证券代码：603363 证券简称：傲农生物 公告编号：2026-017 福建傲农生物科技集团股份有限公司 2026 年 2 月公司担保情况的公告 （一）公司及下属子公司为产业链合作伙伴提供担保的进展情况 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、担保情况概述 福建傲农生物科技集团股份有限公司（以下简称"公司"或"本公司"）于 2025 年 12 月 4 日召开的第四届董事会第二十次会议和 2025 年 12 月 26 日召开 的 2025 年第四次临时股东会审议通过了《关于 2026 年度为产业链合作伙伴提供 担保的议案》《关于 2026 年度公司及下属子公司相互提供担保的议案》，内容 包括： 1、同意公司及下属子公司 2026 年度为公司及下属子公司的下游客户、产业 链供应商等产业链合作伙伴提供不超过 3 亿元的担保。 2、同意公司及下属全资、控股子公司在 2026 年度继续相互提供担保，其中 公司为下属资产负债率低于 70%的子公司提供最高担保金额 10 亿元；公司为下 属资产负债率 70%以上的子公司提供最高担 ...

Company and Industry Summary Company Overview - The company underwent judicial restructuring in 2025, led by a state-owned enterprise consortium, with no actual controller. The revenue for 2025 is projected to be approximately 8 billion yuan, focusing on the Fujian and Jiangxi regions while divesting inefficient northern capacities. There will be no large-scale capital expenditures required in the next 2-3 years [2][3][4]. Business Segments Feed Business - The feed segment is the core business, accounting for about 60% of total revenue. In 2025, the company plans to export 1.8 million tons of feed, with a target of 2.1 to 2.2 million tons in 2026, and a long-term goal to restore exports to 3-4 million tons [2][3][4]. Pig Farming - The pig farming segment contributes over 20% to revenue. The company plans to slaughter 1.7 million pigs in 2025, with a target of 2.3 to 2.5 million in 2026. The breeding sow inventory is approximately 100,000, with a future cap set at 140,000 to 160,000 [2][3][4]. Food Processing - The food segment, which includes slaughtering and meat processing, accounts for over 10% of revenue. The company operates the largest slaughterhouses in Xiamen and Fuzhou, with new projects in Quanzhou expected to increase slaughter volume from 1.1 million to 4-5 million within 2-3 years [2][3][4]. Cost Structure - The current cost of weaned piglets is around 270-280 yuan per head, with recent market prices below 250 yuan, leading to slight losses on sales. The complete cost of fattening pigs is between 6.3-6.4 yuan per jin, with a target to maintain this level in 2026 despite rising feed costs due to international market fluctuations [5][6][11]. Sales Strategy - In 2025, the company adopted a flexible sales strategy, with 60% of sales being piglets and 40% being self-fattened pigs. In 2026, there will be a slight increase in the self-fattening ratio, but it will not be accelerated due to current market conditions [7][8]. Industry Outlook - The pig farming industry is expected to remain in a state of adjustment. The company has a relatively small sow inventory and is not under significant pressure from regulatory bodies. Historical data suggests that administrative measures may exacerbate market fluctuations [8][9][10]. Production Efficiency - The company has achieved a PSY (pigs weaned per sow per year) of over 27, with plans to increase the proportion of high-yield single-line pigs to 60-70% within 3-4 years. The overall production efficiency is improving, but challenges remain in scaling these improvements across the entire operation [20]. Future Plans - The company aims to stabilize its sow inventory at 140,000 to 160,000 and will not pursue large-scale capacity expansion. The focus will be on maintaining profitability during industry downturns and leveraging the advantages of its operational regions [19][20]. Key Clients in Food Segment - The food segment primarily serves large B-end clients such as Sam's Club and Yonghui Supermarket, as well as small B-end clients including government canteens and large chain restaurants [16][17]. Conclusion - The company is strategically positioned to recover and grow within the regional market, focusing on core competencies in feed, pig farming, and food processing while maintaining a cautious approach to expansion and cost management [2][3][4][19].

证券代码：603363 证券简称：傲农生物 公告编号：2026-016 福建傲农生物科技集团股份有限公司 关于2026年第一次临时股东会通知的更正补充公告 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。 一、 股东会有关情况 1. 原股东会的类型和届次： 2026年第一次临时股东会 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 603363 | 傲农生物 | 2026/3/31 | 二、 更正补充事项涉及的具体内容和原因 2. 原股东会召开日期：2026 年 4 月 8 日 3. 原股东会股权登记日： 4、涉及关联股东回避表决的议案：议案 1、议案 2、议案 3 应回避表决的关联股东名称：应回避的股东为拟为激励对象的股东或者与激 励对象存在关联关系的股东。 三、 除了上述更正补充事项外，于 2026 年 3 月 21 日公告的原股东会通知事 项不变。 四、 更正补充后股东会的有关情况。 福建傲农生物科技集团股份有限公司（以下简称"公司"）于 20 ...

国泰海通证券股份有限公司 关于福建傲农生物科技集团股份有限公司 （一）本次限售股上市类型 傲农生物本次上市流通的限售股类型为财务投资人在公司重整中取得的转 增股份。 2024 年 11 月 5 日，福建省漳州市中级人民法院（以下简称"漳州中院"或 "法院"）裁定受理债权人对公司的重整申请，并指定上海市锦天城律师事务所 担任公司管理人（以下简称"管理人"），具体内容详见公司于 2024 年 11 月 6 日 披露的《关于法院裁定受理公司重整及指定管理人暨公司股票被叠加实施退市风 险警示的公告》（公告编号：2024-193）。 2024 年 12 月 9 日，漳州中院裁定批准《福建傲农生物科技集团股份有限公 司重整计划》，并终止公司重整程序，具体内容详见公司于 2024 年 12 月 11 日披 露的《关于公司重整计划获得法院裁定批准的公告》（公告编号：2024-212）。 根据重整计划，本次重整以公司总股本 870,274,742 股扣除应予回购注销的 限制性股票 2,620,800 股后的 867,653,942 股为基数，按每 10 股转增 20 股的比例 实施资本公积转增股本，共计转增 1,735,307 ...

福建傲农生物科技集团股份有限公司 关于部分限售股上市流通的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 证券代码：603363 证券简称：傲农生物 公告编号：2026-015 由重整投资人受让的 1,005,000,000 股转增股票，除以上 847,000,000 股外，其 余 158,000,000 股按照重整计划及《重整投资协议》约定由实施主体受让股票，具 体内容详见公司于 2024 年 12 月 19 日披露的《关于漳州傲农投资有限公司重整执 行进展暨公司签订重整投资协议的公告》（公告编号：2024-215）。截至本公告披 露之日，实施主体已分 7 批合计过户受让 110,449,767 股，其中：第一批涉及 57 名股东合计90,596,519股，其中的55名股东合计84,448,385股已解除限售并于2026 年 1 月 29 日上市流通，具体内容详见公司于 2026 年 1 月 24 日披露的《关于部分 限售股上市流通的公告》（公告编号：2026-002）；第二批涉及 7 名股东合计 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The spot market this week will continue the pattern of strong supply and weak demand, but the live inventory is expected to enter the destocking phase. The theoretical supply in March is at a high level both year - on - year and month - on - month, and the consumption is in the seasonal off - season, so the spot price is expected to remain under pressure. The breeding side is in deep loss with tight cash flow, increasing the sales enthusiasm. With the requirement to reduce the sales weight, the live inventory may decline. From the trend of new piglet data, the theoretical slaughter volume in the second quarter will decline to some extent, and factors for the spot price to stabilize and rebound may be accumulating [7]. - In the futures market, one can consider selling out - of - the - money call options of near - month contracts, including selling deep out - of - the - money call options of LH2605 and LH2607 contracts. For the unilateral strategy, short the near - month contracts on rallies; for the inter - month strategy, stay on the sidelines in the short term [7]. 3. Summary According to Relevant Catalogs 3.1 Data Overview and Market Views - **Price**: The national average price of standard pigs this week was 9.87 yuan/kg, a week - on - week decrease of 0.16 yuan/kg, with all regions falling below 10 yuan/kg, and the white strip price also declined. The price of 7 - kg piglets was 280.95 yuan/head, a week - on - week decrease of 36.19 yuan/head. The price of sows remained unchanged at 1423.81 yuan/head [4]. - **Capacity**: The official存栏 of reproductive sows in December 2025 was 39.61 million, a year - on - year decrease of 1.16 million or 2.9%. The存栏 of reproductive sows in the steel - union sample in February was 5.1873 million, a slight month - on - month decline. The number of healthy piglets per litter and the fattening survival rate were stable [4]. - **Supply**: The存栏 of commercial pigs in February was 38.8971 million, a month - on - month increase of 678,100. The theoretical supply pressure in the first quarter continued to increase, suppressing the sharp rebound of spot prices. The theoretical slaughter volume in March was at a high level, and from April, it is expected to decline slightly month - on - month [4]. - **Demand**: The daily slaughter volume this week was 132,951, a week - on - week increase of 9.5%. The daily slaughter start - up rate was 32.12%, a week - on - week increase of 9.48%. It is currently in the seasonal off - season of consumption, and the downstream's ability to absorb the large supply is limited. Consumption is expected to recover seasonally after April [5]. - **Cost and Profit**: The profit of self - breeding and self - fattening mode dropped to - 263 yuan/head, and the profit of purchasing piglets for fattening dropped to - 154 yuan/head. The slaughter profit dropped to - 17.8 yuan/head. Pay attention to the impact of feed cost on breeding cost [5]. - **Substitutes**: The prices of beef, mutton, fish, and chicken fluctuated slightly, and the prices of various substitutes were stable [5]. - **Futures Market**: All contracts of live hog futures fell sharply this week, and there was a significant squeeze on the premium in the futures market [5]. 3.2 Market Price Trends - **Spot Market Prices**: The report shows the historical price trends of national standard pigs, white strips, piglets, and binary sows from 2022 to 2026 [10]. 3.3 Live Hog Market Balance Sheet - Based on piglet data, the supply - demand gap was flat year - on - year from March to May 2025, and widened rapidly from June to December 2025, being higher year - on - year. It is expected that the supply - demand gap will widen in the first and second quarters of 2026, and the center of spot prices is difficult to move up significantly [14][15]. 3.4 Basic Production Capacity Situation - **Reproductive Sow Inventory**: The official存栏 of reproductive sows in December 2025 was 39.61 million, a year - on - year decrease of 2.9%. The存栏 data of reproductive sows from three - party institutions increased month - on - month in January 2026 [18]. - **Sow Culling Volume**: The sow culling volume decreased month - on - month in January, which may be related to the sharp rise in spot prices in January [20]. - **Farrowing Efficiency**: The PSY of 16 listed pig enterprises has been increasing year by year. With the continued improvement of breed replacement by medium - sized and small - sized breeding enterprises, the PSY data is expected to continue to rise in 2026 [27][28]. 3.5 Market Supply Situation - **Statistics on Slaughter and Inventory**: The report shows the quarterly slaughter and存栏 of live hogs from 2017 to 2025. The新增 piglet data from the steel - union showed a decline in November 2025 and an increase after December [30][33][36]. - **Inventory Structure and Weight**: The存栏 of commercial pigs in the steel - union sample and the proportion of different weight ranges are presented. The average slaughter weight of live hogs continued to increase slightly this week, and the fat - to - standard price difference continued to decline [43][45][59]. - **Monthly Planned Slaughter of Enterprises**: The report shows the monthly planned slaughter volume of 173 large - scale enterprises from 2022 to 2025, as well as the monthly slaughter volume trends of enterprises such as Muyuan, New Hope, Dabeinong, and Wenshi [46][62]. 3.6 Slaughter Volume and Market Demand - **Slaughter Volume and Pork Output**: The report shows the changes in the slaughter volume of large - scale designated pig slaughterhouses from 2018 to 2025 and the quarterly pork output of the Ministry of Commerce from 2017 to 2025 [71][73]. - **Slaughter - related Indicators**: The daily slaughter volume, daily start - up rate, fresh sales rate, and capacity utilization rate of slaughter enterprises are presented, as well as the trends of wholesale market arrival and wholesale volume [76][82]. - **Competition Product Prices**: The price trends of beef, mutton, white - striped chicken, and crucian carp from 2021 to 2026 are shown [89]. 3.7 Breeding Cost and Industry Profit - **Cost and Profit Trends**: The report shows the profit trends of purchasing piglets for fattening, self - breeding and self - fattening, the price trend of fattening feed, and the pig - to - grain ratio from 2021 to 2026 [96]. - **Expected and Current Breeding Costs**: The expected and current breeding costs of large - scale enterprises in self - breeding and self - fattening mode, as well as the current and expected breeding costs of purchasing piglets for fattening, are presented. The secondary fattening costs of different weight increases are also shown [97][103][104]. 3.8 Futures Market Situation - **Futures Contract Price Trends**: The price trends of various live hog futures contracts (01, 03, 05, 07, 09, 11) from 2022 to 2026 are shown [115]. - **Basis and Spread Trends**: The basis trends of various contracts and the spread trends between different contracts are presented [125][135].

福建傲农生物科技集团股份有限公司 2026 年第一次临时股东会会议资料 | 年第一次临时股东会会议须知 2026 2 | | --- | | 2026 年第一次临时股东会会议议程 3 | | 年第一次临时股东会投票表决办法 2026 5 | | 议案 1：关于《福建傲农生物科技集团股份有限公司 2026 年限制性股票激 | | 励计划（草案）》及其摘要的议案 6 | | 议案 2：关于《福建傲农生物科技集团股份有限公司 2026 年限制性股票激 | | 励计划实施考核管理办法》的议案 7 | | 议案 3：关于提请股东会授权董事会办理 2026 年限制性股票激励计划相关 | | 事宜的议案 8 | 1 福建傲农生物科技集团股份有限公司 2026 年第一次临时股东会会议资料 福建傲农生物科技集团股份有限公司 证券代码：603363 证券简称：傲农生物 福建傲农生物科技集团股份有限公司 2026 年第一次临时股东会 会议资料 2026 年 4 月 福建傲农生物科技集团股份有限公司 2026 年第一次临时股东会会议资料 目 录 2026 年第一次临时股东会会议须知 各位股东及股东代表： 为了维护广大投资者的合法权益 ...

证券代码：603363 证券简称：傲农生物 公告编号：2026-014 福建傲农生物科技集团股份有限公司 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。 重要内容提示： 一、 召开会议的基本情况 (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 4 月 8 日 14 点 00 分 召开地点：福建省漳州市芗城区石亭镇兴亭路与宝莲路交叉处公司福建傲农 会议室 (五) 网络投票的系统、起止日期和投票时间 股东会召开日期：2026年4月8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 4 月 8 日 至2026 年 4 月 8 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 ...

根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）的有 关规定，公司对本次激励计划首次授予激励对象名单（以下简称"激励对象名 单"）在公司内部进行了公示，公司董事会薪酬与考核委员会结合公示情况对 激励对象名单进行了核查，相关公示情况及核查意见如下： 一、公示情况及核查方式 福建傲农生物科技集团股份有限公司董事会薪酬与考核委员会 关于公司 2026 年限制性股票激励计划首次授予激励对象名单的 公示情况说明及核查意见 福建傲农生物科技集团股份有限公司（以下简称"公司"）于 2026 年 3 月 5 日召开第四届董事会第二十二次会议审议通过了《福建傲农生物科技集团股份 有限公司 2026 年限制性股票激励计划（草案）》，拟实施 2026 年限制性股票 激励计划（以下简称"本次激励计划"）。 公司董事会薪酬与考核委员会在充分听取公示意见后，根据《管理办法》 的有关规定，对激励对象名单进行了核查，并发表核查意见如下： 1、公司对拟激励对象的公示情况 公司除 2026 年 3 月 6 日在上海证券交易所网站（www.sse.com.cn）上披露 《2026 年限制性股票激励计划首次授予激励对象名单》外，还通过内 ...

Investment Rating - The investment rating for the industry is "Positive" (maintained) [4] Core Viewpoints - The overall market for live pig sales is progressing slowly, with a divergence in performance among leading enterprises. Supply is expected to remain loose in the coming six months [4] - The cash flow pressure in the industry is significant, with expectations of deep losses in the second quarter as both live pigs and piglets may face substantial deficits [4][56] - The industry is currently at a cyclical bottom, with cash flow continuously depleting and pessimistic expectations accelerating capacity reduction [82] Summary by Sections 1. Sales Volume - The industry sales progress in February was below expectations, with a completion rate of only 95%. March is expected to see a 25% increase in planned sales compared to February [8] - The actual sales volume for February was 21.75 million heads, a year-on-year increase of 19% but a month-on-month decrease of 22% [16] - The estimated theoretical total output of commodity pigs for the first half of 2026 is expected to increase by 7.84% year-on-year [8] 2. Pig Prices and Profits - February pig prices showed a decline of 24% year-on-year and 12% month-on-month, with average profits turning negative at -99 yuan per head [56] - The price of piglets saw a seasonal increase in February, but the sentiment for replenishment is expected to weaken [59] - The price difference between fattened pigs and market pigs expanded seasonally but remains lower year-on-year [63] 3. Production Capacity - The breeding stock showed a slight increase in February, but the industry is expected to face ongoing cash flow issues leading to accelerated capacity reduction [76] - As of December 2025, the breeding sow inventory was 39.61 million heads, a year-on-year decrease of 2.87%, indicating a persistent overcapacity issue [79] - The industry is advised to optimize capacity by eliminating low-yield sows and enhancing the breeding of high-efficiency pigs [79] 4. Investment Recommendations - The report suggests that it is an opportune time to invest in leading breeding enterprises during this low cycle phase [82] - Recommended companies include DeKang Agriculture, Muyuan Foods, and Wen's Foodstuffs, among others [84]