Core Viewpoint - The company, Juxing Agriculture and Animal Husbandry, announced that its stock price has triggered a downward adjustment clause for its convertible bonds due to the closing price being below 80% of the conversion price for at least 15 out of the last 30 trading days [2] Summary by Relevant Sections - **Convertible Bond Adjustment** - As of November 24, 2025, the company has experienced a situation where the stock price has been below the conversion price threshold, triggering the downward adjustment clause for the "Juxing Convertible Bonds" [2] - The company's board of directors has decided not to adjust the conversion price downward at this time [2] - **Future Considerations** - The period for the next potential trigger for the conversion price adjustment will restart from the day after the board meeting [2] - If the conditions for a downward adjustment are met again, the board will convene to consider whether to exercise the adjustment rights [2]

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-112 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 乐山巨星农牧股份有限公司 关于不向下修正"巨星转债"转股价格的公告 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： 截至 2025 年 11 月 24 日，乐山巨星农牧股份有限公司（以下简称"公 司"）股价已出现连续三十个交易日中至少有十五个交易日的收盘价低于当期 转股价格的 80%的情形，已触发"巨星转债"转股价格向下修正条款。 公司第五届董事会第二次会议审议通过，公司董事会决定本次不向下修 正"巨星转债"转股价格。同时，下一触发转股价格修正条件的期间从本次董 事会召开次日重新起算，若再次触发"巨星转债"的转股价格向下修正条件， 届时公司董事会将再次召开会议审议是否行使转股价格向下修正权利。 一、 巨星转债基本情况 （一）可转债发行情况 经中国证券监督管理委员会（以下简称"中国证监会"）证监许可[2022]663 号核准，公 ...

二、会议审议情况 | | | 乐山巨星农牧股份有限公司 第五届董事会第二次会议决议公告 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。 一、会议召开情况 乐山巨星农牧股份有限公司（以下简称"公司"）第五届董事会第二次会议于 2025 年 11 月 24 日以通讯方式召开。本次会议的会议通知于 2025 年 11 月 24 日以 口头方式发出，会议由公司董事长岳良泉先生召集并主持，应到董事 9 人，实到董 事 9 人，公司高级管理人员列席了本次会议。会前，主持人岳良泉先生向全体董事 说明了本次紧急召开董事会的原因，其他董事对本次紧急召开董事会会议无异议。 会议的召集、召开符合有关法律、行政法规、部门规章和《公司章程》的规定。 表决结果：同意 9 票；反对 0 票；弃权 0 票。 特此公告。 乐山巨星农牧股份有限公司董事会 2025 年 11 月 25 日 （一）审议通过了《关于不向下修正公司可转债转股价格的议案》 截至 2025 年 11 月 24 日，乐山巨星农牧股份有限公司（以下简称"公司"）股 价已出现连续三十个交易日中至 ...

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The demand for pork is expected to support prices as the year-end peak season approaches, despite a decline in prices due to overproduction and accelerated culling of sows [3][12] - The suspension of imports of Japanese seafood is beneficial for the domestic aquaculture sector, as it reduces competition and supports local prices [4][18] - The pet industry is experiencing growth driven by consumer upgrades and increased domestic production, with significant market potential projected for the coming years [22] Summary by Sections Weekly Observation - The culling of breeding sows has accelerated, with the national average price of live pigs at 11.62 yuan/kg as of November 21, 2025, down 0.01 yuan/kg week-on-week and down 4.75% year-on-year [11][12] - The average weight of pigs slaughtered is 128.81 kg, showing a slight increase week-on-week [11] - Cold weather is expected to boost pork consumption, providing support for prices during the peak season [12] Weekly Insights - The pig farming sector is facing losses, leading to accelerated culling of sows. Recommended stocks include Muyuan Foods, Wens Foodstuff Group, and others [22] - The feed sector is benefiting from strong demand, with domestic production expected to improve due to recovery in livestock numbers [22] - The pet market is projected to grow significantly, with a focus on domestic brands due to rising consumer preferences and tariff barriers [22] Market Performance (November 17-21) - The agricultural sector outperformed the market by 0.45 percentage points, with the Shanghai Composite Index down 3.90% and the agricultural index down 3.45% [24] - The fishery sector led gains, with notable increases in stocks such as Zhongshui Fishery (+61.05%) and others [24][30] Price Tracking (November 17-21) - The average price of live pigs was 11.64 yuan/kg, down 0.09 yuan/kg from the previous week, while the price of piglets increased to 19.15 yuan/kg [35] - The price of corn futures rose slightly to 2183.00 yuan/ton, while soybean meal futures decreased to 2427.00 yuan/ton [46][50]

Market Overview - The aquaculture sector experienced a decline of 1.58% on November 21, with Huaying Agriculture leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Huaying Agriculture (002321) closed at 3.24, down 10.00% with a trading volume of 1.5762 million shares and a turnover of 517 million yuan [1] - Tianyu Biological (603717) closed at 8.44, down 8.76% with a trading volume of 209,500 shares and a turnover of 180 million yuan [1] - Yike Food (301116) closed at 12.20, down 8.20% with a trading volume of 271,100 shares and a turnover of 338 million yuan [1] - Other notable declines include Fucheng Co. (600965) down 4.95%, Tianbang Food (002124) down 4.23%, and Dongrui Co. (001201) down 4.07% [1] Capital Flow - The aquaculture sector saw a net outflow of 572 million yuan from institutional investors, while retail investors contributed a net inflow of 261 million yuan [1] - The table of capital flow indicates that Xiaoming Co. (300967) had a net outflow of 912.89 million yuan from institutional investors [2] - Jingqi Zhino (000048) experienced a net inflow of 856.43 million yuan from institutional investors [2] - Shengnong Development (002299) had a net inflow of 134.24 million yuan from institutional investors [2]

Core Viewpoint - The company, Leshan Juxing Agricultural and Animal Husbandry Co., Ltd., has announced that its convertible bond, "Juxing Convertible Bond," is expected to meet the conditions for a downward adjustment of the conversion price due to its stock price being below 80% of the current conversion price for a specified period [2][10]. Group 1: Convertible Bond Basic Information - The company issued a total of 1 billion yuan (100 million shares) of convertible bonds on April 25, 2022, with a face value of 100 yuan per bond and a maturity of six years [3]. - The bonds were listed on the Shanghai Stock Exchange on May 17, 2022, under the name "Juxing Convertible Bond" and code "113648" [4]. Group 2: Conversion Price Adjustment - The initial conversion price was set at 25.24 yuan per share, which was adjusted to 25.21 yuan on August 8, 2023, following a shareholder meeting [5]. - A further adjustment to the conversion price was made on June 17, 2025, reducing it to 25.04 yuan per share [6]. Group 3: Trigger Conditions for Price Adjustment - The company’s stock price has been below 80% of the adjusted conversion price (20.032 yuan) for ten trading days as of November 17, 2025. If this trend continues, it may trigger a downward adjustment of the conversion price [2][10]. - The adjustment condition requires that in any 30 consecutive trading days, the stock price must be below the conversion price for at least 15 trading days [8]. Group 4: Shareholder Equity Change - The major shareholder, Sichuan Hebang Investment Group Co., Ltd., reduced its holdings from 14.34% to 13.34% by selling 5,100,700 shares, which is more than half of the planned reduction [14][15]. - The reduction was part of a previously disclosed plan to sell up to 10,201,406 shares between November 10, 2025, and February 9, 2026 [14].

巨星农牧11月17日大宗交易平台出现一笔成交，成交量510.07万股，成交金额8523.27万元，大宗交易成 交价为16.71元，相对今日收盘价折价10.16%。该笔交易的买方营业部为国泰海通证券股份有限公司北 京知春里证券营业部，卖方营业部为华西证券股份有限公司成都龙腾东路证券营业部。 证券时报·数据宝统计显示，巨星农牧今日收盘价为18.60元，上涨0.16%，日换手率为1.16%，成交额为 1.10亿元，全天主力资金净流入258.99万元，近5日该股累计下跌1.27%，近5日资金合计净流出689.83万 元。 11月17日巨星农牧大宗交易一览 | 成交量 （万 | 成交金额 | 成交价 | 相对当日收盘 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | （万元） | 格 | 折溢价（%） | | | | 股） | | （元） | | | | | 510.07 | 8523.27 | 16.71 | -10.16 | 国泰海通证券股份有限公 | 华西证券股份有限公司成 | | | | | | 司北京知春里证券营业部 | 都龙腾东路证券营业 ...

Core Viewpoint - The company announced that its stock price has fallen below 80% of the conversion price, which may trigger a downward adjustment of the conversion price for its bonds [2] Group 1 - As of November 17, 2025, the company's stock price has closed below 20.032 CNY per share for ten consecutive trading days, which is 80% of the conversion price of 25.04 CNY per share [2] - If the stock price remains below 80% of the conversion price for at least 15 out of 30 consecutive trading days, it will trigger the downward adjustment clause for the "Giant Star Convertible Bonds" [2] - Upon triggering the condition, the company will convene a board meeting on the same day to decide whether to adjust the conversion price and will fulfill its information disclosure obligations promptly [2]

重要内容提示： 5%以上股东持股的基本情况 | 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-110 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 乐山巨星农牧股份有限公司 5%以上股东股份权益变动比例触及 1% 暨股份减持数量过半公告 本公司董事会、全体董事及相关股东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。 本次减持计划实施前，乐山巨星农牧股份有限公司（以下简称"公司"）5% 以上股东四川和邦投资集团有限公司（以下简称"和邦集团"）持有公司股份 73,148,802 股，占公司总股本比例的 14.34%；贺正刚先生持有公司股份 21,210,000 股，占公司总股本比例的 4.16%。贺正刚先生持有和邦集团 99%股权， 系和邦集团的控股股东，与和邦集团互为一致行动人。和邦集团持有的公司股份 来源为首次公开发行股票并上市前取得的股份，该部分股份均为无限售条件流通 股。 减持计划的进展情况及本次权益变动情况 2025 年 10 月 18 日，公司披露了和邦集团 ...

关于"巨星转债"预计满足转股价格向下修正条件的 提示性公告 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： 截至 2025 年 11 月 17 日，乐山巨星农牧股份有限公司（以下简称"公 司"）股价已出现有十个交易日的收盘价低于转股价格 25.04 元/股的 80% （20.032 元/股），若公司股价在连续三十个交易日中至少有十五个交易日的收 盘价低于当期转股价格的 80%，将触发"巨星转债"转股价格向下修正条款。若 触发条件，公司将于触发条件当日召开董事会审议决定是否向下修正转股价格， 并及时履行信息披露义务。敬请广大投资者注意投资风险。 | 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-109 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 乐山巨星农牧股份有限公司 公司于 2025 年 5 月 16 日召开 2024 年年度股东大会，审议通过了《关于公司 2024 年度利润分配的预案》。根据《募集说明书》的相关规定，"巨星 ...