Core Viewpoint - The New York raw sugar futures prices have fallen to their lowest level in five years due to rising expectations of global supply surplus, with a significant drop of 14% so far this month, potentially marking the largest monthly decline since December 2023 [1] Group 1: Market Trends - The most active raw sugar futures contract dropped by 2.43%, closing at 14.07 cents per pound [1] - Analysts from StoneX Group Inc. indicate that the significant drop in October highlights "structural major pressure" on futures prices, driven by an anticipated surplus of 2.8 million tons in the 2025/26 season [1] - Following Brazil's "Sugar Week," market estimates for the 2025/26 sugar supply surplus have been raised from an initial consensus of 2 million tons to 2.77 million tons, with potential for further upward adjustments [4] Group 2: Supply Factors - Wall Street analysts expect Brazil, a leading sugar producer, to maintain high sugar production levels in 2025/26, with multiple investment institutions raising their production and export forecasts for Brazil [4] - The core drivers of the anticipated surplus include increased production in Brazil, rising corn ethanol output, and India's potential recovery in sugar exports, which may exceed StoneX's current estimate of 1.5 million tons [4] Group 3: Demand Dynamics - The rapid rise in the penetration of GLP-1 weight loss drugs in the U.S. is impacting sugar consumption, with surveys indicating a reduction in spending on sugary products by approximately 6% to 10%, thereby lowering marginal demand growth expectations [5] - The volatility of the USD/BRL exchange rate has also affected Brazil's export rhythm, with a weaker BRL favoring exports and further pressuring prices [5] Group 4: Market Sentiment - Ongoing U.S. government shutdown is contributing to traders' pessimism regarding the commodity market, as the CFTC has been unable to release data on large institutional investors and speculators since September 23 [5] - Recent price movements show a decline in New York raw sugar futures by 1.32%, with prices reported at 14.23 cents per pound, while London white sugar prices fell by 1.08% [5]

Group 1 - The number of ships waiting to load sugar at Brazilian ports is 86, unchanged from the previous week [1] - The quantity of sugar waiting to be loaded at ports is 2.9933 million tons, down from 3.384 million tons in the previous week [1]

Group 1: Core View - The report predicts that Zhengzhou sugar will mainly fluctuate weakly as the new crops in the Northern Hemisphere and domestic cane sugar are approaching the market. The large current import volume of raw sugar and the gradual release of the pressure of imported sugar arriving at ports, along with an import cost of 5300 - 5400, are suppressing the market. With the recent start of sugar - cane crushing in Yunnan and the upcoming concentrated start in Guangxi in mid - to - late November, new selling pressure may form. However, as the current market price is close to the domestic sugar - making cost, the market is expected to show a resistant decline before the new domestic sugar hits the market [3] Group 2: Sugar Price Data Domestic Spot Prices - In Nanning Warehouse, Guangxi, the price per ton is 5780, with no change, and the basis with SR01 is 286, a decrease of 11 [3] - In Kunming, Yunnan, the price is 5720, no change, with a basis of 326 and a decrease of 11 compared to SR01 [3] - In Dali, Yunnan, the price is 5565, no change, with a basis of 211 and a decrease of 11 compared to SR01 [3] - In Rizhao, Shandong, the price is 5850, no change, with a basis of 256 and a decrease of 11 compared to SR01 [3] Futures Prices - SR01 is at 5494, an increase of 11, and the spread between SR01 and SR05 is 64, a decrease of 1 [3] - SR05 is at 5430, an increase of 12 [3] International Prices - The ice raw sugar main contract is at 14.39, with no change [3] - The London white sugar main contract is at 573, an increase of 3 [3] - The Brent crude oil main contract is at 63.86, with no change [3] Group 3: Exchange Rate and Other Data - The exchange rate of RMB against the US dollar is 7.1164, a decrease of 0.0076 [3] - The exchange rate of the Brazilian real against the RMB is 1.2818, an increase of 0.0212 [3] - The exchange rate of the Indian rupee against the RMB is 0.084, a decrease of 0.0004 [3]

Core Points - The company reported a significant increase in net profit attributable to shareholders, rising by 83.92% year-on-year, primarily due to a substantial reduction in financial expenses and an increase in the reversal of bad debt provisions [5] - However, the net cash flow from operating activities decreased by 133.86% year-on-year, mainly due to a decline in sales volume of refined sugar and an 8.83% decrease in the selling price, leading to reduced revenue and sales collections [5] - The company plans to issue shares to specific targets as part of its development strategy, which has been approved by the board and shareholders [9][10] Financial Data Summary - The company's cash and cash equivalents decreased by 69.61% from the beginning of the year, primarily due to the repayment of bank loans [5] - Prepayments increased by 95.50% from the beginning of the year, mainly due to an increase in advance payments for agricultural materials [5] - Inventory decreased by 33.31% from the beginning of the year, attributed to increased sales of refined sugar [6] - Accounts payable decreased by 61.48% from the beginning of the year, as payments for sugarcane were completed at the end of the 2024/2025 sugar production season [6] - Long-term borrowings decreased by 49.72% from the beginning of the year, mainly due to a reduction in bank loans [6] - Financial expenses decreased by 38.33% year-on-year, primarily due to a reduction in interest-bearing liabilities and lower borrowing rates [7] - Credit impairment losses decreased by 133.15% year-on-year, mainly due to the reversal of bad debt provisions for accounts receivable [8] Shareholder Information - The company’s major shareholder, Guangnong Group, released 50,005,900 shares from pledge, accounting for 12.49% of the total share capital [13] - The company’s actual controller remains Guangxi State-owned Assets Supervision and Administration Commission, even after the transfer of 33% equity held by Guangnong Group to Guangxi Guokong Capital Operation Group [14] Audit and Compliance - The company has renewed its contract with the accounting firm, Crowe Horwath, for the 2025 financial year, ensuring compliance with auditing standards [18][29] - The third-quarter financial report was not audited, indicating a need for careful monitoring of financial practices [16] Upcoming Events - The company will hold its fourth extraordinary general meeting of 2025 on November 14, 2025, to discuss various proposals, including the increase of daily related transactions with its controlling shareholder [34][58]

Group 1 - The core point of the article is that Guangnong Sugar Industry (000911.SZ) reported a decline in revenue and a net loss for the first three quarters of 2025 [1] Group 2 - The company achieved an operating income of 1.744 billion yuan, representing a year-on-year decrease of 18.81% [1] - The net loss attributable to shareholders of the listed company was 4.3921 million yuan [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 18.035 million yuan [1]

Core Viewpoint - Guangnong Sugar Industry (000911.SZ) reported a significant decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in the company's financial performance [1] Financial Performance - The company achieved an operating revenue of 1.744 billion yuan, representing a year-on-year decrease of 18.81% [1] - The net profit attributable to shareholders of the listed company was -4.3921 million yuan, indicating a loss [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -18.035 million yuan [1] - The basic earnings per share were -0.011 yuan [1]

广农糖业公告，第三季度营收为4亿元，同比增长19.31%；净利润亏损1460.6万元，同比增长65.52%。 前三季度营收为17.44亿元，同比下降18.81%；净利润亏损439.21万元，同比下降83.92%。 ...

Market Review - On Tuesday, sugar futures prices rebounded, with the January contract closing at 5483 CNY/ton, an increase of 38 CNY/ton or 0.7% from the previous trading day [1] Fundamental Summary - According to S&P Global's survey of 11 analysts, the sugarcane crushing volume in Brazil's central-south region is expected to decrease by 1.5% year-on-year in the first half of October, totaling 33.42 million tons. However, sugar production in the same region is projected to increase by 0.6% to 2.47 million tons [2] - In October, sugar enterprises in Guangxi are nearing the end of their sales work, with sugar production expected to commence in late October or early November, marking the start of the new crushing season [2] - As of October 24, the cost of imported sugar from Brazil within quota is 4085 CNY/ton (15% tariff), which is 1695 CNY/ton lower than Guangxi sugar prices; outside the quota, the cost is 5192 CNY/ton (50% tariff), 588 CNY/ton lower than Guangxi sugar prices [2] Institutional Perspectives - Shenwan Hongyuan Futures noted that the increase in new sugar supply from Brazil is leading the global sugar market into a phase of inventory accumulation. The reduction in Brazilian oil prices is causing ethanol prices to decline, resulting in a downward shift in sugar price levels. Raw sugar prices have broken through their range, and a downward trend is expected, although domestic costs during the new crushing season may provide some support for sugar prices in the short term [3] - Guotou Anxin Futures observed that overnight US sugar prices were volatile. With high sugar production levels in Brazil and favorable production expectations in India and Thailand, the international market is well-supplied, putting pressure on US sugar prices. Domestically, market focus is shifting towards estimates for the new crushing season. Weather conditions in Guangxi during the third quarter have been favorable, with rainfall above average. Remote sensing data indicates an increase in the vegetation index for sugarcane in Guangxi, suggesting positive expectations for sugar production in the 25/26 crushing season, with attention on future weather and sugarcane growth [3]

1. Report Information - Report Title: Sugar Daily Report - Date: October 29, 2025 - Researchers: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [1][2][3] 2. Investment Rating - No investment rating information is provided in the report. 3. Core Viewpoints - The New York raw sugar futures continued to decline due to sufficient sugar supply in Brazil and the gradual start of the new season in India and Thailand, which put pressure on the market and pushed sugar prices down. The Zhengzhou sugar futures' main contract rebounded sharply, mainly because China suspended the import of all syrups and premixed sugars, which reduced the domestic sugar supply. However, the positive impact may be limited as the two countries' institutions are expected to communicate and find a solution [7][8]. 4. Summary by Directory 4.1 Market Review and Operation Suggestions - **Futures Market Conditions**: The main contract of New York raw sugar futures in March closed down 3.34% to 14.47 cents per pound, and the main contract of London ICE white sugar futures in December closed down 2.1% to $422.20 per ton. The main contract of Zhengzhou sugar futures 01 closed at 5,483 yuan per ton, up 50 yuan or 0.92%, with a reduction of 1,562 positions. The 05 contract closed at 5,418 yuan per ton, up 30 yuan or 0.56%, with an increase of 3,098 positions. The US sugar 03 contract closed at 14.47 cents per pound, down 0.50 cents or 3.34%, with a reduction of 954 positions. The US sugar 05 contract closed at 14.08 cents per pound, down 0.40 cents or 2.76%, with an increase of 3,215 positions [7]. - **Spot Market Conditions**: The spot prices in domestic production areas remained unchanged. The price of Nanning sugar was 5,750 yuan per ton, and the price of Kunming sugar was 5,640 yuan per ton [8]. 4.2 Industry News - China suspended the import of all syrups and premixed sugars from Thailand since October 27 due to the unqualified inspection results of a Thai factory and the defects in the Thai inspection system. The average sugarcane yield per hectare in the central - southern region of Brazil this season decreased by 6.5% compared with the previous season, and the sugarcane quality (measured by ATR) decreased by 0.8%. As of now, 11 sugar mills in Inner Mongolia have started production in the 2025/2026 sugar - making season, and the last one is expected to start tomorrow. The current white sugar price of Inner Mongolia Lingyunhai in the 2025/2026 sugar - making season is 5,850 yuan per ton, and the price of refined sugar is 5,950 yuan per ton [11]. 4.3 Data Overview - The report provides multiple charts, including spot price trends, 2601 contract basis, SR1 - 5 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and holding positions of the top 20 seats of the Zhengzhou sugar main contract [12][14][15][18][21]. - The table shows the trading volume, increase/decrease in trading volume, long - position holding volume, increase/decrease in long - position holding volume, short - position holding volume, and increase/decrease in short - position holding volume of the top 20 futures companies [21].

Core Viewpoint - COFCO Sugar Industry (600737.SH) reported a decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The total operating revenue for the first three quarters reached 20.305 billion yuan, representing a year-on-year decrease of 10.6% [1] - The net profit attributable to shareholders was 815 million yuan, down 29.86% year-on-year [1] - The basic earnings per share stood at 0.3811 yuan [1]