云南神农农业产业集团股份有限公司 第五届董事会独立董事专门会议第一次会议决议 一、审议通过《关于豁免提前发送独立董事专门会议通知的议案》 公司于 2025 年 5 月 20 日召开了公司 2024 年年度股东会，顺利换届选举产 生了公司第五届董事会成员。为保证公司新一届独立董事专门会议工作的正常进 行，经全体独立董事同意豁免本次会议通知时间的要求。 表决结果：3 票同意、0 票弃权、0 票反对。 二、审议通过《关于选举第五届董事会独立董事专门会议召集人的议案》 会议选举陈旭东先生为第五届董事会独立董事专门会议召集人。 表决结果：3 票同意、0 票弃权、0 票反对。 （以下无正文，后附签字页） 根据《公司法》《证券法》《上市公司独立董事管理办法》《上海证券交易所 上市公司自律监管指引第 1 号——规范运作》等法律、法规及《云南神农农业产 业集团股份有限公司公司章程》的有关规定，云南神农农业产业集团股份有限公 司（以下简称"公司"）独立董事于 2025 年 5 月 20 日以现场会议方式召开了第 五届董事会独立董事专门会议第一次会议，应到独立董事 3 名，实到独立董事 3 名。全体独立董事会前一致推举独立董事陈旭 ...

云南省昆明市西山区西园路 126 号"融城优郡"B5 幢 3、4 层 法律意见 电话（传真） ：0871-63172192 邮编: 650032 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 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 Beijing DeHeng Law Offices (KunMing) 北京德恒（昆明）律师事务所 2024 年年度股东会的法律意见 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 法 律 意 见 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（下称"本所"）作为贵公司的常年法律顾问， 本次指派杨敏律师、耿春丽律师出席贵公司 2024 年年度股东会（以下简称"本 次股东会"），并按照律师行业公认的业务标准、道德规范及勤勉尽责精神，对贵 公司提供的与本次股东会有关的文件资料进行了审查，现根据《公司法》《证券 法》《上市公司股东会规则》及贵公司《章程》的规定，就贵公司本次股东会的 相关事宜出具如下法律意见： 一、关于本次股东会的召集和召开程序 根据贵公司提供的有关资料及公开披露的信息，表明贵公司董事会已于 ...

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 2024 年年度股东会的 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 法律意见 北京德恒（昆明）律师事务所 Beijing DeHeng Law Offices (KunMing) 云南省昆明市西山区西园路 126 号"融城优郡"B5 幢 3、4 层 电话（传真）：0871-63172192 邮编: 650032 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 2024 年年度股东会的法律意见 2024 年年度股东会的 法 律 意 见 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（下称"本所"）作为贵公司的常年法律顾问， 本次指派杨敏律师、耿春丽律师出席贵公司 2024 年年度股东会（以下简称"本 次股东会"），并按照律师行业公认的业务标准、道德规范及勤勉尽责精神，对贵 公司提供的与本次股东会有关的文件资料进行了审查，现根据《公司法》《证券 法》《上市公司股东会规则》及贵公司《章程》的规定，就贵公司本次股东会的 相关事宜出具如下法律意见： 一、关于本次股东会的召集和召开程序 根据贵公司提 ...

证券代码：605296 证券简称：神农集团 公告编号：2025-064 云南神农农业产业集团股份有限公司 2024年年度股东会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 5 月 20 日 (二)股东会召开的地点：云南省昆明市盘龙区东风东路 23 号昆明恒隆广场办公 楼 39 层会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 175 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 456,989,843 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 87.0723 | (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 (一)非累积投票议案 1、议案名称：关于 2024 年年度董事会工作报告的议案 审议结果：通过 表决情况： | ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The report identifies the company as a high-quality breeding target with excellent cost management, rapid expansion, and extremely low debt levels. The latest complete cost is 12 RMB/kg, the lowest among listed companies. The target for 2025 is to reach an output of 3.2 to 3.5 million heads, with a goal of 5 million heads by 2027. The company has a very low debt ratio and ample funds, indicating strong certainty in low costs and high growth potential. The management team has a high level of expertise, with both the chairman and the head of breeding being graduates from South China Agricultural University [2][4]. Financial Performance - In 2024, the company's net profit attributable to shareholders is approximately 690 million RMB, and for Q1 2025, it is about 230 million RMB, both showing a year-on-year turnaround to profitability [4]. - The company’s breeding business is expected to contribute significantly to profits, with projections of 927 million RMB and 1.16 billion RMB in net profit for 2025 and 2026, respectively [2][4]. Production and Cost Analysis - The company’s output for 2024 is projected at 2.27 million heads, a year-on-year increase of 49%, with a sales price of approximately 16.2 RMB/kg and a complete cost of about 13.9 RMB/kg. The average profit per head is 285 RMB, leading to a breeding business profit of around 620 million RMB [9]. - For Q1 2025, the company expects to sell approximately 860,000 heads, a 73% increase year-on-year, with a sales price of 14.9 RMB/kg and a complete cost of 12.4 RMB/kg, resulting in an average profit of 308 RMB per head [9]. Growth Strategy - The company has maintained a debt ratio below 30% since its listing, with annual capital expenditures around 1 billion RMB from 2021 to 2024, supporting sustainable growth. The output is expected to grow from 650,000 heads in 2021 to 2.27 million heads in 2024, with a compound annual growth rate (CAGR) of over 30% from 2024 to 2027 [9].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - In April 2025, the national average selling price of live pigs was 14.80 yuan/kg, with a month-on-month increase of 1.33% and a year-on-year decrease of 1.95% [6][18] - The supply gap in May is expected to lead to a further increase in the price center of live pigs, driven by limited increases in supply and improving demand [6][18] - The average weight of pigs sold is expected to gradually decline, but the narrowing price difference between different grades of pigs will have limited pressure on prices [7][22] Summary by Sections Industry Overview - April saw a non-seasonal increase in pig prices, with expectations for further price increases in May due to supply constraints and improving demand [6][18] - The average price of live pigs in April was 14.80 yuan/kg, with a month-on-month increase of 1.33% [6][18] - The slaughter volume in April was 4.213 million heads, a month-on-month decrease of 4.54% but a year-on-year increase of 6.76% [6][18] Supply and Demand Dynamics - The supply of pigs is expected to be limited in May due to previous culling and disease impacts, while demand for pork is showing marginal improvement [6][18] - The planned output for May is expected to increase by 1.98% compared to actual output in April [6][18] Profitability and Market Performance - The average profit for self-bred pigs in April was 69.44 yuan/head, a month-on-month increase of 63.63% [8][26] - The number of breeding sows in April increased by 0.96% month-on-month [8][26] - The price of 15kg piglets reached 630 yuan/head, indicating a high price level during the replenishment season [8][26] Company Performance - In April, 12 listed pig farming companies collectively sold 16.2368 million pigs, a year-on-year increase of 37.22% [9][28] - Major companies such as Muyuan Foods and Wens Foodstuffs reported significant year-on-year increases in sales volume [9][28] - The average selling prices varied among companies, with some experiencing increases while others saw declines [9][35]

证券代码：605296 证券简称：神农集团 公告编号：2025-063 云南神农农业产业集团股份有限公司 2025 年 4 月对外担保情况公告 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： 一、担保情况概述 公司分别于2024年4月24日、2024年5月16日，召开第四届董事会第十八次会 1 被担保人名称及是否为上市公司关联人：被担保人包括云南神农农业产 业集团股份有限公司（以下简称"公司"）合并报表范围内子公司（11 家）、部分优质客户、合作养殖户（1 户），不存在关联担保。 本次担保金额及已实际为其提供的担保余额：公司 4 月新增担保金额合 计 1,823.40 万元，其中，对优质客户、养殖户、合作伙伴等新增的担保 金额为 0.00 万元，对子公司新增的担保金额为 1,823.40 万元。截至 2025 年 4 月 30 日，公司及控股子公司对外担保余额为 72,242.95 万元，其中， 对子公司的担保余额为 72,202.23 万元，对优质客户、养殖户、合作伙 伴等的担保余额为 40.72 万元。 本 ...

Group 1 - The core viewpoint of the news is that Shennong Group's stock performance and financial metrics indicate a significant disparity compared to its industry peers, with a notably lower PE ratio and strong revenue growth in the latest quarter [1][2]. - As of May 13, Shennong Group's closing price was 28.19 yuan, down 1.50%, with a rolling PE ratio of 16.10 times and a total market capitalization of 14.795 billion yuan [1]. - The average PE ratio for the agriculture, animal husbandry, and fishery industry is 42.80 times, with a median of 41.87 times, placing Shennong Group at the 34th position in the industry ranking [1][2]. Group 2 - In the first quarter of 2025, Shennong Group reported a revenue of 1.472 billion yuan, representing a year-on-year increase of 35.97%, and a net profit of 229 million yuan, reflecting a staggering year-on-year growth of 6510.85% [1]. - The company's sales gross margin stood at 22.90% for the latest quarter [1]. - Shennong Group's main business activities include feed processing and sales, pig farming and sales, pig slaughtering, fresh pork food sales, and food processing and sales [1].

Investment Rating - The report initiates coverage of the agriculture sector with an "Overweight" rating, indicating a favorable outlook for the industry due to stable demand and strong policy support [3][5]. Core Views - The agriculture sector is seen as a defensive investment option amidst a complex external environment, with many meat protein and agricultural product prices currently in a recovery phase, suggesting potential for stable growth in leading companies [3]. - The report highlights that low costs are a core competitive advantage for listed pig farming companies, recommending a focus on firms with strong cost control or clear cost reduction paths [3]. - The report suggests monitoring specific companies across various segments, including pig farming, poultry, feed, and agricultural products, indicating a diversified investment approach [3]. Summary by Sections Market Review - The agriculture sector underperformed the market by 1.02 percentage points during the week of May 6-9, 2025, with the index closing at 2,619.30, reflecting a 0.99% increase [14]. - Among sub-sectors, the fishery sector performed best with a 3.87% increase, while the breeding sector saw a slight decline of 0.19% [16][18]. Key Industry Data Pig Farming - As of May 9, 2025, the average price of live pigs was 14.82 CNY/kg, down 0.13% from April 30, 2025, and down 0.74% year-on-year [1]. - The profit from self-breeding was 84.33 CNY per head, while the profit from purchasing piglets increased by 9.92 CNY to 58.46 CNY per head [1]. Poultry - As of May 9, 2025, the average price of broiler chicks was 2.91 CNY per chick, up 0.34% week-on-week, while the price of white feather broilers was 7.45 CNY/kg, down 0.40% [2]. Agricultural Products - As of May 9, 2025, the average prices for key crops were as follows: wheat at 2,460.67 CNY/ton (up 0.19%), japonica rice at 2,864.00 CNY/ton (up 0.21%), corn at 2,292.86 CNY/ton (up 1.78%), and soybean meal at 3,300.00 CNY/ton (down 5.08%) [2]. Company Announcements - Muyuan Foods reported selling 6.573 million pigs in April 2025, a year-on-year increase of 51.80%, with an average selling price of 14.66 CNY/kg [35][36]. - Shennong Development achieved a sales revenue of 1.533 billion CNY in April 2025, a year-on-year increase of 0.68% [37].

证券代码：605296 证券简称：神农集团 公告编号：2025-060 表决结果：同意 3 票；反对 0 票；弃权 0 票，议案获得通过。 公司就前次募集资金拟定了《云南神农农业产业集团股份有限公司前次募集 资金使用情况的专项报告》，众华会计师事务所（特殊普通合伙）出具了《云南 神农农业产业集团股份有限公司前次募集资金使用情况鉴证报告》。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《云 南神农农业产业集团股份有限公司前次募集资金使用情况的专项报告》（公告编 号：2025-061）以及众华会计师事务所（特殊普通合伙）出具的《云南神农农业 产业集团股份有限公司前次募集资金使用情况鉴证报告》。 表决结果：同意 3 票；反对 0 票；弃权 0 票，议案获得通过。 一、监事会会议召开情况 云南神农农业产业集团股份有限公司（以下简称"公司"）第四届监事会第 二十七次会议通知于 2025 年 5 月 12 日以口头形式向全体监事发出，会议于 2025 年 5 月 12 日以现场表决方式在云南省昆明市盘龙区东风东路 23 号昆明恒隆广场 办公楼 39 层会议室召开。本次会议为临时监事会。应 ...