Group 1 - The company has integrated learning education with business development, achieving breakthroughs in its operations and enhancing its service to the agricultural sector [1] - The company has innovated a learning model that combines theoretical study with policy research, case analysis with enterprise visits, and party education with agricultural assistance [1][2] - The company has improved its claims processing efficiency by 63.7% through the optimization of its "precise underwriting and rapid claims" process [1] Group 2 - The company launched the first "livestock feed price insurance" in April 2025, providing risk coverage of 5.92 million yuan for farmers in the Shandong area [2] - The company has utilized technology such as satellite remote sensing and drones to enhance the efficiency and transparency of agricultural insurance [2] - The company has established 216 rural insurance service stations and 3,246 service points across the province, ensuring comprehensive coverage of agricultural services [2] Group 3 - The company aims to deepen its "learning and action integration" mechanism to strengthen its service to the agricultural sector and enhance risk management [3] - The company plans to leverage its role as a "stabilizer" and "accelerator" in rural revitalization by providing effective financial support [3]

禾丰食品股份有限公司 公开发行可转换公司债券 www.lhratings.com 联合〔2025〕5230 号 联合资信评估股份有限公司通过对禾丰食品股份有限公司主体 及其相关债券的信用状况进行跟踪分析和评估，确定维持禾丰食品 股份有限公司主体长期信用等级为 AA，维持"禾丰转债"信用等级 为 AA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月二十五日 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受禾丰食品股份有限公司（以下简称"该公 司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委托关系 外，联合资信、评级人员与该公司不存在任何影响评级行为独立、客观、公 正 ...

此外，国元保险河南分公司精准对接玉米种植产业风险管理需求，推出了"玉米目标价格保险+期货"产 品，帮助玉米种植企业和农户应对玉米价格波动风险和自然灾害风险。该产品将单一成本保险的"灾后 补偿"功能升级为"市场风险+自然风险"双重保障，并在商丘、安阳、洛阳等地迅速铺开。 国元保险河南分公司推出的"保险+期货"创新型价格保险产品，通过金融工具与农业风险管理的深度融 合，为农户和农业经营主体提供了更加精准、高效的价格风险保障。这一模式一定程度上缓解了市场波 动对农业生产的影响，也在推动农业现代化、推动乡村产业振兴方面发挥了积极作用。（宋奎） 编辑：穆皓 近年来，国元保险河南分公司结合河南农业产业发展需要，先后开发"畜禽饲料成本价格保险""生猪目 标价格保险""大豆目标价格保险""玉米目标价格保险"等价格保险产品，联合期货公司进行套期保值操 作，分散农业生产系统性风险，为农户增收提供保障。 一段时间以来，生猪价格波动较为剧烈，为养殖户带来了较大风险。国元保险河南分公司经过多轮调研 与方案设计，推出了"生猪目标价格保险+期货"产品。通过期货公司购买场外期权，为生猪生产企业提 供了价格风险保障。这一举措稳定了生猪生产企业 ...

Industry Overview - The total supply of egg poultry feed in China is stabilizing but undergoing structural adjustments, with production experiencing a decline of approximately 3.5% from peak levels by 2024 due to feed formulation optimization, improved farming efficiency, and a decrease in raw material prices [1][11] - The proportion of egg poultry feed in the overall feed industry has decreased from 36.9% in 2012 to 24.9% in 2024, reflecting the strong demand for feed driven by the expansion of meat poultry farming [11] Policy Background - Current policies focus on ensuring food security and promoting high-quality development in animal husbandry, emphasizing technological innovation, structural optimization, and regulatory improvements [5] - The policy framework includes initiatives for reducing soybean meal usage, promoting low-protein diversified diets, and establishing a comprehensive safety supervision mechanism from raw material procurement to end products [5][6] Industry Chain - The upstream of the egg poultry feed industry relies on major raw materials like corn and soybean meal, with efforts to stabilize quality and reduce price volatility through diverse procurement channels and green processing technologies [7] - The midstream focuses on developing low-protein diets and functional additives, while the downstream is transitioning towards large-scale operations to enhance production efficiency [7][9] Current Market Dynamics - The egg poultry feed industry is characterized by a highly concentrated competitive landscape, with leading companies like New Hope Liuhe and Haida Group dominating the market through full industry chain layouts and technological advantages [13][15] - Smaller companies face significant competitive pressure, with some experiencing declines in sales due to strategic adjustments and lack of scale [13][15] Development Trends - The egg poultry feed industry is accelerating towards precision and environmental sustainability, with a focus on biotechnological advancements and smart production as core drivers [17] - The market concentration is increasing, with leading firms leveraging mergers and technological barriers to establish monopolistic advantages, while smaller enterprises are exiting the market due to pressures from environmental investments and technological upgrades [17]

Core Insights - The export of 18,000 domestically bred seed eggs from Beijing to Mali represents a significant step in agricultural cooperation between China and Mali under the Belt and Road Initiative [1] - Beijing Customs has established a specialized task force to facilitate the export of poultry seeds, addressing challenges faced by companies in their first export attempts [2] - The successful export of high-yield egg-laying chickens to Tanzania in 2023 and subsequent exports to other African countries highlight the growing international presence of China's poultry industry [3] Group 1: Export Initiatives - The first batch of seed eggs was successfully exported to Mali, marking a breakthrough in poultry seed exports [1] - Beijing Customs has implemented a "one enterprise, one policy" service mechanism to support companies in overcoming export challenges [2] - The export of 26,300 poultry in 2024 represents a 59.39% increase compared to the previous year, indicating a growing market for Chinese poultry products [4] Group 2: Global Expansion - In 2025, Beijing Customs aims to enhance the global presence of the poultry industry by facilitating the export of seed eggs to countries like Tajikistan and Mali [5] - The customs authority has successfully reduced the export clearance time by 30%, ensuring timely delivery of seed eggs to international markets [5] - Over 50,000 seed eggs have been exported this year, marking the first time Beijing's seed eggs have reached African countries, thus expanding market opportunities for Chinese enterprises [5]

证券研究报告 | 2025年05月14日 禾丰股份（603609.SH） 优于大市 饲料、养殖、屠宰产业链一体化的优质企业 公司简介：深耕畜牧产业近三十年，持续完善饲料、肉禽产业化、生猪养殖 三大核心板块。公司饲料产品包括猪、禽、反刍等品种，2024 年实现外销 量 396 万吨，全国市占率 1.3%，收入 125.09 亿元，占公司总营收 39%；肉 禽产能分布东北三省、河北、河南、山东，涵盖肉种鸡养殖、孵化、饲料生 产、商品代养殖、屠宰加工、调理品与熟食深加工等环节，年屠宰能力合计 超 11 亿羽，白鸡屠宰量占全国约 10%，2024 年实现收入 113.40 亿元，占 公司整体营收比例达 35%；生猪业务在东北三省、内蒙古、河南、河北、 安徽等地布局，2024 年合计出栏 140 万头，收入 33.18 亿元，占公司总营 收 10%。公司重视员工激励，陆续于 2018、2024 年发布限制性股票激励与员 工持股计划，有望充分调动员工积极性，看好公司长期发展。 行业分析：1）饲料：2025 年猪禽饲料增速有望受益存栏恢复。猪禽料销售 随养殖周期波动较为明显，我们预计 2025 年生猪存栏提升、且养殖终端保 ...

转自：前瞻产业研究院 饲料行业主要上市公司：新希望(000876)、海大集团(002311)、通威股份(600438)、大北农(002385)、粤 海饲料(001313)、神农集团(605296)、唐人神(002567)、金新农(002548)、傲农生物(603363)、天康生物 (002100)、禾丰股份(603609)等 本文核心数据：饲料产业链、产业链全景图、代表性企业区域分布 饲料行业产业链全景梳理 饲料行业上游原材料代表性提供商有北大荒集团、绿康生化等;饲料中游的生产企业有新希望集团、海 大集团、唐人神、通威股份等;饲料下游养殖企业众多，代表性企业牧原股份、温氏股份、国联水产 等。 目前，中国饲料行业企业纵向一体化程度较高，尤其是前向一体化水平较高。新希望集团、海大集团、 大北农等企业均一体化布局饲料以及下游养殖业。部分企业例如百洋股份等已经开始布局上游原料，提 升企业对于原料的控制力度。 饲料产业链上游为原料，主要包括能量类原料、蛋白类原料、微生物类原料等。中游饲料产品的研发和 生产，主要产品包括猪饲料、禽饲料、反刍饲料、水产饲料等;下游为饲料需求方，多为农户和养殖企 业，养殖范围涵盖家禽养殖、畜 ...