Group 1: Core Views - The report maintains an "outperform" rating for the agriculture, forestry, animal husbandry, and fishery sector, highlighting a favorable investment environment for livestock, pet, and pork industries [1][3][12] - The report emphasizes the potential reversal of the beef cycle in 2025, with expectations of rising prices driven by both domestic and international markets [14][21] - The pet industry is identified as a high-growth sector, benefiting from changing consumer demographics and increasing emotional spending [15][18] Group 2: Investment Recommendations - Key recommendations for the livestock sector include Guangming Meat Industry, a rare listed beef company with stable resources from New Zealand, and Muyuan Foods, a leading player in pig farming [1][3][18] - In the pet food sector, Zhongchong Co. is highlighted as a pioneer with synchronized growth in domestic and international markets [1][3][18] - For the pork industry, the report recommends companies such as DeKang Agriculture and Muyuan Foods, which are expected to benefit from improving cash flows and dividend ratios [1][3][16] Group 3: Market Trends and Data - As of June 2025, the average price of live pigs was 14.80 yuan/kg, reflecting a month-on-month increase of 2.85% [2][21] - The report notes a decrease in the price of 7kg piglets to 433 yuan/head, down 13.95% month-on-month, indicating a cautious approach to industry expansion [2][21] - The poultry sector is experiencing increased supply, with expectations of demand recovery, particularly for yellow chickens, which are anticipated to benefit from domestic demand improvements [28][39]

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [4] Core Views - The report is optimistic about the reversal of the beef cycle, recommending investments in pet products and Hai Da Group, while focusing on undervalued leading companies in the pig and poultry sectors [3] - The pork production capacity is expected to remain stable, with strong support for pig prices in 2025 [1][3] - The beef market is showing resilience during the off-season, with expectations for a bullish cycle in 2025 [1][3] Summary by Sections 1. Weekly Overview and Data Summary - Weekly pig price as of July 4 is 15.29 CNY/kg, up 5.01% week-on-week [1] - Chicken prices are experiencing a decline, with broiler prices at 6.18 CNY/kg, down 10% week-on-week [1] - The average beef price is 59.35 CNY/kg, stable week-on-week and up 27.63% year-on-year [1] 2. Fundamental Tracking 2.1 Pork - Pork prices are expected to maintain low volatility, with a forecast for continued market stability in 2025 [1][14] 2.2 Poultry - The parent stock of broilers is decreasing, indicating a structural change in consumption [1][15] 2.3 Beef - The beef market is expected to benefit from a cyclical upturn, with prices remaining strong [1][16] 2.4 Soybean Meal - Current soybean prices are stable at 3926 CNY/ton, with soybean meal prices at 2928 CNY/ton, up 0.76% week-on-week [2][16] 2.5 Corn - Corn prices are expected to see moderate increases, with current prices at 2443 CNY/ton, up 0.37% week-on-week [2][16] 2.6 Sugar - Sugar prices are slightly increasing, with current prices at 6050 CNY/ton, up 0.33% week-on-week [2][16] 3. Company Profit Forecasts and Investment Ratings - Companies such as Guangming Meat Industry, Muyuan Foods, and Hai Da Group are rated as "Outperform" with respective EPS forecasts for 2025 [4]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][26] Core Viewpoints - The report suggests that the beef and dairy markets in China are expected to experience a positive resonance in pricing, with a potential turning point in the beef cycle anticipated in 2025, leading to a dual price increase for both beef and milk in 2026/2027 [4][26] - The dairy farming companies are expected to benefit from the resonance in beef and milk prices, showing significant potential for profit recovery due to the correlation between the prices of cull cows and beef prices [4][21] - The report highlights that all dairy farming companies are currently trading below book value, with price-to-book ratios between 0.2 and 0.9, indicating substantial room for valuation recovery as the market improves [4][22] Summary by Sections Beef Industry Overview - The domestic beef consumption is approximately 12 million tons annually, accounting for over 20% of pork consumption, with a market size nearing 1 trillion yuan [5] - The beef industry is characterized by a fragmented structure, with most production coming from small farmers [5] Price Trends and Forecasts - As of June 27, 2025, the average price of beef in major production areas is 63.73 yuan/kg, up 10.66% year-on-year, while fresh milk prices have decreased by 7.60% [3] - The beef price is expected to rise significantly due to a reduction in cattle inventory, with estimates suggesting a decrease of over 30% in production capacity [8][9] Dairy Industry Overview - The annual demand for raw milk in China is around 45 million tons, with a self-sufficiency rate of 90% [14] - The dairy industry has seen a significant increase in scale following food safety incidents, with major players holding a substantial market share [14] Future Price Dynamics - The report anticipates that the raw milk prices will likely see an upward trend by late 2025 or early 2026 due to reduced production capacity and improved market conditions [15][19] - The correlation between beef and dairy prices is expected to drive both markets upward, with a significant impact on dairy farming companies' profitability [4][22] Investment Recommendations - The report recommends focusing on dairy farming companies such as Yuran Dairy, Modern Farming, and China Shengmu, as well as beef processing companies like Bright Dairy, which are expected to benefit from the anticipated price increases [4][26]

证券代码：600073 证券简称：光明肉业 公告编号：2025-025 上海光明肉业集团股份有限公司 2024年年度权益分派实施公告 每股分配比例 A 股每股现金红利0.07元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/7 | － | 2025/7/8 | 2025/7/8 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 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。 重要内容提示： 本次利润分配方案经公司2025 年 6 月 11 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本937,729,472股为基数，每股派发现金红利0.07 元（含税），共计派发现金红 ...

Investment Rating - The report maintains an "Outperform" rating for the agricultural products sector [1][5][4]. Core Views - The report is optimistic about the reversal of the beef cycle and recommends investments in leading companies in the livestock sector, particularly in beef and raw milk, which are expected to experience a positive resonance in 2025 [3][4]. - The pet industry is highlighted as a growth sector benefiting from demographic changes, while the feed sector, particularly Haida Group, is expected to gain from the recovery in aquaculture [3][4]. - The report notes that the pig industry shows insufficient expansion willingness, but the overall market conditions are expected to remain stable through 2025, with a focus on undervalued leading companies [3][4]. - Poultry production is expected to maintain low volatility, with white chicken consumption gradually increasing and yellow chicken likely to benefit from improved domestic demand [3][4]. Summary by Sections Livestock - **Pork**: The average price of live pigs is 14.16 CNY/kg, with a week-on-week increase of 1.22%. The price of 7kg piglets is approximately 446 CNY/head, down 4.98% week-on-week [1][13]. - **Beef**: The domestic beef market price is 59.35 CNY/kg, showing a slight decrease of 0.05% week-on-week but a significant increase of 27.63% year-on-year [1][15]. - **Poultry**: The price of broiler chicks is 1.23 CNY/bird, down 43% week-on-week, while the price of eggs in major production areas is 2.90 CNY/jin, up 9.85% week-on-week but down 35.27% year-on-year [1][14]. Feed and Raw Materials - **Soybean Meal**: The spot price is 3024 CNY/ton, with a week-on-week increase of 1%. The report indicates strong support for supply and demand in the medium to long term [2][3]. - **Corn**: The domestic corn spot price is 2415 CNY/ton, with a week-on-week increase of 0.37% and a year-on-year increase of 0.12% [2][3]. - **Sugar**: The price in Guangxi is 5980 CNY/ton, down 0.17% week-on-week, with attention on import rhythms and crude oil price fluctuations [2][3]. Investment Recommendations - Recommended stocks include: - **Beef**: Guangming Meat Industry - **Pets**: Guibao Pet, Zhongchong Co., and Ruipu Biological - **Feed**: Haida Group - **Pork**: Dekang Agriculture, Muyuan Foods, Huazhong Agriculture, and others - **Poultry**: Lihua Co., Yisheng Co., and Shengnong Development [3][4].

上海光明肉业集团股份有限公司 第九届董事会第三十四次会议决议公告 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个别及连带责任。 上海光明肉业集团股份有限公司（以下简称"光明肉业"或"公司"）第九 届董事会第三十四次会议于2025年6月16日以电子邮件形式通知全体董事，并于 2025年6月23日以通讯表决方式召开。会议应到董事7名，实到董事7名。本次会 议的召集、召开和表决程序符合《公司法》和公司《章程》等有关规定。与会董 事经过充分讨论，审议通过了如下决议： 证券代码：600073 证券简称：光明肉业 编号：2025-024 同意选举独立董事于冷先生和王捷先生担任第九届董事会薪酬与考核委员 会委员，任期至第九届董事会届满之日止。 表决结果：赞成7票，反对0票，弃权0票。 三、审议通过了关于选举第九届董事会审计委员会委员的议案 同意选举独立董事于冷先生担任第九届董事会审计委员会委员，任期至第九 届董事会届满之日止。 表决结果：赞成7票，反对0票，弃权0票。 特此公告。 上海光明肉业集团股份有限公司董事会 一、审议通过了关于选举第九届董事 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][6] Core Viewpoints - The report anticipates a turning point in the beef cycle in 2025, with a continued rise in meat prices expected until 2027, driven by supply adjustments and improved market conditions [4][16] - The domestic beef and milk prices have diverged, with the beef-to-milk price ratio reaching a historical high of 20.97, indicating potential for accelerated dairy cow culling and a subsequent recovery in raw milk prices [3][20] - The report highlights that the domestic beef market is expected to tighten due to reduced supply and import pressures, leading to a sustained upward trend in beef prices [11][16] Summary by Sections Beef Market Outlook - The report projects that the beef market will experience a significant recovery starting in 2025, with prices expected to rise until 2027 due to supply adjustments and reduced losses among farmers [5][16] - The current beef price has been under pressure, with a cumulative decline of nearly 25% from the peak in 2023, but the report suggests that the market is poised for recovery [5][10] Dairy Market Outlook - The raw milk market has been underperforming, with prices dropping below cash costs, but improvements are anticipated in the second half of 2025 as supply and demand dynamics shift [17][25] - The report notes that the culling of dairy cows will provide additional beef supply, reinforcing the interconnectedness of the beef and dairy markets [19][20] Investment Recommendations - The report recommends focusing on companies directly benefiting from the beef market recovery, such as Bright Meat Industry, and suggests monitoring dairy farming companies like Yuran Dairy, Modern Farming, and China Shengmu for potential performance recovery [4][26]

证券代码：600073 证券简称：光明肉业 编号：2025-023 上海光明肉业集团股份有限公司 关于为控股子公司提供担保的进展公告 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个别及连带责任。 重要内容提示： 一、担保情况概述 为满足经营需要，公司与交通银行股份有限公司徐汇支行签订了《保证合同》， 为控股子公司鼎牛饲料申请的流动资金贷款提供担保。鼎牛饲料 2025 年度预计 担保额度为 15,000 万元，本次担保金额共计 5,000 万元，全部用于替换前期借 款担保。本次担保具体情况如下： | 担保方 | 被担保方（借 | 本次担保金额（万 | | 担保期限 | 贷款方 | | --- | --- | --- | --- | --- | --- | | | 款方） | 元） | 1 / 4 | | | 被担保人名称：上海光明肉业集团股份有限公司（以下简称"光明肉业"、 "上市公司"或"公司"）下属控股子公司上海鼎牛饲料有限公司 （以下 简称"鼎牛饲料"）。 本次担保属于2025年度预计担保范围内的担保事项，为公司2025年度预计担 ...

Investment Rating - The report maintains an "Outperform" rating for the agricultural products sector [1][4]. Core Views - The report is optimistic about the reversal of the beef cycle, recommending investments in leading livestock companies with low valuations, and highlighting the sustained high demand in the pet industry [3][4]. - The report notes that the pork industry is expected to maintain a stable price environment, with a projected continuation of favorable conditions for pig prices into 2025 [1][3]. - The report emphasizes the potential for recovery in the cattle market due to domestic supply reduction and shrinking imports, suggesting a positive outlook for beef prices [3][15]. Summary by Sections Livestock - **Pork**: Prices are stable with a current price of 13.99 CNY/kg, showing a week-on-week decrease of 0.50% and a year-on-year decrease of 24.95% [1][13]. - **Poultry**: The price of broiler chicks has decreased by 13.25% week-on-week to 2.2 CNY/chick, while the price of broilers has increased by 0.56% to 7.2 CNY/kg [1][14]. - **Beef**: The average price of beef is 59.38 CNY/kg, remaining stable week-on-week but showing a year-on-year increase of 28.39% [1][15]. Feed and Crop Products - **Soybean Meal**: The current price is 2994 CNY/ton, reflecting a week-on-week increase of 1.84% [2][15]. - **Corn**: The price has risen to 2406 CNY/ton, with a week-on-week increase of 1.43% and a year-on-year increase of 0.21% [2][15]. - **Sugar**: The price in Guangxi is 5990 CNY/ton, showing a week-on-week decrease of 1.32% [2][15]. - **Rubber**: The price remains stable at 1700 USD/ton, with a slight increase in domestic prices [2][15]. Investment Recommendations - Recommended stocks include: - **Beef**: Guangming Meat Industry [4]. - **Pork**: Muyuan Foods, Huatong Foods, and others [3][4]. - **Pet Industry**: Guibao Pet and others [3][4]. - **Feed**: Haida Group [3][4]. - **Poultry**: Lihua Stock and others [3][4].

证券代码：600073 证券简称：光明肉业 公告编号：2025-022 上海光明肉业集团股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 6 月 11 日 (一)非累积投票议案 1、 议案名称：2024 年度董事会工作报告 审议结果：通过 (二)股东大会召开的地点：杨浦区济宁路 18 号光明肉业会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 254 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 443,198,647 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 47.2630 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，表决方式为现场投票与网络投票相结合的 ...