本人于冷，已充分了解并同意由提名人上海光明肉业集团股 份有限公司董事会提名为上海光明肉业集团股份有限公司（以 下简称"该公司"）第十届董事会独立董事候选人。本人公开声 明，本人具备独立董事任职资格，保证不存在任何影响本人担任 该公司独立董事独立性的关系，具体声明如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、部门规章及其他规范性文件，具有 5 年以上经济、管理 或者其他履行独立董事职责所必需的工作经验。 二、本人任职资格符合下列法律法规和部门规章的要求： 独立董事候选人声明 （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的 规定； （三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部 辞去公职或者退（离）休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定； （五）中共中央组织部《关于进一步规范党政领导干部在企 业兼职（任职）问题的意见》的相关规定； （六）中共中央纪委、教育部、监察部《关于 ...

证券代码：600073 证券简称：光明肉业 公告编号：2025-028 上海光明肉业集团股份有限公司 关于续聘会计师事务所的公告 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个别及连带责任。 重要内容提示： 一、拟聘任会计师事务所的基本情况 （一）机构信息 （1）基本信息 立信会计师事务所（特殊普通合伙）（以下简称"立信"）由我国会计泰斗潘 序伦博士于 1927 年在上海创建，1986 年复办，2010 年成为全国首家完成改制的 特殊普通合伙制会计师事务所，注册地址为上海市，首席合伙人为朱建弟先生。 立信是国际会计网络 BDO 的成员所，长期从事证券服务业务，新证券法实施前具 有证券、期货业务许可证，具有 H 股审计资格，并已向美国公众公司会计监督委 员会（PCAOB）注册登记。 截至 2024 年末，立信拥有合伙人 296 名、注册会计师 2,498 名、从业人员 总数 10,021 名，签署过证券服务业务审计报告的注册会计师 743 名。 立信 2024 年业务收入（经审计）47.48 亿元，其中审计业务收入 36.72 亿 元， ...

证券代码：600073 证券简称：光明肉业 公告编号：2025-030 上海光明肉业集团股份有限公司 关于召开2025年第二次临时股东大会的通知 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： 一、 召开会议的基本情况 (一)股东大会类型和届次 2025年第二次临时股东大会 (四)现场会议召开的日期、时间和地点 (七)涉及公开征集股东投票权 召开的日期时间：2025 年 8 月 7 日 14 点 00 分 召开地点：上海市杨浦区济宁路 18 号光明肉业会议室 (五)网络投票的系统、起止日期和投票时间。 股东大会召开日期：2025年8月7日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 8 月 7 日 至2025 年 8 月 7 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 ...

证券代码：600073 证券简称：光明肉业 编号：2025-026 上海光明肉业集团股份有限公司 第九届董事会第三十五次会议决议公告 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 届董事会第三十五次会议于2025年7月17日以电子邮件形式通知全体董事，并于 2025年7月22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： 一、审议通过了关于修订公司《章程》及相关制度的议案，本议案还需提 交股东大会审议。 同意关于修订公司《章程》及相关制度的议案。 为进一步完善公司治理结构，提升公司规范运作和科学决策水平，根据《中 华人民共和国公司法》《关于新<公司法>配套制度规则实施相关过渡期安排》以 及《上市公司章程指引》等相关法律法规、规范性文件的规定，公司拟对公司《章 程》及相关制度《股东会议事规则》《董事会议事规则》进行全面的梳理和修订， ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6]. Core Views - The company is positioned to benefit from the upward cycle of the beef market, with expectations of profit recovery and growth driven by its strong brand and integrated meat industry chain [4][71]. - The company has a long history and has developed a comprehensive meat industry chain, enhancing its competitive edge [10][11]. Summary by Sections 1. Company Overview - The company, established in 1930, has evolved from a small workshop to a comprehensive meat industry player, focusing on high-quality products and brand development [10]. - It operates a full industry chain including feed production, breeding, slaughtering, and meat processing, which forms its core competitive advantage [11]. 2. Beef Market Cycle - The beef market is expected to experience a cyclical upturn, influenced by both domestic and international supply factors [30]. - The report highlights the low concentration in China's beef market, suggesting potential for significant price elasticity and recovery following capacity adjustments [49][51]. - Major beef-producing countries are anticipated to see price improvements that will positively impact the domestic market [56]. 3. Business Segments - The company controls New Zealand's largest beef slaughtering enterprise, Silver Fern Farms, which enhances its global trade capabilities [73]. - The brand "Guanshengyuan" is a key asset, with a strong market presence in various food categories, contributing to the company's long-term performance stability [2]. - The company is a major player in the pig farming sector, ensuring stable supply and collaboration across the entire meat production chain [2][3]. 4. Financial Forecast and Investment Recommendations - Projected net profits for 2025, 2026, and 2027 are estimated at 431 million, 680 million, and 769 million yuan respectively, with corresponding EPS of 0.46, 0.73, and 0.82 yuan [5]. - The company is expected to benefit from the beef cycle's upward trend, leveraging its core competencies in the meat industry [4][71].

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [1][4]. Core Viewpoints - The report is optimistic about the reversal of the beef cycle, recommending investments in livestock, pet industries, and companies with low valuations in the pig and poultry sectors [3][4]. - The beef price remains strong during the off-season, indicating a potential upward trend in the beef cycle for 2025 [1][3]. - The supply of pigs is expected to maintain low volatility, with a forecast for continued price stability in 2025 [1][3]. Summary by Sections 1. Weekly Overview and Data Summary - The report highlights that beef prices are resilient during the off-season, while pig prices show strong support [1]. - As of July 11, 2025, the price of live pigs is 14.70 CNY/kg, down 3.86% week-on-week, while the price of 7kg piglets is approximately 445 CNY/head, up 2.75% week-on-week [1]. 2. Fundamental Tracking 2.1 Swine - The price of live pigs is expected to maintain low volatility, with a forecast for continued market stability in 2025 [1][14]. 2.2 Poultry - The report notes a reduction in parent stock and structural changes in the poultry market, with consumption gradually shifting upwards [1][15]. 2.3 Beef - The domestic beef market price is 59.23 CNY/kg as of July 11, 2025, reflecting a year-on-year increase of 27.38% [1][16]. 3. Key Company Profit Forecasts and Investment Ratings - Companies such as Guangming Meat Industry, Muyuan Foods, and Haida Group are rated as "Outperform" with respective earnings per share (EPS) forecasts for 2025 of 0.53, 3.57, and 2.64 CNY [4].

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 ...