Group 1 - The core announcement from Yunnan Shennong Agricultural Industry Group Co., Ltd. involves a significant organizational restructuring, including the cancellation of the supervisory board and the establishment of a new "Quality Management Center" to enhance governance and quality oversight [1][2] - The decision to eliminate the supervisory board was approved during the sixth extraordinary shareholders' meeting and the seventh meeting of the fifth board of directors, indicating a strategic shift in the company's internal management structure [1] - The newly established Quality Management Center will be responsible for the construction of the company's quality safety management system and the supervision and management of product quality, aiming to improve the effectiveness of quality oversight across various business segments [1][2] Group 2 - The organizational adjustment reflects the company's commitment to optimizing its governance structure while emphasizing the importance of product quality control, which is expected to strengthen the overall quality management level of the company [2]

特此公告。 证券代码：605296 证券简称：神农集团 公告编号：2025-143 云南神农农业产业集团股份有限公司 关于补选第五届董事会专门委员会委员的公告 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 12 月 25 日召开了第五届董事会第七次会议，审议通过了《关于补选公司董事会专门 委员会委员的议案》，补选：陈晓丹女士为薪酬与考核委员会主任委员、审计委 员会委员、提名委员会委员职务，除上述补选外，公司董事会各专门委员会其他 成员构成不变。 公司第五届董事会专门委员会委员名单如下： | 序号 | 董事会专门委员会 | 委员 | 主任委员（召集人） | | --- | --- | --- | --- | | 1 | 战略与 ESG 委员会 | 何祖训、何乔关、张晓东、 顿灿、陈旭东 | 何祖训 | | 2 | 审计委员会 | 陈旭东、何乔关、陈晓丹 | 陈旭东 | | 3 | 提名委员会 | 罗薇、何祖训、陈晓丹 | 罗薇 | | 4 | 薪酬与考核委员 ...

证券代码：605296 证券简称：神农集团 公告编号：2025-144 特此公告。 云南神农农业产业集团股份有限公司董事会 2025 年 12 月 26 日 1 附： 云南神农农业产业集团股份有限公司 关于调整公司组织架构的公告 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 12 月 25 日召开 2025 年第六次临时股东会，审议通过《关于取消监事会暨修改<公司 章程>并办理工商变更登记的议案》，故公司组织架构中取消了"监事会"。同日 公司召开第五届董事会第七次会议，审议通过《关于调整公司组织架构的议案》， 为进一步加强公司质量管理工作，提高各板块质量监管效能，推进公司业务高质 量发展，公司设立一级部门"质量管理中心"，负责公司质量安全管理体系建设 及产品质量监督、管理工作。 本次组织架构调整是对公司内部管理机构的调整，不会对公司生产经营活动 产生重大影响，调整后的公司组织架构图详见附件。 2 云南神农农业产业集团股份有限公司组织架构图 ...

Group 1 - The core point of the article is that Shennong Group announced the convening of its fifth board meeting on December 25, 2025, to discuss various proposals, including the exemption from the advance notice of the board meeting [1] - For the year 2024, Shennong Group's revenue composition is as follows: livestock farming accounts for 68.02%, pig slaughtering for 26.38%, feed processing for 5.24%, other businesses for 0.31%, and other for 0.06% [1] - As of the report, Shennong Group has a market capitalization of 14.6 billion yuan [1]

证券代码：605296 证券简称：神农集团 公告编号：2025-141 云南神农农业产业集团股份有限公司 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 159 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 458,369,930 | | 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（%） | 87.3477 | (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。 本次股东会由公司董事会召集，公司董事长何祖训先生主持。本次股东会的 召集、召开及表决方式符合《中华人民共和国公司法》等法律、法规及规范性文 件以及《公司章程》的有关规定。 (五) 公司董事、监事和董事会秘书的出席情况 2025年第六次临时股东会决议公告 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 2、公司在任监事3人，出席3人； (一) 股东会召开的时间：2025 年 12 月 25 日 (二) 股东会召 ...

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 2025 年第六次临时股东会的 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 2025 年第六次临时股东会的法律意见 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 2025 年第六次临时股东会的 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"）作为公司的常年法律顾问， 本次指派杨杰群律师、杨敏律师出席公司 2025 年第六次临时股东会（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》及公司《章程》的规定，就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 ...

证券代码：605296 证券简称：神农集团 公告编号：2025-142 云南神农农业产业集团股份有限公司 第五届董事会第七次会议决议公告 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。 一、董事会会议召开情况 云南神农农业产业集团股份有限公司（以下简称"公司"）于 2025 年 12 月 25 日召开公司 2025 年第六次临时股东会，顺利补选产生公司第五届董事会独 立董事成员。为保证公司新一届董事会工作的正常进行，经全体董事同意豁免本 次会议通知时间的要求，第五届董事会第七次会议通知于 2025 年 12 月 25 日以 口头形式向全体董事发出，会议于 2025 年 12 月 25 日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，以现场会议与通讯表决相结合的 方式召开。本次会议为临时董事会。与会董事共同推举何祖训先生为第五届董事 会第七次会议召集人和主持人，会议应出席董事 9 人，实际出席董事 9 人，公司 高管列席了会议。本次会议的召开符合《中华人民共和国公司法》等法律、行政 法规、部门规章、 ...

内部审计制度 第一章 总 则 云南神农农业产业集团股份有限公司 内部审计制度 云南神农农业产业集团股份有限公司 第一条为了进一步规范公司内部审计工作,明确内部审计机构和人员的责 任，保证审计质量，明确审计责任，促进经营管理，提高经济效益，根据《中华 人民共和国审计法》、《审计署关于内部审计工作的规定》、《上海证券交易所 股票上市规则》、《上海证券交易所上市公司内部控制指引》等相关法律、法规、 规范性文件和《公司章程》的规定，结合公司实际情况,制定本制度。 第二条 本制度所称内部审计，是指由公司内部机构或人员，对其内部控制 和风险管理的有效性、财务信息的真实性和完整性以及经营活动的效率和效果等 开展的一种评价活动。 第三条 本制度所称内部控制，是指公司董事会、高级管理人员及其他有关 人员为实现下列目标而提供合理保证的过程： （一）遵守国家法律、法规、规章及其他相关规定； （四）确保公司信息披露的真实、准确、完整和公平。 第四条 公司应当依照国家有关法律、法规、规章及本制度的规定，结合公 司所处行业和经营特点，建立健全内部审计制度，防范和控制公司风险，增强公 司信息披露的可靠性。内部审计制度应当经董事会审议通过。 ...

Summary of Shennong Group Conference Call Company Overview - **Company**: Shennong Group - **Industry**: Pig Farming Key Points and Arguments Production and Cost Targets - **Expected Output**: Shennong Group anticipates a production volume of 3.5 million pigs in 2025, with a focus on controlling total costs below 12 CNY/kg, aiming for 11.5 CNY/kg [2][6] - **Regional Focus**: The majority of output will be concentrated in Yunnan and the Guangxi and Guangdong regions, with an expected output of nearly 1 million pigs from these areas [2][7] Cost Management Strategies - **Cost Reduction Measures**: The company plans to lower farming costs through several strategies: - Improving PSY (Pigs Weaned per Sow per Year) to 30.3 heads, with a target of over 30 heads next year - Maintaining a feed-to-meat ratio around 2.45 - Achieving a survival rate exceeding 85% - Stabilizing weaning costs at approximately 270 CNY [2][4][9][8] Market Conditions and Price Forecast - **Current Market Trends**: The overall trend for pig prices is declining after a profitable period of about 18 months, with farmers experiencing losses for about a quarter [3] - **Future Price Expectations**: The average pig price for 2026 is expected to be weaker than in 2025, ranging between 12 to 13 CNY/kg, with no significant price rebound anticipated in the first half of the year [15] Production Indicators - **Key Production Metrics**: As of November, the total cost was 12 CNY/kg, with a weaning cost of 269 CNY per head and a PSY of 30.3 heads [4][8] Dependency on Contract Farming - **Contract Farming Model**: Currently, about 70% of production is through contract farming, with plans to increase this to 80% or even 90%. There are no plans for new self-built capacity [5][16] Financial Performance of Other Segments - **Other Business Segments**: - Feed sales have decreased, yielding only slight profits - Slaughtering operations generate annual profits in the tens of millions - The deep processing segment is currently in a strategic loss phase but aims for breakeven within five years [20] Disease Control and Impact - **Disease Management**: The company has maintained stable disease control, with minimal impact from African swine fever and blue ear disease on production [12][14] Capital Expenditure and Dividend Policy - **Capital Expenditure**: The budget for capital expenditure in 2026 is expected to remain stable without significant fluctuations [18] - **Dividend Policy**: Dividends will be considered annually based on operational performance, ensuring funds are available for shareholder needs [19] Regional Cost Differences - **Cost Variations**: There are minor differences in farming costs across regions, with the best facilities achieving costs below 11.5 CNY/kg, while average facilities maintain around 12 CNY/kg [11] Raw Material Price Considerations - **Cost Targets and Raw Materials**: The cost targets for 2026 are based on raw material prices remaining stable compared to 2025, with adjustments made if prices fluctuate significantly [22]

Investment Summary - The report suggests focusing on three main investment themes for the agricultural sector in 2026: pig farming, feed and animal health, and pet food [4][5][6]. Group 1: Pig Farming - The supply-demand dynamics in the pig farming industry are improving, with a continued oversupply expected to pressure prices in the first half of 2026, leading to ongoing industry losses [4][16][19]. - The structural changes in pig farming post-African swine fever have led to increased scale and a rise in short-term farmers, resulting in narrower price fluctuations and reduced supply-demand conflicts [4][16][49]. - Cost management is crucial for pig farming companies to achieve excess returns and long-term growth, with significant differentiation expected among companies based on cost advantages [4][50][61]. - The report highlights that the valuation of the sector is at a low point, with expectations for recovery in the valuations of leading companies, particularly those with cost advantages like Muyuan Foods [5][61]. Group 2: Feed and Animal Health - The animal health sector is experiencing a weakening of its cyclical attributes, with research and innovation becoming the core focus for long-term growth [6][62][66]. - The feed market is characterized by competition in the domestic market, with an emphasis on cost control and precision management, while international markets present new growth opportunities for leading companies [6][62][66]. - The report recommends companies with strong research capabilities and cost control, such as Pulaike and KQ Bio, for long-term investment [6][62]. Group 3: Pet Food - The pet food market is expected to continue its growth despite short-term disruptions from tariffs, with domestic brands gaining market share [6][7]. - The report emphasizes the importance of adapting to consumer trends towards health and refinement in product offerings, which is likely to enhance market share and profitability for domestic brands [6][7].