Group 1 - The company, Fucheng Co., Ltd. (stock code: 600965), announced that it will hold its first extraordinary general meeting of shareholders for 2026 on January 16, 2026, at 14:30 [1] - The agenda includes a proposal to change the accounting firm [1] - The record date for shareholders to attend the meeting is set for January 9, 2026, and the meeting will be conducted through a combination of on-site and online voting [1]

Company Overview - Fucheng Co., Ltd. (SH 600965) announced a board meeting held on December 29, 2025, via telecommunication to discuss the proposal for changing the accounting firm [1] - As of the report, Fucheng's market capitalization stands at 4.9 billion yuan [1] Revenue Composition - For the first half of 2025, Fucheng's revenue breakdown is as follows: - Food processing industry: 67.76% - Funeral industry: 13.31% - Catering industry: 11.79% - Other businesses: 3.66% - Animal husbandry: 3.31% [1]

证券代码：600965 证券简称：福成股份 公告编号：2025-030 河北福成五丰食品股份有限公司 关于变更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法律责任。 重要内容提示： ●拟聘任的会计师事务所名称：深圳市泓毅会计师事务所（特殊普通合伙） （以下简称"泓毅会计师事务所"）。 ●原聘任的会计师事务所名称：永拓会计师事务所（特殊普通合伙） （以下简称"永拓会计师事务所"）。 ●变更会计师事务所的原因及情况说明：鉴于 2025 年 12 月 10 日，中国证 券监督管理委员会江苏监管局行政处罚决定书〔2025〕24 号中对永拓会计师事 务所作出禁止永拓会计师事务所(特殊普通合伙)从事证券服务业务的行政处罚。 为避免影响公司 2025 年度审计业务，结合公司实际情况，故而公司拟聘任泓毅 会计师事务所成为公司 2025 年度财务报表及内部控制审计机构。公司就变更会 计师事务所相关事项与前后任会计师事务所进行了充分沟通，双方均已确认本次 变更会计师事务所事项无异议。 ●公司董事会及审计委员会对本次变更会计师事务所事项 ...

重要内容提示： 一、 召开会议的基本情况 证券代码：600965 证券简称：福成股份 公告编号：2025-031 河北福成五丰食品股份有限公司 关于召开2026年第一次临时股东会的通知 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。 (五) 网络投票的系统、起止日期和投票时间。 (一) 股东会类型和届次 2026年第一次临时股东会 召开的日期时间：2026 年 1 月 16 日 14 点 30 分 召开地点：河北省三河市燕郊高新区京榆大街 963 号公司会议室 股东会召开日期：2026年1月16日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东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 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 1 月 16 日 至2026 年 1 月 16 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 东会召开当日的交易时 ...

证券代码：600965 证券简称：福成股份 公告编号：2025-029 河北福成五丰食品股份有限公司 关于第九届董事会第五次会议决议的公告 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。 2025 年 12 月 25 日，河北福成五丰食品股份有限公司（以下简称"公司"） 以电子邮件的方式发出关于第九届董事会第五次会议通知，并于 2025 年 12 月 29 日以通讯表决的方式召开，会议应到董事七人，实到董事七人。会议由董事 长李良先生主持，公司高级管理人员列席了本次会议。本次会议的召集、召开和 表决程序符合《公司法》、《证券法》等有关法律法规和公司章程的规定。 会议审议并一致通过了如下决议： 以上第 1 项议案须提交公司 2026 年第一次临时股东会审议。 1、审议《关于更换会计师事务所的议案》； 表决结果：7 票同意，0 票弃权，0 票反对。 本议案已经公司第九届董事会审计委员会 2025 年第五次会议审议通过。 2、审议《关于召开 2026 年第一次临时股东会的议案》； 表决结果：7 票同意，0 票弃权，0 票反对。 ...

Group 1 - The aquaculture sector increased by 1.58% on December 29, with Jingji Zhino leading the gains [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] - Key stocks in the aquaculture sector showed varied performance, with Jingji Zhino rising by 10.01% to a closing price of 16.27 [1] Group 2 - The main funds in the aquaculture sector saw a net inflow of 90.42 million yuan, while retail funds had a net inflow of 10.91 million yuan [2] - Major stocks like Muyuan Foods and Wen's Foodstuffs experienced significant net outflows from retail investors [3] - Jingji Zhino had a net inflow of 67.42 million yuan from main funds, indicating strong institutional interest [3]

Group 1 - The aquaculture sector increased by 0.37% on December 26, with Fucheng Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] - Fucheng Co., Ltd. saw a closing price of 6.13, with a rise of 6.98% and a trading volume of 618,000 shares, amounting to a transaction value of 380 million yuan [1] Group 2 - The main funds in the aquaculture sector experienced a net outflow of 77.73 million yuan, while retail investors saw a net inflow of 41.84 million yuan [2] - The trading data indicates that Fucheng Co., Ltd. had a net inflow of 51.83 million yuan from main funds, representing 13.63% of its trading volume [3] - Other companies like Tianyu Biological and Xinfeng also showed varying levels of net inflow and outflow from different investor categories [3]

Group 1 - The aquaculture sector increased by 0.19% on December 25, with Jingji Zhino leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] - Key stocks in the aquaculture sector showed varied performance, with Jingji Zhino rising by 4.65% to a closing price of 14.86 [1] Group 2 - Major stocks that declined included Luoniushan, which fell by 3.65% to a closing price of 9.78, and Mu Yuan Shares, which decreased by 0.35% to 47.95 [2] - The aquaculture sector experienced a net outflow of 46.32 million yuan from institutional investors, while retail investors saw a net inflow of 206 million yuan [2][3] - The stock with the highest net inflow from retail investors was Wen's Shares, with an inflow of 10.37 million yuan [3]

Livestock Sector - The pig farming industry is entering a "new cost competition pattern," with overall micro-profitability expected in 2025, and leading companies becoming stronger [1] - The production capacity of breeding sows is at a reasonable high level, with policy guidance aimed at reduction, leading to weaker price fluctuations [1] - Key companies to focus on include Muyuan Foods (牧原股份), Wens Foodstuff Group (温氏股份), and Lihua Agricultural (立华股份) [1] Beef Cattle Industry - The beef cattle industry is experiencing a deep supply clearance, similar to the pig industry before 2019, with significant risks of overcapacity due to prolonged losses [2] - In November 2024, the loss per head reached over 1,600 yuan, marking eight consecutive months of losses exceeding 1,000 yuan, prompting accelerated culling of breeding cows [2] - The cow production cycle (PSY) is only 1, significantly lower than the breeding sow PSY of 30, indicating a substantial reduction in beef supply expected by 2026 [2] - Recommended stocks include Youran Dairy (优然牧业) and Fucheng Group (福成股份) [2] Edible Mushroom Industry - The industry is seeing a rational return of production capacity, with leading companies solidifying their market positions [3] - The artificial cultivation of Cordyceps is entering a performance release phase, opening a second growth curve [3] - Traditional products like enoki mushrooms are experiencing alleviated overcapacity, with stable CR5 [3]

Core Insights - The swine industry is entering a "cost competition new pattern," with policy adjustments leading to weak cycles and strong differentiation, resulting in overall micro-profitability in 2025, favoring leading enterprises [4][5] - The beef industry is experiencing a significant supply reduction, creating a large cycle, with domestic beef farming being highly fragmented and facing substantial overcapacity risks due to prolonged losses [4][5] - The edible fungus sector is seeing a rational return of industry capacity, with leading companies solidifying their market positions, particularly in the artificial cultivation of Cordyceps sinensis [4][5] Swine Industry - The breeding sector is characterized by a new cost competition landscape, with the overall industry expected to be micro-profitable in 2025, while leading companies maintain strong profitability [4] - The number of breeding sows is at a reasonable high level, with policies guiding reductions, leading to weaker price fluctuations [4] - Recommended companies include Muyuan Foods (牧原股份), Wens Foodstuffs (温氏股份), and Lihua Agricultural (立华股份) [4] Beef Industry - The beef industry is undergoing deep supply clearance, with significant fragmentation in domestic beef farming, where over 90% of farmers have fewer than 10 cattle [4] - In 2024, beef prices hit a five-year low, with losses exceeding 1,600 yuan per head for eight consecutive months, accelerating the elimination of breeding cows [4] - Recommended companies include Youran Dairy (优然牧业) and Fucheng Co., Ltd. (福成股份) [4] Edible Fungus Sector - The industry is rationally returning to capacity, with leading companies consolidating their market positions [4] - The artificial cultivation of Cordyceps sinensis is entering a performance release period, opening a second growth curve [4] Supply Dynamics in Swine Industry - The supply dynamics of breeding sows are changing in three phases: expansion, stabilization, and reduction, with a notable decrease in sow inventory expected in the latter half of 2025 [15][19] - The feed consumption trends indicate a correlation with sow inventory changes, with feed sales peaking in September 2025 [17] - The profitability of self-breeding operations remains positive despite recent price declines, but losses have begun to emerge as prices drop below 14 yuan per kilogram [20] Cost Trends - The overall trend in breeding costs is declining, supported by lower corn and soybean meal prices, with costs for large-scale and purchased pig farming at 12.40 yuan/kg and 13.31 yuan/kg respectively [34] - The pig-to-grain price ratio has dropped significantly, indicating worsening profitability for farmers [36] Market Opportunities - The "anti-involution" policy is seen as a catalyst for market opportunities, with government efforts to guide production capacity adjustments and improve product quality [58] - The current valuation of the swine breeding sector is at historical lows, with potential for profit recovery as supply reduces and prices stabilize [60] Long-term Outlook - The long-term outlook for the swine industry is shaped by supply-side reforms and capacity reductions, with a strong expectation for capacity restructuring [64] - The policy environment is focused on reducing inefficient production capacity, enhancing the competitive position of leading companies [64]