Group 1 - The company will hold a half-year performance briefing on September 18, 2025, from 09:00 to 10:00 [2][3] - The briefing will be conducted in an interactive online format at the Shanghai Stock Exchange Roadshow Center [2][3] - Key company personnel attending the briefing include Chairman Li Minghua, General Manager Zhao Wei, Independent Director Zhang Weihua, Chief Accountant Ma Hongbo, and Board Secretary Yang Jing [2] Group 2 - Investors can submit questions for the briefing from September 11 to September 17, 2025, by logging into the Shanghai Stock Exchange Roadshow Center or via the company's email [3] - After the briefing, investors can view the event's details and main content on the Shanghai Stock Exchange Roadshow Center [3]

Core Insights - The Chinese sugar industry is experiencing significant growth in imports, with a notable increase in both quantity and value [1][2]. Group 1: Import Data - In July 2025, China's sugar imports reached 740,000 tons, representing a year-on-year increase of 76.4% [1]. - The import value for the same period was $329 million, which is a 49.4% increase compared to the previous year [1]. Group 2: Companies Involved - The listed companies in the sugar industry include COFCO Sugar Holdings (600737) and Guangnong Sugar Industry (000911) [1]. Group 3: Market Research - The data is sourced from the General Administration of Customs of China and compiled by Zhiyan Consulting, which specializes in industry research and consulting services [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The international sugar market is under pressure due to increased supply expectations, with the global supply gap in the 2025/26 season expected to be only 231,000 tons. The domestic sugar market faces import pressure as the profit window for out - of - quota imports remains open, and the import volume in July reached a ten - year high for the same period. With the upcoming beet sugar harvest in September and a high expected new - season production, sugar prices are likely to be suppressed. It is recommended to hold short positions and set stop - losses [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the sugar futures main contract was 5,562 yuan/ton, down 37 yuan; the main contract position was 362,219 lots, up 5,943 lots; the warehouse receipt quantity was 12,782 sheets, down 420 sheets; the net long position of the top 20 futures holders was - 25,523 lots [2]. 3.2现货市场 - The in - quota import processing estimated prices for Brazilian and Thai sugar were 4,478 yuan/ton and 4,462 yuan/ton respectively, both down 40 yuan; the out - of - quota (50% tariff) import estimated prices were 5,689 yuan/ton and 5,668 yuan/ton respectively. The spot prices of white sugar in Kunming, Nanning, and Liuzhou were 5,850 yuan/ton, 5,900 yuan/ton, and 5,990 yuan/ton respectively, with no change [2]. 3.3 Upstream Situation - The national sugar - crop sown area was 1,480 thousand hectares, an increase of 60 thousand hectares; the sown area of sugar - cane in Guangxi was 835.09 thousand hectares, a decrease of 12.86 thousand hectares [2]. 3.4 Industry Situation - The national cumulative sugar production was 1,116.21 million tons, an increase of 5.49 million tons; the cumulative sugar sales volume was 811.38 million tons, an increase of 86.92 million tons; the national industrial sugar inventory was 304.83 million tons, a decrease of 81.43 million tons; the national sugar sales rate was 72.69%, an increase of 7.47 percentage points; the monthly sugar import volume was 740,000 tons, an increase of 320,000 tons; the monthly total sugar exports from Brazil were 3.5937 million tons, an increase of 0.2347 million tons [2]. 3.5 Downstream Situation - The monthly output of refined sugar was 41 million tons, an increase of 7.3 million tons; the monthly output of soft drinks was 1,796.6 million tons, a decrease of 46.2 million tons [2]. 3.6 Option Market - The implied volatility of at - the - money call and put options for sugar was 8.76%, an increase of 0.08 percentage points; the 20 - day historical volatility was 6.82%, an increase of 0.01 percentage points; the 60 - day historical volatility was 6.4%, a decrease of 0.01 percentage points [2]. 3.7 Industry News - The International Sugar Organization (ISO) predicted a global supply gap of only 231,000 tons for the 2025/26 season. The ICE sugar October contract fell 1.22% on Tuesday, and the sugar 2601 contract fell 0.59% on Wednesday. The production prospects in major Asian sugar - producing countries are good, and Brazil's sugar production increased in the first half of August, leading to a looser global supply expectation and weaker prices [2].

Core Viewpoint - The company is actively engaged in a comprehensive campaign to manage sugarcane cultivation and equipment maintenance amid high temperatures, emphasizing the importance of production efficiency and quality assurance. Group 1: Agricultural Management - Employees are diligently working in the sugarcane fields, measuring plant height and checking for pest damage to ensure optimal sugar quality for the upcoming season [1][7] - The agricultural team is focused on collecting detailed field data to support better guidance for farmers in managing weeds and leaves [1] Group 2: Equipment Maintenance - The maintenance and technical improvement work in the production workshop is ongoing, with workers engaged in various tasks such as tightening equipment and welding [3] - Workers are meticulously checking equipment parameters and connections to prevent any potential issues [3][5] Group 3: Safety and Quality Assurance - The company prioritizes safety as a critical aspect of its operations, implementing a comprehensive safety management system to ensure that maintenance work proceeds safely and efficiently [5] - The cleanliness of production equipment is emphasized, as it directly impacts production efficiency and sugar quality [5] Group 4: Company Culture and Commitment - Employees are dedicated to their roles, contributing to the company's high-quality development through hard work and commitment [8] - The collective effort of the workforce is seen as a driving force for the company's growth and success [8]

Group 1 - The chairman of Yuegui Co., Ltd., Liu Fuhua, has submitted his resignation due to retirement, effective immediately upon delivery of the resignation report to the board [1] - After his resignation, Liu Fuhua will no longer hold any positions within the company, including chairman, legal representative, and committee roles [1] - As of the report, Yuegui Co., Ltd. has a market capitalization of 11.8 billion yuan [1] Group 2 - For the first half of 2025, the revenue composition of Yuegui Co., Ltd. is as follows: mining industry accounts for 39.59%, sugar production for 21.46%, paper industry for 14.59%, chemical industry for 13.66%, and other sectors for 9.72% [1]

Group 1 - Domestic sugar prices experienced a slight decline, with Guangxi Liuzhou's first-grade white sugar price at 6000 CNY/ton, down 30 CNY/ton week-on-week, and Yunnan Kunming's first-grade white sugar price at 5825 CNY/ton, also down 30 CNY/ton [1] - As of September 1, 2023, the futures market saw the main white sugar contract closing at 5609.00 CNY/ton, with a daily increase of 0.16%, reaching a high of 5612.00 CNY/ton and a low of 5589.00 CNY/ton, with a trading volume of 140,109 lots [1] - The cost of imported sugar from Brazil is significantly lower than domestic prices, with quota-in sugar at 4552 CNY/ton (15% tariff) being 1448 CNY/ton cheaper than Guangxi sugar, and quota-out sugar at 5786 CNY/ton (50% tariff) being 214 CNY/ton cheaper [2] Group 2 - The Brazilian sugar industry reported an increase in sugarcane crushing volume to 4,763 million tons in the first half of August, up 8.17% year-on-year, and sugar production increased to 361.5 million tons, up 15.96% year-on-year [2] - Current domestic supply remains relatively ample, with weak delivery willingness for the September contract affecting the January contract's performance, leading to a downward trend in spot prices [3]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Views of the Report - **Soft Commodity Sector - Sugar**: The production rhythm in Brazil has improved in the first half of August, with a significant year - on - year increase in sugar production, which is bearish for raw sugar. However, concerns about weather and domestic consumption improvement provide support. In China, import pressure is being realized, but the low inventory pressure of sugar - making enterprises and the warming up of transactions limit the downside space of the 2601 contract [3]. - **Soft Commodity Sector - Pulp**: The pulp industry chain shows few positive signs. Supply pressure remains, and demand improvement is limited. The price has no strong upward drive, but the low valuation provides some support [4]. - **Soft Commodity Sector - Cotton**: The external market is in a long - short game, and the domestic market is affected by rumors of state reserve sales. Short - term prices are expected to fluctuate and consolidate [6]. - **Fresh Fruit Sector - Apple**: The opening price of early - maturing apples has increased year - on - year, and concerns about the excellent fruit rate support the futures price [7]. - **Fresh Fruit Sector - Jujube**: The inventory of jujubes is being depleted, and the market is moving towards the peak season. The futures price of the 2601 contract is affected by multiple factors, and investors can adopt different strategies according to their risk preferences [8]. 3. Summary by Directory 3.1 First Part: Sector Strategy Recommendation - **Fresh Fruit Futures**: For Apple 2510, the recommended strategy is to wait and see or take a short - term long position due to the increase in the opening price of early - maturing apples and concerns about the excellent fruit rate. The support range is 7700 - 7800, and the pressure range is 8500 - 8600. For Jujube 2601, the recommended strategy is to reduce long positions as the commodity sentiment is strong and the third - quarter is the production - forming period, which is prone to weather premium. The support range is 11000 - 11200, and the pressure range is 11500 - 12000 [17]. - **Soft Commodity Futures**: For Sugar 2601, the recommended strategy is to reduce short positions as the estimated production in Brazil is lowered, and the downside space of the futures price is limited. The support range is 5530 - 5550, and the pressure range is 5630 - 5650. For Pulp 2511, the recommended strategy is to be bearish in the range because the coniferous pulp price is below the cost, but the supply pressure remains, and the price of finished paper is low. The support range is 4900 - 5000, and the pressure range is 5200 - 5300. For Cotton 2601, the recommended strategy is to return to a wait - and - see state as the Fed's interest - rate cut expectation and the rumor of state reserve sales lead to short - term price fluctuations [17]. 3.2 Second Part: Market News Changes 3.2.1 Apple Market - **Fundamental Information**: In July, China's fresh apple export volume was about 53,600 tons, a month - on - month increase of 44.59% and a year - on - year decrease of 18.39%. The estimated national apple production is expected to decrease by 2.03% according to one survey and increase by 2.35% according to another [18]. - **Spot Market Situation**: The mainstream transaction price in the Shandong production area is stable. In the northwest production area, the early - maturing Fuji is priced high, and the quality is good, with active procurement by merchants. In the sales area, the arrival of goods has increased significantly, and the price is stable [19][20]. 3.2.2 Jujube Market The temperature in the main jujube - producing areas in Xinjiang has decreased slightly, and some areas have experienced light rain. The daily arrival of goods in the sales area has decreased. The price of high - quality jujubes is strong, and the price of ordinary jujubes is stable. The sample - point physical inventory has decreased [21]. 3.2.3 Sugar Market The ISO reports that the 2025/26 sugar season will have a supply gap of only 23,100 tons. Brazil's sugar production in the first half of August has increased significantly year - on - year. In China, the spot price of sugar in different regions is reported [24][25]. 3.2.4 Pulp Market The price of imported radiata pine has been reduced by $20 per ton, while most suppliers keep the price of coniferous pulp unchanged. Suzano has increased the price of broad - leaf pulp for September orders [27]. 3.2.5 Cotton Market In July 2025, Vietnam's textile and clothing exports and yarn exports have increased. Argentina's cotton exports have decreased in July, and the cumulative exports in the 2024/25 season have decreased year - on - year [28]. 3.3 Third Part: Market Review 3.3.1 Futures Market Review The daily closing prices, price changes, and price change rates of Apple 2510, Jujube 2601, Sugar 2601, Pulp 2511, and Cotton 2601 are reported [29][30]. 3.3.2 Spot Market Review The spot prices, month - on - month changes, and year - on - year changes of apple, jujube, sugar, pulp, and cotton are reported [32]. 3.4 Fourth Part: Basis Situation There is no specific text description about the basis situation, only figure references are provided [43][44][46]. 3.5 Fifth Part: Inter - month Spread Situation The inter - month spreads of apple, jujube, sugar, and cotton are in a state of oscillation. The recommended strategy is to wait and see [49]. 3.6 Sixth Part: Futures Positioning Situation There is no specific text description, only figure references are provided [56][57][59]. 3.7 Seventh Part: Futures Warehouse Receipt Situation The warehouse receipt quantities, month - on - month changes, and year - on - year changes of apple, jujube, sugar, pulp, and cotton are reported [76]. 3.8 Eighth Part: Option - related Data There is no specific text description, only figure references are provided [78][80][81].

【国内市场】 现货报价：南宁中间商站台报价6000元/吨。昆明中间商报价5770-5940元/吨。 7月我国进口食糖74.43万吨，环比增长75.29%，同比增长76.44%，其中64.44万吨来自于巴西。7月我国进口糖浆和预混粉15.97万吨，同比下降6.86万吨，但环比 继续增加，创年内新高。 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和 建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形 下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使 独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本 ...

Core Insights - The company reported a 10.29% year-on-year decline in revenue for the first half of 2025, totaling 997.32 million yuan, and a 13.36% drop in net profit to 32.49 million yuan, while the net profit excluding non-recurring items increased by 15.94% to 50.20 million yuan [1][3][10] Revenue Breakdown - The sugar segment remains the largest revenue contributor, with a 14.95% year-on-year decline in revenue to 715 million yuan, accounting for 71.67% of total revenue [2][4] - The beverage segment saw a slight revenue increase of 1.11% to 154 million yuan, representing 15.44% of total revenue [2][4] - The industrial park operation segment experienced an 8.09% revenue growth to 129 million yuan, making up 12.89% of total revenue [2][4] Sales Channels - The company primarily relies on offline sales for its sugar and beverage products, with online sales accounting for less than 5% of total sales [6] - Online sales of sugar products increased by 20.58% to 2.02 million yuan, constituting only 2.83% of total sugar revenue, while beverage online sales grew by 3.44% to 717,170 yuan, making up 4.66% of beverage revenue [6] Strategic Developments - The company is actively pursuing market expansion, particularly in county and township markets, with a 60% year-on-year increase in sales in external markets and a focus on Southeast Asia [6][10] - The company has adjusted its acquisition strategy from acquiring 100% of Eagle Money to acquiring 39.9996% of Asia Foods, aiming to enhance its beverage segment and eliminate competition issues [7][10]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Import volume has increased significantly and is at its peak. Northern sugar mills will start production later, and the new - season sugar production is expected to be at a near - four - year high. These factors will suppress the sugar price to fluctuate downward. It is recommended to hold short positions and set stop - losses to control risks [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the futures main contract for sugar is 5,609 yuan/ton, with a change of 5; the main contract position is 358,781 lots, with an increase of 1,010. The number of warehouse receipts is 13,434, a decrease of 482. The net long position of the top 20 futures holders is - 17,562 lots, a decrease of 401. The total number of effective warehouse receipt forecasts is 7, an increase of 6 [2] 3.2 Spot Market - The estimated import - processing price of Brazilian sugar within the quota is 4,552 yuan/ton, an increase of 13; that of Thai sugar is 4,542 yuan/ton, an increase of 17. The estimated price of imported Brazilian sugar outside the quota (50% tariff) is 5,786 yuan/ton, and that of Thai sugar is 5,772 yuan/ton. The spot price of white sugar in Kunming is 5,825 yuan/ton, unchanged; in Nanning, it is 5,910 yuan/ton, a decrease of 50; in Liuzhou, it is 6,000 yuan/ton, unchanged [2] 3.3 Upstream Situation - The national sugar - crop sowing area is 1,480 thousand hectares, an increase of 60. The sowing area of sugar - cane in Guangxi is 835.09 thousand hectares, a decrease of 12.86 [2] 3.4 Industry Situation - The cumulative national sugar production is 1,116.21 million tons, an increase of 5.49; the cumulative national sugar sales volume is 811.38 million tons, an increase of 86.92. The national industrial sugar inventory is 304.83 million tons, a decrease of 81.43. The national sugar sales rate is 72.69%, an increase of 7.47. The monthly sugar import volume is 740,000 tons, an increase of 320,000. The total monthly sugar exports from Brazil are 359.37 million tons, an increase of 23.47 [2] 3.5 Downstream Situation - The monthly output of refined sugar is 41 million tons, an increase of 7.3; the monthly output of soft drinks is 1,796.6 million tons, a decrease of 46.2 [2] 3.6 Option Market - The implied volatility of at - the - money call options for sugar is 8.27%, unchanged; that of at - the - money put options is also 8.27%, unchanged. The 20 - day historical volatility is 6.9%, an increase of 0.27; the 60 - day historical volatility is 6.41%, an increase of 0.26 [2] 3.7 Industry News - The Brazilian Sugarcane Industry Association reported that in the first half of August, sugar production in the central - southern main producing area of Brazil increased by 15.96% year - on - year to 3.62 million tons. Last Friday, the ICE raw sugar October contract closed down 0.97%. On Monday, the sugar 2601 contract closed up 0.16%. Internationally, the production prospects of major Asian sugar - producing countries are good, and Brazil's sugar production increased in the first half of August. Meanwhile, demand shows signs of improvement, and raw sugar prices continue to fluctuate at a low level [2] 3.8 View Summary - Internally, the profit window outside the quota remains open, import pressure is released, and the sugar import volume in July increased significantly month - on - month, reaching the highest level in the same period in the past decade. August - September is still the peak period. Beet sugar will start production in September, leading to a temporary increase in supply. On the demand side, the upcoming double - festival stocking will boost consumption. In terms of inventory, due to the good production and sales progress in the early stage, inventory pressure is not large, but the increase in the amount of processed sugar has significantly slowed down the current de - stocking process. The new - season sugar production is expected to remain at a high level in the past four years [2]