Core Viewpoint - The company reported a significant increase in sales revenue and product sales volume for November 2025, indicating strong growth in both the poultry and processed meat sectors [1] Group 1: Sales Revenue - In November 2025, the company achieved a sales revenue of 1.81 billion yuan, representing a year-on-year increase of 15.77% and a month-on-month increase of 2.89% [1] Group 2: Poultry Sales Volume - The sales volume of chicken in the poultry breeding and processing segment reached 137,300 tons in November, which is a year-on-year increase of 10.35% and a month-on-month increase of 3.88% [1] Group 3: Processed Meat Products - The sales volume of products in the deep-processed meat segment was 52,400 tons in November, showing a remarkable year-on-year increase of 50.58% and a month-on-month increase of 6.34% [1]

一、2025 年 11 月份销售情况 福建圣农发展股份有限公司（以下简称"公司"）2025 年 11 月实现销售收 入 18.10 亿元，较去年同期增长 15.77%，较上月环比增长 2.89%。其中，家禽饲 养加工板块鸡肉销售收入为 12.69 亿元，较去年同期增长 4.64%，较上月环比增 长 1.36%；深加工肉制品板块销售收入为 9.77 亿元，较去年同期增长 49.26%， 较上月环比增长 5.66%。 销量方面，11 月份家禽饲养加工板块鸡肉销售数量为 13.73 万吨，较去年 同期增长 10.35%，较上月环比增长 3.88%；深加工肉制品板块产品销售数量为 5.24 万吨，较去年同期增长 50.58%，较上月环比增长 6.34%。 二、说明 证券代码：002299 证券简称：圣农发展 公告编号：2025-076 福建圣农发展股份有限公司 2025 年 11 月份销售情况简报 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在虚假记载、误导性 陈述或者重大遗漏。 董 事 会 二〇二五年十二月十一日 三、特别提示 1、家禽饲养加工板块鸡肉销售收入及销售数量为抵消前数据。 2、上述财务数据均 ...

Core Viewpoint - The company reported a significant increase in sales revenue for November 2025, indicating strong performance in both poultry and processed meat segments [1] Group 1: Sales Revenue - In November 2025, the company achieved a sales revenue of 1.81 billion yuan, representing a year-on-year growth of 15.77% and a month-on-month increase of 2.89% [1] - The poultry farming and processing segment generated sales revenue of 1.27 billion yuan, up 4.64% year-on-year and 1.36% month-on-month [1] - The processed meat products segment reported sales revenue of 977 million yuan, showing a substantial year-on-year growth of 49.26% and a month-on-month increase of 5.66% [1] Group 2: Sales Volume - The sales volume for the poultry farming and processing segment reached 137,300 tons in November, reflecting a year-on-year increase of 10.35% and a month-on-month rise of 3.88% [1] - The processed meat products segment sold 52,400 tons, which is a remarkable year-on-year growth of 50.58% and a month-on-month increase of 6.34% [1]

Core Viewpoint - The company, Shengnong Development, reported a sales revenue of 1.81 billion yuan for November 2025, marking a year-on-year increase of 15.77% and a month-on-month increase of 2.89% [1] Group 1: Sales Revenue - The poultry farming and processing segment generated chicken sales revenue of 1.27 billion yuan, reflecting a year-on-year increase of 4.64% and a month-on-month increase of 1.36% [1] - The deep-processed meat products segment achieved sales revenue of 977 million yuan, showing a significant year-on-year increase of 49.26% and a month-on-month increase of 5.66% [1] Group 2: Sales Volume - In November, the poultry farming and processing segment sold 137,300 tons of chicken, which is a year-on-year increase of 10.35% and a month-on-month increase of 3.88% [1] - The deep-processed meat products segment sold 52,400 tons, representing a substantial year-on-year increase of 50.58% and a month-on-month increase of 6.34% [1]

圣农发展公告称，2025年11月公司实现销售收入18.10亿元，同比增长15.77%，环比增长2.89%。其中， 家禽饲养加工板块鸡肉销售收入12.69亿元，同比增长4.64%，环比增长1.36%，销量13.73万吨，同比增 长10.35%，环比增长3.88%；深加工肉制品板块销售收入9.77亿元，同比增长49.26%，环比增长 5.66%，销量5.24万吨，同比增长50.58%，环比增长6.34%。11月公司单吨盈利稳定，1-11月综合造肉成 本同比下降。上述数据未经审计。 ...

格隆汇12月10日丨圣农发展(002299.SZ)在投资者互动平台表示，公司目前暂未开展向台湾省出口熟食 的业务。 ...

此外，农业农村部于12月8日发布公告，强调加强生猪产能综合调控并动态调整能繁母猪正常保有量目标，同时湖北启动1000吨省级猪肉临时 收储，多地推出补贴政策以稳定生猪市场。同期，财政部修订奖励资金管理办法，精准调控生猪、牛羊产业稳定发展，进一步强化行业政策 支持力度。 估值方面，当前农牧渔板块估值水平仍处相对低位，当前或为板块较好配置时机。数据显示，截至昨日（12月9日）收盘，全市场"含猪量"最 高农牧渔ETF（159275）标的指数中证全指农牧渔指数市净率为2.48倍，位于近10年来21.48%分位点的低位，中长期配置性价比凸显。 展望后市，华西证券认为，生猪养殖行业亏损下的主动去产能已开启。且近几个月一直在推进生猪行业反内卷相关举措，中长期来看国内生 猪价格中枢有望抬升。未来生猪行业发展"提质增效"或是主要趋势，落后产能或将逐步出清，成本低财务状况好的优质产能市占率或将进一步 提升。 农牧渔板块今日（12月10日）午后继续拉升，截至发稿，全市场唯一农牧渔ETF（159275）场内价格涨0.93%。 华福证券表示，养殖已陷入亏损状态，叠加产能调控政策推进，行业产能去化预计持续，有望推动长期猪价中枢上移，低成本 ...

Core Viewpoint - The agricultural, animal husbandry, and fishery sector experienced a market rally on December 10, with the only agricultural ETF (159275) showing a price increase of 0.31% after a peak of 0.51% during trading [1][9]. Market Performance - The agricultural ETF (159275) opened strong, with significant gains in individual stocks such as Luoniushan reaching the daily limit, Shennong Seed rising over 10%, Hainan Rubber increasing by over 3%, and both Shengnong Development and Tianma Technology gaining over 2% [1][9]. - The current market sentiment is characterized by cautious observation, which may present a favorable allocation window for investors [12]. Valuation Insights - The agricultural sector's valuation remains relatively low, with the market's agricultural ETF (159275) showing a price-to-book ratio of 2.48, placing it at the 21.48 percentile of the past decade, indicating a compelling mid-to-long-term investment opportunity [3][10]. Industry Outlook - Analysts from Huaxi Securities suggest that the active reduction of production capacity in the pig farming industry has begun, with expectations for a long-term increase in domestic pig prices [11]. - The industry is currently facing pressures from declining market prices, rising epidemic risks, and policy guidance, which are expected to enhance the motivation for capacity reduction [11]. - The majority of listed pig farming companies are currently valued at historical lows, suggesting significant potential for future appreciation [11]. Investment Strategy - The agricultural ETF (159275) tracks the CSI Agricultural Index, which includes leading stocks in pig farming and covers various segments of the agricultural supply chain [11]. - Investors can also consider connecting funds (Class A 013471/Class C 013472) to gain exposure to the agricultural sector [11].

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Viewpoints - The swine industry is entering an accelerated phase of capacity reduction, presenting opportunities for investment at the bottom of the market [3][4] - The poultry sector's fundamentals are expected to improve, with a focus on marginal changes in the cycle [4][5] - The animal health sector is closely monitoring the progress of African swine fever vaccine clinical trials, which could enhance the industry's competitive landscape [6][7] - The pet economy is thriving, with domestic brands rapidly emerging and improving profitability [9][10] Summary by Sections Swine Industry - The average price of live pigs in November was 11.69 yuan/kg, with a month-on-month change of 0 yuan/kg [15] - The number of breeding sows as of the end of October was 39.9 million, a decrease of 1.1% month-on-month and 2.1% year-on-year [15][16] - Investment suggestions include leading companies such as Muyuan Foods and Wens Foodstuffs, with a focus on low-cost performance and dividend increases [16] Poultry Industry - The price of white feather broiler parent stock chicks was 41 yuan/set, down 6 yuan from the previous week [31] - The poultry sector is seeing a gradual recovery, with a recommendation for companies like Shennong Development and Lihua Stock [32] Animal Health - The profitability of self-breeding pigs has been negative for over two months, impacting the animal health sector [40] - Companies like Bio-Pharmaceuticals and Keqian Bio are recommended due to their strong business layouts and customer resources [6][40] Planting Industry - The price of corn was 2229 yuan/ton, with a month-on-month increase of 0.5% and a year-on-year increase of 8% [45] - Companies with early reserves in genetically modified seeds are recommended, including Suqian Agricultural Development and Longping High-Tech [50] Feed Industry - The price of feed for fattening pigs was 3.32 yuan/kg, with a month-on-month decrease of 20 yuan/ton [51] - The feed industry is expected to see increased concentration, with recommendations for Haida Group and He Feng Stock [52] Pet Industry - The pet consumption market in urban China is projected to reach 300.2 billion yuan in 2024, with a year-on-year growth of 7.5% [58] - Recommended companies in the pet food sector include Guibao Pet and Zhongchong Stock, with a focus on the pet medical sector as well [59]

福建圣农发展股份有限公司章程 目 录 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东会 第一节 股东 第二节 控股股东和实际控制人 第三节 股东会的一般规定 第四节 股东会的提案与通知 第五节 股东会的提案与通知 第六节 股东会的召开 第七节 股东会的表决和决议 第五章 董事和董事会 第一节 董事的一般规定 第二节 董事会 第三节 独立董事 第四节 董事会专门委员会 第六章 高级管理人员 第七章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第八章 通知与公告 第一节 合并、分立、增资和减资 第二节 解散和清算 第十一章 修改章程 第十二章 附则 第一章 总则 第一条 为维护福建圣农发展股份有限公司（以下简称"公司"）、股 东、职工和债权人的合法权益，规范公司的组织和行为，根据《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》）和其他有关规定，制定本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司。 公司是由原 ...