Group 1: General Information - The research object is Guannong Co., Ltd., belonging to the agricultural, livestock, and fishery feed industry, and the reception time was on November 5, 2025. The listed company's reception staff included General Manager Sun Baoxin, Financial Controller and Board Secretary Jin Jianxia, and Independent Director and Director of the Company's Board Audit Committee Yao Wenying [16] - The detailed research institutions were all investors who participated online in the company's Q3 2025 earnings conference [19] Group 2: Main Content Cotton Price View - In the domestic market, the low inventory at the beginning of the 2025 new cotton production season provided some price support for the low cotton price. However, as new cotton was gradually launched, the market supply was significantly supplemented. Coupled with the market's expectation of a decline in cotton production in the new season, it supported the gradual upward oscillation of cotton futures prices after the National Day. The willingness to hedge cotton increased, but it restricted the upward space of cotton prices. Additionally, the off - peak downstream demand and insufficient demand - side support limited the short - term continuous upward space of cotton prices [23] Impact of Luoruo Railway - Guannong Co., Ltd.'s subsidiary Guotou Luojia's products are mainly sold in the inland areas, and the logistics mode is mainly railway transportation. The Luoruo Railway has a limited impact on its logistics costs. Since the company's cotton and tomato businesses are concentrated around Korla, they have a low correlation with the Luoruo Railway and are less affected [23] Investment Income Calculation - In Q3 2025, the company calculated the investment income corresponding to the current net profit of Guotou Luojia according to its shareholding ratio and included it in the current performance. All the company's periodic reports are accounted for according to this principle [23] Industry Position and Countermeasures - The company's tomato, cotton, and sugar - making industries are based in high - quality production areas in Xinjiang. Relying on large - scale, standardized operations and stable supply chains, they rank among the top in the industry. The company has qualifications such as "Top 100 National Agricultural Product Processing Enterprises" and "Top 50 Enterprises in the Light Industry Food Industry" and was selected as a "Pacesetter" in the digital transformation of China's light industry in 2024. In recent years, the three major industries have been affected by common challenges such as geopolitics and cyclical fluctuations. The same industry generally responds through measures such as extending the industrial chain, refined management, optimizing the supply chain and production capacity, and expanding domestic and foreign markets [25] Reasons for Revenue Decline - The company's revenue decline was mainly due to the overall downward trend of the tomato industry, which led to a decrease in sales volume and price. The company adjusted the rhythm of production capacity release as needed, not due to idle production capacity. Currently, it is actively responding through measures such as optimizing the product structure, controlling production and sales costs, and increasing sales efforts [25] Performance Boosting Measures - The company will boost performance from four aspects: deepening reforms, focusing on core industries, optimizing production capacity and supply chains to reduce costs; strengthening innovation and R & D, cultivating new productive forces, and extending the industrial chain to increase added value; expanding market development and exploring dual - circulation markets; benchmarking against excellent enterprises and dynamically adjusting strategies to resist cyclical risks [26]

Core Points - The articles outline the governance structure and operational guidelines of COFCO Sugar Holding Co., Ltd, emphasizing the importance of maintaining the rights and interests of shareholders, employees, and creditors [1][2][3] - The company was established on September 18, 1993, and was approved for public listing on July 31, 1996, with a registered capital of RMB 2,138,848,228 [2][3][4] - The company's main business includes the research, processing, trade, and sale of sugar and tomato products, while also considering agricultural planting [5][6] Company Structure - The company is a joint-stock limited company established in accordance with relevant regulations, with its registered office located in Changji City, Xinjiang [2][3] - The company has a total share capital of 2,138,848,228 shares, all of which are ordinary shares with a par value of RMB 1 [3][6] - The chairman serves as the legal representative of the company, and the company is responsible for civil liabilities arising from the actions of the legal representative [3][4] Business Objectives - The company's business objectives focus on creating value for farmers, shareholders, employees, and customers while maintaining market stability and fulfilling social responsibilities [5][6] - The company aims to establish competitive advantages across production, trade, and sales by leveraging both domestic and international resources [5][6] Share Issuance and Management - The company issues shares based on principles of openness, fairness, and justice, ensuring equal rights for all shareholders of the same class [6][7] - The company can increase its capital through various methods, including issuing shares to unspecified objects or existing shareholders [7][8] - The company is prohibited from repurchasing its own shares except under specific circumstances, such as reducing registered capital or employee stock ownership plans [8][9] Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends, participate in shareholder meetings, supervise company operations, and access company documents [11][12] - Shareholders are obligated to comply with laws and regulations, pay for their subscribed shares, and not misuse their rights to harm the company or other shareholders [17][18] Governance and Decision-Making - The company’s governance structure includes a board of directors and a supervisory committee, with specific procedures for convening shareholder meetings and making decisions [19][20] - Shareholder meetings can be called by the board or by shareholders holding more than 10% of the shares, ensuring that significant decisions are made with adequate representation [22][23] - The company must maintain transparency and adhere to legal requirements in its decision-making processes, including the disclosure of significant events [15][16]