Group 1 - The livestock sector is experiencing a positive trend, with the China Livestock Breeding Index (930707) rising, and key stocks such as Jinxinnong (002548) and Yisheng (002458) showing significant gains [1] - Major pig farming companies are expanding into Southeast Asia, indicating a trend of overseas expansion among leading enterprises like Muyuan, New Hope, and Haida [1] - The market is at a critical point of capacity reduction driven by both policy and market forces, with potential improvements in supply-demand relationships expected by mid-2026 if capacity reduction targets are met [2] Group 2 - The top ten weighted stocks in the China Livestock Breeding Index account for 65.58% of the index, with companies like Muyuan (002714) and Wens (300498) being the most significant contributors [3] - The overall capital expenditure of listed pig farming companies is stabilizing and slightly decreasing, as many firms are halting capacity expansion projects due to narrowing profits and cash flow pressures [2] - The livestock ETF closely tracks the China Livestock Breeding Index, which includes companies involved in feed, pharmaceuticals, and livestock farming, reflecting the overall performance of the sector [2]

山东民和牧业股份有限公司 2025 年第二次临时股东会决议公告 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、误导性陈述或重大遗漏。 特别提示： 1、本次股东会未出现否决议案的情形。 2、本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 证券代码：002234 证券简称：民和股份 公告编号：2025-054 9:15-9:25，9:30-11:30，13:00-15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为2025年11月24日 9:15 至15:00中的任意时间。 2、现场会议召开地点 山东省烟台市蓬莱区南关路2号附3号民和股份会议室。 3、会议召开方式 现场投票与网络投票相结合的方式。 1、会议召开时间 （1）现场会议召开时间：2025年11月24日14:30。 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为2025年11月24日 5、会议主持人 4、股东会召集人 山东民和牧业股份有限公司董事会 董事长孙宪法 6、会议召开的合法合规性 本次股东会的召集、召开符合《公司法》、《证券法》、《深圳证券交易所 股票上市规则》 ...

上海市锦天城律师事务所 关于山东民和牧业股份有限公司 2025 年第二次临时股东会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 1 关于山东民和牧业股份有限公司 上海市锦天城律师事务所 法律意见书 2025 年第二次临时年度股东会的 法律意见书 致：山东民和牧业股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受山东民和牧业股份有限 公司（以下简称"公司"）委托，就公司召开 2025 年第二次临时股东会（以下 简称"本次股东会"）的有关事宜，根据《中华人民共和国公司法》（以下简称 《公司法》）、《上市公司股东会规则》等法律、法规、规章和其他规范性文件 以及《山东民和牧业股份有限公司章程》（以下简称《公司章程》）的有关规定， 出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用 ...

Market Overview - The aquaculture sector experienced a decline of 1.58% on November 21, with Huaying Agriculture leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Huaying Agriculture (002321) closed at 3.24, down 10.00% with a trading volume of 1.5762 million shares and a turnover of 517 million yuan [1] - Tianyu Biological (603717) closed at 8.44, down 8.76% with a trading volume of 209,500 shares and a turnover of 180 million yuan [1] - Yike Food (301116) closed at 12.20, down 8.20% with a trading volume of 271,100 shares and a turnover of 338 million yuan [1] - Other notable declines include Fucheng Co. (600965) down 4.95%, Tianbang Food (002124) down 4.23%, and Dongrui Co. (001201) down 4.07% [1] Capital Flow - The aquaculture sector saw a net outflow of 572 million yuan from institutional investors, while retail investors contributed a net inflow of 261 million yuan [1] - The table of capital flow indicates that Xiaoming Co. (300967) had a net outflow of 912.89 million yuan from institutional investors [2] - Jingqi Zhino (000048) experienced a net inflow of 856.43 million yuan from institutional investors [2] - Shengnong Development (002299) had a net inflow of 134.24 million yuan from institutional investors [2]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The demand for meat chickens is entering a peak season, providing price support, while egg prices are declining, leading to accelerated culling of laying hens [8] - The report highlights the performance of various poultry segments, including white feathered chickens, yellow feathered chickens, and laying hens, with specific price trends and inventory changes [13][23][31] Summary by Sections 1. White Feathered Chickens - The average sales price for white feathered meat chickens in October 2025 was 6.93 yuan/kg, with a slight decrease of 0.06 yuan/kg month-on-month. The breeding loss was 1.78 yuan per bird, continuing a trend of losses [13] - The price of white feathered chicken seedlings rose to 3.39 yuan each, an increase of 0.58 yuan month-on-month, indicating positive stocking activity ahead of the peak demand season [14] - The total inventory of white feathered grandparent stock was 2.0209 million sets, down 1.30% month-on-month, with a decrease in both breeding and backup stock [14] 2. Yellow Feathered Chickens - The average sales price for medium-speed yellow feathered chickens in October was 12.86 yuan/kg, with a slight decrease of 0.03% month-on-month. The demand is supporting price stability [23] - The sales volume of parent yellow feathered chicken seedlings increased by 8.87% month-on-month, while the total inventory of yellow feathered grandparent stock decreased by 2.65% [23] 3. Laying Hens - The average price of laying hen seedlings was 2.80 yuan each, up 7.69% month-on-month, while the wholesale price of eggs dropped to 5.72 yuan/kg, down 20.11% month-on-month [31] - The profit from laying hen farming was -24.44 yuan per bird, a decrease of 26.56 yuan month-on-month, indicating pressure on profitability due to high inventory levels and low egg prices [31] 4. Sales and Revenue Trends - In October, the sales volume of chicken products showed mixed results, with some companies experiencing declines in sales volume but increases in revenue due to higher average prices [43][49] - For example, Xiantan Co. reported a chicken sales volume of 52,900 tons, down 1.37% month-on-month, but an increase in sales revenue to 456 million yuan, up 4.05% month-on-month [43]

Group 1 - The core point of the article is the sales performance of the company's commodity chick seedlings in October 2025, showing significant year-on-year and month-on-month growth [1] - In October 2025, the company sold 26.8511 million commodity chick seedlings, representing a year-on-year increase of 34.43% and a month-on-month increase of 1.64% [1] - The sales revenue for the same period was 89.6031 million yuan, reflecting a year-on-year increase of 7.82% and a month-on-month increase of 4.99% [1] Group 2 - The increase in chick seedlings sales is attributed to a rise in the number of breeding chickens and an increase in hatching eggs [1] - The announcement specifies that the disclosed data only represents the sales situation of commodity chick seedlings and does not include other business operations [1] - It is noted that the prices of chick seedlings can fluctuate significantly, which directly impacts the company's operating performance [1]

Core Insights - The company reported a significant increase in the sales of broiler chicks for October 2025, with a total of 26.85 million chicks sold, representing a year-on-year increase of 34.43% and a month-on-month increase of 1.64% [1] - The sales revenue for the same period reached 89.60 million yuan, showing a year-on-year growth of 7.82% and a month-on-month growth of 4.99% [1] Sales Performance - Total broiler chicks sold in October 2025: 26.85 million [1] - Year-on-year sales growth: 34.43% [1] - Month-on-month sales growth: 1.64% [1] Revenue Performance - Sales revenue for October 2025: 89.60 million yuan [1] - Year-on-year revenue growth: 7.82% [1] - Month-on-month revenue growth: 4.99% [1]

Core Viewpoint - The company reported a significant increase in the sales volume and revenue of its commodity broiler chicks for October 2025, indicating strong growth driven by increased inventory and hatching egg production [1] Group 1: Sales Performance - The company sold 26.8511 million commodity broiler chicks in October 2025, representing a year-on-year increase of 34.43% and a month-on-month increase of 1.64% [1] - The sales revenue reached 89.6031 million yuan, showing a year-on-year growth of 7.82% and a month-on-month growth of 4.99% [1] Group 2: Growth Drivers - The increase in sales volume is primarily attributed to a rise in the inventory of breeding chickens and an increase in the production of hatching eggs [1]

Group 1 - The core point of the article is that Minhe Holdings (002234.SZ) reported significant growth in both the sales volume and revenue of its broiler chicks for October 2025, indicating a positive trend in the company's performance [1] Group 2 - The company sold 26.8511 million broiler chicks in October 2025, representing a year-on-year increase of 34.43% and a month-on-month increase of 1.64% [1] - The sales revenue reached 89.6031 million yuan in October 2025, showing a year-on-year growth of 7.82% and a month-on-month growth of 4.99% [1]

Core Viewpoint - The company reported a significant increase in the sales volume and revenue of commodity chick seedlings for October 2025, indicating positive growth trends in its operations [1] Sales Volume Summary - The company sold 26.8511 million commodity chick seedlings in October 2025, representing a year-on-year increase of 34.43% and a month-on-month increase of 1.64% [1] Revenue Summary - The sales revenue for the company reached 89.6031 million yuan in October 2025, showing a year-on-year growth of 7.82% and a month-on-month growth of 4.99% [1] Growth Drivers Summary - The increase in sales volume is attributed to a rise in the number of breeding chickens and an increase in the hatching of breeding eggs, which contributed to the higher output of chick seedlings during the period [1]