Core Insights - Shennong Group received the "2024 Most Investment Value Award" and its chairman He Zuxun won the "2024 Entrepreneur Innovation Award" at the "2025 High-Quality Development Forum for Listed Companies" held in Nantong [1][3] Group 1 - The dual honors reflect the capital market's recognition of Shennong Group's high-quality development and the industry's acknowledgment of its innovation capabilities and corporate governance [3] - He Zuxun stated that Shennong Group will continue to adopt a steady operational strategy and a sustainable development layout across the entire industry chain to repay the trust of investors and the market [3][5] - The Golden Bull Award, organized by China Securities Journal, aims to create a credible platform for the capital market and promote the healthy development of listed companies [3] Group 2 - Looking ahead, Shennong Group will adhere to sustainable development principles, leveraging standardization, scale, intelligence, and digitalization strategies to enhance operational efficiency and industry chain collaboration [5] - The company aims to continuously strengthen its core competitiveness to achieve higher quality development and outstanding performance [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company expects to achieve a total pig output of approximately 300,000 heads in 2025, with a complete cost of 12.5 yuan per kilogram as of September [2][4] - The company's revenue for the first nine months of 2025 was 3.92 billion yuan, a year-on-year decrease of 3.8%, with a net profit attributable to shareholders of 462 million yuan, down 3.9% year-on-year [3][4] - The company has implemented cost control measures that have successfully reduced the complete cost of pig farming from 13.0 yuan per kilogram at the beginning of 2025 to 12.5 yuan per kilogram by September [5] Financial Performance Summary - For the first nine months of 2025, the company sold 2.11 million pigs, a year-on-year increase of 26.8%, with 1.82 million of those being market pigs, accounting for 86% of total output [4][5] - The company's quarterly revenue for Q1-Q3 2025 was 1.47 billion yuan, 1.33 billion yuan, and 1.13 billion yuan, showing a year-on-year growth of 36%, a decline of 6.1%, and a decline of 28.9% respectively [3] - The company’s net profit for Q1-Q3 2025 was 229 million yuan, 159 million yuan, and 74 million yuan [3] Future Projections - The company anticipates pig output of 300,000 heads for 2025, with projections of 300,000 heads for 2026 and 315,000 heads for 2027, reflecting year-on-year growth rates of +32%, 0%, and +5% respectively [7] - Expected main business revenue for 2025-2027 is projected at 5.419 billion yuan, 5.426 billion yuan, and 5.712 billion yuan, with corresponding net profits of 482 million yuan, 542 million yuan, and 669 million yuan [7][9]

Core Viewpoint - Yunnan Shennong Agricultural Industry Group Co., Ltd. has reported stable overall operations despite challenges from cyclical fluctuations in the pig market, achieved through optimized asset allocation and deepened industry chain layout [1][2] Financial Performance - For the first three quarters of the year, the company achieved operating revenue of 3.923 billion yuan and a net profit attributable to shareholders of 462 million yuan, with a net profit of 433 million yuan after excluding non-recurring gains and losses [1] - In the third quarter alone, the company reported a main business income of 1.126 billion yuan and a net profit of 74.06 million yuan, with a net profit of 34.97 million yuan after excluding non-recurring items [1] - The gross profit margin for the first three quarters was 20.69%, indicating a certain level of profit quality support [1] Cost Management - The company has shown improvement in cost control, with a debt-to-asset ratio of only 27.07% as of the end of the third quarter, the lowest among listed pig farming companies [1] - The complete cost in September was 12.5 yuan per kilogram, placing the company in the first tier of pig farming enterprises [1] Strategic Investments - The company has invested 16 million yuan to establish four wholly-owned subsidiaries in Dali, Baoshan, and Kunming, enhancing its industrial layout within Yunnan province [2] - This strategic move aims to strengthen the synergy of the entire industry chain from feed to breeding to slaughter processing, providing stronger risk resistance against market fluctuations [2] Future Outlook - The company plans to adhere to a philosophy of stable, sustainable, and high-quality development, leveraging regional layout and industry chain synergy to actively respond to market cycle fluctuations [2]

1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - The US government shutdown continues, causing the US dollar index to fluctuate. The stock market shows different trends, with US stock indices rising due to tech companies' capital expansion, while the Shanghai Composite Index faces a resistance level after breaking through 4000 points. [1][2][3] - In the commodity market, factors such as supply - demand relationships, policy rumors, and corporate actions affect prices. For example, rumors of China's control over syrup imports are beneficial to the domestic sugar market, and the short - term de - stocking of lithium carbonate supports its price. [4][5] 3. Summary by Directory 3.1 Financial News and Reviews 3.1.1 Macro Strategy (Gold) - The US government shutdown may last until November, leading to various negative impacts. The US consumer confidence index in October was 94.6. Gold prices fluctuated downward, breaking through the $4000 mark. Short - term gold lacks upward momentum and may still decline. [12][13] - Investment advice: Wait for a better time to buy gold as it has not stabilized yet. [13] 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - South Korea's business confidence index declined in October. The US House Speaker poured cold water on Trump's 2028 candidacy. The US Senate failed to pass a bill to end the government shutdown. The US government shutdown continues, putting downward pressure on the US dollar index, which is expected to fluctuate. [14][15] - Investment advice: Expect the US dollar to trade in a range. [16] 3.1.3 Macro Strategy (Stock Index Futures) - The full text of the "15th Five - Year Plan" was released, setting economic and social development goals and promoting the development of strategic emerging industries. The Shanghai Composite Index broke through 4000 points but then declined. It may be a short - term resistance level, but there may be medium - term upward momentum. [16][17] - Investment advice: Allocate evenly among long positions in various stock indices. [17] 3.1.4 Macro Strategy (US Stock Index Futures) - OpenAI reached an agreement to transform into a for - profit organization, with Microsoft holding 27% of the shares. The US private sector's average new jobs in the past four weeks were about 14,250. The market is turning cautious before the interest rate meeting, but tech giants' capital expansion supports the index. [18][19] - Investment advice: Be bullish on US stocks with a bias towards a long - position strategy. [19] 3.1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted a 7 - day reverse repurchase operation of 4753 billion yuan. The bond market is expected to be slightly weak in the short term, but there will be better buying opportunities. In November, with weak fundamentals and expected central bank actions, broad - based monetary policy may drive the bond market. [20] - Investment advice: Look for opportunities to go long on treasury bond futures at low prices. [21] 3.2 Commodity News and Reviews 3.2.1 Agricultural Products (Soybean Meal) - ANEC expects Brazil's soybean exports in October to be 7 million tons. Affected by the expected Sino - US agreement, CBOT soybean prices rose, driving up the cost of imported soybeans and soybean meal prices in China. [22] - Investment advice: Monitor Sino - US leaders' meetings and China's actual purchases of US soybeans as soybean meal prices follow the external market and import costs. [22] 3.2.2 Agricultural Products (Sugar) - Pakistan is facing a sugar crisis, and the government is accused of yielding to sugar mills. Brazil's increased corn - ethanol production has pressured sugar prices. India announced an 11 - month sugar domestic sales quota of 2 million tons. Rumors of China's control over syrup and premixed powder imports may benefit the domestic sugar market. [23][25][27] - Investment advice: The rumors are positive for Zhengzhou sugar in the short term. The price may fluctuate, and attention should be paid to relevant policies at the national sugar conference. [28] 3.2.3 Agricultural Products (Pigs) - Shennong Group's full - cost in September was 12.5 yuan/kg. Market sentiment for secondary fattening has increased, driving up prices slightly. However, due to insufficient capacity reduction and speculative demand, the supply - surplus situation remains. [29][31] - Investment advice: Short - sell near - month contracts on rebounds and focus on the LH2603 contract. Consider reverse - spread opportunities. [31] 3.2.4 Agricultural Products (Jujubes) - The price of jujubes in Hebei's Cui'erzhuang market has weakened. The futures price of the main contract has declined. The supply is in the normal drying period, and the demand is weak. [31][32] - Investment advice: Adopt a wait - and - see approach and focus on price negotiations and acquisition progress in the production areas. [32] 3.2.5 Black Metals (Steam Coal) - The steam coal market in northern ports remained stable on the 28th. With the end of the railway maintenance, port inventories may accumulate. Coastal power consumption has declined seasonally, and coal prices may weaken slightly in 1 - 2 weeks but remain strong in the fourth quarter. [33] - Investment advice: Expect steam coal prices to weaken slightly in the short term but remain strong in the fourth quarter. [33] 3.2.6 Black Metals (Iron Ore) - Onslow Iron has been operating at full capacity for three months. Iron ore prices are in a volatile range. Demand is weak, but there is still some spot buying. The price is expected to remain volatile with upward pressure. [34] - Investment advice: Iron ore prices are expected to remain volatile in the short term, with limited upside. [34] 3.2.7 Agricultural Products (Corn Starch) - Corn starch enterprises in different regions had varying theoretical profits on October 28. The 11 - contract CS - C spread fluctuated narrowly. The 01 - contract may see a spread repair similar to the 11 - contract. [35][36] - Investment advice: Expect a spread - repair market for the 01 - contract similar to the 11 - contract. [36] 3.2.8 Agricultural Products (Corn) - Domestic corn prices are weak, with prices in ports and Northeast deep - processing plants falling, and prices in North China deep - processing plants fluctuating. Futures prices are narrowly volatile. [37] - Investment advice: Adopt a wait - and - see approach in the short term as short - selling has a poor risk - return ratio, and it may be too early to go long. [38] 3.2.9 Black Metals (Rebar/HRC) - The production schedules of major white - goods in November 2025 have decreased. Chongqing Iron and Steel has changed its controlling shareholder. The steel price is volatile, with limited upward momentum due to weakening demand and inventory pressure. [39][40][41] - Investment advice: Adopt a range - trading approach and be cautious about upward rebounds. [42] 3.2.10 Non - Ferrous Metals (Polysilicon) - Shuangliang Energy Saving's Q3 report shows a significant reduction in losses. Polysilicon spot prices are stable, with some orders being delivered. Terminal demand has weakened since late October, but considering upstream inventory and ongoing policies, prices are expected to remain stable. [43][44] - Investment advice: Buy on dips if the futures price is at a discount to the spot price. Take profits if the futures price is at a significant premium. [45] 3.2.11 Non - Ferrous Metals (Lead) - The LME lead 0 - 3 spread was at a discount of $33.8/ton on October 27. The LME inventory decreased, and the outer - market price rose. The domestic lead price was slightly affected, with short - term supply shortages and long - term demand uncertainties. [46] - Investment advice: Be cautious when going long on lead in the short term. Consider positive - spread opportunities for the spread and be cautious in cross - border trading. [47] 3.2.12 Non - Ferrous Metals (Zinc) - The LME zinc 0 - 3 spread was at a premium of $212.89/ton on October 27. Peru and Chile's zinc concentrate exports have changed. The LME inventory decreased, and the domestic zinc market has supply and demand challenges. The zinc price may be volatile and slightly bullish in the short term. [48][49][51] - Investment advice: Adopt a wait - and - see approach for single - side trading. Look for medium - term positive - spread opportunities and be cautious in cross - border trading. [51] 3.2.13 Non - Ferrous Metals (Industrial Silicon) - In October, the operating rate and output of industrial silicon in Yunnan decreased. The inventory is expected to be difficult to deplete in November and may decrease in December. [52][53] - Investment advice: Buying industrial silicon at low prices may be more cost - effective. [54] 3.2.14 Non - Ferrous Metals (Copper) - Anglo American's Q3 copper production increased, and an Australian investment company is involved in the strategic metals market. The macro environment supports copper prices, but high prices have affected downstream restocking. The spot price may remain at a discount. [55][56] - Investment advice: Adopt a buy - on - dips strategy for single - side trading and a wait - and - see approach for spreads. [57] 3.2.15 Non - Ferrous Metals (Lithium Carbonate) - Albemarle simplifies its business by selling a stake in Ketjen. Lithium carbonate inventory is decreasing, and the price is supported in the short term, but further upward movement depends on supply disruptions. [58][59] - Investment advice: Use a range - trading strategy in the short term and consider short - selling opportunities when demand peaks. Take profits on the LC2511 - LC2601 reverse - spread and look for positive - spread opportunities for LC2601 against more distant contracts. [59] 3.2.16 Non - Ferrous Metals (Nickel) - The SHFE nickel futures warehouse receipts increased on October 28. The short - term market is affected by Sino - US relations and the interest - rate cycle. The global nickel inventory is accumulating, and the price may fluctuate within a narrow range above the cost. [60][61] - Investment advice: Consider going long on nickel at low prices for allocation purposes. Speculators can consider selling out - of - the - money puts and buying deep - out - of - the - money calls. [61] 3.2.17 Energy and Chemicals (Crude Oil) - The US API crude oil inventory decreased. Oil prices fell, and the risk premium has declined. The impact of sanctions on Russian oil supply is uncertain. [62][63] - Investment advice: Expect crude oil prices to fluctuate in the short term and monitor geopolitical situations. [63] 3.2.18 Energy and Chemicals (Methanol) - Iran's Marjan methanol plant has restarted. Methanol prices have fallen with increased positions. The market is bearish, and the price may continue to decline. [64] - Investment advice: Hold short positions and consider adding short positions for aggressive investors. Set a profit - taking target between 2150 - 2200 yuan/ton. [65] 3.2.19 Energy and Chemicals (Pulp) - The price of imported wood pulp in the spot market is stable, with some varieties showing a strengthening trend. The futures price is volatile. The market may have limited upward space due to poor supply - demand fundamentals. [66][67] - Investment advice: The pulp price may be relatively strong in the short term, but the upward space is limited. [67] 3.2.20 Energy and Chemicals (Caustic Soda) - The price of high - concentration caustic soda in Shandong has declined. The supply is sufficient, and the demand is limited. The price of caustic soda may continue to fall. [68][69] - Investment advice: Short - sell caustic soda at high prices but be cautious when chasing short positions due to the large discount in the futures price and potential demand from new alumina capacity. [69] 3.2.21 Energy and Chemicals (Soda Ash) - The soda ash market in the Shahe area is fluctuating. The supply is increasing, and the demand is average. High inventory levels are suppressing the price. [70] - Investment advice: The downward space for soda ash is limited in the short term, and attention should be paid to coal prices and new - capacity releases. [70] 3.2.22 Energy and Chemicals (Float Glass) - The price of float glass in the Shahe market is stable. The futures price has rebounded due to short - covering. The supply is relatively stable, and the demand is weak. [71][72] - Investment advice: Adopt a wait - and - see approach as the terminal demand is weak, and short - selling at the current level is risky due to potential policy impacts and the futures discount to the spot price. [72] 3.2.23 Energy and Chemicals (Carbon Emissions) - The CEA closing price on October 28 was 51.73 yuan/ton, a 3.69% decline. The trading volume has increased slightly, but the price has fallen significantly. The supply - demand structure is balanced and loose, and the price may fluctuate widely during the compliance period. [73] - Investment advice: Expect CEA prices to fluctuate widely in the short term. [74] 3.2.24 Shipping Index (Container Freight Rates) - A collision accident occurred to a 13,000 TEU container ship in the Pearl River Estuary. The MSK W46 line's opening price decreased, and other shipping companies may follow suit in November. The 12 - contract price may face resistance to upward breakthroughs. [75] - Investment advice: Adopt a range - trading strategy and avoid chasing long positions at the current level. [76]

Group 1: Shennong Group - The latest complete cost in September is 12.5 yuan/kg, with weaning cost at 269 yuan/head and PSY at 29.5 heads [1] - The company has improved disease prevention by enhancing air filtration hardware and management, leading to a decrease in mortality rates [1] - Capital expenditure for this year is planned to be within 1 billion yuan, with a target debt-to-asset ratio of below 40% [1] Group 2: Lihua Shares - The complete cost for yellow feather broilers in Q3 is approximately 11.4 yuan/kg, influenced by feed raw material costs and high temperatures [2] - The complete cost for the pig segment in Q3 is about 12.6 yuan/kg, decreasing to 12.3 yuan/kg in September, with a target of 12 yuan/kg by year-end [2] - The annual slaughter capacity for meat chickens is 150 million, with a target of 100 million for 2025 [2] Group 3: Daotong Technology - The company's comprehensive gross margin remains above 55% in the first three quarters of 2025, benefiting from new product launches and AI integration [3] - AI and software business are growing rapidly, with an increase in annual software fees due to high-end product releases [3] - The company plans to pursue H-share listing to deepen international layout [3] Group 4: Ruichuang Weina - Contract liabilities reached 320 million yuan in Q3 2025, a year-on-year increase of 54.72%, driven by strong domestic and international demand [4] - The company achieved record high revenue in Q3, with sufficient orders and gradually released production capacity [4] - The company is expanding its infrared technology applications into new fields such as robotics and consumer electronics [4] Group 5: Obsidian Light - Robotics is a key strategic focus for the company, providing comprehensive 3D vision sensor solutions for humanoid robots [5] - The company has completed over 10 chip tape-outs, covering various sensor and computing chips, establishing a complete technology loop [5] - In 2024, overseas revenue is projected to be 60.26 million yuan, with a gross margin of 62.32% [5]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [6][4][23] Core Insights - The company has maintained industry-leading per-head breeding profits, with room for cost reduction. For Q1-Q3 2025, revenue decreased by 3.79% year-on-year to 3.923 billion yuan, and net profit decreased by 3.89% to 462 million yuan. In Q3 2025, revenue fell by 28.9% to 1.126 billion yuan, and net profit dropped by 79.21% to 74 million yuan. The company achieved a per-head profit of approximately 100-150 yuan, with total breeding costs around 12.5-13.0 yuan/kg [1][10][4] - The company has a strong financial structure with a low debt ratio of 27.07% as of Q3 2025, providing ample financing space. The company also emphasizes cash dividends, planning to distribute 205 million yuan, which accounts for 53% of the net profit for the first half of the year [3][4][6] - The company is focused on long-term high-quality development through strategic partnerships and investments in core breeding projects, ensuring a stable supply of high-quality breeding pigs [2][4] Financial Performance and Forecast - The company forecasts net profits of 610 million, 580 million, and 510 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 25, 26, and 29 [4][5][24] - Revenue is projected to grow from 3.891 billion yuan in 2023 to 6.492 billion yuan in 2025, reflecting a growth rate of 16.2% [5][24] - The company aims to reduce breeding costs by 1 yuan/kg by 2026, based on current average raw material prices [1][10]

Core Viewpoint - The company, Yunnan Shennong Agricultural Industry Group Co., Ltd., has announced its third-quarter report for 2025, detailing its financial performance and recent corporate actions, including the establishment of new subsidiaries in the pig farming sector. Financial Data - The third-quarter financial report has not been audited [3] - The company reported significant changes in its capital structure due to the issuance of restricted stock options, increasing its total share capital from RMB 524,564,418 to RMB 524,764,418 [15][28] Corporate Actions - The company has established several new subsidiaries focused on pig farming, including: - "Xiangyun Shennong Pig Industry Development Co., Ltd." with an investment of RMB 2 million [6] - "Changning Shennong Pig Industry Development Co., Ltd." with an investment of RMB 2 million [7] - "Weishan Modern Pig Industry Development Co., Ltd." with an investment of RMB 2 million [8] - "Yiliang Shennong Pig Industry Development Co., Ltd." with an investment of RMB 10 million [9] - These investments are aimed at expanding the company's operations in the livestock sector and are within the approval authority of the company's management [9] Board and Supervisory Meetings - The fifth board meeting and the fifth supervisory meeting were held on October 27, 2025, to discuss and approve the third-quarter report and changes to the company's capital structure [13][21] - Both meetings confirmed that the financial report complies with legal and regulatory requirements, ensuring its accuracy and completeness [22] Upcoming Shareholder Meeting - A temporary shareholder meeting is scheduled for November 13, 2025, to discuss the approved resolutions from the board and supervisory meetings [29] - The meeting will utilize both on-site and online voting methods to facilitate shareholder participation [30]

Core Viewpoint - The swine industry is experiencing a downturn, leading to significant pressure on the performance of listed pig farming companies, including Shennong Group, which reported a nearly 80% decline in net profit for Q3 2023 [1][2]. Financial Performance - For the first three quarters of 2023, Shennong Group achieved revenue of 3.923 billion yuan, a year-on-year decrease of 3.79%, and a net profit attributable to shareholders of 462 million yuan, down 3.89% [1]. - In Q3 2023, the company reported revenue of 1.126 billion yuan, a year-on-year decline of 28.90%, with a net profit of 74.06 million yuan, reflecting a 79.21% decrease [1]. Production and Sales - Shennong Group has been expanding its production capacity since its listing, with pig output increasing from 411,000 heads in 2020 to 1.521 million heads in 2023, and projected to reach 2.2715 million heads in 2024 [1][2]. - In the first three quarters of 2023, the company sold 2.1096 million pigs, nearing the total sales for the entire previous year [2]. Market Conditions - The company faced a challenging market environment, with pig sales prices declining in Q3, hitting a year-low of 12.82 yuan/kg in September, which significantly impacted net profit [2]. - Despite the adverse market conditions, Shennong Group maintained a low debt ratio of 27.07%, the lowest among listed pig farming companies, and had a complete cost of 12.5 yuan/kg in September, placing it in the top tier of the industry [2]. Strategic Decisions - On July 29, 2023, the company announced the termination of its plan to issue A-shares to specific investors for 2024, retracting its application [3]. - The previous issuance plan aimed to raise a total of 290 million yuan for various projects, including the construction of a breeding base and biosecurity upgrades [3].

Summary of Shennong Group's Conference Call Company Overview - **Company**: Shennong Group - **Industry**: Pig farming and related sectors Key Financial Metrics - **Q3 Revenue**: 1.126 billion CNY - **Net Profit**: 74 million CNY - **Debt-to-Asset Ratio**: Approximately 27% [2][3][25] - **Total Revenue for Q3**: 3.923 billion CNY, with a net profit of 462 million CNY [3] Cost Management and Production Metrics - **September Production Costs**: 12.51 CNY/kg [2][3] - **Weaning Cost**: Approximately 269 CNY/head [2][4] - **PSY (Pigs Weaned per Sow per Year)**: Approximately 29.5 heads [2][4] - **Feed-to-Meat Ratio**: Approximately 2.43 [2][4] - **Average Slaughter Weight**: Approximately 125 kg [2][4] - **Target for Year-End Production Cost**: Aim to reduce to around 12 CNY/kg [2][5] Cost Improvement Measures - **Disease Control**: Enhanced measures against major diseases like African Swine Fever and others, resulting in no reported cases in owned farms [5][10] - **Genetic Improvement**: Continuous improvement of breeding stock genetics to enhance PSY [5] - **Cost Control Initiatives**: Focus on reducing weaning costs, improving PSY, and controlling mortality rates [5][6] Internal Management and Competition - **Internal Competition Mechanism**: Implementation of staff rotation and elimination of underperforming managers to enhance management and cost control [7] - **Operational Efficiency**: Emphasis on improving production efficiency and reducing costs through better management practices [7][13] Segment Performance - **Profit Sources**: Majority of profits derived from the breeding segment; feed business is at breakeven; slaughtering business is stable and profitable; deep processing remains in strategic loss but is decreasing [8] - **Financial Asset Investment**: Approximately 40 million CNY from futures trading [3][9] Market Outlook and Challenges - **Future Pig Prices**: Anticipated rebound in Q4, but 2026 prices may be weaker than in 2025 [2][8] - **Regulatory Environment**: Ongoing adjustments to breeding sow numbers based on national policies [8][12] - **Cost Control Challenges**: Industry average costs have plateaued, making further reductions difficult [14] Future Goals - **2026 Production Targets**: PSY target of 31.5, survival rate of 95%, feed-to-meat ratio of 2.4, and weaning to slaughter daily weight gain of 790 grams [9] - **Weaning Cost Target for 2026**: Reduce to 240 CNY/head [9] Financial Strategy - **Debt Management**: Maintain debt-to-asset ratio below 40% [25] - **Capital Expenditure**: Expected to be within 1 billion CNY for 2025 [25] - **Cash Flow Management**: Plans in place to ensure normal cash flow operations [25] Conclusion Shennong Group is focused on improving production efficiency, managing costs, and adapting to market conditions while maintaining a strong financial position. The company is implementing various strategies to enhance its competitive edge in the pig farming industry.

云南神农农业产业集团股份有限公司（以下简称"公司"）于 2025 年 10 月 27 日召开的第五届董事会第五次会议和第五届监事会第五次会议，审议通过了 《关于变更注册资本并修订<公司章程>的议案》等议案。现将有关事项说明如 下： 证券代码：605296 证券简称：神农集团 公告编号：2025-123 云南神农农业产业集团股份有限公司 关于变更注册资本并修订《公司章程》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。 | 序号 | 修订前 | | 修订后 | | | --- | --- | --- | --- | --- | | 1 | 第六条 | 公 司 注 册 资 本 为 人 民 币 | 第六条 | 公司注册资本为人民币 | | | 52,456.4418 | 万元。 | 52,476.4418 | 万元。 | | 2 | 第二十条 | 公司股份总数为 52,456.4418 万 | 第二十条 | 公司股份总数为 | | | 股，均为普通股。 | | 52,476.4418 | 万股，均为普通股。 | 除上述条款修订 ...