相关上市企业：中国圣牧（01432）、新五丰（600975）、隆平高科（000998）、登海种业 （002041）、农发种业（600313）、荃银高科（300087）、国投丰乐（000713）、牧原股份 （002714）、温氏股份（300498）、新希望（000876）等。 相关企业：山东视界牧业有限公司、现代牧业（集团）有限公司、君乐宝乳业集团股份有限公司、陕西 粮农集团有限责任公司、河北三田乳业有限公司、山东得益乳业股份有限公司、绿都集团股份有限公 司、武汉供销现代农业集团有限公司、安徽安泰农业集团公司、河南中鹤现代农业开发集团有限公司、 安徽省高策现代农业科技园有限责任公司等。 关键词：种养加一体化行业相关政策、种养加一体化行业产值、种养加一体化行业竞争格局、种养加一 体化行业发展趋势 一、种养加一体化行业相关概述 种养加一体化是指将种植业、养殖业与加工业紧密结合，通过产业链的延伸和资源循环利用，实现生态 效益和经济效益的双赢。通过将畜禽养殖的粪便和有机物转化为有机肥，为种植业提供了源源不断的养 分。同时，种植业生产的作物又成为畜禽养殖的天然食源，形成了良性的生态循环。而种植与养殖所产 出的产品，大多属 ...

Core Insights - The aquaculture sector experienced a 1.0% increase on October 31, with Tianyu Biological leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Aquaculture Sector Performance - Tianyu Biological (603717) closed at 9.16, up 4.93% with a trading volume of 254,000 shares and a transaction value of 234 million [1] - Huaying Agriculture (002321) closed at 2.90, up 4.69% with a trading volume of 654,900 shares and a transaction value of 188 million [1] - Other notable performers include *ST Tianshan (300313) up 3.34%, Luoniushan (000735) up 2.37%, and Xiaoming Co. (300967) up 1.65% [1] Capital Flow Analysis - The aquaculture sector saw a net inflow of 290 million from institutional investors, while retail investors experienced a net outflow of 190 million [2] - Major stocks like Muyuan Foods (002714) had a net inflow of 203 million, while Wens Foodstuffs (300498) had a net inflow of 61 million [3] - The overall trend indicates a shift in capital, with institutional investors showing confidence in the sector while retail investors are withdrawing [2][3]

Core Points - The aquaculture sector experienced a decline of 1.31% on October 30, with Tianyu Biology leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Yisheng Co. (002458) closed at 9.03, up 0.33% with a trading volume of 97,800 shares and a turnover of 88.43 million yuan [1] - Xiantan Co. (002746) closed at 6.31, up 0.32% with a trading volume of 154,800 shares and a turnover of 97.81 million yuan [1] - Tianyu Biology (603717) closed at 8.73, down 3.64% with a trading volume of 155,200 shares and a turnover of 137 million yuan [2] - Huaying Agriculture (002321) closed at 2.77, down 3.15% with a trading volume of 424,400 shares and a turnover of 119 million yuan [2] Capital Flow - The aquaculture sector saw a net outflow of 188 million yuan from institutional investors, while retail investors had a net inflow of 141 million yuan [2] - The main capital inflow and outflow for specific stocks included: - Jingji Zhinnong (000048) had a net inflow of 19.99 million yuan from main capital [3] - Wens Foodstuff Group (300498) had a net inflow of 7.96 million yuan from main capital [3] - Yisheng Co. (002458) had a net inflow of 3.79 million yuan from main capital [3]

Core Insights - The aquaculture sector experienced a slight increase of 0.07% on October 29, with Luo Niushan leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Aquaculture Sector Performance - Luo Niushan (000735) closed at 7.17, with a rise of 4.98% and a trading volume of 686,700 shares [1] - Yisheng Co. (002458) closed at 9.00, up 1.12%, with a trading volume of 119,500 shares [1] - Xiantan Co. (002746) closed at 6.29, up 0.96%, with a trading volume of 164,100 shares [1] - Shengnong Development (002299) closed at 16.91, up 0.96%, with a trading volume of 105,700 shares [1] - New Hope (000876) closed at 9.78, up 0.31%, with a trading volume of 225,700 shares [1] - Wens Foodstuff Group (300498) closed at 18.28, up 0.27%, with a trading volume of 383,700 shares [1] - Muyuan Foods (002714) closed at 50.40, down 0.04%, with a trading volume of 216,600 shares [1] Capital Flow Analysis - The aquaculture sector saw a net outflow of 70.05 million yuan from institutional investors, while retail investors had a net inflow of 89.02 million yuan [2] - The main capital inflow was observed in Luo Niushan, with a net inflow of 72.65 million yuan, despite a net outflow from retail and speculative investors [3] - Other companies like Xiantan Co. and Zhengbang Technology experienced mixed capital flows, with some seeing net outflows from institutional and speculative investors [3]

Group 1 - The core point of the article is that New Wufeng (SH 600975) held its 19th meeting of the 6th Board of Directors on October 23, 2025, to review the proposal for the company's Q3 2025 report [1] - For the year 2024, New Wufeng's revenue composition is as follows: livestock industry accounts for 76.4%, wholesale and retail accounts for 22.81%, feed processing accounts for 0.69%, and other businesses account for 0.1% [1] - As of the time of reporting, New Wufeng has a market capitalization of 8 billion yuan [1] Group 2 - The article mentions that Chinese innovative drugs have generated $80 billion in overseas licensing this year, highlighting a hot secondary market in biomedicine, while the primary market is facing fundraising challenges [1]

Group 1 - New Wufeng reported a revenue of approximately 5.39 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 2.27% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 13.17 million yuan [1] - As of the report date, New Wufeng's market capitalization was 8 billion yuan [2] Group 2 - The Chinese innovative drug sector has sold overseas authorizations worth 80 billion US dollars this year [2] - The secondary market for biomedicine is experiencing a boom, while the primary market is facing challenges in fundraising [2]

招商证券股份有限公司 关于湖南新五丰股份有限公司 使用闲置募集资金临时补充流动资金的核查意见 招商证券股份有限公司（以下简称"招商证券"、"独立财务顾问"）作 为湖南新五丰股份有限公司（以下简称"新五丰"、"上市公司"、"公司"） 2022 年发行股份及支付现金购买资产并募集配套资金项目（以下简称"本次重 组"、"本次交易"）的持续督导独立财务顾问，根据《上市公司重大资产重 组管理办法（2025 修正）》《上市公司募集资金监管规则》《上海证券交易所 上市公司自律监管指引第 1 号——规范运作(2025 年 5 月修订)》等相关法律法 规及规范性文件的规定，对公司使用闲置募集资金临时补充流动资金事项进行 了审慎核查，具体情况如下： 一、募集资金基本情况 经中国证监会《关于核准湖南新五丰股份有限公司向湖南省现代农业产业 控股集团有限公司等发行股份购买资产并募集配套资金的批复》（证监许可 〔2022〕3238 号）核准，上市公司本次向特定对象发行人民币普通股股票 184,812,797 股 ， 发 行 价 为 每 股 人 民 币 8.39 元 ， 募 集 资 金 总 额 为 1,550,579,366.83 元，扣 ...

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： 一、募集资金基本情况 （一）募集资金基本情况 经中国证券监督管理委员会《关于核准湖南新五丰股份有限公司向湖南省现 代农业产业控股集团有限公司等发行股份购买资产并募集配套资金的批复》（证 监许可〔2022〕3238 号）核准，公司非公开发行股份募集配套资金不超过 177,000 万元。本次发行募集资金总额为 1,550,579,366.83 元，扣除不含税的发行费用人 民币 22,930,456.99 元后，实际募集资金净额为人民币 1,527,648,909.84 元。上述 募集资金已于 2023 年 6 月 20 日全部到账，已经大华会计师事务所（特殊普通合 伙）验证并出具《湖南新五丰股份有限公司发行人民币普通股实收股本的验资报 告》（大华验字[2023]000353 号）。公司已对募集资金进行专户存储管理，与独 立财务顾问、存放募集资金的商业银行签订了《募集资金三方监管协议》，并对 子公司实施募集资金投资项目的相关专户与子公司、独立财务顾问、存放募集资 金的商 ...

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。 一、董事会会议召开情况 湖南新五丰股份有限公司（以下简称"公司"）第六届董事会第十九次会议 于 2025 年 10 月 23 日（周四）以通讯方式召开。公司董事 7 名，实际参加表决 董事 7 名，会议召开程序符合《公司法》、《公司章程》及其他法律法规的规定。 二、董事会会议审议情况 经统计各位董事通讯表决票，本次会议审议表决结果如下： 证券代码：600975 证券简称：新五丰 公告编号：2025-051 湖南新五丰股份有限公司 第六届董事会第十九次会议决议公告 1、湖南新五丰股份有限公司关于公司 2025 年第三季度报告的议案 以同意票 7 票，反对票 0 票，弃权票 0 票通过了该议案，内容详见上海证 券交易所网站 www.sse.com.cn 上《湖南新五丰股份有限公司 2025 年第三季度 报告》。 此议案在提交董事会前已经公司第六届董事会审计委员会第十五次会议审 议通过。 2、关于使用闲置募集资金临时补充流动资金的议案 以同意票 7 票，反对票 0 票，弃权票 0 票通 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥1,702,197,003.85, a decrease of 16.47% compared to the same period last year[5] - The total profit for the period was a loss of ¥73,326,521.35, representing a decline of 128.60% year-on-year[5] - The net profit attributable to shareholders was a loss of ¥58,401,934.08, down 123.53% from the previous year[5] - The basic earnings per share for the period was -¥0.05, a decrease of 125% compared to the same period last year[6] - The net profit attributable to shareholders for the year-to-date was a loss of ¥13,167,492.46, a decrease of 1,171.47% year-on-year[5] - The net profit for the first three quarters of 2025 was a loss of ¥15,516,963.77, contrasting with a net profit of ¥15,498,626.26 in the same period of 2024[23] - The company's total equity decreased slightly from ¥3,213,314,714.88 in 2024 to ¥3,196,131,134.45 in 2025, a decrease of about 0.5%[20] - The company reported a significant increase in other income, which amounted to ¥20,210,191.25 in 2025 compared to ¥127,670,796.40 in 2024, indicating a decrease of approximately 84.2%[23] - The company's total comprehensive income for the first three quarters of 2025 was a loss of ¥221,773,474.93, compared to a loss of ¥124,655,604.50 in the same period of 2024[34] Assets and Liabilities - The total assets at the end of the reporting period were ¥11,936,133,400.03, a decrease of 3.41% from the end of the previous year[6] - The company reported a total current asset of RMB 3,809,643,831.62 as of September 30, 2025, an increase from RMB 3,608,880,569.99 on December 31, 2024, reflecting a growth of approximately 5.55%[17] - The company's inventory reached RMB 2,397,596,681.66 as of September 30, 2025, compared to RMB 2,074,036,960.69 at the end of 2024, indicating an increase of about 15.59%[18] - Total liabilities decreased from ¥9,144,428,167.89 in the previous year to ¥8,740,002,265.58 in the current year, a reduction of about 4.4%[20] - The total assets decreased from ¥12,357,742,882.77 in 2024 to ¥11,936,133,400.03 in 2025, representing a decline of approximately 3.4%[20] - Accounts receivable increased to ¥1,240,272,353.03 from ¥910,117,232.18, reflecting a growth of approximately 36.2%[29] - Total liabilities increased to ¥6,246,173,741.75 from ¥5,989,711,217.73, representing a growth of approximately 4.3%[31] - Shareholders' equity decreased to ¥3,894,206,123.90 from ¥4,123,120,819.75, reflecting a decline of about 5.5%[31] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥811,431,761.10, a decrease of 5.13%[5] - Total cash inflow from operating activities was ¥5,736,418,082.25, while cash outflow was ¥4,924,986,321.15, resulting in a net inflow of ¥811,431,761.10[26] - Cash flow from investing activities showed a net outflow of ¥32,257,036.05, improving from a net outflow of ¥135,206,319.18 in the previous period[26] - Cash inflow from financing activities totaled ¥1,017,324,352.26, while cash outflow was ¥1,841,727,305.54, leading to a net cash outflow of ¥824,402,953.28[27] - The ending cash and cash equivalents balance was ¥993,938,291.79, down from ¥1,422,348,637.54 in the previous period[27] - Cash flow from operating activities for the first three quarters of 2025 was ¥782,173,239.30, an increase from ¥590,942,044.24 in the same period of 2024[35] - Cash and cash equivalents at the end of the first three quarters of 2025 totaled ¥294,596,252.98, down from ¥464,252,736.92 at the end of the first three quarters of 2024[36] Research and Development - The company reported a significant increase in research and development expenses, totaling ¥133,067,283.70 in 2025 compared to ¥13,991,868.68 in 2024, marking an increase of over 850%[23] - Research and development expenses surged to ¥118,792,036.31 in the first three quarters of 2025, compared to only ¥4,734,490.27 in the same period of 2024, reflecting a strategic focus on innovation[33] Shareholder Actions - The company plans to repurchase 11,630,300 shares at a price of RMB 1.00 per share from 29 compensatory obligors, including Modern Agriculture Group and Great Wall Asset Management[14] - The fair value of the repurchased shares is estimated at RMB 16,449,292.31 based on a share price of RMB 10.45 as of December 31, 2023[14] - The company has confirmed an additional contingent consideration of RMB 9,308,071.39 for the year 2024, requiring an adjustment of RMB 7,141,220.92 to the financial statements[15]