云南神农农业产业集团股份有限公司 监事会关于 2025 年限制性股票激励计划首次授予 相关事项的核查意见 云南神农农业产业集团股份有限公司（以下简称"公司"）监事会根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上海证券交易所股票上市规则》《上市公司股 权激励管理办法》（以下简称"《管理办法》"）等法律法规、规范性文件及《云 南神农农业产业集团股份有限公司章程》（以下简称"《公司章程》"）的有关 规定，对公司《2025 年限制性股票激励计划（草案）》（以下简称"《激励计 划（草案）》"、"本激励计划"）中的首次授予激励对象及首次授予安排等相 关事项进行核查后，现发表如下意见： 一、本次获授限制性股票的 419 名首次授予激励对象均具备《公司法》《证 券法》等法律、法规和规范性文件以及《公司章程》规定的任职资格，均符合《管 理办法》等文件规定的激励对象条件，符合《激励计划（草案）》规定的激励对 象范围，不存在《管理办法》规定的不得成为激励对象的情形。激励对象中无独 立董事、监事，也不包括单独或合计持有上市公司 5%以上股份的股东或实际控 制人及其 ...

公司简称：神农集团 证券代码：605296 上海荣正企业咨询服务（集团）股份有限公司 关于 云南神农农业产业集团股份有限公司 2025 年限制性股票激励计划首次授予相关事项 之 独立财务顾问报告 2025 年 8 月 | （二）咨询方式 13 | | --- | 一、释义 在本独立财务顾问报告中，除非特别载明，以下简称具有如下含义： （五）本独立财务顾问本着勤勉、审慎、对上市公司全体股东尽责的态度，依据客 观公正的原则，对本激励计划首次授予涉及的事项进行了深入调查并认真审阅了相关资 料，调查的范围包括上市公司章程、薪酬管理办法、历次董事会决议、监事会决议、股 东会决议、最近三年及最近一期公司财务报告、公司的生产经营计划等，并和上市公司 相关人员进行了有效的沟通，在此基础上出具了本独立财务顾问报告，并对报告的真实 性、准确性和完整性承担责任。 （六）本独立财务顾问报告仅供公司本次授予事项之目的使用，不得用作任何其他 目的。本独立财务顾问同意将本报告作为神农集团本次授予事项所必备的文件，按照相 关法律、法规以及上海证券交易所有关规定进行公告。 | 神农集团、公司、上市公司 | 指 | 云南神农农业产业集团股份有限 ...

上海君澜律师事务所 关于 云南神农农业产业集团股份有限公司 上海君澜律师事务所 关于云南神农农业产业集团股份有限公司 2025 年限制性股票激励计划首次授予相关事项之 2025 年限制性股票激励计划首次授予相关事项 法律意见书 之 法律意见书 二〇二五年八月 上海君澜律师事务所 法律意见书 致：云南神农农业产业集团股份有限公司 上海君澜律师事务所 法律意见书 合法资格。本所及经办律师在本法律意见书中对与该等专业事项有关的报表、 数据或对会计报告、审计报告等专业报告内容的引用，不意味着本所及经办律 师对这些引用内容的真实性、有效性做出任何明示或默示的保证。 上海君澜律师事务所（以下简称"本所"）接受云南神农农业产业集团股 份有限公司（以下简称"公司"或"神农集团"）的委托，根据《上市公司股 权激励管理办法》（以下简称"《管理办法》"）及《云南神农农业产业集团 股份有限公司 2025 年限制性股票激励计划》（以下简称"《激励计划》"或 "本次激励计划"）的规定，就神农集团本次激励计划向激励对象首次授予限 制性股票的相关事项（以下简称"本次授予"）出具本法律意见书。 对本法律意见书，本所律师声明如下： （一）本所律 ...

每经AI快讯，神农集团（SH 605296，收盘价：34.38元）8月26日晚间发布公告称，云南神农农业产业 集团股份有限公司董事会于2025年8月26日收到舒猛先生的书面辞职报告，舒猛先生因个人原因申请辞 去公司财务总监职务。辞去财务总监职务后舒猛先生不再担任公司任何职务。经公司第五届董事会提名 委员会第二次会议、第五届董事会审计委员会第三次会议审议通过，审议通过了《关于聘任公司财务总 监的议案》，同意聘任闫瑾先生担任公司财务总监。 2024年1至12月份，神农集团的营业收入构成为：畜牧养殖占比68.02%，生猪屠宰占比26.38%，饲料加 工占比5.24%，其他业务占比0.31%，其他占比0.06%。 截至发稿，神农集团市值为180亿元。 每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 （记者 胡玲） ...

神农集团 ESG 管理制度 审批/日期： 文件编号： SNJT-ZY-007-A/1 拟稿部门： 卓越运营中心·ESG 运营部 审核/日期： | 第一章 | 总则 3 | | --- | --- | | 第二章 | 关键议题 4 ESG | | 第三章 | ESG 治理架构与部门职责指引 7 | | 第四章 | ESG 管理实施步骤 11 | | 第五章 | 日常管理机制 14 | | 第六章 | 年度 ESG 报告工作计划 16 | | 第七章 | 责任落实与监督机制 18 | | 第八章 | 检查与评估 20 | | 第九章 | 附则 21 | 第一章 总则 第一条 制度目的和依据：为加强集团环境、社会和公司治理（ESG）管理，推动可持续发 展，履行企业社会责任，将 ESG 理念融入业务运营，实现公司"营养、健康、活力、美丽"的 使命，迈向"打造精致产业链、实现高质量发展"的愿景，特制定本制度。本制度依据《中华 人民共和国公司法》《上市公司治理准则》、上海证券交易所《上市公司自律监管指引第 14 号 ——可持续发展报告》、中国证监会及财政部等监管机构最新 ESG 信息披露要求，以及全球报 告倡议组织（GR ...

[Important Notice](index=2&type=section&id=Important%20Notice) [Statement by the Board of Directors, Supervisory Board, and Senior Management](index=2&type=section&id=Statement%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Senior%20Management) The company's Board of Directors, Supervisory Board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility, with the financial report declared true, accurate, and complete by key executives - The company's Board of Directors, Supervisory Board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility[3](index=3&type=chunk) - This semi-annual report has not been audited[5](index=5&type=chunk) - Company head He Zuxun, chief accountant Shu Meng, and head of accounting department Duan Kunfen declare that the financial report in the semi-annual report is true, accurate, and complete[5](index=5&type=chunk) [Profit Distribution Plan](index=2&type=section&id=Profit%20Distribution%20Plan) The Board of Directors approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of 3.90 yuan (tax inclusive) per 10 shares to all shareholders, totaling 202,120,784.58 yuan (tax inclusive), with no bonus shares or capital reserve conversion - The company approved the "Proposal on the 2025 Semi-Annual Profit Distribution Plan"[6](index=6&type=chunk) 2025 Semi-Annual Profit Distribution Plan | Indicator | Content | | :--- | :--- | | Cash Dividend per 10 Shares (tax inclusive) | 3.90 yuan | | Total Cash Dividend (tax inclusive) | 202,120,784.58 yuan | | Bonus Shares | No | | Capital Reserve Conversion to Share Capital | No | [Risk Statement](index=2&type=section&id=Risk%20Statement) The company advises investors to be aware of investment risks, as forward-looking statements regarding future plans and development strategies in this report do not constitute substantive commitments, with detailed risks and countermeasures for production and operation provided - Forward-looking statements in this report, including future plans and development strategies, do not constitute a substantive commitment to investors, who are advised to be aware of investment risks[7](index=7&type=chunk) - The company has detailed various risks and countermeasures it may face in its production and operation in this report, please refer to the "Risks that may be faced" section in "Management Discussion and Analysis" (Section III)[8](index=8&type=chunk) [Definitions](index=4&type=section&id=Definitions) [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines common terms used in the report, including company name, reporting period, main products (e.g., feed, live pigs, breeding pigs, commercial pigs, piglets, fattening pigs, pork products, by-products), industry terms (e.g., African Swine Fever, PIC Company, feed-to-meat ratio), and management and environmental indicators (e.g., ISO22000, HACCP, CODcr, NH3-N, TN, P, PH, SAP), ensuring accurate understanding of the report content - This section provides detailed explanations of common terms appearing in the report, including company abbreviation, reporting period, and definitions of various live pig products (e.g., breeding pigs, commercial pigs, piglets, fattening pigs)[13](index=13&type=chunk) - It covers professional terms such as feed product types (pig compound feed, concentrated feed, premix feed), major animal diseases (African Swine Fever, PRRS, PED, Pseudorabies), and food safety and environmental management systems (ISO22000, HACCP, CODcr, NH3-N, SAP), among others[13](index=13&type=chunk)[14](index=14&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Information](index=5&type=section&id=Company%20Information) This section lists the company's Chinese name, abbreviation, English name and abbreviation, and legal representative information, clarifying the company's basic identity Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | Yunnan Shennong Agricultural Industry Group Co.,LTD. | | Chinese Abbreviation | Shennong Group | | English Name | Yunnan Shennong Agricultural Industry Group Co.,LTD. | | English Abbreviation | Shennong Group | | Legal Representative | He Zuxun | [Contact Person and Contact Information](index=5&type=section&id=Contact%20Person%20and%20Contact%20Information) This section provides the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative, facilitating communication for investors and relevant parties Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Jiang Hong | 39th Floor, Kunming Hang Lung Plaza Office Building, No. 23 Dongfeng East Road, Panlong District, Kunming City, Yunnan Province | 0871-63193176 | 0871-63193176 | jh@ynsnjt.com | | Securities Affairs Representative | Li Dongbing | 39th Floor, Kunming Hang Lung Plaza Office Building, No. 23 Dongfeng East Road, Panlong District, Kunming City, Yunnan Province | 0871-63193176 | 0871-63193176 | ldb@ynsnjt.com | [Brief Introduction to Changes in Basic Information](index=6&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) The company's registered address changed on October 26, 2016, with its current office located at Kunming Hang Lung Plaza and its website at www.ynsnjt.com - The company's registered address changed on October 26, 2016, from Chawangshan, Eastern Suburb of Kunming City, Yunnan Province, to Plot 14-06-1, Puzhaohaizi Area, Kunming Economic Development Zone[18](index=18&type=chunk) - The company's office address is 39th Floor, Kunming Hang Lung Plaza Office Building, No. 23 Dongfeng East Road, Panlong District, Kunming City, Yunnan Province, postal code 650051[18](index=18&type=chunk) - The company's website is www.ynsnjt.com, and its email address is ynsnjt@ynsnjt.com[18](index=18&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=6&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) The company designates "China Securities Journal," "Shanghai Securities News," "Securities Daily," and "Securities Times" as information disclosure newspapers, with the semi-annual report published on the Shanghai Stock Exchange website and available for inspection at the company's office address - The company's selected newspapers for information disclosure are "China Securities Journal," "Shanghai Securities News," "Securities Daily," and "Securities Times"[19](index=19&type=chunk) - The website address for publishing the semi-annual report is http://www.sse.com.cn[19](index=19&type=chunk) - The company's semi-annual report is available for inspection at 39th Floor, Kunming Hang Lung Plaza Office Building, No. 23 Dongfeng East Road, Panlong District, Kunming City, Yunnan Province[19](index=19&type=chunk) [Brief Introduction to Company Shares](index=6&type=section&id=Brief%20Introduction%20to%20Company%20Shares) The company's shares are RMB ordinary shares, listed and traded on the Shanghai Stock Exchange, with the stock abbreviation Shennong Group and stock code 605296 Company Stock Information | Share Type | Stock Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | RMB Ordinary Shares | Shanghai Stock Exchange | Shennong Group | 605296 | Not Applicable | [Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue increased by **12.16%**, with total profit and net profit attributable to parent company both achieving significant growth exceeding **200%**, and net cash flow from operating activities increasing by **88.16%**, demonstrating strong profitability and improved cash flow, alongside substantial increases in basic earnings per share and weighted average return on net assets Key Accounting Data for H1 2025 | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Year Period | % Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 2,797,626,119.42 | 2,494,408,913.13 | 12.16 | | Total Profit (yuan) | 388,448,016.77 | 124,037,818.40 | 213.17 | | Net Profit Attributable to Shareholders of Listed Company (yuan) | 387,516,418.92 | 123,947,136.82 | 212.65 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses (yuan) | 397,802,621.08 | 136,820,246.32 | 190.75 | | Net Cash Flow from Operating Activities (yuan) | 557,444,348.73 | 296,261,844.46 | 88.16 | | Net Assets Attributable to Shareholders of Listed Company (period-end) (yuan) | 5,122,769,435.21 | 4,832,547,371.77 | 6.01 | | Total Assets (period-end) (yuan) | 6,926,830,527.47 | 6,655,097,461.07 | 4.08 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Reporting Period | Prior Year Period | % Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.75 | 0.24 | 212.50 | | Diluted Earnings Per Share (yuan/share) | 0.75 | 0.24 | 212.50 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.77 | 0.26 | 196.15 | | Weighted Average Return on Net Assets (%) | 7.82 | 2.91 | Increased by 4.91 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 8.02 | 3.21 | Increased by 4.81 percentage points | [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses for the period amounted to **-10,286,202.16 yuan**, primarily comprising gains from disposal of non-current assets, government subsidies, fair value changes of financial assets, capital occupation fees, and non-operating income/expenses such as pig mortality losses, fixed asset write-offs, and donation expenditures Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Non-Recurring Gains and Losses Item | Amount (yuan) | Notes | | :--- | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 174,271.01 | Primarily gains from termination of lease for right-of-use assets | | Government Subsidies Included in Current Profit and Loss | 1,087,834.52 | Primarily government subsidy income | | Gains and Losses from Fair Value Changes of Financial Assets and Liabilities Held by Non-Financial Enterprises and from Disposal of Financial Assets and Liabilities | 2,493,235.28 | Primarily investment income from disposal of trading financial assets and fair value changes of derivative financial assets | | Capital Occupation Fees Received from Non-Financial Enterprises Included in Current Profit and Loss | 875,156.53 | Primarily interest income from loans to cooperative farmers | | Other Non-Operating Income and Expenses Apart from the Above Items | -15,564,580.70 | Primarily pig mortality losses, fixed asset write-offs, and donation expenditures | | Less: Income Tax Impact | -647,881.20 | | | Total | -10,286,202.16 | | [Net Profit After Deducting Impact of Share-Based Payments](index=8&type=section&id=Net%20Profit%20After%20Deducting%20Impact%20of%20Share-Based%20Payments) Net profit after deducting the impact of share-based payments for the current period was **385,000,010.64 yuan**, representing a **232.05%** increase from the prior year, indicating a significant improvement in the company's profitability after excluding equity incentive expenses Net Profit After Deducting Impact of Share-Based Payments | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Year Period | % Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Impact of Share-Based Payments (yuan) | 385,000,010.64 | 115,947,815.98 | 232.05 | [Management Discussion and Analysis](index=8&type=section&id=Management%20Discussion%20and%20Analysis) [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) In the first half of 2025, with the national economy recovering and stable hog prices, the company maintained its full-chain hog industry strategy, enhancing its advantages through cost reduction, efficiency improvement, and technological upgrades. The feed industry saw a **7.70%** increase in output, hog farming a **0.60%** increase in slaughter volume, and slaughtering a **14.5%** increase, while the food deep processing output value is projected to exceed **15.9 trillion yuan**, driven by demand for high-value-added products. The company's main businesses include feed production, hog farming, slaughtering, and food deep processing, forming a complete industrial chain, with digital management, strategic procurement, and refined formula management improving operational efficiency and product quality - 2025年上半年，国民经济持续恢复向好，生猪价格持续稳定运行，保持了较好的盈利性[29](index=29&type=chunk) - The company firmly implements a high-quality development strategy, adheres to a full-chain hog industry development strategy, and continuously focuses on building a leading enterprise with an integrated hog industry chain[29](index=29&type=chunk) [Industry Overview](index=8&type=section&id=Industry%20Overview) In the first half of 2025, the total output of the feed industry increased by **7.70%**, but ex-factory prices of main products showed a downward trend amid fierce market competition. The hog farming industry saw a **0.60%** increase in slaughter volume and a **0.10%** increase in sow inventory, accelerating its scale-up. Hog slaughter volume increased by **14.5%**, with the industry transitioning towards intensive and efficient operations. Food deep processing output value is projected to exceed **15.9 trillion yuan**, driven by surging demand for high-value-added products due to consumption upgrades, supported by national policies for healthy industry development H1 2025 Feed Industry Output | Indicator | Output (10,000 tons) | YoY Growth (%) | | :--- | :--- | :--- | | National Industrial Feed Total Output | 15,850 | 7.70 | | Compound Feed | 14,807 | 8.10 | | Additive Premix Feed | 342 | 6.90 | | Concentrated Feed | 614 | -1.50 | - In the first half of 2025, national hog slaughter volume was **366.19 million** heads, a **0.60%** year-on-year increase; sow inventory was **40.43 million** heads, a **0.10%** year-on-year increase[31](index=31&type=chunk) - In the first half of 2025, national designated hog slaughtering enterprises above designated size cumulatively slaughtered **184 million** heads, a **14.5%** increase compared to the same period in 2024[32](index=32&type=chunk) - Food processing output value is expected to exceed **15.9 trillion yuan** in 2025, with a compound annual growth rate of **7.8%** from 2020-2025, driven by surging demand for high-value-added products[33](index=33&type=chunk) [Explanation of the Company's Main Business Operations](index=9&type=section&id=Explanation%20of%20the%20Company%27s%20Main%20Business%20Operations) The company is a national key leading enterprise in agricultural industrialization, integrating feed production, hog farming, slaughtering, and food deep processing, with main products including feed, live hogs, fresh pork, and deep-processed products. The company optimizes its supply chain through digital management tools, reduces raw material costs via strategic procurement and futures hedging, and establishes partnerships with leading enterprises. Sales channels include internal sales, distributors, brokers, self-owned slaughterhouses, farmers' markets, fresh food supermarkets, and online platforms, also offering custom slaughtering services. The company emphasizes quality, biosecurity, and traceability across all business segments, forming a complete industrial chain - The company is a national key leading enterprise in agricultural industrialization, integrating feed production, hog farming, slaughtering, and food deep processing, and is also the largest hog farming enterprise in Yunnan Province[34](index=34&type=chunk) - The company's main businesses include feed processing and sales, hog farming and sales, hog slaughtering and fresh pork food sales, and food deep processing and sales[34](index=34&type=chunk) - The company enhances supply chain visibility through digital management tools and platforms, optimizing inventory management, procurement planning, and production scheduling, while also using futures hedging to mitigate risks[36](index=36&type=chunk)[37](index=37&type=chunk) - The company's feed sales are divided into internal and external sales; commercial hogs are primarily sold to its own slaughtering and processing plants and hog brokers; piglets are mainly sold to farming group companies; pork products are sold through farmers' markets, fresh food supermarkets, wholesale distributors, and online channels, with custom slaughtering services also provided[38](index=38&type=chunk) [Discussion and Analysis of Operations](index=11&type=section&id=Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the company's business segments actively responded to market changes. The feed business ensured cost advantages and product quality through optimized procurement, futures hedging, and the new Shilin feed base. Hog farming focused on organizational vitality, cost reduction, efficiency improvement, and digital transformation, strengthening biosecurity and enhancing production management. The hog slaughtering business reinforced industrial chain linkage, expanded refined cut products and frozen product businesses, increasing market share and brand influence. The food deep processing business delved into market demand, developing snack products and catering support products, and actively expanding into online and Southeast Asian markets to enhance brand influence - The feed business ensures cost advantages and product quality through optimized procurement models, futures hedging, and the newly built Shilin feed base, while continuously updating the SAP system to improve operational efficiency[42](index=42&type=chunk)[43](index=43&type=chunk) - The hog farming business adheres to high health standards and major disease eradication, strengthens its biosecurity management system, activates organizational vitality through incentive-based assessment plans, and promotes digital operations and integrated management[44](index=44&type=chunk)[45](index=45&type=chunk) - The hog slaughtering business relies on the SAP digital operation platform to improve its quality control and traceability system, expand into hot, chilled, and refined cut products as well as frozen products, and actively penetrate lower-tier market channels[46](index=46&type=chunk)[47](index=47&type=chunk) - The food deep processing business has developed meat sausage, thumb sausage, Jinduigu series flavored products, cured meat products, rice noodle配套 products, and hotpot customized ingredients in response to market demand, and is actively expanding into online and Southeast Asian markets[47](index=47&type=chunk)[48](index=48&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=13&type=section&id=Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its integrated industrial chain, corporate culture and talent team, modern management experience, advanced farming equipment, informatization and technological R&D, and geographical advantages. Industrial chain integration effectively reduces costs, mitigates risks, and ensures food safety. A strong corporate culture and professional talent team drive sustainable development. Modern management experience is built upon scientific farming environment control, comprehensive nutritional supply, a robust biosecurity system, and a traceable slaughtering and processing system. Technological advantages are demonstrated by internationally advanced farming equipment, SAP platform-driven digital management, and numerous patents and research achievements. Yunnan Province's favorable ecological environment and geographical conditions provide a distinct regional advantage for livestock development - The company possesses a complete hog industrial chain integrating feed processing, hog farming, slaughtering, and deep processing, effectively reducing costs, mitigating risks, and achieving product quality traceability[49](index=49&type=chunk) - Adhering to the corporate culture of "Love in Heart, Fruits in Bloom," the company has built a young, knowledgeable, and professional talent team, implementing a human resource management mechanism characterized by clear division of labor, remuneration based on performance, and promotion of the fittest[50](index=50&type=chunk) - The company has established a modern hog industrial chain management system centered on pig health and biosecurity, including scientific farming environment control, comprehensive nutritional supply, a robust biosecurity system, and a traceable slaughtering and processing system[51](index=51&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk) - The company's modern farms adopt an American farming model, introducing automatic environmental control systems and automatic feeding systems from internationally renowned manufacturers such as AGCO Corporation and Hog Slat Inc[55](index=55&type=chunk) - The company has built an integrated information platform based on the SAP system, achieving real-time synchronization of business and financial data, and plans to deepen the application of cutting-edge technologies such as AI intelligent analysis and the Internet of Things[56](index=56&type=chunk) - The company's technology R&D center is recognized as a provincial-level enterprise technology center, holding **51** authorized patents (**3** invention patents), and has participated in multiple scientific research projects to optimize feed formulation technology[57](index=57&type=chunk)[58](index=58&type=chunk) - The company's hog production capacity is primarily concentrated in Yunnan Province, a region with a favorable ecological environment, stable seasonal temperatures, and mountainous terrain suitable for farm construction without occupying arable land, forming natural geographical isolation belts conducive to biosecurity[59](index=59&type=chunk) [Major Operating Performance During the Reporting Period](index=16&type=section&id=Major%20Operating%20Performance%20During%20the%20Reporting%20Period) In the first half of 2025, the company's operating revenue increased by **12.16%** to **2.80 billion yuan**, primarily due to increased hog sales and slaughter volume. Operating costs decreased by **0.20%**, mainly due to the commissioning of supporting feed factories and supply chain optimization. Selling and administrative expenses rose due to business expansion and increased employee compensation. Financial expenses decreased by **38.50%** due to reduced interest expenditures. Net cash flow from operating activities significantly increased by **88.16%**, while net cash flow from investing activities decreased by **62.75%** due to factory expansion and increased purchases of wealth management products, and net cash flow from financing activities decreased by **180.80%** due to reduced borrowings and increased share repurchases. The company's asset and liability structure remained robust, with total assets of **6.93 billion yuan** and net assets of **5.12 billion yuan** at period-end. During the reporting period, the company established **7** new wholly-owned subsidiaries in Yunnan Province, increased capital in **2** wholly-owned subsidiaries, and invested in **3** piglet breeding base construction projects, with a total investment of **550 million yuan**, to expand its hog farming scale H1 2025 Major Financial Statement Item Changes | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | % Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,797,626,119.42 | 2,494,408,913.13 | 12.16 | Primarily due to increased hog sales and slaughter volume | | Operating Cost | 2,185,118,382.48 | 2,189,460,855.79 | -0.20 | Primarily due to commissioning of supporting feed factories and optimized supply chain leading to lower hog costs | | Selling Expenses | 39,076,193.88 | 31,351,092.24 | 24.64 | Primarily due to increased employee compensation from business expansion and increased brand promotion investment | | Administrative Expenses | 162,630,829.47 | 149,628,101.18 | 8.69 | Primarily due to increased employee compensation from scale expansion | | Financial Expenses | 9,316,920.91 | 15,150,086.08 | -38.50 | Primarily due to reduced interest expenditures | | R&D Expenses | 6,160,322.06 | 6,671,723.65 | -7.67 | Primarily due to reduced employee compensation and equity incentive expenses | | Net Cash Flow from Operating Activities | 557,444,348.73 | 296,261,844.46 | 88.16 | Primarily due to increased hog sales and slaughter volume | | Net Cash Flow from Investing Activities | -492,671,057.36 | -302,720,566.44 | -62.75 | Primarily due to increased investment in factory expansion and purchase of wealth management products | | Net Cash Flow from Financing Activities | -190,782,161.76 | 236,118,080.53 | -180.80 | Primarily due to reduced borrowings, increased land lease payments, and increased share repurchases | - The company invested in establishing **7** wholly-owned subsidiaries in Yunnan Province, increased capital in **2** wholly-owned subsidiaries, and invested in constructing **3** piglet breeding base projects, with a total investment of **550 million yuan**[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk) H1 2025 Major Asset and Liability Changes | Item Name | Current Period-End Amount (yuan) | % of Total Assets at Current Period-End | Prior Year-End Amount (yuan) | % of Total Assets at Prior Year-End | % Change from Prior Year-End | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 130,265,684.25 | 1.88 | 0.00 | 0.00 | 100.00 | Primarily due to an increase in derivative financial assets | | Construction in Progress | 84,080,810.53 | 1.21 | 199,370,436.33 | 3.00 | -57.83 | Primarily due to transfer of hog farm construction in progress to fixed assets | | Intangible Assets | 180,484,942.32 | 2.61 | 132,349,823.09 | 1.99 | 36.37 | Primarily due to increased land use rights, mining rights, and transfer of informatization systems to fixed assets | | Other Non-Current Assets | 16,392,693.49 | 0.24 | 58,242,329.73 | 0.88 | -71.85 | Primarily due to a decrease in prepaid long-term asset payments | | Short-Term Borrowings | 130,083,194.43 | 1.88 | 205,158,194.41 | 3.08 | -36.59 | Primarily due to repayment of short-term borrowings | | Notes Payable | 0.00 | 0.00 | 66,350,100.00 | 1.00 | -100.00 | Primarily due to acceptance of bank acceptance bills | | Contract Liabilities | 13,610,655.17 | 0.20 | 10,133,684.98 | 0.15 | 34.31 | Primarily due to an increase in advance receipts for sales | | Employee Compensation Payable | 63,163,267.95 | 0.91 | 101,804,390.04 | 1.53 | -37.96 | Primarily due to payment of accrued year-end salaries in the current period | | Taxes Payable | 5,616,212.76 | 0.08 | 8,555,245.18 | 0.13 | -34.35 | Primarily due to payment of corporate income tax accrued in the prior year | | Long-Term Borrowings | 290,135,133.83 | 4.19 | 226,625,251.10 | 3.41 | 28.02 | Primarily due to new medium- and long-term bank borrowings and project loans | | Lease Liabilities | 171,063,000.05 | 2.47 | 130,227,244.90 | 1.96 | 31.36 | Primarily due to increased land leases | | Deferred Income | 57,244,308.20 | 0.83 | 39,483,239.65 | 0.59 | 44.98 | Primarily due to increased government subsidies received | - At the end of the reporting period, restricted monetary funds totaled **41,997,076.92 yuan**, mainly comprising trading margins, land reclamation deposits, mine restoration funds, and ETC deposits. Restricted fixed assets at period-end amounted to **73,700,534.29 yuan**, serving as collateral for finance leases (sale-and-leaseback)[66](index=66&type=chunk) [Risks That May Be Faced](index=24&type=section&id=Risks%20That%20May%20Be%20Faced) The company faces multiple risks including animal epidemics, natural disasters, policy, market, operational management, and financial risks. Animal epidemics (e.g., African Swine Fever) may lead to pig mortality, increased costs, and market panic. Natural disasters could damage production facilities and affect feed raw material prices. Changes in industrial and environmental policies may increase operating costs. Fluctuations in live hog and pork prices, as well as major raw material prices, are key market risks. Food safety, land leases, and cooperative farming models may pose operational management risks. Inventory impairment and changes in tax preferential policies constitute financial risks - The company faces various animal epidemic risks such as Porcine Reproductive and Respiratory Syndrome (PRRS) and African Swine Fever, which may lead to pig mortality, decreased slaughter volume, increased production costs, and even trigger market price fluctuations and consumer concerns[78](index=78&type=chunk) - The company's feed and farming businesses are susceptible to natural disasters such as droughts, floods, and earthquakes, which may cause damage to production facilities, pig mortality, and lead to increased feed raw material prices[79](index=79&type=chunk) - Changes in industrial policies (e.g., feed industry development plans) and environmental protection policies (e.g., pollutant emission standards, designation of restricted farming areas) may adversely affect the company's production and operations and environmental protection investments[80](index=80&type=chunk) - Live hog and pork prices are subject to cyclical fluctuations influenced by growth cycles, inventory levels, feed prices, and market supply and demand, which may lead to a decline in the company's profitability or even losses. Fluctuations in the prices of major raw materials such as corn and soybean meal also directly impact operating costs[81](index=81&type=chunk) - Operational management risks include food safety issues, uncertainties in rural land leases, risks related to the quantity and quality of farmers under the "company + family farm" cooperative farming model, and the risk of failed application or renewal of operating licenses[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk) - Financial risks primarily include inventory impairment risk (especially for consumable biological assets affected by live hog market price fluctuations) and the risk of changes in tax preferential policies (e.g., adjustments to VAT and corporate income tax preferential policies)[85](index=85&type=chunk) [Corporate Governance, Environment and Society](index=27&type=section&id=Corporate%20Governance%2C%20Environment%20and%20Society) [Changes in Directors, Supervisors, and Senior Management](index=27&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company's Board of Directors and Supervisory Board completed their re-election. Independent directors Mr. Long Chao and Mr. Huang Song retired due to term expiration, while Mr. Chen Xudong and Ms. Luo Wei were elected as new independent directors. Mr. Sen Demin was elected as an employee representative director, and Ms. Wang Ping was elected as a non-independent director Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change | | :--- | :--- | :--- | | Long Chao | Independent Director | Resigned | | Huang Song | Independent Director | Resigned | | Chen Xudong | Independent Director | Elected | | Luo Wei | Independent Director | Elected | | Wang Ping | Director | Elected | | Sen Demin | Director | Elected | - Independent directors Mr. Long Chao and Mr. Huang Song resigned due to completing **6** consecutive years of service[88](index=88&type=chunk) - Mr. Sen Demin was elected as an employee representative director of the company's Fifth Board of Directors, Mr. Chen Xudong and Ms. Luo Wei were elected as independent directors, and Ms. Wang Ping was elected as a non-independent director[89](index=89&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=27&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company proposes a cash dividend of **3.90 yuan** (tax inclusive) per **10** shares to all shareholders, totaling **202,120,784.58 yuan** (tax inclusive), with no bonus shares or capital reserve conversion, a plan approved by both the Board of Directors and Supervisory Board Semi-Annual Profit Distribution Plan | Indicator | Content | | :--- | :--- | | Is there a distribution or conversion | Yes | | Number of Bonus Shares per 10 Shares (shares) | 0 | | Dividend per 10 Shares (yuan) (tax inclusive) | 3.90 | | Number of Shares Converted from Capital Reserve per 10 Shares (shares) | 0 | - This profit distribution does not involve bonus shares or capital reserve conversion to share capital. If the company's total share capital changes before the equity distribution record date, the total distribution amount will be adjusted accordingly, maintaining the principle of an unchanged per-share distribution amount[90](index=90&type=chunk) [Status and Impact of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=27&type=section&id=Status%20and%20Impact%20of%20Company%27s%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The conditions for the second tranche of the 2022 Restricted Stock Incentive Plan's reserved grant have been met, and **354,800** restricted shares have been unlocked and listed. Concurrently, **101,200** restricted shares were forfeited and repurchased and cancelled due to some incentive recipients' resignation or failure to meet performance targets - The conditions for the second tranche of the 2022 Restricted Stock Incentive Plan's reserved grant have been met, and the unlocking and listing of **354,800** restricted shares have been completed[91](index=91&type=chunk)[149](index=149&type=chunk) - Due to the resignation of **23** reserved grant incentive recipients, the death of **1** incentive recipient, and **57** incentive recipients failing to meet or fully meet their 2024 individual performance assessments, a total of **101,200** restricted shares were forfeited and repurchased and cancelled by the company[93](index=93&type=chunk)[195](index=195&type=chunk) [Specific Progress in Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, etc.](index=28&type=section&id=Specific%20Progress%20in%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20etc.) The company actively responded to the national rural revitalization strategy, implementing a "company + modern professional farmer" hog contract farming model since 2017, with **558** contract farmers at the end of the reporting period, effectively assisting them in poverty alleviation and prosperity through shared resources and risks - The company actively integrates into and serves the national rural revitalization strategy, having explored the "company + modern professional farmer" hog contract farming model since 2017[93](index=93&type=chunk) - At the end of the reporting period, the company had **558** contract farmers, effectively assisting them in poverty alleviation and prosperity through shared resources and risks[93](index=93&type=chunk) [Significant Matters](index=29&type=section&id=Significant%20Matters) [Fulfillment of Commitments](index=29&type=section&id=Fulfillment%20of%20Commitments) All commitments made by the company's actual controllers, shareholders, related parties, and the company itself during the initial public offering and refinancing processes, including share lock-up, stock price stabilization, information disclosure truthfulness, profit distribution policy, non-infringement of company interests, and equity incentive-related commitments, have been strictly fulfilled on schedule, with no instances of overdue fulfillment - The controlling shareholder and actual controllers committed not to transfer or entrust others to manage all shares directly and indirectly held by them within **36** months from the date of the company's stock listing, and this commitment has been strictly fulfilled[95](index=95&type=chunk)[96](index=96&type=chunk) - The company's directors, supervisors, and senior management committed not to transfer more than **25%** of their total shares held in the company annually during their tenure, and not to transfer any shares within six months after leaving office, and this commitment has been strictly fulfilled[97](index=97&type=chunk) - The company and relevant responsible parties committed that the prospectus contains no false records, misleading statements, or major omissions, and committed to repurchase or compensate investors for losses in accordance with the law, and this commitment has been strictly fulfilled[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk) - The company committed to implementing a continuous, stable, and scientific dividend distribution policy, prioritizing cash dividends, and has strictly adhered to it[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) - The company and its directors and senior management committed not to overstep their authority in interfering with the company's operational management activities, not to infringe upon the company's interests, and to ensure the effective implementation of return compensation measures, and these commitments have been strictly fulfilled[116](index=116&type=chunk)[117](index=117&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk) - Commitments related to the equity incentive plan, including the company not providing financial assistance to incentive recipients, incentive recipients complying with assessment systems, and the truthfulness of information disclosure documents, have all been strictly fulfilled[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk) [Significant Related Party Transactions](index=69&type=section&id=Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in related party transactions with its joint venture, PIC (Qiannan) Agricultural Technology Co., Ltd., purchasing breeding pigs and semen for **7,799,860.60 yuan** and selling service fees for **56,212.25 yuan**. Additionally, daily related party transactions, including raw material purchases and sales of deep-processed gift boxes, occurred with Sichuan Xinshuo Supply Chain Management Co., Ltd., Yunnan Denong Tea Industry Co., Ltd., and Kunming Genrong Enterprise Marketing Planning Co., Ltd., totaling **1,259,100.12 yuan** Related Party Transactions Related to Daily Operations (Disclosed) | Related Party | Relationship | Transaction Type | Transaction Content | Transaction Amount (yuan) | % of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | :--- | | PIC (Qiannan) Agricultural Technology Co., Ltd. | Joint Venture | Purchase of Goods | Purchase of breeding pigs, semen | 7,799,860.60 | 28.82 | | PIC (Qiannan) Agricultural Technology Co., Ltd. | Joint Venture | Sale of Products | Service fees | 56,212.25 | 100.00 | Related Party Transactions Related to Daily Operations (Undisclosed) | Related Party | Relationship | Transaction Type | Transaction Content | Transaction Amount (yuan) | % of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | :--- | | Kunming Genrong Enterprise Marketing Planning Co., Ltd. | Other Related Party | Sale of Goods | Sale of deep-processed gift boxes | 9,522.12 | 3.52 | | Sichuan Xinshuo Supply Chain Management Co., Ltd. | Other Related Party | Purchase of Goods | Purchase of raw materials | 1,225,578.00 | 100.00 | | Yunnan Denong Tea Industry Co., Ltd. | Other Related Party | Purchase of Goods | Purchase of raw materials | 24,000.00 | 97.72 | [Significant Contracts and Their Fulfillment](index=71&type=section&id=Significant%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the company's total external guarantees amounted to **675.15 million yuan**, representing **13.18%** of its net assets. Guarantees to subsidiaries totaled **178.96 million yuan** in new occurrences, with a period-end balance of **674.76 million yuan**. A guarantee of **387,200 yuan** provided by the company to its downstream customer, Mojiang County Tuantian Green Leaf Breeding and Farming Professional Cooperative, has become overdue Company Total Guarantee Status | Indicator | Amount (10,000 yuan) | | :--- | :--- | | Total Guarantees to Subsidiaries During Reporting Period | 17,895.79 | | Total Guarantees to Subsidiaries at Period-End (B) | 67,475.87 | | Total Guarantees (A+B) | 67,514.59 | | % of Total Guarantees to Company's Net Assets | 13.18 | - A guarantee of **387,200 yuan** provided by the company to its downstream customer, Mojiang County Tuantian Green Leaf Breeding and Farming Professional Cooperative, has become overdue[144](index=144&type=chunk)[197](index=197&type=chunk) [Share Changes and Shareholder Information](index=74&type=section&id=Share%20Changes%20and%20Shareholder%20Information) [Changes in Share Capital](index=74&type=section&id=Changes%20in%20Share%20Capital) During the reporting period, the company's total share capital remained unchanged at **524,839,012** shares. Restricted shares decreased by **354,800** shares, while unrestricted tradable shares increased by **354,800** shares, primarily due to the completion of the second tranche of the 2022 Restricted Stock Incentive Plan's reserved grant unlocking Share Change Table | Category | Number Before Change (shares) | % Before Change | Change (+, -) Subtotal (shares) | Number After Change (shares) | % After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 1,587,840 | 0.30 | -354,800 | 1,233,040 | 0.23 | | II. Unrestricted Tradable Shares | 523,251,172 | 99.70 | 354,800 | 523,605,972 | 99.77 | | III. Total Shares | 524,839,012 | 100 | 0 | 524,839,012 | 100 | - On May 14, 2025, the company completed the unlocking and listing of **354,800** restricted shares for the second tranche of the 2022 Restricted Stock Incentive Plan's reserved grant[149](index=149&type=chunk) [Shareholder Information](index=75&type=section&id=Shareholder%20Information) As of the end of the reporting period, the company had **16,174** ordinary shareholders. Among the top ten shareholders, He Zuxun, He Qiaoguan, Yunnan Zhengdao Investment Development Partnership (Limited Partnership), He Yuebin, and He Baojian were the top five, collectively holding **86.54%** of the shares. He Zuxun and his concerted parties collectively held **85.2389%** of the company's shares, serving as the actual controllers. Restricted shares primarily consisted of restricted stock from the initial and reserved grants of the 2022 equity incentive plan, which will be unlocked in batches on July 18, 2025, and May 14, 2025 Total Shareholders | Indicator | Quantity | | :--- | :--- | | Total Number of Ordinary Shareholders at Period-End (households) | 16,174 | Top Ten Shareholders' Holdings at Period-End | Shareholder Name | Period-End Holding (shares) | % | Shareholder Nature | | :--- | :--- | :--- | :--- | | He Zuxun | 261,016,651 | 49.73 | Domestic Natural Person | | He Qiaoguan | 60,234,612 | 11.48 | Domestic Natural Person | | Yunnan Zhengdao Investment Development Partnership (Limited Partnership) | 52,646,880 | 10.03 | Domestic Non-State-Owned Legal Person | | He Yuebin | 40,156,407 | 7.65 | Domestic Natural Person | | He Baojian | 40,156,407 | 7.65 | Domestic Natural Person | | HKSCC Nominees Limited | 2,047,240 | 0.39 | Overseas Legal Person | | Agricultural Bank of China Co., Ltd. - Yinhua Agricultural Industry Stock Initiated Securities Investment Fund | 1,684,285 | 0.32 | Other | | Bank of China Co., Ltd. - Boshi Consumer Innovation Mixed Securities Investment Fund | 1,163,850 | 0.22 | Other | | Zheshang Bank Co., Ltd. - Guotai CSI Livestock Farming Traded Open-Ended Index Securities Investment Fund | 1,047,800 | 0.20 | Other | | National Social Security Fund 118 Portfolio | 1,047,031 | 0.20 | Domestic Non-State-Owned Legal Person | - He Zuxun, He Qiaoguan, He Baojian, and He Yuebin signed a concerted action agreement, acting in concert with Yunnan Zhengdao Investment Development Partnership (Limited Partnership)[156](index=156&type=chunk) Top Ten Restricted Shareholders' Holdings and Restriction Conditions | No. | Name of Restricted Shareholder | Number of Restricted Shares Held (shares) | Reason for Restriction | Date Available for Listing and Trading | | :--- | :--- | :--- | :--- | :--- | | 1 | Zhang Xiaodong | 39,000 | 2022 Restricted Stock Incentive Plan First Grant Lock-up | Unlocked in batches proportionally on July 18, 2025 | | 2 | Shu Meng | 39,000 | 2022 Restricted Stock Incentive Plan First Grant Lock-up | Unlocked in batches proportionally on July 18, 2025 | | 3 | Jiang Hong | 39,000 | 2022 Restricted Stock Incentive Plan First Grant Lock-up | Unlocked in batches proportionally on July 18, 2025 | | 4 | Dun Can | 39,000 | 2022 Restricted Stock Incentive Plan First Grant Lock-up | Unlocked in batches proportionally on July 18, 2025 | | 5 | Liu Yuefeng | 31,200 | 2022 Restricted Stock Incentive Plan First Grant Lock-up | Unlocked in batches proportionally on July 18, 2025 | | 6 | Liu Xiangao | 31,200 | 2022 Restricted Stock Incentive Plan First Grant Lock-up | Unlocked in batches proportionally on July 18, 2025 | | 7 | Han Xingjin | 31,200 | 2022 Restricted Stock Incentive Plan First Grant Lock-up | Unlocked in batches proportionally on July 18, 2025 | | 8 | Tang Tianying | 23,400 | 2022 Restricted Stock Incentive Plan First Grant Lock-up | Unlocked in batches proportionally on July 18, 2025 | | 9 | Li Yunlong | 23,400 | 2022 Restricted Stock Incentive Plan First Grant Lock-up | Unlocked in batches proportionally on July 18, 2025 | | 10 | Li Ming | 23,400 | 2022 Restricted Stock Incentive Plan First Grant Lock-up | Unlocked in batches proportionally on July 18, 2025 | [Bond-Related Information](index=79&type=section&id=Bond-Related%20Information) [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=79&type=section&id=Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no outstanding corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments that were either unexpired or had matured but not been fully redeemed - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[161](index=161&type=chunk) [Financial Report](index=79&type=section&id=Financial%20Report) [Audit Report](index=79&type=section&id=Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[162](index=162&type=chunk) [Financial Statements](index=79&type=section&id=Financial%20Statements) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively illustrating the company's financial position, operating results, and cash flow situation at the end of the reporting period - This section includes the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[162](index=162&type=chunk)[166](index=166&type=chunk)[169](index=169&type=chunk)[174](index=174&type=chunk)[182](index=182&type=chunk)[192](index=192&type=chunk) [Company Basic Information](index=100&type=section&id=Company%20Basic%20Information) The company was established as a joint-stock company through the overall restructuring of Yunnan Shennong Agricultural Industry Group Co., Ltd., registered on September 11, 2012, with its headquarters in Kunming, Yunnan. With a registered capital of **524,839,012.00 yuan**, its main businesses include feed processing and sales, hog farming and sales, hog slaughtering, and fresh pork product sales, operating within the farming industry. These financial statements were approved for issuance by the Board of Directors on August 26, 2025 - The company was established as a joint-stock company through the overall restructuring and change of Yunnan Shennong Agricultural Industry Group Co., Ltd., registered on September 11, 2012, with the Yunnan Provincial Administration for Industry and Commerce, and headquartered in Kunming City, Yunnan Province[197](index=197&type=chunk) - The company's registered capital is **524,839,012.00 yuan**, with a total of **524,839,012.00** shares, including **1,233,040** restricted tradable shares and **523,605,972** unrestricted tradable shares[197](index=197&type=chunk) - The company belongs to the farming industry. Its main business activities are feed processing and sales, hog farming and sales, hog slaughtering, and fresh pork product sales[197](index=197&type=chunk) [Basis of Preparation of Financial Statements](index=100&type=section&id=Basis%20of%20Preparation%20of%20Financial%20Statements) The company's financial statements are prepared on a going concern basis, with no events or circumstances that would cast significant doubt on its ability to continue as a going concern within **12** months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[198](index=198&type=chunk) - There are no events or circumstances that would cast significant doubt on the company's ability to continue as a going concern within **12** months from the end of the reporting period[199](index=199&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=100&type=section&id=Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) The company adheres to enterprise accounting standards, with the accounting year from January 1 to December 31, and the functional currency being RMB. Based on its actual production and operation characteristics, the company has formulated specific accounting policies and estimates for financial instrument impairment, depreciation of fixed assets, depreciation of right-of-use assets, productive biological assets, amortization of intangible assets, and revenue recognition, also defining materiality standards. This section elaborates on accounting policies and estimation methods for business combinations, consolidated financial statements, joint arrangements, cash and cash equivalents, financial instruments, accounts receivable, inventories, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, biological assets, intangible assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, share-based payments, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows, among other relevant information[201](index=201&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, and the functional currency is RMB[202](index=202&type=chunk)[204](index=204&type=chunk) - The company has formulated specific accounting policies and estimates for transactions or events such as financial instrument impairment, depreciation of fixed assets, depreciation of right-of-use assets, productive biological assets, amortization of intangible assets, and revenue recognition, based on its actual production and operation characteristics[200](index=200&type=chunk) - This section elaborates on the classification, recognition, measurement, and derecognition conditions of financial assets and financial liabilities, as well as financial instrument impairment (expected credit loss model) and fair value determination methods[211](index=211&type=chunk)[212](index=212&type=chunk)[213](index=213&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk) - The company's revenue recognition principle involves identifying distinct performance obligations, determining whether they are satisfied over time or at a point in time, and measuring revenue based on the transaction price allocated to each distinct performance obligation[257](index=257&type=chunk)[258](index=258&type=chunk)[259](index=259&type=chunk) [Taxation](index=116&type=section&id=Taxation) The company's main taxes include Value-Added Tax (rates from **1%** to **13%** or exempt), Urban Maintenance and Construction Tax (rates from **1%** to **7%**), Corporate Income Tax (rates from **15%** to **25%** or exempt), Education Surcharge, and Local Education Surcharge. The company and its subsidiaries benefit from multiple tax preferential policies, including VAT exemption for agricultural producers selling self-produced agricultural products, VAT exemption for feed products, VAT exemption for certain fresh meat and egg products in circulation, corporate income tax exemption for income from agriculture, forestry, animal husbandry, and fishery projects, Western Development preferential policy (**15%** corporate income tax rate), and inclusive tax reduction policies for small and micro enterprises Major Taxes and Tax Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Output tax calculated on sales of goods and taxable services, less input tax | 13%, 9%, 6%, 5%, 3%, 1%, Exempt | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7%, 5%, 1% | | Corporate Income Tax | Taxable income | 15%, 20%, 25%, Exempt | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | | Property Tax | Ad valorem tax at 1.2% of the original value of the property after deducting 30%; rental-based tax at 12% of rental income | 1.2% or 12% | - The company and its subsidiaries enjoy VAT exemption policies for agricultural producers selling self-produced agricultural products, feed products, and certain fresh meat and egg products[273](index=273&type=chunk)[274](index=274&type=chunk) - Income from the company's subsidiaries engaged in livestock and poultry farming, crop cultivation, and primary processing of agricultural products is exempt from corporate income tax; some subsidiaries enjoy the Western Development preferential corporate income tax rate of **15%**, as well as inclusive tax reduction policies for small and micro enterprises[274](index=274&type=chunk)[275](index=275&type=chunk) [Notes to Consolidated Financial Statement Items](index=118&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the period-end balances, beginning balances, and current period changes for each item in the consolidated financial statements. Monetary funds at period-end totaled **939.42 million yuan**, with **41.99 million yuan** restricted. Trading financial assets increased by **130.27 million yuan**, primarily derivative financial assets. Accounts receivable at period-end were **82.54 million yuan**, with bad debt provisions of **11.05 million yuan**. Inventory at period-end was **1.32 billion yuan**, including **930.11 million yuan** in consumable biological assets. Fixed assets had a period-end book value of **3.24 billion yuan**, and construction in progress was **84.08 million yuan**. Short-term borrowings were **130.08 million yuan**, and long-term borrowings were **290.14 million yuan**. Operating revenue was **2.80 billion yuan**, operating cost was **2.19 billion yuan**. Net profit was **387.52 million yuan**, and net cash flow from operating activities was **557.44 million yuan** Monetary Funds | Item | Period-End Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Deposits | 810,301,757.51 | 918,190,293.19 | | Other Monetary Funds | 129,113,470.58 | 124,031,103.67 | | Total | 939,415,228.09 | 1,042,221,396.86 | - Other monetary funds at period-end amounted to **129,113,470.58 yuan**, of which **41,997,076.92 yuan** was restricted for use, primarily comprising trading margins, ETC deposits, land reclamation deposits, and mine restoration funds[278](index=278&type=chunk)[358](index=358&type=chunk) Trading Financial Assets | Item | Period-End Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Derivative Financial Assets | 130,265,684.25 | 0.00 | | Total | 130,265,684.25 | 0.00 | Accounts Receivable | Category | Period-End Book Value (yuan) | Beginning Book Value (yuan) | | :--- | :--- | :--- | | Provision for Bad Debts on Individual Basis | 3,842,060.35 | 7,430,000.00 | | Provision for Bad Debts on Portfolio Basis | 78,699,562.71 | 93,778,380.26 | | Total | 82,541,623.06 | 101,208,380.26 | Inventories | Item | Period-End Book Value (yuan) | Beginning Book Value (yuan) | | :--- | :--- | :--- | | Raw Materials | 285,974,869.78 | 256,785,433.94 | | Finished Goods | 104,567,986.26 | 78,766,194.75 | | Consumable Biological Assets | 930,110,944.93 | 964,834,698.70 | | Total | 1,324,667,896.46 | 1,310,100,922.12 | Fixed Assets | Item | Period-End Book Value (yuan) | Beginning Book Value (yuan) | | :--- | :--- | :--- | | Buildings and Structures | 2,209,114,341.32 | 1,954,848,709.74 | | Machinery and Equipment | 892,269,486.65 | 864,835,580.21 | | Transportation Vehicles | 61,937,337.63 | 60,879,797.78 | | Office Furniture (Other) | 72,509,295.26 | 72,240,697.37 | | Total | 3,235,830,460.86 | 2,952,804,785.10 | Operating Revenue and Operating Cost | Item | Current Period Revenue (yuan) | Current Period Cost (yuan) | Prior Period Revenue (yuan) | Prior Period Cost (yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 2,789,276,910.55 | 2,182,896,658.92 | 2,486,777,538.96 | 2,182,766,853.67 | | Other Businesses | 8,349,208.87 | 2,221,723.56 | 7,631,374.17 | 6,694,002.12 | | Total | 2,797,626,119.42 | 2,185,118,382.48 | 2,494,408,913.13 | 2,189,460,855.79 | Reconciliation of Net Profit to Net Cash Flow from Operating Activities | Supplementary Information | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Net Profit | 387,516,418.92 | 123,902,400.79 | | Add: Asset Impairment Provisions | 2,813,939.95 | -42,530,694.07 | | Credit Impairment Losses | -10,055,613.85 | 5,047,984.95 | | Depreciation of Fixed Assets, Depletion of Oil and Gas Assets, Depreciation of Productive Biological Assets | 208,581,879.27 | 172,297,963.62 | | Amortization of Right-of-Use Assets | 15,815,115.15 | 17,882,618.66 | | Amortization of Intangible Assets | 3,043,654.98 | 2,393,030.43 | | Amortization of Long-Term Deferred Expenses | 10,077,051.74 | 9,664,501.66 | | Losses (Gains are filled with "-") on Disposal of Fixed Assets, Intangible Assets, and Other Long-Term Assets | -174,271.01 | 1,081,224.27 | | Losses (Gains are filled with "-") on Scrapping of Fixed Assets | 12,360,001.91 | 13,638,614.96 | | Losses (Gains are filled with "-") from Fair Value Changes | -2,045,024.25 | 887,907.58 | | Financial Expenses (Gains are filled with "-") | 13,461,319.35 | 18,295,230.37 | | Investment Losses (Gains are filled with "-") | -2,406,064.27 | -1,988,373.17 | | Decrease in Deferred Income Tax Assets (Increase is filled with "-") | -436,440.74 | -1,749,129.31 | | Decrease in Inventories (Increase is filled with "-") | -17,380,914.29 | 92,096,789.40 | | Decrease in Operating Receivables (Increase is filled with "-") | -133,034,714.86 | -213,804,272.05 | | Increase in Operating Payables (Decrease is filled with "-") | 66,791,602.45 | 124,546,737.75 | | Other | 2,516,408.28 | -25,400,691.38 | | Net Cash Flow from Operating Activities | 557,444,348.73 | 296,261,844.46 | [R&D Expenses](index=177&type=section&id=R%26D%20Expenses) The company's total R&D expenses for the current period amounted to **6,160,322.06 yuan**, all of which were expensed. The main components included employee compensation, material and fuel costs, depreciation and amortization, and share-based payment expenses. R&D expenses decreased compared to the prior year, primarily due to reduced employee compensation and equity incentive expenses R&D Expense Composition | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 2,950,572.62 | 3,111,828.60 | | Share-Based Payment Expenses | 83,150.94 | 249,149.74 | | Material and Fuel Costs | 2,122,392.58 | 2,009,657.35 | | Depreciation and Amortization | 713,249.35 | 808,026.23 | | Other | 290,956.57 | 493,061.73 | | Total | 6,160,322.06 | 6,671,723.65 | | Of which: Expensed R&D Expenditures | 6,160,322.06 | 6,671,723.65 | | Capitalized R&D Expenditures | 0.00 | 0.00 | [Changes in Consolidation Scope](index=178&type=section&id=Changes%20in%20Consolidation%20Scope) During the reporting period, the company added **7** wholly-owned subsidiaries, including Wenshan Shennong Animal Husbandry Co., Ltd. and Pingbian Shennong Animal Husbandry Co., Ltd., primarily engaged in livestock and poultry farming and trading businesses. Concurrently, Yunnan Shennong Luquan Pig Industry Co., Ltd. was deregistered Increase in Consolidation Scope | Company Name | Method of Equity Acquisition | Date of Equity Acquisition | Capital Contribution (10,000 yuan) | % of Capital Contribution | | :--- | :--- | :--- | :--- | :--- | | Wenshan Shennong Animal Husbandry Co., Ltd. | Newly established subsidiary | 2025/3/27 | 1,000.00 | 100.00 | | Pingbian Shennong Animal Husbandry Co., Ltd. | Newly established subsidiary | 2025/5/14 | 5,000.00 | 100.00 | | Eryuan Shennong Pig Industry Development Co., Ltd. | Newly established subsidiary | 2025/6/26 | 200.00 | 100.00 | | Tengchong Shennong Pig Industry Development Co., Ltd. | Newly established subsidiary | 2025/6/26 | 200.00 | 100.00 | | Huaping Shennong Pig Industry Development Co., Ltd. | Newly established subsidiary | 2025/6/26 | 1,000.00 | 100.00 | | Yanshan Shennong Pig Industry Development Co., Ltd. | Newly established subsidiary | 2025/6/27 | 200.00 | 100.00 | | Cangyuan Shennong Trading Co., Ltd. | Newly established subsidiary | 2025/6/16 | 100.00 | 100.00 | Decrease in Consolidation Scope | Company Name | Method of Equity Disposal | Date of Equity Disposal | Net Profit from Beginning of Period to Disposal Date (yuan) | | :--- | :--- | :--- | :--- | | Yunnan Shennong Luquan Pig Industry Co., Ltd. | Deregistration of subsidiary | 2025/3/26 | 46,648.75 | [Interests in Other Entities](index=180&type=section&id=Interests%20in%20Other%20Entities) The company owns **37** wholly-owned subsidiaries, primarily engaged in feed processing, livestock and poultry farming, slaughtering, and trading businesses. Additionally, the company holds an interest in a joint venture, PIC (Qiannan) Agricultural Technology Co., Ltd., with a period-end book value of **13,945,105.31 yuan** and investment income of **1,082,696.71 yuan** recognized in the cur

证券代码：605296 证券简称：神农集团 公告编号：2025-103 云南神农农业产业集团股份有限公司 云南神农农业产业集团股份有限公司（以下简称"公司"）董事会于 2025 年 8 月 26 日收到舒猛先生的书面辞职报告，舒猛先生因个人原因申请辞去公司 财务总监职务。辞去财务总监职务后舒猛先生不再担任公司任何职务。 一、财务总监离任情况 (一) 提前离任的基本情况 | | | | | 原定任期到 | | 是否继续在上 | 是否存在未 | | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | 离任时间 | | 期日 | 离任原因 | 市公司及其控 | 履行完毕的 | | | | | | | | 股子公司任职 | 公开承诺 | | 舒猛 | 财务总监 | 2025 年 8 | 月 | 2028 年 5 月 | 个人原因 | 否 | 否 | | | | 26 日 | | 19 日 | | | | (二) 离任对公司的影响 根据《中华人民共和国公司法》（以下简称"《公司法》"）及《公司章程》的 规定，舒猛先生上述辞职事项自书面辞职报告送达董 ...

Market Performance - The three major indices showed mixed results, with the Shanghai Composite Index down 0.39%, the Shenzhen Component Index up 0.26%, and the ChiNext Index down 0.76% [2] - Over 2,700 stocks rose in the two markets, with a total trading volume of approximately 2.68 trillion yuan [3] Apple Supply Chain Stocks - Apple-related stocks experienced significant movements, with GoerTek (002241.SZ) and Lingyi iTech (002600.SZ) rising by 10%, and Luxshare Precision (002475.SZ) increasing by over 6% [3] - GoerTek, as a leading player in the Apple supply chain, has benefited from the AI wave, achieving six consecutive quarters of year-on-year growth in net profit attributable to shareholders from Q1 2024 to Q2 2024 [3] Consumer Electronics Sector - The high demand in the consumer electronics sector is attributed to both AI stimulation and domestic "national subsidy" policies, which are reviving mid-range consumption and driving structural recovery in mobile phones and tablets [3] Livestock Industry - Livestock stocks showed strong performance, with Xiaoming Co. (300967.SZ) rising over 10% and Muyuan Foods (002714.SZ) increasing by over 7% [3] - The National Development and Reform Commission reported that the average pig-to-grain price ratio fell below 6:1, entering a warning zone, prompting the government to initiate central frozen pork reserves [4] Gaming Sector - The gaming sector saw positive movements, with 37 Interactive Entertainment (002555.SZ) rising by 10% and other companies like Digital Soul (603258.SZ) and Giant Network (002558.SZ) also increasing [4] - A report from Guotai Junan highlighted that the National Press and Publication Administration approved a record 166 domestic online games on August 25, 2025, indicating a stable approval rhythm and a rich supply of gaming products [4] Beauty and Personal Care Sector - The beauty and personal care sector performed well, with Shuiyang Co. (300740.SZ) rising over 10% and other companies like Proya Cosmetics (603605.SH) and Huaxi Biological (688363.SH) also increasing [5] - According to a report from Dongfang Securities, the domestic cosmetics industry is entering a phase of steady and high-quality development, driven by economic growth, demographic shifts, cultural confidence, and the rise of domestic brands [5] Declining Sectors - The banking, securities, and semiconductor sectors faced declines, with companies like Chipone Technology (688521.SH) dropping over 9% and Haiguang Information (688041.SH) down over 6% [5] - The military and rare earth sectors also weakened, with China Rare Earth (000831.SZ) and Northern Rare Earth (600111.SH) falling nearly 7% [5]

Group 1 - A-shares main indices continue to strengthen, with the Shenzhen Component Index rising nearly 0.5%, and both the ChiNext Index and Shanghai Composite Index turning positive after previously dropping over 1% [1] - Sectors such as gaming, Huawei Ascend, and aquaculture saw significant gains, with nearly 3,100 stocks in the Shanghai and Shenzhen markets rising [1] Group 2 - Notable stock performances include: - Aonong Biological (603363) up 10.08% with a market cap of 10.8 billion and a year-to-date increase of 17.23% - Muyuan Foods (002714) up 8.12% with a market cap of 303.5 billion and a year-to-date increase of 46.46% - Lihua Agricultural (300761) up 4.58% with a market cap of 1.74 billion and a year-to-date increase of 9.59% - Tiankang Biological (002100) up 4.53% with a market cap of 944.8 million and a year-to-date increase of 9.32% [2]

北京德恒（昆明）律师事务所 关于云南神农农业产业集团股份有限公司 部分限制性股票回购注销的法律意见 云南省昆明市西山区西园路 126 号"融城优郡"B5 幢 3 层 电话:0871-63172192 传真: 0871-63172192 邮编: 650021 关于云南神农农业产业集团股份有限公司 北京德恒（昆明）律师事务所 部分限制性股票回购注销的法律意见 释 义 本法律意见中，除非文中另有所指，下列简称具有如下特定含义： 神农集团、公司 指 云南神农农业产业集团股份有限公司 本次激励计划、《激励 《云南神农农业产业集团股份有限公司 2022 年限 指 计划》 制性股票激励计划（修订稿）》 云南神农农业产业集团股份有限公司 2022 年限制 首次授予 指 性股票激励计划的首次授予 本次回购注销 指 回购注销部分限制性股票 符合本次激励计划授予条件的激励对象，在满足相 限制性股票 指 应归属条件后分次获得并登记的神农集团股票 激励对象 指 按照本次激励计划获授限制性股票的人员 《公司法》 指 《中华人民共和国公司法》 《证券法》 指 《中华人民共和国证券法》 《管理办法》 指 《上市公司股权激励管理办法》 《公司 ...