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].

商业模式：公司业绩主要依靠营销驱动。需要仔细研究这类驱动力背后的实际情况。 财报体检工具显示： 建议关注公司现金流状况（货币资金/流动负债仅为9.98%、近3年经营性现金流均值/流动负债仅为 11.5%） 据证券之星公开数据整理，近期广农糖业（000911）发布2025年中报。截至本报告期末，公司营业总收 入13.45亿元，同比下降25.85%，归母净利润1021.39万元，同比下降32.16%。按单季度数据看，第二季 度营业总收入5.94亿元，同比下降31.12%，第二季度归母净利润352.14万元，同比下降65.56%。本报告 期广农糖业短期债务压力上升，流动比率达0.51。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率12.21%，同比增5.92%，净利率0.49%， 同比减34.45%，销售费用、管理费用、财务费用总计1.46亿元，三费占营收比10.89%，同比增9.8%，每 股净资产0.34元，同比增20.05%，每股经营性现金流-0.51元，同比减11.15%，每股收益0.03元，同比减 32.18% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | - ...

公司最新资产负债率为93.57%，在已披露的同业公司中排名第19，较上季度资产负债率减少1.35个百分 点，较去年同期资产负债率减少1.28个百分点。 公司最新毛利率为12.21%，在已披露的同业公司中排名第11，较上季度毛利率增加0.93个百分点，较去 年同期毛利率增加0.68个百分点，实现4年连续上涨。最新ROE为7.59%，在已披露的同业公司中排名第 3，较去年同期ROE减少5.84个百分点。 公司摊薄每股收益为0.03元，在已披露的同业公司中排名第17，较去年同报告期摊薄每股收益减少0.01 元，同比较去年同期下降32.18%。 2025年8月28日，广农糖业(000911.SZ)发布2025年中报。 公司最新总资产周转率为0.38次，在已披露的同业公司中排名第12，较去年同期总资产周转率减少0.04 次，同比较去年同期下降9.76%。最新存货周转率为2.66次，在已披露的同业公司中排名第5，较去年同 期存货周转率减少2.03次，同比较去年同期下降43.26%。 公司营业总收入为13.45亿元，在已披露的同业公司中排名第11，较去年同报告期营业总收入减少4.69亿 元，同比较去年同期下降25.85%。 ...

Group 1 - The company Guangnong Sugar Industry reported a revenue of approximately 1.345 billion yuan for the first half of 2025, representing a year-on-year decrease of 25.85% [1] - The net profit attributable to shareholders of the listed company was approximately 10.21 million yuan, a year-on-year decrease of 32.16% [1] - The basic earnings per share were 0.0255 yuan, reflecting a year-on-year decrease of 32.18% [1]

Group 1 - Recent domestic sugar prices have rebounded slightly, with prices in Guangxi increasing by 60 yuan/ton from a low of 5900 yuan/ton, but failing to break the key level of 6000 yuan/ton [1] - The upcoming Mid-Autumn Festival and National Day holidays are expected to provide some support for sugar prices, although actual demand remains to be observed [1][2] - Seasonal demand is driving trade activities, with traders replenishing stocks and food processing companies purchasing raw materials, leading to a slight recovery in sugar prices [2] Group 2 - Brazil's sugar production remains high, with a cumulative production of 19.268 million tons reported for the second half of July, a decrease of 7.76% compared to the same period last year [3] - Despite the decrease, there are concerns about potential downward adjustments in production due to lower sugarcane yields and ATR in Brazil's central-southern region [3] - The sugar production ratio in Brazil reached a historical high of 52.06% by the end of July, indicating significant variability in sugar output [3] Group 3 - Domestic sugar imports have rapidly increased, with a total production of 11.16 million tons expected for the 2024/2025 season, an increase of nearly 1 million tons year-on-year [4] - Sugar imports from May to July showed significant year-on-year growth, with increases of 1650%, 1300%, and 76% respectively, effectively supplementing domestic demand for the holidays [4] - The upcoming new sugar production season is expected to exert downward pressure on sugar prices, as new production will be launched soon [4]