证券日报网讯2月25日，神农集团（605296）在互动平台回答投资者提问时表示，公司深加工产品的销 售渠道主要为企业、经销商、线上商城等。 ...

证券日报网讯2月24日，神农集团（605296）在互动平台回答投资者提问时表示，截至2026年2月13日， 公司的股东人数为18658户。 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [4]. Core Insights - The report anticipates that pig prices in 2026 will be lower than market expectations, leading the industry into a significant loss phase. This will mark a major capacity reduction cycle, which is expected to result in substantial stock price increases for the sector [2][3]. Summary by Sections 1. Pig Price Trends in 2025 - The average pig price for 2025 was 13.7 yuan/kg, with a downward trend observed throughout the year, particularly in the fourth quarter where prices ranged between 11.5 and 12.5 yuan/kg [7]. 2. 2026 Pig Price Forecast - The report predicts that the average pig price for 2026 will likely be below 12 yuan/kg, with the second half of the year not showing improvement over the first half [17][32]. 3. Capacity Reduction Cycle - The current capacity reduction cycle is expected to last approximately three years, marking the largest cycle since 2021. This cycle is characterized by a more equitable competition among all farming entities due to the diminished impact of African swine fever [34][38]. 4. Stock Price Increase Potential - The report suggests that the stock prices in the pig farming sector will experience significant upward movement driven by the ongoing capacity reduction. Key companies to focus on include Muyuan Foods, Wens Foodstuff Group, and Tian Kang Biological [3][4]. 5. Supply Dynamics - The report emphasizes that an increase in the number of breeding sows does not necessarily correlate with an increase in supply. The actual supply has been significantly boosted by improved production efficiency and a reduction in loss rates since the decline of African swine fever [20][23]. 6. Important Time Points - Two critical time points are highlighted: post-Chinese New Year, where prices typically drop, and around May/June when piglet prices are expected to fall below cost, accelerating capacity reduction [4][44].

Core Viewpoint - Yunnan Shennong Agricultural Industry Group Co., Ltd. has signed a strategic cooperation framework agreement with Yunnan Baiyao Group Co., Ltd. to leverage their respective strengths in traditional medicine and agricultural development [1] Group 1: Company Overview - Yunnan Baiyao is a well-known national brand that focuses on traditional medicine products, aiming to innovate and meet modern health needs while promoting high-quality development of traditional Chinese medicine [1] - Shennong Group is focused on the entire pig industry chain development, aligning its health-oriented philosophy with Yunnan Baiyao's mission of health and vitality [1] Group 2: Strategic Collaboration - The collaboration aims to utilize Yunnan's unique plant resources to integrate various resources such as platforms, talent, technology, and brands [1] - The partnership will explore innovative models combining "special plant resources + modern agriculture," enhancing the application of traditional Chinese medicinal herbs in livestock farming [1] - The goal is to improve green and healthy farming practices, providing consumers with safer and healthier products [1]

Core Viewpoint - China Galaxy Securities emphasizes the dual strategy opportunities in the pig farming industry, highlighting the potential for price rebounds in 2026 despite a year-on-year decline in pig prices due to production capacity adjustments and industry losses [1] Group 1: CPI and Pork Prices - In December, China's CPI increased by 0.8% year-on-year, with food prices rising by 1.1%, while pork prices fell by 14.6% year-on-year [1] - The month-on-month CPI rose by 0.2%, with food prices increasing by 0.3%, but pork prices decreased by 1.7% [1] Group 2: Fruit and Vegetable Prices - Seasonal increases in fresh fruit prices are the main driver of the current food CPI, while vegetable price growth has slowed [2] - January vegetable prices averaged 5.59 yuan/kg, up 6.37% year-on-year, with expectations for continued price increases in Q1 due to the later timing of the Spring Festival and weather impacts [2] - January fruit prices averaged approximately 7.88 yuan/kg, up 8.87% year-on-year, marking the highest level for the same period since 2020 [2] Group 3: Feed Raw Material Prices - In January, the average price of corn was 2364.6 yuan/ton, up 0.69% month-on-month and 10.55% year-on-year, with expectations for a stable price range in 2026 [3] - The average price of soybean meal was 3198.97 yuan/ton, up 1.94% month-on-month and 3.82% year-on-year, with a forecast of slight upward movement in 2026 [3] - Overall, the prices of feed raw materials are expected to remain stable, indicating no significant increase in breeding cost pressures [3] Group 4: Pig Farming Outlook - Following a price increase in late December 2025, pork prices are expected to face downward pressure after the Spring Festival due to seasonal consumption patterns [4] - The annual average price of pigs is projected to decline year-on-year, although there may be temporary rebounds influenced by seasonal disease impacts [4]

Core Viewpoint - The announcement details the external guarantee situation of Yunnan Shennong Agricultural Industry Group Co., Ltd. as of January 2026, highlighting the total guarantee amounts provided for subsidiaries and the rationale behind these guarantees [1][19]. Summary by Sections Guarantee Objects and Basic Information - The company provided guarantees for four subsidiaries' financing with a new guarantee amount of 90.1585 million yuan, totaling 442.8202 million yuan as of January 31, 2026 [1]. - The company also provided guarantees for seven subsidiaries' raw material procurement with a new guarantee amount of 136 million yuan, totaling 371.5000 million yuan as of January 31, 2026 [1]. Cumulative Guarantee Situation - From January 1 to January 20, 2026, the company signed guarantee contracts with Fudian Bank for a total of 15.471 million yuan for its subsidiary [2]. - The company signed guarantee letters with Yihai Kerry (Shanghai) International Trade Co., Ltd. for a total of 36 million yuan for multiple subsidiaries [2]. - Additional guarantees were provided to various companies, including a total of 20 million yuan to Shanghai Dingniu Feed Co., Ltd. and others [3][4]. Guarantee Progress in January 2026 - No new guarantees were provided for customers or cooperative farmers in January 2026, with a total approved guarantee limit of 50 million yuan, and a balance of 307,200 yuan as of January 31, 2026 [14][15]. - The company provided a new guarantee of 136 million yuan for subsidiaries' raw material procurement, with a total balance of 371.5000 million yuan as of January 31, 2026 [14]. - The company has a total external guarantee balance of 1.0446107 billion yuan, accounting for 21.62% of the latest audited net assets [18]. Necessity and Reasonableness of Guarantees - The guarantees provided are necessary for the daily operations of subsidiaries and align with the company's overall interests and development strategy [16]. - The company has established strict screening standards and risk prevention measures for the guaranteed entities, ensuring that the risks are controllable [16]. Board of Directors' Opinion - The board believes that the guarantees are based on the actual needs of the subsidiaries, which have strong repayment capabilities, thus minimizing repayment risks [17]. - The guarantees are expected to enhance the efficiency of fund utilization among subsidiaries and support stable business development [17].

Core Viewpoint - Shennong Group announced its external guarantee balance as of January 31, 2026, which amounts to 1,044.61 million yuan, representing 21.62% of the company's latest audited net assets [1] Group 1: External Guarantees - The total guarantee balance for subsidiaries is 1,044.30 million yuan, accounting for 21.61% of the latest audited net assets [1] - The guarantee balance for quality customers, breeders, and partners is 30.72 thousand yuan, which is 0.01% of the latest audited net assets [1] - The company has not provided any other guarantees for controlling shareholders, related parties, or any other legal or natural persons [1] Group 2: Overdue Amounts - The overdue amount within the external guarantee balance is 30.72 thousand yuan, which is related to guarantees provided to support downstream customer financing [1] - All guarantees have set up counter-guarantee measures, indicating that the guarantee risks are controllable [1]

证券代码：605296 证券简称：神农集团 公告编号：2026-007 云南神农农业产业集团股份有限公司 2026 年 1 月对外担保情况公告 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： | | | 云南神农动物营养科技有限公司、 | | | | --- | --- | --- | --- | --- | | | 被担保人名称 | 广西崇左神农畜牧有限公司、广东 神农畜牧有限公司、文山神农猪业 | | | | 担保对象 | | 发展有限公司 | | | | （一） | 本次担保金额 | 9,015.85 万元 | | | | | 实际为其提供的担保余额 | 44,282.02 | | 万元[注 1] | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | | 担保对象 | 被担保人名称 | | | 云南神农陆良猪业有限公司、云南 | | | | | | 神农澄江饲料有限公司、云南澄江 ...

Group 1 - The core viewpoint of the article is the strategic cooperation agreement signed between Yunnan Baiyao Group Traditional Chinese Medicine Resources Co., Ltd. and Yunnan Shennong Agricultural Industry Group Co., Ltd. [1] - The collaboration will focus on advancing the application of traditional Chinese medicine resources in animal nutrition, disease prevention, and "antibiotic-free farming" [1]

Core Viewpoint - Shennong Group reported significant growth in the sales of commodity pigs for January 2026, indicating a strong performance in the livestock sector [1] Group 1: Sales Performance - The company sold 295,300 commodity pigs in January 2026, representing a year-on-year increase of 53.24% [1] - The sales revenue from commodity pigs reached 461 million yuan, reflecting a year-on-year growth of 28.06% [1] - The average selling price of commodity pigs was 12.03 yuan per kilogram, with a month-on-month increase of 8.57% [1]