登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603609 证券简称：禾丰股份 公告编号：2025-100 债券代码：113647 债券简称：禾丰转债 禾丰食品股份有限公司 关于变更公司电子邮箱的公告 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。 禾丰食品股份有限公司（以下简称"公司"）根据实际工作需要，对公司电子邮箱进行变更，具体情况如 下： 变更前电子邮箱：hfmy@wellhope.co 变更后电子邮箱：hf@wellhopefood.com 除上述变更外，公司办公地址、联系电话等其他联系方式保持不变。变更后的电子邮箱自本公告披露之 日起正式启用，原邮箱地址同步停用，敬请广大投资者注意。由此给投资者带来的不便，敬请谅解。 特此公告。 禾丰食品股份有限公司董事会 2025年9月30日 证券代码：603609 证券简称：禾丰股份 公告编号：2025-099 债券代码：113647 债券简称：禾丰转债 禾丰食品股份有限公司 关于上海证券交易所对公司2025年半年度 报告信息披露监管问询函的回复公告 本公司董事会 ...

Core Viewpoint - He Feng Co., Ltd. is facing significant financial challenges despite recent revenue growth, with increasing debt levels and declining asset quality due to market pressures in the livestock and feed sectors [1][2][3][4][6][7]. Group 1: Shareholder Actions - The controlling shareholder's action person, Wang Fengjiu, reduced holdings by 6 million shares, decreasing the combined shareholding of the controlling shareholder and action persons from 32.40% to 31.74% [1]. - According to the reduction plan, Wang Fengjiu and Shao Caimei plan to reduce a total of 2.19% of shares, with potential further reductions of 1.53% [2]. Group 2: Financial Performance - In the first half of 2024, He Feng Co., Ltd. reported a revenue increase of 16.27% to 17.407 billion yuan, with a net profit of 233 million yuan, marking a return to profitability [2][6]. - However, the company’s asset-liability ratio increased by 6.81 percentage points year-on-year to 56.38%, with short-term interest-bearing liabilities rising by 116% to 2.505 billion yuan and long-term interest-bearing liabilities increasing by 17.73% to 3.512 billion yuan [2][4]. Group 3: Operational Challenges - The company experienced a net cash outflow of 512 million yuan from operating activities in the first half of 2024, primarily due to increased payments for goods and services [4]. - He Feng Co., Ltd. has seen significant growth in accounts receivable (1.275 billion yuan, up 42.75%), inventory (4.414 billion yuan, up 57.14%), and accounts payable (2.382 billion yuan, up 46.17%) [3]. Group 4: Market Conditions - The livestock and feed sectors are under pressure due to low prices for pork and poultry, with the price of white feather chickens dropping to historical lows [6][7]. - The white feather chicken industry is facing overcapacity, with slaughtering capacity utilization below 75%, leading to increased fixed cost pressures [7]. - The pig farming sector is also experiencing declining prices, with the price dropping from over 20 yuan per kilogram to around 13 yuan, putting further pressure on profitability [7]. Group 5: Strategic Moves - He Feng Co., Ltd. has been expanding aggressively, acquiring stakes in 13 companies for 354 million yuan, but many of these companies are currently unprofitable [3][6]. - The company’s feed business contributed 38% of revenue, while the meat poultry segment contributed 35%, indicating a reliance on these sectors for income [6].

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) for 2025 at 0.57 yuan, corresponding to a price-to-earnings (P/E) ratio of 46 times based on the market capitalization of 3.6 billion yuan [5][8]. Core Insights - The company reported a total revenue of 343 million yuan for the first half of 2025, representing a year-on-year increase of 4.70%. However, the net profit attributable to the parent company decreased by 24.46% to 32 million yuan [1]. - The company's gross profit margin for the first half of 2025 was 20.83%, down 4.02 percentage points year-on-year, primarily due to rising raw material prices [4]. - The East China region remains the largest revenue source, accounting for 90.99% of total revenue, with a year-on-year growth of 0.54% [3]. Revenue Performance - In the first half of 2025, revenue from meat and poultry products grew by 7.35% to 228 million yuan, while revenue from aquatic products increased by 6.76% to 95 million yuan. However, other product categories saw a decline of 31.50% [2]. - The retail channel revenue decreased by 4.56% to 210 million yuan, while the supermarket channel revenue surged by 155.55% to 38 million yuan [2][3]. Market Dynamics - The company experienced significant growth in emerging markets, with revenue from Central China, North China, and Southwest China increasing by 59.91%, 235.79%, and 12.66% respectively [3]. - The company reported a net decrease of 43 franchise stores in the first half of 2025, ending with a total of 1,701 stores [2]. Profitability Outlook - The forecast for net profit attributable to the parent company for 2025 is 79 million yuan, reflecting a year-on-year decline of 10.03%. The expected growth rates for 2026 and 2027 are 23.02% and 9.73% respectively [5].

Financial Performance - The company reported a total revenue of 17.407 billion yuan for the first half of 2025, representing a year-on-year increase of 16.27% [1] - The net profit attributable to shareholders reached 233 million yuan, a significant increase of 784.44% compared to the previous year [1] - In Q2 2025, the total revenue was 9.699 billion yuan, up 25.17% year-on-year, while the net profit for the quarter was 115 million yuan, an increase of 68.23% [1] - The gross margin improved to 6.38%, reflecting a year-on-year increase of 20.48%, and the net margin reached 1.38%, up 366.71% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 844 million yuan, accounting for 4.85% of revenue, which is a decrease of 4.78% year-on-year [1] - The company experienced a 14.94% increase in operating costs, attributed to higher sales volumes of feed, poultry, and pigs [3] - Financial expenses rose by 20.89% due to increased interest expenses from the acquisition of a poultry business [4] Balance Sheet Changes - Significant changes in financial items were noted, including a 441.96% increase in derivative financial assets due to increased hedging profits [3] - Accounts receivable increased by 42.75% due to the acquisition of a poultry business, while inventory rose by 57.14% for the same reason [3] - The company’s interest-bearing debt increased by 44.22% to 6.067 billion yuan, indicating a rise in leverage [1] Cash Flow Analysis - The operating cash flow per share was reported at -0.56 yuan, a drastic decrease of 1000.32% year-on-year, indicating cash flow challenges [1] - The net cash flow from investing activities decreased by 153.17%, attributed to increased cash payments for investments [4] - The net cash flow from financing activities surged by 665.7%, primarily due to increased bank loans [4] Business Model and Market Position - The company’s return on invested capital (ROIC) was reported at 4%, with a historical median ROIC of 11.36%, indicating average investment returns [4] - The company relies heavily on marketing-driven performance, necessitating a deeper analysis of the underlying drivers [4] - The company has experienced cyclical performance, with a notable loss in 2023, raising questions about the sustainability of its business model [4]

Group 1 - The company forecasts a net profit of between 190 million yuan and 260 million yuan for the first half of 2025, indicating a turnaround from a loss in the previous year [1][2] - The expected net profit attributable to the parent company, excluding non-recurring gains and losses, is projected to be between 115 million yuan and 185 million yuan [1][2] - In the same period last year, the company reported a net loss of 34.05 million yuan and a net loss of 32.33 million yuan after excluding non-recurring gains and losses [1][2] Group 2 - The main reasons for the turnaround include increased sales in feed, poultry, and hogs, along with lower prices for key feed raw materials such as soybean meal and corn, and a decrease in breeding costs for hogs and poultry [2]

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of the parent company between 190 million and 260 million yuan for the first half of 2025, marking a turnaround from losses in the same period last year [1] Financial Performance - The expected net profit excluding non-recurring gains and losses for the first half of 2025 is projected to be between 115 million and 185 million yuan [1] - The company has experienced year-on-year growth in sales of feed, poultry, and pigs during the reporting period [1] Cost and Pricing Factors - Major feed raw material prices, such as soybean meal and corn, are operating at low levels, contributing to improved profitability [1] - The costs associated with pig and poultry farming have decreased year-on-year, further enhancing the company's overall operational efficiency [1]

Group 1 - The China-Chile Entrepreneur Committee held its 20th annual meeting in Beijing, focusing on new opportunities for economic cooperation between China and Chile [1] - The meeting was supported by the Chinese Ministry of Commerce and both Chinese and Chilean embassies, aiming to promote high-quality development under the Belt and Road Initiative [1] - The COO of Benlai Life shared insights on global supply chain construction and practical cases of agricultural trade cooperation between China and Chile [1] Group 2 - Over the past decade, the Chinese consumer market has transitioned from "scale expansion" to "value upgrading," with a growing demand for high-quality and safe imported fresh products [1] - Benlai Life has been collaborating with Chilean suppliers since 2012, becoming one of the first e-commerce platforms to sell Chilean cherries in China [1] - The company has reached over 30 million consumers and 100,000 enterprise clients with Chilean products such as cherries, plums, wine, and salmon [1] Group 3 - In April, Benlai Life successfully hosted the "Earth's Reply: Global Star" health flavor product tasting event, featuring 17 Chilean companies promoting high-quality products [2] - The COO emphasized that China's opening up and the upgrading of the food consumption market present opportunities for businesses [2] - Benlai Life aims to continue exploring high-quality products from global origins and enhance the connection between Chinese consumer power and global resources [2]

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [5] Core Views - The agricultural sector is expected to perform better than the market, with specific focus on corn, soybeans, wheat, sugar, cotton, and livestock [5] Corn - The USDA March report indicates a slight increase in global corn production and usage, with the ending stocks-to-use ratio adjusted down by 0.13% to 23.32% [16][17] - China's corn import target for the 2024/25 season has been revised down by 2 million tons to 8 million tons, leading to a reduction in the ending stocks-to-use ratio to 64.27% [17][18] - Domestic corn prices are expected to maintain a recovery trend supported by state reserves and a historical price bottom [19][20] Soybeans - The USDA report maintains global soybean production estimates while increasing the crushing volume by 0.84% to 295 million tons, with ending stocks reduced to 121.41 million tons [25][26] - The soybean market is expected to experience price fluctuations in the first half of 2025, with long-term trends indicating a tightening supply [28][29] - The U.S. soybean planting area is projected to decrease by 3.6%, which may lead to a tighter supply in the upcoming season [31] Wheat - The USDA report shows an increase in global wheat production and consumption, with the ending stocks-to-use ratio rising to 32.24% [35][36] - China's wheat import target for the 2024/25 season has been reduced by 1.5 million tons to 6.5 million tons, indicating a relatively loose supply situation [36][37] Sugar - The report indicates a continuation of a loose supply-demand balance for sugar, with domestic production expected to increase by 1.04 million tons [4] - Short-term sugar prices are anticipated to remain weak due to high inventory levels and seasonal consumption patterns [4] Cotton - Global cotton demand is projected to increase, with the ending stocks-to-use ratio adjusted down to 67.21% [4] - Domestic cotton prices are at historical lows, and a recovery in demand could lead to a rebound [4] Livestock - U.S. pork prices are expected to see a slight increase, while domestic pig prices may decline, but low-cost producers are likely to maintain profitability [7] - The poultry market is affected by avian influenza, with expectations for a gradual recovery in supply [7] - Egg supply in China is currently abundant, with pressure on prices expected to persist throughout the year [7]