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 ...

2025 年 04 月 14 日 -40 -30 -20 -10 0 10 20 30 (%) 神农集团 沪深300 成本优势地位稳固，定增扩产维持独一档负债率 表现 买入(维持) 事件 分析师：娄倩 S1050524070002 louqian@cfsc.com.cn 联系人：卫正 S1050124080020 weizheng2@cfsc.com.cn | 基本数据 | 2025-04-11 | | --- | --- | | 当前股价（元） | 30.26 | | 总市值（亿元） | 159 | | 总股本（百万股） | 525 | | 流通股本（百万股） | 523 | | 52 周价格范围（元） | 24.81-44.99 | | 日均成交额（百万元） | 124.77 | 市场表现 资料来源：Wind，华鑫证券研究 相关研究 1、《神农集团（605296）：业绩实 现高增长，成本优势持续巩固》 2024-08-29 2、《神农集团（605296）：养殖成 本行业领先，出栏量快速增长》 2024-08-07 —神农集团（605296.SH）公司事件点评报告 神农集团发布 2025 年 3 月养殖业务 ...

证券代码：605296 证券简称：神农集团 公告编号：2025-032 云南神农农业产业集团股份有限公司 2025 年 3 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（12 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 3 月新增担保金额合 计 3,264.57 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 3,264.57 万元。截至 2025 年 3 月 31 日，公司及控股子公司对外担保余额为 78,919.55 万元，其中， 对子公司的担保余额为 78,878.83 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 ...

4月10日，神农集团今日收盘31.53元，下跌2.14%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到55.89倍，总市值165.48亿元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)60神农集团55.89-41.243.52165.48亿行业平均 47.4039.324.06117.65亿行业中值55.8953.752.7247.00亿1湘佳股份-1441.15-23.992.2135.30亿2粤海饲 料-520.85140.192.2257.68亿3华英农业-389.79-184.236.1058.65亿4景谷林业-280.14377.9515.3823.90亿5天 马科技-192.79-33.022.7461.94亿6神农种业-124.28-159.197.6557.34亿7獐子岛-62.99300.5753.2025.81亿8 新赛股份-62.32247.065.4236.34亿9晓鸣股份-53.30-28.776.9044.53亿10大禹生物-46.93-46.933.6210.90亿 11中粮科技-42.20-18.181.04109.35亿 从行业市盈率排名来看，公司 ...

2025 年 3 月养殖业务主要经营数据公告 证券代码：605296 证券简称：神农集团 公告编号：2025-031 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。 云南神农农业产业集团股份有限公司（以下简称"公司"）现将 2025 年 3 月养殖业务主要经营数据披露如下： 一、2025 年 3 月养殖业务主要经营数据 单位：万头 | 主要产品 | 销售量 | | 销售量同比增减(%) | | | --- | --- | --- | --- | --- | | | 当月 | 累计 | 当月 | 累计 | | 生猪 | 35.14 | 86.04 | 105.74 | 73.15 | 2025 年 3 月份，公司销售生猪 35.14 万头（其中：商品猪销售 24.31 万头， 仔猪销售 10.43 万头），销售收入 5.08 亿元。其中向集团内部屠宰企业销售生 猪 3.69 万头。 2025 年 3 月份，公司商品猪价格呈现上涨趋势，商品猪销售均价 14.83 元/ 公斤，比 2025 年 2 ...

Macroeconomic Insights - China will impose a 34% tariff on all imports from the United States starting April 10, 2025, which is expected to significantly reduce agricultural imports from the U.S. [3] - In 2024, China imported agricultural products worth $24.9 billion from the U.S., with major imports including soybeans (22.1 million tons), sorghum (5.7 million tons), corn (2.1 million tons), and wheat (1.9 million tons) [3]. Agricultural Sector - The increase in tariffs is likely to enhance domestic grain prices and benefit the planting industry chain, emphasizing the need for self-sufficiency in grain production [3]. - The report highlights the importance of technological advancements in agriculture, particularly in genetically modified and gene-edited crops, which are expected to accelerate, benefiting seed companies with leading technology reserves [3]. - The report recommends focusing on companies that are actively expanding their domestic brands in the pet food sector, such as Guibao Pet and Zhongchong Co., which primarily generate revenue from domestic sales [4]. Livestock Industry - The report indicates that the pig farming sector is expected to see a significant improvement in profitability for the 2024 annual report and the first quarter of 2025, driven by favorable pig prices and reduced costs [5]. - The analysis of March's supply and demand dynamics in the pig farming industry shows a balanced market, but a potential downward trend in prices is anticipated if there is no support from state reserves [4][5]. Investment Recommendations - Recommended stocks in the poultry sector include Shengnong Development, Yisheng Shares, and Lihua Shares; for the post-cycle sector, recommended stocks are KQ Bio, Haida Group; in the pig farming sector, recommended stocks include Muyuan Foods, Wens Foodstuff Group, Tiankang Bio, and Shennong Group [7]. - In the seed industry, recommended stocks include Fengle Seed Industry, Quanyin High-Tech, Longping High-Tech, and Dabeinong [7]. - In the pet sector, recommended stocks are Guibao Pet, Zhongchong Co., and Ruipu Bio [7]. Chemical Industry - The report suggests that the imposition of a 34% tariff on U.S. imports will accelerate the domestic substitution process for chemical products, particularly in high-end markets [17]. - Beneficiary products include lubricant additives, nucleating agents, adsorption separation resins, and nano-silica, with specific companies recommended for investment [19]. Rare Earth Industry - The report maintains an "overweight" rating on the rare earth sector, anticipating that the recent tariffs will enhance China's strategic advantages in rare earth production and lead to price increases due to supply-demand mismatches [22]. - The export control measures on heavy rare earths are expected to stimulate overseas stockpiling, further driving up prices [23]. Insurance Sector - The insurance sector is projected to see stable growth in 2025, with a focus on improving asset-liability matching strategies [25]. - The report recommends increasing holdings in companies like China Pacific Insurance and New China Life Insurance, which are expected to benefit from improved investment returns and stable business strategies [40].

Investment Rating - The investment rating for the pig farming industry is "Buy" and is maintained for key companies such as Muyuan Foods and Wens Foodstuffs [4][11]. Core Insights - The pig farming industry in China is currently experiencing accelerated scale-up, with significant growth potential as the industry evolves towards a more integrated supply chain from breeding to slaughter and distribution [3][10]. - The industry is projected to reach a market size of approximately 1.51 trillion yuan in 2024, indicating robust growth and market vitality [20][29]. - The cyclical nature of the pig market is expected to persist, with price fluctuations continuing despite increased scale and efficiency in production [7][8]. Summary by Sections 1. Pig Farming Industry: Accelerated Scale-Up and Growth Potential - The Chinese pig farming industry is characterized by a market size exceeding 1 trillion yuan, with a projected growth to 1.51 trillion yuan by 2024 [20][29]. - The industry is undergoing structural changes, with a focus on improving efficiency and reducing costs through scale [2][30]. 2. Cycle: Changes Brought by Accelerated Scale-Up - The scale-up process is expected to lengthen the price fluctuation cycles, although it will not eliminate them entirely [36]. - The amplitude of price fluctuations may increase during the acceleration phase, particularly during downturns [36][37]. 3. Growth: Low-Cost Expansion Capabilities - The industry is still in a golden period of scale-up, with significant benefits from previous scaling efforts [2][7]. - Companies with lower marginal costs and strong resource accumulation are positioned for growth, while high-cost producers are likely to exit the market [2][10]. 4. Further Growth: Industry Re-Growth and Supply Chain Extension - The integration of the supply chain is a key focus, with leading companies expanding from breeding to slaughter and distribution [3][10]. - The industry is expected to see a recovery in 2024, but supply pressures may return in 2025, leading to potential capacity reductions [3][10]. 5. Key Company Profit Forecasts and Valuation - Key companies such as Muyuan Foods, Wens Foodstuffs, and others are projected to maintain strong earnings growth, with EPS estimates for 2024 showing positive trends [4][11].

证券代码：605296 证券简称：神农集团 公告编号：2025-030 云南神农农业产业集团股份有限公司 关于子公司与丘北县人民政府签订框架协议的公告 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： 近日，公司全资子公司文山神农猪业发展有限公司与丘北县人民政府签订了 《生猪全产业链项目投资合作协议书》，双方本着平等互利、优势互补、共同发 展的原则，就文山神农猪业发展有限公司在丘北县投资约 7 亿元建设生猪产业建 设项目达成合作协议，具体情况如下： 一、框架协议签订的基本情况 （一）合作方的具体情况 （二）协议签署的地点、方式 本协议在丘北县以书面方式签署。 －1－ （三）签订协议已履行的审议决策程序 本次协议为意向性协议，协议涉及的项目数量、投资金额等数值为双方合作 目标，实际发生额以未来实际对外投资金额为准，具体合作项目的实施内容和进 度存在不确定性，该事项无需提交公司董事会或股东大会审议。公司将在确定各 具体项目投资方案和投资金额后，严格按照《上海证券交易所股票上市规则》等 法律、法规、规范性文件及《公司章 ...

4月1日，神农集团今日收盘28.93元，上涨1.90%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到51.28倍，总市值151.84亿元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)66神农集团51.28-37.843.23151.84亿行业平均 36.9538.593.67107.01亿行业中值38.0937.942.4438.55亿1湘佳股份-1145.45-19.071.7628.06亿2粤海饲 料-558.14150.232.3861.81亿3华英农业-334.51-158.115.2350.34亿4景谷林业-235.86318.2112.9520.12亿5天 马科技-194.98-33.402.7762.64亿6神农种业-76.79-98.364.7335.43亿7大湖股份-72.35-283.132.7023.10亿8獐 子岛-62.99300.5753.2025.81亿9中粮科技-39.68-17.090.98102.84亿10新赛股份-38.89154.163.3822.67亿11 晓鸣股份-37.81-20.414.8931.59亿 来源：金融界 股东方面，截至2 ...