禾丰股份：2025年年度报告（英文版）

StockAbbreviation(English):WellhopeBondAbbreviation(English):WellhopeConvertibleBond WellhopeFoodsCo.,Ltd.2025AnnualReport ImportantStatementsI.TheBoardofDirectors,alldirectorsandseniormanagementoftheCompanywarrantthatthecontentsofthisannualreportaretrue,accurateandcomplete,andcontainnofalserecords,misleadingstatementsormaterialomissions,andshallbearindividualandjointandseverallegalliabilitytherefor.II.AlldirectorsoftheCompanyattendedtheBoardmeeting.III.RSM China CPALLP issued a standard auditor’s report with an unqualified opinion on theCompany’sfinancialstatements.IV.Mr.JinWeidong,thepersoninchargeoftheCompany,andMr.ChenYu,thepersoninchargeofaccountingwork and the head of the accounting department,hereby declare and warrant that thefinancialreportcontainedinthisannualreportistrue,accurateandcomplete.V.ProfitdistributionproposalorproposalforconversionofcapitalreserveintosharecapitalforthereportingperiodapprovedbytheBoardofDirectorsUnderthe2025profitdistributionplanapprovedbyresolutionoftheBoard,theCompanywillnotdistributecash dividends,issue bonus sharesor convertcapital reserve intoshare capital,andtheundistributedprofitswillbecarriedforwardtothefollowingyear.PursuanttotheRulesforShareRepurchasesby Listed Companies issued by the China Securities Regulatory Commission,sharerepurchasesbyalistedcompanyforcashconsiderationbywayoftenderofferorcentralizedbiddingshallbedeemedtobecashdividendsofthelistedcompanyandincludedinthecalculationoftherelevantcash dividend payout ratios.During the year,the Company repurchased shares throughcentralizedbiddingforcashconsiderationofRMB56,466,476.00,accountingfor107.52%ofthenetprofitattributabletoshareholdersoftheCompanyfortheyear.Separately,thecashconsiderationpaidforsharesrepurchasedthroughcentralizedbiddingandsubsequentlycancelledduringtheyearamountedtoRMB 66,391,605.70,representing 126.42%of the net profit attributable to shareholders of theCompanyfortheyear.TheproposedprofitdistributionplanissubjecttoapprovalbytheShareholders’Meeting.VI.Riskstatementonforward-lookingstatementsForward-lookingstatementsregardingfutureplansanddevelopmentstrategiesinthisreportdonotconstitutebindingcommitmentsbytheCompanytoinvestors.Investorsareadvisedtobeawareofinvestmentrisks.VII.Whethertherewasanynon-operatinguseoffundsbythecontrollingshareholderorotherrelatedpartiesNoVIII.Whether external guarantees were provided in violation of the required decision-makingproceduresNoIX.Whethermorethanhalfofthedirectorswereunabletowarrantthetruthfulness,accuracyandcompletenessoftheannualreportdisclosedbytheCompanyNo X.Materialriskwarning TheCompanyhasdescribedindetailtherelevantrisksitmayfaceinthisreport.Fordetails,pleaserefertothesubsectionheaded“PotentialRisks”under“SectionIIIManagementDiscussionandAnalysis”.XI.ThisannualreportispublishedinbothChineseandEnglish.IntheeventofanyinconsistencyorambiguitybetweentheChineseandEnglishversions,theChineseversionshallprevail.TheChineseversionofthe2025AnnualReportisavailableonthewebsiteoftheShanghaiStockExchangeatwww.sse.com.cn. Contents SectionIGlossary................................................................................................................................5SectionIICompanyProfileandKeyFinancialInformation................................................................6SectionIIIManagementDiscussionandAnalysis...............................................................................11SectionIVCorporateGovernance,EnvironmentalProtectionandSocialResponsibility..................43SectionVImportantDisclosures.........................................................................................................61SectionVIChangesinSharesandShareholders..................................................................................75SectionVIICorporateBond...................................................................................................................79SectionVIII FinancialStatements...........................................................................................................82 SectionIGlossary I.Glossary SectionIICompanyProfileandKeyFinancialInformation I.CompanyInformation II.ContactPersonandContactInformation III.BasicInformationoftheCompany IV.InformationDisclosureandPlacewheretheAnnualReportisAvailableforInspection V.StockInformation VII.KeyAccountingDataandFinancialIndicatorsfortheLastThreeYears 1.Keyaccountingdata 2.Keyfinancialperformanceindicators X.TableofRevenueDeductions XI.Companies with equity incentive schemes or employee stock ownership plans may elect todisclosenetprofitexcludingtheimpactofshare-basedpaymentsRMB XII.ItemsMeasuredatFairValue XIII.Other Notapplicable SectionIIIManagementDiscussionandAnalysis I.BusinessoftheCompanyduringtheReportingPeriod Wellhopeisaleadinglarge-scaleenterpriseinChina’sagricultureandlivestockindustry,withprincipalbusinessescoveringanimalfeed,integratedbroileroperationsandswinefarming.In2018,theCompanyidentifiedthefoodbusinessasastrategica