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 ...

Core Insights - Shennong Group reported a significant decline in both revenue and net profit for the third quarter of 2025, indicating potential challenges in its operational performance [2] - The company's year-to-date performance also shows a downward trend in revenue and net profit, suggesting ongoing difficulties in maintaining profitability [2] Financial Performance - In Q3 2025, Shennong Group achieved a revenue of 1.126 billion yuan, a year-on-year decrease of 28.9% [2] - The net profit attributable to shareholders for Q3 was 74.0618 million yuan, down 79.21% year-on-year [2] - For the first three quarters of 2025, the total revenue was 3.923 billion yuan, reflecting a decline of 3.79% compared to the previous year [2] - The net profit attributable to shareholders for the first three quarters was 462 million yuan, which is a decrease of 3.89% year-on-year [2]

Core Insights - Shennong Group (605296.SH) reported a revenue of 3.923 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 3.79% [1] - The company's net profit attributable to shareholders was 462 million yuan, down 3.89% year-on-year [1] - The non-recurring net profit stood at 433 million yuan, reflecting a year-on-year decrease of 12.56% [1] - Basic earnings per share were reported at 0.89 yuan [1]

Group 1 - The core point of the article is that Shennong Group announced the convening of its fifth board meeting to review the third quarter report for 2025, indicating ongoing corporate governance and financial oversight [1] - For the year 2024, Shennong Group's revenue composition is as follows: livestock farming accounts for 68.02%, pig slaughtering for 26.38%, feed processing for 5.24%, other businesses for 0.31%, and other categories for 0.06% [1] - As of the report, Shennong Group has a market capitalization of 16.4 billion yuan [1]

格隆汇10月27日丨神农集团(605296.SH)公布，公司第三季度实现营业收入11.26亿元，同比下降 28.90%；归属于上市公司股东的净利润7406.18万元，同比下降79.21%；归属于上市公司股东的扣除非 经常性损益的净利润3497.33万元，同比下降90.23%；基本每股收益0.14元。 ...

Core Insights - The aquaculture sector experienced a 2.28% increase on October 27, with Shengnong Development leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Aquaculture Sector Performance - Shengnong Development (002299) closed at 16.97, up 4.24% with a trading volume of 239,800 shares and a transaction value of 403 million yuan [1] - Other notable performers included: - Bangxi Co., Ltd. (300967) at 22.05, up 4.01% [1] - Yisheng Co., Ltd. (002458) at 9.17, up 3.62% [1] - Lihua Co., Ltd. (300761) at 22.15, up 3.12% [1] - Muyu Co., Ltd. (002714) at 50.25, up 2.84% with a transaction value of 2.24 billion yuan [1] Capital Flow Analysis - The aquaculture sector saw a net inflow of 102 million yuan from institutional investors, while retail investors experienced a net outflow of 613.2 million yuan [2] - Key stocks with significant capital flow included: - Muyuan Foods (002714) with a net inflow of 234 million yuan from institutional investors [3] - Shennong Group (605296) with a net inflow of 22.49 million yuan [3] - Xinnong Co., Ltd. (000876) with a net inflow of 22.84 million yuan [3]

云南神农农业产业集团股份有限公司 章 程 二〇二五年十月 1 目 录 2 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东会 第一节 股东 第二节 股东会的一般规定 第三节 股东会的召集 第四节 股东会提案与通知 第五节 股东会的召开 第六节 股东会的表决和决议 第五章 董事会 第一节 董事 第二节 董事会 第六章 总经理及其他高级管理人员 第七章 监事会 第一节 监事 第二节 监事会 第八章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第九章 通知和公告 第一节 通知 第二节 公告 3 第十章 合并、分立、增资、减资、解散和清 算 第一节 合并、分立、增资、减资 第二节 解散和清算 第十一章 修改章程 第十二章 附则 第一章 总则 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和 行为，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》）和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的 ...

一、注册资本变更情况 公司 2025 年限制性股票激励计划首次授予限制性股票的登记工作，已于 2025 年 10 月 9 日完成，本次向 391 名激励对象授予限制性股票 6,780,000 股， 其中 6,580,000 股为公司在二级市场回购的 A 股普通股股票，200,000 股为公司 向激 励对 象定 向发 行的 A 股普 通股 股票 ，登 记完 成后 公司 的总股 本 由 524,564,418 股增加至 524,764,418 股，公司注册资本由人民币 524,564,418 元 增加为 524,764,418 元。 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。 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。 ...

证券代码：605296 证券简称：神农集团 公告编号：2025-124 云南神农农业产业集团股份有限公司 关于召开2025年第五次临时股东会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第五次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 网络投票系统：上海证券交易所股东大会网络投票系统 股东会召开日期：2025年11月13日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 网络投票起止时间：自2025 年 11 月 13 日 至2025 年 11 月 13 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投 ...