此 乃 要 件 請 即 處 理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢股票經紀或其他持牌證券交易商、銀行經理、律 師、專業會計師或其他專業顧問。 閣下如已將名下全部四川德康農牧食品集團股份有限公司股份售出或轉讓，應立即將本通函連同隨附代表委任 表格轉交買主或承讓人，或經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不就因本通函全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承 擔任何責任。 DEKON FOOD AND AGRICULTURE GROUP 四川德康農牧食品集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代碼：2419） (1)修訂持續關連交易 (2)建議修訂章程 (3)建議修訂董事會會議議事規則 (4)建議修訂股東大會議事規則 及 (5)股東特別大會通告 獨立董事委員會及獨立股東的獨立財務顧問 本公司將於2025年9月29日（星期一）上午十時正假座中國四川省成都市雙流區臨港路32號成都東航中心2號樓11 層1 ...

Core Insights - Dekang Agriculture and Animal Husbandry (02419) reported sales of 813,100 pigs in August 2025, generating revenue of RMB 1.432 billion [1] - The average selling price of commercial pigs in August 2025 was RMB 13.74 per kilogram, a decrease of 3.31% compared to July 2025 [1] - For the first eight months ending August 31, 2025, the company sold a total of 6.711 million pigs, with revenue amounting to RMB 12.882 billion [1] - In August 2025, the company sold 8.3701 million yellow-feathered broilers, resulting in revenue of RMB 254 million [1] - The average selling price of yellow-feathered broilers in August 2025 was RMB 13.11 per kilogram, an increase of 8.89% from July 2025 [1] - For the first eight months ending August 31, 2025, the company sold 58.456 million yellow-feathered broilers, generating revenue of RMB 1.76 billion [1]

Core Insights - Dekang Agriculture (02419.HK) reported sales of 813.06 thousand pigs in August 2025, with a revenue of RMB 1,432.31 million [1] - The average selling price of commercial pigs in August 2025 was RMB 13.74 per kilogram, reflecting a decrease of 3.31% compared to July 2025 [1] - For the eight months ending August 31, 2025, the company sold a total of 6,710.60 thousand pigs, generating a revenue of RMB 12,881.58 million [1] Sales Performance - In August 2025, the company sold 784.26 thousand commercial pigs, contributing to the overall sales figure [1] - The total sales volume for the first eight months included 6,370.43 thousand commercial pigs [1] Revenue Analysis - The revenue for August 2025 was RMB 1,432.31 million, indicating the financial performance of the company during that month [1] - Cumulative revenue for the eight-month period reached RMB 12,881.58 million, showcasing the company's overall sales strength [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部 分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 DEKON FOOD AND AGRICULTURE GROUP 四川德康農牧食品集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代碼：2419） 自願公告 2025年8月運營快報 本公告乃四川德康農牧食品集團股份有限公司（「本公司」，連同其附屬公司，「本集 團」）作出的自願公告。 本公司董事會（「董事會」）謹此宣佈，本集團2025年8月的主要運營數據（未經審核） 如下： 生豬板塊 | | 生豬銷量 | | 銷售收入 | | 商品肉豬平均售價 | | --- | --- | --- | --- | --- | --- | | | （千頭） | | （人民幣百萬元） | | （人民幣元╱公斤） | | | 本期間數量 | 本年累計數量 | 本期間數量 | 本年累計數量 | | | 2024年7月 | 700.90 | 4,727.04 | 1,622.78 | 9,397.33 | 18 ...

Summary of Dekang Agriculture and Animal Husbandry Conference Call Company Overview - **Company**: Dekang Agriculture and Animal Husbandry - **Industry**: Pig Farming Key Points and Arguments Business Model and Strategy - Dekang has established a low-investment, high-turnover, and high-return farming system by transforming industry challenges into advantages, achieving a pig farming profit of approximately 403 RMB per head in 2024, with ROE and ROIC at 38% and 29% respectively, significantly outperforming peers [2][3] - The company has adopted a "No. 2 Farm" model, which is a light-asset, low-cost, and high-efficiency cooperative farming approach that reduces capital expenditure and enhances production efficiency [2][12] Financial Performance - In 2024, Dekang's total breeding cost is projected to be 13.6 RMB per kilogram, with a slaughter volume increasing from 1.37 million heads in 2020 to 8.78 million heads in 2024, reflecting a compound annual growth rate of 44%, far exceeding the industry average of 0.2% [2][5] - The company has maintained a research and development expense ratio of approximately 1.2% from 2018 to 2024, indicating a strong commitment to breeding innovation [4][10] Breeding and Technology - Since 2013, Dekang has built a core breeding group, introducing advanced breeding technologies and equipment, resulting in a breeding capacity that supports over 30 million piglets [2][6] - The company has achieved significant improvements in breeding efficiency, with a notable reduction in feed-to-meat ratios and earlier market readiness for pigs, enhancing profitability [10] Talent Management and Incentives - Dekang emphasizes talent incentives, with an average salary of 149,000 RMB per employee in 2024, higher than the industry average of 123,000 RMB, and an executive average salary of 810,000 RMB, also above the industry average [7] Future Development Directions - The company plans to continue promoting its light-asset model and enhance its epidemic prevention systems while advancing AI precision farming technologies [8] - Dekang aims to maintain its leading position in biotechnology through ongoing investments in breeding research and development [9] Market Position and Competitive Advantages - Dekang has been recognized for its effective epidemic prevention measures, being designated as a "disease-free zone" by the Ministry of Agriculture in multiple locations since 2021, which supports stable growth [13][14] - The company’s innovative farming model and strong financial performance position it well for future growth, making it a focal point for investors [14] Additional Important Insights - The "No. 2 Farm" model allows for a more efficient production process, with a focus on training and strict entry requirements for farm operators to ensure high-quality output [12] - Dekang's strategic focus on the southwestern region of China, where 7 out of 10 core pig farms are located, has contributed to its competitive edge in the market [5]

Group 1 - The event "Big Consumption Investment Summit and 2025 Zhitong Xingyao Autumn Joint Strategy Meeting" was held in Hangzhou, focusing on the theme "New Consumption Species: The Evolution of Hong Kong Stocks" [1] - In 2025, China's consumption market is witnessing a blend of tradition and innovation, with electric vehicle penetration exceeding 47%, smart home sales growing in double digits, and rural consumption growth outpacing urban by 0.8 percentage points [1] - The Hong Kong stock market is becoming a witness to consumer power, with a 100-fold subscription for consumer IPOs in the first half of the year and 71% of new stocks closing higher on their first day [1] Group 2 - The main venue will feature keynote speeches and roundtable discussions on trends, while the sub-venue will showcase opportunities from 30 top companies [2] - Keynote speakers include executives from Tencent, GF Securities, and various leading companies, sharing insights and practical experiences [4] - The sub-venue will host presentations from 30 leading companies, including China Duty Free Group, Maogeping, and others, focusing on their business opportunities [5]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 四川德康農牧食品集團股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02419 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 157,588,454 | RMB | | 1 RMB | | 157,588,454 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 157,588,454 | RMB | | 1 RMB | | 157,588,454 | | 2. 股份分類 ...

Core Insights - Dekang Agriculture has successfully transitioned from a heavy asset model to a light asset model in pig farming, becoming a leading example in China's agricultural sector [1] - The company has achieved significant growth in pig production, with a projected output of 8.78 million pigs in 2024, up from 1.37 million in 2020, showcasing its cost advantages and operational efficiency [1][2] Group 1: Business Model and Performance - Dekang's light asset model has resulted in a low investment, high turnover, and high return pig farming system, with a per-head profit of 403 RMB in 2024 [1] - The company's return on equity (ROE) and return on invested capital (ROIC) are 38% and 29% respectively, outperforming other major players in the industry [1] - The total cost of pig farming for Dekang is estimated at 13.6 RMB per kilogram in 2024, positioning it among the top tier of listed pig farming companies [1] Group 2: Management and Strategic Development - The management team has over 30 years of experience in the agricultural sector, with a focus on breeding and technology services, which has allowed the company to adapt to industry changes effectively [2] - Dekang has established a robust breeding system and team, maintaining an average R&D expense ratio of 1.2% since 2018, which is leading among listed companies [2] - The company has innovatively developed the "No. 2 Farm" model to address challenges in traditional pig farming, ensuring higher income for contract farmers even during financial pressures [2]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as a first-time recommendation [13]. Core Insights - The report highlights that Dekang Agriculture has successfully transitioned from a heavy asset model to a light asset model, becoming a leader in China's pig farming industry. The company has established a low-investment, high-turnover, and high-return pig farming system, achieving a per-head profit of 403 RMB in 2024, with ROE and ROIC at 38% and 29% respectively, outperforming peers [4][18]. Summary by Sections Company Overview - Dekang Agriculture has innovatively transformed its business model, overcoming initial challenges such as training difficulties, high investment, and trust issues. The company has effectively responded to the African swine fever crisis, turning industry challenges into competitive advantages [4][18]. Profitability and Growth - The company has a significant cost advantage in pig farming, with a per-head profit that ranks among the top tier of listed pig farming companies. The number of pigs slaughtered has increased from 1.37 million in 2020 to 8.78 million in 2024, with a projected total cost of 13.6 RMB per kilogram in 2024, the best in the industry [9][34][39]. Management and Strategy - The management team has extensive experience in the agricultural sector, with a focus on long-term growth and innovation. The company emphasizes a value system of "big sacrifice for big gain, not difficult to do, and hard work," fostering a dedicated and professional team [10][44]. Development Path - Dekang Agriculture has built a robust breeding system and has been proactive in addressing the challenges of traditional pig farming. The introduction of the "No. 2 farm model" has allowed for a more efficient and profitable farming approach, with a focus on training and support for farmers [11][54]. Market Position - The company has seen a compound annual growth rate (CAGR) of 44% in pig slaughtering from 2018 to 2024, significantly outpacing the industry average of 0.2%. The pig farming segment contributes 81% of the company's revenue and 93% of its gross profit in 2024 [24][31].

（於中華人民共和國註冊成立的股份有限公司） （股份代碼：2419） 延遲寄發有關 持續關連交易及須予披露交易 的通函 茲提述四川德康農牧食品集團股份有限公司（「本公司」）日期為2025年8月15日有關 修訂持續關連交易的公告（「該公告」）。除文義另有所指外，本公告所用詞彙與該公 告所界定者具有相同涵義。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部 分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 DEKON FOOD AND AGRICULTURE GROUP 四川德康農牧食品集團股份有限公司 承董事會命 四川德康農牧食品集團股份有限公司 董事長兼執行董事 王德根 中華人民共和國，2025年8月26日 於本公告日期，本公司執行董事為王德根先生、王德輝先生、姚海龍先生、胡偉先 生及曾民先生；本公司非執行董事為劉珊女士；及本公司獨立非執行董事為潘鷹先 生、朱慶先生及馮志偉先生。 如該公告所披露，一份載有（其中包括）新百利融資有限公司致獨立董事委員會及獨 立股東的意見函件、獨立董事委員會致獨立股東的推薦 ...