农林牧渔 2025 年 09 月 07 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 2024-09 2025-01 2025-05 农林牧渔 沪深300 相关研究报告 《2025H1 养殖链盈利高增，宠物板 块景气延续 — 行 业 点 评 报 告 》- 2025.9.4 《养殖链盈利修复驱动 2025H1 农业 板块利润同比高增 —行业周报》- 2025.8.31 《收储助推猪价见底回升，宠物食品 出口及国内消费高景气延续—行业周 报》-2025.8.24 10 我国对欧盟进口猪肉反倾销初步裁定落地，生猪板 块迎配置良机 ——行业周报 | 陈雪丽（分析师） | 王高展（分析师） | | --- | --- | | chenxueli@kysec.cn | wanggaozhan@kysec.cn | | 证书编号：S0790520030001 | 证书编号：S0790525070003 | wanggaozhan@kysec.cn 证书编号：S0790525070003 周观察：我国对欧盟进口猪肉反倾销初步裁定落地，生猪板块迎配置良机 商务部对原产于 ...

资金流向方面，主力资金净流出494.26万元，特大单买入150.92万元，占比0.99%，卖出433.55万元，占 比2.83%；大单买入2533.52万元，占比16.55%，卖出2745.14万元，占比17.94%。 圣农发展今年以来股价涨22.64%，近5个交易日跌2.10%，近20日涨3.04%，近60日涨15.36%。 今年以来圣农发展已经1次登上龙虎榜，最近一次登上龙虎榜为4月8日。 9月4日，圣农发展盘中上涨2.01%，截至13:13，报17.27元/股，成交1.53亿元，换手率0.72%，总市值 214.74亿元。 资料显示，福建圣农发展股份有限公司位于福建省光泽县十里铺圣农总部办公大楼，成立日期1999年12 月21日，上市日期2009年10月21日，公司主营业务涉及肉鸡饲养及初加工、鸡肉产品深加工。主营业务 收入构成为：鸡肉52.77%，肉制品41.70%，其他(补充)5.53%。 圣农发展所属申万行业为：农林牧渔-养殖业-肉鸡养殖。所属概念板块包括：食品安全、中盘、乡村振 兴、社保重仓、融资融券等。 截至8月20日，圣农发展股东户数3.88万，较上期增加17.19%；人均流通股32046股 ...

（一）本次会议上无否决或修改议案的情况。 （二）本次会议上无涉及变更以往股东大会已通过的决议。 二、会议召开和出席的情况 福建圣农发展股份有限公司（以下简称"公司"）2025 年第二次临时股东大 会（以下简称"本次会议"）采用现场会议与网络投票相结合的方式召开。本次 会议的现场会议于 2025 年 9 月 3 日下午 14:30 在福建省光泽县十里铺公司办公 大楼四层会议室召开；本次会议的网络投票时间为： （1）通过深圳证券交易所交 易系统进行网络投票的时间为 2025 年 9 月 3 日上午 9:15-9:25、9:30-11:30 和 下午 13:00-15:00； 证券代码：002299 证券简称：圣农发展 公告编号：2025-051 福建圣农发展股份有限公司 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。 一、特别提示 经与会股东审议，本次会议以现场记名投票和网络投票相结合的表决方式逐 项表决通过了以下议案： （一）审议通过《关于修订 <公司章程> 的议案》，表决结果如下： 全体出席股东的表决情况 中小投资者的表决情况 表决 代表股份数 占出席会议股 ...

关于福建圣农发展股份有限公司 法 律 意 见 书 福建至理律师事务所 地址：中国福州市鼓楼区洪山园路华润万象城三期 TB#写字楼 22 层 电话：（86 591）8806 5558 网址：http://www.zenithlawyer.com 福建至理律师事务所（以下简称本所）接受福建圣农发展股份有限公司（以 下简称公司）之委托，指派陈禄生、林静律师（以下简称本所律师）出席公司 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》）、 《上市公司股东会规则》 （中国证券监督管理委员会公告〔2025〕 证上〔2025〕223 号，以下简称《网络投票实施细则》）等有关法律、法规、规 范性文件以及《公司章程》之规定出具法律意见。 对于本法律意见书，本所特作如下声明： 《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)》等规定及本法律意见书出具日以 前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用 原则，进行了充分的核查验证，保证本法律意见书所认定的事实真实、准确、完 整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈 ...

证券日报网讯 9月3日晚间，圣农发展发布公告称，公司2025年第二次临时股东大会于2025年9月3日召 开，审议通过了《关于修订的议案》等多项议案。 （文章来源：证券日报） ...

关于福建圣农发展股份有限公司 2025 年第二次临时股东大会的 法 律 意 见 书 福建至理律师事务所 地址：中国福州市鼓楼区洪山园路华润万象城三期 TB#写字楼 22 层 电话：（86 591）8806 5558 网址：http://www.zenithlawyer.com 1 福建至理律师事务所 关于福建圣农发展股份有限公司 2025 年第二次临时股东大会的法律意见书 闽理非诉字〔2025〕第 188 号 致：福建圣农发展股份有限公司 福建至理律师事务所（以下简称本所）接受福建圣农发展股份有限公司（以 下简称公司）之委托，指派陈禄生、林静律师（以下简称本所律师）出席公司 2025 年第二次临时股东大会（以下简称本次会议或本次股东大会），并依据《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》）、《上市公司股东会规则》（中国证券监督管理委员会公告〔2025〕 7 号）、《深圳证券交易所上市公司股东会网络投票实施细则(2025 年修订)》（深 证上〔2025〕223 号，以下简称《网络投票实施细则》）等有关法律、法规、规 范性文件以及《公司章程》之规定出具法律意见 ...

证券代码：002299 证券简称：圣农发展 公告编号：2025-051 福建圣农发展股份有限公司 2025 年第二次临时股东大会决议公告 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 导性陈述或者重大遗漏。 一、特别提示 （一）本次会议上无否决或修改议案的情况。 （二）本次会议上无涉及变更以往股东大会已通过的决议。 二、会议召开和出席的情况 福建圣农发展股份有限公司（以下简称"公司"）2025 年第二次临时股东大 会（以下简称"本次会议"）采用现场会议与网络投票相结合的方式召开。本次 会议的现场会议于 2025 年 9 月 3 日下午 14:30 在福建省光泽县十里铺公司办公 大楼四层会议室召开；本次会议的网络投票时间为：（1）通过深圳证券交易所交 易系统进行网络投票的时间为 2025 年 9 月 3 日上午 9:15-9:25、9:30-11:30 和 下午 13:00-15:00；（2）通过深圳证券交易所互联网投票系统进行网络投票的时 间为 2025 年 9 月 3 日上午 9:15 至下午 15:00 的任意时间。 本次会议由公司董事会召集，现场会议由公司董事长傅光明先生主 ...

Investment Rating - The report maintains an investment rating of "Buy-A" for Hai Da Group and "Buy-B" for Sheng Nong Development, with several other companies rated as "Increase-A" or "Increase-B" [3][4][5]. Core Insights - The agricultural sector has shown a market performance with the CSI 300 index increasing by 2.71% and the agricultural sector rising by 2.02% during the week of August 25 to August 31 [2][20]. - The report highlights a recovery cycle in the feed industry and marginal improvements in livestock farming, suggesting potential growth opportunities [4][5]. - The report indicates that the current market sentiment may be overly pessimistic regarding the impact of rising pig production capacity on profitability, while it overlooks the positive effects of declining raw material costs and potential macro demand recovery in 2025 [5][6]. Summary by Sections Swine Farming - As of August 29, the average prices for external three yuan pigs in Sichuan, Guangdong, and Henan were 13.25, 14.84, and 13.73 yuan/kg, reflecting a week-on-week change of -2.21%, -3.57%, and 0.00% respectively [3][28]. - The average pork price was 19.94 yuan/kg, down 0.80% from the previous week, while the average wholesale price for piglets remained stable at 26.00 yuan/kg [3][28]. - The self-breeding profit was 32.24 yuan/head, while the profit from purchasing piglets was -148.41 yuan/head [3][28]. Poultry Farming - As of August 29, the weekly price for white feather broilers was 7.33 yuan/kg, remaining unchanged from the previous week, while the price for broiler chicks increased by 0.84% to 3.61 yuan/chick [3][43]. - The profit from broiler farming was reported at 1.37 yuan/chick, and the egg price was 7.24 yuan/kg, down 0.82% [3][43]. Feed Processing - In July 2025, the total industrial feed production in China was 28.31 million tons, reflecting a month-on-month increase of 2.3% and a year-on-year increase of 5.5% [50]. - The report notes a significant decline in the factory prices of feed products, with the proportion of corn in compound feed at 33.1% and soybean meal at 14.1% [50]. Aquaculture - As of August 29, the prices for sea cucumbers, shrimp, and bass were stable at 90.00 yuan/kg, 320.00 yuan/kg, and 50.00 yuan/kg respectively [57]. - For freshwater products, the price of grass carp was 16.73 yuan/kg, up 0.54%, while the prices for crucian carp and carp showed slight fluctuations [57]. Crop and Grain Processing - As of August 29, the spot price for soybeans was 4005.79 yuan/ton, with corn and wheat prices at 2364.71 yuan/ton and 2428.89 yuan/ton respectively, showing slight declines [65]. - The report indicates that the prices for various mushroom products remained stable during the same period [65].

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [3] Core Viewpoints - The swine industry is experiencing high-quality development with significant policy transformations aimed at protecting farmers' rights and stimulating enterprise innovation. Future growth stocks will likely focus on technological content and innovative models that balance farmer interests [4][12] - The overall profitability of listed pig companies has significantly increased due to a stable pig price year-on-year and a substantial decrease in costs. Although pig prices may face pressure in the second half of the year, the trend of improving efficiency suggests that profitability will remain strong [4][12] - The poultry sector is facing a persistent contradiction of "high capacity, weak consumption," leading to losses that force breeding farms to reduce capacity. Integrated enterprises and contract farming are expected to gain market share [5][13] - The feed sector is recommended to focus on Hai Da Group, which is expected to see growth due to improved management and increased capacity utilization [6][14] - The pet industry is witnessing a concentration of market share among leading brands, with potential growth opportunities for mid-tier brands. The impact of tariffs on exports is expected to diminish over time [7][16] - The agricultural sector is closely monitoring the effects of US-China trade negotiations, with expectations of tightening soybean supply and potential price increases for soybean meal [8][17] Summary by Sections 1. Swine - Latest pig price is 13.70 CNY/kg (down 0.01 CNY/kg month-on-month), with an average slaughter weight of 127.83 kg (down 0.15 kg month-on-month) and a price of 445 CNY for 15 kg piglets (down 18 CNY month-on-month). Short-term price declines may be due to policy-driven weight reductions [3][12] - The industry is undergoing profound policy transformations, focusing on protecting farmers' rights and stimulating innovation. Companies with cost advantages and strong connections with farmers are expected to enjoy excess profits and valuation premiums [4][12][13] 2. Poultry - As of September 1, the price of chicken seedlings in Yantai is 3.45 CNY/piece (down 5.5% month-on-month) and the price of broiler chickens is 3.55 CNY/kg (down 1.39% month-on-month) [5][13] - The white feather chicken industry is facing ongoing challenges of high capacity and weak consumption, leading to a reduction in breeding capacity among chicken farms [5][13] 3. Feed - The feed sector is recommended to focus on Hai Da Group, which is expected to benefit from industry recovery and improved management effects [6][14] 4. Pets - The pet industry is characterized by a stable four-brand dominance, with increasing concentration expected. The impact of tariffs on exports is anticipated to lessen, and leading companies are expected to maintain high growth rates [7][16] 5. Agricultural Products - The agricultural sector is closely watching the impact of US-China trade negotiations, with expectations of tightening soybean supply and potential price increases for soybean meal [8][17] 6. Market and Price Situation - The Shanghai and Shenzhen 300 Index closed at 4497, up 2.71% from the previous week, while the agriculture, forestry, animal husbandry, and fishery index closed at 3001, up 2.02% [18][21]

行业概览 年初以来饲料价格持续处于下降通道，整体驱动养殖成本持续改善。从养殖品种来看，生猪价格同比去年基本持平， 但是饲料成本的下降以及规模场出栏量的提升驱动盈利改善；禽养殖板块来看，年初以来禽类价格表现相对低迷，但 是全产业链角度看实现稳定利润。农产品方面，今年大宗农产品整体供需格局走向宽松，主要农产品价格已经跌至底 部区间，原材料成本的下降驱动养殖板块的利润提升。2025H1 农林牧渔板块实现营业收入为 6148 亿元，同比+6.12%， 板块营收端增长主要系养殖企业规模增长推动；实现归母净利润 270 亿元，同比+198%，主要系生猪养殖板块扭亏为 盈带动整体利润好转。2025Q2 板块实现营业收入 3240 亿元，同比+7.66%，实现归母净利润 136 亿元，同比+27.50%， 养殖成本的下降带动养殖板块盈利同比大幅好转。 生猪养殖 2024 年生猪供给减少，全年生猪价格表现出较强的季节性且行业实现较好盈利，虽然 10 月份以后生猪价格持续下行， 但是行业整体处于盈利状态，产能持续增加。2025 年初以来生猪价格整体呈现底部震荡趋势，虽然中间生猪价格短时 出现反弹，但是在供给较为充足的背景下，生猪 ...