Core Insights - The company, Shennong Development, reported a sales revenue of 1.863 billion yuan in September 2023, marking a year-on-year increase of 14.94% and a month-on-month increase of 0.29% [1] Sales Performance - The poultry farming and processing segment generated chicken sales revenue of 1.3 billion yuan, which is a 9.48% increase compared to the same period last year, with a slight month-on-month change of -0.01% [1] - The deep-processed meat products segment achieved sales revenue of 989 million yuan, reflecting a significant year-on-year growth of 36.19% and a month-on-month increase of 8.26% [1] Sales Volume - In September, the poultry farming and processing segment sold 139,100 tons of chicken, representing a 10.56% increase year-on-year and a month-on-month growth of 1.23% [1] - The deep-processed meat products segment sold 52,300 tons, which is a remarkable year-on-year increase of 54.86% and a month-on-month rise of 8.83% [1]

Core Insights - The company, Shengnong Development, reported a sales revenue of 1.863 billion yuan for September 2025, representing a year-on-year increase of 14.94% and a month-on-month increase of 0.29% [1] Group 1: Sales Performance - The poultry farming and processing segment generated chicken sales revenue of 1.3 billion yuan, which is a 9.48% increase compared to the same period last year, with a month-on-month change of -0.01% [1] - The deep-processed meat products segment achieved sales revenue of 989 million yuan, marking a significant year-on-year growth of 36.19% and a month-on-month increase of 8.26% [1] Group 2: Sales Volume - In September, the poultry farming and processing segment sold 139,100 tons of chicken, reflecting a year-on-year increase of 10.56% and a month-on-month increase of 1.23% [1] - The deep-processed meat products segment sold 52,300 tons, which is a remarkable year-on-year increase of 54.86% and a month-on-month increase of 8.83% [1]

Group 1 - The core point of the article is that Shengnong Development (SZ 002299) announced the convening of its 14th meeting of the 7th Board of Directors on October 13, 2025, to discuss the employee stock ownership plan and other related documents [1] - For the first half of 2025, Shengnong Development's revenue composition was as follows: poultry breeding and processing accounted for 52.77%, food processing accounted for 41.7%, and other businesses accounted for 5.53% [1] - As of the report date, Shengnong Development's market capitalization was 21.7 billion yuan [1]

Core Viewpoint - The company reported a sales revenue of 1.863 billion yuan in September 2025, marking a year-on-year increase of 14.94% and a month-on-month increase of 0.29% [1] Sales Performance - The poultry farming and processing segment generated chicken sales revenue of 1.3 billion yuan, reflecting a year-on-year growth of 9.48% and a month-on-month change of -0.01% [1] - The deep-processed meat products segment achieved sales revenue of 989 million yuan, with a year-on-year increase of 36.19% and a month-on-month growth of 8.26% [1] Sales Volume - In September, the poultry farming and processing segment sold 139,100 tons of chicken, which is a 10.56% increase compared to the same month last year and a month-on-month increase of 1.23% [1] - The deep-processed meat products segment sold 52,300 tons, representing a year-on-year growth of 54.86% and a month-on-month increase of 8.83% [1]

一、2025 年 9 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 9 月实现销售收 入 18.63 亿元，较去年同期增长 14.94%，较上月环比增长 0.29%。其中，家禽饲 养加工板块鸡肉销售收入为 13.00 亿元，较去年同期增长 9.48%，较上月环比变 动-0.01%；深加工肉制品板块销售收入为 9.89 亿元，较去年同期增长 36.19%， 较上月环比增长 8.26%。 销量方面，9 月份家禽饲养加工板块鸡肉销售数量为 13.91 万吨，较去年同 期增长 10.56%，较上月环比增长 1.23%；深加工肉制品板块产品销售数量为 5.23 万吨，较去年同期增长 54.86%，较上月环比增长 8.83%。 二、说明 2025 年 1-9 月，公司各板块销量稳健增长，深加工产品占比持续提升。9 月份各渠道延续良好增长态势，零售 C 端、出口等渠道继续保持高速增长，带动 公司销售结构持续优化，产品价格展现出更强的韧性。成本端优势进一步巩固， 得益于公司经营管理的精益化，公司 2025 年 1-9 月综合造肉成本同比下行，从 三季度来看，综合造肉成本同比、环比均有所下降，夯实公司 ...

证券代码：002299 证券简称：圣农发展 公告编号：2025-057 福建圣农发展股份有限公司 关于公司第一期员工持股计划初始设立部分 第三个归属期届满暨解锁条件成就的公告 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，不存在 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"）于 2025 年 10 月 13 日召 开第七届董事会第十四次会议，审议通过了《关于公司第一期员工持股计划初始 设立部分第三个归属期届满暨解锁条件成就的议案》。公司第一期员工持股计划 （以下简称"本次员工持股计划"、"本员工持股计划"或"本计划"）初始设 立部分的第三个归属期（即锁定期）已于 2025 年 9 月 27 日届满，同时第三个归 属期的业绩考核指标也已达成，解锁日为 2025 年 10 月 13 日，解锁股票为 1,533,180 股，占公司目前总股本 1,243,180,295 股的 0.1233%，涉及确认归属 的持有人共计 153 名。具体内容公告如下： 一、本次员工持股计划持股情况和第三个锁定期届满的情况说明 1、审批程序 公司于 2022 年 6 月 29 日召开第六届董 ...

具体内容详见公司于 2025 年 10 月 14 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.com.cn）披露的《福建圣农发展股份有限公司关于公司第一期员 工持股计划初始设立部分第三个归属期届满暨解锁条件成就的公告》（公告编号： 2025-057）。 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"）第七届董事会第十四次会 议于 2025 年 10 月 13 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 通讯和现场会议相结合的方式召开，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 9 日以专人递送、传真、电子邮件等方式送达给 全体董事和高级管理人员。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审议通过了《关于公司第一期员工持股计划 初始设立部分第三个归属期届满暨解锁条 ...

Core Insights - The report indicates a downward trend in pig prices due to increased supply and policy guidance, leading to accelerated capacity reduction in the industry [1][7][18] - The overall agricultural sector has shown a positive performance with a 1.18% increase week-on-week, while the pig farming segment is experiencing significant losses [11][36] Pig Farming Data Tracking - The number of breeding sows has slightly decreased, with a 0.33% month-on-month decline in September [19] - Pig prices have dropped significantly, with the average price on October 9 being 11.89 CNY/kg, reflecting a week-on-week decrease of 6.16% [28][29] - The profitability of pig farming remains negative, with losses of 152.15 CNY per head for self-bred pigs and 301.04 CNY per head for purchased piglets as of October 10 [36] Poultry Farming Data Tracking - The poultry sector is facing challenges due to outbreaks of avian influenza, but there are investment opportunities in the white-feathered chicken market [37] - The average price for white-feathered meat chickens was 6.88 CNY/kg on October 10, with a slight week-on-week decrease of 0.15% [40] Animal Health Data Tracking - The demand for animal health products is expected to rebound, driven by an increase in livestock numbers and new product launches [47] - Significant growth in vaccine approvals has been noted, with various companies making advancements in vaccine development [47] Seed Industry Data Tracking - The prices of key agricultural commodities such as wheat and soybean meal have increased, indicating a positive trend in the seed industry [50] - The report emphasizes the importance of strengthening food security and promoting the commercialization of biological breeding [50] Pet Industry Data Tracking - Pet food exports have decreased by 15.5% year-on-year, amounting to 834 million CNY in August 2025 [56] - Domestic sales of pet food are growing rapidly, with a combined growth rate of 3% across major e-commerce platforms in September [57]

Investment Rating - The industry investment rating is maintained as "Increase" [4] Core Viewpoints - After the double holiday, pig prices have rapidly declined to below 12 yuan/kg, with self-breeding and self-raising profitability dropping to -152.15 yuan/head, a decrease of 47.2 yuan/head from the previous week. The pressure from high supply is expected to continue to weigh on pig prices, leading to increased market pessimism and a potential for further price declines. However, there is an expectation for a mid-to-long-term price reversal driven by policy and proactive production cuts [1][15][19] - The average selling price of lean pigs nationwide is 11.39 yuan/kg, down 6.1% from last week. The current valuation remains relatively low, suggesting investment opportunities in low-cost pig farming companies such as Muyuan Foods, Wens Foodstuff Group, and others [2][16] - In poultry farming, the price of white feather chickens is 6.88 yuan/kg, down 0.1% from last week, while the average price of chicken products remains stable at 8.65 yuan/kg. The price of meat chicken chicks has increased by 0.6% to 3.22 yuan each. There are expectations for a price rebound in the chicken market [2][16][34] Summary by Sections Livestock - The average weight of pigs sold is 128.48 kg, showing a 0.5% increase from the low point in early August. Feed prices have also increased, indicating a gradual rise in pig inventory since July [1][15] - The profitability of self-breeding and self-raising pigs is -152.15 yuan/head, while the profitability of purchased piglets is -301.04 yuan/head, indicating significant losses in the sector [19][20] Poultry - The price of yellow feather chickens has seen a week-on-week increase of 1.9%, with the current price at 14.18 yuan/kg. This suggests seasonal price elasticity opportunities [2][16][40] - The profitability of parent breeding chickens is 0.47 yuan/head, while the profitability of meat chickens is -2.23 yuan/head, reflecting challenges in the poultry sector [38][44] Agricultural Products - The approval of genetically modified varieties is expected to lead to commercial sales, with potential growth for industry companies as prices and profit distribution become clearer [2][16] Feed and Vaccines - The volatility in agricultural product prices is increasing, and leading feed companies are expected to replace smaller competitors due to their advantages in procurement and scale [2][16]

Market Overview - On October 9, the aquaculture sector rose by 0.21% compared to the previous trading day, with *ST Tianshan leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance - The top-performing stocks in the aquaculture sector included: - *ST Tianshan: Closed at 8.70, up 4.32% with a trading volume of 64,800 shares and a turnover of 55.68 million yuan [1] - Jingji Dron: Closed at 16.82, up 3.44% with a trading volume of 166,300 shares and a turnover of 276 million yuan [1] - Lihua Co.: Closed at 22.17, up 2.12% with a trading volume of 133,000 shares and a turnover of 288 million yuan [1] Capital Flow - The aquaculture sector experienced a net outflow of 361 million yuan from institutional investors, while retail investors saw a net inflow of 92.07 million yuan [2] - Notable capital flows included: - Shengnong Development: Net inflow of 23.73 million yuan from institutional investors, but a net outflow of 41.17 million yuan from retail investors [3] - Zhengbang Technology: Net inflow of 16.55 million yuan from institutional investors, with a net outflow of 21.71 million yuan from retail investors [3] Summary of Key Stocks - Stocks with significant net inflows from institutional investors included: - *ST Tianshan: 5.84 million yuan, representing 10.50% of total inflow [3] - New Hope: 4.72 million yuan, representing 1.19% of total inflow [3] - Stocks with notable net outflows from retail investors included: - Shengnong Development: -41.17 million yuan, representing -12.38% of total outflow [3] - Zhengbang Technology: -21.71 million yuan, representing -5.89% of total outflow [3]