Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The report highlights that the investment logic for live pigs is marginally improving, supported by both fundamental and policy factors, with expectations of rising prices in the second half of 2025 [25] - The domestic pet consumption market remains stable, but trade tensions have put pressure on exports, with a notable decline in sales and export figures [20][29] Summary by Sections Weekly Observation - Short-term supply increases have led to a decline in pig prices, but after market adjustments, prices may rise further [4][13] - As of July 18, the average price of live pigs was 14.19 yuan/kg, down 3.34% from the previous week [13][14] Weekly Market Performance - The agriculture index underperformed the market by 0.83 percentage points, with the Shanghai Composite Index rising by 0.69% [30][32] - The animal health sector showed the highest gains among sub-sectors [30] Price Tracking - The average price of live pigs decreased to 14.27 yuan/kg, while the price of piglets increased slightly to 31.96 yuan/kg [41] - The price of corn decreased to 2473 yuan/ton, while soybean meal prices rose to 2928 yuan/ton [15][56] Key News - As of the end of Q2 2025, the number of breeding sows was reported at 40.43 million, with overall meat production showing a slight increase [38] - The report indicates a stable trend in domestic pet food sales, with a total of 31.87 billion yuan in sales for June, down 7.98% year-on-year [20][23] Recommendations - Recommended stocks in the pig farming sector include Muyuan Foods, Wens Foodstuff Group, and others, while in the feed sector, Hai Da Group and New Hope Liuhe are highlighted [25][29]

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [45][46]. Core Insights - The SW agriculture, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, with an increase of 0.74% from July 4 to July 17, 2025, lagging behind the index by approximately 0.93 percentage points [11][14]. - Most sub-sectors recorded positive returns during the same period, with animal health, agricultural product processing, breeding, and planting sectors increasing by 8.71%, 2.56%, 1.42%, and 0.46% respectively, while the fishery and feed sectors saw declines of 1.8% and 4.2% [14][15]. - The overall price-to-book (PB) ratio for the industry is approximately 2.66 times, indicating a slight recovery, but still remains at a historical low, around 59.2% of the valuation center since 2006 [21][22]. Industry Key Data - **Pig Farming**: - The average price of external three yuan pigs decreased from 15.31 CNY/kg to 14.37 CNY/kg between July 4 and July 17, 2025 [24]. - As of June 2025, the breeding sow inventory reached 40.43 million heads, slightly up by 0.02% from the previous month, which is 103.7% of the normal holding capacity of 39 million heads [24]. - The profit from self-breeding pigs is 90.89 CNY/head, while the profit from purchased piglets is -18.66 CNY/head, both showing a decline compared to the previous week [29]. - **Poultry Farming**: - The average price of broiler chicks in major production areas was 1.37 CNY/chick, showing a slight increase, while the average price of layer chicks was 3.88 CNY/chick, which slightly decreased [31]. - The average price of white feather broilers was 6.4 CNY/kg, which has also decreased, with a profit of -2.93 CNY/chick, showing a slight recovery compared to the previous week [34]. - **Feed Costs**: - The spot price of corn was 2409.12 CNY/ton, showing a decline, while soybean meal prices were 2952 CNY/ton, which fluctuated in the last two weeks [26]. Industry Outlook - The report anticipates an overall increase in pig production capacity this year, which may suppress pig prices. The breeding sow inventory has some room for reduction [45]. - The poultry sector continues to face pressure on profitability, with opportunities for marginal improvement [45]. - In the feed sector, there are opportunities arising from increased concentration among leading companies, cost reduction, and overseas expansion [45]. - The domestic pet market is expected to maintain rapid growth, with leading domestic brands likely to see significant growth [45]. Recommended Stocks - Key stocks to focus on include: - Muyuan Foods (002714) - Wens Foodstuff Group (300498) - Shennong Development (002299) - Haida Group (002311) - Bio-Stock (600201) - Zhongchong Co., Ltd. (002891) - Yiyi Co., Ltd. (001206) [46].

证券代码：002299 证券简称：圣农发展 公告编号：2025-041 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 本公司控股股东、实际控制人及其一致行动人保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 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： 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 4,679,400 股，占公司总股本的比例为 0.3763%。 致行动人增持计划实施完成的公告》（公告编号：2024-069）。福建圣农控股集 团有限公司（以下简称"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。 公司股份 621,698,887 股，占公司总股本的比例为 49.9999%，触及 5%的整数倍。 司治理结构及持续经营产生影响 ...

Core Viewpoint - The report outlines the equity changes of Fujian Shengnong Development Co., Ltd., detailing the shareholding structure and the recent reduction in shares held by a key shareholder, which is aimed at supporting local government initiatives for rural revitalization [6][9]. Group 1: Company Overview - Fujian Shengnong Development Co., Ltd. is listed on the Shenzhen Stock Exchange with the stock code 002299 [1]. - The company is controlled by Fujian Shengnong Holding Group Co., Ltd., with major shareholders including Fu Guangming (40%) and Fu Fenfang (60%) [4][5]. Group 2: Equity Changes - The report indicates that Fu Luofang, a key shareholder, reduced her holdings by 4,679,400 shares on July 18, 2025, representing a decrease of 0.3763% in her total shareholding [8][11]. - Following this transaction, the total shares held by the information disclosure obligors decreased from 626,378,287 shares (50.3762%) to 621,698,887 shares (49.9999%) [8][11]. Group 3: Purpose of Equity Change - The purpose of the equity change is to collaborate with local government efforts in implementing rural revitalization strategies, focusing on cultivating county-level characteristic industries [6][7]. Group 4: Future Plans - The information disclosure obligors do not rule out the possibility of increasing or decreasing their shareholdings in the next twelve months, adhering to relevant legal and regulatory requirements for disclosure [7][11]. Group 5: Impact on Company - The equity change will not alter the controlling shareholder or actual controller of the company, nor will it harm the interests of the company or other shareholders, ensuring the governance structure remains stable [9][12].

简式权益变动报告书 上市公司名称：福建圣农发展股份有限公司 证券代码：002299 证券简称：圣农发展 福建圣农发展股份有限公司 股票上市地点：深圳证券交易所 股票简称：圣农发展 股票代码：002299 信息披露义务人 1： 名称：福建圣农控股集团有限公司 通讯地址：福建省光泽县十里铺 信息披露义务人 2： 姓名：傅光明 通讯地址：福建省光泽县十里铺圣农总部办公大楼 信息披露义务人 3： 信息披露义务人 4： 姓名：傅长玉 通讯地址：福建省光泽县十里铺圣农总部办公大楼 信息披露义务人 5： 姓名：傅露芳 通讯地址：福建省光泽县十里铺圣农总部办公大楼 签署日期：2025 年 7 月 18 日 0 姓名：傅芬芳 通讯地址：福建省光泽县十里铺圣农总部办公大楼 信息披露义务人声明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 一、 本报告书系依据《中华人民共和国证券法》、《上市公司收购管理 办法》和《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动 报告书》等法律、法规规范性文件编制。 二、 信息披露义务人签署本报告书已获得必要的授权和批准。 三、 依据《中华人民共和国证券法》、 ...

特别提示： 1、公司实际控制人的一致行动人傅露芳女士于 2025 年 7 月 18 日通过大宗 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 4,679,400 股，占公司总股本的比例为 0.3763%。 证券代码：002299 证券简称：圣农发展 公告编号：2025-041 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 触及 5%整数倍的提示性公告 本公司控股股东、实际控制人及其一致行动人保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 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。 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）。福建圣农控股集 团有限公司（以下简称"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 ...

Core Viewpoint - Fujian Shengnong Development Co., Ltd. has approved changes to its business scope to include "fertilizer production" and "fertilizer sales" in response to future development plans and operational needs [2]. Group 1 - The company's seventh board meeting was held on July 18, 2025, where all nine directors participated, and the meeting complied with relevant laws and regulations [1]. - The board unanimously approved the proposal to change the business scope and modify the company's articles of association accordingly, with a voting result of 9 votes in favor, 0 against, and 0 abstentions [1][2]. - The proposal will be submitted for review at the company's first extraordinary general meeting of shareholders in 2025 [2]. Group 2 - The board has scheduled the first extraordinary general meeting of shareholders for August 4, 2025, which will be conducted through a combination of on-site and online voting [2]. - All shareholders registered by the close of trading on July 28, 2025, are entitled to attend and vote at the meeting, with provisions for proxy voting [2].

Group 1 - The company intends to amend its business scope by adding "fertilizer production" to the licensed projects and "fertilizer sales" to the general projects [1][2] - The amendments to the articles of association will be made in accordance with relevant laws and regulations, including the Company Law and Securities Law of the People's Republic of China [1][2] - The revised articles of association will take effect after being approved by the shareholders' meeting, and the current articles will be abolished simultaneously [2] Group 2 - The company will authorize the board of directors or its authorized personnel to handle all relevant procedures for the modification of the articles of association with the registration authority [2] - The board of directors or its authorized personnel will have the right to make necessary amendments to the revised articles based on the approval opinions or requirements from the registration authority or other relevant government departments [2]

1、根据福建圣农发展股份有限公司（以下简称"公司"）未来发展规划及经 营需要，公司拟对经营范围进行变更，在原经营范围中的许可项目中增加"肥料 生产"，一般项目中增加"肥料销售"。 结合《中华人民共和国公司法》、《中华人民共和国证券法》、中国证券监督 管理委员会（以下简称"中国证监会"）发布的《上市公司章程指引》、深圳证券 交易所发布的《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司 规范运作》等法律、法规、规范性文件的规定，根据公司实际情况，公司拟对现 行的《公司章程》部分条款进行修改。具体情况如下： 证券代码：002299 证券简称：圣农发展 公告编号：2025-039 福建圣农发展股份有限公司 关于变更经营范围及相应修改《公司章程》的公告 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、公司章程修改情况 二、备查文件 公司第七届董事会第十一次会议决议。 特此公告。 福建圣农发展股份有限公司 董 事 会 二○二五年七月十九日 | 本次修改前的原文内容 | 本次修改后的内容 | | --- | --- | | 第十三条 经依法登记，公司的 ...

（三）会议召开的合法、合规性：公司第七届董事会第十一次会议作出了关 于召开本次股东大会的决定，本次股东大会会议的召集程序符合《中华人民共和 国公司法》、《上市公司股东会规则》等有关法律、行政法规、部门规章、规范 性文件和《公司章程》的规定。 福建圣农发展股份有限公司 （四）会议召开的日期、时间： 关于召开 2025 年第一次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 福建圣农发展股份有限公司（以下简称"公司"或"本公司"）第七届董事 会第十一次会议决定采取现场会议与网络投票相结合的方式召开 2025 年第一次 临时股东大会（以下简称"本次股东大会"或"本次会议"），现将本次股东大 会的有关事项通知如下： 一、召开会议基本情况 （一）股东大会届次：2025 年第一次临时股东大会。 （二）会议召集人：本次股东大会会议的召集人为公司董事会。 证券代码：002299 证券简称：圣农发展 公告编号：2025-040 1、现场会议 本次股东大会现场会议的召开时间为2025年8月4日（星期一）下午14:00。 2、网络投票 本次股东大会的网络投票时 ...