禾丰食品股份有限公司 会议材料 二〇二五年九月 中国·沈阳 禾丰食品股份有限公司 2025 年第三次临时股东大会会议材料 目 录 议案一：关于 2022 年公开发行可转换公司债券募投项目结项及终止并将部分结余募集资 禾丰食品股份有限公司 2025 年第三次临时股东大会会议材料 禾丰食品股份有限公司 会议地点：辽宁省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 会议召集人：公司董事会 议程： 序号 议案名称 并将部分结余募集资金用于新增募投项目的议案 各位股东： 为满足禾丰食品股份有限公司（以下简称"公司"）业务发展需要，提高 募集资金使用效率，结合市场及公司实际经营情况，拟将公司 2022 年公开发行 可转换公司债券募集资金投资项目中建设完毕并达到预定可使用状态的沈阳农 大禾丰饲料有限公司年产 30 万吨全价饲料项目、阜新禾丰农牧有限公司年产 猪项目、补充流动资金项目结项，将尚未实施或初步实施的安徽禾丰牧业有限 公司年产 30 万吨猪饲料和 15 万吨反刍饲料项目、黑龙江禾丰牧业有限公司年 产 10 万吨教保饲料项目、凌源禾丰农牧有限公司 1 万头原种猪场项目、平原禾 丰食品加工有限公 ...

证券代码：600975 证券简称：新五丰 公告编号：2025-040 湖南新五丰股份有限公司 关于 2025 年半年度募集资金存放与使用情况的专项 报告 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。 根据中国证券监督管理委员会《上市公司募集资金监管规则》（证监会公告〔2025〕10 号）和上海证券交易所印发的《上海证券交易所上市公司自律监管指引第 1 号——规范运作 （2025 年 5 月修订）》（上证发〔2025〕68 号）的规定，将本公司 2025 年度 1-6 月（以下 简称"报告期内"）募集资金存放与使用情况专项说明如下。 一、募集资金基本情况 (一) 实际募集资金金额和资金到账时间 的批复》（证监许可〔2021〕1913 号），本公司由主承销商中信证券股份有限公司采用向 特定对象发行的方式，向特定对象发行人民币普通股股票 152,365,383 股，发行价为每股人 民币 6.76 元，共计募集资金 102,999.00 万元，坐扣承销和保荐费用（含增值税）600.00 万元后的募集资金为 102,399.00 万元 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [7] Core Views - The company reported a revenue of 17.407 billion yuan for the first half of 2025, representing a year-on-year increase of 16.27%. The net profit attributable to shareholders was 233 million yuan, marking a return to profitability [5][12] - The sales volume of feed for the company's controlled enterprises reached 2.1 million tons in the first half of 2025, an increase of 16% year-on-year. The breakdown includes 740,000 tons of pig feed, 940,000 tons of poultry feed, 370,000 tons of ruminant feed, and 50,000 tons of other feed. The outlook suggests that feed sales are expected to continue growing due to high livestock inventory levels [5][14] - The company is expected to see gradual revenue growth, with projected revenues of 35.541 billion yuan, 38.286 billion yuan, and 40.968 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 9.20%, 7.72%, and 7.01% [16] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a gross profit margin of 6.38%, an increase of 1.09 percentage points year-on-year. The net profit margin also improved, indicating a return to profitability [13] - The company's operating expenses for sales, management, R&D, and financial costs were 387 million yuan, 356 million yuan, 12 million yuan, and 100 million yuan respectively, showing year-on-year increases of 9.41%, 9.55%, -34.77%, and 20.89% [13] Market Outlook - The poultry industry is currently experiencing a phase of low prices, with the average price of processed white-feathered chickens dropping to 8,700 yuan per ton as of June 2025, which is at a historical low [15] - The domestic pig farming industry is in a marginal profit state, and the company is expanding its scale of purchasing piglets for fattening, with a total of 840,000 pigs slaughtered in the first half of 2025 [15] Future Projections - The company forecasts net profits of 542 million yuan, 621 million yuan, and 759 million yuan for 2025, 2026, and 2027 respectively, with growth rates of 58.28%, 14.54%, and 22.31% [16][19] - Earnings per share (EPS) are projected to be 0.59 yuan, 0.68 yuan, and 0.83 yuan for the same years [16]

公司公告显示，5%以上股东大生行饲料有限公司计划自2025年9月3日至12月1日期间，通过集中竞价交 易方式减持不超过993万股股份，约占公司总股本的0.70%。此外，公司已累计归还募集资金1500万 元，剩余暂时补充流动资金的闲置募集资金2.83亿元将在到期日前足额归还。 风险提示：投资有风险，入市需谨慎。 唐人神主营业务涵盖饲料生产、种猪繁育、商品猪养殖、生猪屠宰、肉制品加工等领域，形成了一条完 整的生猪全产业链。公司产品包括猪饲料、禽饲料、水产饲料等，同时涉及生猪养殖和肉制品加工业 务。 截至2025年8月13日收盘，唐人神股价报4.86元，较前一交易日下跌0.03元，跌幅0.61%。当日成交量为 36.29万手，成交额达1.76亿元。 ...

Group 1 - The company plans to continue developing its chicken farming business, which is a core part of its operations, with a projected sale of 1.208 billion meat chickens in 2024, maintaining the highest market share among listed companies [2] - In 2024, revenue from chicken products is expected to account for 34.1% of the company's total revenue, indicating a strong reliance on this segment [2] - The company has no current plans to enter the pet feed market, despite having chicken and pig feed businesses that could potentially align with pet food production [2]

Group 1 - The core point of the article is that Jin Xin Nong's stock price decreased by 1.96% on July 31, closing at 4.00 yuan, with a trading volume of 260,550 hands and a transaction amount of 1.05 billion yuan [1] - Jin Xin Nong operates in the agriculture, animal husbandry, and fishery industry, focusing on the research, production, and sales of pig feed, as well as breeding and selling breeding pigs and live pigs [1] - The company is headquartered in Shenzhen, Guangdong Province [1] Group 2 - On July 31, Jin Xin Nong experienced a net outflow of main funds amounting to 1.0198 million yuan [2] - On the same day, the company announced that its second extraordinary general meeting of shareholders in 2025 approved a proposal to provide guarantees for Guangzhou Jin Nong Modern Agriculture Co., Ltd. [1]

截至7月31日收盘，邦基科技股价报24.33元，较前一交易日下跌0.51元，跌幅2.05%。当日成交量为 29656手，成交金额达0.72亿元。 邦基科技主营业务为饲料生产与销售，属于农牧饲渔行业。公司产品主要包括猪饲料、禽饲料等，业务 范围覆盖山东及周边地区。 公司最新披露数据显示，截至7月30日股东户数为9014户，较7月17日的8122户增加892户，增幅达 10.98%。户均持有流通股数量由1.01万股下降至9142股，户均流通市值为22.71万元。 7月31日主力资金净流出23.01万元，占流通市值比例为0.01%。 风险提示：市场有风险，投资需谨慎。 ...

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for the stock performance in the next 6-12 months [3][7]. Core Insights - The company's feed business fundamentals have significantly improved, with a notable increase in sales volume and market share [4][5]. - In the first half of 2025, the company achieved a revenue of 588.31 billion yuan, representing a year-on-year growth of 12.50%, and a net profit of 26.39 billion yuan, up 24.16% year-on-year [4]. - The company has successfully expanded its overseas feed business, with a 40% year-on-year increase in external sales [6]. Financial Performance - The company reported an EPS of 1.59 yuan for the first half of 2025, with a weighted average ROE of 10.70%, an increase of 0.14 percentage points year-on-year [4]. - The total feed sales volume reached approximately 14.7 million tons in the first half of 2025, a 25% increase year-on-year, contributing to a sales revenue of 471.39 billion yuan from feed products, up 14.02% [4][5]. - The company expects net profits for 2025-2027 to be 53.37 billion yuan, 62.40 billion yuan, and 70.89 billion yuan respectively, with corresponding EPS of 3.21 yuan, 3.75 yuan, and 4.26 yuan [7][8]. Market Dynamics - The overall industrial feed production in China reached 15.85 million tons in the first half of 2025, growing by 7.7% year-on-year, indicating a robust market environment [4]. - The company has seen substantial growth in its poultry, pig, and aquaculture feed segments, with pig feed sales increasing by 43% year-on-year [5][6]. Valuation Metrics - The current stock price corresponds to a PE ratio of 17 times for 2025, suggesting a favorable valuation compared to historical performance [7][8]. - The projected revenue for 2025 is 130.804 billion yuan, with a net profit margin expected to improve to 4.1% [8][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown rapid growth in its feed business, with significant performance in overseas markets. The revenue for H1 2025 reached 58.831 billion yuan, a year-on-year increase of 12.50%, while the net profit attributable to the parent company was 2.639 billion yuan, up 24.16% year-on-year. The second quarter of 2025 saw revenue of 32.2 billion yuan, a 14.00% increase year-on-year, and a net profit of 1.356 billion yuan, up 7.26% year-on-year. The company plans to distribute a cash dividend of 2 yuan for every 10 shares, totaling 333 million yuan. Due to the better-than-expected sales growth in pig and poultry feed, the profit forecasts for 2025-2027 have been slightly adjusted upwards [1][5]. Financial Performance Summary - In H1 2025, the feed business generated revenue of 47.139 billion yuan, a year-on-year increase of 14.02%, with a gross margin of 9.79%. The total feed sales reached 14.7 million tons, a growth of approximately 25% year-on-year. The external sales of poultry feed were 7.3 million tons, up 24% year-on-year, while pig feed external sales were 3.4 million tons, a 43% increase year-on-year. The external sales of aquatic feed reached 2.8 million tons, a 16% increase year-on-year. The overseas feed external sales increased by 40% year-on-year, indicating robust growth in established regions and active expansion into new areas [5][6]. Profitability and Growth Projections - The company's breeding business revenue for H1 2025 was 9.735 billion yuan, a year-on-year increase of 15.59%, with a gross margin of 20.26%. The animal health business generated revenue of 464 million yuan, a slight decrease of 0.35% year-on-year, while the seed business revenue was 770 million yuan, up 10% year-on-year. The company is focusing on building its breeding team capabilities and innovating its asset-light model, which has led to controllable risks and considerable profitability [6][9]. Earnings Forecast - The profit forecasts for the company are as follows: for 2025, 5.148 billion yuan; for 2026, 5.739 billion yuan; and for 2027, 6.172 billion yuan. The corresponding earnings per share (EPS) are projected to be 3.09 yuan, 3.45 yuan, and 3.71 yuan respectively. The current stock price corresponds to price-to-earnings (P/E) ratios of 17.7, 15.9, and 14.8 for the years 2025, 2026, and 2027 respectively [1][7].

Report Overview - Report Title: "2025.07.18 - Weekly Report on the Pig Market: Expected Range-bound Fluctuations in Pig Prices" [2] - Researcher: Zhang Xin - Industry: Pig Market 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - Pig prices showed a trend of first falling and then rising, with the main contract declining by 1.46% on a weekly basis. In the short term, increased supply and weak demand will suppress price fluctuations. However, as prices weaken, it may stimulate the sentiment of farmers to hold prices and attract secondary fattening, and the slaughter rhythm may slow down again at the end of the month, limiting the downside space. Overall, the market is expected to show a volatile trend, and short - term prices will change with the slaughter and secondary fattening entry and exit rhythms. The recommended strategy is range trading or waiting and seeing [7]. 3. Summary by Directory 3.1 Weekly Summary - **Market Review**: Pig prices first declined and then rose, with the main contract down 1.46% weekly [7]. - **Market Outlook**: Supply increased as the slaughter rhythm of farmers recovered in mid - month and the proportion of large pigs for slaughter accelerated due to high - temperature and rainy weather in the South. Demand was weak as high temperatures reduced people's willingness to buy pork, schools were on holiday, and the terminal sales were slow, leading to a continuous decline in the slaughterhouse operating rate, although it was higher than the same period last year. Overall, short - term supply increase and weak demand will suppress price fluctuations, but lower prices may stimulate farmers' price - holding sentiment and attract secondary fattening, and the slaughter rhythm may slow down at the end of the month, limiting the downside space. - **Strategy Recommendation**: Range trading or waiting and seeing [7]. 3.2 Futures Market - **Price Trend**: Futures prices first declined and then rose, with the main contract down 1.46% weekly [11]. - **Net Position and Warehouse Receipts**: As of July 18, the net short position of the top 20 holders in pig futures was 16,156 lots, a decrease of 721 lots from the previous week, and the number of futures warehouse receipts was 284, a decrease of 3 from the previous week [17]. 3.3 Spot Market - **Base Difference**: The basis of the September contract was 65 yuan/ton, and the basis of the November contract was 565 yuan/ton this week [21]. - **Pig and Piglet Prices**: The national average price of live pigs was 14.81 yuan/kg this week, a decrease of 0.11 yuan/kg from the previous week but an increase of 2.35% from the previous month. The average price of 15 - kg weaned piglets was 34.03 yuan/kg, unchanged from the previous week and the same period last month [28]. - **Pork and Sow Prices**: On July 10, the national average market price of pork was 25.35 yuan/kg, an increase of 0.11 yuan/kg from the previous week. The average market price of binary sows was 32.52 yuan/kg, unchanged from the previous week [32]. - **Pig - Grain Ratio**: As of the week of July 9, 2025, the pig - grain ratio was 6.27, an increase of 0.06 from the previous week, but still below the break - even point [36]. 3.4 Industry Situation 3.4.1 Upstream - **Sow Inventory**: In May 2025, the inventory of breeding sows was 40.42 million heads, a month - on - month increase of 40,000 heads (0.1%) and a year - on - year increase of 1.15%, reaching 103.6% of the normal inventory. In June, according to Mysteel data, the inventory of breeding sows in large - scale farms increased slightly by 0.29% month - on - month and 4.20% year - on - year, and in small and medium - sized farms, it increased slightly by 0.17% month - on - month and 7.05% year - on - year [41]. - **Pig Inventory**: In Q2 2023, the national pig inventory was 424.47 million heads, an increase of 7.16 million heads from the end of the previous quarter and 9.14 million heads year - on - year. In May, according to Mysteel data, the inventory of commercial pigs in large - scale farms increased by 0.30% month - on - month, and in small and medium - sized farms, it increased by 0.57% month - on - month [44]. - **Slaughter Volume**: In June, according to Mysteel data, the slaughter volume of commercial pigs in large - scale farms was 10.7682 million heads, a month - on - month increase of 1.60% and a year - on - year increase of 23.60%, while in small and medium - sized farms, it was 487,700 heads, a month - on - month decrease of 0.40% but a year - on - year increase of 57.41%. The average slaughter weight of live pigs this week was 123.49 kg, a slight decrease of 0.01 kg from the previous week [47]. 3.4.2 Industry Profit - **Pig Farming Profit**: As of July 18, the profit of purchasing piglets for farming was a loss of 18.66 yuan/head, a decrease of 50.26 yuan/head from the previous week; the profit of self - breeding and self - raising pigs was 90.89 yuan/head, a decrease of 42.98 yuan/head from the previous week [52]. - **Poultry Farming Profit**: As of July 18, the profit of egg - laying hens was a loss of 0.47 yuan/head, a decrease in loss of 0.22 yuan/head from the previous week, and the profit of 817 meat - hybrid chickens was a loss of 0.56 yuan/head [52]. 3.4.3 Import - In the first six months of 2025, China imported a total of 540,000 tons of pork, with an average monthly import of 90,000 tons, a year - on - year increase of 5.88%, which was at a historically low level during the same period [57]. 3.4.4 Substitutes - As of the week of July 11, the price of white - striped chickens was 13.20 yuan/kg, unchanged from the previous week. As of the week of July 17, the average price difference between standard and fat pigs was - 0.19 yuan/kg, a decrease of 0.05 yuan/kg from the previous week [61]. 3.4.5 Feed - **Feed Price**: As of July 17, the spot price of soybean meal was 2938.86 yuan/ton, an increase of 24 yuan/ton from the previous week, and the price of corn was 2409.12 yuan/ton, a decrease of 12.45 yuan/ton from the previous week [66]. - **Feed Index and Price**: As of July 18, the closing price of the Dalian Commodity Exchange pig feed cost index was 944.59, an increase of 0.7% from the previous week. This week, the price of finishing pig compound feed was 3.35 yuan/kg, unchanged from the previous week [70]. - **Feed Output**: As of June 2025, the monthly feed output was 2.9377 million tons, a month - on - month increase of 175,600 tons [75]. 3.4.6 CPI - As of June 2025, the year - on - year increase in CPI was 0.1% [79]. 3.4.7 Downstream - **Slaughterhouse Operating Rate and Cold Storage Capacity**: In the 29th week, the operating rate of slaughterhouses was 25.15%, a decrease of 0.07 percentage points from the previous week but 5.94 percentage points higher than the same period last year. As of Thursday this week, the cold storage capacity of key domestic slaughterhouses was 17.44%, an increase of 0.02 percentage points from the previous week [82]. - **Slaughter Volume and Catering Consumption**: As of May 2025, the slaughter volume of designated pig slaughtering enterprises was 32.16 million heads, a month - on - month increase of 4.52%. In June 2025, the national catering revenue was 47.076 billion yuan, a year - on - year increase of 0.9% [87]. 3.5 Pig - Related Stocks - The report mentions the stock trends of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis is provided [88].