Investment Rating - The industry investment rating is maintained as "Add" [6] Core Views - The agricultural sector underperformed the market by 1.15 percentage points during the week of June 23-27, 2025, with the Shenwan Agricultural Index closing at 2,661.46, reflecting a weekly increase of 0.80% [1][16] - The pig farming sector shows a bullish sentiment with pig prices continuing to rebound, reaching an average price of 14.72 CNY/kg, a week-on-week increase of 3.52% [2] - The poultry sector is facing downward pressure, with broiler prices remaining low due to high inventory levels in the downstream slaughtering sector [2] - Grain prices such as wheat and corn have seen slight increases, while soybean meal prices have decreased due to increased supply from oil mills [3] Summary by Sections 1. Market Review - The agricultural sector's weekly performance ranked 25th among 31 Shenwan first-level industries, with the fishery sector performing the best with a 4.90% increase [1][18] - The animal health, agricultural product processing, planting, and breeding sectors also saw increases of 3.13%, 2.10%, 1.44%, and 0.28% respectively, while the feed sector declined by 0.32% [1][18] 2. Industry Key Data 2.1 Pig Farming - The average profit for self-bred pigs is 50.25 CNY/head, up 30.84 CNY/head week-on-week, while the profit for purchased piglets is -131.71 CNY/head, an increase of 55.08 CNY/head week-on-week [2][24] 2.2 Poultry - The average price of broiler chicks is 1.70 CNY/chick, down 8.60% week-on-week, and the average price of white feather broilers is 7.01 CNY/kg, down 1.54% week-on-week [2][32] 2.3 Agricultural Products - The average price of wheat is 2,446.39 CNY/ton, up 0.19% week-on-week, and corn is 2,352.86 CNY/ton, up 0.43% week-on-week. Soybean meal prices have decreased to a range of 2,900-3,100 CNY/ton [3][35] 3. Investment Recommendations - The report suggests focusing on investment opportunities in the planting industry chain due to increasing geopolitical tensions affecting food security [4] - For pig farming, companies with strong cost control or clear cost reduction paths are recommended, including Muyuan Foods, Wens Foodstuff Group, and others [4] - In the poultry sector, attention is drawn to integrated industry leaders like Shengnong Development and Lihua Stock for their stable capacity expansion and cost advantages [4] - The feed sector is expected to benefit from the recovery of livestock inventory, with recommendations for industry leaders like Haida Group and Hefeng Stock [4] - For agricultural products, companies like Suqian Agricultural Development and Beidahuang are highlighted for their relevance to food security [4]

Core Viewpoint - The "Black Soil Quality Products - Towards the Future in Hangzhou" event aims to promote high-quality agricultural products from Heilongjiang Province to consumers in the Yangtze River Delta region, emphasizing cultural exchange and culinary experiences [1][6]. Group 1: Event Overview - The event took place from June 29 to July 1, organized by Heilongjiang Provincial Agricultural and Rural Affairs Department and other local entities, featuring various culinary experiences and product showcases [1][6]. - It included performances, brand promotions, signing ceremonies, and product displays from various regions, highlighting the unique flavors and cultural significance of Heilongjiang's agricultural products [5][6]. Group 2: Product and Brand Promotion - Heilongjiang's "Black Soil Quality Products" brand is a provincial agricultural public brand, established through a collaborative effort of 19 units since 2022, focusing on quality enhancement and marketing strategies [3][4]. - The brand encompasses a wide range of products, including rice, soybeans, fresh corn, and high-end meats, aiming to resonate with the growing demand for green and organic products in the Yangtze River Delta [3][4]. Group 3: Market Strategy - The event aims to create a "direct supply + channel integration" distribution system, collaborating with local agricultural associations and supply chain companies to enhance market reach [4]. - The Yangtze River Delta, with a population exceeding 230 million and high disposable income, presents a significant market opportunity for "Black Soil Quality Products," aligning with consumer preferences for quality and ecological value [4][5]. Group 4: Consumer Engagement - The event features immersive experiences for consumers, including tasting sessions and cultural displays, to foster brand recognition and appreciation for Heilongjiang's agricultural heritage [5][6]. - E-commerce initiatives are also part of the strategy, with plans to connect with major platforms like Alibaba to enhance online visibility and sales [5].

Overview - China, as a populous country, has a massive demand for food, with grain demand projected to reach 861.77 million tons in 2024, while production is only expected to be 706.5 million tons, necessitating significant imports [1][9]. - The demand for feed grains such as corn and soybeans has surged due to increased consumption of livestock products as living standards rise [1][9]. Market Policies - The Chinese government emphasizes food security and has implemented various policies to control import scales and ensure the quality of imported grains [4][6]. - Recent policies include support for cross-border e-commerce and measures to stabilize foreign trade growth, reflecting a commitment to enhancing the agricultural sector [4][6]. Industry Chain - The upstream of the imported grain industry includes overseas grain planting, ocean transportation, and cold chain logistics, while the downstream consists of oil extraction, flour processing, feed production, and food processing [7]. - Key products processed from imported grains include edible oils, various flours, and animal feed, which are essential for meeting domestic consumption needs [7]. Current Development - In 2024, China is expected to import 15.753 million tons of grain, a decrease of 2.3% year-on-year, with an import dependency rate of 18.28% [11]. - Soybeans remain the largest import category, accounting for 66.67% of total imports, followed by corn and wheat at 8.66% and 2.74%, respectively [11]. Competitive Landscape - The competitive landscape includes 344 companies applying for wheat import quotas and 1,453 for corn, with major state-owned enterprises like COFCO Group holding significant market influence due to their comprehensive logistics and storage capabilities [14][22]. - COFCO Group is a leading player in the grain import sector, with a global supply chain covering grain storage, logistics, processing, and trade [22]. Industry Representative Analysis - COFCO Group has established itself as a global leader in the agricultural sector, with operations spanning across six continents and an annual grain trading volume of 170 million tons [22]. - Jin Jian Rice Industry Co., Ltd. focuses on high-quality grain and oil products, with a revenue of 4.627 billion yuan in 2024, indicating a strong presence in the agricultural trade market [24]. Development Trends - Future trends indicate a diversification in imported grain types, with an expected increase in high-end edible oils, quality rice, and specialty grains [26]. - China aims to optimize its import structure and expand its sources of grain imports, reducing reliance on single markets and enhancing trade cooperation with countries along the Belt and Road Initiative [26].

黑龙江分所 RETHE ST EIJING YUECHENG LAW FIRM 受黑龙江北大荒农业股份有限公司(以下简称"公司")聘请,北 京岳成(黑龙江)律师事务所指派律师出席了公司 2025 年第一次临时 股东大会,并依据《中华人民共和国公司法》(以下简称"《公司法》") 《上市公司股东会规则》(以下简称"《股东会规则》")《上海证券 交易所上市公司自律监管指引第1号 -- 规范运作》及《黑龙江北大荒 农业股份有限公司章程》(以下简称"《公司章程》")的规定,出具 本法律意见书。 为出具本法律意见书,本所及本所律师依据《中华人民共和国证券 法》《律师事务所从事证券法律业务管理办法》和《律师事务所证券法 律业务执业规则(试行)》等规定及本法律意见书出具目以前已经发生或 者存在的事实,严格履行了法定职责,遵循了勤勉尽责和诚实信用原则, 对本次股东大会所涉及的相关事项进行了充分的核查验证,核查了本所 认为出具本法律意见书所需的相关文件、资料,并参与了公司本次股东 大会的全过程。本所保证本法律意见所认定的事实真实、准确、完整, 北京 · 上海 · 广州 · 深圳 · 杭州 · 南京 · 西安 · 成都 · 重庆 ...

黑龙江北大荒农业股份有限公司 2025年第一次临时股东大会决议公告 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 证券代码：600598 证券简称：北大荒 公告编号：2025-026 (一)股东大会召开的时间：2025 年 6 月 24 日 (二)股东大会召开的地点：哈尔滨市南岗区汉水路 263 号本公司 3 楼会议室 (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 | 687 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,189,891,177 | | 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 | 66.9350 | | 份总数的比例（%） | | (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。 会议由公司董事长马忠峙先生主持，本次会议采取现场投票与网络投票相结 合的方式进行表决，会议召开及表决的方式符合《公司法》及 ...

Group 1: Pet Economy - The pet economy continues to show high growth, with over 400 pet brands achieving sales growth of over 100% year-on-year during the "618" shopping festival [1] - The number of pet transaction users increased by 32% year-on-year, while new pet owners grew by 39% [1] - Top brands in various pet food categories include Royal Canin and Maffidi for cat and dog dry food, and Maffidi and Zeal for cat and dog snacks/wet food [1] Group 2: Pig Prices - The average price of external three yuan pigs rose to 14.22 yuan/kg, a week-on-week increase of 1.43% [2] - The average price of piglets decreased to 31.85 yuan/kg, down 3.16% week-on-week [2] - The average weight of market pigs decreased slightly to 128.28 kg, while the inventory rate of frozen products increased to 14.04% [2] Group 3: Grain Prices - Prices for corn, soybean meal, and wheat have increased, with corn averaging 2417.06 yuan/ton (up 0.47%), soybean meal at 3015.14 yuan/ton (up 1.59%), and wheat at 2441.67 yuan/ton (up 0.46%) [3] - Weather conditions and trade dynamics are influencing corn prices, while soybean meal prices are affected by supply concerns from the U.S. and geopolitical tensions [3] Group 4: Investment Recommendations - The pig farming sector is expected to enter a long-term profit growth phase after inventory reduction, with recommended companies including Juxing Agriculture, Shennong Group, and Muyuan Foods [4] - The post-cycle sector is seeing a recovery in feed and veterinary demand, with companies like Haida Group and Ruipu Biotech recommended [4] - The planting chain is showing positive fundamentals with rising grain prices, suggesting investment opportunities in companies like Suqian Agricultural Development and Beidahuang [4] - The pet food industry is in a growth phase, with increasing recognition of domestic brands and recommended companies including Guibao Pet and Zhongchong Co. [4]

Group 1 - The core activity involves a live streaming anniversary event organized by Beidahuang Agricultural Co., Ltd. and Hulin E-commerce Center to promote agricultural products and enhance consumer engagement [1] - The live stream showcased the growth of rice crops and the advantages of local agricultural resources, with hosts interacting with viewers and offering promotions [2] - The collaboration aims to deepen the integration of agriculture, culture, and tourism, attracting viewers to consider visiting the production site [2] Group 2 - The e-commerce hosts emphasized the importance of sharing high-quality agricultural products and providing a satisfying shopping experience for consumers [2] - The live streaming format serves as a platform for storytelling about the brand "Qingzhen," aiming to connect consumers with the agricultural process and the dedication of farmers [2]

黑龙江北大荒农业股份有限公司 关于工会委员会选举职工董事的公告 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。 黑龙江北大荒农业股份有限公司（以下简称："公司"）根据《公司法》《黑 龙江省企业事业单位职工代表大会条例》和《公司章程》的相关规定，公司工会 委员会于 2025 年 6 月 14 日组织召开了公司职代会职工代表团团长、副团长以及 各分公司负责人组成的联席会议，对第七届董事会职工董事进行了选举。 本次会议采取不记名投票，选举苑丽女士为公司第七届董事会职工董事，任 期与第七届董事会保持一致。 特此公告。 附件：苑丽女士简历 证券代码：600598 证券简称：北大荒 公告编号：2025-025 二〇二五年六月十八日 1 附件： 苑丽女士简历 苑丽，女，汉族，1985 年生，研究生学历，高级农艺师。2009 年 7 月参加 工作，历任黑龙江北大荒农业股份有限公司七星分公司研发中心技术员、副主任； 黑龙江农垦建三江管理局七星农场农业技术推广中心党支部副书记、党支部书 记、旅游局局长；北大荒农垦集团总公司（农垦总局）团委副 ...

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。 黑龙江北大荒农业股份有限公司（以下简称："公司"）根据《公司法》《黑 龙江省企业事业单位职工代表大会条例》和《公司章程》的相关规定，公司工会 委员会于 2025 年 6 月 14 日组织召开了公司职代会职工代表团团长、副团长以及 各分公司负责人组成的联席会议，对第七届董事会职工董事进行了选举。 本次会议采取不记名投票，选举苑丽女士为公司第七届董事会职工董事，任 期与第七届董事会保持一致。 特此公告。 附件：苑丽女士简历 证券代码：600598 证券简称：北大荒 公告编号：2025-025 黑龙江北大荒农业股份有限公司董事会 二〇二五年六月十八日 附件： 黑龙江北大荒农业股份有限公司 关于工会委员会选举职工董事的公告 苑丽女士简历 苑丽，女，汉族，1985 年生，研究生学历，高级农艺师。2009 年 7 月参加 工作，历任黑龙江北大荒农业股份有限公司七星分公司研发中心技术员、副主任； 黑龙江农垦建三江管理局七星农场农业技术推广中心党支部副书记、党支部书 记、旅游局局长；北大荒 ...

二〇二五年六月二十四日 黑龙江北大荒农业股份有限公司 2025 年第一次临时股东大会会议须知 为维护投资者合法权益，确保公司股东大会顺利召开，根据《公司法》《上 市公司股东大会规则》及《公司章程》的有关规定，特制定如下会议须知，望出 席股东大会的全体人员遵照执行。 一、本次大会采取现场投票与网络投票相结合的表决方式进行。 二、出席会议的股东或其委托代理人，按其所代表的有表决权的股份数额行 使表决权，每一股份享有一票表决权。 黑龙江北大荒农业股份有限公司 2025 年第一次临时股东大会会议资料 三、本次会议现场采用记名填表投票方式表决。全部议案宣读后，开始填票 表决，由监票人收集股东大会表决票，统计现场投票结果。 四、本次会议设监票人三名，由本公司监事及股东代表担任。监票人负责议 案表决时的票权统计核实，见证律师见证统计过程。 五、会议主持人宣布现场投票表决结果，待网络投票结束后与网络投票结果 合并。合并后的表决情况和表决结果将在公司指定披露报纸和上交所网站公告。 六、出席会议人员应遵守会场纪律及股东大会议事规则，会议期间禁止大声 喧哗。 七、股东或其委托代理人有质询、意见、或建议时，应举手示意，得到会议 主持 ...