Core Viewpoint - The company, Jinhe Biology, has developed astaxanthin products with strong antioxidant capabilities, applicable in various fields such as health food, aquaculture, feed, pharmaceuticals, and cosmetics [2]. Group 1: Product Application and Market Response - Astaxanthin products can be utilized in health food, aquaculture, feed, pharmaceuticals, and cosmetics due to their strong antioxidant properties [2]. - The company has initiated a strategic partnership with Shanghai Jiao Tong University School of Life Sciences and Technology to develop its first synthetic biology product, astaxanthin [2]. - The astaxanthin produced is a metabolite from red yeast during fermentation, which has a similar left-handed structure to naturally extracted astaxanthin from red algae, but with higher yield and lower cost compared to natural extraction methods [2]. Group 2: Production Capacity and Market Promotion - The company has established an annual production capacity of 3,000 tons for astaxanthin [2]. - The feed additive product derived from red yeast has received product approval and is currently in the market promotion phase [2].

Core Viewpoint - The company has developed astaxanthin products with strong antioxidant capabilities, applicable in various fields such as health food, aquaculture, feed, pharmaceuticals, and cosmetics [2]. Group 1: Product Applications - Astaxanthin can be utilized in health food, aquaculture, feed, pharmaceuticals, and cosmetics due to its strong antioxidant properties [2]. - The company's astaxanthin product is the first synthetic biology product developed in collaboration with Shanghai Jiao Tong University [2]. Group 2: Production and Market Status - The company has established an annual production capacity of 3,000 tons of astaxanthin [2]. - The feed additive derived from red yeast has received product approval and is currently in the market promotion phase [2].

Core Viewpoint - The current market is in a stage of supply-demand negotiation, with supply pressures easing and demand expected to improve as the weather cools and the curing season approaches [1] Supply Side - Large-scale pig farms are advancing their slaughtering pace, leading to a relative easing of slaughter pressure, and they are generally adopting strategies to control supply and raise prices, with notable price increases for standard pigs [1] Demand Side - As the weather turns colder and the curing season arrives, demand for pork is anticipated to gradually improve [1] Industry Trends - Under the guidance of national policies, the main trend in the pig farming industry will be "quality improvement and efficiency enhancement," leading to the gradual elimination of outdated production capacity [1] - High-quality production capacity with low costs and good financial conditions is expected to increase its market share [1] Investment Vehicle - The Livestock ETF (159865) tracks the China Securities Livestock Index (930707), which selects listed companies involved in livestock farming and feed processing to reflect the overall performance of the livestock industry [1] - The China Securities Livestock Index covers various sub-sectors, including livestock farming, feed, and animal health, demonstrating strong industry representation [1]

Group 1 - The company plans to repurchase shares using self-owned and self-raised funds, with a total repurchase amount not exceeding RMB 200 million and not less than RMB 100 million [2] - The company has signed a loan agreement with Bank of China Liaoning Branch to provide a loan of up to RMB 200 million for the share repurchase, with a loan term of 12 months [2] - The company has repurchased a total of 17,303,064 shares, accounting for 1.90% of the total share capital, with a total payment of RMB 145.4592 million (excluding transaction fees) [3] Group 2 - The loan agreement's term has been extended from 12 months to 36 months, while the loan purpose remains unchanged [4]

根据wind数据，养殖ETF（159865）盘中流入3.01亿份，盘中净流入2.44亿份，资金抢筹养殖资产。 长江证券表示，生猪养殖行业正式进入亏损去产能阶段，预计未来几年供应压力持续较大。由于行业负 债率和流动比率改善有限，产能去化可能进一步加速。此外，行业产能调控政策与亏损去产能相互作 用，可能导致本轮产能去化比2021和2023年更为彻底。 养殖ETF（159865）跟踪的是中证畜牧指数（930707），该指数从沪深市场中选取业务涉及畜禽养殖、 饲料加工等领域的上市公司证券作为指数样本，以反映畜牧业相关上市公司证券的整体表现。中证畜牧 指数覆盖了畜禽养殖、饲料及动保等多个细分领域，具有较强的行业代表性。 （文章来源：每日经济新闻） ...

（记者 曾健辉） 华统股份（002840.SZ）11月13日在投资者互动平台表示，您好，公司目前拥有全资及参股饲料加工企 业5家，饲料年产能接近80万吨，主要用于供应内部养殖公司使用，少量用于出售。未来公司将依据生 猪出栏规划，布局饲料产能，同时加大研发投入，不断优化饲料配方，来降低生猪养殖成本。 每经AI快讯，有投资者在投资者互动平台提问：你好，公司是否有考虑收购优质饲料生产公司，提高 饲料自给率，从而更好降低生猪养殖成本。同时通过销售饲料，提高公司营收及利润？ ...

Summary of Key Points Core Viewpoint - The announcement details the progress of external guarantees provided by Tianma Technology Group Co., Ltd. for its subsidiaries, highlighting the total amounts and types of guarantees issued to support their financing and operational needs. Group 1: Guarantee Overview - From October 11, 2025, to November 10, 2025, the company and its subsidiaries provided various guarantees totaling RMB 48 million for credit facilities and operational performance [1][6] - The company signed a maximum guarantee contract with Fujian Haixia Bank for a total guarantee amount of RMB 10 million for its wholly-owned subsidiary, Fujian Tianma Food Co., Ltd. [1][2] - A maximum guarantee contract was also signed with Huaxia Bank for RMB 40 million for the company’s controlling subsidiary, Fujian Tianma Feed Co., Ltd. [2] Group 2: Performance Guarantees - The company issued a maximum guarantee letter to Guangdong Guangwu International Energy Group for RMB 30 million to ensure contract performance for its controlling subsidiary, Guangdong Fuma Feed Co., Ltd. [2][18] - No new performance guarantees were provided by the controlling subsidiary, Hualong Group, during this period [3] Group 3: Financing Lease Guarantees - The company’s wholly-owned subsidiary, Fuzhou Xingma Aquaculture Co., Ltd., signed a financing lease contract with Everbright Financial Leasing for a total financing amount of RMB 160 million, with the company providing a guarantee for this lease [5][16] Group 4: Cumulative Guarantee Situation - As of November 10, 2025, the total balance of external guarantees provided by the company and its subsidiaries was RMB 2.593 billion, accounting for 115.92% of the company's latest audited net assets [20] - The breakdown includes RMB 1.599 billion for credit guarantees to other subsidiaries, RMB 153 million for performance guarantees, and RMB 602 million for financing lease guarantees [20] Group 5: Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary to meet the operational funding needs of the subsidiaries, enhancing the company's financial decision-making efficiency and supporting long-term development [18] - The company has implemented risk control measures, including credit investigations and requiring counter-guarantees from the subsidiaries [18][19]

Group 1 - The company Jin Xin Nong (SZ 002548) announced an investor research meeting scheduled for November 11, 2025, where the board secretary and securities representative will address investor inquiries [1] - For the first half of 2025, Jin Xin Nong's revenue composition was as follows: feed processing accounted for 66.97%, livestock breeding for 32.1%, other industries for 0.58%, and raw material trading for 0.35% [1] - As of the report date, Jin Xin Nong's market capitalization was 4.6 billion yuan [1]

Core Viewpoint - The company has provided guarantees for its subsidiaries to facilitate financing and raw material procurement, with a total guarantee amount not exceeding 560 million yuan for the year 2025 [1][2][4]. Summary by Sections Guarantee Overview - The company has provided guarantees for its subsidiaries' financing and raw material procurement, with specific amounts detailed for each subsidiary [1][2]. - As of October 31, 2025, the actual guarantee amounts for specific subsidiaries are 397.49 million yuan for Anshan Jiuguhe Food Co., Ltd., 63.70 million yuan for Jinzhou Jiufeng Food Co., Ltd., and 343.74 million yuan for Xi'an Hefeng Feed Technology Co., Ltd. [1]. Internal Decision-Making Process - The company held board meetings and shareholder meetings in March, August, and September 2025 to approve the guarantee amounts and the entities to be guaranteed [2][3]. - The approved total guarantee amount includes 325 million yuan for financing, 200 million yuan for raw material procurement, and 35 million yuan for performance guarantees [2]. Basic Information of Guaranteed Entities - The guaranteed entities are subsidiaries of the company, and their financial data is disclosed on the Shanghai Stock Exchange [3]. - The company has a good understanding of the operational status and creditworthiness of these subsidiaries, indicating manageable risk [3]. Board of Directors' Opinion - The board believes that providing guarantees is necessary for the subsidiaries' operational needs and aligns with the company's overall development strategy [4]. - The board has confirmed that the guaranteed entities have good asset credit status and that the risks associated with the guarantees are controllable [4]. Cumulative External Guarantee Amount and Overdue Guarantees - As of October 31, 2025, the total external guarantee amount by the company and its subsidiaries is 2.31 billion yuan, which is 34.57% of the company's audited net assets as of December 31, 2024 [5]. - There are no overdue guarantees reported [5].

Core Points - Jinhe Biological Technology Co., Ltd. has received approval for its feed additive product, red yeast, from the Inner Mongolia Agricultural and Animal Husbandry Department [2][3] - Astaxanthin, a carotenoid with strong antioxidant properties, has significant application potential in health foods, aquaculture, pharmaceuticals, and cosmetics [2] - The company has established an annual production capacity of 3,000 tons of astaxanthin, indicating its commitment to research and innovation in synthetic biology applications [3] Summary by Category - **Product Approval** - Jinhe Biological has obtained the product approval number for its feed additive, red yeast, enhancing its product portfolio [2][3] - **Astaxanthin Properties** - Astaxanthin is noted for its antioxidant capacity, being 10 times more potent than beta-carotene, 200 times more than lutein, and 550 times more than vitamin E [2] - The main sources of astaxanthin include natural extraction, chemical synthesis, and microbial fermentation, with fermentation being the most viable method due to safety and stability [2] - **Commercial Value** - Red yeast is recognized for its rapid growth cycle, short fermentation period, ease of cultivation, and ability to utilize various carbon sources, making it commercially valuable [2] - The approval of the red yeast product is expected to enhance Jinhe Biological's operational performance and market competitiveness [3]