Investment Ratings - The report provides investment ratings for several companies in the agriculture sector, with "Buy-A" for Haida Group (002311.SZ), "Buy-B" for Shennong Development (002299.SZ) and Wens Foodstuff Group (300498.SZ), and "Hold-A" for Guai Bao Pet (301498.SZ) and Zhongchong Co., Ltd. (002891.SZ) [2] Core Insights - The agriculture sector has shown resilience, with the agricultural index outperforming the broader market, indicating potential investment opportunities [3][4] - The report highlights the cyclical nature of the pig farming industry, emphasizing that the current downturn may not necessarily lead to prolonged losses due to potential recovery in raw material costs and macro demand in 2025 [5][6] - Haida Group is identified as a key investment opportunity due to its strong fundamentals and potential growth in overseas feed business [4][5] Industry Performance - The agriculture sector's performance for the week of July 7-13 shows a 1.09% increase, with top-performing sub-industries including fruit and vegetable processing, meat chicken farming, and feed production [3][22] - The average price of live pigs in key provinces has decreased, with prices in Sichuan, Guangdong, and Henan at 14.35, 16.39, and 14.78 CNY/kg respectively, reflecting a decline of 3.37%, 6.56%, and 2.31% week-on-week [4][31] - The average pork price has slightly increased to 20.60 CNY/kg, while the average wholesale price of piglets has decreased to 26.00 CNY/kg, indicating mixed trends in the market [4][31] Company-Specific Analysis - Haida Group is expected to benefit from a recovery in the feed industry as raw material prices stabilize and the breeding sector improves [4][5] - Wens Foodstuff Group, Shennong Group, and Juxing Agriculture are recommended for their potential to outperform market expectations as the pig farming industry enters a profitability cycle [5] - Guai Bao Pet and Zhongchong Co., Ltd. are highlighted for their strong brand positioning and growth potential in the pet food market, particularly in 2025 [6]

证券代码：605296 证券简称：神农集团 公告编号：2025-085 云南神农农业产业集团股份有限公司 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： 二、上年同期经营业绩和财务状况 （一）归属于母公司所有者的净利润：12,394.71 万元，归属于母公司所有 者的扣除非经常性损益的净利润：13,682.02 万元。 （二）基本每股收益：0.24 元。 ? 本期业绩预告适用于实现盈利，且净利润与上年同期相比上升 50%以上 的情形。 ? 云南神农农业产业集团股份有限公司（以下简称"公司"）预计 2025 年 半年度实现归属于母公司所有者的净利润为 34,100.00 万元至 42,000.00 万 元。预计 2025 年半年度实现归属于母公司所有者的扣除非经常性损益后的 净利润为 35,200.00 万元至 43,100.00 万元。 一、本期业绩预告情况 （一）业绩预告期间 （二）业绩预告情况 的净利润为 34,100.00 万元至 42,000.00 万元，与上年同期（法定披露数据）相 比，将增加 21, ...

Yunnan Shennong Agricultural Industry Group Co., Ltd. 2025 Semi-Annual Performance Forecast [Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company forecasts H1 2025 net profit attributable to shareholders to range from RMB 341 million to RMB 420 million, representing significant year-on-year growth 2025 H1 Performance Forecast Summary | Indicator | 2025 H1 Forecast | 2024 H1 (Prior Period) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Net Profit Attributable to Parent Company Shareholders** | RMB 341.00 million to RMB 420.00 million | RMB 123.95 million | Increase 175.12% to 238.85% | | **Net Profit After Non-Recurring Items** | RMB 352.00 million to RMB 431.00 million | RMB 136.82 million | Increase 157.27% to 215.01% | - This performance forecast applies to situations where profitability is achieved, and net profit increases by over **50%** compared to the same period last year[2](index=2&type=chunk) - This performance forecast has not been audited by a certified public accountant[3](index=3&type=chunk) [Review of Prior Period Performance](index=2&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) The company's H1 2024 financial results, including net profit and EPS, serve as the comparative baseline for the current period's performance forecast 2024 H1 Performance Summary | Indicator | 2024 H1 Performance | | :--- | :--- | | **Net Profit Attributable to Parent Company Shareholders** | RMB 123.95 million | | **Net Profit After Non-Recurring Items** | RMB 136.82 million | | **Basic Earnings Per Share** | RMB 0.24 | [Analysis of Performance Growth Reasons](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%A2%9E%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The substantial performance growth is primarily driven by the hog farming business, specifically increased sales volume and reduced costs from improved efficiency and lower raw material prices - Performance growth primarily stems from the **hog farming business**[5](index=5&type=chunk) - Significant increase in hog sales volume: **1.5395 million hogs** sold during the reporting period, a **40.93%** increase year-on-year[5](index=5&type=chunk) - Decreased farming costs: Primarily due to falling raw material prices and the company's strengthened management, which improved capacity utilization and production efficiency[5](index=5&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company confirms no material uncertainties affecting this unaudited performance forecast and advises investors to exercise caution regarding investment risks - The company confirms there are no material uncertainties affecting the accuracy of this performance forecast[6](index=6&type=chunk) - Investors are advised to make prudent decisions, invest rationally, and be aware of risks[6](index=6&type=chunk) [Other Explanations](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) The company clarifies that the current forecast data are preliminary, with final accurate financial figures to be confirmed in the official 2025 semi-annual report - The current forecast data are preliminary, and the final accurate figures will be based on the company's officially disclosed 2025 semi-annual report[7](index=7&type=chunk)

神农集团：预计2025年上半年净利润同比增175.12%-238.85% 金十数据7月14日讯，神农集团公告， 公司预计2025年半年度实现归属于母公司所有者的净利润为3.41 亿元至4.2亿元，与上年同期相比，将增加2.17亿元到2.96亿元，同比增加175.12%到238.85%。预计 2025年半年度实现归属于母公司所有者的扣除非经常性损益后的净利润为3.52亿元至4.31亿元，与上年 同期相比，将增加2.15亿元到2.94亿元，同比增加157.27%到215.01%。公司本报告期业绩增长，主要来 自于生猪养殖业务增长。报告期内，生猪出栏量较上年同期增长40.93%。 ...

Investment Rating - The report maintains a "Buy" rating for the agriculture, forestry, animal husbandry, and fishery sector [4] Core Viewpoints - Recent policy guidance has led to a rapid decline in post-slaughter weight, allowing for a rebalancing of volume and price, with positive expectations for pig prices [3] - The long-term perspective indicates that the bottom of the production capacity cycle is becoming clearer, suggesting a potential long-term profit upturn for the sector [3] - The report highlights investment opportunities in various segments, including pig farming, feed, and planting chains, as well as the pet food sector [3] Summary by Sections Pig Farming Sector - In June, 13 listed pig companies collectively slaughtered 16.2681 million pigs, a month-on-month increase of 2.65% and a year-on-year increase of 47.55% [2][13] - The average selling price of pigs decreased by approximately 3% month-on-month and about 20% year-on-year, with prices ranging from 13.23 to 15.57 yuan/kg [14][15] - The average weight of slaughtered pigs in June was 125.06 kg, down 0.77 kg from May, indicating a trend towards reducing weight [17] Market Dynamics - The national average price for live pigs was 14.81 yuan/kg as of July 11, reflecting a week-on-week decline of 3.52% [28] - The demand for pork is weakening due to high temperatures affecting consumption and rising storage costs, leading to a gradual loosening of supply-demand dynamics [28] Investment Recommendations - The report recommends focusing on leading companies such as Muyuan Foods, Wens Foodstuff, and Juxing Agriculture, as well as companies in the feed and animal health sectors like Haida Group and Ruipu Biological [3] - In the planting chain, opportunities are highlighted for companies like Suqian Agricultural Development and Beidahuang [3] Other Segments - The pet food industry is experiencing growth, with increasing recognition of domestic brands and continuous growth of leading companies [3]

Meeting Details - The shareholders' meeting was held on July 10, 2025, at the office building of Kunming Henglong Plaza, Yunnan Province [1] - The attendance rate of shareholders was 87.8964% [1] Voting Results - The non-cumulative voting proposal was approved with 98.8654% of A-share votes in favor, 1.0229% against, and 0.1117% abstaining [1] - Another proposal received 99.9549% approval from A-shareholders, with only 0.0265% against and 0.0186% abstaining [1] Legal Compliance - The meeting and voting procedures complied with the Company Law of the People's Republic of China and the company's articles of association, ensuring the legality and validity of the resolutions passed [1]

Core Viewpoint - The announcement details the unlocking and listing of 958,446 shares under the 2022 Restricted Stock Incentive Plan of Yunnan Shennong Agricultural Industry Group Co., Ltd, which represents approximately 0.1826% of the company's total share capital, effective from July 18, 2025 [1][13]. Group 1: Stock Incentive Plan Details - The stock listing type is equity incentive shares, with a total of 958,446 shares to be listed for circulation [1]. - The stock unlocking is part of the first grant's third unlocking period, which has met the necessary conditions for release [9][13]. - The plan was approved through a series of board meetings, with independent directors and the supervisory board providing their opinions on the plan's benefits and compliance [2][3]. Group 2: Performance and Conditions for Unlocking - The unlocking conditions include meeting specific performance targets, such as achieving a pig sales volume of 2.2715 million heads in 2024, which is a 247.48% increase from 2021 [10][11]. - The company must not have any adverse audit opinions or significant financial issues to qualify for the unlocking [10]. - Individual performance assessments for the 150 eligible participants indicate that 109 achieved excellent results, allowing for a 100% unlocking ratio for those individuals [12][13]. Group 3: Changes in Share Capital Structure - Following the unlocking, the total number of unrestricted shares will increase to 524,564,418, while the restricted shares will decrease to 274,594 [15]. - The company will comply with relevant regulations regarding the transfer of shares by directors and senior management post-unlocking [14][15]. - Legal opinions confirm that the unlocking has received necessary approvals and meets all regulatory requirements [15].

Group 1 - The company has approved the repurchase and cancellation of a total of 274,594 restricted stocks due to various reasons including employee departures and unmet performance criteria [2][3] - Following the repurchase, the total number of shares will decrease from 524,839,012 to 524,564,418, resulting in a corresponding reduction in registered capital from 524,839,012 yuan to 524,564,418 yuan [3] - The company is notifying creditors that they have 45 days from the announcement date to claim debts or request guarantees due to the reduction in registered capital [3][4] Group 2 - Creditors must provide valid documentation to prove their claims, including contracts and agreements, when submitting their claims [4] - For corporate creditors, additional documents such as a business license and identification of the legal representative are required [4] - The announcement specifies the location for creditors to submit their claims, which is the board office on the 39th floor of the company building [4]

证券代码：605296 证券简称：神农集团 公告编号：2025-082 云南神农农业产业集团股份有限公司 关于 2022 年限制性股票激励计划首次授予第三个解除 限售期限制性股票解锁暨上市公告 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、准确性和完整性依法承担法律责任。 本次股票上市类型为股权激励股份；股票认购方式为网下，上 市股数为958,446股，约占目前公司股本总额的 0.1826%。 重要内容提示： 本次股票上市流通总数为958,446股。 本次股票上市流通日期为2025 年 7 月 18 日。 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 6 月 20 日召开第五届董事会第二次会议和第五届监事会第二次会议，审议通过了《关 于 2022 年限制性股票激励计划首次授予第三个解除限售期解除限售条件成就的议 案》等议案，认为公司 2022 年限制性股票激励计划（以下简称"本激励计划"） 首次授予第三个解除限售期的解除限售条件已经成就，同意公司为 150 名符合解 除限售条件的激励对象统一办理解除限售事宜，共计解除限售 958, ...

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 2022 年限制 性股票激励计划首次授予第三个解除限售期解除限售 相关事项的法律意见 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 2022 年限制性股票 北京德恒（昆明）律师事务所 激励计划首次授予第三个解除限售期解除限售相关事项的法律意见 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 | 指 | 《云南神农农业产业集团股份有限公司 2022 年限 | | 计划》 | | 制性股票激励计划（修订稿）》 | | 本次解除限售 | 指 | 2022 年限制性股票激励计划首次授予第三个解除 | | | | 限售期解除限售条件成就 | | 限制性股票 | 指 | 符合本次激励计划授予条件的激励对象，在满足相 | | | | 应归属条件后分次获得并登 ...