Group 1 - The core viewpoint of the news is that Shennong Group's stock has experienced a decline, with a current PE ratio significantly higher than the industry average, indicating potential overvaluation [1] - As of April 18, Shennong Group's closing price was 29.04 yuan, down 3.52%, with a rolling PE ratio of 51.47 times and a total market capitalization of 15.241 billion yuan [1] - The average PE ratio for the agriculture, animal husbandry, and fishery industry is 44.53 times, with Shennong Group ranking 63rd among its peers [1] Group 2 - Shennong Group's main business includes feed processing and sales, pig farming and sales, pig slaughtering, and fresh pork food sales, along with food processing and sales [1] - The company's primary products consist of feed, live pigs (including commercial pigs, piglets, and breeding pigs), fresh pork, and pork by-products, as well as processed pork products [1] - The latest financial results for the third quarter of 2024 show that the company achieved an operating income of 4.078 billion yuan, a year-on-year increase of 42.11%, and a net profit of 480 million yuan, a year-on-year increase of 321.20%, with a sales gross margin of 19.63% [1]

Investment Rating - The industry investment rating is "Overweight" [5] Core Views - The report highlights a divergence in the data for breeding sows, with a 0.96% decrease in the breeding sow inventory at the end of Q1, marking the end of three consecutive quarters of increase. This indicates a potential shift in production capacity [1][2] - Despite the recent increase in pig prices, the report suggests that the downward trend in prices may be difficult to reverse in the future due to increased supply from rising breeding sow inventories and piglet numbers [1][3] - The report emphasizes the importance of monitoring the official start of production capacity reduction, which could present investment opportunities in companies such as Muyuan Foods, Wens Foodstuff Group, Juxing Agriculture, and Shennong Group [1][3] Summary by Sections Breeding Sow Inventory - As of the end of Q1, the national breeding sow inventory was reported at 40.39 million heads, a decrease of 390,000 heads or approximately 0.96% from the previous quarter, ending a trend of increases observed from Q2 to Q4 of the previous year [2] - Third-party monitoring data shows mixed results, with some reporting increases while others indicate a decrease, suggesting a more accurate reflection of actual production capacity trends [2] Pig Prices - Post-Spring Festival, pig prices have remained stable, fluctuating between 14.5 to 14.7 yuan per kilogram, with a brief increase to 15 yuan per kilogram around mid-April, which was stronger than market expectations [3] - The report attributes the stability in prices to factors such as low frozen product inventories and increased market demand, although it warns that the overall trend may still be downward due to rising supply [3] Investment Recommendations - The report recommends focusing on companies that may benefit from the anticipated changes in production capacity, specifically highlighting Muyuan Foods, Wens Foodstuff Group, Juxing Agriculture, and Shennong Group as key investment opportunities [1][3][8]

云南神农农业产业集团股份有限公司的主营业务是饲料加工和销售、生猪养殖和销售、生猪屠宰和生鲜 猪肉食品销售、以及食品深加工和销售业务。公司的主要产品是饲料、生猪（商品猪、仔猪、种猪 等）、生鲜猪肉（主要为白条猪肉）和猪副产品（猪头、内脏等）、猪肉深加工产品（小酥肉、午餐 肉、肉肠等）等，此外还对外提供生猪屠宰服务。公司自主研发的"云南神农农业产业集团股份有限公 司养殖系统"和"云南神农农业产业集团股份有限公司屠宰与结算系统"均已取得计算机软件著作权。 最新一期业绩显示，2024年三季报，公司实现营业收入40.78亿元，同比42.11%；净利润4.80亿元，同 比321.20%，销售毛利率19.63%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)60神农集团53.65-39.593.38158.87亿行业平均 45.5837.243.99113.49亿行业中值46.5248.262.5440.60亿1湘佳股份-1313.15-21.862.0232.16亿2粤海饲 料-500.62134.752.1455.44亿3华英农业-350.10-165.485.4852.68亿4景谷林业-276.94373. ...

Summary of Conference Call on Shennong Group Company and Industry Overview - The conference call focused on Shennong Group, a player in the pig farming sector within the broader agricultural industry [1][2] - The discussion highlighted the recent report released by Guohai Securities on Shennong Group, coinciding with a rise in the company's stock price [1] Key Points and Arguments Investment Recommendations - The investment recommendation for the pig farming sector is based on three perspectives: fundamentals, market conditions, and capital allocation [2] - The second half of the year is viewed as a favorable time for investment in the pig farming sector, particularly due to expected capacity reductions [2] - Key recommended companies include leading players like Muyuan and Wens, with Shennong and Juxing as secondary recommendations [2] Shennong Group's Competitive Advantages - Shennong Group's expansion strategy is characterized by low costs and low debt, which are seen as significant advantages [3] - The company’s pig output is projected to grow from 1.52 million heads in 2023 to approximately 3.3 million heads by 2025, indicating a growth rate of 51% from 2021 to 2024 [3][4] - The company's cost of production is among the lowest in the industry, with a complete cost of 12.4 RMB per kg expected by February 2025, down from 16 RMB in 2023 [4][10] Financial Health - Shennong Group's debt-to-asset ratio is below 30%, indicating strong financial health [5] - The concentration of output among the top 20 companies in the industry has reached 30%, suggesting a shift in market dynamics [5][16] Market Dynamics and Trends - The pig farming industry is experiencing a trend of weakening profitability, with a potential turning point for capacity reductions expected in the second half of the year [5][16] - The industry has seen a significant increase in concentration due to challenges posed by African swine fever, which has raised barriers to entry [15][16] Operational Insights - Shennong Group's slaughtering operations are profitable and less affected by market price fluctuations, maintaining a steady cash flow [6] - The company’s farming operations are concentrated in Yunnan, Guangxi, and Guangdong, with Yunnan being the core area [7][8] Future Outlook - The company aims to achieve an output of 320,000 to 350,000 heads by the end of 2025, with a focus on a model that increasingly relies on contract farming [8][9] - The cost structure indicates that feed costs, which account for nearly 60% of production costs, may rise in the latter half of the year, but the company is still expected to remain profitable [10] Conclusion - The overall sentiment is that the pig farming sector remains a viable investment opportunity, with Shennong Group positioned favorably due to its low-cost structure and strong financial health [17] - The call concluded with an invitation for further inquiries regarding the report and the company's performance [17]

云南神农农业产业集团股份有限公司 以简易程序向特定对象发行股票募集说明书（申报稿） 股票简称：神农集团 股票代码：605296 云南神农农业产业集团股份有限公司 中国（云南）自由贸易试验区昆明片区经开区阿拉街道办事处普照海子片区 14-06-1#地块 2024 年度以简易程序向特定对象 发行 A 股股票募集说明书 （申报稿） 保荐机构（主承销商） （济南市市中区经七路86号） 2025 年 4 月 云南神农农业产业集团股份有限公司 以简易程序向特定对象发行股票募集说明书（申报稿） 发行人声明 本公司及全体董事、监事、高级管理人员承诺募集说明书不存在任何虚假记 载、误导性陈述或重大遗漏，并保证所披露信息的真实、准确、完整。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证 募集说明书中财务会计报告真实、完整。 中国证监会、上交所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对公司的盈 利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的 声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，公司经营与收益 ...

公司本次向特定对象发行股票事项尚需经上交所审核通过并获得中国证券 监督管理委员会（以下简称"中国证监会"）作出同意注册的决定后方可实施， 最终能否通过上交所审核并获得中国证监会同意注册的决定尚存在不确定性。公 司将根据进展情况，严格按照上市公司向特定对象发行股票相关法律法规的要求 及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 证券代码：605296 证券简称：神农集团 公告编号：2025-033 云南神农农业产业集团股份有限公司 关于 2024 年度以简易程序向特定对象发行 A 股股票 申请获得上海证券交易所受理的公告 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 4 月 15 日收到上海证券交易所（以下简称"上交所"）出具的上证上审〔2025〕100 号《关于受理云南神农农业产业集团股份有限公司沪市主板上市公司发行证券申 请的通知》。上交所依据相关规定对公司报送的沪市主板上市公司发行证券的募 集说明书及相关申请文件进行了核对，认为该项申 ...

云南神农农业产业集团股份有限公司 发行保荐书 中泰证券股份有限公司 关于 云南神农农业产业集团股份有限公司 2024 年度以简易程序向特定对象 发行 A 股股票 之 发行保荐书 保荐机构（主承销商） （山东省济南市市中区经七路 86 号） 二〇二五年四月 云南神农农业产业集团股份有限公司 发行保荐书 声 明 中泰证券股份有限公司（以下简称"中泰证券""保荐机构"或"本保荐机 构"）接受云南神农农业产业集团股份有限公司（以下简称"神农集团""发行 人"或"公司"）的委托，担任神农集团以简易程序向特定对象发行 A 股股票的 保荐机构，为本次发行出具发行保荐书。 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》"）《证券发行上市保荐业务管理办法》 （以下简称"《保荐业务管理办法》"）《上市公司证券发行注册管理办法》（以 下简称"《注册管理办法》"）《<上市公司证券发行注册管理办法>第九条、第 十条、第十一条、第十三条、第四十条、第五十七条、第六十条有关规定的适用 意见——证券期货法律适用意见第 18 号》（以下简称"《证券期货法律适用意 见第 18 号》"）等法 ...

中泰证券股份有限公司 关于 云南神农农业产业集团股份有限公司 2024 年度以简易程序向特定对象 发行 A 股股票 之 上市保荐书 保荐机构（主承销商） （山东省济南市市中区经七路 86 号） 二〇二五年四月 云南神农农业产业集团股份有限公司 上市保荐书 声 明 中泰证券股份有限公司（以下简称"中泰证券""保荐机构"或"本保荐机 构"）接受云南神农农业产业集团股份有限公司（以下简称"神农集团""发行人" 或"公司"）的委托，担任神农集团以简易程序向特定对象发行 A 股股票的保荐 机构，为本次发行出具上市保荐书。 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》"）《证券发行上市保荐业务管理办法》（以下简称 "《保荐业务管理办法》"）《上市公司证券发行注册管理办法》（以下简称"《注册 管理办法》"）《<上市公司证券发行注册管理办法>第九条、第十条、第十一条、 第十三条、第四十条、第五十七条、第六十条有关规定的适用意见——证券期货 法律适用意见第 18 号》（以下简称"《证券期货法律适用意见第 18 号》"）等法律 法规和中国证券监督管理委员会（以下简称"中国 ...

北京德恒律师事务所 关于云南神农农业产业集团股份有限公司 2024 年度以简易程序向特定对象发行 A 股股票的 法律意见 北京市西城区金融大街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 | 释 义 2 | | --- | | 正 文 7 | | 一、本次发行的批准和授权 7 | | 二、本次发行的主体资格 12 | | 三、本次发行的实质条件 13 | | 四、发行人的设立 18 | | 五、发行人的独立性 20 | | 七、发行人的股本及演变 22 | | 八、发行人的业务 23 | | 九、关联交易及同业竞争 24 | | 十、发行人的主要财产 24 | | 十一、发行人的重大债权债务 25 | | 十二、发行人主要资产变化及收购兼并 26 | | 十三、发行人章程的制定及修改 26 | | 十四、发行人的董事、监事和高级管理人员及其变化 27 | | 十五、发行人股东大会、董事会、监事会议事规则及规范运作 27 | | 十六、发行人的税务 28 | | 十七、发行人的环境保护、产品质量、技术标准 28 | | 十八、发行人募集 ...

ZHONGHUA 云南神农农业产业集团股份有限公司 2023 年度财务报表及审计报告 众会字(2025) 第 01200 号 众华会计师事务所 (特殊普通合伙) 地址：上海市虹日区东大名路1089号北外滩来福士广场东塔楼17-18楼 传真 (021)6352 5566 电话 (021) 6352 5500 网址 www.zhonghuacpa.com 6-1-1Zhonghua Certified Public Accountants LLP 您可使用手机"扫一扫"或进入 此码用于证明该审计报告是否由具有执业许可的会计师事务所出身 "注册会计师行业统一监管平台（http://acc.mof.gov.cn）" 进行查理 十次 一线 er, 1089 Dong Da Ming Ro 8F East Tow ZHONGI 目 | 内容 | 页码 | | --- | --- | | 审计报告 | 1 | | 合并资产负债表 | 7 | | 公司资产负债表 | 9 | | 合并利润表 | 11 | | 公司利润表 | 12 | | 合并现金流量表 | 13 | | 公司现金流量表 | 14 | | 合并所有者权益变动表 ...