1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - International market: It is in a low-level consolidation phase, and there is an opportunity to re - evaluate Brazil's sugar production. The 24/25 sugar - making season has a significant global supply shortage, while the 25/26 season is expected to see a restorative increase in production and inventory in both the Northern and Southern Hemispheres. New York raw sugar is likely to oscillate at a low level. Attention should be paid to Brazil's production and export rhythm and India's relevant industrial policies [3][33] - Domestic market: It is in a range - bound consolidation, and there is an opportunity at the lower end of the range. In the 24/25 sugar - making season, the domestic market is expected to have continuous production increases and cost decreases. The import policy for syrup and premixed powder has tightened. Zhengzhou sugar follows the trend of raw sugar, and trading is centered around the import rhythm. The pattern of stronger domestic and weaker international markets continues. In the 25/26 season, the market expects a decline in the sugar yield rate in Guangxi and an increase in production costs [3][33] 3. Summary According to Relevant Catalogs 3.1 This Week's Market Review 3.1.1 International Market - Exchange rates: The US dollar index is 97.85 (previous value: 97.72), and the US dollar to Brazilian real exchange rate is 5.43 (previous value: 5.44) [1][5] - Commodity prices: WTI crude oil price is $64.01 per barrel (+0.38%), and the price of the active contract for New York raw sugar is 16.34 cents per pound (-0.61%) [1] - CFTC positions: As of August 26, long positions of funds decreased by 1,247 lots, short positions increased by 1,426 lots, and net long positions decreased by 2,673 lots to - 98,204 lots [1][15] - Production data: As of August 16, the cumulative sugar production in the central - southern region of Brazil in the 25/26 sugar - making season was 22.89 million tons, a year - on - year decrease of 1.12 million tons. ISMA/NFCSF predicts that the total sugar production in India in the 25/26 sugar - making season will be 34.9 million tons, compared with 29.5 million tons in the 24/25 season. OCSB data shows that Thailand's sugar production in the 24/25 season was 10.08 million tons, a year - on - year increase of 1.27 million tons [1] 3.1.2 Domestic Market - Price data: The spot quotation of Guangxi Group is 5,940 yuan per ton, a week - on - week decrease of 40 yuan per ton; Zhengzhou sugar's main contract is reported at 5,604 yuan per ton, a week - on - week decrease of 66 yuan per ton; the basis of the main contract increased slightly [2][14] - Production and consumption data: As of May, China's sugar production in the 24/25 sugar - making season was 11.16 million tons, a year - on - year increase of 1.2 million tons. CAOC predicts that the domestic sugar production in the 24/25 season will be 11.16 million tons, consumption will be 15.8 million tons, and imports will be 5 million tons. For the 25/26 season, production is expected to be 11.2 million tons, consumption 15.9 million tons, and imports 5 million tons. As of July, China's cumulative sugar imports in the 24/25 season were 3.25 million tons, a year - on - year decrease of 330,000 tons [2][14][27] 3.2 Next Week's Market Outlook 3.2.1 International Market - Market trend: Low - level consolidation, with an opportunity to re - evaluate Brazil's production. The market is in a pattern of strong reality and weak expectations. The 24/25 season has a significant supply shortage, while the 25/26 season is expected to see production increases and inventory accumulation. New York raw sugar is likely to oscillate at a low level [3][33] - Focus points: Brazil's production and export rhythm, and India's relevant industrial policies [3][33] 3.2.2 Domestic Market - Market trend: Range - bound consolidation, with an opportunity at the lower end of the range. The domestic market in the 24/25 season is expected to have continuous production increases and cost decreases. Zhengzhou sugar follows raw sugar, and trading is centered around the import rhythm. The 25/26 season is expected to have a decline in the sugar yield rate in Guangxi and an increase in production costs [3][33] - Focus points: The lower end of the price range [3][33] 3.3 Macro Data - Exchange rates: The US dollar index is 97.85 (previous value: 97.72), and the US dollar to Brazilian real exchange rate is 5.43 (previous value: 5.44) [5] - Crude oil: WTI crude oil price is $64.01 per barrel (+0.38%) [5] 3.4 Industry Data 3.4.1 Market Price and Trading Data - Price and basis: The price of the active contract for New York raw sugar is 16.34 cents per pound (-0.61%). The spot quotation of Guangxi Group is 5,940 yuan per ton, a week - on - week decrease of 40 yuan per ton; Zhengzhou sugar's main contract is reported at 5,604 yuan per ton, a week - on - week decrease of 66 yuan per ton; the basis of the main contract increased slightly [14] - Warehouse receipts: As of last weekend, the warehouse receipts for Zhengzhou white sugar were 13,916 lots [15] - CFTC positions: As of August 26, long positions of funds decreased by 1,247 lots, short positions increased by 1,426 lots, and net long positions decreased by 2,673 lots to - 98,204 lots [1][15] 3.4.2 Industry Supply and Demand Data - Global supply and demand: The International Sugar Organization (ISO) predicts a supply shortage of 5.47 million tons in the 24/25 sugar - making season (previous prediction: 4.88 million tons) [26] - Brazil: As of August 16, in the 25/26 sugar - making season, the cumulative crushed sugarcane in the central - southern region of Brazil was 354 million tons, a year - on - year decrease of 6.6%; sugar production was 22.89 million tons, a year - on - year decrease of 4.7%; alcohol production was 16.07 billion liters, a year - on - year decrease of 12%; the cumulative sugar - cane ratio for sugar production was 52.51%, compared with 49.14% in the same period of the previous year [26] - India: As of May 15, India's sugar production in the 24/25 sugar - making season was 25.74 million tons, a year - on - year decrease of 5.8 million tons. ISMA/NFCSF predicts that the total sugar production in India in the 25/26 season will be 34.9 million tons, compared with 29.5 million tons in the 24/25 season [26] - Thailand: Thailand's sugar production in the 24/25 season was 10.08 million tons, a year - on - year increase of 1.27 million tons [27] - China: CAOC predicts that the domestic sugar production in the 24/25 season will be 11.16 million tons, consumption will be 15.8 million tons (+100,000 tons), and imports will be 5 million tons; for the 25/26 season, production is expected to be 11.2 million tons, consumption 15.9 million tons (+100,000 tons), and imports 5 million tons. Customs data shows that sugar imports in July 2025 were 740,000 tons, and the cumulative imports in the 24/25 season were 3.25 million tons. As of May, the national sugar production in the 24/25 sugar - making season was 11.16 million tons, a year - on - year increase of 1.2 million tons, sales were 8.11 million tons, a year - on - year increase of 1.52 million tons, and the cumulative sales rate was 72.69% [27]

Core Viewpoint - Huazi Industrial reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved an operating revenue of 221,005,053.37 yuan for the first half of 2025, representing a year-on-year decrease of 11.37% [1] - The net profit attributable to shareholders of the listed company was 4,395,923.22 yuan, reflecting a year-on-year decline of 39.22% [1]

北京商报讯（记者郭秀娟实习记者王悦彤） 8月29日，华资实业发布2025年半年报。报告期内，公司实 现营业收入2.21亿元，同比减少11.37%；实现归母净利润439.59万元，同比减少39.22%。 （文章来源：北京商报） ...

Group 1 - The company is planning to issue shares to no more than 35 specific investors, including various financial institutions and qualified investors, with cash subscription only [1][2][3] - The pricing for the share issuance will be based on the average trading price over the 20 trading days prior to the pricing date, set at no less than 80% of that average [2][3] - The total number of shares to be issued will not exceed 30% of the company's total share capital as of June 30, 2025, which is 120,095,945 shares [3][4] Group 2 - The company aims to raise a total of up to 260 million yuan, with the net proceeds to be used entirely for the expansion of the Yunou Logistics Sugar Storage and Intelligent Distribution Center [4][5] - The shares issued will be subject to a six-month lock-up period post-issuance [5][6] - The company will share the retained earnings prior to the issuance among new and existing shareholders based on their respective shareholding ratios after the issuance [5][6] Group 3 - The issuance plan has been approved by the company's board and supervisory committee, and is pending approval from the China Securities Regulatory Commission [6][7] - The company has committed to measures to compensate for any dilution of immediate returns resulting from the issuance [5][6] - The company has a high debt ratio, with liabilities exceeding 93% in recent periods, indicating potential financial risks [8][9] Group 4 - The company's main business is the production and sale of refined sugar, classified under the sugar industry, with over 60% of its revenue derived from this segment [18] - The regulatory body overseeing the sugar industry is the National Development and Reform Commission of China, which is responsible for policy formulation and industry management [18][19] - The industry has self-regulatory organizations such as the China Sugar Association, which plays a role in industry development and quality management [19]

Core Viewpoint - Guangxi Agricultural Investment Sugar Industry Group Co., Ltd. (hereinafter referred to as "the Company") has experienced a significant decline in its financial performance for the first half of 2025, primarily due to a decrease in operating income and net profit, which has raised concerns about its future operational capabilities and the impact on its upcoming stock issuance project [1][17]. Financial Performance Summary - The Company's operating income for the first half of 2025 was 134,463.35 million yuan, a decrease of 25.85% compared to the same period in 2024 [1][2]. - The net profit attributable to shareholders of the parent company was 660.06 million yuan, down 51.39% year-on-year [1][2]. - The gross profit margin improved slightly to 12.21%, up from 11.52% in the previous year, despite the overall decline in revenue [1][3]. Business Segment Analysis - The main revenue source, self-produced sugar, generated 92,387.31 million yuan, a decrease of 27.47% year-on-year, while its gross profit margin increased to 16.14% [3][4]. - The paper products segment reported a significant decline, with revenues falling by 1,653.59 million yuan and a gross profit margin of -19.43% [5]. - The logistics and warehousing segment also saw a decrease in revenue, contributing to the overall decline in the Company's performance [4][5]. Operational Adjustments - The Company has implemented measures to improve sugarcane quality and optimize harvesting arrangements, resulting in an increased sugar production rate of 13.88%, up 2.01 percentage points from the previous year [4][14]. - The Company is focusing on stabilizing sugarcane planting areas and enhancing sales strategies to improve profitability in the sugar segment [14][15]. Future Outlook - The Company plans to continue its efforts in market expansion for non-sugar segments and improve operational efficiency to mitigate losses [13][17]. - The upcoming stock issuance project aims to raise up to 26,000 million yuan, which will be used for capacity expansion and working capital, aligning with the Company's strategic development direction [17][18].

关于广西农投糖业集团股份有限公司 向特定对象发行股票会后事项的承诺函 致同会计师事务所（特殊普通合伙） 目 录 关于广西农投糖业集团股份有限公司向特定对象发行股票会 后事项的承诺函 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22 号 赛特广场 5 层邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 关于广西农投糖业集团股份有限公司 向特定对象发行股票会后事项的承诺函 中国证券监督管理委员会、深圳证券交易所： 致同会计师事务所（特殊普通合伙）（以下简称"本所"）为广西农投糖业 集团股份有限公司（以下简称"广农糖业"、"公司"或"发行人"）2023 年度向特定 对象发行 A 股股票（以下简称"本次发行"）的发行人会计师。发行人本次发 行的申请已于 2025 年 7 月 23 日经深圳证券交易所上市审核中心审核通过。鉴 于公司于 2025 年 8 月 28 日披露了《广西农投糖业集团股份有限公司 2025 年半 年度报告》，根据中国证券监督管理委员会《监管规则适用指引——发行类第 司证券发行上市审核规则》 ...

Core Viewpoint - Guangxi Agricultural Investment Sugar Industry Group Co., Ltd. (hereinafter referred to as "the Company") reported a significant decline in its financial performance for the first half of 2025, primarily due to a decrease in operating income and net profit, which the Company attributes to a drop in sugar prices and sales volume [1][2][5]. Financial Performance Summary - The Company's operating income for the first half of 2025 was CNY 134,463.35 million, a decrease of 25.85% compared to CNY 181,334.51 million in the same period of 2024 [1][2]. - The net profit attributable to shareholders of the parent company was CNY 660.06 million, down 51.39% from CNY 1,358.00 million in the previous year [1][2]. - The gross profit margin improved to 12.21%, up from 11.52% in the previous year, despite the decline in overall revenue [1][2]. Business Segment Analysis - The main business segment, self-produced sugar, generated revenue of CNY 92,387.31 million, a decrease of 27.47% year-on-year, while the gross profit margin for this segment increased by 2.76 percentage points to 16.14% [4][5]. - The paper products segment reported a revenue decline of 23.97% and a negative gross profit margin of -19.43%, attributed to weak downstream demand and production inefficiencies [6]. - The logistics and warehousing segment saw a slight revenue decrease of 5.02%, with a gross profit margin of 1.95% [4]. Operational Challenges - The Company faced challenges in its sugar production due to a decline in sugar prices and sales volume, with production volume dropping from 22.14 million tons to 16.58 million tons [4][5]. - The average selling price of self-produced sugar (excluding tax) was CNY 5,573.57 per ton, reflecting market pressures [4]. - The Company has implemented measures to improve sugarcane quality and optimize harvesting arrangements, resulting in an increased sugar production rate [5]. Future Outlook and Strategies - The Company plans to stabilize sugarcane planting areas and enhance production efficiency through technological advancements and government support [15]. - Efforts will be made to focus on sugar sales and improve profitability through market expansion and customer relationship management [15][16]. - The Company aims to strengthen its paper products business and explore new market opportunities, particularly in response to environmental regulations [12][16]. Fundraising and Investment Plans - The Company is set to raise up to CNY 26,000 million through a targeted stock issuance, with funds allocated for expanding its logistics and warehousing capabilities and improving operational efficiency [19][21]. - The fundraising is expected to support the Company's strategic development and enhance its financial stability [19][22].

特此公告。 广西农投糖业集团股份有限公司董事会 关于披露向特定对象发行股票会后事项承诺函以及更新 募集说明书（注册稿）等申请文件的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 广西农投糖业集团股份有限公司（以下简称公司）向特定对象发行 股票的申请已于 2025 年 7 月 23 日经深圳证券交易所上市审核中心审核 通过，具体内容详见公司于 2025 年 7 月 24 日在巨潮资讯网上披露的《关 于向特定对象发行股票申请获得深圳证券交易所上市审核中心审核通过 的公告》（公告编号：2025-047）。 鉴于公司 2025 年半年度报告已披露，根据中国证券监督管理委员会 《监管规则适用指引——发行类第 3 号》《监管规则适用指引——发行 类第 7 号》等文件规定，公司会同相关中介机构对申请文件内容进行了 更新和修订，并对会后事项出具了会后事项说明及承诺函，具体内容详 见公司同日在巨潮资讯网披露的《广西农投糖业集团股份有限公司 2023 年度向特定对象发行 A 股股票募集说明书（注册稿）》等相关文件。公 司将根据上述事项进展情况，严格按照有关规定及时履行 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - This week, the price of Zhengzhou Sugar 2601 contract declined with a weekly drop of about 1.16%. Globally, the production outlook of major sugar - producing countries in Asia is favorable, leading to a looser supply expectation. However, the market is concerned about the sugar content of Brazilian sugarcane in the 2025/26 season, and there are signs of improved demand, causing the raw sugar price to maintain a low - level oscillating trend. In the domestic market, the profit window for out - of - quota imports remains open, and the import pressure is released. The sugar import volume in July increased significantly month - on - month, reaching the highest level in the same period in the past decade, and August - September is still the peak period. Beet sugar will start to be crushed in September, increasing the supply temporarily. On the demand side, the pre - holiday stocking for the upcoming double festivals will boost consumption. In terms of inventory, due to the good production and sales progress in the early stage, the inventory pressure is not large, but the number of processed sugar has increased, and the current inventory reduction process has slowed down significantly. For the new crop, the expected output in the new sugar - crushing season is expected to be at a high level in the past four years. Overall, factors such as a large increase in imports, the upcoming crushing of northern sugar mills, and the high expected output in the new season will suppress the sugar price to oscillate downward. It is recommended to hold short positions and set stop - losses to control risks. Future factors to watch include consumption and exports of Brazilian and Indian sugar [7]. 3. Summary by Relevant Catalogs 3.1 Week - to - Week Summary - **Market Analysis**: Zhengzhou Sugar 2601 contract price dropped with a 1.16% weekly decline. International raw sugar prices were low - level oscillating. Domestic imports soared, and future supply will increase, while demand will be promoted by pre - holiday stocking. It is recommended to hold short positions and set stop - losses. - **Future Focus**: Consumption and exports of Brazilian and Indian sugar [7] 3.2 Futures and Spot Market - **Futures Market**: The price of ICE US Sugar 10 - month contract rose by about 0.36% this week. As of August 19, 2025, non - commercial long positions of ICE No. 11 sugar decreased by 2.70% month - on - month, non - commercial short positions decreased by 1.34% month - on - month, and non - commercial net positions decreased by 2.60% month - on - month. The top 20 net positions of Zhengzhou sugar futures were - 17,161 lots, and the number of Zhengzhou sugar warehouse receipts was 13,916 [10][19]. - **Spot Market**: As of August 22, 2025, the international spot price of raw sugar was 16.74 cents per pound, down 1.12% month - on - month. As of August 29, the sugar price in Liuzhou, Guangxi was 6,010 yuan per ton, and the spot price of sugar in Kunming, Yunnan was 5,830 yuan per ton. As of August 27, 2025, the estimated import processing price of Brazilian sugar (out - of - quota, 50% tariff) was 5,786 yuan per ton, up 0.29% month - on - month; the in - quota price was 4,552 yuan per ton, up 0.29% month - on - month. The estimated import processing price of Thai sugar (out - of - quota, 50% tariff) was 5,772 yuan per ton, up 0.30% month - on - month; the in - quota price was 4,542 yuan per ton, up 0.29% month - on - month. As of August 18, the in - quota profit of imported Brazilian sugar was 1,278 yuan per ton, down 2.22% month - on - month; the out - of - quota profit was 44 yuan per ton, down 42.86% month - on - month. The in - quota profit of imported Thai sugar was 1,288 yuan per ton, down 2.20% month - on - month; the out - of - quota profit was 58 yuan per ton [13][23][26][31]. 3.3 Industry Chain Situation - **Supply Side**: The 2024/25 sugar - making season ended in late May 2025, with a national sugar production of 11.1621 million tons, a year - on - year increase of 1.1989 million tons or 12.03%. As of July 30, 2025, the industrial inventory was 1.6123 million tons, a year - on - year decrease of 99,500 tons. In July, China's sugar import volume was 740,000 tons, a month - on - month increase of 320,000 tons (76.2%) and a year - on - year increase of 76.4%. From January to July, the sugar import volume was 1.78 million tons, a year - on - year increase of 4% [35][37][42]. - **Demand Side**: As of May 31, 2025, the cumulative national sugar sales volume was 8.1138 million tons, a month - on - month increase of 12.00%, and the sales rate was 72.69%, a month - on - month increase of 11.45%. As of July 31, 2025, the monthly output of refined sugar was 410,000 tons, a month - on - month increase of 21.66%, and the monthly output of soft drinks was 1.79663 million tons, a month - on - month decrease of 2.51% [46][51]. ，3.4 Option and Stock - Futures Correlation Market - **Option Market**: Information about the implied volatility of at - the - money options of sugar this week was provided, but specific data was not detailed in the summary part [52]. - **Stock Market**: Information about the price - earnings ratio of Nanning Sugar Industry was provided, but specific data was not detailed in the summary part [57].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The main contract of white sugar 01 oscillates and declines. The import of sugar has increased significantly in recent months, and the current price of contract 01 is close to the cost price of out - quota imported sugar. In the short term, Zhengzhou white sugar may oscillate around 5600. Unless the price of foreign sugar falls below 16 cents, there is limited room for further decline in Zhengzhou white sugar [5][9]. 3. Summary According to the Table of Contents 3.1 Previous Day's Review No relevant information provided. 3.2 Daily Tips - **Fundamentals**: Conab estimates that the sugar production in the central - southern region of Brazil in the 25/26 sugar season will be 40.6 million tons, a 3.1% decrease from the previous forecast. As of the end of July 2025, the cumulative sugar production in the 24/25 season in China was 11.1621 million tons; the cumulative sugar sales were 9.5498 million tons; the sales rate was 85.6%. In July 2025, China imported 740,000 tons of sugar, an increase of 320,000 tons year - on - year; the total import of syrup and premixed powder was 159,800 tons, a decrease of 68,500 tons year - on - year [4]. - **Basis**: The spot price in Liuzhou is 6010, with a basis of 408 (for contract 01), showing a premium over futures, which is bullish [6]. - **Inventory**: As of the end of July, the industrial inventory in the 24/25 sugar season was 1.61 million tons, which is bullish [6]. - **Market Chart**: The 20 - day moving average is downward, and the K - line is below the 20 - day moving average, which is bearish [6]. - **Main Position**: The position is bearish, the net short position is decreasing, the trend of the main force is unclear, and it is bearish [5]. - **Expectation**: The main contract of white sugar 01 oscillates and declines. The import of sugar has increased significantly in recent months, and the current price of contract 01 is close to the cost price of out - quota imported sugar. In the short term, Zhengzhou white sugar may oscillate around 5600. Unless the price of foreign sugar falls below 16 cents, there is limited room for further decline in Zhengzhou white sugar [5][9]. 3.3 Today's Focus No relevant information provided. 3.4 Fundamental Data - **Supply and Demand Forecast**: Different institutions have different forecasts for the global sugar supply and demand in the 25/26 season. Green Pool estimates a surplus of 2.7 million tons, USDA estimates a surplus of 11.397 million tons, Czarnikow estimates a surplus of 7.8 million tons, and Datagro estimates a surplus of 2.58 million tons [9][35]. - **Domestic Supply and Demand Balance Sheet**: The supply and demand of white sugar in the domestic market has a gap, and the medium - to - long - term gap is decreasing. The average spot sales price of domestic sugar is close to 6000. Since January 2025, the tariff on imported syrup has increased, approaching the out - quota import tariff of raw sugar. From January 1, 2025, the tariff on imported syrup and premixed powder has been adjusted from 12% to 20%, and the adjusted tariff is slightly lower than the out - quota import tariff of raw sugar. Coca - Cola's formula modification is long - term bullish for white sugar [9]. - **Import Situation**: In July 2025, China imported 740,000 tons of sugar, an increase of 320,000 tons year - on - year; the total import of syrup and premixed powder was 159,800 tons, a decrease of 68,500 tons year - on - year [4][9]. 3.5 Position Data The position is bearish, the net short position is decreasing, the trend of the main force is unclear, and it is bearish [5].