证券代码：000998 证券简称：隆平高科 公告编号：2025-29 袁隆平农业高科技股份有限公司 关于向特定对象发行 A 股股票结果暨股本变动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 重要内容提示： 届监事会第七次（临时）会议，审议通过了本次发行及相关议案。 过了本次发行及相关议案。 （1）发行数量：152,477,763 股人民币普通股（A 股） （2）发行价格：7.87 元/股 （1）股票上市数量：152,477,763 股人民币普通股（A 股） （2）股票上市时间：2025 年 5 月 14 日（上市首日），新增股份上市首日 公司股价不除权，股票交易设涨跌幅限制 本次发行对象为公司控股股东中信农业科技股份有限公司（以下简称"中信 农业"），本次发行完成后，发行对象认购的公司本次发行的股票自发行结束之 日起 18 个月内不得转让。有关法律、法规对发行对象认购本次发行股票的限售 期另有要求的，从其规定。若所认购股份的限售期与监管部门的规定不相符，则 限售期将根据相关监管部门的规定进行相应调整。本次发行结束后，发行对象认 购取得公司本次发行的股 ...

袁隆平农业高科技股份有限公司 关于持股 5%以上股东持股比例被动稀释的提示公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 重要内容提示： 1. 本次权益变动系袁隆平农业高科技股份有限公司（以下简称"公司"）完 成向特定对象发行 A 股股票导致公司股本结构发生变化，相关股东的持股比例 被动稀释，未触及要约收购。 2. 本次权益变动不会导致公司控股股东及实际控制人发生变化。 3. 本次权益变动后，持有公司 5%以上股份的股东湖南杂交水稻研究中心持 股比例从 5.08%被动稀释至 4.55%，股东北大荒中垦（深圳）投资有限公司持股 比例从 5.00%被动稀释至 4.48%。 一、本次权益变动基本情况 证券代码：000998 证券简称：隆平高科 公告编号：2025-30 注 2：公告中若出现总数与各分项数值之和尾数不符的情况，系四舍五入原因造成。 二、本次权益变动情况表 经中国证券监督管理委员会出具的《关于同意袁隆平农业高科技股份有限公 司向特定对象发行股票注册的批复》（证监许可〔2025〕700 号），公司向特定对 象发行人民币普通股 152,477,763 股（ ...

1.发行数量和价格 （1）发行数量：152,477,763 股人民币普通股（A 股） （2）发行价格：7.87 元/股 2.预计上市时间 证券代码：000998 证券简称：隆平高科 公告编号：2025-29 袁隆平农业高科技股份有限公司 关于向特定对象发行 A 股股票结果暨股本变动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 重要内容提示： （1）股票上市数量：152,477,763 股人民币普通股（A 股） （2）股票上市时间：2025 年 5 月 14 日（上市首日），新增股份上市首日 公司股价不除权，股票交易设涨跌幅限制 3.新增股份的限售安排 本次发行对象为公司控股股东中信农业科技股份有限公司（以下简称"中信 农业"），本次发行完成后，发行对象认购的公司本次发行的股票自发行结束之 日起 18 个月内不得转让。有关法律、法规对发行对象认购本次发行股票的限售 期另有要求的，从其规定。若所认购股份的限售期与监管部门的规定不相符，则 限售期将根据相关监管部门的规定进行相应调整。本次发行结束后，发行对象认 购取得公司本次发行的股票因公司分配股票股利、公 ...

股票简称：隆平高科 股票代码：000998 袁隆平农业高科技股份有限公司 向特定对象发行 A 股股票 公司董事签名： 刘志勇 张 坚 桑 瑜 许靖波 罗永根 张 林 李皎予 李少昆 刘贵富 1 袁隆平农业高科技股份有限公司 年 月 日 上市公告书 保荐人（主承销商） 二〇二五年五月 发行人全体董事、监事、高级管理人员声明 本公司全体董事、监事及高级管理人员承诺本上市公告书不存在虚假记载、 误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律责任。 2 3 4 5 7 6 公司监事签名： 袁定江 张 伟 邹振宇 袁隆平农业高科技股份有限公司 年 月 日 8 发行人全体董事、监事、高级管理人员声明 本公司全体董事、监事及高级管理人员承诺本上市公告书不存在虚假记载、 误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律责任。 9 发行人全体董事、监事、高级管理人员声明 本公司全体董事、监事及高级管理人员承诺本上市公告书不存在虚假记载、 误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律责任。 杨远柱 尹贤文 纪绍勤 宫俊涛 黄冀湘 胡 博 袁隆平农业高科技股份有限公司 10 公 ...

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the significant role of agricultural technology innovation in modernizing agriculture, emphasizing the importance of enhancing the innovation ecosystem and supporting agricultural self-sufficiency [11] - In the pig farming sector, the average price of pigs is currently fluctuating around 14.5-15 CNY/kg, with a slight decrease observed this week [12] - The report suggests that the commercialization of genetically modified crops will accelerate, which is expected to improve self-sufficiency in key varieties [11] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and other departments have issued an implementation opinion to enhance the agricultural technology innovation system, focusing on eight key tasks [11] - Companies like Beidahuang and Su-Kun Agricultural Development are expected to benefit from these initiatives [11] Pig Farming - The average price of external three yuan pigs is 14.80 CNY/kg, with a week-on-week change of -0.05% [12] - The number of breeding sows is 40.39 million, showing a slight decrease of 0.66% [12] - The report recommends focusing on companies with significant cost improvements and high future output elasticity, such as Jingji Zhino, Muyuan Foods, and Wens Foodstuff [12] Key Company Recommendations - Recommended companies in the planting sector include Longping High-Tech, Denghai Seeds, and Qianyuan High-Tech [11] - In the pig farming sector, companies like Muyuan Foods, Wens Foodstuff, and Haida Group are highlighted for their potential benefits [12] - The report also mentions companies in the animal health sector, such as Jinhai Biological and Zhongmu Co., which are expected to gain from market trends [12]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the significant role of agricultural technology innovation in modernizing agriculture, emphasizing the need for a structured and collaborative innovation system [11] - The commercialization of genetically modified crops is expected to accelerate, enhancing self-sufficiency in key varieties [11] - In the pig farming sector, the average price of pigs is currently fluctuating around 14.5-15 CNY/kg, with a slight decrease observed [12] - The report suggests that while short-term consumer demand is recovering, supply remains relatively loose, but prices may exceed expectations in the second half of 2025 due to slow recovery in production capacity [12] Summary by Sections 1. Weekly Insights - The Ministry of Agriculture and other departments have issued an implementation opinion to enhance the agricultural technology innovation system, focusing on eight key tasks [11] - The report identifies potential beneficiaries in the planting sector, including Beidahuang and Su-Kun Agricultural Development, and recommends leading seed companies like Longping High-Tech and Dabeinong [11] 2. Pig Farming - The average price of external three yuan pigs is 14.80 CNY/kg, with a week-on-week change of -0.05% [12] - As of March 2025, the number of breeding sows in China is 40.39 million, a decrease of 0.66% from the previous month [12] - The report forecasts that pig prices may exceed expectations in the latter half of 2025 due to slow recovery in production capacity [12] 3. Key Company Recommendations - Recommended companies in the pig farming sector include Jingji Zhino, Muyuan Foods, and Wens Foodstuff [12] - In the feed sector, Haida Group is highlighted, while companies in the animal health sector such as Jinhai Biological, Bio-Stock, and Placo are expected to benefit [12] 4. Market Performance - The agricultural sector index increased by 0.99% during the week, with notable gains in the aquaculture and planting sectors [14] - The report provides detailed tracking of key agricultural product prices, including corn, wheat, and soybeans, indicating price trends and changes [24][27][38]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The pet sector continues to show high prosperity, driven by domestic substitution and consumption upgrades, leading to a dual increase in volume and price [1][2] - The industry is transitioning from "scale expansion" to "value creation," with leading companies shifting from "manufacturing" to "intelligent manufacturing" through formula innovation and precise demand capture [2][17] - The domestic pet food market remains strong, with a significant increase in sales and exports, indicating robust growth potential for domestic brands [2][17] Summary by Sections Pet Sector - The fifth TOPS Pet Expo in Shanghai showcased over 1,200 exhibitors and 8,000+ brands, reflecting strong growth momentum in the pet industry, with a 43% year-on-year increase in attendance [1][16] - Trends in pet food are shifting towards precision nutrition, with a focus on age-specific feeding and high-end production techniques [1][16] - Key recommended companies in the pet food sector include Guibao Pet, Zhongchong Co., Petty Co., and Lusi Co., with additional recommendations for pet medical and product companies [2][17] Swine Sector - As of May 10, the average price of live pigs was 14.90 yuan/kg, showing a slight decline, with production capacity continuing to grow [3][18] - The industry is facing a potential downturn in profitability due to weak demand and seasonal price declines [3][19] - Recommended companies include leading players such as Wens Foodstuffs and Muyuan Foods, with a focus on core assets [19] Poultry Sector - The white chicken segment is facing uncertainties in breeding imports, with a significant decline in the number of breeding stock updated [20][21] - The yellow chicken segment is expected to benefit from improved consumer demand, with stable prices observed [23] - Recommended companies include Shengnong Development and Lihua Co. for white chicken, and Wens Foodstuffs for yellow chicken [22][23] Planting Sector - The government emphasizes agricultural technology innovation and self-sufficiency in food security, with a focus on biological breeding [25][26] - Recommended companies in the seed sector include Longping High-Tech and Dabeinong, with additional focus on agricultural water-saving technologies [25][26] Feed and Animal Health Sector - Hai Da Group is highlighted for its market share growth and consistent performance in the feed sector [27] - The animal health sector is seeing new opportunities in pet health products, with recommended companies including KQ Bio and Zhongmu Co. [28]

Core Viewpoint - 隆平高科's stock issuance to specific investors has been approved, despite recent performance declines due to various market pressures, and the funds raised will be used to repay bank loans and enhance liquidity [3][7][8]. Group 1: Company Performance - 隆平高科's stock closed at 10.31 yuan on May 9, 2025, down 0.77%, with a trading volume of 181,800 shares and a turnover of 188 million yuan [1]. - The company reported a net profit of 113.87 million yuan for 2024, a decrease of 43.08% year-on-year, and a net loss of 209,470 yuan for Q1 2025, a decrease of 102.72% year-on-year [8]. - The decline in performance is attributed to low domestic and international grain prices, decreased sales of corn seeds, and increased exchange losses [4][5][8]. Group 2: Fundraising and Use of Proceeds - 隆平高科's application for issuing A-shares has been approved by the Shenzhen Stock Exchange and the China Securities Regulatory Commission [3][7]. - The total amount to be raised is approximately 1.2 billion yuan, with net proceeds of about 1.19 billion yuan after deducting issuance costs, aimed at repaying bank loans and supplementing working capital [8]. - The issuance price is set at 7.87 yuan per share, representing 80% of the average trading price over the previous 20 trading days [6][8]. Group 3: Market Conditions and Risks - The company has indicated that the recent performance decline will not significantly impact its operational capabilities or the ongoing projects funded by the new issuance [4][5][6]. - The company has acknowledged risks related to price fluctuations, performance volatility, and exchange rate changes, which have been communicated to investors [4][6][8].

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - Short-term consumption weakness has led to a slight decline in pig prices, but high prices for piglets and sows indicate optimistic expectations for the future [4][6] - The pig farming sector shows low valuation opportunities, while the pet sector continues to strengthen the logic of domestic brand rise [7][25] - The overall agricultural index underperformed the market by 0.93 percentage points during the week [29] Summary by Sections Weekly Observation - After the May Day holiday, consumer support was insufficient, leading to a slight decline in national pig prices. As of May 9, the average selling price of live pigs was 14.79 yuan/kg, down 0.02 yuan/kg week-on-week, a decrease of 0.14% [4][15] - The average daily slaughter volume of sample enterprises was 148,800 pigs, a decrease of 780 pigs from the previous week [4][15] Weekly Viewpoint - The pig sector shows low valuation opportunities, with the supply side not yet recovering to the levels of the same period in 2023. The demand side is supported by macro policies driving consumption recovery [25] - Recommended stocks include Muyuan Foods, Wens Foodstuff Group, Juxing Agriculture, Huadong Food, and Tiankang Biological [7][25] Market Performance (May 5-9) - The agricultural index rose by 0.99%, underperforming the market by 0.93 percentage points, with the fishery sector leading the gains [29][32] - Notable stock performances included *ST Jiawo (+13.47%), Guotou Zhonglu (+12.05%), and Xuelong Biological (+11.04%) [29][35] Price Tracking (May 5-9) - As of May 9, the national average price for live pigs was 14.82 yuan/kg, down 0.02 yuan/kg from the previous week. The average price for piglets was 36.87 yuan/kg, also down 0.01 yuan/kg [41] - The average profit for self-bred pigs was 84.33 yuan/head, a decrease of 0.72 yuan/head week-on-week [41] Key News (May 5-9) - Seven departments jointly issued an implementation opinion to enhance the overall effectiveness of the agricultural science and technology innovation system [36]