2025 年第四次临时股东会会议资料 江苏省农垦农业发展股份有限公司 2025 年第四次临时股东会 会议资料 股票代码：601952 2025 年 9 月 三、与会人员应听从工作人员的指引，遵守会议规则，维护会议秩序。 四、股东如要求会议发言，请在会前与公司董事会办公室联系并填写《股东 发言登记表》，由会议主持人根据会议程序和时间等条件确定发言人员。公司董 事会成员和高级管理人员应当认真负责、有针对性地集中回答股东问题，发言和 回答时间由会议主持人掌握。 五、未经公司董事会同意，除公司工作人员外的任何股东不得以任何方式进 行摄像、录音、拍照。 | | | 2025 年第四次临时股东会会议资料 江苏省农垦农业发展股份有限公司 2025 年第四次临时股东会会议须知 为了维护江苏省农垦农业发展股份有限公司（下称"公司"或"苏垦农发"）全 体股东的合法权益，确保本次股东会的正常秩序和议事效率，保证会议的顺利进 行，依据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东 会规则》以及公司章程、股东会议事规则的有关规定，特制订本须知： 一、公司董事会在本次股东会筹备工作和召开过程中，应当认真履行法定职 责，维 ...

Group 1 - The core viewpoint of the articles highlights the positive performance of agricultural stocks and the grain industry index, with specific stocks like Agricultural Products (000061) and Cangge Mining (000408) showing significant increases in value [1][2] - As of August 29, 2025, the National Grain Industry Index (399365) has seen a rise in its component stocks, with a notable increase of 9.96% for Agricultural Products and 6.00% for Cangge Mining [1] - The total early rice production in China for 2025 is projected to be 28.513 million tons (570.3 billion jin), reflecting a year-on-year increase of 339,000 tons (6.8 billion jin), or 1.2% [1] Group 2 - The National Grain Industry Index (399365) closely tracks the performance of listed companies related to the grain industry on the Shanghai and Shenzhen stock exchanges [2] - As of July 31, 2025, the top ten weighted stocks in the National Grain Industry Index account for 50.43% of the index, with major companies including Dabeinong (002385) and Longping High-Tech (000998) [2] - The industry is expected to benefit from ongoing support policies for seed industry and the maturation of new biological breeding technologies, which may optimize the competitive landscape [1]

Core Viewpoint - Su Keng Agricultural Development (601952.SH) reported a decline in both revenue and net profit for the first half of 2025, continuing a trend of poor performance from 2023 and 2024 due to pressure on agricultural product prices and high costs [1][2] Financial Performance - In the first half of 2025, the company achieved revenue of 4.588 billion yuan, a year-on-year decrease of 9.26%, compared to a 4.37% decline in the same period last year [2] - The net profit attributable to shareholders was 213.2 million yuan, down 27.71% year-on-year, contrasting with a 4.84% increase in the previous year [2] - The company's main business revenue was 4.533 billion yuan, a decline of 9.13% year-on-year, with only three out of nine major products showing revenue growth [3] Product Sales - Key products such as agricultural inputs, edible oil, and rice saw significant revenue declines of 30.73%, 17.9%, and 30.72% respectively, with their contributions to total revenue being 21.52%, 20.36%, and 12.12% [3] - The overall gross margin decreased from 13.11% to 12.03%, while the net profit margin fell from 6.05% to 4.87% due to relatively stable operating expenses [3] Subsidiary Performance - Six major subsidiaries reported significant profit declines, with net profits dropping by 46.95% to 73.83% year-on-year [4] Investment Projects - The company has two ongoing fundraising projects aimed at enhancing seed and rice production capacity, but both have faced delays and uncertainties regarding their impact on future performance [5][6] - The "Dahua Seed Industry Group Expansion Project" is expected to be completed by December 2025, while the "Su Keng Rice Industry Group Expansion Project" has been adjusted to include fewer new production lines and is now set for completion by July 2026 [7] - The overall market environment has changed significantly since the initiation of these projects, with rice business revenues declining by 3.69% and 30.72% in 2024 and the first half of 2025 respectively [7]

Group 1 - The core point of the news is that Suqian Agricultural Development (601952) has seen a net financing inflow of 332.56 million yuan on August 27, 2025, with a total financing balance of 2.43 billion yuan, indicating a positive trend in investor sentiment [1][4]. - Over the past three trading days, the company has recorded a cumulative net inflow of 705.53 million yuan, with 13 out of the last 20 trading days showing net financing inflows [1][4]. - The financing balance increased by 1.43% compared to the previous day, reflecting a growing interest in the company's stock [4]. Group 2 - On the same day, the company experienced a net short selling of 14,200 shares, with a total short selling balance of 165,500 shares [2][3]. - The total margin trading and short selling balance reached 2.44 billion yuan, which is an increase of 344.81 million yuan from the previous day [4]. - The data indicates that there have been 11 days of net short selling in the last 20 trading days, suggesting a mixed sentiment among investors regarding the stock's future performance [2][3].

Core Insights - The planting industry sector experienced a slight increase of 0.29% on August 26, with Kangnong Seed leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Sector Performance - Kangnong Seed (837403) closed at 26.93, up 3.02% with a trading volume of 62,200 shares and a transaction value of 167 million yuan [1] - Other notable performers included: - Bowan Technology (600883) at 8.51, up 1.79% [1] - Dunhuang Seed (600354) at 6.84, up 1.79% [1] - Jinhai Seed (002041) at 10.15, up 0.89% [1] - Zhongxing Fungi (002772) at 8.32, up 0.85% [1] Capital Flow - The planting industry sector saw a net outflow of 275 million yuan from major funds, while retail investors contributed a net inflow of 253 million yuan [2] - The following companies had significant capital flows: - Dunhuang Seed (600354) had a net inflow of 15.99 million yuan from major funds [3] - Bowan Technology (600883) saw a net inflow of 6.47 million yuan from major funds [3] - Zhongxing Fungi (002772) experienced a net inflow of 4.66 million yuan from major funds [3]

Market Overview - On August 25, the planting industry sector rose by 0.66% compared to the previous trading day, with Qianyin High-Tech leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Stock Performance - Qianyin High-Tech (300087) closed at 9.72, with a gain of 3.29% and a trading volume of 691,600 shares, amounting to a transaction value of 667 million yuan [1] - Other notable stocks included: - Kangnong Seed Industry (837403) at 26.14, up 1.95% [1] - Shennong Seed Industry (300189) at 5.05, up 1.61% [1] - Beidahuang (600598) at 15.21, up 1.40% [1] Capital Flow - The planting industry sector experienced a net outflow of 187 million yuan from institutional investors, while retail investors saw a net inflow of 174 million yuan [2] - The overall capital flow indicates that retail investors are more active in the sector compared to institutional investors [2] Individual Stock Capital Flow - Qianyin High-Tech had a net inflow of 29.8 million yuan from institutional investors, but a net outflow from retail investors of 20.4 million yuan [3] - Other stocks with significant capital flow included: - Longping High-Tech (000998) with a net inflow of 28.9 million yuan from institutional investors [3] - Su Kuan Agricultural Development (601952) with a net inflow of 17.7 million yuan from institutional investors [3]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The pork market is experiencing an oversupply, leading to a continued decline in pork prices [2] - The planting industry is focusing on pest control for autumn crops, which is crucial for achieving the annual grain production target of approximately 1.4 trillion jin [11] - The commercialization of genetically modified crops is expected to accelerate, enhancing self-sufficiency in key varieties [11] Summary by Sections Planting Industry - A national meeting was held to address pest control for autumn crops, emphasizing its importance for overall grain yield [11] - The autumn crop accounts for three-quarters of the annual grain production, making pest control critical [11] - The Ministry of Agriculture is promoting the protection of new plant varieties to support innovation in the seed industry [11] - Recommended stocks include Beidahuang and Suqian Agricultural Development in the planting sector, and major seed companies like Dabeinong and Longping High-Tech [11] Swine Farming - The average price of external three-breed pigs is 13.80 yuan/kg, with a slight weekly decrease of 0.07% [2] - Demand remains weak, and there are no immediate positive factors expected to boost demand [2] - The number of breeding sows has decreased to 40.43 million, down 370,000 from the peak last year [2] - Recommended stocks in the breeding sector include DeKang Agriculture, Jingji Zhino, Muyuan Foods, and Wen's Foodstuffs [2] Key Agricultural Products Data Tracking - Corn: The average price is 2385.10 yuan/ton, down 0.39% week-on-week [24] - Wheat: The average price is 2435.58 yuan/ton, down 0.10% week-on-week [27] - Rice: The average price for japonica rice is 2892.80 yuan/ton, down 0.66% week-on-week [32] - Soybeans: The average price is 3952.63 yuan/ton, up 0.27% week-on-week [37] - Cotton: The average price in Xinjiang is 15090.00 yuan/ton, up 0.18% week-on-week [42] Feed and Vitamin Prices - The average price of pig feed is 2.71 yuan/kg, down 0.37% week-on-week [49] - The average price of vitamin E is 67.50 yuan/kg, unchanged week-on-week [49]

Group 1 - The article highlights the recent investment activities of several prominent private equity firms in the A-share market, particularly focusing on consumer stocks and other sectors [1][4][11] - The investment by the Ge family in Kuaijishan marks a rare shift towards consumer stocks, as they have previously favored technology and growth sectors [2][3][4] - Kuaijishan's stock price saw a significant increase of 93.19% in Q2, rising from approximately 11 CNY per share to a peak of 26.39 CNY [4][6] Group 2 - Ge Weidong holds 4.97 million shares of Kuaijishan, valued at approximately 99 million CNY, while his sister holds 13.80 million shares valued at around 275 million CNY [2][3] - High Yi Asset's Feng Liu has entered the top ten shareholders of Taiji Group with 20 million shares, valued at 426 million CNY, while also increasing stakes in Longbai Group and Angel Yeast [8][9] - Taiji Group reported a significant decline in revenue and net profit for the first half of the year, with total revenue of 5.658 billion CNY, down 27.63%, and net profit of 139 million CNY, down 71.94% [9][10] Group 3 - Ningquan Asset, led by Yang Dong, has newly invested in Tianhao Energy, holding 14.56 million shares valued at 74 million CNY, and increased its position in Zhouming Technology [11][12] - Rui Jun Asset's Dong Chengfei has newly invested in Yangjie Technology and Rabbit Baby, with holdings valued at 133 million CNY and 59 million CNY respectively [11][13] - Renqiao Asset's Xia Junjie has increased holdings in New Classic and Su Keng Agricultural Development, with total shares valued at 44 million CNY and 140 million CNY respectively [11][14]

Group 1: Investment Activities of Notable Private Equity Firms - The Ge family, led by Ge Weidong, has made a rare investment in consumer stocks, specifically entering the shareholder list of Huangjiu brand Kuaijishan [1][5] - Gao Yi Asset's Feng Liu has newly invested in Taiji Group, holding 20 million shares valued at 426 million yuan, while also increasing positions in Longbai Group and Angel Yeast [1][11] - Ningquan Asset, managed by Yang Dong, has entered the shareholder list of clean energy company Tianhao Energy, holding 14.56 million shares valued at 74 million yuan [1][13] - Rui Jun Asset's chief researcher Dong Chengfei has newly invested in power semiconductor company Yangjie Technology and decorative board leader Tubao, while reducing holdings in Chipongwei [1][14] - Renqiao Asset's Xia Junjie has increased positions in New Classics and Su Kuan Agricultural Development, holding 2.29 million shares valued at 44 million yuan and 14.22 million shares valued at 140 million yuan respectively [1][15] Group 2: Financial Performance of Kuaijishan - Kuaijishan reported a revenue of 817 million yuan for the first half of the year, representing a year-on-year growth of 11.03%, with a net profit of 93.88 million yuan, up 3.41% [1][7] - The stock price of Kuaijishan surged from approximately 11 yuan per share to a peak of 26.39 yuan per share during the second quarter, resulting in an overall increase of 93.19% [1][5] Group 3: Financial Performance of Taiji Group - Taiji Group reported total revenue of 5.658 billion yuan for the first half of the year, a year-on-year decline of 27.63%, with a net profit of 139 million yuan, down 71.94% [1][11]

Investment Rating - Industry rating: Outperform the market (maintained rating) [9] Core Insights - The pet industry is experiencing significant growth, with the Asia Pet Expo showcasing over 2,600 exhibitors and 20,000 brands, indicating a thriving market driven by globalization and innovation [2][13] - China's pet food exports have shown continuous growth, with 201,000 tons exported from January to July 2025, reflecting a year-on-year increase of 6.64% [14] - The pig farming sector is facing challenges, with the average pig price at 13.82 yuan/kg, a decrease of 3.63% from the previous week, and the average weight of pigs reaching a historical high [15][16] - The dairy sector is poised for a recovery, with the original milk price expected to rebound as production capacity decreases after a prolonged period of losses [17][18] - The poultry sector is focusing on breeding gaps, with a significant decline in the import of breeding chickens due to avian influenza concerns, which may impact future supply [19][20] - The planting sector emphasizes food security and the importance of biotechnology, with a focus on high-yield and resilient crop varieties [25] - The feed sector is recommended for investment, particularly in companies like Haida Group, which is expected to benefit from market recovery and increased market share [26] Summary by Sections Pet Sector - The Asia Pet Expo has reached a record scale of 310,000 square meters, highlighting the industry's vitality and innovation potential [2][13] - Pet food exports from China have increased, with a total of 201,000 tons exported in the first seven months of 2025, showing a year-on-year growth of 6.64% [14] - Recommended companies include pet food brands like Guibao Pet, Zhongchong Co., and Petty Co. [14] Pig Sector - The average pig price is currently at 13.82 yuan/kg, with a year-to-date low in profitability for pig farming [15][16] - The average weight of pigs is at a historical high, indicating supply pressures [15] - Recommended companies include leading pig farming firms such as Wens Foodstuffs Group and Muyuan Foods [16] Dairy Sector - Yuran Dairy reported stable performance with a revenue of 10.3 billion yuan, showing a year-on-year growth of 2.3% [17] - The dairy industry is expected to see a recovery as production capacity decreases [18] - Recommended companies include Yuran Dairy and China Shengmu Organic Milk [18] Poultry Sector - The poultry sector is facing challenges with breeding imports, particularly for white chickens, due to avian influenza [19][20] - Recommended companies include Shennong Development and Yisheng Livestock [20] Planting Sector - The focus is on food security and biotechnology, with an emphasis on high-yield and resilient crop varieties [25] - Recommended companies include Longping High-Tech and Dabeinong Technology Group [25] Feed Sector - Haida Group is highlighted as a key investment opportunity due to its increasing market share and performance [26] - The animal health sector is also recommended, particularly companies like Kexin Biological [27]