Group 1 - The third China International (Foshan) Prepared Food Industry Conference was held in Foshan, Guangdong, attracting over 1,000 companies and buyers from nearly 40 countries, focusing on high-quality development and innovation in the prepared food industry [1] - The conference featured the release of the "Top 100 Prepared Food Companies in China 2025" by iiMedia Research, providing a benchmark for industry standards [1][5] Group 2 - In March 2024, a joint notice from six departments, including the State Administration for Market Regulation, defined prepared food and implemented stricter regulations, marking a turning point for the industry [2] - The prepared food market growth rate decreased from 33.8% in 2023 to 27.3% in 2024, indicating a shift from quantity expansion to quality selection as low-quality companies exit the market [2] Group 3 - The prepared food market in China reached a scale of 485 billion yuan in 2024, with a projected growth to 749 billion yuan by 2026 [3] - The demand for cold chain logistics in China increased from 302 million tons in 2021 to 365 million tons in 2024, highlighting the importance of supply chain capabilities [4] Group 4 - The "Top 100 Prepared Food Companies" list includes leading brands such as Shuanghui Group, Haidilao, and Wen's Food, with Shuanghui Group scoring 84.36, ranking first [6][7] - The list reflects the dominance of food processing companies, which account for 58% of the industry, indicating a focus on industrial production [16] Group 5 - Guangdong province leads in the prepared food industry, with 21% of the top companies located there, benefiting from a complete industrial chain and innovative product offerings [13] - The industry is characterized by regional clusters, with companies leveraging local resources for differentiated development, such as Hesheng Aquatic Products and Yihua Food [18]

Core Viewpoint - The announcement details a reduction in shareholding by the controlling shareholder and its concerted parties, specifically a total of 20,039,500 shares, which represents 1.6117% of the company's total share capital, through block trading from July 23 to July 28, 2025 [1][2]. Summary by Relevant Sections Shareholding Changes - The controlling shareholder, Saint Farm Group, and concerted party Fu Lu Fang reduced their holdings by 20,039,500 shares, with Fu Lu Fang selling 9,994,900 shares (0.8038%) and Saint Farm Group selling 10,044,600 shares (0.8078%) [2][3]. - Post-reduction, the total shares held by the controlling shareholder and concerted parties amount to 601,659,387 shares, which is 48.3882% of the total share capital [2][3]. Compliance and Commitments - The controlling shareholders have committed to not reduce their holdings for six months following the completion of their previous increase plan, which has been strictly adhered to without any violations of short-term trading regulations [1][2][3]. - The announcement confirms that there are no violations of relevant laws and regulations regarding the shareholding changes [3][4].

证券代码：002299 证券简称：圣农发展 公告编号：2025-042 福建圣农发展股份有限公司 关于控股股东、实际控制人及其一致行动人权益变动 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、公司控股股东福建圣农控股集团有限公司（以下简称"圣农集团"）、 实际控制人的一致行动人傅露芳女士在 2025 年 7 月 23 日-7 月 28 日期间内通过 大宗交易方式减持其持有的公司无限售条件流通股（股份来源为二级市场集中竞 价交易方式增持所得）合计 20,039,500 股，占公司总股本的比例为 1.6117%。 2、公司于 2024 年 11 月 13 日披露了《关于公司控股股东及实际控制人的一 致行动人增持计划实施完成的公告》（公告编号：2024-069）。圣农集团、傅露 芳女士及其一致行动人承诺：将在上述实施期限内完成本次增持计划，并于增持 计划实施期间、增持计划完成后 6 个月内以及法定期限内不减持公司股份。截至 本公告日，上述不减持承诺期限已满 6 个月，相关承诺得到严格遵守，不存在短 线交易等违规情形，符合相关法律法规的规定。 3、本次权益变动后，公司控股股东、实 ...

Investment Rating - The overall industry investment rating is "Positive" [48] Core Viewpoints - The report emphasizes the impact of anti-involution policies on capacity regulation, which is beneficial for the livestock industry [6][22] - The agricultural sector has shown strong performance, with the agricultural index rising by 3.61% compared to the broader market indices [27] - The report highlights the long-term investment value of companies in the livestock sector, as their valuations are at historical lows [23] Summary by Relevant Sections Livestock Industry - **Swine**: The national average price for live pigs is 14.12 CNY/kg, down 0.15 CNY from last week. The average price for 15 kg piglets is 33.86 CNY/kg, down 0.17 CNY [6][22] - **Poultry**: The average price for white feather broilers is 3.35 CNY/lb, up 0.15 CNY from last week. The average price for white chickens is 13.7 CNY/kg, up 0.3 CNY [9][22] - **Yellow Chickens**: The average price for yellow chickens is 9.79 CNY/kg, down 0.88 CNY from last month. The industry is experiencing a rise in production capacity [10][25] - **Animal Health**: The animal health industry is recovering from a low point, with significant performance improvements noted in major companies [11][25] Planting Industry - **Seed Industry**: Policies are continuously improving, and the commercialization of genetically modified technology is accelerating, which is expected to boost sales and prices for quality seed companies [12][26] - **Planting**: Grain prices are experiencing short-term adjustments, with corn averaging 2441 CNY/ton, down 10 CNY from last week, while wheat is at 2442 CNY/ton, up 1 CNY [13][26] Recommended Companies - **Buy Ratings**: - Zhongchong Co., Ltd. [4] - Muyuan Foods [4] - Suqian Agricultural Development [4]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The agricultural sector's public fund heavy holdings increased in Q2 2025, benefiting from US-China tariff disturbances and policy catalysts, with total market capitalization rising to 13,208 billion yuan, up 6.80% quarter-on-quarter [13][12] - The investment logic for the pig industry is improving marginally, with expectations for a price increase in H2 2025 driven by both fundamental and policy factors [23][5] - The pet sector is experiencing a rise in domestic brands, supported by consumption upgrades and tariff barriers, with the pet food market expected to exceed 60 billion yuan by 2025 [26][25] Summary by Sections Weekly Observation - The agricultural sector's public fund heavy holdings increased, with a total market capitalization of 13,208 billion yuan, representing 1.74% of the A-share market [13][12] - The pig price is expected to stabilize and rise due to ongoing capacity adjustments and supply pressures [4][16] Weekly Market Performance (July 21-25) - The agricultural index outperformed the market by 1.95 percentage points, with the agricultural index rising 3.62% [27][29] - Leading stocks included Shen Nong Group (+15.42%), Zhong Ji Health (+11.63%), and Bang Ji Technology (+11.41%) [32][27] Price Tracking (July 21-25) - The average price of live pigs was 14.15 yuan/kg, down 0.12% from the previous week, while the average price of piglets was 31.89 yuan/kg, also down 0.07% [35][38] - The price of soybean meal increased to 2,983 yuan/ton, up 1.86% week-on-week, driven by rising import costs [19][49] Key Recommendations - Recommended stocks in the pig sector include Muyuan Foods, Wens Foodstuff, and Juxing Agriculture [5][23] - In the feed sector, recommended stocks include Haida Group and New Hope [5][23] - For the pet sector, recommended stocks include Guibao Pet, Zhongchong Co., and Petty Co. [25][26]

Summary of Key Points Group 1: Market Overview - On July 24, a total of 84 stocks in the A-share market experienced block trading, with a total transaction value of 1.794 billion yuan [1] - The top three stocks by transaction value were Hotgen Biotech (1.33 billion yuan), SAIC Motor (1.05 billion yuan), and China National Machinery Industry Corporation (1.03 billion yuan) [1] Group 2: Price Transactions - Among the stocks traded, 11 stocks were transacted at par value, 2 stocks at a premium, and 71 stocks at a discount [1] - Minsheng Bank and Skyworth Digital had the highest premium rates at 0.39% and 0.09% respectively [1] - Guangxin Technology, Bio Valley, and Ruisheng Intelligent had the highest discount rates at 30.66%, 26.5%, and 22.25% respectively [1] Group 3: Institutional Buying - The top institutional buying amounts were led by Hotgen Biotech (1.33 billion yuan), XCMG Machinery (1.01 billion yuan), and Shennong Development (88.275 million yuan) [2] - Other notable institutional purchases included Jiejia Weichuang (67.7057 million yuan) and SAIC Motor (52.29 million yuan) [2] Group 4: Institutional Selling - The leading institutional selling amounts were from Hailiang Co., Ltd. (24.817 million yuan), Anning Co., Ltd. (13.2458 million yuan), and Northern Copper Industry (4.8536 million yuan) [3] - Other significant sales included Dongrui Co., Ltd. (4.375 million yuan) and Shengtong Co., Ltd. (4 million yuan) [3]

Investment Rating - The industry investment rating is "Recommended" with an expectation that the industry index will exceed the benchmark index by more than 5% in the next 3-6 months [3][52]. Core Viewpoints - The report indicates that the prices of broilers and chicks have remained stable, with profits in the breeding sector showing some recovery. However, there are significant losses in the broiler farming and hatching sectors [1][43]. - The report emphasizes the importance of monitoring the recovery of poultry consumption in the context of economic recovery, as well as the impact of external factors such as avian influenza on supply chains [46]. Summary by Sections Industry Basic Data - The industry consists of 101 listed companies with a total market value of 1,395.44 billion and a circulating market value of 1,070.09 billion [3]. Price Trends - In June, the average price of broilers was 7.18 yuan/kg, down 0.07% year-on-year and down 3% month-on-month. The average price of chicken products was 8,687.5 yuan/ton, down 6% year-on-year and down 2% month-on-month [11][8]. - The average price of chicks in June was 2.29 yuan/chick, a decrease of 21% month-on-month and 4% year-on-year [8][11]. Production Capacity - As of June 2025, the average stock of parent stock was 23.17 million sets, an increase of 8.5% year-on-year but a decrease of 2.8% month-on-month. The average stock of backup parent stock was 15.57 million sets, down 1.9% year-on-year and up 3.8% month-on-month [34][27]. Sales Performance - In June, the sales revenue of Yisheng Co. for parent and commercial chicks was 1.29 billion, down 13.58% year-on-year and down 25.54% month-on-month. The sales volume was 0.61 billion, up 17.68% year-on-year but down 7.26% month-on-month [14]. - The sales revenue of Shengnong Development for chicken was 11.64 billion, up 4.30% year-on-year and up 1.04% month-on-month, with a sales volume of 12.32 million, up 3.18% year-on-year [14]. Investment Recommendations - The report suggests focusing on companies such as Shengnong Development, Yisheng Co., and Hefeng Co. due to their potential for profit improvement and valuation recovery in the context of expected consumption recovery [46].

Group 1 - The third China International (Foshan) Pre-made Food Industry Conference was held, releasing the "Top 100 Pre-made Food Enterprises in China by 2025" list, with 100 companies from 17 provinces (cities, districts) included [1][2] - Guangdong leads the nation with 21 companies on the list, including Dongguan's Hongjun Catering [1][2] - The ranking is based on data from mainstream e-commerce platforms, corporate financial reports, consumer reputation, media evaluations, product innovation, and other metrics, using the iiMeval big data evaluation model [2] Group 2 - The top-ranked company is Shuanghui Group, followed by well-known brands such as Haidilao, Wens Foodstuff, and others in the top ten [2] - Hongjun Catering, established in 1998, specializes in providing group meal services, catering consulting, kitchen design, and agricultural product distribution, and is noted for introducing robotic operations and standardized management [5] - Dongguan's food industry is rapidly transforming, with over 226 large-scale food enterprises, and the total output value of the food industry expected to exceed 100 billion in 2024 [6]

Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [1][8][64] Core Viewpoints - The report highlights the long-term value reassessment opportunities in the pig industry, with expectations of price fluctuations in the range of 14-15 CNY/kg post-Chinese New Year 2025, indicating a potential downward trend in prices due to supply pressures [4][15] - The poultry sector is experiencing price declines, with a focus on marginal improvements in the cycle, while the animal health sector is expected to see performance recovery and investment opportunities in the pet medical industry [5][6][28] - The pet economy is thriving, with domestic brands rapidly emerging, and the report anticipates continued improvement in industry profitability [7][58] Summary by Sections 1. Pig Industry - The average price of pigs is currently around 14.6 CNY/kg, with a slight weekly decline [14] - The report recommends companies with low costs and strong financials, specifically highlighting Wens Foodstuffs, Muyuan Foods, and Juxing Agriculture [15][64] 2. Poultry Industry - The report notes a decline in poultry prices, with a focus on the cyclical improvements expected in the future [27] - Recommendations include Shennong Development and Lihua Stock [5][28] 3. Animal Health - The animal health sector is expected to see a recovery in performance, supported by the profitability of the pig farming industry [6][38] - Investment opportunities in the pet medical sector are highlighted, with a market size of approximately 840 billion CNY [7][38] 4. Planting Industry - The report indicates a decrease in wheat and corn prices, with recommendations for companies involved in genetically modified seeds [44][50] 5. Feed Industry - The total industrial feed production in the first half of 2025 reached 15,850 million tons, showing a year-on-year growth of 7.7% [48][50] - Recommendations include Haida Group and attention to He Feng Stock [50] 6. Pet Industry - The pet consumption market is projected to reach 300.2 billion CNY in 2024, with a growth rate of 7.5% [55][58] - Recommended companies in the pet food sector include Guai Bao Pet, Zhongchong Stock, and Petty Stock [58][64]

Investment Rating - The report maintains a "Positive" outlook on the pig farming industry, emphasizing the long-term value of quality pig enterprises amidst the "anti-involution" trend [3][4]. Core Insights - The report highlights the slight increase in the breeding sow inventory in Q2 2025, indicating a potential adjustment in production capacity going forward [3]. - It notes the ongoing decline in average slaughter weights for pigs, suggesting a shift in market dynamics and the need for quality-focused investments [3]. - The report also discusses the recovery in the chicken breeding sector, with a noted increase in the price of broiler chicks, although challenges remain due to high inventory levels [3]. - In the pet food sector, the report indicates a stable growth trajectory despite some short-term sales fluctuations, with a focus on leading brands [3]. - The animal health segment is expected to see a recovery in performance driven by improved profitability in livestock farming and rising demand for vaccines [3]. Summary by Sections Pig Farming - The average price of pigs is reported at 14.39 CNY/kg, with a week-on-week decline of 2.0% [3]. - The average slaughter weight for pigs has decreased to 128.83 kg, down 0.2 kg from the previous week [3]. - The breeding sow inventory at the end of Q2 2025 is reported at 40.43 million heads, a slight increase of 40,000 heads from Q1 2025 [3]. Chicken Farming - The average price of broiler chicks has increased by 54.3% week-on-week to 1.25 CNY/chick [3]. - The average price of broiler chickens is reported at 3.15 CNY/kg, with a week-on-week increase of 3.3% [3]. - The report anticipates a potential rebound in chick prices during July and August, despite current inventory pressures [3]. Pet Food - The total sales of pet food during the 5-6 month period reached 5.83 billion CNY, reflecting a year-on-year growth of 6% [3]. - The cumulative sales for the first half of 2025 reached 14.91 billion CNY, showing a year-on-year increase of 12% [3]. - Leading brands are expected to continue outperforming the market, with a focus on product innovation and market leadership [3]. Animal Health - The report notes a 15.8% year-on-year increase in vaccine approvals, with a total of 9,128 batches approved from January to May 2025 [3]. - The recovery in livestock profitability is expected to drive demand for animal health products, particularly vaccines [3].