Core Insights - New York raw sugar futures weakened, with the main October contract closing down 0.92% at 16.20 cents per pound, while London ICE white sugar futures also fell by 0.6% to $465.00 per ton [1] - Brazilian sugar production data for early July was bearish, putting pressure on raw sugar prices, although there are still concerns about declining production in Brazil [1] - Zhengzhou sugar futures also experienced a slight decline, with the main September contract closing at 5718 yuan per ton, down 44 yuan or 0.76% [1] Group 1: Market Performance - New York raw sugar futures fell by 0.92% to 16.20 cents per pound, while London white sugar futures decreased by 0.6% to $465.00 per ton [1] - Zhengzhou sugar futures saw the September contract close at 5718 yuan per ton, down 44 yuan or 0.76%, with a reduction in open interest by 25,642 contracts [1] Group 2: Supply and Production Data - In the first half of July, Brazil's sugarcane crush volume reached 49.823 million tons, an increase of 6.411 million tons or 14.77% year-on-year [1] - The sugar production ratio in Brazil was 53.68%, up 3.79% from the previous year, while ethanol production increased by 2.36% to 2.194 billion liters [1] - Cumulative sugar production in Brazil for the 2025/26 season as of mid-July was 15.655 million tons, a decrease of 159,100 tons or 9.22% year-on-year [1] Group 3: Future Projections - The Indian Sugar and Bioenergy Manufacturers Association projected an 18% increase in sugar production for the 2025/26 season, estimating total production at approximately 34.9 million tons, up from 29.5 million tons in 2024/25 [1] - The total area planted with sugarcane in India for the 2025/26 season is expected to be around 5.724 million hectares, slightly higher than the 5.711 million hectares in 2024/25 [1]

Report Information - Report Name: Sugar Daily Report - Date: August 5, 2025 - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The downward drive in the sugar market is not strong currently, despite the bearish production data from the first half of July in the central - southern region of Brazil, as concerns about the decline in Brazilian sugar production still remain [7] - The recent decline of Zhengzhou sugar is mainly due to the pressure of concentrated supply of processed sugar. However, considering the rapid decline in futures prices and the large basis, this round of decline may be nearing its end [8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market**: On Friday, New York raw sugar futures weakened. The main October contract closed 0.92% lower at 16.20 cents per pound. London ICE white sugar futures' main October contract closed 0.6% lower at $465.00 per ton. In the domestic market, the main contract of Zhengzhou sugar fell slightly. The SR509 contract closed at 5,718 yuan per ton, down 44 yuan or 0.76%, with a reduction of 25,642 positions. The SR601 contract closed at 5,636 yuan per ton, down 3 yuan or 0.05%, with an increase of 12,592 positions. The No. 10 contract of US sugar closed at 16.20 cents per pound, down 0.15 cents or 0.92%, with a reduction of 3,169 positions. The No. 03 contract of US sugar closed at 16.80 cents per pound, down 0.17 cents or 1.00%, with an increase of 1,384 positions [7] - **Spot Market**: Domestic spot sugar prices in production areas declined. The price of Nanning sugar was reported at 6,010 yuan, and that of Kunming sugar was 5,820 yuan [8] 3.2 Industry News - **Brazil**: In the first half of July 2025, the sugar - cane crushing volume in the central - southern region of Brazil was 49.823 million tons, a year - on - year increase of 14.77%. The sugar production ratio was 53.68%, an increase of 3.79 percentage points compared to the same period last year. The sugar production was 3.406 million tons, a year - on - year increase of 15.07%. From the start of the 2025/26 sugar - crushing season until the first half of July, the cumulative sugar - cane crushing volume was 256.14 million tons, a year - on - year decrease of 9.61%. The cumulative sugar production was 15.655 million tons, a year - on - year decrease of 9.22% [9] - **India**: The Indian Sugar Mills Association (ISMA) predicted that the total sugar production in the 2025/26 sugar - crushing season will increase by 18% to about 34.9 million metric tons, compared with 29.5 million metric tons in the 2024/25 season. The estimated total sugar - cane planting area in the 2025/26 season is about 5.724 million hectares, slightly higher than the 5.711 million hectares in the 2024/25 season [9] 3.3 Data Overview - Various data charts are presented, including the SR9 - 1 spread, Brazilian raw sugar import profit, spot price trends, 2509 contract basis, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and position data of the top 20 seats of the main contract of Zhengzhou sugar [13][15][20][23] - The total trading volume of the top 20 members in the main contract of Zhengzhou sugar was 216,510 lots, a decrease of 33,087 lots. The total long - position volume was 153,878 lots, a decrease of 13,283 lots, and the total short - position volume was 144,032 lots, a decrease of 15,158 lots [23]

Core Viewpoint - The announcement details the profit distribution plan for COFCO Sugar Holdings Co., Ltd., which includes a cash dividend of RMB 0.41 per share for the fiscal year ending 2024, approved at the annual general meeting on June 19, 2025 [2][3][4]. Distribution Plan - The distribution is based on a total share capital of 2,138,848,228 shares, resulting in a total cash dividend payout of RMB 876,927,773.48 [4]. - The distribution is applicable to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the day before the equity registration date [3]. Implementation Details - The cash dividends will be distributed through the clearing system of the China Securities Depository and Clearing Corporation Limited, with shareholders who have completed designated transactions able to receive their dividends on the payment date [5]. - The company will not issue bonus shares or increase share capital as part of this distribution [6]. Taxation Information - Individual shareholders holding shares for over one year will be exempt from personal income tax on the dividend, while those holding for one year or less will have tax withheld upon the sale of shares [8]. - Qualified Foreign Institutional Investors (QFIIs) will have a 10% withholding tax applied, resulting in a net cash dividend of RMB 0.369 per share [9]. - Hong Kong investors will also receive a net cash dividend of RMB 0.369 per share after a 10% withholding tax [10]. - Other institutional investors will receive the full cash dividend of RMB 0.41 per share without tax withholding [10]. Contact Information - For inquiries regarding the profit distribution plan, shareholders can contact the company's board office at 010-85631055 [11].

Core Points - The company announced a cash dividend of 0.41 RMB per share for its A shares [1][2] - The dividend distribution plan was approved at the annual general meeting held on June 19, 2025 [1] - The total cash dividend to be distributed amounts to approximately 876.93 million RMB based on a total share capital of 2,138,848,228 shares [1] Related Dates - The key dates for the dividend distribution are as follows: - Record date: August 12, 2025 - Last trading date: August 13, 2025 - Ex-dividend date: August 13, 2025 [2] Distribution Implementation - Cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited Shanghai Branch to shareholders registered by the record date [2] - The company will not issue bonus shares or increase capital through this distribution [2] - For individual shareholders holding shares for over one year, the dividend income is temporarily exempt from personal income tax [2][4] Taxation for Different Shareholders - For individual shareholders and securities investment funds, the tax treatment varies based on the holding period: - Holding period over one year: exempt from personal income tax - Holding period within one year: tax will be calculated upon transfer of shares [2] - For Qualified Foreign Institutional Investors (QFII), a 10% corporate income tax will be withheld, resulting in a net dividend of 0.369 RMB per share [3][4] - For Hong Kong investors, the same 10% tax applies, with the possibility of applying for tax treaty benefits if applicable [4]

每经AI快讯，有投资者在投资者互动平台提问：您好，贵公司旗下崇左糖业所研制的注射级疫苗糖这 项业务在上市公司旗下吗？如果开始销售，会体现在财务报表里吗？预计什么时间会正式上市销售？这 项业务的规模空间有多大？ （文章来源：每日经济新闻） 中粮糖业（600737.SH）8月4日在投资者互动平台表示，崇左糖业高质量完成了注射级药用蔗糖研发生 产线建设，感谢您的关注。 ...

Report Industry Investment Rating - No relevant information provided Core View of the Report - Last week, Zhengzhou sugar prices dropped significantly, erasing the gains of the past month. Due to increased imports, the domestic sugar sales volume in July is expected to decline compared to last year, and the profit from out-of-quota imports still exists but faces shrinkage risks. Without further support for price increases, sugar prices dropped sharply. Overseas, influenced by the expected increase in production in India and Thailand and the increase in Brazil's production in early July, raw sugar prices also trended downward. In the short term, the price decline of SR2509 shows no sign of stopping and may further approach the previous low [4]. Summary by Related Catalogs Market Information Domestic Market - The spot price in Nanning is 6050 yuan/ton, and in Kunming, it is 5840 - 5960 yuan/ton. In May, China imported 6.42 tons of syrup and premixed powder, a year-on-year decrease of 15.07 tons. In June 2025, China imported 42 tons of sugar, a significant year-on-year increase [3]. International Market - Brazil exported 2.3447 million tons of sugar in the first three weeks of July, with a daily average export of 167,500 tons, a 2% increase compared to June last year. India plans to allow sugar exports in the new crushing season starting in October as the sugarcane crop is expected to have a good harvest. Unica data shows that in early July, the central - southern region of Brazil crushed 49.823 million tons of sugarcane, a year-on-year increase of 14.77%, produced 3.406 million tons of sugar, a year-on-year increase of 14.07%, and the sugar - making ratio was 53.68%, compared to 50.11% last year. ISMA predicts that India's sugar production in the 25/26 season will recover to 34.9 million tons due to the increase in planting areas in Maharashtra and Karnataka [9]. Sugar Futures and Spot Prices and Spreads Sugar Futures Weekly Price and Spread - As of August 4, 2025, the closing prices and spreads of various sugar futures contracts are as follows: SR01 is 5620 yuan/ton with 0% change; SR03 is 5595 yuan/ton with 0% change; SR05 is 5570 yuan/ton with 0% change; SR07 is 5571 yuan/ton with 0% change; SR09 is 5733 yuan/ton with 0% change; SR11 is 5653 yuan/ton with 0% change; SB is 16.2 with 0% change; W is 465 with 0% change. The spreads between different contracts are also provided [5]. Sugar Spot Weekly Price and Spread - As of August 1, 2025, the spot prices in Nanning, Liuzhou, Kunming, Zhanjiang, Rizhao, and Urumqi and their spreads are presented. For example, the price in Nanning is 5990 yuan/ton, down 40 yuan; the price in Liuzhou is 5980 yuan/ton, down 40 yuan; the price in Kunming is 5810 yuan/ton, down 30 yuan [6]. Sugar Weekly Basis - As of August 1, 2025, the basis and its changes between Nanning and Kunming and various sugar futures contracts are given. For example, the basis of Nanning - SR01 is 410, up 66; the basis of Kunming - SR01 is 260, up 46 [7][10]. Sugar Weekly Import Price Change - As of July 31, 2025, the in - quota and out - of - quota import prices of Brazilian and Thai sugar and their weekly changes are provided, along with the price differences between domestic locations and imported sugar [11].

（文章来源：证券时报网） 证券时报·数据宝统计，截至发稿，广农糖业收盘价为7.51元，上涨0.94%，本期筹码集中以来股价累计 下跌2.59%。具体到各交易日，6次上涨，5次下跌。 公司发布的一季报数据显示，一季度公司共实现营业收入7.51亿元，同比下降21.07%，实现净利润 669.26万元，同比增长38.54%，基本每股收益为0.0167元，加权平均净资产收益率5.24%。（数据宝） 广农糖业8月4日披露，截至7月31日公司股东户数为35900户，较上期（7月20日）减少2400户，环比降 幅为6.27%。 ...

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - International factors such as good production prospects in major Asian sugar - producing countries, strong production signs in Brazil, and a weak US employment report have put pressure on raw sugar prices. Domestically, the opening of the extra - quota profit window has released import pressure. Although the demand side has some support due to the hot summer and the need for food and beverage industries to stock up, overall, the weakening of the outer - market price drags down the domestic sugar price, and with the continuous opening of the import profit window and strengthened import expectations, the short - term trend is a weak and volatile one [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the futures main contract for sugar is 5718 yuan/ton, down 15 yuan; the main contract position is 205,423 hands, down 25,642 hands; the warehouse receipt quantity is 19,373 sheets, down 70 sheets; the import processing estimated price for Brazilian sugar (within quota) is 4466 yuan/ton, down 14 yuan; for Thai sugar (within quota) is 4542 yuan/ton, down 14 yuan; the import estimated price for Brazilian sugar (outside quota, 50% tariff) and Thai sugar (outside quota, 50% tariff) are both down 18 yuan [2]. 3.2现货市场 - The spot price of white sugar in Kunming is 5865 yuan/ton, down 15 yuan; in Nanning is 6030 yuan/ton, unchanged; in Liuzhou is 6080 yuan/ton, up 50 yuan [2]. 3.3 Upstream Situation - The national sugar - crop sowing area is 1480 thousand hectares, up 60 thousand hectares; the sowing area of sugar - cane in Guangxi is 835.09 thousand hectares, down 12.86 thousand hectares [2]. 3.4 Industry Situation - The national cumulative sugar production is 1116.21 million tons, up 5.49 million tons; the cumulative sugar sales volume is 811.38 million tons, up 86.92 million tons; the national industrial sugar inventory is 304.83 million tons, down 81.43 million tons; the national sugar sales rate is 72.69%, up 7.47 percentage points; the monthly sugar import volume is 420,000 tons, up 70,000 tons; the monthly Brazilian sugar export volume is 335.9 million tons, up 110.24 million tons [2]. 3.5 Downstream Situation - The cumulative year - on - year growth rate of refined sugar production is 16.7%, up 2.6 percentage points; the cumulative year - on - year growth rate of soft - drink production is 2.9%, down 0.1 percentage point [2]. 3.6 Option Market - The implied volatility of at - the - money call options for sugar is 5.86%, down 2.08 percentage points; the implied volatility of at - the - money put options for sugar is 5.86%, down 2.08 percentage points; the 20 - day historical volatility of sugar is 6.22%, up 0.05 percentage points; the 60 - day historical volatility of sugar is 7.05%, down 0.03 percentage points [2]. 3.7 Industry News - In the first half of July, the sugar production in the central - southern region of Brazil increased by 15% year - on - year to 341 million tons; the Pakistani government has ordered the import of 200,000 tons of sugar to stabilize domestic prices and relieve the burden on consumers [2].

Group 1 - The company, Yuegui Co., Ltd. (SZ 000833), announced the appointment of Mr. Jian Yi as the securities affairs representative to assist the board secretary in fulfilling responsibilities [2] - For the fiscal year 2024, the revenue composition of Yuegui Co., Ltd. is as follows: mining industry accounts for 31.79%, sugar manufacturing for 19.37%, paper industry for 18.11%, chemical industry for 12.03%, trading for 10.7%, and other industries for 8.02% [2]

公司回答表示：您好！管理层对公司长期发展充满信心，公司始终致力于在履行国企社会责任、带动地 方发展与保障股东合理回报之间寻求动态平衡，通过产业可持续发展实现多方共赢。感谢您的关注！ 金融界8月4日消息，有投资者在互动平台向广农糖业提问：公司管理层对企业发展有信心吗？在国企担 当与股东回报之间，公司如何实现平衡与协同？ 来源：金融界 ...