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].

Group 1 - The Agricultural and Animal Husbandry ETF (159275) showed a stable performance with a 1.5% increase in price and a trading volume of 18.72 million yuan as of November 10 [1] - Key performing stocks included Luoniushan, Honghui Fruits and Vegetables, and Lihua Co., with increases of 5.54%, 5.1%, and 4.49% respectively [1] - The Ministry of Agriculture and Rural Affairs will implement six types of agricultural electronic certificates nationwide starting November 1, 2025, to further standardize industry management processes [1] Group 2 - The livestock sector achieved revenue of 366.406 billion yuan in the first three quarters of 2025, a year-on-year increase of 6.97%, with a net profit of 23.296 billion yuan, up 4.52% year-on-year [1] - The revenue and net profit growth rates have slowed compared to the second quarter, with gross and net profit margins at 12.87% and 6.54%, respectively, showing a year-on-year decrease of 0.16 percentage points and 0.20 percentage points [1] - The cost rate during this period was 6.07%, down 0.75 percentage points year-on-year [1] Group 3 - Tianfeng Securities indicated that the price of yellow feather chickens may have bottomed out, with expectations for better average prices in the second half of the year due to supply-side adjustments [2] - The white feather chicken supply is expected to tighten significantly in 2025 due to overseas avian influenza restrictions, leading to a substantial reduction in domestic breeding volume [2] - The dairy cow inventory has decreased by 8%, indicating a potential turning point in milk prices [2]

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]

Core Viewpoint - The major shareholders of Beihai Guofa Chuanshan Biological Co., Ltd. have had their shares frozen due to a financial dispute, but this situation is not expected to adversely affect the company's operations or governance [2][3][4]. Group 1: Shareholder Situation - Major shareholders Zhu Rongjuan and Peng Tao have had 38,556,320 shares and 3,370,953 shares respectively frozen by the Nanning Intermediate People's Court due to a financial loan dispute with Guangxi Beibu Gulf Bank [2]. - As of November 5, 2025, the total number of shares frozen or marked for the major shareholders and their concerted actions is significant, indicating a high level of judicial intervention [2][4]. - A total of 22,167,585 shares held by Zhu Rongjuan and Peng Tao, representing 4.23% of the company's total share capital, are scheduled for judicial auction from November 25 to November 26, 2025 [3]. Group 2: Company Operations and Governance - The company’s production and operational status remain normal, and the judicial freezing of shares is not expected to have a direct significant negative impact on daily governance or operations [3][4]. - The company maintains independence from its major shareholders in terms of assets, business, finance, personnel, and institutions, with no funds being occupied or guarantees provided for the shareholders [2][4]. - The company will continue to monitor the situation regarding the judicial freezing and auction of shares, ensuring compliance with legal disclosure obligations [4].

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]

Group 1 - The Agricultural, Animal Husbandry, and Fishery ETF (159275) showed stable performance with a 0.2% increase in price and a trading volume of 6.91 million yuan, bringing the fund's total size to 203 million yuan as of November 5 [1] - Among the constituent stocks, Shennong Seed Industry had the highest increase at 6.4%, followed by Luoniushan at 5.24%, and Zhongxing Junye at 3.46%. Conversely, Tianma Technology experienced the largest decline at 1.79%, with Meihua Biological and Tianma Technology also showing declines of 1.92% and 1.57% respectively [1] - The Ministry of Agriculture and Rural Affairs will implement six types of agricultural electronic certificates nationwide starting November 1, 2025, including feed import registration certificates and agricultural transgenic biological safety certificates, transitioning to full electronic certification by 2026 [1] Group 2 - According to Tianfeng Securities, the egg-laying chicken industry is expected to see a significant reduction in domestic breeding volume to 41,200 birds by 2025, indicating a shift from surplus to tight supply. The white chicken industry is also experiencing a contraction in production capacity due to three years of bottoming out and overseas breeding disruptions [2] - The pig farming sector is anticipated to undergo capacity reduction due to low prices and policy guidance, while dairy cow inventory has decreased by 8%, nearing the end of the reduction phase. Beef prices may see unexpected increases [2] - The planting sector is accelerating the commercialization of transgenic corn, enhancing the competitiveness of leading seed companies. The aquaculture feed sector is recovering from a downturn, with leading companies increasing their market share [2] Group 3 - The Agricultural, Animal Husbandry, and Fishery ETF (159275) and its linked funds (Link A: 013471, Link C: 013472) passively track the Agricultural, Animal Husbandry, and Fishery Index, with the top ten weighted stocks including Muyuan Foods, Wens Foodstuff Group, Haida Group, Meihua Biological, New Hope Liuhe, Dabeinong, Bio-Stock, Shennong Development, Beidahuang, and Longping High-Tech [3]