一、本次员工持股计划的基本情况及审议程序 （一）2023年5月19日，公司召开第三届董事会第八次会议，审议通过了《关 于公司<2023年员工持股计划（草案）>及其摘要的议案》《关于公司<2023年员工 持股计划管理办法>的议案》《关于提请股东大会授权董事会办理公司2023年员工 持股计划相关事宜的议案》，公司独立董事就公司2023年员工持股计划相关议案发 表了同意的独立意见，律师出具了相应的法律意见书。 同日，公司召开第三届监事会第六次会议，审议通过了《关于公司<2023年员 工持股计划（草案）>及其摘要的议案》《关于公司<2023年员工持股计划管理办 法>的议案》，公司监事会对公司2023年员工持股计划的相关事项进行核实并出具 核查意见。 （二）2023年6月7日，公司召开2023年第二次临时股东大会，审议通过了上述 相关议案，并授权公司董事会办理本次持股计划的具体事宜，包括但不限于本次持 股计划的设立、变更和终止等相关事项。 （三）2023年7月11日，公司召开第三届董事会第九次会议，审议通过了《关 于调整公司2023年员工持股计划相关事项的议案》，公司将员工持股计划中的购买 价格由9.03元/股调整为8 ...

Market Overview - The feed sector increased by 1.25% on August 19, with Lude Environment leading the gains [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] Individual Stock Performance - Lude Environment (688156) closed at 22.58, up 4.20% with a trading volume of 38,100 and a turnover of 84.33 million [1] - Lusi Co. (832419) closed at 23.47, up 3.76% with a trading volume of 53,300 and a turnover of 124 million [1] - Baiyang Co. (002696) closed at 6.67, up 2.77% with a trading volume of 123,500 and a turnover of 81.63 million [1] - Boen Group (001366) closed at 13.13, up 2.66% with a trading volume of 50,900 and a turnover of 66.52 million [1] - Haida Group (002311) closed at 59.88, up 1.91% with a trading volume of 86,500 and a turnover of 514 million [1] - Petty Co. (300673) closed at 17.00, up 1.43% with a trading volume of 132,200 and a turnover of 225 million [1] - Zhongchong Co. (002891) closed at 60.40, up 1.34% with a trading volume of 107,900 and a turnover of 653 million [1] - Zhenghong Technology (000702) closed at 8.00, up 1.01% with a trading volume of 193,700 and a turnover of 154 million [1] - Tianma Technology (603668) closed at 13.74, up 0.81% with a trading volume of 100,900 and a turnover of 138 million [1] - Family and Country (001313) closed at 7.71, up 0.78% with a trading volume of 79,300 and a turnover of 60.89 million [1] Capital Flow Analysis - The feed sector saw a net inflow of 82.70 million from institutional investors, while retail investors experienced a net outflow of 5.34 million [2][3] - Major stocks like Haida Group and Zhongchong Co. had significant net inflows from institutional investors, with Haida Group receiving 11.50 million [3] - Conversely, stocks like Tianma Technology and Aonong Bio experienced net outflows from institutional investors, indicating a shift in investor sentiment [3]

Group 1 - The company has involvement in poultry-related businesses, including feed and egg products [1] - The company invested in Xiaoming Co., Ltd. in 2016, as detailed in its related announcements [1]

Core Viewpoint - He Feng Co., Ltd. reported significant growth in revenue and profitability for the first half of 2025, driven by increased sales in feed and livestock, alongside lower raw material costs [1][2]. Group 1: Financial Performance - The company achieved a revenue of 17.407 billion yuan, representing a year-on-year increase of 16.27% [1]. - Net profit attributable to shareholders was 233 million yuan, marking a return to profitability compared to the previous year [1]. - The basic earnings per share were 0.27 yuan [1]. Group 2: Sales and Production - Total feed sales reached 2.1 million tons, up 16% year-on-year, with pig feed increasing by 23%, poultry feed by 13%, and ruminant feed by 17% [2]. - The company raised its market share in high-value channels, with sales of processed chicken products increasing by 40% [2]. Group 3: Livestock Operations - The company has a stable breeding stock, with a total of 58,000 sows as of June 2025, including 47,000 breeding sows [3]. - In the first half of 2025, the company sold a total of 840,000 pigs, including 740,000 fattening pigs and 100,000 piglets and breeding pigs [3]. Group 4: Capital Investment - The company plans to invest 70 million yuan in its subsidiary, Jinzhou Xinfeng, to enhance its operational capabilities and support business development [4].

Core Viewpoint - The article discusses the challenges faced by feed companies, particularly in managing raw material inventory during a period of falling prices due to a bumper harvest cycle, and highlights the strategic use of futures hedging to mitigate risks and enhance profitability [2][10]. Group 1: Industry Challenges - Since the second half of 2023, corn prices have declined significantly due to the bumper harvest of staple crops, leading to a rapid narrowing of basis [2]. - Feed companies, accustomed to stockpiling, are experiencing a dilemma: the value of corn inventory established at high prices has plummeted, while the profits from downstream livestock operations are under pressure, squeezing operational margins [2][11]. - Companies like A Enterprise, which procures nearly 200,000 tons of raw materials annually, are struggling with high production costs from previously locked-in prices, even as downstream profits improve [4][11]. Group 2: Risk Management Strategies - A Enterprise has signed contracts for 2,000 tons of corn, locking in prices despite the risk of price declines before the inventory is received [5]. - The company employs a futures hedging strategy to manage price risks, establishing short positions in the corn futures market to offset exposure [6][10]. - By April 2025, the basis for the corn futures contract had expanded, allowing A Enterprise to benefit from the hedging strategy, ultimately saving over 300,000 yuan in procurement costs [8][10]. Group 3: Strategic Upgrades - The raw material inventory hedging strategy not only addresses risk management needs but also supports stable operations and business model upgrades for A Enterprise [10]. - The hedging approach allows A Enterprise to build sufficient inventory based on production plans, mitigating the risks associated with price fluctuations and inventory management [11]. - By transforming absolute price risks into relative basis risks, A Enterprise can strategically increase trade inventory and capitalize on favorable market conditions, thereby enhancing operational profits and establishing a competitive edge in the industry [12].

Core Viewpoint - The company has reported significant updates regarding its fundraising activities, including the issuance of convertible bonds and the allocation of raised funds for various projects, while also planning to adjust its credit limits with financial institutions to support operational needs [3][18][84]. Group 1: Company Overview - The company is named Wellhope Foods Co., Ltd., with the stock code 603609 and bond code 113647 [3][18]. - The company has a structured approach to managing its fundraising, adhering to regulations set by the China Securities Regulatory Commission and the Shanghai Stock Exchange [4][15]. Group 2: Fundraising and Financial Data - The company successfully raised a total of 150,000 million yuan through the issuance of 15 million convertible bonds at a price of 100 yuan each, with a net amount of 148,988.35 million yuan after deducting issuance costs [3][84]. - As of June 30, 2025, the balance in the special account for the raised funds was 33,092.6 million yuan, which includes interest income [4][89]. - The company has utilized 70,000 million yuan of idle funds to temporarily supplement working capital [7][89]. Group 3: Project Updates - The company has completed and terminated several fundraising projects, including the production of full-price feed and pig breeding projects, reallocating remaining funds to new projects such as chicken farming and processing [12][85]. - The new projects are expected to be operational by December 31, 2025, generating revenue thereafter [86]. Group 4: Credit and Guarantee Adjustments - The company plans to increase its comprehensive credit limit from 72 billion yuan to 82 billion yuan to meet operational and investment needs [18][56]. - An additional guarantee limit of 125,000 million yuan has been proposed, raising the total guarantee limit to 560,000 million yuan for its subsidiaries [21][24].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：603609 证券简称：禾丰股份 公告编号：2025-071 债券代码：113647 债券简称：禾丰转债 禾丰食品股份有限公司 第八届董事会第十二次会议决议公告 禾丰食品股份有限公司（以下简称"公司"）第八届董事会第十二次会议的通 知于 2025 年 8 月 5 日以通讯方式向各位董事发出，会议于 2025 年 8 月 15 日在沈 阳市沈北新区辉山大街 169 号禾丰股份综合办公大楼 7 楼会议室以现场结合通讯方 式召开。会议由公司董事长金卫东先生召集并主持，本次会议应参加董事 9 人，实 际参加董事 9 人，公司部分监事和高级管理人员列席了会议。会议参与表决人数及 召集、召开程序符合《公司法》和《公司章程》的有关规定，合法有效。会议审议 通过了如下议案： 一、审议通过《关于 2025 年半年度报告及其摘要的议案》 本议案已经公司董事会审计委员会审议通过。 具体内容详见公司同日于上海证券交易所网站（www.sse.com.cn）披露的《禾 丰股份 2025 年半年度报 ...

Core Viewpoint - The supervisory board of He Feng Food Co., Ltd. has approved the 2025 semi-annual report and related proposals, ensuring compliance with legal and regulatory requirements [1][2][3] Group 1: Semi-Annual Report - The supervisory board confirmed that the 2025 semi-annual report was prepared and reviewed in accordance with laws, regulations, and internal management systems [1] - The report accurately reflects the company's operational results and financial status for the first half of 2025 [1][2] - The voting results for the approval of the semi-annual report were 3 votes in favor, with no votes against or abstentions [2][3] Group 2: Fund Usage Report - The supervisory board approved the special report on the storage and actual use of raised funds for the first half of 2025 [2] - The voting results for this report were also 3 votes in favor, with no votes against or abstentions [2][3] Group 3: Fund Investment Projects - The supervisory board approved the conclusion and termination of the fundraising projects from the 2022 public offering of convertible bonds, reallocating part of the remaining funds to new investment projects [2] - This decision is seen as a cautious move to enhance the efficiency of fund usage and is in the interest of all shareholders [2] - The voting results for this proposal were 3 votes in favor, with no votes against or abstentions [2][3] - This proposal will require approval from the company's shareholders' meeting [3]

Meeting Information - The third extraordinary general meeting of shareholders will be held on September 4, 2025 [1] - The meeting will utilize a combination of on-site and online voting methods [1] - The on-site meeting will take place at the company's office in Shenyang, Liaoning Province [1] Voting Procedures - Shareholders can vote through the Shanghai Stock Exchange's online voting system during specified trading hours on the meeting day [2][3] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts [3] - Duplicate voting through different methods will be counted based on the first vote cast [3] Agenda Items - The meeting will review a proposal regarding the completion and termination of the 2022 public issuance of convertible bonds, with part of the remaining funds allocated for new investment projects [2] - Related parties that must abstain from voting include Jin Weidong, Shao Caimei, Wang Fengjiu, and Zhao Xin [2] Attendance Requirements - Only shareholders registered by the close of trading on August 27, 2025, are eligible to attend the meeting [4] - Both natural and legal persons can appoint representatives to attend the meeting [4] Registration Process - Registration can be done on-site or via fax/mail, with specific documentation required for both natural and legal shareholders [4] Additional Information - Attendees are responsible for their own accommodation and travel expenses [6] - Contact information for inquiries is provided in the announcement [6]

（文章来源：证券日报） 证券日报网讯 8月18日晚间，禾丰股份发布公告称，2025年半年度公司实现营业收入17，406，638， 787.95元，同比增长16.27%；归属于上市公司股东的净利润233，069，240.01元，同比增长784.44%。 ...