证券代码：002299 证券简称：圣农发展 公告编号：2025-059 福建圣农发展股份有限公司 第七届董事会第十五次会议决议公告 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。 福建圣农发展股份有限公司（以下简称"公司"）第七届董事会第十五次会 议于 2025 年 10 月 21 日下午在福建省光泽县十里铺公司办公大楼四层会议室以 现场会议方式召开，本次会议由公司董事长傅光明先生召集并主持，会议通知已 于 2025 年 10 月 13 日以专人递送、传真、电子邮件等方式送达给全体董事、高 级管理人员。应参加会议董事九人，实际参加会议董事九人，高级管理人员列席 了本次会议。本次会议的召集、召开符合《中华人民共和国公司法》和《公司章 程》的有关规定。 本次会议以记名投票表决方式逐项审议并通过了以下决议： 一、审议通过《公司 2025 年三季度报告》。表决结果为：9 票赞成，0 票 反对，0 票弃权。 具体内容详见公司于 2025 年 10 月 22 日在公司指定信息披露媒体《证券时 报》《中国证券报》《上海证券报》《证券日报》或巨潮资讯网（www.cninfo ...

证券代码：002299 证券简称：圣农发展 公告编号：2025-061 福建圣农发展股份有限公司 关于公司 2025 年前三季度利润分配预案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏。 一、审议程序 福建圣农发展股份有限公司（以下简称"公司"）于 2025 年 10 月 21 日召开 第七届董事会第十五次会议，审议并通过《关于公司 2025 年前三季度利润分配 预案的议案》，本议案尚需提交公司 2025 年第三次临时股东会审议。具体分配预 案如下： 2、根据公司 2025 年第三季度报告（未经审计），公司 2025 年前三季度合并 报表归属于上市公司股东的净利润 1,158,919,234.65 元，截至 2025 年 9 月 30 日，公司合并财务报表中可供分配的利润为 4,979,142,061.95 元，母公司财务 报表中可供分配的利润为 1,365,422,317.58 元。根据利润分配应以合并报表、 母公司报表中可供分配利润孰低的原则，截至 2025 年 9 月 30 日，公司可供股东 分配的利润为 1,365,422,317.58 元， ...

Core Viewpoint - Shengnong Development (002299) reported a mixed performance in its Q3 2025 results, with revenue growth but a decline in net profit [1] Financial Performance - In Q3 2025, the company achieved revenue of 5.849 billion yuan, representing a year-on-year increase of 18.77% [1] - The net profit attributable to shareholders for Q3 was 249 million yuan, showing a year-on-year decrease of 11.4% [1] - For the first three quarters of 2025, the company reported total revenue of 14.706 billion yuan, up 6.86% year-on-year [1] - The net profit attributable to shareholders for the first three quarters was 1.159 billion yuan, reflecting a significant year-on-year increase of 202.82% [1] Dividend Announcement - The company plans to distribute a dividend of 3 yuan per 10 shares (including tax) [1] Product Development - The new generation of self-developed breeding chickens, "Shengze 901 Plus," has shown continuous optimization in key indicators such as feed-to-meat ratio, leading to a rising internal usage ratio and driving down costs [1]

圣农发展公告，第三季度营收为58.49亿元，同比增长18.77%；净利润为2.49亿元，下降11.40%。前三 季度营收为147.06亿元，同比增长6.86%；净利润为11.59亿元，同比增长202.82%。 ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥5,849,481,319.26, representing an increase of 18.77% year-over-year[4] - Net profit attributable to shareholders decreased by 11.40% to ¥248,669,626.06, while the net profit excluding non-recurring items was ¥256,541,260.64, down 6.88%[4] - The basic earnings per share for the period was ¥0.2018, a decline of 11.26% compared to the same period last year[4] - Total operating revenue for the current period reached ¥14,705,886,548.86, an increase of 6.84% compared to ¥13,762,170,767.34 in the previous period[29] - Total operating costs amounted to ¥13,989,834,377.59, up from ¥13,337,012,831.12, reflecting a year-over-year increase of 4.91%[29] - Net profit for the current period was ¥1,172,413,256.24, significantly higher than ¥368,027,024.27 in the previous period, marking a growth of 218.66%[30] - Earnings per share (EPS) for the current period was ¥0.9400, compared to ¥0.3090 in the previous period, indicating a substantial increase[31] - The total comprehensive income for the current period was ¥1,172,388,010.96, compared to ¥368,012,473.96 in the previous period, showing a growth of 218.66%[31] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥23,495,948,195.71, reflecting a growth of 12.47% from the previous year[4] - Total current assets increased to ¥7,145,322,598.22 from ¥5,515,048,110.21, representing a growth of approximately 29.6%[25][26] - Total liabilities increased to ¥20,000,000,000, reflecting a significant rise in financial obligations[26] - The total liabilities increased to ¥12,119,219,195.77 from ¥10,444,464,111.41, reflecting a rise of 16.06%[27] - The company's asset-liability ratio increased by 1.58 percentage points to 51.58%, indicating a strategic use of note financing tools to maintain liquidity[18] Cash Flow - Cash flow from operating activities for the year-to-date reached ¥3,086,375,928.39, an increase of 37.70%[4] - Cash generated from operating activities was ¥15,948,360,114.35, an increase from ¥14,334,533,403.12, representing a growth of 11.29%[33] - The net cash flow from operating activities amounted to ¥3,086,375,928.39, an increase from ¥2,241,409,572.03 in the previous period, reflecting a strong operational performance[34] - The net cash flow from financing activities was -¥321,115,261.88, an improvement compared to -¥1,383,596,598.77 in the previous period, suggesting better management of financing costs[34] - The total cash and cash equivalents at the end of the period reached ¥1,234,836,279.67, up from ¥907,264,260.51, indicating improved liquidity[35] - The net increase in cash and cash equivalents for the period was ¥605,238,374.37, compared to ¥347,071,967.66 in the previous period, demonstrating positive cash flow generation[35] Investments and Acquisitions - The company completed the acquisition of Anhui Taiyanggu, which has been consolidated into the financial statements, resulting in a 44.18% increase in accounts receivable[11] - Goodwill increased by 897.38% to ¥102,086,770.77 due to the acquisition of 54% of Anhui Taiyanggu, adding an annual production capacity of 65 million birds and over 90,000 tons of cooked food[11] - Investment income surged by 559.94% to CNY 629.24 million, primarily from the completion of the controlling merger with Anhui Sun Valley Food Technology Group Co., Ltd.[14] - The company reported investment income of ¥629,239,236.42, a significant increase from ¥95,347,633.29 in the previous period[30] - The company reported a 323.02% increase in net cash flow from investing activities, amounting to CNY -2,159.24 million, mainly due to the acquisition of Anhui Sun Valley[17] Shareholder Information - Total number of common stock shareholders at the end of the reporting period is 34,196[22] - The largest shareholder, Fujian Shengnong Holding Group Co., Ltd., holds 43.88% of shares, totaling 545,510,048 shares[22] - The company has no preferred shareholders or significant changes in the top 10 shareholders due to margin trading[24] - The company’s actual controllers are identified as Fujian Shengnong Holding Group Co., Ltd. and its related parties[23] Operational Efficiency - The annual turnover rate of accounts receivable remained stable at 14.40 times, demonstrating effective credit management[19] - Inventory turnover increased by 0.57 times to 5.86 times, reflecting strong control over production planning and inventory management[20] - The company expanded its market share with over 30% growth in retail channels and over 40% growth in export channels[15] - The company recognized government subsidies amounting to ¥11,926,880.74, primarily related to revenue[6] - The company received government subsidies, contributing to a 35.58% increase in deferred income to CNY 262.53 million[14] Employee and Operational Costs - The company incurred cash payments to employees totaling ¥1,969,072,303.84, up from ¥1,645,104,651.99, reflecting increased workforce costs[34] - The company reported a net loss from the disposal of non-current assets of ¥17,948,380.04 for the current period[6] - Research and development expenses for the current period were ¥86,901,104.09, up from ¥68,958,222.86, indicating a growth of 26.06%[30]

Market Overview - The aquaculture sector increased by 0.28% on October 21, with Tianbang Food leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Stock Performance - Tianbang Food (002124) closed at 2.93, up 3.90% with a trading volume of 849,200 shares and a transaction value of 247 million [1] - Minhe Livestock (002234) closed at 69.8, up 2.24% with a trading volume of 49,700 shares and a transaction value of 42.8 million [1] - Xiaoming Co. (300967) closed at 20.91, up 2.00% with a trading volume of 48,100 shares and a transaction value of 99.9 million [1] - Shengnong Development (002299) closed at 16.86, up 2.00% with a trading volume of 118,600 shares and a transaction value of 28.67 million [1] - Tianyu Bio (603717) closed at 8.93, up 1.94% with a trading volume of 81,500 shares and a transaction value of 72.32 million [1] Capital Flow - The aquaculture sector experienced a net outflow of 44.44 million from institutional investors and 35.77 million from retail investors, while retail investors saw a net inflow of 80.22 million [2] - The capital flow for individual stocks shows Shengnong Development (002299) with a net inflow of 22.98 million from institutional investors [3] - Institutional investors also showed a net inflow of 18.73 million for Zhengbang Technology (002157) [3] - Tianbang Food (002124) had a net inflow of 16.94 million from institutional investors [3]

Core Viewpoint - The stock of Shengnong Development has shown a mixed performance in recent trading, with a year-to-date increase of 19.80% but a decline of 2.77% over the last five trading days [1] Group 1: Stock Performance - As of October 21, Shengnong Development's stock price was 16.87 CNY per share, with a market capitalization of 20.972 billion CNY [1] - The stock has experienced a net inflow of 18.0087 million CNY from main funds, with significant buying activity from large orders [1] - The stock has fluctuated with a 60-day increase of 5.04% and a 20-day decrease of 3.87% [1] Group 2: Financial Performance - For the first half of 2025, Shengnong Development reported a revenue of 8.856 billion CNY, reflecting a year-on-year growth of 0.22%, while the net profit attributable to shareholders was 910 million CNY, showing a significant increase of 791.93% [2] Group 3: Shareholder Information - As of October 10, the number of shareholders for Shengnong Development was 32,100, with an average of 38,224 circulating shares per shareholder [2] - The company has distributed a total of 6.860 billion CNY in dividends since its A-share listing, with 1.113 billion CNY distributed in the last three years [3] - The top ten circulating shareholders include significant institutional investors, with notable increases in holdings by Hong Kong Central Clearing Limited and Southern CSI 500 ETF [3]

Core Viewpoint - The agricultural, animal husbandry, and fishery sector continues to show weakness, with the first agricultural ETF (159275) experiencing a decline of 1.5% by market close on October 20, 2023 [1][2] Market Performance - The agricultural ETF (159275) closed at 0.982, down 0.015 from the previous day, reflecting a 1.5% decrease [2] - Key stocks in the sector, including Haida Group, Juxing Agriculture, and Tianma Technology, saw significant declines, with Haida Group dropping over 6% and Juxing Agriculture falling over 4% [1][2] Industry Trends - The 14th World Pig Industry Expo opened on October 18, 2025, showcasing over 800 global enterprises and focusing on smart farming equipment and technology [1] - The Ministry of Agriculture and Rural Affairs, along with five other departments, issued guidelines to strengthen modern agricultural service centers, enhancing support for feed production and animal disease prevention [1] Regulatory Environment - From May to September 2023, multiple meetings were held regarding pig farming, with policies aimed at reducing production by 1 million heads by the end of the year [3] - The pig farming industry is entering a phase of capacity reduction, with a reported decrease of 50,000 breeding sows from July to August 2023 [3] Valuation Insights - The agricultural and fishery sector is currently at a relatively low valuation level, with the agricultural ETF's underlying index price-to-book ratio at 2.59, placing it in the 31.64 percentile over the past decade [3] - This suggests a favorable configuration opportunity for long-term investments in the sector [3] Future Outlook - The pig farming industry is expected to see a rise in price levels due to ongoing capacity reduction and regulatory policies [5] - The focus will be on improving quality and efficiency in the industry, with a gradual elimination of outdated production capacity [4]

Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [9][62]. Core Views - The swine sector is undergoing deepening regulation, with a focus on value reassessment opportunities. The report suggests that the price of pigs may face downward pressure in the short term due to increased market supply, but regulatory measures are expected to stabilize prices in the long run [1][16]. - The poultry sector is anticipated to improve, with data indicating a rise in the number of breeding stock and a shift towards self-breeding [2][27]. - The animal health sector is seeing a potential improvement in competitive dynamics, particularly with the progress of clinical trials for African swine fever vaccines, which could enhance market conditions [3][35]. - The pet economy is thriving, with domestic brands gaining strength and the market expected to continue its rapid growth [9][55]. Summary by Sections Swine - The swine industry is in a regulatory phase aimed at controlling prices through capacity reduction. The average price of pigs is reported at 11.02 yuan/kg, with a weekly decrease of 0.87 yuan/kg. The number of breeding sows is stable at 40.38 million heads [15][16]. - Recommended companies include Muyuan Foods and Wens Foodstuffs, with additional attention on Dekang Agriculture, Shennong Group, and Juxing Agriculture [1][16]. Poultry - The poultry sector shows signs of improvement, with a total of 80.33 thousand sets of breeding stock updated in the first three quarters of 2025. The report highlights a shift towards self-breeding, with self-bred stock accounting for 59% [2][27]. - Recommended companies in this sector are Shennong Development and Lihua Stock [2][27]. Animal Health - The competitive landscape in the animal health sector is expected to improve, supported by government initiatives to optimize the veterinary drug industry. The report notes that clinical trials for African swine fever vaccines are underway, which could lead to commercialization [3][35]. - Recommended companies include Kexin Biological and Ruipu Biological, with additional focus on Huisheng Biological, Zhongmu Biological, and others [3][35]. Planting - The report indicates a declining pig-to-grain price ratio, with the current ratio at 4.95. The prices of corn and soybean meal have shown slight fluctuations, with corn priced at 2181 yuan/ton [39][44]. - Companies to watch include Suqian Agricultural Development, Longping High-Tech, and Denghai Seeds [7][44]. Feed - Feed prices are experiencing fluctuations, with the price for fattening pig feed at 3.34 yuan/kg. The report notes a year-on-year increase in industrial feed production [45][46]. - Recommended companies include Haida Group and He Feng Shares [45][46]. Pets - The pet market is projected to reach 300.2 billion yuan in 2024, with a year-on-year growth of 7.5%. The report highlights the increasing consumption per pet, with dogs averaging 2961 yuan and cats 2020 yuan annually [55][56]. - Recommended companies in the pet food sector include Guibao Pet, Zhongchong Shares, and Petty Shares, with Ruipu Biological in the pet medical sector [9][55].

Core Viewpoint - The livestock sector experienced a decline of 1.22% on October 20, with Juxing Agriculture leading the drop, while the Shanghai Composite Index rose by 0.63% and the Shenzhen Component Index increased by 0.98% [1][2]. Livestock Sector Performance - Juxing Agriculture's stock closed at 18.47, down 4.15%, with a trading volume of 189,500 shares and a transaction value of 350 million yuan [2]. - Other notable declines included Muyuan Foods, down 2.25% to 49.48, and Shengnong Development, down 1.31% to 16.53 [2]. - In contrast, stocks like Luoniushan and *ST Tianshan saw slight increases of 1.96% and 1.23%, respectively [1]. Capital Flow Analysis - The livestock sector saw a net outflow of 243 million yuan from main funds, while retail investors contributed a net inflow of 209 million yuan [2][3]. - Notable net inflows from retail investors were observed in stocks like Zhengbang Technology and Huaying Agriculture, while main funds showed outflows in several stocks including Shengnong Development and *ST Tianshan [3].