浙江京衡律师事务所 关于 万向德农股份有限公司 2025 年第二次临时股东会 之 法律意见书 浙江省杭州市西湖区杭大路黄龙世纪广场 C 区九层 邮编：310007 电话：0571－87901648 传真：0571－87901646 法律意见书 京律非字（2025）第 640 号 浙江京衡律师事务所 万向德农 2025 年第二次临时股东会法律意见书 浙江京衡律师事务所 关于万向德农股份有限公司 2025 年第二次临时股东会 之 致：万向德农股份有限公司 浙江京衡律师事务所（以下简称"本所"）受万向德农股份有限公司（以下 简称"万向德农"或"公司"）的委托，指派本所袁彬超、毛艳婷律师出席公司 2025 年第二次临时股东会（以下简称"本次股东会"），对本次股东会的合法性 进行见证，并出具法律意见。 本法律意见根据《中华人民共和国公司法》（以下简称"公司法"）《中华 人民共和国证券法》（以下简称"证券法"）《上市公司股东会规则》等法律、 法规、规范性文件以及《万向德农股份有限公司章程》（以下简称"公司章程"） 出具。 在本法律意见中，本所律师仅对本次股东会的召集、召开程序、出席会议人 员资格、召集人资格及会议表决程序 ...

Market Overview - On September 5, the planting industry sector rose by 0.46% compared to the previous trading day, with Honghui Fruits and Vegetables leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Stock Performance - Key stocks in the planting industry and their performance include: - Honglian Huanxian (603336) closed at 9.47, up 2.93% with a trading volume of 265,800 shares [1] - Hainan Rubber (601118) closed at 5.32, up 1.53% with a trading volume of 506,100 shares [1] - Wanxiang Denong (600371) closed at 9.17, up 0.88% with a trading volume of 67,600 shares [1] - Qiu Le Seed Industry (831087) closed at 17.01, up 0.83% with a trading volume of 40,000 shares [1] - Huagreen Bio (300970) closed at 14.36, up 0.63% with a trading volume of 30,600 shares [1] Capital Flow - On the same day, the planting industry sector experienced a net outflow of 24.03 million yuan from main funds, while retail funds saw a net inflow of 64.22 million yuan [2] - The net outflow from retail investors was 40.18 million yuan [2] Individual Stock Capital Flow - Notable capital flows for specific stocks include: - Beidahuang (600598) saw a net inflow of 20.09 million yuan from main funds, but a net outflow of 24.05 million yuan from retail investors [3] - Nuofushin (002215) had a net inflow of 12.96 million yuan from main funds, with a net outflow of 7.48 million yuan from retail investors [3] - Honghui Fruits and Vegetables (603336) experienced a net inflow of 11.81 million yuan from main funds, but a net outflow of 17.58 million yuan from retail investors [3]

Market Overview - The planting industry sector experienced a decline of 1.92% on September 3, with Kangnong Seed Industry leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Kangnong Seed Industry (837403) closed at 26.42, down 10.74% with a trading volume of 93,300 shares and a transaction value of 271 million yuan [1] - Qiule Seed Industry (831087) closed at 17.00, down 6.54% with a trading volume of 95,500 shares and a transaction value of 169 million yuan [1] - Shennong Seed Industry (300189) closed at 4.81, down 4.94% with a trading volume of 1.614 million shares and a transaction value of 800 million yuan [1] - Other notable declines include: - Quanyin High-Tech (300087) down 3.75% - Xuecheng Biological (300511) down 3.51% [1] Capital Flow Analysis - The planting industry sector saw a net outflow of 378 million yuan from institutional investors, while retail investors contributed a net inflow of 208 million yuan [1] - The following stocks had significant capital flows: - Honghui Fruits and Vegetables (603336) saw a net inflow of 9.33 million yuan from institutional investors [2] - New Agricultural Development (600359) had a net inflow of 289.78 million yuan from institutional investors [2] - Wanxiang Denong (600371) experienced a net outflow of 297.60 million yuan from institutional investors but a net inflow of 285.48 million yuan from retail investors [2]

万向德农股份有限公司 2025 年第二次临时股东会会议材料 万向德农股份有限公司 2025 年第二次临时股东会会议材料 网络投票时间：2025 年 9 月 10 日 15：00— 2025 年 9 月 11 日 15：00 现场会议时间：2025 年 9 月 11 日 15：00 现场会议地点：浙江省杭州市拱墅区环城北路 308 号 杭州纳德世家四楼文竹阁会议厅 1 | | | 万向德农股份有限公司 2025 年第二次临时股东会会议材料 万向德农股份有限公司 2025 年第二次临时股东会会议议程 时 间：2025 年 9 月 11 日 下午 15：00 分 地 点：浙江省杭州市拱墅区环城北路 308 号杭州纳德世家四楼文竹 阁会议厅 | 序号 | 议程 | | --- | --- | | 一 | 宣布会议开始 | | 二 | 宣读股东大会注意事项 | | | 宣读议案 | | 三 | 1、关于万向财务有限公司的风险持续评估报告的议案 | | | 2、关于续聘公司 年度财务报告审计机构及内控审计机构的议案 2025 | | 四 | 股东审议发言 | | 五 | 对议案投票表决 | | 六 | 计票（现场和网络汇 ...

Market Overview - The planting industry sector declined by 0.69% on September 2, with Nopson leading the decline [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Individual Stock Performance - Kangnong Agricultural (837403) saw a significant increase of 6.59%, closing at 29.60 with a trading volume of 86,500 shares and a turnover of 251 million yuan [1] - Nopson (002215) experienced a decline of 2.93%, closing at 11.93 with a trading volume of 394,200 shares and a turnover of 471 million yuan [2] - Other notable performers include Shennong Agricultural (681000E) with a 1.20% increase, and Huagu Biological (300970) remaining flat at 9.33 [1][2] Capital Flow Analysis - The planting industry sector experienced a net outflow of 108 million yuan from institutional investors, while retail investors saw a net inflow of 112 million yuan [2] - The capital flow for individual stocks indicates that Shennong Agricultural had a significant net outflow of 68.06 million yuan from institutional investors [3] - In contrast, Huagu Biological had a net inflow of 22.29 million yuan from retail investors, indicating a mixed sentiment among different investor types [3]

Core Viewpoint - The performance of the five listed companies under Wanxiang Group shows a divergence in net profit for the first half of 2025, with Wanxiang Qianchao and Shunfa Hengneng experiencing growth, while Chengde Lulule, Wanxiang Denong, and Puxing Energy reported declines in net profit [1][3][5]. Financial Performance Summary - Wanxiang Qianchao reported a revenue of approximately 6.91 billion yuan, an increase of 8.57% year-on-year, with a net profit of about 535 million yuan, up 9.3% [3]. - Shunfa Hengneng achieved a revenue of approximately 241 million yuan, a decrease of 13.43%, but a net profit of about 50.38 million yuan, up 14.28% [3]. - Chengde Lulule's revenue was approximately 1.384 billion yuan, down 15.3%, with a net profit of about 258 million yuan, down 11.97% [3]. - Wanxiang Denong's revenue was approximately 117 million yuan, down 24.39%, with a net profit of about 24.85 million yuan, down 39.33% [4]. - Puxing Energy reported a revenue of approximately 244 million yuan, an increase of 17.4%, but a net profit of about 12.07 million yuan, down 67.23% [5]. Shareholder Structure - All five listed companies are controlled by Lu Weiding, the son of the founder Lu Guanqu [6]. Cash Management - The four A-share listed companies have significant deposits in Wanxiang Financial, with Wanxiang Qianchao holding approximately 6.826 billion yuan, Shunfa Hengneng 4.988 billion yuan, Chengde Lulule 3.086 billion yuan, and Wanxiang Denong 217 million yuan [8][9][10][11]. - The percentage of cash held in Wanxiang Financial for these companies is 90.34%, 98.95%, 95.28%, and 75.87% respectively [12]. Market Capitalization - The total market capitalization of the four listed companies increased by nearly 6 billion yuan in 2025, reaching approximately 45.308 billion yuan as of September 1 [14][15]. - Wanxiang Qianchao has the highest market capitalization at approximately 26.03 billion yuan, followed by Chengde Lulule at 9.126 billion yuan, Shunfa Hengneng at 7.449 billion yuan, and Wanxiang Denong at 2.703 billion yuan [14][15]. Research and Development Expenditure - Chengde Lulule's R&D expenses decreased by 60.24% to approximately 3.99 million yuan, primarily due to reduced investment in pilot projects [15]. - Wanxiang Denong's R&D expenses increased by 43.9% to approximately 6.34 million yuan, attributed to higher experimental costs [15].

关于完成工商变更登记及《公司章程》备案 证券代码：600371 证券简称：万向德农 公告编号：2025-030 万向德农股份有限公司 并换发营业执照的公告 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法律责任。 万向德农股份有限公司（以下简称"公司"）分别于 2025 年 4 月 18 日和 2025 年 5 月 23 日召开了公司第九届董事会第二十七次会议和公司 2024 年度股东大会， 审议通过了《拟变更注册地址并修订<公司章程>相应条款的议案》。具体内容详见公 司 2025 年 4 月 22 日、2025 年 5 月 24 日于上海证券交易所网站及《中国证券报》、 《证券日报》披露的《关于拟变更注册地址并修订<公司章程>相应条款的公告》（公 告编号：2025-010）、《公司 2024 年度股东大会决议公告》（公告编号：2025-015）。 类 型：其他股份有限公司（上市） 住 所：哈尔滨经开区南岗集中区红旗大街 227 号 1003 室 法定代表人：崔立国 注册资本：贰亿玖仟贰佰伍拾柒万捌仟圆整 成立日期：1995 年 09 ...

Investment Rating - The report indicates a positive outlook for the agriculture, forestry, animal husbandry, and fishery sectors, with a focus on improving profitability driven by declining feed costs and increased production scale [1][11]. Core Insights - The overall agricultural sector has seen a revenue increase of 6.12% year-on-year in H1 2025, reaching 614.8 billion yuan, with a significant profit increase of 198% to 27 billion yuan, primarily due to the recovery of the pig farming sector [1][11]. - The pig farming sector is experiencing a seasonal price decline, yet remains profitable due to reduced feed costs and increased production efficiency [2][28]. - The poultry farming sector has shown mixed performance, with revenue slightly declining by 0.29% in H1 2025, but net profit improved by 6.43% due to lower costs [3][21]. - The seed sector reported a revenue increase of 5.05% in H1 2025, although net profit turned negative, indicating challenges in seed sales due to falling grain prices [4][21]. Summary by Sections Industry Overview - Feed prices have been on a downward trend, improving overall farming costs. Pig prices have remained stable year-on-year, while poultry prices have been low but profitable across the supply chain. The agricultural product supply-demand balance is easing, with major product prices at low levels [1][11]. - In H1 2025, the sector achieved revenues of 614.8 billion yuan and net profits of 27 billion yuan, with significant contributions from the pig farming sector [1][11]. Pig Farming - In 2024, pig supply is expected to decrease, with prices showing seasonal trends. Despite a decline in prices post-October, the sector remains profitable. In Q1 2025, the average price was 15.01 yuan/kg, up 3.90% year-on-year, while Q2 saw a price drop to 14.56 yuan/kg, down 10.94% year-on-year [2][28]. - The pig farming sector generated revenues of 248.6 billion yuan in H1 2025, a 15.67% increase, with net profits soaring by 1551% to 17.1 billion yuan [2][28]. Poultry Farming - The poultry sector's revenue in H1 2025 was 33.7 billion yuan, a slight decline of 0.29%, but net profit increased by 6.43% to 1 billion yuan due to lower costs [3][21]. - The white feather chicken segment remains stable despite low prices, while the yellow feather chicken segment is recovering from previous losses [3][21]. Seed Sector - The seed sector reported revenues of 8.87 billion yuan in H1 2025, a 5.05% increase, but net profit turned negative, indicating challenges in the market [4][21].

Group 1 - The company Wanxiang Denong reported a revenue of 117,217,101.91 yuan for the first half of 2025, representing a year-on-year decrease of 24.39% [1] - The net profit attributable to shareholders of the listed company was 24,852,586.20 yuan, showing a year-on-year decline of 39.33% [1]

Group 1 - The company, Wanxiang Derun, announced the intention to reappoint Zhongshen Zhonghuan Accounting Firm (Special General Partnership) as the auditor for the financial report and internal control for the year 2025 [2]