up from 25% in late March, indicating a shift in feed formulation strategies [7][49] - Seasonal characteristics of poultry feed sales show a peak demand period from May to October, with a notable increase expected in August and September [8][45] Group 4 - The sales progress of soybean meal contracts shows a disparity, with approximately 80% of contracts for July to September sold, while only about 20% for October to January [13][41] - The quality of Brazilian soybeans has been noted to be lower this year, affecting the protein content and overall supply dynamics [14][22] - The overall supply of soybean meal is expected to be sufficient in October, but the tightness of supply in December to February remains to be observed [28][46] Group 5 - The market for soybean meal is characterized by a balance of high supply and high demand, with expectations for better demand in the third quarter compared to the fourth [30][33] - The pressure on soybean meal prices is expected to be limited in July, but caution is advised for August due to potential fluctuations [31][54] - The current physical inventory of soybean meal is around 7 days, with Shandong showing higher inventory levels exceeding 10 days, indicating a passive accumulation trend [42][44]

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].

证券代码：000876 证券简称：新希望 公告编号：2025-53 债券代码：127015、127049 债券简称：希望转债、希望转 2 新希望六和股份有限公司 | | | | | | 持有公司股份的 | 占公司总股本的 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | | 股东姓名 | | 股东身份 | | | | | | | | | | 总数量（股） | 比例 | | | | | | | 副总裁兼 | | | | | | | | | 设备运营总监 | | | | | | | 合计 | | | 2,284,500 | 0.0505% | | | | | 二、本次减持计划的主要内容 | | | | | | | | | | （一）本次拟减持计划的具体安排 | | | | | | 员李爽先生 | | | | | | | | | 月 1 日至 | 2025 | 年 9 月 | | 30 | 日（根据法律法规等相关规定禁止减持的期间除外） | | | | 序号 | | 股东姓名 | | 减持方式 | 拟减持数量（股） | | 占公司总股本的比例 ...

新希望（000876）公告，董事兼高级管理人员陶玉岭计划减持不超过32.81万股，约占总股本0.0072%； 监事庞允东计划减持不超过18000股，约占总股本0.0004%；高级管理人员李爽计划减持不超过22.5万 股，约占总股本0.0050%。减持期间为2025年7月1日至9月30日，减持方式为集中竞价交易或大宗交 易，减持原因是个人资金需求。 ...

Group 1: Belt and Road Initiative Impact - The "Belt and Road" initiative has significantly boosted import and export activities among participating countries, with high-tech products, agricultural products, and machinery making up a large proportion of trade [1][2] - Jiangsu Province's import and export value to "Belt and Road" countries reached 903.37 billion yuan in the first four months of this year, a year-on-year increase of 9.6%, contributing 4.5 percentage points to the province's overall trade growth [1] - Hebei Province's trade with "Belt and Road" countries totaled 106.38 billion yuan, accounting for 57.9% of its total trade, with a month-on-month growth of 3.7% in April [2] Group 2: High-Tech Product Trade - Beijing's Daxing Airport has seen a dominant trend in high-tech product exports, with a total of 61.98 billion yuan in high-tech product imports and exports since 2019, accounting for 60.8% of its total trade [2] - In the first four months of this year, high-tech product trade through Daxing Airport reached 9.33 billion yuan, growing by 6.7%, with central processing units being the main product, showing a remarkable growth of 283.2% [2] Group 3: Port and Transportation Developments - Ningbo-Zhoushan Port completed a container throughput of 13.568 million TEUs in the first four months, a year-on-year increase of 9.9%, with significant growth in exports to emerging markets [5] - The opening of QianKai Port has enhanced operational efficiency by approximately 40%, reduced operational costs by 25%, and decreased environmental impact by 30% through the use of IoT and big data technologies [6] - The China-Europe Railway Express (Xi'an) has operated over 2,500 trains this year, with a significant increase in return trips, reflecting the evolving trade patterns of the "Belt and Road" initiative [4]

路易达孚全新特种饲料磷脂自动化生产线于天津落成投产 金十数据5月19日讯，今日，路易达孚集团宣布，位于其天津油籽油料加工厂内的全新特种饲料磷脂自 动化产线正式落成投产。该生产线将有效满足中国及全球市场对特种饲料磷脂产品的需求，包括酶解磷 脂和低粘度磷脂等。 ...

Group 1 - The core viewpoint emphasizes the necessity of digital transformation and automation in the manufacturing sector, highlighting the integration of advanced technologies for efficient warehouse management [1][2] - The manufacturing industry is identified as the foundation of the real economy and a key driver for high-quality economic development in the future [1] - Inner Huang County is actively promoting the integration of new-generation information technology with traditional manufacturing, accelerating the transition towards intelligent, high-end, and green manufacturing [1] Group 2 - Small and medium-sized enterprises (SMEs) face challenges in transformation, often feeling unable or unwilling to change; Inner Huang County is addressing this by providing tailored diagnostic services to identify and solve issues [2] - A total of 63 SMEs have received digital transformation consultations, achieving a 93% coverage rate of intelligent application scenarios among regulated enterprises in the county [2] - Significant improvements in operational efficiency are noted, such as the replacement of manual labor with intelligent machines, exemplified by a smart stacking machine that can stack 20 bags of feed per minute with minimal error [2] Group 3 - The ICS689 single-point batching system has improved raw material ratio accuracy from ±0.5% to ±0.3%, with an investment of over 35.5 million yuan in more than 20 intelligent transformation projects expected to enhance production capacity by 25% and reduce energy consumption per ton of feed by 15% [3] - Inner Huang County has successfully collected eight intelligent transformation projects, with five already completed, driving the progress of enterprise automation [3] - Notable achievements in digital transformation include the recognition of Xiangyu Medical's industrial internet platform as a provincial-level platform, enhancing production process optimization and industry chain collaboration [3]