Core Viewpoint - Shennong Group's stock has experienced fluctuations, with a recent decline of 2.06% and a year-to-date increase of 11.48%, indicating volatility in the market [1]. Financial Performance - For the first half of 2025, Shennong Group reported a revenue of 2.798 billion yuan, reflecting a year-on-year growth of 12.16% [2]. - The net profit attributable to shareholders reached 388 million yuan, showing a significant year-on-year increase of 212.65% [2]. Shareholder Information - As of September 20, 2025, the number of shareholders for Shennong Group increased to 20,700, with an average of 25,309 circulating shares per shareholder, a slight decrease of 0.12% [2]. - The company has distributed a total of 331 million yuan in dividends since its A-share listing, with 131 million yuan distributed over the past three years [3]. Stock Performance and Market Activity - As of September 23, Shennong Group's stock price was 30.88 yuan per share, with a market capitalization of 16.199 billion yuan [1]. - The stock has seen a net outflow of 4.0878 million yuan in principal funds, with large orders accounting for 10.35% of purchases and 18.13% of sales [1]. Business Overview - Shennong Group, established on August 9, 1999, and listed on May 28, 2021, primarily engages in the production and sale of feed products, pig farming, slaughtering, and pork sales [1]. - The revenue composition includes 76.08% from live pigs, 18.37% from pork products and by-products, 3.72% from feed, 0.94% from deep processing products, and 0.89% from other sources [1].

Core Viewpoint - Shennong Group announced a change in the name of its major shareholder, Yunnan Zhengdao Investment Development Partnership (Limited Partnership), to "Yunnan Zhengdao Venture Capital Partnership (Limited Partnership)" along with changes in registered capital and business scope [2] Group 1 - The name change of the major shareholder has been officially registered and a new business license has been issued [2] - The changes in registered capital and business scope have been completed as part of the corporate registration process [2]

Market Overview - The aquaculture sector experienced a decline of 2.56% on September 18, with Lihua Co. leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Lihua Co. (300761) saw a significant drop of 4.71%, closing at 22.68 with a trading volume of 177,900 shares and a turnover of 411 million yuan [2] - Other notable declines included New Hope (000876) down 1.68% to 9.97 yuan, and Xiangjia Co. (002982) down 1.90% to 14.99 yuan [1][2] - The total net outflow of main funds in the aquaculture sector was 654 million yuan, while retail investors saw a net inflow of 615 million yuan [2][3] Fund Flow Analysis - The main funds showed a net outflow from several companies, including Jingji Zhinong (000048) with a net outflow of 61.41 million yuan [3] - Retail investors contributed positively to the sector, with significant inflows into companies like Huaying Agriculture (002321) and Xiantan Co. (002746) [3] - The overall fund flow indicates a mixed sentiment, with institutional investors pulling back while retail investors remain active [2][3]

证券代码：605296 证券简称：神农集团 公告编号：2025-113 云南神农农业产业集团股份有限公司 关于持股 5%以上股东公司名称等发生变更的公告 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"）近日收到公司持 股 5%以上股东云南正道投资发展合伙企业（有限合伙）（以下简称"正道投资"） 通知，正道投资名称已变更为"云南正道创业投资合伙企业（有限合伙）"，同时 对注册资本、经营范围等事项进行了变更。上述变更事项已经完成工商变更登记 手续，并取得新换发的营业执照，变更后的相关登记信息如下： 统一社会信用代码：915301005873598397 名称：云南正道创业投资合伙企业（有限合伙） 出资额：贰亿壹仟陆佰万元整 类型：有限合伙企业 执行事务合伙人：何祖训，何乔关 成立日期：2011 年 12 月 07 日 住所：云南省昆明经开区信息产业基地七家村 N1-1 地块 经营范围：一般项目：创业投资（限投资未上市企业）。（除依法须经批准的 项目外，凭营业执照依法自主开展经营活 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the pig price is expected to remain stable in the future despite a decline in August due to factors such as heavy weight slaughtering and the spread of African swine fever [3][13] - The average national pig sales price in August 2025 was 13.77 yuan/kg, down 5.35% month-on-month and down 32.35% year-on-year [3][13] - The report highlights that the supply of pigs may gradually tighten in the future due to a decrease in the proportion of large pigs in stock and an increase in the proportion of large pigs being slaughtered [4][17] Summary by Sections Industry Overview - In August 2025, the national pig slaughter volume was 4.3388 million heads, an increase of 4.34% month-on-month and 5.66% year-on-year [3][13] - The report notes that the completion rate of pig slaughtering plans was 100.04% in August, with a planned increase of 3.92% in September compared to actual slaughter in August [3][13] Market Dynamics - The structure of pig slaughtering shows an increase in the proportion of large pigs (over 150kg) being slaughtered, while the proportion of large pigs in stock has decreased [4][17] - The average profit for self-breeding and self-raising pigs in August was 36.80 yuan/head, a decrease of 63.80% month-on-month [5][20] Company Performance - A total of 12 listed pig farming companies reported a combined slaughter of 15.116 million heads in August, an increase of 29.79% year-on-year [6][23] - The average sales price of pigs for major listed companies decreased month-on-month, with specific companies reporting the following prices: - Muyuan Foods: 13.51 yuan/kg, down 5.5% - Wens Foodstuffs: 13.90 yuan/kg, down 6.5% - New Hope Liuhe: 13.54 yuan/kg, down 6.9% [7][28]

证券代码：605296 证券简称：神农集团 公告编号：2025-112 云南神农农业产业集团股份有限公司 2025 年 8 月对外担保情况的公告 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。 重要内容提示： | | 被担保人名称 | 云南神农动物营养科技有限公司、 广西崇左神农畜牧有限公司 | | | | --- | --- | --- | --- | --- | | | 本次担保金额 | 2,556.26 万元 | | | | 担保对象 | | | | | | （一） | 实际为其提供的担保余额 | 22,076.89 | | 万元[注 1] | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | | 担保对象 | 被担保人名称 | | | 云南神农陆良猪业有限公司、云南 神农澄江饲料有限公司、云南神农 | | | | | | 大理猪业有限公司、云南神农动物 | | | | | | 营养科技有限公司、 ...

Group 1: Swine Industry - The average selling price of external three-yuan pigs in China on September 14 was 13.27 yuan/kg, a week-on-week decrease of 2.5% [1] - The average selling price of weaned piglets was 294 yuan/head, down 29 yuan/head week-on-week, marking a new low for the year [1] - The average selling price of two-yuan sows was 1595 yuan/head, down 1 yuan/head week-on-week, also a new low for the year [1] - The weak prices of piglets and sows reflect the industry's pessimistic expectations for pig prices in 2026 [1] - The expectation of upgraded capacity regulation in the industry is gaining traction, emphasizing the importance of the "anti-involution" process [2] - The industry is expected to enter a phase of stable and high-quality development, with improved profitability for leading pig companies [2] Group 2: Poultry Industry - The average selling price of white feather broiler chicks was 3.26 yuan/chick, down 1.21% week-on-week [3] - The average selling price of white feather broiler meat was 3.45 yuan/kg, down 1.15% week-on-week [3] - The average selling price of chicken meat cuts was 8687.95 yuan/ton, down 0.09% week-on-week [3] - The seasonal rebound in July-August has ended, with continued ample supply of white chickens expected to be a theme for 2025 [3] - The average selling price of Qingjiao Ma chicken was 5.75 yuan, down 0.3% week-on-week, maintaining a high level for the year [3] - The industry turned profitable in August, with further profit increases expected in September, suggesting a focus on companies' third-quarter performance [3] Group 3: Pet Food Industry - The total sales of pet food on platforms like Tmall, JD, and Douyin in August reached 2.34 billion yuan, a year-on-year increase of 8% and a month-on-month increase of 19% [4] - Cumulative sales from January to August 2025 reached 19.21 billion yuan, a year-on-year increase of 11% [4] - Leading domestic brands showed significant growth, with Blue's, Honest Bite, and Fresh Lang increasing by 42%, 33%, and 27% year-on-year, respectively [4] - Overseas leading brands also saw growth, with Pro Plan, Royal Canin, and Orijen increasing by 45%, 28%, and 17% year-on-year, respectively [4]

Group 1 - The stocks of Delisi, Aonong Biological, and Tiankang Biological experienced significant increases, with Delisi hitting the daily limit, Aonong Biological rising over 9%, and Tiankang Biological increasing over 6% [1] - Other companies in the sector, including Lihua Stock, Jinxin Agricultural, Shennong Group, and Haida Group, also saw their stock prices surge [1]

Group 1 - Pork stocks experienced a volatile surge on September 15, with Delisi hitting the daily limit up [1] - Aonong Biological rose over 9%, while Tiankang Biological increased by more than 6% [1] - Other companies such as Lihua Stock, Jinxinnong, Shennong Group, and Haida Group also saw significant gains [1]

Group 1 - The A-share market saw a strong performance in the pork sector, with several companies experiencing significant stock price increases [1] - Delisi, Aonong Biological, and Tiankang Biological reached their daily limit up, while Jinxinnong rose over 4% and Lihua shares increased by more than 3% [1] - Haida Group, Shennong Group, Dayu Biological, and Muyuan shares all saw gains exceeding 2% [1]