Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a net profit of 388 million yuan for the first half of 2025, with a year-on-year increase of 212.7%. The revenue for the same period was 2.798 billion yuan, reflecting a year-on-year growth of 12.2% [2][3] - The company aims to achieve a total pig output of approximately 3.2 million heads in 2025, with the first half of 2025 showing an output of 1.5395 million heads, which is 44%-48.1% of the annual target [3][5] - The company has maintained a low debt ratio of 26.0% as of June 2025, down 1.8 percentage points from the previous quarter [2][3] Financial Performance - For the first half of 2025, the company achieved revenues of 2.798 billion yuan, with a net profit of 388 million yuan, and a non-recurring net profit of 398 million yuan [2] - The company’s total revenue is projected to reach 6.071 billion yuan in 2025, with a year-on-year growth of 8.7%. The net profit is expected to be 767 million yuan, reflecting a year-on-year increase of 11.7% [8] - The company’s gross profit margin is expected to improve from 20.8% in 2024 to 21.3% in 2025 [8] Cost Management - The total cost of pig farming in Q2 2025 is approximately 12.4 yuan per kilogram, remaining stable compared to Q1 2025 [3][4] - The company has successfully reduced its pig farming costs from 13.9 yuan per kilogram in 2024 to 12.4 yuan per kilogram in Q1 2025 [4] Future Outlook - The company anticipates a steady increase in pig output, projecting 3.2 million heads in 2025, 3.52 million in 2026, and 3.87 million in 2027, with respective year-on-year growth rates of 41%, 10%, and 10% [5] - The company expects to achieve a main business revenue of 6.071 billion yuan in 2025, with net profits projected to reach 767 million yuan [5][8]

Group 1 - The core viewpoint of the news is that Shennong Group's stock has experienced a significant decline since its IPO, currently trading at 32.90 yuan, down 4.30% [1] - Shennong Group was listed on the Shanghai Stock Exchange on May 28, 2021, with an initial public offering of 40.03 million shares at a price of 56.08 yuan per share [1] - The stock reached its highest price of 74.90 yuan on its first trading day but is now in a state of decline [1] Group 2 - The total amount of funds raised by Shennong Group was 224.49 million yuan, with a net amount of 209.14 million yuan after expenses [1] - The funds are intended for various projects, including a 500,000-ton feed and biosecurity center in Yunnan, a breeding base for quality piglets, and a new slaughterhouse project for 500,000 pigs annually [1] - The company incurred issuance costs of 15.34 million yuan, with the underwriter, CITIC Securities, receiving 13.47 million yuan in fees [2] Group 3 - On May 26, 2022, the company executed a stock split, issuing 3 additional shares for every 10 shares held, along with a pre-tax dividend of 2.5 yuan [2] - The ex-dividend date was June 1, 2022, and the record date for shareholders was May 31, 2022 [2]

Core Insights - In the first half of 2025, the company achieved an operating income of 2.798 billion yuan, representing a year-on-year growth of 12.16%, and a net profit attributable to shareholders of 388 million yuan, which is a significant increase of 212.65% [1] Group 1: Cost Control and Efficiency - The company emphasizes that "healthy pigs are the greatest benefit," and has established an effective biosecurity system as a means to reduce costs and enhance efficiency [2] - The company's total cost in the first half of 2025 was 12.4 yuan per kilogram, placing it among the top tier of pig farming companies in terms of cost control [2] - The high safety and health standards in pig farming have contributed to the company's excellent cost control performance, achieved through the establishment of modern, biosecure pig farms [2] Group 2: Full Chain Coordination - The company has achieved coordinated improvements across the entire industry chain, injecting new momentum into its stable development [3] - In raw material procurement, the company has optimized its purchasing model and implemented measures for price risk hedging, ensuring cost advantages for downstream operations [3] - The company has built a new feed base to not only meet internal needs but also provide high-quality feed products to customers, enhancing the efficiency of large-scale farming [3] Group 3: Food Processing and Market Development - The company has successfully developed a range of snack products based on market research and consumer insights, catering to the demand for convenient and tasty snacks [4] - The company aims to promote the livestock industry towards standardization, modernization, and safety, adhering to a philosophy of stable, sustainable, and high-quality development [4]

重要内容提示： 投资者可于 2025 年 08 月 29 日（星期五）至 09 月 04 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过投资者关系 邮箱 zqb@ynsnjt.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 云南神农农业产业集团股份有限公司（以下简称"公司"）已于 2025 年 8 月 27 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 09 月 05 日（星期五） 10:00-11:30 举行 2025 年半年度业绩暨现金分红说明会，就投资者关心的问题 进行交流。 证券代码：605296 证券简称：神农集团 公告编号：2025-107 云南神农农业产业集团股份有限公司 关于召开 2025 年半年度业绩暨现金分红说明会的 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。 董事长、总经理：何祖训先生； 一、说明会类型 －1－ 会议召开时间：2025 年 09 月 0 ...

Core Viewpoint - Company released its 2025 semi-annual report, showing strong performance with revenue of 2.798 billion yuan, a year-on-year increase of 12.16%, and a net profit of 388 million yuan, up 212.65% year-on-year [1][2] Financial Performance - In H1 2025, the company achieved a comprehensive gross margin of 21.89%, an increase of 9.66 percentage points year-on-year, and a period expense ratio of 7.76%, down 0.38 percentage points year-on-year [2] - In Q2 2025, revenue was 1.326 billion yuan, a decrease of 6.10% year-on-year, with a net profit of 159 million yuan, up 24.63% year-on-year [1][2] Livestock Production - H1 2025 saw a 41% year-on-year increase in pig sales, with a target of 3.2 to 3.5 million pigs for the year [3] - The company sold 1.5395 million pigs in H1 2025, a 40.93% increase year-on-year, generating sales revenue of 2.505 billion yuan, up 29.06% year-on-year [3] Cost Management - The decline in feed raw material prices and enhanced management practices contributed to improved profitability, with the cost of pig farming decreasing year-on-year [3] - The complete cost for excellent farms is now below 12 yuan/kg [3] Slaughtering Business - The slaughtering business generated revenue of 575 million yuan in H1 2025, a decrease of 19.24% year-on-year, but the gross margin improved to 8.07%, up 3.34 percentage points year-on-year [4] - The company is focusing on increasing product scale and market share in the slaughtering segment [4] Investment Outlook - The company is positioned within the entire pig industry chain, including feed processing, pig farming, slaughtering, and fresh pork sales, benefiting from leading farming costs and high growth in pig sales [4] - EPS forecasts for 2025 and 2026 are 1.28 yuan and 1.33 yuan, respectively, with corresponding PE ratios of 27 times and 26 times [4]

Core Insights - Shennong Group (605296.SH) reported a total operating revenue of 2.798 billion yuan for the first half of 2025, ranking 6th among disclosed peers, with a year-on-year increase of 12.16% [1] - The net profit attributable to shareholders reached 388 million yuan, ranking 3rd among peers, reflecting a significant year-on-year increase of 212.65% [1] - The net cash flow from operating activities was 557 million yuan, ranking 5th among peers, with an impressive year-on-year increase of 88.16% [1] Financial Performance - The latest debt-to-asset ratio stands at 26.04%, ranking 1st among peers, showing a decrease of 1.77 percentage points from the previous quarter and a decrease of 4.74 percentage points year-on-year [3] - The gross profit margin is reported at 21.89%, ranking 2nd among peers, with a year-on-year increase of 9.67 percentage points [3] - Return on equity (ROE) is at 7.56%, ranking 4th among peers, with a year-on-year increase of 4.70 percentage points [3] Earnings Metrics - The diluted earnings per share (EPS) is 0.75 yuan, ranking 3rd among peers, with a year-on-year increase of 212.50% [3] - The total asset turnover ratio is 0.41 times, ranking 6th among peers, while the inventory turnover ratio is 1.66 times [3] Shareholder Structure - The number of shareholders is 16,200, with the top ten shareholders holding 461 million shares, accounting for 87.87% of the total share capital [3] - The largest shareholder is He Zuxun, holding 49.7% of the shares [3]

2025年8月27日，神农集团(605296.SH)发布2025年半年度报告。截至2025年8月26日，共有15个机构投 资者披露持有神农集团A股股份，合计持股量达6257.03万股，占神农集团总股本的11.92%。其中，前 十大机构投资者包括云南正道投资发展合伙企业(有限合伙)、香港中央结算有限公司、中国农业银行股 份有限公司-银华农业产业股票型发起式证券投资基金、中国银行股份有限公司-博时消费创新混合型证 券投资基金、浙商银行股份有限公司-国泰中证畜牧养殖交易型开放式指数证券投资基金、全国社保基 金一一八组合、永赢消费主题A、华泰保兴吉年丰A、博时新兴消费主题混合A、博时时代消费混合A， 前十大机构投资者合计持股比例达11.82%。相较于上一季度，前十大机构持股比例合计上涨了0.49个百 分点。 公募基金方面，本期较上一期持股增加的公募基金共计2个，包括永赢消费主题A、国泰中证畜牧养殖 ETF，持股增加占比小幅上涨。本期较上一季度持股减少的公募基金共计1个，即银华农业产业股票发 起式A，持股减少占比小幅下跌。本期较上一季度新披露的公募基金共计8个，主要包括博时消费创新 混合A、华泰保兴吉年丰A、博时新兴消 ...

Core Viewpoint - The document outlines the ESG management system of Shennong Group, emphasizing the integration of environmental, social, and governance principles into business operations to achieve sustainable development and corporate social responsibility. Group 1: Purpose and Scope - The purpose of the ESG management system is to enhance the group's ESG management, promote sustainable development, and fulfill corporate social responsibility, aligning with national policies and international standards [1][2] - The system applies to the group headquarters, subsidiaries, and all employees, ensuring that ESG strategies are effectively implemented across all business segments [2] Group 2: Management Principles - ESG information management adheres to principles of authenticity, timeliness, completeness, and comparability, ensuring accurate and reliable disclosures [3] - The group aims to establish an efficient ESG management system to improve ESG performance and the quality of information disclosure [3] Group 3: Key ESG Issues - The group has identified 29 ESG issues relevant to its operations, expanding from the 21 issues outlined by the Shanghai Stock Exchange, covering environmental, social, and governance areas [4][5] - Environmental issues include climate change response, pollution control, waste management, biodiversity protection, and sustainable agricultural practices [4][5][6] Group 4: Governance Structure - The group has established a three-tier ESG governance structure, including a strategic decision-making layer, a management coordination layer, and an execution layer, ensuring clear responsibilities across all levels [9][10] - The board of directors is responsible for the highest level of ESG governance, integrating ESG into the company's development strategy [10][11] Group 5: Implementation Steps - The ESG management process follows a "plan-execute-check-improve" cycle, with specific steps for planning, implementation, performance evaluation, and reporting [17][18] - Each department is required to set specific annual ESG goals and indicators, ensuring alignment with the group's overall ESG strategy [18][19] Group 6: Reporting and Communication - The group is committed to preparing an annual ESG report that reflects its ESG performance, covering all subsidiaries and business units [22][23] - Regular communication of ESG information is emphasized, including updates on significant ESG matters and achievements through various channels [24][25] Group 7: Monitoring and Evaluation - The group has established a mechanism for regular checks on the execution of the ESG management system, assessing data reporting timeliness and accuracy [41][42] - Internal audits and evaluations are conducted to ensure compliance with ESG responsibilities and to identify areas for improvement [41][42]

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 之 独立财务顾问报告 目 录 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： 云南神农农业产业集团股份有限公司（含合并报表分子 神农集团、公司、上市公司 指 公司） 本激励计划、限制性股票激励计 云南神农农业产业集团股份有限公司 2025 年限制性股 指 划、股权激励计划 票激励计划（草案） 公司根据本激励计划规定的条件和价格，授予激励对象 一定数量的公司股票，该等股票设置一定期限的限售期， 限制性股票 指 在达到本激励计划规定的解除限售条件后，方可解除限 售流通 按照本激励计划规定，获得限制性股票的公司董事、高 激励对象 指 级管理人员、中层管理人员及核心骨干 公司向激励对象授予限制性股票的日期，授予日必须为 授予日 指 交易日 授予价格 指 公司授予激励对象每一股限制性股票的价格 激励对象根据本激励计划获授的限制性股票被禁止转 限售期 指 让、用于担保、偿还债务的期间 本激励计划规定的解除限售条件成就后，激励对象持有 解除限售期 指 的限制性股票可以解除限售 ...

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 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 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 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（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）本所律师依据《中华人民共和国证券法》《律师事务所从事证券法 律业务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及 本法律意见书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵 循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见所认 定的事实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假 ...