登录新浪财经APP 搜索【信披】查看更多考评等级 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: ●大股东朱蓉娟的一致行动人广西国发投资集团有限公司（以下简称"国发集团"）持有的公司部分股份 2025年11月6日被南宁市青秀区人民法院司法标记及司法轮候冻结。 ●截至2025年11月7日，国发集团持有公司691,376股股份，占公司总股本的比例为0.13%，其中：被质押 的股份数为512,005股，被质押的股份数量占其所持股份的比例为74.06%；累计被司法冻结的股份数为 691,376股，占其所持股份的比例为100%。 ●截至2025年11月7日，大股东及其一致行动人合计持有公司56,181,961股股份，占公司总股本的比例为 10.72%，其中：累计被质押的股份数量为33,835,005股，占其所持股份的比例为60.22%；累计被司法冻 结的股份数为43,858,961股，占其所持股份的比例为78.07%。 广西国发投资集团有限公司为北海国发川山生物股份有限公司（以下简称"公司"）大股东朱蓉娟等的一 致行动人 ...

Core Viewpoint - The announcement details the judicial freezing and marking of shares held by the major shareholder's concerted action party, which may impact the company's governance and operations due to high levels of share pledges and judicial actions [2][3][6]. Shareholder Situation - The major shareholder, Zhu Rongjuan, and the concerted action party, Guangxi Guofa Investment Group Co., Ltd., had 691,376 shares marked and frozen as of November 7, 2025, representing 0.13% of the total share capital [2][3]. - Of the shares held by Guangxi Guofa, 512,005 shares were pledged, accounting for 74.06% of their holdings, while all 691,376 shares were judicially frozen [2][3]. - The total shares held by the major shareholder and concerted action parties amounted to 56,181,961 shares, or 10.72% of the total share capital, with 33,835,005 shares pledged (60.22%) and 43,858,961 shares frozen (78.07%) [2][3]. Legal and Financial Issues - The judicial freezing was due to a recovery rights dispute with Guangxi Investment Group Co., Ltd., with a debt amounting to 7,351,765.56 yuan [3][5]. - Recent legal actions include a financial loan contract dispute with Guangxi Beibu Gulf Bank, resulting in additional shares being frozen [4][5]. Company Operations and Governance - The company maintains independence from its major shareholder and concerted action parties in terms of assets, business, finance, personnel, and institutions [6]. - The company asserts that the judicial actions against the major shareholder will not significantly impact its daily governance or operations [6]. - The company plans to enhance internal controls and management practices to ensure stable operations and governance amid these challenges [6].

风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金 的风险收益特征，选择与自身风险承受能力相适应的产品。基金过往业绩并不预示其未来表现，基金投 资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律法规对本基金进行风险 评价，投资者应及时关注基金管理人出具的适当性意见，各销售机构关于适当性的意见不必然一致，且 基金销售机构所出具的基金产品风险等级评价结果不得低于基金管理人作出的风险等级评价结果。基金 合同中关于基金风险收益特征与基金风险等级因考虑因素不同而存在差异。投资者应了解基金的风险收 益情况，结合自身投资目的、期限、投资经验及风险承受能力谨慎选择基金产品并自行承担风险。中国 证监会对上述基金的注册，并不表明其对上述基金的投资价值、市场前景和收益做出实质性判断或保 证。基金投资须谨慎。 11月10日，截至13时21分，农牧渔ETF（159275）盘中表现稳健，场内价格现涨1.5%，成交额为1872万 元。 MACD金叉信号形成，这些股涨势不错！ 成份股方面，罗 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [9] Core Views - The swine sector continues to experience losses, with an increasing number of culled sows, indicating a need to focus on the expected recovery in this sector [2][13] - The dairy and beef sectors are undergoing significant capacity reduction, with a potential turning point for milk prices anticipated [3][15] - The pet sector is witnessing a trend towards premiumization and the rise of domestic brands, reshaping the competitive landscape [4][16] - The poultry sector is facing challenges with breeding stock shortages and improving consumer demand for yellow chickens [5][18] - The seed industry is poised for a turnaround, with an emphasis on biotechnology and the commercialization of genetically modified crops [7][23] - The feed sector shows signs of recovery, with leading companies like Haida Group achieving revenue and profit growth [24][26] Summary by Sections Swine Sector - The industry continues to face losses, with the average price of live pigs at 12.02 CNY/kg, down 4.07% from the previous week [13] - The average market value per head for leading companies is at historical low levels, with Muyuan at 3000-3500 CNY/head and Wens at 2000-3000 CNY/head [14] - Recommended stocks include leading breeders like Muyuan and Wens, with additional focus on flexible stocks such as Shennong Group and Dekang Agriculture [14] Beef Sector - The price of beef cattle is showing signs of stabilization, with the average price for fattened bulls at 25.62 CNY/kg [15] - The dairy cow population has decreased by 8%, indicating a significant capacity reduction [15] - Companies with mother cow resources or those adopting a "milk-meat linkage" model are expected to have stronger profitability [15] Pet Sector - The Double Eleven shopping festival highlighted the resilience and structural upgrades in the pet food market, with domestic brands gaining market share [4][16] - Key recommendations include pet food brands like Guibao Pet and Zhongchong Co., with a focus on companies with technological advantages and comprehensive product lines [17] Poultry Sector - The white chicken sector is under pressure due to breeding stock shortages, with a focus on the impact of avian influenza on imports [18][19] - Yellow chicken prices are expected to improve due to supply constraints and increasing consumer demand [20] - Recommended stocks include leading companies like Shennong Development and Yisheng Biological [19] Seed Sector - The seed industry is expected to benefit from increased focus on food security and the commercialization of genetically modified crops [7][23] - Key recommendations include leading seed companies like Longping High-Tech and Dabeinong [23] Feed Sector - Haida Group is highlighted as a key player in the feed sector, with significant market share growth and revenue increases [24][26] - The overall feed market is expected to recover as smaller companies exit the market, leading to improved conditions for remaining players [24]

登录新浪财经APP 搜索【信披】查看更多考评等级 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: 大股东朱蓉娟、彭韬分别持有的公司无限售流通股38,556,320股、3,370,953股于2025年11月5日被广西壮 族自治区南宁市中级人民法院司法轮候冻结。 近日，北海国发川山生物股份有限公司（以下简称"公司"）通过中国证券登记结算有限公司上海分公司 的PROP系统查询获悉，公司大股东朱蓉娟及其一致行动人彭韬持有的公司无限售流通股于2025年11月5 日被广西壮族自治区南宁市中级人民法院司法轮候冻结。经与大股东朱蓉娟及一致行动人彭韬核实，现 将司法轮候冻结的具体情况公告如下： 一、股份被司法冻结的基本情况 朱蓉娟、彭韬因与广西北部湾银行股份有限公司南宁市兴东支行（以下简称"湾行"）的金融借款合同纠 纷，湾行申请了财产保全【案件号：(2025)桂01执保498号】，导致朱蓉娟、彭韬分别持有的公司无限 售流通股38,556,320股、3,370,953股于2025年11月5日被广西壮族自治区南宁市中级人民法院司法 ...

Group 1 - The company will hold its second extraordinary general meeting of shareholders on November 27, 2025 [2] - A temporary proposal has been added to the agenda, suggesting the use of capital reserves to cover losses [3][19] - The proposal was submitted by Dr. Xuefeng Yu, who holds 7.26% of the company's shares [2][3] Group 2 - The meeting will take place at the Tianjin East Hyatt Hotel, starting at 14:00 [5] - Shareholders can vote online through the Shanghai Stock Exchange's voting system on the day of the meeting [7] - The original date for the equity registration remains unchanged [8] Group 3 - The company reported a cumulative undistributed profit of -1,450,342,128.90 yuan as of December 31, 2024 [17] - The plan involves using 118,388,703.29 yuan from surplus reserves and 1,331,953,425.61 yuan from capital reserves to offset losses [18] - After the implementation of this plan, the company's surplus reserves will be reduced to 0 yuan, and capital reserves will decrease to 5,244,776,299.42 yuan [19] Group 4 - The proposal to use capital reserves to cover losses has been approved by the company's board and supervisory board [20] - The company aims to enhance investor returns and promote high-quality development through this measure [19] - The proposal requires approval from the shareholders' meeting, indicating a level of uncertainty [21] Group 5 - The company will hold a quarterly performance briefing on November 17, 2025, to discuss the third quarter results [23][25] - Investors can submit questions in advance through the Shanghai Stock Exchange's website or via email [24][27] - The meeting will be conducted in an interactive online format [29]

Core Points - The major shareholders Zhu Rongjuan and Peng Tao's shares have been judicially frozen due to a financial dispute with Guangxi Beibu Gulf Bank [2][3] - A total of 38,556,320 shares held by Zhu Rongjuan and 3,370,953 shares held by Peng Tao were frozen on November 5, 2025 [2] - The company maintains that it operates independently from its major shareholders and that the judicial freezing of shares will not significantly impact its operations [3][4] Shareholder Situation - As of November 5, 2025, the cumulative shares frozen or marked for Zhu Rongjuan and Peng Tao are significant, indicating potential risks to the company's governance [2][4] - Zhu Rongjuan and Peng Tao collectively hold 22,167,585 shares, representing 4.23% of the company's total share capital, which are scheduled for judicial auction from November 25 to November 26, 2025 [3][4] Company Operations - The company asserts that its production and operational status remain normal despite the judicial actions against its major shareholders [3][4] - The company will continue to monitor the situation closely and ensure compliance with information disclosure obligations [4]

Core Insights - The animal health sector experienced a slight increase of 0.55% on November 7, with *ST Lvkang leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - *ST Lvkang (002868) closed at 31.76, up 4.99% with a trading volume of 12,000 hands and a transaction value of 37.6483 million yuan [1] - Other notable stocks included: - Biological Shares (600201) at 10.52, up 1.64% with a trading volume of 234,300 hands [1] - Driving Force (920275) at 9.88, up 1.13% with a trading volume of 7,484 hands [1] - Zhongmu Shares (600195) at 7.75, up 0.65% with a trading volume of 77,200 hands [1] Capital Flow - The animal health sector saw a net outflow of 5.144 million yuan from institutional investors, while retail investors experienced a net outflow of 11.0652 million yuan [2] - Conversely, speculative funds recorded a net inflow of 16.2092 million yuan [2] Detailed Capital Flow Analysis - Major stocks and their capital flow included: - Biological Shares (600201) with a net inflow of 20.3753 million yuan from institutional investors [3] - *ST Lvkang (002868) had a net inflow of 2.9042 million yuan from institutional investors [3] - Huisheng Biological (300871) faced a significant net outflow of 18.6925 million yuan from institutional investors [3]

Group 1 - The Agricultural, Animal Husbandry, and Fishery ETF (159275) has shown a contrary rise, with an increase of 0.6% and a trading volume of 5.25 million yuan, bringing the fund's total size to 200 million yuan [1] - Key performing stocks include Honghui Fruits and Vegetables, Longniu Mountain, and Hainan Rubber, with respective increases of 6.22%, 4.04%, and 2.56% [1] - The Ministry of Agriculture and Rural Affairs held a meeting on November 4, 2025, to establish a full-chain regulatory mechanism for agricultural product quality and safety [1] Group 2 - Pacific Securities highlighted multiple pressures on the breeding industry, including ongoing losses in the pig industry, high levels of breeding sows, and rising risks from African swine fever [2] - The poultry industry is experiencing a historical high in production capacity, with broiler prices fluctuating at low levels, while yellow chicken prices are rising due to seasonal demand [2] - The planting industry is stabilizing grain prices, with expectations for mid-term increases, and the seed industry is gaining strategic importance due to advancements in genetically modified crops [2]

Core Insights - The animal health sector experienced a slight increase of 0.36% on November 6, with *ST Lvkang leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Stock Performance - *ST Lvkang (002868) closed at 30.25, with a rise of 5.00% and a trading volume of 32,200 hands, amounting to a transaction value of 96.94 million yuan [1] - Other notable stocks include: - KQ Bio (688526) at 16.07, up 0.69% [1] - Biological Shares (600201) at 10.35, up 0.68% with a transaction value of 153 million yuan [1] - Ruipu Biological (300119) at 20.46, up 0.20% [1] - Pulaike (603566) at 14.09, up 0.14% [1] Capital Flow - The animal health sector saw a net outflow of 17.47 million yuan from institutional investors, while retail investors contributed a net inflow of 8.89 million yuan [2] - The capital flow for individual stocks indicates: - *ST Lvkang had a net inflow of 7.56 million yuan from institutional investors [3] - KQ Bio experienced a net inflow of 4.84 million yuan [3] - Biological Shares had a net inflow of 2.64 million yuan [3]